Archive for May, 2011

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State Farm, Allstate Offering Benefits to Same-Sex Partners

May 25th, 2011 by Iris | Comments Off | Filed in alternative health plans, insurance news

Last week, State Farm insurance announced a significant change in their corporate policy. The company will be extending health care coverage and other benefits to the same-sex partners of its agents, agency staff members, employees, and retirees, so long as they’re in legally recognized relationships.

Such benefits are already offered to employees and their partners in ten jurisdictions where the company operates, but State Farm spokesperson Phil Supple said that the programs will go nationwide as of June 1st, 2011. Supple added that if existing ratios are accurate, the cost of doing so won’t be at all significant.

What brought on this decision? It stems from a change in the laws in State Farm’s home state of Illinois which requires benefits be extended to partners who have civil unions. Even though only two of the insurer’s plans would be subject to the new law, Suppler said, it was decided to extend benefits to all plans and employees (etc.) nationwide in order to be “fair and consistent.” Across the United States, the company has about 68,000 employees and 18,000 agents.

Employees and their partners must be in legally recognized relationships under the laws of the states where they reside, including civil unions, same-sex marriages, and domestic partnerships, in order for the partners to receive benefits, which include medical, dental, vision, life, long-term care, and accidental death and dismemberment coverage.

Another major insurer, Allstate Corp, also offers benefits to same-sex partners (as well as some non-traditional opposite-sex partners who are in document-able exclusive, committed relationships), with such caveats as a demonstrated co-responsibility for each other’s welfare and financial obligations, a shared primary residence, legal adulthood, and no relationships or marriages outside the partnership.

Benefits for Allstate employees include medical, dental, vision, and long-term care coverage, as well as flexible spending accounts.

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How Car Insurance Rates are Calculated

May 19th, 2011 by Iris | Comments Off | Filed in auto insurance

If you’ve ever purchased car insurance, you know that there are many factors that determine how much you pay. Since we’re nearly half-way through the year, and most auto insurance policies are written for a six-month term, we thought we’d offer a refresher on what some of those factors are.
The most common factors that affect your car insurance rate are:

  • Driving History: Generally, in order to get get the best rates, you’ll need to have no points on your license in the last two years, though some insurance companies require that you have a perfect record for three years, and some even go back five.
  • Mileage: Even if you aren’t purchasing a PAYD (pay-as-you-drive) policy, you can reduce what you pay for auto insurance if you drive fewer than 14,000 miles in a year. You’ll be asked to provide two certified odometer readings a few months apart to verify this, however. Note: some insurers only give this discount if your annual mileage doesn’t exceed 10,000 miles.
  • Experience: Especially if you are shopping for specialty car insurance, your experience behind the wheel will save you money. In most cases, if you’ve been driving more than ten years, you’ll get lower insurance rates. In some cases, if you’ve had fifteen or more years of licensed driving experience, you’ll get an even better break. If you’re young, or haven’t been driving that long, you can take a defensive driving class to earn a discount.
  • Gender: Because women are perceived as being safer drivers than men, they usually get better auto insurance rates, though this trend is changing.
  • Marital Status: Again, a married person will pay less than an unmarried person for car insurance, if all else is equal, because marriage lends an air of stability, and reduces perceived risk.

These are just a few of the factors that help determine what your auto insurance premium will be. Others include the make and model of your car, whether it has any safety features or anti-theft devices, your zip code and your credit score. All insurance companies use slightly different calculations and give more or less weight to different factors, so it’s important that you always get multiple insurance quotes before committing to one company.

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Covering Valuable Possessions

May 16th, 2011 by Iris | Comments Off | Filed in homeowners insurance

We all know that homeowners insurance covers your home for damage or destruction, but what about the contents therein? Well, most policies have a limit on contents coverage of about $1,500. If you own computer equipment, art, or jewelry, however, that number doesn’t begin to cover what your stuff is really worth.

That’s why the Insurance Information Institute and KnowYourStuff.org want you to know about floater policies. These are extensions to your existing homeowners coverage that allow you to cover high-end valuables for less money than a significant boost to your general policy would cost, and also give you protection in case you were to lose a wedding ring in a hotel shower – something your regular homeowners insurance policy doesn’t cover.

Not sure if you need a floater policy? Follow these tips to make sure your valuable possessions are covered:

  • Check your policy to see existing limits for valuables, and ask your insurance agent if you aren’t certain.
  • Compare the cost of increasing your entire homeowners policy coverage limits or getting a floater for the necessary amount of coverage.
  • If you decide on a floater policy, have any extremely valuable items appraised before determining the amount of coverage.
  • Maintain a home inventory list that includes all valuable items.

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Friday Filmstrips: Life Insurance is for Life’s Unscripted Plans

May 13th, 2011 by Iris | Comments Off | Filed in friday filmstrips, life insurance

Alliance Insurance is sharing a series on why life insurance exists, and how it’s meant for life’s “unscripted” plans. We liked their ad enough to share it:

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State Farm Releases List of Top Ten States for Dog Bite Claims

May 11th, 2011 by Iris | Comments Off | Filed in homeowners insurance, pet insurance

Every year, State Farm Insurance Co. shares its list of the top ten states with insurance claims involving dog bites. This year, California has the dubious honor of being at the top of the list, with 369 claims and a total payout of $11.3 million, but Florida actually has the highest cost-per-claim

State Farm Insurance Co. has released its top 10 states for claims involving dog bites, with California on top in number of claims and Florida (which actually ranked seventh in terms of number of claims) recording the highest cost per claim with a total payout of $38,356. Coming in second to California was the state of Illinois, with 317 dog bite claims and a total cost of $9.7 million.

According to State Farm’s representative, homeowners insurance coverage is never refused based on a dog’s breed, but homeowners are required to answer questions about their pets’ history on the application form. There is an exception only in the state of Ohio, where pit bulls are considered to be “vicious dogs” and are excluded from State Farm policies. Even with this exception, however, Ohio has the third-highest number of dog-bite claims (215 in 2010) for a total payout of $5.7 million.

The entire top ten are:
#1 – California
#2 – Illinois
#3 – Ohio
#4 – Texas – 202 claims, $3.7 million in payouts
#5 – Michigan – 166 claims, $5.2 million in payouts
#6 – Pennsylvania – 155 claims, $3.9 million in payouts
#7 – Florida
#8 – Minnesota – 139 claims, $3.4 million in payouts
#9 – New York – 119 claims, $4.3 million in payouts
#10 – Indiana – 114 claims, $1.8 million in payouts

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State Farm Closing Offices to Save Money

May 9th, 2011 by Iris | Comments Off | Filed in insurance news, insurance specialists

According to the Pantagraph newspaper out of Bloomington, IL, State Farm Insurance has announced plans to close two dozen of its field offices in the midwest (Illinois, Indiana, and Michigan) in order to save $8 million over the next five years. Currently, these facilities are home to about 1,300 employees.

Some of these employees, the insurer has said, will become mobile employees who work from home, while others will be offered transfers to other field offices in the same states (there are two in each of the three states named). Either way, says the Bloomington-based insurance company, it is hoped that all affected employees will be retained.

While the to-be-closed offices in Indiana and Michigan have not yet been identified, the sites closing in Illinois include facilities in Arlington Heights, Champaign, Collinsville, Elmhurst, Marion, Moline, Peoria, Rockford, Springfield, and Tinley Park.

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Friday Filmstrips: A look at Pet Insurance

May 6th, 2011 by Iris | Comments Off | Filed in advice and how-tos, friday filmstrips, pet insurance

As much as many of us consider them so, our pets are not actually our children, and as such their medical expenses are not deductible. Unfortunately, some animals have expensive medical needs, even so. Certain large breed dogs are prone to hip issues, for example, while some small breeds are more likely to get seizures.

Even for pets without hereditary diseases, the owner’s first question when seeking treatment for an accident or injury is not, “What can you do for my animal?” but “how much will this cost?”

One answer is to get pet insurance, and this video takes a look at four different pet insurance plans:

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