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Hecht Insurance Advisors, LLC Blog

What Age Should You Buy Long-term Care Insurance?

2/29/2020

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At What Age Should You Buy Long-term Care Insurance?

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The specter of having a severe illness or injury that requires long-term care is a scary proposition for most anybody, not to mention the financial obligations you would face.

But trying to time when is the best age to purchase a policy is not an easy decision. Obviously, you don't want to buy the policy too early and unnecessarily spend thousands of dollars on premium over your life for coverage you may not need until you are much older.

The younger you are when you buy a policy, the lower your premiums. That said, people typically do not purchase long-term care policies in their 30s or 40s since they are looking at a long time-horizon for when they would need to file a claim. After all, the policy may not be needed for 30 years or more.

At the same time, if you wait until you are in your late 60s or early 70s, the premiums may be cost-prohibitive for you - not to mention you may have trouble finding an insurer willing to write your policy. 
For example, based on the "Genworth 2019 Cost of Care Survey," if purchased today, a long-term care policy with a maximum daily benefit of $150 a day for three years would cost an estimated:
  • $2,004 a year for a man who is 55
  • $2,846 a year for a man who is 65
  • $9,603 a year for a man who is 75.
 
As you can see, the ideal time cost-wise is probably in your 50s and 60s. 

But before pulling the trigger, you should think about how the premiums fit into your life and other obligations. If you have children who have not yet graduated from college, they will be your major concern. You should carry enough life insurance to see them through.

But after your children, if any, are on their own, you might take the funds you were using to pay for life insurance premiums and use them to finance long-term care insurance premiums instead.
 
What policies cover
Long-term care insurance covers:
  • Nursing home care
  • Assisted living facilities
  • Adult day care services
  • In-home care
  • Home modification
  • Care coordination
 
When shopping for a policy, you will have many choices to make:

The trigger - Policies will have a trigger for when payments can commence. Often, policies base qualification on cognitive impairment or the need for assistance in at least two activities of daily living (dressing, toileting, eating, transferring, bathing and continence).

Inflation riders - As you know, health care inflation is never-ending. While $150 may be sufficient to cover your cost of care today, that may not be the case in a decade or 20 years from now.
With long-term care insurance, you often have the option to buy an inflation rider with the policy, which will increase the allowance for daily benefits by a certain percentage a year, like 5% on a flat or compound basis.
But, you need to know that this type of rider comes with a price in increasing premiums. Some experts recommend that buyers aged under 70 purchase an inflation rider, while anybody older than 70 does not need to do so.

Elimination period - The elimination period is the time the insured must wait before the policy starts paying out. During that period of waiting, you will be on the hook for long-term care expenses. Typically, the waiting period is anywhere from one to 90 days, but it could be even longer.
The longer the elimination period, the lower the premium. That said, the premium savings you achieve by choosing a longer elimination period may not be worth it for you.
 
Don't fall into the disclosure trap
One thing you have to be very careful about when applying for long-term care insurance is full disclosure about your pre-existing conditions or prior illnesses.

If you fail to tell the insurer about an illness, the company may refuse you coverage at the time you file for benefits. It's in your best interest to be upfront about your health, as you would rather be denied during the application process than have your claim denied after paying your premiums for years.

There are other options available:


There are life and annuity products with long-term care options available depending on your health, age, and resources that can work well too. 
​
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Adult Children on Your Policies Can Create Coverage Gaps

2/28/2020

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​Adult Children on Your Policies Can Create Coverage Gaps

These days, many families are assisting their adult children financially far longer than parents of earlier generations. And that kind of support for college, and sometimes basic survival, can create insurance coverage gaps for the adult child that can be a major risk to their parents' financial wellbeing.
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If you have an adult child who is still financially dependent on you in some way, it's critical that you secure appropriate insurance coverage. Issues that will affect coverage include if they are a full- or part-time student, where they live and how old they are.
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Homeowner's insurance

Under a homeowner's policy, the insured is limited to:
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  • Residents of your household who are your relative, and
  • A student enrolled in school full time, as defined by the school, and under the age of 24-29 (this varies depending on the policy and carrier, so check your policy).
 
This causes issues for some people, as many children are still in college beyond the policy cut-off date. You could run into coverage gaps for their contents and personal liability if:

  • They are older than the cut-off age on your policy,
  • They aren't a full-time student, or
  • They are living away from home.
 
The picture gets murkier these days as well because many parents are renting an apartment or buying condos for their adult children to live in. Some parents may mistakenly think that since they are footing the bill, their insurance may still cover their adult child. But that's not the case.
 
Auto coverage

Typical auto insurance policies will include family members under the coverage. The standard policy form defines a family member as "a person related to you by blood, marriage or adoption who is a resident of your household." 

For your adult child's vehicle, insurance coverage is determined by:

  • Who owns the title on the car.
  • Who is listed on the policy as a named insured or additional insured.
  • Where the child is living.
 
As you can see, even if a parent owns the title of the car and it's insured under the parent's policy, if the adult child is driving the vehicle and lives on their own, they could run into coverage issues in certain instances.

The following scenarios could leave you with coverage gaps:

  • If a vehicle is co-titled or titled solely to the child, but the child isn't listed as an additional insured or named insured on the parents' policy.
  • Your child borrows a friend's car (which the friend had not insured) for the day, gets in an accident and injures the driver of the other car.
  • Your child rents a vehicle, doesn't buy the insurance offered by the rental car company and then is in an accident.
  • Your child is hit by an uninsured motorist while walking across the street. There is no medical payments or uninsured motorist's coverage for their own injuries.
  • Your child is at a concert and accidentally bumps someone off the edge of the stadium bleachers, causing severe injuries. There's no coverage for the injuries caused to that person.
 
If you have an adult child on your policy, play it safe and give us a call so we can go over your policy and circumstances with you to identify any possible coverage gaps. 

Without the proper insurance protection for injuries and damages, you risk significant financial liabilities that you may not be able to cover.

​
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Getting All the Facts for Your Estate Planning

2/27/2020

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​Getting All the Facts for Your Estate Planning

Estate planning laws change from one year to the next. Anyone who is doing estate planning for the first time in 2020 should especially be aware of the current laws, and it is also helpful for people who have planned before but are not sure about current rules to update their knowledge.

These are some of the most important tips to remember for 2020.​

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The threshold for lifetime gift and estate tax increased - In 2020, the amount has risen to $11.58 million for individuals; it is $22.8 million for couples. This is the maximum amount of gifting via money or asset transfer allowed during a person's lifetime without tax consequences. The limit more than doubled in 2019 after tax legislation was signed into law by President Trump.

The annual gift exclusion amount is $15,000 - The annual federal gift tax exclusion allows you to give away up to $15,000 ($30,000 for couples) in 2019 to as many people as you wish, without those gifts counting against your $11.58 million lifetime exemption.

Some types of gifts are not subject to this limit. For example, gifts to a spouse, a medical fund or an education fund are not included. Also, education and medical gifts are not taxable. When making medical or education gifts, transfer the funds directly to the institution rather than sending them to an individual recipient.


Lifetime exclusion amount portability is still an option
- Estate tax laws started allowing surviving spouses to use remaining lifetime exclusion amounts of their deceased spouses in 2011. In addition to simplifying estate planning, this gave couples a way to access exclusion amounts.


Couples can transfer up to $22.8 million of their taxable property to their heirs without estate tax penalties. However, transfers must be made by election in the estate.


The gift and estate tax effective rate is 40%
- If your estate is under $11.8 million, congratulations: The federal estate tax will not apply to your estate. Any amounts over that threshold will be taxed at marginal tax rates that cap out at 40% for an estate worth more than $1 million over the cap.


Remember state gift tax laws
- While the rules covered in the previous sections apply to federal laws, they do not apply to state laws. Many states have laws that require estate and gift taxes. If the taxes include lifetime exclusion limits, they will be lower than the federal limits.


To learn about individual state laws, discuss concerns with an agent. It is not possible to avoid these taxes in the states where they are required.


The takeaway


While estate planning is not something most people think about often, it should be considered every year - and when any major life changes happen. 

A new addition to a family, a marriage, a death in the family, getting a major promotion and big health changes are just a few examples of times when estate plans should be reviewed and changed as necessary. 
Neglecting these changes can cost a person's heirs a considerable amount of time and money. Stay on top of these issues to keep plans running smoothly. 

Call us 540-712-2199 to learn more about optimizing estate planning.


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Employers Guide for Dealing with the Coronavirus

2/26/2020

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Employers Guide for Dealing with the Coronavirus

As the outbreak of the 2019 novel coronavirus gains momentum and potentially begins to spread in North America, employers will have to start considering what steps they can take to protect their workers while fulfilling their legal obligations.

Employers are in a difficult position because it is likely that the workplace would be a significant source of transmission among people. And if you have employees in occupations that may be of higher risk of contracting the virus, you could be required to take certain measures to comply with OSHA's General Duty Clause.
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On top of that, if you have workers who come down with the virus, you will need to consider how you're going to deal with sick leave issues. Additionally, workers who are sick or have family members who have stricken, may ask to take time off under the Family Medical Leave Act.​

Coronavirus explained

According to the Centers for Disease Control, the virus is transmitted between humans from coughing, sneezing and touching, and it enters through the eyes, nose and mouth.
Symptoms include a runny nose, a cough, a sore throat, and high temperature. After two to 14 days, patients will develop a dry cough and mild breathing difficulty. Victims also can experience body aching, gastrointestinal distress and diarrhea.
Severe symptoms include a temperature of at least 100.4ºF, pneumonia, and kidney failure.

Employer concerns


OSHA
- OSHA's General Duty Clause requires an employer to protect its employees against "recognized hazards" to safety or health which may cause serious injury or death.

According to an analysis by the law firm Seyfarth Shaw: If OSHA can establish that employees at a worksite are reasonably likely to be "exposed" to the virus  (likely workers such as health care providers, emergency responders, transportation workers), OSHA could require the employer to develop a plan with procedures to protects its employees.

Protected activity
- If you have an employee who refuses to work if they believe they are at risk of contracting the coronavirus in the workplace due to the actual presence or probability that it is present there, what do you do?


Under OSHA's whistleblower statutes, the employee's refusal to work could be construed as "protected activity," which prohibits employers from taking adverse action against them for their refusal to work.

Family and Medical Leave Act
- Under the FMLA, an employee working for an employer with 50 or more workers is eligible for up to 12 weeks of unpaid leave if they have a serious health condition. The same applies if an employee has a family member who has been stricken by coronavirus and they need to care for them.


The virus would likely qualify as a serious health condition under the FMLA, which would warrant unpaid leave.


What to do


Here's what health and safety experts are recommending you do now:
  • Consider restricting foreign business trips to affected areas for your employees.
  • Perform medical inquiries to the extent legally permitted.
  • Impose potential quarantines for employees who have traveled to affected areas. Ask them to get a fitness-for-duty note from their doctor before returning to work.
  • Educate your staff about how to reduce the chances of them contracting the virus, as well as what to do if they suspect they have caught it.
 
If you have an employee you suspect has caught the virus, experts recommend that you:
  • Advise them to stay home until symptoms have run their course.
  • Advise them to seek out medical care.
  • Make sure they avoid contact with others.
  • Contact the CDC and local health department immediately.
  • Contact a hazmat company to clean and disinfect the workplace.
  • Grant leaves of absence and work from home options for anyone who has come down with the coronavirus.
 
If there is a massive outbreak in society, consider whether or not to continue operating. If you plan to continue, put a plan in place. You may want to:
  • Set a plan ahead of time for how to continue operations.
  • Assess your staffing needs in case of a pandemic.
  • Consider alternative work sites or allowing staff to work from home.
  • Stay in touch with vendors and suppliers to see how they are coping.
  • Consider seeking out alternative vendors should yours suddenly be unable to work.
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Five Smart Things You Can Do with Life Insurance Cash Value

2/25/2020

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Five Smart Things You Can Do with Life Insurance Cash Value

If you have accumulated significant cash value within a permanent life insurance policy, congratulations. Your planning and decision to save within such a policy is likely paying off.

Thanks to the tremendous tax advantages that Congress has given to provide incentives for families to protect themselves with life insurance, and to the protection aspect itself, a life policy is a great place to keep money.

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That said, let's look at some of the most common options for dealing with your policy's cash value:
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Stay put -Let life insurance be life insurance. Your money is growing tax-deferred within the policy. And in the event of your death, an amount much greater than your current cash value will generally pass to your heirs, tax-free.
That's a significant benefit right there, and a compelling reason not just to let your policy grow, but to add more premium to it if you can.

Borrow against the death benefit - You can withdraw accumulated dividends, and then borrow against the rest of it, generally with no tax consequence, as long as you don't completely surrender the policy.
Interest will accrue, but you don't have to repay the loan yourself unless you want to. If you don't pay it back, the insurance carrier will simply subtract the balance due from any death benefit they pay to your beneficiaries.

Cash out the policy altogether
- This option lets you get substantially all the cash in your policy. However, you may be subject to capital gains tax to the extent your cash value exceeds the amount you paid in.


Exchange for another life insurance policy
- If you choose, you can execute a Section 1035 exchange of one life policy for another, tax-free.


You may opt to do this if you find ongoing premiums at a new carrier are lower for some reason, or if you want some specific protections or riders you can't get from your old carrier. 

For example, you may be able to exchange a straight-ahead universal or whole life insurance policy for a policy that also provides a benefit in the event you need long-term care insurance.

 
Exchange for an annuity - You can also exchange a life insurance policy for an annuity, tax-free, under Section 1035.


You might choose to do this if you decide you no longer want the life insurance protection, but you do want regular and reliable income.  


For example, if your beneficiaries are grown up and no longer rely on your life insurance death benefit, you may execute a 1035 exchange to a lifetime income annuity - maximizing your income over your expected lifetime, rather than paying a large death benefit.

You can choose a joint and survivor annuity to guarantee income to your spouse as well.
 
The takeaway
Life insurance is among the most flexible and powerful resources you can have in your portfolio as you grow more established. But to have all of the above options later in life, you must plan ahead now.

Talk to us today. We can help you develop a plan that meets your needs and financial objectives.
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Flood Risk

2/24/2020

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Do You Know Your Flood Risk?

Almost everyone has a risk of their home being flooded, regardless of where they live. And now as flooding has become an annual threat to many communities across the country, even areas that were not considered flood-prone are also at risk. 

There was record rain and snow in many parts of the country in the early part of the year, and many areas can therefore expect flooding.

According to the Federal Emergency Management Agency, more than 20% of all flood insurance claims come from areas outside of high-risk flood zones - and that number is rising with each passing year.

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That still means the vast majority come from high-risk areas. How can a property owner find out what their flood risk is?

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Gauging your flood risk
FEMA considers a property to be at high risk of flood if there is at least a one-in-four chance of flooding during the life of a 30-year mortgage.

Geographic areas with this risk are known as special flood hazard areas (SFHAs). Federal regulations require federally regulated or insured mortgage lenders to confirm that mortgaged properties in these areas carry flood insurance.  The traditional way to determine a property's flood risk is to locate it on a flood insurance rate map (FIRM). FEMA publishes these maps based on geographic survey data. They are the official depictions of flood hazards in a locality.

FIRMs are freely available for review at the Flood Map Service Center on FEMA's website. As a property owner, you can view your flood risk by entering your address in the search field.

Flood maps assign each area in a community to labeled flood zones. Areas with low-to-moderate risks of flooding are assigned to zones with labels beginning with the letters B, C, X or a shaded X. SFHAs are designated with the letters A or V. These areas are shaded on the maps for easy identification.

Property owners can also search for their flood risks at FEMA's flood insurance consumer web site, www.floodsmart.gov. By entering your address in the fields on the home page, you can quickly learn whether you face a low-to-moderate or high risk.

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The site offers other valuable tools, such as an estimator that can calculate how much financial damage a given amount of water (two inches, four inches, etc.) would cause in homes of various sizes. 

For example, six inches of water in a 2,000 square foot home would cause $39,150 in damage.
FEMA also offers a suite of flood risk products that go beyond the information provided in a FIRM. They include:

•    Flood risk maps, which show the overall picture of risk for a given area,
•    Flood risk reports, which show community-specific risk information, and
•    The Flood Risk Database, which stores all flood risk data for an area.
 
These products are helpful for community planners, but individual property owners can also use them to get a clear idea of their flood risks.

Elevation certificates may also be on file with local governments for certain properties. These documents show the elevation of the lowest floor of a building (including the basement) compared to the base flood elevation for the area.

An elevation certificate demonstrates community compliance with flood-plain management laws and is used to set appropriate flood insurance premiums.
 
The takeaway

A flood can be every bit as catastrophic as a fire. It is worthwhile for property owners to learn their flood risk and take steps to reduce it. Additionally, with the increasing risk of flooding in non-flood-plain areas, if you live near a flood plain, you may want to secure flood insurance. 

Request a Flood Quote
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Maximize your Social Security Benefits

2/15/2020

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​5 Ways You Can Maximize Your Social Security Benefits

More than nine out of ten current retirees rely at least in part on Social Security benefits to fund their retirement income. The maximum monthly Social Security benefit that an individual can receive per month in 2020 is $3,790 for someone who files at age 70. For someone at full retirement age the maximum amount is $3,011, and for someone aged 62 the maximum amount is $2,265. The average monthly Social Security payment for retirees was $1,471 in June 2019.  

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Clearly, Social Security is not sufficient income for most of us by itself to fund an acceptable retirement lifestyle. But there are some things you can do to boost your monthly payout.

1.)  Increase your earnings. Social Security benefits are based, in large part, on your contributions over your working years. The more you and your employer contribute in payroll taxes, the greater your benefit is likely to be, up to the statutory benefit cap. So the more money you earn now, if taxable as ordinary income, the greater the benefit you may eventually qualify for.

2.)  Stay married. In the event of divorce, an ex-spouse may claim spousal and survivor's benefits on an ex-spouse's earnings provided the filer was married to the earner for at least 10 years, and is not currently married. However, there is an exception for widows and widowers over the age of 60.

3.)  Be patient. The longer you wait to claim your Social Security benefits, the higher your monthly benefit will be. For those born between 1943 and 1954, your normal retirement age is 66. For those born in1960 or later, normal retirement age is 67. But you can get a bigger monthly benefit if you wait a few years longer: Social Security will add 8 percent per year plus inflation to your eventual monthly check when you delay taking benefits past full retirement age up to age 70.  If you can stay in the workforce longer, you will have a bigger monthly cushion to retire on. However, if you are in poor health, or you have reason to believe your life expectancy will be shorter than average, you may want to go ahead and take Social Security benefits at an earlier age.

4.)  Step up to the larger benefit in the event of the death of a spouse. If your spouse passes away, you are entitled to the deceased's benefit if his or her benefit is larger than yours. To maximize the monthly benefit, you may consider putting off the claim until you reach normal retirement age, if you are not there already. Alternatively, you could take the survivor's benefit early, while working or living off of other sources of income, and then switch over to your own benefit based on your earnings once you reach full retirement age.

5.)  Double up on spousal benefits. If you have been married at least ten years and then divorce, both of you may benefit from refraining from collecting your own Social Security benefits right away. Instead, you each may be able to claim spousal benefits based on the others' earnings, and waiting until full retirement age or age 70 before filing for your own Social Security benefits. To make this work, you and your ex must be divorced for at least two years, and either age 62 or older or receiving disability benefits.  

The takeaway

There is no one-size-fits-all technique that maximizes lifetime Social Security benefits in every case. You may want to work with a retirement income expert to explore different scenarios to see what course of action works for you.

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Controlling Business Vehicle Risks

2/12/2020

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Controlling the Risks of Business Vehicles

As the cost of commercial auto insurance continues climbing at unprecedented rates, any business with vehicles has to make sure that it has procedures and policies in place to reduce the chances of its drivers causing accidents.

When a business entrusts a vehicle to an employee, it is literally putting its assets on the line. 

You should set these no-exception rules for drivers:
  • Always wear seat belts.
  • ​​No driving while under the influence of alcohol or drugs.
  • No mobile phone use while driving.
 
You should also set guidelines for employees to follow when they use company vehicles, such as:

Limit their non-business use of vehicles - If employees take company cars home with them, you should set reasonable limits on personal use.

Allow plenty of time between meetings and assignments - This will make it less necessary for employees to speed.

Park vehicles wisely - Instruct workers to park vehicles in well-lit areas, and to lock them.
 

Weeding out trouble

You should also try to make sure that you don't put people in driving positions that are risky.  You can:
  • Check prospective employees' driving records before hiring them.
  • Not let staff with poor records drive.
  • Annually check driving employees' records.
  • Require employees to report accidents they have when they are off the job.
  • Be on the lookout for employees with short tempers, as they may be prone to road rage.
  • Provide occasional driver training for employees who drive, especially drivers of large commercial vehicles.
 
But, even with all the preventive measures in the world, an accident will occasionally happen. You should prepare your drivers for that event.  Develop procedures for what a worker should do after an accident. Keep copies of the procedures handy in vehicle glove boxes.
 
Post-accident procedures
  • Remain at the scene.
  • Call the police if there are injuries.
  • Gather information from the other driver (name, address, insurance information, license plate number) and any witnesses.
  • Report the accident to a designated person within the company.
 
If one of your employees is involved in an accident, report the accident to us or your insurance company as soon as possible.

Follow the conditions listed in the insurance policy.  Check with us if you do not know what they are.  Follow the insurer's instructions for getting repair estimates and communicating with physicians.

Your insurance company may be able to help.  Many insurers offer loss-prevention guidance for their customers. 

​Businesses can reduce their risks and control their costs by working with their insurers and following the simple steps set out above.

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The Future of Insurance with Smart Cars

2/11/2020

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The Future of Insurance with Smart Cars

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​With more cars connected to the web, helping us navigate, talking to other cars as we zoom down the road and sometimes even driving for us, it won't be long until our autos can also make an insurance claim for us after an accident. 
Consider that more cars are being built with sensors and technology that allows them to communicate with external parties. It's not hard to imagine that the car could communicate immediately with emergency services and your insurance company if there is an impact. 
The emergency authorities could be notified in real time with detailed information about the condition of the vehicle and the location of the accident.
Insurers are currently teaming up with tech firms and are developing programs that would prompt your vehicle to report immediately to your insurance company's data center if it's been in an accident, which could start the claim. These programs could also:
  • Arrange for immediate roadside assistance.
  • Arrange for a replacement vehicle or rental.
  • Provide a data-rich first notice of loss to your insurance company.
  • Assess the vehicle damage using onboard sensors and using predictive analytics to determine the cost of repairs.
  • Create predictive estimates and parts requirements lists, and then send that information to dealers or parts procurement companies.
  • Identify which shop is best positioned to repair the vehicle, based on shop scorecards and availability.
  • Keep you informed of what is happening at all times, via mobile communications.
 
Right now, all of the technological parts of this puzzle are in place, and insurers are working with tech companies on apps to make it happen.
Pioneering partnerships
Insurance companies are also currently working to create partnerships with auto manufacturers to make all this a reality.
The most notable of these partnerships involves General Motor's OnStar system, with the auto giant having secured relationships with about a half dozen auto insurance companies already in the US. 
In Europe, BMW and Allianz have a similar partnership.
The evolution is ongoing, but in the next few years, as cars become smarter, it won't be long until we see the next stage in development for car insurance that will make your life easier and also give you an added sense of security.
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Millennials Misconceptions of Renter's Insurance

2/8/2020

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​Renter's Insurance and Misconceptions among Millennials

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A recent study found that millennials are renting in larger numbers than ever before, but that they are not getting renter's coverage even though it's inexpensive and can provide protection for their belongings.
Researchers also found that most (75%) of the people surveyed did not know they could obtain renter's insurance for about the same monthly cost as a pair of movie tickets, and had therefore not purchased coverage for their possessions.
They concluded that there was a clear misconception among this group of young people about how important it is to have renter's insurance and the true cost of coverage. Leaving belongings at risk when about $20 per month can buy adequate coverage is an unwise move. 
Renters often live in properties with multiple units, and they may not always realize how high the risk of fires and other disasters are in these places.
Although property owners are responsible for repairs to the structure in the event of most disasters, they are not responsible for tenants' belongings. It is up to renters to make sure their possessions are protected.
In their research, experts also found that about 40% of people without renter's coverage did not think it was necessary. Nearly 70% of all young adult renters replied that the cost to replace all of their belongings would exceed $5,000. Renters who had coverage said they bought policies because they wanted the peace of mind to know they were protected.​
Renters' biggest fears:
  • Two of the biggest fears among respondents were theft and fires.
  • About 40% said their biggest fear was fire damage.
  • About 30% said their biggest fear was theft.
  • Believe it or not, almost 5% said that their biggest fear was a zombie apocalypse!
  • Nearly 25% of the renters surveyed said they would rescue their laptops first ahead of mobile phones, hidden cash and heirlooms.
  • About 40% of respondents said they did not know stolen property was covered in a renter's insurance policy.
  • About 30% said they did not believe party mishaps would be covered, and they were surprised to find that many types of damage to personal property or the structure that are typical at parties were actually covered.
 
Inexpensive peace of mind

A plan that costs around $300 a year generally covers up to $50,000 worth of property. But most people won't need that much coverage as renters.

A policy that covers $15,000 to $20,000 worth of property should be enough for most millennials. Such policies can sometimes be had for less than $200 a year, or as little as $10 to $15 a month. (The average renter's insurance premium cost about $187 in 2017, according to the Insurance Information Institute.)


​Renter's insurance is quick and easy to buy, and millennials everywhere should make sure they always have it. To learn more about this type of coverage and how affordable it is, call us today.


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