Protecting Your Valuables: The Two Step Solution

It’s the holidays! And you bought that “special someone” a certain piece of bling that they’ve been hinting at for the past year. What happens if that item is lost or stolen? Do you have it insured properly?

On Homeowners and Renters Insurance policies you can “schedule” or list out specific items to be covered. This applies to jewelry and other items such as fine arts, antiques, even wine collections. If you don’t schedule an item, the policy deductible will apply. After the deductible is satisfied, then you have another problem – special limits of liability. Most Homeowners and Renters Insurance policies have special limits on valuable articles such as jewelry. For example, your $5K ring gets stolen. Let’s say you have a Homeowners policy with a $1K deductible and a $1K special limit on jewelry: In this case, the policy will only pay up to a $1K for that loss. So, here’s the solution:

1.       Get an appraisal for any item you want listed. An appraisal is so important because it provides the value of the item and will assist the insurance company in the event of a loss. 

2.       Choose your deductible. Did you know that you can have a zero-dollar deductible on scheduled items?  Let’s go back to that $5K ring that was stolen earlier. In this case, if it was scheduled with a zero-dollar deductible, you can now recover the full appraised value of that item. As you can see there is a BIG difference between “scheduling” and not scheduling.

In our example, a difference of $4000!

The typical cost to schedule an item is $10 per thousand in value. In this case scheduling the $5K ring would cost approximately $50 per year.

So now that you know the facts, are your valuables insured properly? Contact your agent if you have any questions.  ~ Logan Kirk

Logan Kirk, Insurance Advisor

Rental Car Insurance: 3 Facts You Didn’t Know

Have you ever rented a car and the agent asks you if you want to purchase their insurance? Are you confident in your answer? Here’s what you need to know…

Accidents happen, unfortunately, and let’s say you have an accident while driving a rental car. Now what? There are three items you should keep in mind: personal liability, damage to the rental vehicle and loss of use. 

Item #1
Personal Liability
Liability Insurance protects you in the event that you cause an accident that results in injury or property damage. If you have auto liability insurance of your own in force, this would apply to your rental car, so you’re covered!

Item # 2
The Vehicle
Most companies consider a rental vehicle to be a “substitute” for the one you usually drive, and so they would cover the actual loss of the vehicle, minus your deductible. For physical damage to apply to a rental you must carry physical damage coverage on at least one vehicle on your auto policy. You may find that accepting the rental company’s insurance could be a good choice because there is usually no deductible, and you would not have to turn in the claim to your own insurance.

Item # 3
Loss-of-Use 
Let’s say the rental car gets damaged. Loss-of-use is the rental company’s loss of revenue while the car is being repaired. Although your own auto insurance may cover the liability and physical damage, it may not pay for the loss-of-rental-income.

Some insurance companies will cover loss of use, but it is sometimes limited in terms of how much they will cover each day. Let’s say you rent a vehicle for $50 per day and your insurance company only provides coverage for $20 per day; you would be responsible for that $30 per day difference.

Bonus Tip!
Did you know? Your credit card may provide coverage!
If you have a credit card that offers travel rewards, check your benefits. Some cards will offer physical damage coverage and loss-of-use coverage if you booked the vehicle rental with that specific card.

If you’re wondering what’s covered under your policy give us a call for a free review. 
~ Logan Kirk

Logan Kirk, Insurance Advisor

Is your business properly protected for an employment related lawsuit?

Even though you are an honest and fair employer, one accusation of unfair employment practices could cost you thousands of dollars. Charges ranging from age or sex discrimination to wrongful termination, even unfounded charges, can hurt or destroy a business.

Until recently, only large businesses were able to affordably insure against the risk of employment practices claims. Now employers of all sizes can insure against the risk.

While multi-million dollar jury awards against large corporations make the headlines, thousands of small- and medium-size businesses experience difficult times. Answering a groundless complaint filed with the Equal Employment Opportunity Commission can be costly to employers.

Employers face increased financial risk of potentially violating ever changing and complex employment laws such as the Americans with Disabilities Act, the Civil Rights Act of 1964, the Family and Medical Leave Act and the Age Discrimination in Employment Act. Your directors, managers, supervisors and employees may not fully understand the ins and outs of these laws and may be unaware of new rulings and interpretations.

Contact our offices today to discuss affordable options to protect your business.  ~ Mike Dostal

Facts about Renters Insurance

“What’s the point of renters insurance? I don’t own anything of crazy value.” This response is a common misconception when it comes to how the world views renters insurance.
Renters insurance is actually an essential (and inexpensive) tool in properly protecting not only your “stuff”, but other things too.

• Personal property- this is your “stuff”. Don’t think you have a lot to protect? Take a second and mentally take a personal property inventory, starting with the big-ticket items: your furniture, clothing, kitchen items, electronics, etc. Clothing alone will add up quickly when you add up all the items in your closet. Remember, when calculating your inventory don’t think about what Plato’s Closet would pay if you were to box everything up and take it in; think about how much you paid for the items new.
• Personal liability- this is protection against any liability or lawsuits filed against you. This could be something as simple as one of your friends injuring themselves while at your place for a party or your dog biting somebody.
• Loss of use- this covers temporary living expenses (lodging, food, etc.) when your place of residence is uninhabitable. An example would be pipes freeze and burst causing water damage to your unit. You have to vacate your place while a restoration company comes in to mitigate the water, a plumber repairs the pipes, etc. Renters insurance pays for your reasonable living expenses while you do not have access to your residence.
• Valuable articles- thinking of taking it to the next level with your significant other and purchasing some jewelry? Renters insurance can cover this by “scheduling” it. Doing so can guarantee the value of the item in the event of a loss. Be sure to ask your agent to ensure that it is covered for theft and mysterious disappearance (losing it), the two most common valuable article losses.

Other important things to consider:

• Living with a significant other, sibling or friend? Did you know that anyone living in the same residence can share a renter’s policy? This
  will likely provide cost savings versus having separate policies.
• If bundled with the same company, having renter’s insurance can provide a discount on your auto insurance and vise-versa. Win-win!

As you can see, renters insurance provides a range of coverages for a reasonable premium (the average premium is only about $10 per month!). As you set yourself up with a plan for financial success be sure that renters insurance is part of it.  ~ Logan Kirk

Logan Kirk

Our Team

Our most recent team photo!

Back row (left to right): Steve Devlin, Logan Kirk, Jeff Kirk, Mike Dostal, Dave Dostal, Denise Livingston

Front row (left to right): Carissa Chester, Megan Rowlinson, Heather Evans, Diana Adelman

Our newest team member, Logan Kirk

Logan joined the agency in 2016. He grew up in Shelby where he graduated from Shelby High School in 2010. He went on to receive a Bachelor of Science in Entrepreneurship from the Farmer School of Business at Miami University.

After graduating Miami in 2014, Logan completed a 2-year fellowship with the Ohio Mutual Insurance Group in Bucyrus. This provided him extensive exposure to underwriting in personal, farm and business lines as well as claims and loss control practices. At the agency he specializes in new business production for personal, business and farm insurance lines. Logan holds the Associate in General Insurance (AINS) designation and is currently pursuing his CPCU designation.

Logan is involved in various groups in the communities he works and lives including Crawford County Young Professionals, Columbus Young Professionals, Short North Running Club and St. Christopher Catholic Church of Grandview. In addition to community involvement he operates a side auto detailing business, a venture he started at age 14.

Logan resides in the Grandview neighborhood of Columbus. He enjoys running, travel, cars and spending time with friends and family.

Contact Logan at:
Email: lkirk@dostalkirk.com

Do you know the facts?

10 Reasons Not to Buy Disability Income Insurance

You may have your reasons for not buying individual disability income insurance (DI).  But do you know the facts?

10.  Social Security will take care of me.
          Fact: For those who do qualify, the current average monthly benefit is only $1,191. (1)

9.    It won't happen to me-- I expect to stay healthy.
          Fact: One in four of today's 20-year-olds will become disabled before reaching age 67. (2)

8.   It costs too much.
          Fact: The average annual cost is typically only 1 to 3 percent of what you earn.

7.   My Financial needs change so fast.  What policy could keep up?
          Fact: A DI policy from Principal Life Insurance Company is flexible.  You can change it as                   needed.

6.    I want a policy that keeps pace with my income-- without medical underwriting.
          Fact: Principal Life offers riders that allow you to increase your coverage without providing                   evidence of medical insurability.

5.   I have coverage through my employer.
          Fact: Group disability insurance typically covers 60 percent of gross income, and benefits
                   are usually taxable.  Can you afford more than a 40 percent pay cut?

4.   I would have to be totally disabled to receive benefits.
          Fact: There are ways to protect your income in the event of a partial disability.

3.   My family and friends will help me.
          Fact: Are your loved ones in a position to support you?  Do you want them to?

2.   I can always buy coverage later.
          Fact: People usually don't get healthier as they grow older, and coverage will cost more.

1.   I can rely on my savings.
          Fact: Even if you save 10 percent of your salary, one year of disability could easily wipe
                   out many years of savings.

Please contact us today to discuss the importance of disability income insurance, and how we can help create a customized plan to fit your needs and budget.

(1) Social Security Administration, January 2013.
(2) Social Security Administration, Fact Sheet February 2013.

Principal Financial Group

WE'LL GIVE YOU AN EDGE®

Principal Life Insurance Company, Des Moines, Iowa 50392

www.principal.com

Disability income insurance has limitations and exclusions.

For costs and complete details of coverage, contact your

Principal Life financial representative.