Should I Bundle All My Insurance Policies Or Not?

Date: November 29, 2023 Author: Rinehart Insurance

If you’ve ever shopped around for insurance, you’ve likely been asked if you want to bundle your policies. In other words, combine your home or renters, auto and life insurance policies with the same carrier. Although you have the option to shop around individually for each policy, it almost always makes sense to have the same carrier cover as many of your policies as possible.

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Benefits of Bundling

The discount—Most policyholders bundle their policies because of the promise of a discount. The amount varies by provider but can generally range between 5-25 percent.
The option of a single deductible—With bundled policies, your deductible may be cheaper in the event of a claim that affects multiple policies. For example, if your home and auto policies are with two separate carriers, and a hailstorm damages your home and your car, you’re responsible for paying both your home and auto deductibles before receiving payment. But if you bundle your policies, your provider may offer you the option to pay only the higher of the two deductibles.
Less chance of being dropped—If you’ve made claims or gotten tickets, having your policies bundled with one provider can decrease the chance of them dropping you.

When It Doesn’t Pay to Bundle

It isn’t always better to bundle your policies with one insurance carrier. Here’s when it may be better to split them up:

If you have tickets or past claims that make your auto insurance expensive – In this case, it may be cheaper overall to buy each policy from separate providers.
When premiums increase—Bundling discourages people from price shopping, which makes it easier for providers to increase their rates. Most assume that you won’t go through the effort of shopping around when your policies renew.
If policies aren’t technically bundled—Some carriers may insure you with an affiliated company. Although you may get a discount with that company, you’ll lose the convenience of paying your premium with one familiar provider.

A Few Tips to Consider

Although discounts are the main reason people bundle their insurance policies, never assume that bundling is the cheapest option. Your needs and circumstances will dictate whether you should combine your policies with one carrier. Consider the following tips:

Shop for new coverage when your policies renew. Ask for the price of the individual premiums as well as the price of the bundled premium. Then you can decide whether it is worth it. Just make sure you compare the same coverage when shopping for quotes from each carrier.
Ask if the provider uses a third-party insurance company. Remember that you may save money but lose the convenience of dealing with one provider and a combined bill.
Ask an independent insurance agent to get prices from multiple companies so you don’t have to do the legwork. An agent that is loyal to a particular carrier may be able to offer discounts that you can’t get alone.

With multiple factors contributing to the price of your insurance premiums, it is important to shop around in order to get the best rate for your insurance needs. Feel free to contact us to determine if bundling is right for you and help you take advantage of all available discounts.

Helping You Understand the Different Parts of a Homeowners Insurance Policy

Date: September 20, 2023 Author: Rinehart Insurance

Homeowners insurance is one of the most frequently purchased forms of coverage among U.S. residents. As their name suggests, these policies provide critical financial protection for your home, family and belongings. However, homeowners insurance coverage can also be a complicated subject. Although these policies may be common, they can vary significantly in their details and capabilities. As such, it’s critical to conduct your due diligence and ensure you thoroughly understand your homeowners insurance policy and the coverage it provides.

Different Types of Homeowners Insurance Policies

There are many types of homeowners insurance policies for you to choose from. The form you select plays a significant role in determining the financial assistance available to you following losses. Some policies may only provide coverage for the physical structure of your home, while others may provide more extensive coverage. Similarly, some types of homeowners insurance can render financial assistance in response to a wider variety of perils than others. This article focuses primarily on HO-3 homeowners insurance policies.

An Overview of HO-3 Homeowners Insurance

According to the National Association of Insurance Commissioners, HO-3 homeowners insurance policies are the most common type of homeowners coverage. This form of insurance casts a wide safety net across many risks and exposures that may affect your home while also providing coverage for many aspects of your life. Generally, HO-3 policies are composed of the following primary components:

Dwelling coverage—Your HO-3 homeowners insurance can provide financial assistance if the physical structure of your home is damaged or destroyed by a covered peril. This may include its roof, walls, floors, foundations and attached appliances.
Other structures coverage—This includes coverage for additional structures on your property other than your primary residence, such as detached garages, tool sheds, gazebos, guest houses and fences.
Contents coverage—This coverage can provide financial assistance for losses related to your personal belongings, including furniture, clothing and electronics.
Loss-of-use coverage—If a covered event damages your home or makes it uninhabitable temporarily, this part of your HO-3 insurance policy can help pay for resulting expenses, including dining at restaurants or staying in hotels. This coverage may also compensate you for lost income if you rent out part of your home but are unable to collect rent due to property damage.
Liability coverage—Your insurance can provide financial assistance if you or your family (including pets) are at fault for another party’s losses. This may include bodily injury and property damage costs, such as the affected party’s medical bills or lost wages. This coverage also provides financial assistance for legal expenses arising from such incidents.

Common Endorsements or Additional Coverages for HO-3 Homeowners Insurance

Although the core components of HO-3 homeowners coverages can provide ample financial protection in many situations, you should also work with a qualified insurance professional to identify any remaining coverage gaps. Certain perils and incidents may be excluded from standard HO-3 policies, meaning you would have to pay out of pocket for resulting losses.

Fortunately, you can augment your homeowners insurance with additional coverage by purchasing endorsements. These investments can prove invaluable, as they enhance your HO-3 policy to cover losses that might not otherwise qualify. Common endorsements to consider include the following:

Water/sewer backup coverage—If your plumbing or sewer line backs up and causes water damage, this endorsement can help recoup your losses.
Scheduled property coverage—Although the contents coverage generally included in standard HO-3 policies can protect some of your belongings, particularly valuable items, such as jewelry, art and collectibles, may require this endorsement to be fully covered.
Service line coverage—If your phone, power lines, sewer, gas lines or water pipes are damaged on your personal property, this endorsement can help cover the cost of repairs or replacements.
Flood coverage—Property damage from external water entering your home (i.e., due to flooding) is not generally covered under a standard policy. Check with your agent to determine if you can add flood coverage to your policy via a policy endorsement, which is the case in some areas of the country. However, most often, you’ll need to purchase a stand-alone flood insurance policy, which your agent should be able to assist you with.
Earthquake coverage—Losses caused by earthquakes are typically excluded from HO-3 policies. To ensure coverage for these perils, consider adding an endorsement to your homeowners insurance or acquiring a separate earthquake insurance policy.
Windstorm coverage—In many cases, such as if you live in areas prone to tornados and hurricanes, coverage for losses arising from severe windstorms may not be covered. As such, you may need to add a windstorm endorsement, if available where you live, or talk to your agent about purchasing a windstorm insurance policy to gain appropriate coverage.

Acquire Optimal Coverage

Without fully understanding your homeowners insurance policy, it’s impossible to ensure your coverage is adequate. With that in mind, working with a qualified insurance professional to assess your circumstances, explore your options and assemble ideal homeowners coverage is necessary. Contact Rinehart, Walters & Danner for more information.

Do You Understand The Benefits Offered By Your Job?

Date: September 6, 2023 Author: Rinehart Insurance

Many employers recognize the hard work their employees do every day. In addition to a pay check, many employers will offer additional benefits to compensate their employees. Whether you are a new employee of the company, or an existing employee that has never enrolled in the benefits, understanding everything an employer has to offer can be difficult. We break this all down and help you understand the benefits offered by your job.

Common Benefits Offered By Employers

When it comes to benefits offered by employers, there is no set guideline to use. As a result, employers build their own benefits packages and can pick and choose what they want to offer. Some of the most common options include:

Medical Insurance
Dental Insurance
Vision Insurance
Disability Insurance
Life Insurance
Flexible Spending Account (FSA)
Health Savings Account (HSA)

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Employer-paid vs Voluntary benefits

Depending on the size of the company you work for, there may be several packages available. Some may be employer-paid, some may be voluntary and some may be in the middle where you and the employer split the cost. There could be several options for benefits offered by your job.

Employer-paid benefits are those that the employer pays 100% of the cost. This typically includes life insurance and disability insurance.
Voluntary benefits are those you the employee can choose to elect or not. You will pay 100% of the premium. This typically includes dental and vision insurance
Contributory benefits are those that you and the employer both pay for. The employer picks how much they will pay and then you pay the remainder. One example would be medical insurance. The employer may pay 80% of the premium, you pay the remaining 20%

What Coverages Are Included In The Benefits Offered By Employers?

This will vary for each company. They will be able to provide you with a summary of benefits that will show you basic plan information. Deductibles, copay’s, coinsurance and maximum out of pocket is standard on each summary. Employers have HR departments or an insurance agent they work with. They will be able to explain everything to you and help you enroll.

Understanding benefits offered by employers can be overwhelming. Take time to review the information provided to you and don’t be afraid to ask questions. Every individual’s situation is different however employers have specific plans in place to help you.

Have questions? Contact us today, we can help.

Important Insurance Tips For Your College Student

Date: August 23, 2023 Author: Rinehart Insurance

High School is over and it’s time for the next big step, college. The new students schedule is done, books are purchased and the day is approaching fast for the big move. New furniture, décor and electronics are all packed and ready to go. Before your college student can begin their next adventure you have one last item to complete on your check list. Talking with your insurance agent. While that may seem like an odd item to have on your checklist, it is probably one of the most important. Your insurance agent will have important insurance tips for your college student. When your child leaves home and takes up a new residence at college, that can affect how their belongings are covered. Below are a few questions you may have when it comes to insurance and your college student.

Will my college student’s belongings be covered by my homeowners policy?

Does your child lives in a campus dorm? There is usually a small amount of coverage that would be extended from your homeowners policy. If your child has expensive items, or a lot of items, you may need to consider purchasing additional coverage. Does your child lives in off campus housing? Their belongings may not be covered at all.

Is renters insurance really necessary?

Yes. Chances are your child’s belongings will exceed the amount provided by your homeowners policy, if they are even covered at all. Renters insurance will cover the possessions in your child’s housing at a small cost. You can purchase renters insurance for as little as $15 per month. This will not only give you the extra coverage, but peace of mind that that expensive new laptop or TV will be protected in the event of fire, theft, or other disaster.

In addition to your college students belongings, the move to college can affect your auto coverage and health coverage.

Will your child move more than 100 miles away from home?

If this answer is yes and they do not keep a vehicle at school, your insurance premiums could decrease by as much as 30%. If they are taking a car with them, be sure to review your auto coverage with your agent. Make sure you have the appropriate coverage and your child understands how it works in the event of a claim.

Does my child need to purchase health insurance?

In the state of Ohio, many health insurance carriers are now required to coverage children up to age 26. This rule applies regardless of full time student status. Be sure to review your health coverage to verify the dependent age limit on your plan. Also, make sure your child has an ID card with them if they should need to see a Dr or get a Prescription. They should also understand how the coverage works and if there is any copay they will be responsible for if they should have to use the coverage.

Sending a child to college can be a scary yet exciting time for everyone. When you add your insurance agent to your list of people to talk to during this transition, it can help give you peace of mind for you and your child’s future insurance needs. Remember, your agent is a great source for insurance tips for your college student.

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Important Information You Need To Know When Filing A Homeowners Insurance Claim

Date: October 19, 2022 Author: Rinehart Insurance

Dealing With a Homeowners Insurance Claim

If you’ve had a fire, water damage or another unfortunate event in your home, don’t fret. We have all the information that you need to get your claim underway so you can get your life back to normal.

When you have a homeowners insurance claim, your actions can make all the difference. Here’s how to maneuver through the claims process with ease:

If you were away from your home when the incident occurred, exercise caution when entering your property. If your property has sustained major damage, contact your local government officials to determine how you should proceed.
Report downed power lines to the utility company, and keep your electricity off if there is standing water in your home.
If it appears as though it is not safe to be at your home, leave.
Contact us to report how, when and where the damage occurred. Make a note of the claim handler’s name, telephone number and identification number when you call.
Protect your home from further damage without putting yourself in danger. This may include boarding up windows and salvaging possessions that did not sustain much damage. Your claim handler can advise you on how to do so safely
Prepare a list of damaged or lost items from your home.
Keep damaged items in your home until the claim handler has come for an inspection. Also, consider documenting the damage with pictures or video.
Provide receipts for damaged items if you saved them.
If you need to temporarily relocate, save all your receipts for additional expenses. Your policy may cover you for additional living expenses during this time.
Once you’ve reported your claim, the claim handler will send you some documents to complete within a specific period of time. Contact us if you have any questions, and return these forms promptly.
Contact your mortgage lender to notify them of your loss and to discuss potential contractor bids. Your lender may want to inspect a contractor’s job before making a final payment.

Let us help you throughout the process—contact us if you have questions or concerns. If you have not reviewed your homeowners insurance policy lately, please do so soon. It’s better to review your coverage before you need it.

Click here to read more about homeowners insurance coverage.

What You Need To Know Before You Lower Your Auto Insurance Limits

Date: August 10, 2022 Author: Rinehart Insurance

The cost of living can be pretty expensive. Everyone is looking for ways to cut costs and lower expenses. Auto insurance premiums are one expense many would like to lower. While you may be tempted to lower your auto insurance limits, make sure to weight out all the risks.

Determining Which Coverage You Need

An auto insurance policy is designed to provide you with a level of protection in the event you are involved in an accident. This includes protection against property, liability and medical costs. Understanding the different parts of coverage is important when selecting your auto insurance limits.

Property coverage pays for damage to or theft of your car.
Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
Underinsured motorists coverage pays for property damage and bodily injury caused by another driver whose coverage is insufficient to cover damages suffered.

Selecting the correct liability limits is fundamental. On your auto insurance policy you will see your limits listed something like this – 100/300/50. In this example 100/300/50 means you are covered for up to $100,000 in bodily injury coverage per person, $300,000 in bodily injury coverage per accident and $50,000 in property damage per accident.

Many states have minimum liability limit requirements. You may be tempted to reduce your liability limits to the minimum legal level. Or even dropping underinsured motorists coverage. While it may reduce your premium, it could also subject you to substantial risks.

Collision Coverage – Know The Value Of Your Car

Your policy will not pay for repairs that exceed the value of your vehicle. For this reason, if you are driving a vehicle that isn’t worth more than a few thousand dollars, it may not make sense to purchase collision coverage. Your agent can help you determine if collision insurance makes sense for you.

Top Ways To Save On Your Auto Premiums

Consider raising your deductible.
Keep up your good driving record.
Drive less to qualify for a low-mileage discount.
Drive a car with safety features such as anti-lock brakes and airbags.
Install an anti-theft device.
Ask about our multi-policy discount.

We’re here to help. Accidents happen to cautious drivers too. Having adequate auto insurance limits can save you from serious financial burden should you be involved in an accident. We can help you determine which auto insurance coverage is needed and what limits to purchase.

What You Need To Know About RV Insurance

Date: June 1, 2022 Author: Rinehart Insurance

Family time together, the open road, and visiting beautiful scenery. Those are just some of the benefits of having an RV or Travel Trailer. Whether you’re a weekend warrior or a full time travel buff, there’s lots to see on the open road. Your RV is your home away from home. That’s why you need to make sure it is protected. Just like you purchase Auto or Homeowners Insurance, you need RV Insurance to cover this investment.

What is RV Insurance?

Travel trailer or RV Insurance has similar coverage to auto insurance, however it is more comprehensive and specialized for RV owners. RV Insurance is designed for the following vehicles:

Fifth-wheels
Pop-up campers
Stationary travel trailers
Park model travel trailers
Truck-mounted campers

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Types of Coverage Available:

A typical policy will include the following overages:

Comprehensive/Collision Coverage. Protects your RV from damages, such as fire, landslide, windstorm, vandalism and collision with another vehicle or objects.
Liability-Only Travel Trailer Policy. Protects against accidental damage to other people’s property or personal injury to individuals not listed on your policy.

Additional Endorsements:

Because RV Insurance is specialized coverage there are additional endorsements you can purchase. These endorsements let you add extra protection not included in a standard policy. These additional option include:

Emergency Expenses: Protection in case of a breakdown or damage to your RV or Travel Trailer.
Accessories Endorsements: For items attached to your trailer.
Full-timer Trailer Coverage: For those who live in their travel trailer most of the year.
Campsite/Vacation Liability: Coverage while your travel trailer is parked in an RV park.
Low Branch Collision: Protection against damages from low-hanging branches to your trailer, awnings, and air conditioning units.
Towing and Roadside Assistance
Total Loss Replacement

What Are The Benefits Of A RV Insurance Policy?

RV Insurance is specialized coverage different than auto insurance. When traveling in your RV, you will have additional items with you that you may not normally carry in your car. Jewelry, a computer, television, and camping gear are just a few examples. When you’re at a campsite, you are liable for other people’s safety around your trailer. Also, if you have an accident while traveling, you will need a place to stay while the trailer is being repaired. Without an RV Insurance policy, none of these would be covered in the event of a loss. The biggest benefit is the peace of mind you receive.

If you love the open road and seeking adventure, contact us today to get covered today.

Fire Safety and Prevention, What You Need To Know

Date: April 13, 2022 Author: Rinehart Insurance

Home is where the heart is…it’s also where your family, prized possessions and most fond memories are. Home is also the same place that has the greatest risk of fire. Nearly 80% of fire deaths in the US each year occur in the home. Are you taking steps to keep your home and family safe? We have some tips for fire safety and prevention to share with you.

Fire Safety

Check all electrical appliances, cords and outlets. makes sure they are all in working condition, without loose or frayed cords or plugs.
Use caution with portable heaters. Never place one where a child or pet could accidentally knock it over, and keep it at least 3 feet away from flammable objects.
Be careful in the kitchen. Cooking is the leading cause of home fires. Always practice safe cooking habits, such as turning pot handles to avoid being knocked over, and supervising children while cooking.
Check the fireplace. It should be kept clean and covered with a screen to keep sparks contained. Burn only wood in a home fireplace and never leave a fire burning unattended.
Beware of cigarettes. They are the number one cause of fire deaths in the US. Most are started when ashes or butts fall into couches or chairs, so use caution if you smoke in your home.
Use candles safely. Keep them out of the reach of children, away from curtains and furniture, and extinguish them before you leave the room. Do not allow children to use candles when unsupervised by an adult.
Be aware of holiday dangers. If you use a cut Christmas tree, be sure to keep it watered daily, and inspect all lights yearly for worn or frayed cords.

Fire Prevention

Install smoke alarms on every level of your home.
Use the smoke alarm’s test button to check it every month and replace the batteries at least once a year.
Replace smoke alarms every 10 years.
Plan escape routes by determining at least two ways to escape from every room.
Caution everyone to stay low to the floor while escaping and never open doors that are hot.
Select a safe location outside your home where everyone should meet, and practice your escape plan at least twice a year so everyone knows it well.

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Share these fire safety and prevention tips with everyone you care about, you can never be too careful!
Your friends at Rinehart-Walters-Danner Insurance.

Antique and Classic Car Insurance; What Makes It Different?

Date: February 9, 2022 Author: Rinehart Insurance

Antique and classic cars are visibly different than the cars we drive today. You use them differently than your day to day car, so why treat them the same when it comes to insuring them? Antique and classic car insurance is specifically designed with your vehicle in mind.

The Basics

When insuring your antique or classic car, consider how you will be using the vehicle.

Will you only drive the vehicle to car shows or in a few parades? If so, your policy should be limited to those circumstances.
Are you going to use your antique vehicle to go to the grocery store, hit the beach or visit a relative? Then your policy should reflect this kind of use.

A typical classic car insurance policy includes the following:

Agreed value coverage: Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible.
Inflation guard: To compensate for inflation and appreciation, the policy increases the vehicle’s value quarterly.
Spare parts coverage
Flexible usage: Limits on mileage ranging from 2,500 o 5,000 miles annually. Not limited to parades.

Additional Coverage Options

You can also purchase the following additional coverage’s for you antique and classic car insurance:

Emergency towing in case of breakdown
Roadside assistance
Emergency lockout
Emergency travel expenses in case your vehicle breaks down while away from hoe
Theft reward
Car show expenses: This policy will pay for expenses associated with missing a car show due to a breakdown
Personal effects: This policy will reimburse you for items that are vandalized or stolen when reported to police

Your Needs Are Unique

Since antique and classic cars are all so different, your insurance coverage will be specific to your vehicle. There are many considerations that you and your agent will discuss while creating a policy to suit your classic car. Contact us to day to build your personalized antique and classic car insurance policy.

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Helping You Avoid A Collision: Beware of Animals on the Road

Date: October 6, 2021 Author: Rinehart Insurance

According to recent estimates from the Federal Highway Administration, there are over 300,000 wildlife-vehicle collisions in the United States every year. Even more concerning, nearly 2,000 of these indicents are deadly for the driver. These statisitics underscore why it’s important to take the proper precautions to avoid a collision with an animal. Whether you’re driving in the city or the country, here are some tips to keep you safe behind the wheel and prepared in the event that there are animals on the road.

Beware of Animals on the Road

Remain alert at all times and watch out for animals.
Slow down if you see an animal up ahead, as it is generally unpredictable.
Slow down at designated animal crossing areas marked by road signs. These signs indicate that the area has a lot of animal traffic and an increased potential for accidents.
Use your high beams at night to see animals easier.
Watch your speed, especially during dusk and at night.
Have your vehicle’s brakes and tires checked regularly to ensure they are in safe working order.
Watch out for movement and shiny eyes on the roadsides. Slow down if you see anything suspicious. In addition, slow down on blind curve areas of the road.
If you see an animal in front of you, do not swerve because it may cause you to hit another vehicle, side rail or lose control all together. Use your brakes immediately.
Always wear a seat belt—it’s your best safety defense.
Animal and vehicle collisions are especially commonplace between October and December. Make sure you are especially diligent as you drive during this time.

If a Collision Occurs

In the event that your vehicle collides with an animal, pull off to the side of the road and call the state patrol or local police department. Do not attempt to move the animal if it is lying in the middle of the road. Never leave your vehicle to check on an injured animal, as it may still be alive and potentially dangerous to you. Stay in your vehicle until help arrives.

For additional driving safety guidance and auto insurance solutions, contact us today.