Comparing Your Insurance

It is important to accurately compare your current policy with quotes that you may receive. It is important to make a fair "apples to apples" comparison before making your final decision. You should use your current or prior policy to compare the limits and coverages of the following items:

For Auto, Boat, ATV, RV, Commercial Auto-

Bodily Injury- This cover liability if you are in an at-fault accident. It will pay for the "other parties" injuries and/or death/loss in the event that you are liable. This coverage will help insure that you do not have to pay out of your own pocket for injuries that you are at-fault for. This is arguably the most important of all coverage's within your auto policy. This coverage may have certain requirements in your state. We recommend you check with your local insurance agent for details.

Property Damage- This covers liability if you are in an at-fault accident. It will pay for the "other parties" physical damages (their vehicle), it also covers things like telephone poles, houses, signs or basically any object that you may hit. This coverage may have certain requirements in your state. We recommend you check with your local insurance agent for details.

Collision- This covers yo0ur vehicle if it should sustain damage form you hitting another vehicle or object. Ask your local agent for a full list of covered named perils. A deductible may apply.

Comprehensive- This covers your vehicle if it should sustain damage from vandalism, theft, falling objects, fire, deer hits etc. Ask your local agent for a full list of covered named perils. A deductible may apply.

Uninsured/Underinsured Property and Bodily Injury- This will cover you if someone hits your car or you and does not have any or enough bodily injury and property damage coverage. This coverage may or may not be available in your state. Ask a local agent!

Towing and Rental (For auto, commercial auto and RV insurance)- This will cover you if you need a tow or rental vehicle. Be careful with this one. it may only apply to accidents versus engine failure of a flat tire. This coverage may vary based on your state and the company you choose to be your insurer.

For Home, Business and Commercial Property

Dwelling Coverage- This will cover the replacement value or actual cash value (which ever you select) of your home if you experience a loss. For example if you have a fire, wind/hail, or if your house gets stuck by lightning this coverage will be utilized to fix the damages and losses incurred. A deductible may apply.

Other Structures- This is used to cover structures that are detached from the primary house, such as pools, hot-tubs, sheds, and gazebos. It is usually figured at 10% of the dwelling coverage amount.

Liability coverage- This will cover an insured from some of the inherited risks and liability that exists on a property. If you have friends over and a tree falls on their car, your liable for those damaged caused to his/her car. Liability coverage would pay for the losses incurred.

Contents Coverage- This will cover your personal possessions such as furniture, electronics, clothing, appliances, carpeting and more. Be careful with this one, some items may have limits such as jewelry, art , collectibles, cash and guns. You may need to schedule these item separately to insure the full value is covered.

Guest Medical Payments- This will cover you if a guest on your property who has an accident that requires medical attention.

You should also ask an agent about additional optional coverage's that may apply to you and your needs such as:

1. Landscaping

2. Identity theft

3. Water Back-Up Coverage

4. Flood (FEMA)

5. Scheduled Items (Jewelry, collectibles, art etc)

For Health Insurance

Health insurance can be complicated. There are a few main variables that your should look at when making your purchasing decision.

1. Deductibles and Co-insurance- Generally, health insurance has a deductible, which indicates the amount you pay before any coverage is given. The co-insurance indicates the percentage amount that you pay after the deductible is met (example: 90/10, 80/20, 70/30). Most policies have a co-insurance maximum. This is important to know how much out of pocket expense you could possibly be faced with in the event you are hospitalized. Also, you should be aware of co-pays that may be required when you purchase medicine or go to the doctors office.

2. Dental and Vision- You should also ask about dental and vision plans that are offered. Discount plans are also available for dental and vision needs. It is important to understand the coverage that is allowed through these plans to insure that you get the most for your money.

3. In-Network or Out-of-Network- Ask what network of doctors and hospitals that your plan covers so that you can stay in that network to get the best rates. You may also want to contact your doctor to find out what networks they are in.

4. Price determination- Prices are based on a few key variables. Age, build, pre-existing illnesses or injuries, medications that you use, tobacco usage, and the amount of coverage that you need and select ( deductibles, co-insurance, co-pays etc.)

For Life Insurance

When comparing life insurance rates and policies there are a few different types of policies that you should be familiar with in order to purchase the policy that fits your needs.

1.Type of policy- There are several different types of life insurance policies.

A. Fixed Whole or Universal Life Insurance- This type of policy will last until the insured dies. It builds cash value that can be withdrawn via partial or full withdraw. You can also take a loan from the accumulated cash value so that you can use a portion of the money in the policy.

B. Variable Whole or Universal Life Insurance- Variable means that your cash value will be determined based on changing interests rates. Therefore, it may accumulate more cash value, but it could also create less cash value than fixed whole/universal life. With either fixed or variable life, the benefit will remain the same; but the cash value may be different.

C. True Term Life Insurance- Term life insurance is less expensive than fixed or variable whole/universal life insurance. However, this type of policy will only last a stated amount of time (Example: 10 year term, 20 year term, 30 year term. After the period of time has past the coverage no longer exists, unless you renew it. If an insured did renew a term policy the premium would be much greater than it was due to the fact that the person is older and more likely to die.

D. Term with Return of Premium Life Insurance- This type of policy is the same as true term, the only difference is that you get all your premium (money spent towards insurance) back at the end of the term if the insured has not died within the term. This type of policy is generally more expensive that true term but cheaper than fixed or variable whole/universal life.

Prices are based on a few key variables. Age, build, pre-existing conditions, medications that you may use, tobacco usage, and the amount of coverage that you need ( benefit amount) and the type of policy you choose.

It is important to compare your current policies to other companies' policies to ensure that you are getting the very best coverage for your hard earned money. We recommend that you shop around once every 3-5 years. Also, it is also very important that you not only compare but also that you update your policies. If you build a new barn, pool, gazebo etc or if you have purchased a new car or if you feel you need more coverage on your life insurance you should strongly consider comparing and updating you insurance policies.

Because insurance is governed from state to state in slightly different manners, we strongly recommend that you speak to a local agent to explore these options in greater detail and to do a "needs analysis" to determine the amount of coverage that you will need.