Spring Cleaning Checklist Item: Annual Insurance Check-Up

This Spring is no different than any other, in the fact that Spring Cleaning will be taking up a good chunk of our time indoors. However, there may be one item missing from your Spring Cleaning Checklist. Have you ever considered that this may be a great time to complete an Annual Insurance Check-Up? The National Association of Insurance Commissioners (NAIC) says that this is "a chance to brush up on what is covered, and to evaluate whether the coverage is still adequate (or too much) for your current situation."

When reviewing your policy, the NAIC suggests that you find the answers to the following questions:

1. What type of coverage do I have?
   Homeowners or Renter's. A homeowners insurance policy covers the structure, belongings and legal obligations if someone is injured at your home. A renter's policy does not insurance the structuer, but otherwise provides similar coverage. To review a list of coverages that are in a typical homeowners or renter's policy, go to www.InsureUonline.org, select the appropriate life situation on the right, then clock on the "Home" tab.
   
   Replacement Values. Check the type of replacement value provided in the policy. Actual cash value (ACV) is the amount it would take to repair damage to a home or to replace its contents after allowing for depreciation. Replacement cost is the amount it would take to rebuild or replace a home and its contents with similar quality materials or goods, without deductiong for depreciation.
   
   Liability Limits. Liability insurance protects you from legal obligations arising from accidents involving visiting non-residents. With a few exceptions, such as auto or boating accidents, all-purpose liability coverage follows wherever you go. An umbrella policy can extend the liability limits of a homeowners or renter's policy if the policy limit is insufficient.
   
   Medical Payments. Homeowners and renter's policies typically include limited medical expense payments for injuries occurring on your premises to visiting non-residents. It may also cover medical expenses of another individual injured by you, a member of your family or a family pet while away from the home.
2. How much coverage do I need?
   Make a home inventory. A home inventory is the best way to determine the appropriate level of coverage needed for contents. It is also a useful tool to have in case of a loss. When doing the home inventory, make sure to include as much detail as possible about the items.
   
   Do no over insure. Homeowners do not need to insure the value of the land a home sits on, but coverage should include any outdoor structures on the property. For both homeowners and renters, concentrate on an accurate list of belongings and be sure liability limits are at a proper level.
3. What are my deductibles and discounts?
   Save money on homeowners or renter's insurance. Deductibles and discounts are generally the easiest places to save money on this type of policy. Most companies offer discounts for people who have more than one type of insurance policy with them, and for people who have had few claims or are long-term customers. When it comes to the deductible - which is the amount you have to pay if there is a loss - usually the higher it is, the lower the premium. It's normal to consider raising a deductible to save on premium, but remember, the bill will be that much more following a claim.

Once you have completed your review, the NAIC suggests that you call your agent and ask the following five questions using the information from your review as a starting point:

1. Is the coverage on my home and its contents adequate? Is it too much?
2. Is my premium as low as I can expect it to be? Are there additional discounts available? Can/Should I raise my deductible? What about mitigating against damage from local threats?
3. Are there any losses - like flood or earthquake - I need to worry about that are not covered in my current policy?
4. Would my long-term financial health benefit from an umbrella policy?
5. Has anything changed in my coverage in the last year?

Please be sure to read all notices and information sent from your insurance company throughout the year, this will help you stay on top of your policy information and make it easier to do a policy review when it is needed.

If any of the items mentioned above caused you to question your current coverage, give your Farm Bureau agent a call. He or she will help you answer any questions you might have.

What to Expect When Your Home is Damaged in a Disaster

The hours following a disaster at your home will be stressful and heartbreaking. Dealing with your insurance claim – whether you are a homeowner or a renter – will be emotional, but should not be difficult. The Idaho Department of Insurance offers this overview of what you might expect and what you will need to file a claim after a disaster.

Immediately Following the Disaster

• To protect your property from further damage, you should make temporary repairs or arrange for a qualified professional to do so. Take photos of the damage and remove personal property if your home cannot be secured. Do not dispose of property until an insurance adjuster has reviewed it for your claim.
• Many policies include reimbursement for storage costs incurred until your home is repaired.
• If you can still live in the home, talk with your agent about critical repairs that need to be made. Whether you make the repairs or hire someone, save the receipts for your claim.
• If you need to find other lodging, keep records of expenses and all receipts. Homeowners and renter's insurance generally provide limited coverage for expenses such as meals, rent, utility installation and transportation.

Reporting Your Claim

• Most insurance companies have a time requirement for filing a claim. The process will go faster if you can locate a copy of your policy and home inventory.
• Call the company or visit a mobile claims center to start your claim. If you cannot find the company or agent's number, call the Department of Insurance.
• You will be asked to list all items destroyed, damaged or missing. If you do not have a home inventory, begin making a list of items going room by room from memory. Include as much detail as possible, such as where and when the item was purchased, the cost, brand name and model.
• If your car is damaged while in your garage/carport, it is covered by your automobile policy – not your homeowners policy. If you are insured by two separate companies for these coverages you must file a claim with both companies.

From Your Company

• Your insurance company will send an insurance adjuster to survey the damage at no cost to you. Public adjusters may offer the same services, but you would be responsible for any related fees. Check to be sure they are licensed with the Department and ask for references and qualifications before retaining an independent adjuster.
• Do not feel rushed or pushed to agree on a settlement. If there are disagreements, try to resolve them with your insurer. If you cannot reach an agreement, the Department can help you decide if arbitration or mediation is an option.
• Your full claim may come in multiple payments. The first will likely be an emergency advance and may include additional living expenses. The payment for your personal property and any additional living expenses will be made out to you. Payments for the structure may be payable to you and your lienholder if there is a mortgage on your home. Lenders may place that money in an escrow account to pay for repairs as the work is completed.

Making Repairs

• Fraudsters often take advantage of the chaos following a disaster. When choosing a contractor to make repairs, check licensing and references before hiring. Always insist on a written estimate before repairs begin and do not sign any contracts before the adjuster has examined the damage. In some cases the adjuster will want to see the estimate before you begin making repairs.
• Do not pay a contractor the full amount up front or sign over your insurance settlement payment. A contractor should expect to be paid a percentage when the contract is signed and the remainder when the work is completed.
• If the contractor finds hidden damage that was not discovered in the original assessment by the adjuster, contact your insurance company to resolve the difference. For any disagreements that cannot be resolved, contact the Department about your recourse.

 

Additional Information

• Flood and earthquake damage are not covered in a typical homeowners or renter's policy. If you have a separate flood or earthquake policy, contact the company that wrote the additional policy to file your claim.
• If your insurance company delays in responding to your claim, call the claims department to find out if an adjuster has been assigned. Verify your contact details, especially if you have evacuated your home. Call the Department if the delay is unreasonable.
• Even after settling your claim, if you think of items that were not in your initial loss list, contact your insurance company. Unless the company has paid the entire limit for the coverage of those types of items, it is possible the company will make an additional payment.
• If your damages exceed the amount of your coverage, federal agencies will occasionally provide grants or low-interest loans to assist with recovery following major disasters. Check with your local disaster center or the Department of Insurance for more information.

After You Have Rebuilt

• Once you have re-established your home following the disaster, take time to do a home inventory.
• Once you have completed the home inventory, talk with your agent to make sure your homeowners or renter's policy is adequate to cover your new investments.

More Information

If you have any questions about the coverages in your policy, or if you need help with a problem regarding your claim following a disaster at your home, contact the Department of Insurance at www.doi.idaho.gov, or call 334-4250 in the Boise area, 800-721-3272 toll-free statewide.

If you have any questions about your current coverage, please give your Farm Bureau agent a call. He or she will help you answer any questions you might have.

National Kids to Parks Day

The sun is starting to shine and the weather is finally warming up. Now is a great time to grab your kids and head outdoors for some good old-fashioned family fun. And, just in time, this Saturday (May 21st) is National Kids to Parks Day!

Encouraging children and their parents to visit national, state and local parks, this day is celebrated under the slogan "Explore outdoors, the parks are yours!" Join Buddy Bison and see firsthand what makes America's parks so great, how much fun it is to go outside and play, and learn why preserving our parks is so important.

Our parks and outdoor areas are just a few of the many Reasons to Love Idaho! Be sure to take pictures this weekend while your family is out enjoying Idaho's natural beauty. Then, visit www.ReasonsToLoveIdaho.com to submit your favorite pictures in the current quarterly contest - you might even win a brand new iPod Touch!



Member Benefits - Discount passes at Lagoon Park!

School is almost out, which means families are getting ready for vacation season. Looking for a great way to vacation on a budget this year? Check out your Farm Bureau Federation Member Benefits! We'll be sharing a different Member Benefit each week. This week we'll take a look at the Lagoon park discounted tickets.

Enjoy Lagoon park on a budget with your
Farm Bureau member benefits!

Farm Bureau members can save on daily passes, meal combo passes, and (new this year) season passes to Lagoon park in Farmington, UT. Member prices are listed below:

FULL DAY PASS

Farm Bureau members pay: $35.50 (save $11.31)

General Public pays: $46.81 (w/tax)

 

MEAL COMBO PASS

*Members can get lunch or dinner in the park for only $4.00 more than a regular FULL DAY PASS.

Farm Bureau members pay: $39.50 (save $16.31 - $17.31)

SEASON PASS

Farm Bureau members pay: $96.00 (save $10.45)

General Public pays: $106.45 (w/tax)

 

How does it work?

Members may purchase tickets through their local county office or call Joel Benson at 208-239-4289 to have tickets mailed to them. Season passes, however, may only be purchased through Joel Benson.

 

What is included in the pass?

Rides, Lagoon A Beach, Midway, Pioneer Village, Picnic Areas and Daily Entertainment are all included.

Multiple Days or Bounce Back Special Using Farm Bureau Tickets

Farm Bureau members may use their discount tickets any day during the 2011 season. However, if a member wants to spend more than one day in the park, a family may access a bounce back program during certain parts of the season and pay only $10 for their second day.

All members need to do is get their ticket validated once they enter the park on their first day. There are validation stands are set up where a ticket will be printed for $10 to be used on a second day under the bounce back promotion. If members do not validate their ticket sometime during their first day, their ticket will not be valid for the bounce back option. Check with Lagoon for eligible bounce back days.

Location/Directions/Information

Lagoon is located in Farmington, Utah, just north of Salt Lake City. General Park information can be obtained by calling 801-451-8000 or by visiting www.lagoonpark.com.

*Not every policy qualifies for member benefits. Please see your local county office for more details.

Deer Fence Fundraiser - Dutch Oven Rendezvous

Looking for a reason to get out of the house this weekend? This Saturday, May 7th, is the Dutch Oven Rendezvous at Ace Hardware and Snake River Outdoor Sports (222 S. 5th Avenue, Pocatello). From 11am until 3pm, you will have the opportunity to hone your Cast Iron cooking skills, as well as sample "tastes" from some of the area's best Cast Iron cooks. Taste tickets will be available at the Fish and Game Booth during the event. The public is invited to attend and you are asked to make a donation in return for your taste tickets. In addition to the Cast Iron activities, raffle tickets will also be sold for many great prize packages.

All proceeds from the taste tickets and the raffle tickets will go towards the Pocatello-Inkom Deer Fence project. This fence will be built along I-15 to help keep the mule deer population safe and off of the interstate. Farm Bureau Mutual Insurance Company of Idaho has pledged to match up to $5,000 in monetary donations made to the Deer Fence project through July 1. The matching program includes all donations made during the Dutch Oven Rendezvous.

For more information about the Pocatello-Inkom Deer Fence project, or to make a donation, please contact Teare with the Idaho Department of Fish and Game at 208-232-4703.