For those of you who read my article in our December 2001 newsletter, you were hopefully preparing for some of the pricing changes that have occurred in 2002. With the first quarter of 2002 completed, my premonitions have proven to be correct. Personal Insurance (auto, home, etc.) has averaged an approximately 5% increase in premium while Commercial Insurance (business, apartment buildings, workers compensation, etc.) has increased by 10%-50%. Besides the premium changes, insurance companies have restricted the coverage offerings, eliminating types of coverage offered by excluding certain types of coverage. This has caused upheaval for many customers who have seen the price of their insurance increase and amount of coverage offered decrease. Rest assured that your representatives at Tri County Insurance are working harder than ever to ensure that your insurance program is the best available. We are “shopping” virtually every renewal and negotiating on your behalf to make sure we can honestly tell you that the program we suggest is the best we have available. With this in mind we have added two experienced account executives, one in our commercial department and one in our personal department, so we can provide more individualized attention. If you would like to discuss any issue related to your insurance program please call your agent or account representative. Servicing your insurance is our top priority. With the insurance market in disarray it is more important than ever that you maintain a close watch over your property, autos, and businesses. The best pricing and coverage is definitely going to go to those persons the insurance companies perceive to be their best customers. These clients have the nicest looking buildings, best driving records and fewest claims. Be proactive and you will be rewarded with the best pricing over the long run. As always I am available if you wish to discuss any issue relating to Tri County Insurance. If you wish to correspond by email my address is ebossuk@tcinsurance.com.
Several new laws went into effect on January 1, 2002 that will affect all California motorists. Here are a few of them: 1. DISTRACTED DRIVING: AB 770 requires that law enforcement officers report on instances of driver distraction or inattention that may have caused or contributed to a traffic collision, including cell phones, electronic devices, radios, smoking, eating, children, animals, personal hygiene or similar distractions. 2. CHILDREN UNATTENDED IN VEHICLES: SB 255 prohibits leaving a child six years of age or younger in a motor vehicle if conditions present a significant risk, the engine is running or the key is left in the ignition. Penalties include a $100 fine. 3. IMPOUNDED VEHICLES: AB 360 provides that a vehicle impounded because the driver had no license or a suspended license shall be released to the registered owner before the end of a 30-day holding period if the driver reinstates or acquires a driver’s license and provides proof of insurance. 4. UNINSURED MOTORIST COVERAGE: SB 81 extends uninsured motorist benefits to policyholders injured by their own vehicle when the vehicle is used without the policyholder’s permission during the commission of a crime, such as carjacking. To prevent fraudulent claims, the motorist must file a police report. 5. MEDIATION OF INSURANCE CLAIMS: SB 708 extends the mediation program established by the Dept. of Insurance for the 1994 Northridge earthquake claims to auto and residential insurance claims. To be eligible for the program, the claim must exceed $7,500 and amount in dispute must exceed $2,000
Learning how to operate your own business from your home can be challenging. Making the right moves means taking great risks. As your business grows, so will those risks. Although savvy and creative in their own specialties, the 12 million home entrepreneurs in the United States can become bewildered about how to insure their business against theft, fire and liability. According to the Insurance Information Network of California (IINC), some believe their homeowners policies cover all their home business insurance needs. As a result, a lot of these home business owners are uninsured. Business owners need both property insurance in case they are robbed or a fire destroys equipment and inventory, and liability insurance in case someone gets hurt using their product or services or falls down the stairs when coming to see them. IINC says the first tip for business owners is “don’t assume that a homeowners policy covers your home business.” You may be able to add an endorsement to your existing homeowner’s policy. Some companies will offer property and liability insurance for “incidental” businesses operated from your home. A second option is to buy several individual business insurance policies to provide the various coverage's you need, such as business property, general liability and business income insurance. Or you can buy business owners package policy designed for smaller businesses, which combines the necessary property and liability insurance coverage's you need in a single policy. Call us and let your agent help you understand your insurance needs.
This is like asking the question, “How high is up?" Do you own a home? Do you own a business? Do you have a net worth of over $100,000? If you answered any of these questions “YES”, you may want to re-evaluate the amount of liability insurance you now carry. Remember that you carry liability insurance on your automobiles, your home and your business, so each of them should be reviewed. Each type of insurance mentioned above has maximum limits of liability you can purchase. For many persons, the maximum limits are not adequate to protect their liability risks. In those cases, there is a need to explore the excess liability coverage known as an “Umbrella”. Many of you have already purchased Umbrella policies because they are a very inexpensive method of increasing your protection. Being sued nowadays for amounts well in excess of $1,000,000 is not unusual. If this should happen, an Umbrella policy would be your protection. Call and ask us for more information.
There are several advantages of investing retirement money in a fixed, deferred annuity. Fixed, deferred annuities are offered by insurance companies and allow cash to accumulate on a tax-deferred basis (No taxes until the interest is withdrawn). Fixed annuities have several advantages over certificates of deposit (CD) offered by banks. Most annuities have interest rate guarantees of 3 to 10 years. What does a fixed annuity have to offer? 1. Competitive yields – currently 7% guaranteed for 10 years* 2. No up-front sales charges – 100% of your money goes to work earning interest. 3. Tax deferral – no income tax on the interest until you withdraw from the annuity. 4. Avoids probate – goes directly to a named beneficiary without probate fees or delays. 5. Potential lower tax bracket – you may be in a lower tax bracket when the money is withdrawn. Rates are subject to change. Tri County Insurance offers annuities from most of the major insurance companies. Please call our office if you would like additional information.
There is no foolproof way to safeguard against car theft. But many no cost deterrents exist for protecting your vehicle. A thief's greatest enemy is time. The more difficult your car is to steal, the longer it takes to be stolen. The longer it takes, the more likely the thief will move on to an easier target. Here are nine ways to frustrate car thieves: 1. Park with wheel turned toward the curb. This makes your vehicle difficult to tow. 2. Park in well lighted areas. More than 50% of vehicle thefts occur at night. 3. Use your garage and lock both the vehicle and the garage. 4. Keep your vehicle registration in your purse or wallet and file your title at home. If a thief has these two documents, your car will be easier to sell. 5. Park in attended lots. Thieves don’t like witnesses. 6. Activate anti-theft devices your car is equipped with. 7. Close all windows, lock all doors and take the keys with you. One out of four stolen cars has its keys inside. 8. Always turn off your engine and take your keys with you during “quick stops” at convenience stores, gas stations, ATM’s dry cleaners, etc.> 9. Put all packages and personal items out of sight. Items left in the open make your vehicle a more desirable target.
Hear are actual statements found on insurance forms where car drivers attempted to summarize the details of an accident in the fewest possible words. “Coming home I drove into the wrong house and collided with a tree I don’t have.” “I thought my window was down, but I found it was up when I put my head through it.” “The guy was all over the road. I had to swerve a number of times before I hit him.” “In an attempt to kill a fly I drove into a telephone pole.” “I pulled away from the side of the road, glanced at my mother-in-law and headed over the embankment.”
Do you find it difficult to find a zip code or an area code when you need one? Do you find yourself struggling to figure out what time zone Chattanooga is in before you make a call? Are you frequently looking for state abbreviations or currency exchange rates? Here is a list of handy Internet resources so you will never have a hard time finding this information again. Once you have entered an address into your browser and connected to the site, add it to your favorites for future reference. Area Codes – http://superphone.net/area_state.html Exchange rates – www.x-rates.com or www.bii.co.id prices_rates/exchange_rates0 State Abbreviations – www.usps.com/ncsc/lookups/usps_abbreviations Time Zones – http://atm.geo.nsf.gov/ieis/time.html Zip Code Map – www.bradfordmap.com Zip Codes – www.usps.gov/ncsc
What are you planning to do this summer? Many persons have changed their long-range plans because of the events of 9/11. If you are planning to fly anywhere, make sure you arrive at the airport at least 2 hours in advance of a domestic flight and 3 hours in advance of an international flight. Lots of people are deciding to drive to vacation locations. This will crowd the highways. Make sure you practice defensive driving. If you are planning to pull a boat or a travel trailer, know the speed limits. Changing lanes or trying to stop too quickly could cause jack-knifing. Make sure your insurance is up to date. You will want to insure your boat, trailer, ATV, motorcycle or RV. Let your neighbors know when you will be away. Don’t be the homeowner that comes home to find someone has emptied their house because the neighbors thought they were moving when the trucks pulled into the driveway and everything in the house was loaded onto the trucks. Planning to stay at home, have Bar-B-Q’s and pool parties? Make sure your guests are aware of the rules you have made for their safety:
Would you like to receive future Tri County newsletters by e-mail? Would you like to receive other correspondence from us by e-mail? Email us at info@tcinsurance.com. Enter your e-mail address and tell us you want to receive policy information and our newsletter by e-mail. We look forward to hearing from you.
It is important that you test your smoke alarm at least once a year. It is important to place batteries if you have a battery-operated system. Hard-wired systems just need to be checked to make sure they are operating properly.
