Archive for July, 2011

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Trumann, Arkansas Bans Bully Breeds

July 29th, 2011 by Iris | Comments Off | Filed in homeowners insurance, pet insurance

It’s long been that case that if you own certain kinds of dogs, you’ll be hard pressed to find homeowners insurance, but if you live in Trumann, Arkansas, you may find that your favorite pet has been banned from living in the city limits at all.

Members of the City Council of Trumann recently approved an ordinance keeping American Pit Bull Terriers, American Staffordshire Terriers, Staffordshire Bull Terriers, and a few other breeds from living in the city, though pet owners who already own such dogs have sixty days to register them if they want to keep their animals.

Unregistered animals must leave the city, or face being taken into city custody for possible euthanization after eleven days.

In interview with local news station KAIT-TV, Trumann’s mayor, Sheila Walters, said that several adults had been attacked by bully breeds over the last few years, and that as a result, the city feels it needs more control over the people who own such animals.

It should be noted that the vast majority of pit bull terriers and other bully breeds are perfectly safe around people, as long as they’re adequately trained, while those animals trained for dog fighting (the source of the name “pit bull”) pose a higher risk of dog-on-dog aggression.

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Homeowners Insurance and Swimming Pools

July 26th, 2011 by Iris | Comments Off | Filed in homeowners insurance, insurance facts

Swimming Pool

Whether your home already has a pool, or you’re considering having one installed, there are certain things you need to know about how a swimming pool could affect your homeowners insurance.

  • Contact your insurance company to discuss the cost of insurance with a pool, and be sure to ask if there are ways to save money by incorporating specific safety features, like fences and ladders into your pool’s design. If your yard is not surrounded by a fence, you’ll probably be required to install a pool fence, but if you have small children, this is a good idea, anyway.
  • On most homeowners insurance policies, swimming pools are covered under the “other structures” section. You’ll need to calculate the coverage for all the “other structures” on your property, and increase your coverage if your separate structures and your pool are valued at a higher amount than your existing coverage.
  • Having a swimming pool may mean that you have to increase your liability coverage, since pools increase the likelihood of injuries and accidents, and the risk of lawsuits.
  • If you have a home warranty, add the pool to your warranty. It will usually only cover the pool itself, and the filter system – not any vacuums or water features (like fountains or misters), but it can save you tons of money if something goes wrong.
  • Always take care of your pool, following a professional’s advice for everything from the chemicals that keep the water clean, to filter maintenance, to proper over-wintering procedures (in most places, it’s actually better to leave water in your pool over the winter, but if you live in a place where hard freezes are common, that may not be true). Be aware that damage from winter weather is usually not covered.
  • Practice safe pool use to minimize injuries and accidents. No glass near the pool deck, no running on wet surfaces, and no diving in water less than ten feet deep. Also, be aware that if a neighborhood child sneaks a swim while you’re away, you may still be liable, so re-read the parts about fences and liability coverage.

Having a pool increases the value of your home, and makes it easier to beat the heat in summer, but having adequate homeowners insurance to cover the pool is essential.

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Experts estimate $285 million in Hail Damage in CO and WY

July 21st, 2011 by Iris | Comments Off | Filed in auto insurance, homeowners insurance

While the American Southwest is socked in by temperatures in the triple-digits and a crippling drought, Colorado and Wyoming faced “monsoon rainfall” and hailstorms two weeks ago. The hail, in particular, has been costly, with insured losses from the falling ice totaling about $285 million, according to the Rocky Mountain Insurance Information Association.

In Cheyenne, WY, the tennis ball-sized hail that pelted the city on July 11th caused an estimated $120 million in insured losses, including 4,600 homeowners insurance claims and 15,200 auto insurance claims, though that number is still preliminary.

Much of the damage to vehicles was related to the fact that the hailstorm struck during rush hour, the Association’s executive director, Carole Walker, told the press.

In Colorado, there were 12,600 homeowners claims and 17,200 auto insurance claims for an estimated total of $164.8 million in insured losses, due to a severe hailstorm in the Denver metropolitan area on July 13th.

Walker explained that the hail season in the Mile High State runs from mid-April through mid-August, though July is the peak month.

She also said that Colorado has seen more than $3 billion in insured damage due to hail in the last decade, with the most expensive season occurring in 2009 when there were three major storms causing $1 billion in damage.

Hail coverage is generally part of comprehensive coverage for auto insurance, and may be an additional rider for homeowners insurance.

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California Assembly Approves Helmet Law…for Skiers.

July 19th, 2011 by Iris | Comments Off | Filed in health insurance, insurance specialists

The California Assembly has passed a bill requiring that snowboarders and skiers under the age of 18 would be required to wear helmets while playing on the slopes. It was approved by a party-line vote of 49-23. Not surprisingly, Republican legislators referred to the bill as the latest example of “nanny state” laws.

Supporters of the bill, SB105, say raising awareness and requiring helmets could prevent head and brain injuries which are potentially life-ending in children as well as being expensive to treat, in turn making health insurance rates soar ever higher. Those caught on the slopes without protective head gear could be fined $25.

The bill was approved by the California Senate in April, but will vote on any amendments made by the Assembly before it goes to the governor for signature or veto.

There are four other states which have such laws on their books, and two others are considering them.

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Friday Filmstrip: Investment Property Insurance

July 15th, 2011 by Iris | Comments Off | Filed in friday filmstrips, renters insurance

We’ve talked about why you need renters insurance if you live in an apartment or other rental home, but what if you’re the landlord of a rental property? This week’s video has some tips for people who own residential rental property.

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Five Reasons to Buy Permanent Life Insurance

July 13th, 2011 by Iris | Comments Off | Filed in life insurance

Many people think life insurance is a luxury they can’t afford, or is something that isn’t really necessary. While it’s true that some people live perfectly happy lives without life insurance, the reality is that these policies are meant to help the folks you leave behind.

Why consider a permanent life insurance policy? Here are five reasons:

  1. Money for Final Expenses: Burials are expensive, and if you’re 60 and live to be 90, that twenty-year term life insurance policy you bought from television isn’t going to be there when your loved ones have to pay for your funeral.
  2. To pay off your mortgage: If you’re the sole provider for your family, your death could leave them with a mortgage and no way to pay it, especially if you bought your home at a later age than most, or refinanced it to pay for college tuition or another large expense. Permanent life insurance will ensure that there is money to pay off the home, even if your term policy hasn’t come due yet.
  3. To cover estate taxes: If you’re fortunate enough to have a large estate, your family will be responsible for paying estate taxes after your death. If you purchase life insurance and put it in an ILIT (Irrevocable Life Insurance Trust), you can not only avoid leaving your heirs with a large tax bill, but also give them liquid assets with which to pay any taxes that cannot be avoided.
  4. To get the most out of your pension: When you retire, you might choose to take the highest possible payout option on your pension, but still leave income for your surviving spouse after your death. Permanent life insurance offers financial protection.
  5. To care for special needs children: If you have special needs children who are likely to outlive you, you’ll want to leave life insurance in place for after you’re gone. If you’re married, there’s an option called Survivorship Life Insurance which will provide for your spouse as well.

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Term Life Insurance Sales Down, Whole and Universal Up

July 11th, 2011 by Iris | Comments Off | Filed in life insurance

A.M. Best Co. has released results of a recent study which shows that last year, the face amount of life insurance issues declined 3.1% from the previous year, to a total of $2.87 trillion. On a business-issued basis, term life insurance saw a greater decline, decreasing 11.7% to $1.13 trillion, while group life business also dropped to $1.13 trillion, though in that case it only declined by 1.5%. The report, a compilation of five Statistical Studies featured in BestWeek looked at how much credit life, group life, ordinary life, term life and total life insurance was issued.

According to Andrew Edelsberg, a vice president in the life and health division of A.M. Best Co., the reason for lower term life insurance sales last year was a combination the sluggish economy and higher rates. He explained, “Term pricing generally increased as carriers were, in many cases, forced to self-fund Regulation XXX reserves as alternative solutions became relatively expensive.” Edelsberg added, “We saw an increase in whole life and universal life sales due to consumer’s demand for cash value policies, as well as universal life with no-lapse guarantees.”

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