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Should I Buy Life Insurance for my Kids?

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I recall a conversation with a family member years ago about a life insurance policy for his young son.  He became very defensive and told me that our conversation was far too morbid for his taste.  Needless to say, I didn’t write the policy.

If you think in such staunch terms then it is a morbid conversation.  But the right policy addresses much more than mortality.  I have a young son myself and I don’t want my mind to go there but if you can look at this without some emotion, there are some real legitimate reasons to secure life insurance for your kids.

Insurability – unfortunately we still haven’t found a cure for diabetes and we never know what the future holds with the health and well-being of our kids.  My wife was diagnosed with juvenile diabetes at age 3 and she is very fortunate that her parents got her insurance then.  Finding her insurance at this point has been extremely difficult.  The older you get with any medical issues makes securing life insurance either impossible or a budget buster.

Get a policy now and at least your kids will have something later.  In the event that their health changes, they’ll thank you later.

Cash Value – If you chose a form of permanent insurance such as a whole life or universal life policy the cash accumulated could prove useful to them at a future date.  A downpayment on a house or wedding or during a time of financial difficulty.  I certainly wouldn’t recommend this if they have health issues but if they are older, healthy and have secured other insurance of their own it makes sense.

Guaranteed Insurability – I wouldn’t even consider purchasing a policy for your kids unless this rider is available.  When you purchase life insurance for your kids, you typically aren’t looking at a large benefit.  $25,000 – $50,000 for a whole life policy. Now that won’t get them far later in life, but if you purchase the rider they can purchase increases at least equal to the death benefit on pre-determined anniversary dates.  Why is this so great?  You can buy more life insurance without having to prove your insurability which is huge if you have developed any ailments or illness such as diabetes or other chronic illnesses.

If you have any questions regarding juvenile life policies, we are happy to discuss them with you.  Call us any time at 513-444-2100 or email us at cberry@berry-agency.com

Be Bold and Ask About Mold

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If I asked you to tell me if your current insurance policy covered mold losses would you know the answer?  Most of you might not be sure.  And you wouldn’t be alone because the answer depends on your carrier and the wording of their contract as well as the circumstances on how the mold developed.

In the past insurance carriers saw an enormous increase in the number of mold related claims.  If the policy proved all-risk or open-perils coverage, naturally occurring mold was excluded.  However, mold because of a water claim was not excluded.

The awareness of mold as a health hazard drew more national attention, the number of mold claims grew exponentially as well as litigation.  That is when the insurance industry began to exclude or limit mold coverage.

Some carriers have opted for a flat-out exclusion of mold, only to allow an endorsement for mold coverage.  You are essentially buying back the coverage, but it will have a sub-limit such as $5,000, $10,000 or $20,000.  Therefore, understanding what endorsements are available to you are important.  Estimates for mold remediation can average $15,000 to $30,000.

If your policy does provide for mold coverage it might only apply if it were related to a covered loss and the resulting mold is considered an ensuing loss.  This might be a pipe bursting or sewer backup if you elected to purchase that coverage.  In this case the reason for the claim is the pipe burst and not the mold itself.

What is an example of when a mold claim is declined?  Mold caused by poor home maintenance.  Things like long term exposure to humidity, repeated water leaks, or leaks the go unseen within walls or windows.  Especially if you knew of the leak and did nothing to secure or correct it.

Usually these exclusions, limits or buy-backs are written as endorsements so check the endorsements on your declaration page where they are sometimes clearly listed as a mold exclusion.  Ask your agent for a copy of that endorsement if you are having a hard time locating it in the policy.

To learn more about mold coverage, please feel free to give us a call at 444-2100 or email us at cberry@berry-agency.com   We can review your current policy and compare that to the policies we provide. 

 

 

 

Your Auto Insurance Covers More Than You Think

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You might think that insurance just covers you for damage to your vehicle or the other party if you are in an accident.  Medical payments, liability – all part of the package.  But what if I told you that there was a whole treasure trove of coverages you probably don’t even know about? 

You never knew about them because they are often buried on dec pages and lumped under things called “Platinum Endorsement” or “Optimum” or “Advantage.”  The coverages are rarely spelled out on quotes or declaration pages. These are endorsements that add coverage to the policy.  But they also add cost so there is a chance you might not have them on your policy if you are constantly shopping for the lowest rate possible vs. securing broad coverage at a reasonable rate.  There is a difference.

What is hidden in those endorsements?  It varies but here is list of items that you could be missing out on:

  1. Pet coverage (typically medical expenses for pets in the car)
  2. Child seat replacement
  3. Accidental death benefit
  4. World-wide rental coverage
  5. Locksmith Service
  6. Rental car Diminutive of Value Coverage
  7. Airbag replacement (without a comprehensive or collision loss)
  8. Replacement cost of your vehicle is it is less than 2 years old (vehicle replacement)
  9. Original parts for repairs
  10. Personal property
  11. Deductible waiver or diminishing deductible
  12. Increased limits for sound equipment (to include TVs and navigational systems)

 These are just a few.  Some of you might read this and think that this is something that is already covered.  Others might be scratching your head not sure if your policy covers this or not.  The only way to know for sure is to ask your agent about an endorsements or packages that broaden your coverage.  Or if you are shopping your insurance, look for endorsements in the quote.  If you aren’t sure if you can tell then talk to your agent.  Or call or email us, 513-444-2100 or cberry@berry-agency.com

 

Is Your Business Too Small for a Cyber Attack? Guess Again.

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You can’t get through the news lately without a discussion about a cyber-attack. Target, JPMorgan, Equifax – big names we have all heard of, and obvious targets for a cyber-attack. But so is your business.  Whether you own a small dry cleaner, donut shop or local restaurant your business is a perfect target for cyber criminals.

A bigger corporation has far more data that is ripe for the picking, but to a cybercriminal your guard is down. Most of our small businesses don’t have IT departments and if you are a startup you are probably just happy that your wi-fi is working. Now some of you are thinking “it could never happen to me” but it does. Approximately 71 percent1 of cyberattacks are aimed at small business. And if you store any customer credit card data your are an ideal target.

A National Small Business Association survey noted that half of all the small and medium sized businesses they survey reported being targets of a cyberattack. And the cost from such attacks rose from $8,699 in 2013 to $20,752 in 20142.

By now I hope I have your attention and maybe you are a little freaked out, but what can you do about this constant effort? There is always the route of prevention, but I am an insurance agent and not an IT professional. There are a variety of measures that can be taken with fire-walls, VPNs and mobile security so on that you should discuss this with an IT professional.

A cyber liability policy will cover your liability for a data breach when your customers’ personal information. Social Security or credit card numbers are the most common, so the policy will cover notification costs, credit monitoring and even cyber extortion. You can purchase a stand-alone policy but with the proliferation of attacks many insurance companies offer an endorsement to their existing commercial product offerings. Make certain that you are carrying a limit that is appropriate for you size of business.

In addition, cyber insurance can go beyond breaches. Ransomware demands in the past were relatively small but with some hackers asking for $20,000 or more, you can’t afford to dismiss this coverage.

If you need to learn more about cyber liability coverage, please contact our office at 513-444-2100 or email us at cberry@berry-agency.com

  1. 2017 Verizon Data Breach Investigations Report, http://www.verizonenterprise.com/verizon-insights-lab/dbir/
  2. National Small Business Association, 2014 Year-End Economic Report, 16 (2015), available at http://www.nsba.biz/wp-content/uploads/2015/02/Year-End-Economic-Report-2014.pdf

Who Pays to Repair Your Sewer Line?

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I’ll get to your sewer line in a moment, but by now I hope that most of you have had an explanation from your agent about sewer backup and sump pump failure.  If not, here are some basics. 

Sewer Backup – If your sewer were to backup into your basement, you can purchase coverage to insure not just items considered permanent fixtures like carpet, drywall, and appliances.  You can also insure personal contents.  Be careful because some carriers exclude personal property such as furniture or electronics.

Sump Pump Failure – If your sump pump were to fail (assuming you have one) then you can also purchase coverage.  This is typically bundled with sewer backup coverage.  Again, the coverage is similar.  In this case a battery backup might be necessary so double check with your agent regarding the eligibility of your system.

The key regarding the above mentioned coverages is that these are endorsements.  You have to add them to your policy to secure the coverage. 

Great news if you asked for these coverages or your agent insisted you add them.  But what forced your sewer to back up into your basement?  You certainly don’t want it to happen again!  This typically occurs because roots grow into the line or it is old and has collapsed or crumbled.  But no big deal, the sewer line is the city or county’s responsibility, right? Yes, right up until it crossed into your yard!  That’s right, if the roots or the collapse occurred in your yard that repair is now up to you. 

And it’s expensive.  Sometimes items like porches are torn apart to get to the line so the costs can rise quickly.  But insurance covers it right?  Yes and no.  Just like the sewer backup and sump pump coverage, it is an endorsement.  It is typically referred to as Service Line Coverage and not every carrier offers this coverage.  It is becoming more commonplace but even if available, it is not automatically added.  You’ll need to double check with your agent to make sure they offer it and it is included on your policy.

If you have any questions regarding service line coverage or sewer backup/sump pump coverage, please call us at 513-444-2100 or email us at cberry@berry-agency.com

Photo courtesy: Inge Knudson, Flickr.