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Child Safety Seats
Children are an important and precious gift. We want the very best for them. We worry about their education and growth. We dream about their future and imagine what they will be like. We want to ensure they are happy, healthy, and most importantly, safe.
The Center for Disease Control and Prevention reports that the leading cause of death among children in the U.S. are the result of motor vehicle injuries. How do you know if your child safety seat will do its job and protect your precious cargo? Improper installation of a child seat increases your child's odds of becoming a statistic. According to the National Highway Traffic Safety Administration, fatal motor vehicle injuries can be reduced by over 50% for children when their seat is properly installed and they are properly restrained.
To better protect your child, ensure they are in the properly sized child seat. A seat too big or too small for your child will not offer as much protection in the event of an accident. When purchasing a seat remember these tips:
- Rear Facing Seats: Age: birth to 1, Weight: 0-20lbs
- Forward Facing Seats: Age: 1-4, Weight 21-40lbs
- Booster Seats: Age: 4-8, Weight: at least 40lbs
- Safety Belt: Age: 8+, Height: taller than 4 foot 9 inches
A proper fit will help reduce your child's risk of fatal injury, but a proper fit without a proper installation will not offer as much protection. Seats can be difficult to install and can lead to great harm if misused. Common installation mistakes, according to a report by the National Highway Traffic Safety Administration, are a loose safety belt and a loose harness strap.
Using your child seat manual along with the vehicle owner's manual, will help reduce errors in installation. In addition, you may consider taking your vehicle to a child safety seat inspection station location. These certified technicians will inspect your child safety seat to ensure proper installation: www.nhtsa.gov
The few extra moments invested in securing a safety seat and your child are priceless moments invested in security and safety.
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www.gibsonins.com
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Earthquake Coverage
The recent earthquake devastation in Haiti serves as a reminder for Americans to reconsider earthquake coverage and their exposure to such a disaster. Even though earthquakes are associated more with California, it is important to know that earthquakes have occurred in all 50 states causing damage in 39 of those states. It is also estimated that the United States experiences 5,000 earthquakes each year. The Federal Emergency Management Agency (FEMA) released a major study in 2000 indicating that U.S. earthquake losses over time could average $4.4 billion a year. So, most people ask "what is my exposure to an earthquake?"
When considering your exposure it is important to look at where you live in proximity to an earthquake fault zone. Parts of Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri, and Tennessee are quite exposed to earthquakes. The New Madrid Seismic Zone runs under these states and, though it occurred long ago, gave rise to one of the largest magnitude earthquakes to ever hit the United States. For state-specific information, visit www.earthquake.usgs.gov/earthquakes/states.
Earthquakes are specifically excluded on most standard homeowners polices, however, coverage can be added in the form of an endorsement. If you live near an earthquake seismic zone, you should strongly consider adding this valuable endorsement to your homeowners policy. In addition, the following are steps to reduce your chances of injury or property damage:
- Verify that operational fire extinguishers are strategically located on each floor of your home.
- Anchor tall furniture, refrigerators, water heaters, and bookcases securely to the walls.
- Utilize flexible connectors for gas supply to gas-fueled appliances.
- Keep beds away from glass or any hanging object that might fall.
- Verify your home's roof and chimney are well-maintained with proper support.
- Apply safety film to windows and glass doors.
- Add anchor bolts or steel plates between the home and its foundation.
- For older homes, work with a civil engineer or city building department to verify your home is up to code for the earthquake peril.
- Communicate to family members an emergency meeting place should your family get separated during an earthquake.
If you are in your home when an earthquake occurs, stay inside and move away from windows, skylights, doors, and objects that might fall. Crawl under a sturdy item such as a large table or desk. Stay where you are until the shaking stops.
- Copyright 2010 International Risk Management Institute, Inc.
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Managing The Risks Of A Vacant Home
The on-going condition of the real estate market has caused issues for homeowners. Many homes have been left vacant or unoccupied. This is an insurance problem. After 60 days of vacancy most homeowners policies automatically take away important coverages. Some homeowners policies have even more restrictive terms so make sure to let us know if your home will be vacant or unoccupied.
A home is "vacant", as defined by the courts, if it does not contain enough furniture for a resident to reasonably live there. A home could be considered vacant unless it has kitchen appliances, table and chairs, at least one bed to sleep on, and somewhere to sit.
There are two important items to note about a home vacant greater than 60 days (or the number of days listed in your policy):
- 1. Vandalism and glass breakage are not covered. In addition, most newer homeowners policies exclude ensuing loss started by vandalism. For example, vandals burn the house down.
- 2. Most homeowners insurance companies will cancel or non-renew a policy when a home is vacant because of the increased exposures to loss. If a home is for sale and empty, it is an easy target for vandals. In addition, a minor loss can quickly get out of hand and turn into a very large claim if no one is there to catch it.
To avoid the vacancy exclusions and restrictions, as well as the risk of your policy being cancelled or non-renewed, keep enough furniture in your unoccupied home so it doesn't meet the definition of being vacant. And keep in mind some insurance companies will not continue to provide coverage on an unoccupied home for sale or on the market for a long period of time.
Even if your home is not vacant, you still face increased risks to your unoccupied home. A major loss could further delay the sale of your home by months. You can reduce your chances of having a major loss from break-ins, fires, smoke damage, and water damage from frozen pipes by installing a central alarm monitored for burglars, fire, smoke, and adding an optional temperature sensor to protect the pipes from freezing. The alarm will also get you a 10-20% discount on your rates.
Another loss reduction strategy is to either rent your home or have a live-in caretaker. If you decide to rent your home, another type of policy is required for adequate protection. If neither of these options is feasible, have someone check on your home regularly.
If there is no reasonable way to avoid your home from being vacant, we will need to secure a vacant dwelling policy. This policy is not like a homeowners policy. The coverage is limited and the premiums are typically higher. Please contact us so we can review your situation and discuss the options available.
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Vacation Checklist For Your Home
Planning a vacation? You'll want to be sure your home is prepared for your absence. Our loss prevention experts recommend the following to keep your home safe and worry free:
- Turn off the water supply to your washing machine, refrigerator, ice maker, and toilets.
- Make sure your sump pump is working properly.
- Install several light timers to go on and off in different rooms at various times. Consider putting a radio on a timer as well.
- Have a neighbor or relative pick up your mail. If you will be absent more than a week, have the post office stop delivery.
- Lock up. Almost half the burglaries occur where a door or window has been left unlocked.
- Wedge a rod between the door and frame of a sliding door.
- Never leave a spare key hidden near your door.
- Don't put your name and address on luggage tags; they can be interpreted as signals of your absence from home. Use a business address instead.
- Unplug electrical appliances such as televisions, microwaves, and computers. This will protect them in case of an electrical storm.
Hopefully these tips can help give you peace of mind while enjoying your summer vacation!
- These great tips are provided by Central Insurance Company
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Flood Coverage
In early May, we once again heard of the devastating effects of flooding. Tennessee was inundated by rain over the course of a weekend. We were shocked by the pictures of damage to Opryland. We were uplifted by stories of neighbors helping neighbors.
But now the stories turn to how this damage will be handled. Will homes be lost because there was no flood insurance? These disasters could be made more difficult by the financial devastation of the aftermath.
It is important to get the information and make a conscious decision about flood insurance. Don't be caught by surprise. If you do not have a flood policy, please contact us today to discuss flood coverage.
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Return Of Premium Life Insurance
Most people are familiar with term life insurance policies: the beneficiary receives a death benefit if the policy holder dies during the term period. Most of the time, the term period is outlived.
If you have a return of premium policy and you outlive the term period, all of the insurance premiums paid for the term insurance protection are returned! Here are some things to consider:
The return of premium term feature enables you to "hedge your bets". If you die, your beneficiaries will receive the death benefit. If you outlive the policy term, all premiums paid will be returned at the end of the policy term.
A return of premium term insurance policy costs more than a traditional term insurance policy, so it's important to understand the conditions under which premiums will be returned. In some cases, the difference in premium between a level term policy and a return of premium policy is minimal. For example, a healthy 18 year old male, 30 year term with the return of premium option is less than $15/year more than the 30 year term policy.
All return of premium term insurance policies return 100% of the premiums paid at the end of the policy term, assuming the policy is in-force and the death benefit has not been paid. If you cancel the policy prior to the end of the term it's possible you won't receive any, or only a percentage of, premiums paid. It's important to understand the conditions before purchasing a return of premium term policy. Most carriers only offer a return of premium term policy to those individuals age 18 and older.
If you're interested in obtaining a return of premium term insurance quote, or talking with someone to see if this is a good option for you, please contact Kim Spaulding at kspaulding@gibsonins.com or (574) 245-3541.
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Insurance Advisor: Questions & Answers
Q WHAT COVERAGE DO I HAVE ON MY NEW OR REPLACEMENT VEHICLE?
A Depending on the edition date of your personal auto policy, you may have automatic coverage for newly acquired autos for 14 or 30 days. However, if the vehicle that is being replaced has only liability coverage, or is an additional household vehicle, physical damage coverage may not apply or may be more restrictive. Contact us as soon as possible after acquiring a new vehicle to be sure your policy is properly endorsed to provide the correct coverage.
Q WHY IS THE DWELLING VALUE SO HIGH ON MY HOMEOWNERS POLICY?
A With the depressed real estate market, many homeowners feel their home may be over-insured. However, the dwelling value listed on your homeowners policy is not a reflection of the resale value, but rather the rebuilding or reconstruction cost. Typically, the cost to rebuild a home exceeds the resale value. It is the insurance company's responsibility to repair or rebuild the damaged portion of the home, and most policies require that a home be insured to its full replacement value to qualify for extended dwelling coverage or avoid an under-insurance penalty in the event of a partial loss. The appropriate value is generally determined by using a residential cost estimator, such as Marshall-Swift-Boeckh, to calculate the estimated cost to rebuild your home, based on its size, age, and features.
Q WILL MY HOME AND AUTO LIABILITY INSURANCE BE ENOUGH TO COVER A LOSS IF I AM SUED?
A Considering the size and frequency of lawsuits over the past few decades, possibly not. A personal umbrella policy provides a large additional layer of liability coverage, beginning at $1 million, over what you already have with your homeowners, automobile, boat, or other personal insurance policies. The umbrella coverage extends not only over your policy's liability limits, but broadens coverage to include defense costs, judgments, and court costs. By choosing to have an umbrella policy, you agree to maintain certain liability limits with your homeowners and automobile policies - usually $500,000 on the homeowners and $250,000/$500,000 on the automobile policy. Please contact us at (574) 245-3565 if you have questions or to obtain a quote.
Q WILL MY INSURANCE BE AFFECTED IF I CHANGE THE TITLE OF MY HOME TO THE NAME OF A TRUST?
A It is always important to let us know how your property is titled, so all parties on the title can be afforded the proper coverage. It has become a popular financial planning tool to title property in the name of a trust. A home titled to a trust should have a policy that lists the trust as an insured. Generally the occupants of the home would also be listed as insureds on the policy. The same is true for vehicles. All parties on the title should be listed on the policy so that their interests in the property are protected.
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