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Insurance Advice Lost to the Ages

These days most people get their insurance advice from TV or Radio Ads from direct insurance companies. These companies usually just tell you to shop for better rates because that’s the only thing they are paying ad money for so its self-serving at best. Does shopping for insurance hurt you? No, not unless you miss something important and open yourself up to unnecessary risk in the process. There are some time tested insurance tips that still apply in this modern world, I will spare you the obvious ones like: Don’t get violations or speed.

Be Selective with Claims

If you are concerned about artificially high rates, or high rates you can easily avoid its a good idea to not claim every incident. If you have a $500 deductible on a vehicle and you claim a fender bender that totals $600 will your automobile policy pay out? Yes, of course. Some people view this as their rightful money because they have paid their premiums faithfully for years, they aren’t wrong however this isn’t what any insurance policy was designed for. Many of the rate increases out there can be attributed to, at least in part, to many small losses. This is why insurance companies have increased their minimum deductibles. Its simply a numbers game. You will also lose a claim-free discount in the process. The old advice is still wise here, if you can afford to pay it out of pocket do so…if not put in your claim.

Plan to Add a Youthful Operator

Another pain point for clients is when their children come of age and get their drivers license. There can be sticker shock but you have to realize that adding an inexperienced driver to your policy multiplies your chances many fold. Forget about any old ideas like females are more expensive than males…its a numbers game pure and simple. Young inexperience operators will have accidents. In fact each year between their 16th and 25th birthday their added operating experience will show in their rates. Its a critical time. There are a few important things you can do to mitigate your premium increase however and they haven’t changed over time. If you just add a child and no additional vehicle your rates will be less. A household with 2 vehicles and 3 drivers pays less than a household with equal number of vehicles and drivers. Less total potential operating time.

This of course might not be a convenient option and in that case make sure the vehicle you get your young driver is a liability-only, older but safe vehicle. Many policies still allow us to rate a driver on a specific vehicle, are they rated on the others? Yes, however we can target them on the less expensive vehicle. Other great pieces of advice are make sure your youthful operator has good grades in order to obtain a discount, this is one even you cannot get so it makes sense to motivate your child.

The Best Place to Insure Toys

Lastly, on your homeowners policy. Many companies allow you to add all sorts of coverage to it. Boats, ATV’s Jewelry etc. These are risks that inherently have a greater chance of causing a claim. The very last place you will want a claim is on your homeowners insurance policy. It is a far better option to get a separate policy for those items and remove that risk on your home policy. Another benefit is these policies have additional coverage and lower deductibles.

So there you have it, even in modern times the old advice still holds up. Insurance is a very old industry with a simple premise – spread your personal risk to a larger pool. The more overall problems you cause that pool the higher your share will be. Please contact your agent or us if you have any questions about saving money on your insurance.

By Aaron Wallrichgeneral information, insurance 101, insurance coverages No comments yet

Ways to take Proof of Insurance with you

Proof of insurance is something every licensed Wisconsin driver needs to be able to provide in the event of a traffic stop since our law change many years ago. Everyone who purchases an Auto Insurance policy in Wisconsin should receive their policy documents each term in the mail, or in email if you have opted-in to that service from your insurance company. If you get your policy and declarations page in the mail you will see your “Insurance ID Card” near the end of the document. You can then put it in your glove compartment. Now we have various other ways to provide proof of insurance.

Your Current Declaration Summary Page

Even the declarations page is proper proof of insurance so the ID Card isn’t a must. The important thing to the authorities is that you have an address on the document which matches your drivers license. You should also make sure your name (or named driver) is correct. Finally, make sure the date in question falls within your effective and expiration dates on the document.

A Mobile App

Some other ways to provide proof of insurance are with a phone app. We have a custom app which will provide you with your correct and updated insurance ID Cards on demand here. This means no matter which insurance company we place you with you just need one app on your phone. Most insurance carriers also have an app available now which can be obtained on their websites respectively. Sometimes these apps will have additional functionality like claim reporting.

Take a photo

One final simple way to provide proof of insurance is just to snap a photo of your ID card and keep that on your phone. This will work just fine and is a good alternative if you don’t like to have a lot of extra apps on your device.

Finally, If you are stopped and do not have proper proof of insurance usually they will issue you a citation or warning which will be rescinded if you simply send them proof of coverage in a timely manor. You can then call us or your agent and we can send you the documents later.

By Aaron Wallrichgeneral information, insurance 101 No comments yet

What is new with Renters Insurance

The answer is….not much. People still buy possessions and store them in their apartments and condos and we still insure them. A few things to be aware of when buying renters insurance is to always have “Replacement Cost” coverage on your contents. We have found some low quotes from online sites are leaving that off to be $20 lower. That means if you have a loss to your property they will be assessing your losses in one lump sum for what they determine the value to be. With replacement cost you go out and buy those items again, even if they cost has increased, and your insurance company reimburses you. Its a lot less stressful with Replacement Cost.

Another thing to look at when buying or revisiting your renters coverage is your liability limit. In Wisconsin the lowest limit is generally $100,000. Just ask us or your agent to quote $300,000 or even $500,000. You will be surprised at how little the rate goes up. Liability is really a very important coverage to protect you from lawsuits. Lets say you are responsible for a leak and it damages other tenants (and your landlords) property. Better to be safe with higher limits so you aren’t selling your assets to pay for other peoples stuff.

The last reason you might consider a renters policy is something you wont ever think of. If you purchase a home you will suddenly need a homeowners insurance policy. Some home insurance policies will give you a discount for having prior coverage. Your renters policy will qualify in most cases. Often times your renters will help you save on a package with your auto. I have seen cases where the savings pays for the entire renters policy.

Keep these items in mind and call us if you have any questions. Lets protect what we have with a renters policy.

By Aaron Wallrichinsurance 101 No comments yet

When to remove full coverage from an older vehicle

One of the most often asked questions we receive from clients is, when should i remove physical damage coverage from my vehicle. The answer to this question will vary from person to person but one number needs to be determined before you can make an informed decision, your blue book value. At the end of this post I will share links to several resources for you to make your decision.

Once you determine what your older vehicle is worth you will be close to the total amount an insurance company will pay out in the event of a “total loss” claim. They have other factors they will consider such as, what are the cost of parts in your area or availability of replacement vehicles in your area. Your next step is to determine what you pay for physical damage (comprehensive, collision) coverage. For this you can reference your declarations page or call your agent.

{blue book value} – {physical damage premium} – {deductible} = your potential payout

You have to understand you pay that physical damage premium every 6 months or 12 months so as the vehicle gets older your potential payout also decreases. As your vehicle gets older and has more mileage on it your other variable (blue book value) also decreases. At some point you have to make a decision that it is no longer feasible to have full coverage and you would then switch your vehicle to liability-only coverage. There is no sense in paying money out when you wont receive it back in the event of a loss.

Covering your vehicle at liability-only is one of three options you have however. Option two is raising your deductibles. This will lower the premium you pay for physical damage coverage but it will also mean taking less of a potential payout in the end. This is generally more of a decision you will make up front when determining how much you can afford to spend if an accident happens. That being said, if the accident is someone else’s fault you will likely not pay a deductible.

Option three is you can drop Collision coverage and only leave Comprehensive coverage. This means that if you have a vehicle-to-vehicle crash you will not have coverage but you will be covered for “Other than Collision” events such as deer-hits, vandalism, theft and hale. These are all extreme likelihoods in Shawano County and most of Wisconsin so you can hedge your decision but keeping that on while saving the premium by removing collision.

In the end its your choice. You can take the formula above and do what is in your best interest.

Kelly Blue Book

NADA Valuation

Consumer Reports Valuation

By Aaron Wallrichinsurance 101, insurance coverages No comments yet

We are 95 years old!

I know we don’t look it, but, we are 95 years old. We have served the Shawano Area in several locations for all these years. Through Four generations of Wallrich’s we have provided top notch insurance advice to Shawano residents. It’s a little crazy thinking of how a business can be sustained over nearly a century. For most of that time, 92 years, we have been a member of the Shawano Area Chamber of Commerce. And for nearly 90 years we have been members of the Big I of Wisconsin, our states oldest and most respected Insurance Association. Aside from conducting commerce in the City and county of Shawano 5 generations of Wallrich’s have actively participated in the Shawano Rotary Club which is now 97 years old!

Shawano may still be a small town in Northeast Wisconsin but the longevity of our institutions is a testament to the strength of our community. We are proud to live and work in Shawano and we hope you feel the same. Despite our advanced age we aren’t looking to retire any time soon!

By Aaron Wallrichgeneral information, Shawano

Boat Insurance Coverages you may not know exist

Many people assume that since you do not need a Drivers License to operate a boat on open waters that you do not need to insure it.  While that is technically true, in Wisconsin you do not need a license to operate a watercraft, you will still be legally liable for damaging property or bringing Bodily Injury to others while on the water or putting-in your boat.

First you may want to check your homeowners policy or call your agent to see if your home policy will cover boating liability. Some policies will cover your liability if your boat motor is rated under 100 Horsepower. The general idea here is that your small fishing boats, canoes and kayaks will be covered under your home policy as a nice policy bonus. But as you upgrade and add fishing equipment, stereo systems, skiing rigging or higher powered engines its tine to get that separate policy in order to protect yourself.

Will I be covered if another boater hits my watercraft or injures me or my passengers? The answer here is with a stand-alone boating policy you can purchase uninsured and under-insured coverage for very little to make sure your boat and medical bills are covered in the event an irresponsible boater causes you harm. There is no need to add insult to injury by having to sue someone after an accident on the water.

Can I purchase coverage to get my boat towed if it stops functioning on the water? With most policies you can buy on-water towing coverage. If you have ever been stranded out on a lake you will know how hard it is to get you pulled ashore and the next surprise will be your bill when you are safe on land. By adding towing you can rest easy this situation will not interrupt your leisure time.

Will my homeowners policy cover my personal items or fishing equipment if they are lost or stolen on the water or while on my trailer? The answer here is “maybe”. Again you will want to read your home policy or check with your agent to be sure. Whether it is covered or not the last place you want any type of claim is on your homeowners policy. It can affect your rates and in some cases get your policy non-renewed. This is why we recommend separate boat, atv/utv and snowmobile policies in the first place to our clients. On most boat policies you can add coverage for “personal effects” and “fishing equipment” for a low additional premium thus transferring that risk to a separate inexpensive policy.

Can I get Replacement Coverage on my fancy boat or will it be depreciated when a claim happens? Like most Automobile policies your boat will likely be values on an Actual Cash basis at the time of a claim. However on some boat policies if your watercraft is 1 or 2 years old you can buy an endorsement to ensure that if you have a large claim you can get a full replacement on your boat.

Will a mechanical failure be covered by my boat policy? The answer here is largely NO. Recently some insurance companies have added “affordable wear-and-tear” coverage or “lower unit” coverage to your boat policy. This was in response to so many related claims where a covered loss also caused damage to lower units in these boats. Ask your agent if this is a possible add-on but it is a good rule of thumb with any vehicle insurance policy to assume wear-and-tear is excluded and is more of a warranty issue.

By Aaron Wallrichinsurance 101, product information No comments yet

Time to think about Wind

One of the main perils in every homeowners or commercial property policy is damage from “Wind”. Straight-line wind damage can be devastating to your property whether it blows branches and limbs onto your roof or rips off your siding. One of our most memorable claims was a roof that was completely ripped off a home…not by a tornado but just due to very strong winds. There isnt much we can do about mother nature or wind however we can take steps to protect our property from falling prey to wind damage.

Taking a good look at the trees on your property is a good start. Over the winter the weight of ice and snow may have damaged large limbs and that could be enough to allow a gust to detach it. There are many tree or limb removal companies in the area who can assist you with cleaning up these dead limbs. One tip when dealing with Tree Removal operations is to verify they have active insurance. Do NOT take the piece of paper they show you as proof of “active coverage” call the agent listed and verify their policy is in-force.

take a quick look at your siding. Is any of it loose or pulling out from the rest? A gap could allow wind a chance to do further damage. Do you have any attachments to your home that are loose or free? Antennas are less common these days but some people still have them, of course satellite dishes may come loose as well.

One final item is one I did not think about when i bought a trampoline for my children. Your trampoline is effectively a “sail” sitting next to your home. Wind will move that object and it will do it quickly. Purchase sandbags or tie-downs from your local hardware store…do not tie the trampoline to a tree or our house. It is also a great idea to check with your agent to see if trampolines are even covered by your home insurance company. There are many companies that do not mind trampolines so long as safety measures are in place but you don’t want to be in a situation where an accident or damage occurs and the claim is denied.

Spring is here, wind will happen. But we can all do our best to maintain our property ahead of time.

By Aaron Wallrichinsurance 101, insurance coverages No comments yet

We do Trucking Insurance

If you are an owner-operator or own a small to mid sized trucking operation we are in a good position to help you. It is a very difficult sector to maintain your expenses right now. Despite the huge demand for your talents right now in the United States you are being hit on all sides by high expense costs. Fluctuating gas prices, decreased rates and high cost of liability insurance are just a few of the hurdles you have to jump over daily.

When you are looking at insurance it is important that your agent has a number of carriers that are “comfortable” with trucking and transport coverage. many large insurance carriers have left the game in the past 3 years because they had large losses or anticipate a difficult future for profitability. Unfortunately when you leave your dock or garage you are a target. Even if you are not at fault for an accident the legal profession is gunning for you. Do not place your company or personal future in the hands of an inexperienced agent.

Robertson Ryan has close relationships with some very stable and highly specialized insurance carriers in Automobile Liability, General Liability, Pollution Liability and Workman’s Compensation for your drivers. We can help design a program that suits your needs and hopefully put you in a better position to compete. In addition to fair premiums we can assist you in Loss Control as well as giving you resources to develop your employee manuals or other HR tasks.

By Aaron Wallrichbusiness insurance No comments yet

I have too much personal property coverage

Have you ever noticed that your insurance policy has an extremely high amount of “personal property coverage” listed on it?  Have you ever wondered where that amount even came from…it usually seems arbitraty and non even.  The answer to why it is not even is that it is often a percentage of your Home Coverage amount (sometimes listed as Coverage A).  The average unendorsed homeowners insurance policy will contain a personal property coverage that is 50% of your Home coverage amount….so if your home is insured for $300,000 your policy will include a personal property coverage of $150,000.  Most modern policies or endorsed policies will give you 75% or 80% personal property coverage.  Why so much? 

When we at the Wallrich Agency write a new homeowners insurance policy we do a replacement cost estimator to determine the “rebuilding” cost of your home. This allows us to give you accurate coverage in case your home has a large or total loss. Often times people never come up with an amount of coverage for their personal belongings. Have you ever tried to calculate how much stuff you own ? Its a lot of stuff… This is why we err on the side of caution and give you 50, 75 or 80% coverage. Will you receive a check for that entire amount? The answer is “no”.

When a home claim is initiated the building loss is calculated and then separately we begin the process of determining what belongings you lost as a result of the claim. Most insurance companies will issue you a payment and request your receipts to issue you more money…this process usually takes a long time as it also becomes hard to remember what you owned. For this reason we generally tell our clients to make a video of their home on their phone so they can look back later and remember items. The company will replace to the best of their ability what you lost but sometimes you may get different clothes or upgrade appliances and that is expected….you may have to pay the difference on those upgraded-items. Sometimes the insurance claim adjuster will simply give you the option to settle the total amount and you can do whatever you see fit. This is a conversation you may have after a loss.

I hope this cleared up some questions you may have on the topic of personal property coverage. Please call us with questions or concerns you may have on your own policy. there are some related issues you may want to explore further such as: How much personal property do I have away-from-my-residence? or, Do I have a large collection of something that i can itemize before a claim occurs? Lastly, items like firearms, collectibles, jewelry and cash or coins may be limited by your policy so you will want to ask your agent about that.

By Aaron Wallrichinsurance 101 No comments yet

Spring Insurance Checkup

As Spring nears you will begin to think about many things if you live in Wisconsin. Cleaning out the garage, washing your vehicles of that nasty winter salt, washing your home’s windows. These are all important activities and are exciting but please keep a few things in mind from an insurance standpoint.

Stored Vehicles

Some people store that sportscar or collector vehicle for the winter as they will not use them in the cold weather. Its easy to remember to call your insurance agent and remove coverage because it means a lower monthly auto insurance bill but please remember to add your coverage back on when you want to take that vehicle out for a drive. When you place storage coverage onto your car it removed Liability and Collision leaving only Comprehensive coverage. The reason for this is if it is truly stored all you really have to worry about is theft, vandalism, a house or structure fire or a roof collapse. Please add coverage back on your vehicle.

Home Projects or Renovations

Over the Winter we get some spare time or money and we finish a basement room or remodel a kitchen or bathroom in our home. Spring is a good time to assess whether we added value to our home; we may want to increase insurance coverage to match. Remodeling a bathroom or kitchen could really affect your overall structure coverage limit and raising it isn’t going to be a major expense. Its never a bad idea to call us and let us know about your remodel.

High Valued Purchases

Did you buy your spouse some nice jewelry for Valentines day? Did you purchase your college kid a new Laptop for Christmas to take back to school? These are items you may want to schedule or let your agent know about so that you aren’t surprised if the item is lost or damaged.

These are just a few ideas to make your Spring and Summer Spectacular!

By Aaron Wallrichgeneral information, insurance 101 No comments yet