Insurance coverage is keeping up with the times. This month, Personal Insurance Risk Consultant, Jean Mabry, answers questions about coverage and trends.
RS: When should I get in touch with RiskSOURCE about policy changes?
JM: Our lives are always changing which means insurance needs change. Whether you’re upsizing or downsizing, chances are your insurance is impacted. Most folks know to call us when they buy a new car or have a baby, but some of the common areas where you should consider contacting us for a policy review include adding a new driver, sending someone off to college, undergoing a home renovation or changing jobs.
RS: Why would I need to tell my insurance agent I’m changing jobs?
JM: Life insurance. If your employer is offering you life insurance, most often it is not transferable so we can make sure you have a policy that can stay with you throughout your career.
RS: What if that job change takes me away from Cincinnati?
JM: RiskSOURCE is licensed in 32 states. You can be assured that if you move, your coverage will move right along with you.
RS: What’s new in insurance coverage?
JM: Insurance carriers are constantly looking for new ways to protect us both at home and at work. I have a few favorite products that most homeowners can benefit from. One is Equipment Breakdown coverage. This means, anything that maintains a temperature in your dwelling is covered if it breaks down. This includes heater, AC, major appliances and water heater.
Another new item is Service Line coverage. This covers the main water pipe to your house. Blue max pipe was a huge problem in our area and by adding this product to your homeowners you’ll be covered for the cost to replace the pipe if needed.
And of course Cyber Insurance is really big right now for business and personal. With each smart device that we add to our home, we create a potential risk. It’s important to be aware, stay vigilant and stay protected from identity theft and hackers.
RS: How can I save money on insurance?
JM: Combining your insurance is the best way to go. This will allow us to see if there’s unnecessary overlap that can be eliminated. By streamlining, you save money. It also helps us see if you have any gaps that you weren’t aware of.
Another area where we may discover a savings is if you own a business and your business and personal is with one agent. When we insure both, it gives us more buying power with the carriers and provides a degree of flexibility. Most importantly, you have continuity in service.
RS: Is there anything I should consider if I work from home?
JM: Your homeowners policy is for personal coverage, not business. If someone is at your house for a business related purpose, and they’re injured, your homeowners won’t cover this. Neither will your personal umbrella.
RS: At what age should I think about an umbrella policy?
JM: When you move out of your parents home and you have renters and auto insurance, you should consider an umbrella. This gives you that extra liability coverage if you’re ever exposed to a lawsuit. Most big claims are paid through auto accidents so let’s use that as a scenario for an umbrella. If you’re in a really bad accident and the other party involved brings in an attorney, your umbrella will provide you with a lawyer. Someone is walking alongside you. It’s peace of mind, added protection from losing everything you own and it’s a good night’s sleep.
RS: What do you want to say in closing?
JM: Every policy and every carrier is different so to get the answers that work for you, talk to your agent or give me a call. At RiskSOURCE, we’re not about high pressure upselling. At the end of the day, we want to make sure clients are fully protected. No one wants to discover the hard way that they’re not.