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Gibson Announces Indianapolis Regional Sales Office
Please join us in celebrating the opening of our new regional sales office in Indianapolis, Indiana.
"We are excited about the expansion of our company into the Indianapolis market," said Gregory S. Downes, President and CEO of Gibson Insurance Group. "We look forward to bringing our expertise and experience to new clients in the marketplace."
A quick snapshot of our firm reveals we are among the top 1% of agencies in the nation and ranked in revenue among the top five privately held independent agencies in Indiana.
Additionally, we received the Best Practices Agency designation from Independent Insurance Agents & Brokers of America (IIABA) and Reagan & Associates each year for the last fourteen years.
In 1933, Dan Gibson founded Gibson Insurance Agency in Plymouth, Indiana. In 1970, Dan's son, Dave Gibson, joined the agency. In the mid 1980's Gibson opened an office in South Bend. Dave continues to play an integral role in the growth and perpetuation of the firm as Chairman of the Board.
With clients and association members across the country, Gibson Insurance Group has over 90 employees and offices in Plymouth, South Bend, and now Indianapolis.
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This issue is sponsored by
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| Your personal risk management and insurance program is very important to us! We are pleased to present you with news and information to help keep your home, vehicles, and family properly protected. |
Managing Flood, Wind, Hail, & Lightning Losses
Severe storms can produce many types of insurance losses. It is important to understand your insurance policy and know its limitations for wind, hail, and flood losses.
A recent national survey from the National Association of Insurance Commissioners revealed that 33% of households mistakenly believe flood damage is covered by standard property and liability policies. Flood coverage is not included on a homeowners policy. To obtain coverage, a separate flood policy is necessary.
This coverage is designed to pay for the repair and replacement of buildings and/or property damaged by flood waters. Examples of flood waters are: excessive rainfall, hurricane storm surges, mud flows, snow melt, undermining or collapse of land because of water erosion, bursting dam, inadequate drainage system, or even an extraordinarily high tide.
The National Flood Insurance Program's definition of flood is: A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more adjacent properties (at least one of which is yours).
You can take the following steps to minimize property damage due to flooding:
- Waterproof your basement from the outside (including a drain tile system).
- Install and maintain a sump pump system in flood prone areas. A backup battery pack should be included.
- Minimize the storage of valuables in the basement and place all stored items at least 4"-6" off of the floor.
- Install check valves and sewer traps to prevent backups.
- Install main breaker/fuse box and utility meters above the flood protection level.
- Landscape with native plants and vegetation which resist soil erosion.
- Maintain or have access to a supply of sand, sandbags and materials for building dikes, such as plywood, lumber and plastic sheathing.
A survey of claims professionals, conducted by Weather Decision Technologies, revealed that 50% or more of storm claims were roofing related. The following steps can be taken to protect your roof against hail and water intrusion:
- Have the roof inspected every year for cracked, broken or missing shingles and for overall condition of the roof cover and flashing. Cold weather is particularly hard on slate and tile. Hail can easily damage brittle tile and thinner, aged wood shake roofs.
- Gutters should be kept clean for proper drainage of rainwater.
- Make sure insulation and venting is correctly installed in the attic area of your home to help prevent ice dams from forming in the winter.
- If replacing your roof, consider using shingles with an Underwriter's Laboratory (UL) 2218 Class 4 rating and a UL 997, 90-110 mph wind rating.
- Any roofing work should be done by a reputable roofer.
Lightning is a covered risk on your homeowner's policy. Often only one appliance will be affected by a lightning strike and the value of that appliance (e.g. microwave, DVD player, etc.) may not be more than your deductible. Here are some suggestions for protecting your home and property against lightning strikes:
- Install a lightning protection system.
- Install whole house surge protection.
- Install a backup generator.
Although it may seem we do not have much control over weather related losses, there are measures that can be taken to minimize your exposure to storm risks. In addition to limiting your property damage, implementing some of these recommendations may result in a decrease in your insurance premium in the form of discounts.
Please contact our office if you would like more information on a flood policy or if you have any questions regarding wind, hail, and lightning coverage.
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Home Renovations & Insurance Coverage
Planning on a fall or winter remodeling project? Don't forget to review your homeowners insurance coverage.
It is a good idea to hire a licensed and insured contractor and require certificates of liability and workers' compensation insurance coverage. In addition, there are other insurance details to consider. If you are adding space, finishing off a basement, or adding fixtures - the replacement value of your home will increase.
These changes should be reported to your homeowners insurance carrier, before you begin a project, so the appropriate adjustments can be made to your dwelling coverage. This ensures your home is properly insured for its full completed value during and after the renovation.
If you purchase your own materials, or your builder does not provide coverage for theft of building materials not yet attached to the dwelling, you will want to be certain your homeowners policy includes, or is endorsed, to provide it. This coverage is usually purchased in increments of $5,000 or $10,000.
The National Fire Protection Association reports homes under renovation suffer far more frequent and severe property losses than occupied homes. The fact that smoke and burglary alarm systems are normally turned off as workers come and go doesn't help. If the renovations to your home are major enough for you to move off premises during the course of construction, you will want to be aware of any restrictions in coverage for damage caused by vandalism and malicious mischief. Some carriers require higher deductibles or will increase rates if the premises are unoccupied for an extended period of time.
Homeowners policy forms vary but can normally be endorsed to provide appropriate coverage during your remodeling project. Please contact our office for clarification of your policy coverage.
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Teen Drivers
Most teens complain about not being able to drive with their friends. This isn't a punishment. All Indiana drivers under the age of 18 have to wait 90 days after getting a license to have passengers in their car. In addition, young drivers are not allowed to drive unsupervised between the hours of 11p.m.-5a.m. Monday through Friday and 1a.m.-5a.m. on weekends.
Research has shown that night driving and driving with passengers increases a teenager's risk of being involved in a crash. One survey showed 90% of teen drivers involved in accidents were distracted by their passengers.
The same survey showed 75% of teens have seen their friends drive while fatigued. Distraction and fatigue are disadvantages for any driver. Add these factors to a teen driver's lack of experience and it can spell disaster.
The National Highway Traffic Safety Administration reported in 2005 almost 7,500 drivers under the age of twenty were involved in fatal accidents. The fatality rate for drivers aged 16-19 years was four times that of older drivers.
Teens can greatly benefit when their parents recognize the risks of teen driving. However, many parents don't know how to prepare their teen drivers for the road. The first step is to understand your children are watching you and will mimic safe driving practices. Obey the speed limit. Use your seatbelt. Don't use your cell phone in the car.
Teens also need plenty of practice. It's important for a teen to get their learner's permit and have supervised driving time. Parents should encourage high school driver education. It's also important for parents to provide additional practice for their teens to prepare them for all types of driving situations. Many teens won't know to reduce their speed in the rain or turn their headlights to low beam in the fog. The more practice they get, the better prepared they will be when driving on their own.
This may seem daunting and time consuming, but once your teen receives a learner's permit, you can have him or her drive everywhere you go together. Everyday driving experience can provide a wide range of situations allowing teenagers to develop safe driving skills and prepare them for solo driving. You can look for more tips on teen driving at: www.chop.edu/youngdrivers.
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Insurance Advisor: Questions & Answers
Q WHAT COVERAGE IS PROVIDED FOR MY CHILD AT COLLEGE?
A Coverage amounts are dependent upon your homeowners policy. While many companies have policy forms which provide 10% of your dwelling value to student's belongings while away at school, other companies provide up to the full amount of the personal property coverage listed on the homeowners policy for student's property.
In addition, some companies require the student be enrolled full-time or be under the age of 24, while others have no age or enrollment status limitation. Should you have questions regarding the exact amount of your coverage, please contact your personal insurance specialist.
Q I KEEP HEARING ABOUT IDENTITY THEFT AND "PHISHING" ATTACKS. WHAT IS "PHISHING" AND HOW CAN I PREVENT IT?
A Phishing is the act of sending an e-mail, falsely claiming to be an established business, in an attempt to trick the reader into surrendering private information that can be used for identity theft. The Federal Trade Commission (FTC) recommends that if you receive an e-mail or pop-up message asking for personal or financial information DO NOT reply and DO NOT click on links in the message.
The FTC also recommends using anti-virus software, a firewall, and keeping them up to date. In addition, do not e-mail personal or financial information. Review your credit card and bank statements as soon as you receive them. And be cautious about opening any attachment or downloading any files in e-mails you receive, regardless of the sender. If you aren't sure if you have Identity Theft Protection on your homeowners policy or want to add it, please contact our office.
Q I'M WHAT YOU WOULD CALL AN 'AVERAGE JOE.' NO FANCY CARS AND NO BIG HOMES. I'M A WORKING CLASS MAN WITH A WIFE AND TWO KIDS. WHY WOULD I NEED AN UMBRELLA POLICY?
 A You may be at greater risk than you think. One accident could put your assets greatly at risk. Not only assets like your home, savings, and autos, but in some cases assets such as your 401k and your IRA type accounts. One lawsuit can devastate a family with moderate income - who may have no choice but to sell their assets to pay a judgment.
Imagine selling your home and vehicles, having your retirement savings taken away, and your future retirement drastically altered to make the payment.
For a few hundred dollars a year you can secure $1,000,000 worth of additional coverage. Your family's future is worth it. Please contact our office if you would like to add a personal umbrella liability policy to your insurance program.
Q IS MY SNOWMOBILE COVERED AS PART OF MY PERSONAL PROPERTY WHILE IT IS STORED IN MY GARAGE UNTIL THE SNOW FALLS?
A Off-road pleasure vehicles are excluded under typical homeowners and personal auto programs. A separate source of both physical damage (snowmobile itself) and liability coverage is needed. Depending on the insurance company, snowmobiles can either be covered by using a separate recreational vehicle policy or by using a specific endorsement to your homeowners or auto policy. If you plan on purchasing a snowmobile, contact our office to see which option is best for you.
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