A Look at Life Insurance

Annual Evaluation

Over the past few months I have spent a lot of time focusing on auto and home insurance. I think March is a good time to shift gears and talk about something completely different. The beginning of spring always makes me think about life insurance. I think it has something to do with the financial evaluation that takes place because of filing a tax return. Doing taxes paints a good picture of where one is financially and also takes into account any significant changes over the past year.  During this time I often take a step back and re-evaluate the amount of coverage I have and encourage everyone to do the same.

What About Life Insurance

You have insurance to protect your home, your car, your health but what about your life? Life insurance is the one that is the most often over looked. Over the next few weeks I am going to dispel some myths associated with life insurance and also discuss some of the different life products that are being offered in the marketplace.

Why is Life Insurance Overlooked

Life insurance is not the easiest conversation to have unlike auto or home insurance. You are required by law to have auto insurance and you also know the likelihood of needing to use it is high. Just look on the side of the highway the next time you are traveling. It is littered with broken headlights, bumpers, fenders, and other car parts .The same can be said for homeowner insurance. It would not be hard to find someone who had a claim because their pipes froze, ice dams ripped gutters off of the house, or had some type of fire. These incidents make insurance tangible and visible. This visual reality heightens the need to make sure one is adequately covered. This does not happen with life insurance because premature death does not occur as often as an auto or home incident.

Dealing with Mortality

One of the biggest hurdles when thinking about getting life insurance is dealing with mortality. Many people have a problem trying to conceptualize the world without them being in it. There is often a feeling of denial that something bad could happen to them. I’m too young to die, I have good genetics, I’m healthy, or I’m too busy to die are some of the more common objections I have heard when talking with clients about getting a life policy.

Everyone Needs It

The reality is we all need and should have it and if you do have a policy you probably need more. Singles, Young Families, Established Families, Empty Nesters/Retirees, and Business Owners all have need for it. Most of us will never have to use it but in the event we do the purpose is to relieve the burden on our loved ones. The most common purposes are to pay off a mortgage, pay college tuition, cover funeral expenses, pay estate taxes, or buy out the ownership stake of a business partner.

Let Us Start the Conversation

Most life policies offered through a job are not portable. Many people who work part time or casual do not get offered anything. Contact the John J Suppa Insurance Agency at 412-238-8200 and we will make sure all of your bases are covered and ensure that you are Safe with Suppa.

Winter Weather Woes

Winter storms are the third most costly natural disaster in the US behind hurricanes and tornadoes.  The more common winter claims include burst pipes, collapsed roofs, and car accidents. If you have been out over the past few days you instantly feel and see winter’s powerful punch. We are past the point where you can still effectively winterize your home. There are still many potential home hazards out there that  you may not have considered but it’s not too late to protect yourself from a liability claim. Here are a few ways that homeowner’s insurance can come into play over the next few days as the temperature plummets.

Icicles

Claims involving icicles are more common than you would think. When snow is melting off of your roof and then there is a quick drop in temperature that melting snow will freeze and form dangerous icicles that hang over your gutter. They can break and hit someone visiting your home or cause damage to their property. The liability portion of your home insurance would pay for the cost of defending you in court and any court awards up to the limit of your policy .Your policy also provides no-fault medical coverage. If someone is injured at your home, the visitor could submit medical bills to your insurance company.

More Ice

Slipping and falling injuries also go hand and hand with snow and ice. A clear driveway or sidewalk is a good start but not full proof.  Think about this scenario. You get up early to shovel your driveway and sidewalk, throw some salt down to break up the ice and then you are on your way. As the ice melts from the salt or maybe the sun peeks out and melts some of the snow your shoveled areas become wet. A drop in temperature or a kick up in the wind can instantly turn your driveway and sidewalk into an ice skating rink. This leaves you, and your visitors, your kids friends, and if you are responsible for your sidewalk your neighbors walking by more susceptible to slip and fall injuries on your property.

The same thing happens on the roadways. Plow trucks clear the snow and salt the roadways. The salt melts the snow and ice leaving water behind. A high wind or a temperature drop will cause the roadway to freeze over. The result is dangerous black ice that is not clearly visible and the roads needing to be re-treated.

A Step Ahead

Preparing a home for winter starts long before the weather turns cold and it’s always an ongoing process. Homeowner’s insurance can be looked at the same way. You want to make sure you have the right agent, the right policy, and the right homeowner’s insurance carrier before you need to use it. You want to be prepared ahead of time just like you would for any type of winter storm.

To make sure you are prepared to weather the storm you want to have a homeowner’s insurance policy with the John J Suppa Agency. Call John Suppa or Tiffany Baird at 412-238-8200 right away to review your existing policy. We will make sure all of your bases are covered and that you are Safe with Suppa.

Winter Driving Survival Part 2

Over the past week we have had two milestones that signify that the winter season is nearing the end . The Super Bowl was last Sunday and the annual event at Gobbler’s Knob in Punxsutawney, PA was on Monday.  If you believe a groundhog can predict the weather then Punxsutawney Phil predicted six more weeks of winter. While traveling this week I experienced freezing rain, icy road conditions, and a driving snow storm.  I thought it would be a good idea to share more driving tips to get you through the next six weeks of winter.

 You are ready but is how about everyone else

After reading last week’s blog posting I am sure your vehicles are road ready. You have equipped your vehicles with a shovel, salt, snow brush, and emergency snacks.  Just because you are ready does not mean other drivers are as prepared or as careful as you. When driving in poor conditions I like to observe to see if the other drivers on the road are being cautious and paying attention to the conditions. Often times they are not, and I wonder what they are thinking as they speed pass a salt truck or swerve in and out of lanes while the snow comes down. 

Before you go out

It is very important and required by law to clear snow from your hood, windshield, roof, trunk, and head lights. This will help to maximize your visibility and keep chunks of snow and ice from blowing off of your vehicle and potentially causing damage to another car.  Topping off your washer fluid so you can keep your windshield clean is also a good idea. The snow and salt mixing with the dirt on the road will easily find its way on to your windshield either from driving through  puddles or being splashed back from the vehicles in front of you.

Controlling you Car

There is no way to gain control of your vehicle once you hit ice. Two wheel drive, four wheel drive, or a power redistribution system are all useful features to have but they are no match for ice. Anti-lock brakes are smart enough to control breaking when your car loses traction but nothing can slow you down on ice. If you have slipped on ice or been ice skating think about what happens when you lose your footing?  You can wave your arms, bend over front wards and backwards but most likely you are going to end up on the ground. Your car responds the same way. While driving keep in mind that posted speed limits are meant for dry conditions, not roads covered with snow and ice. You may also want to consider reducing your speed and increasing your following distance behind other vehicles to give yourself more room to come to a stop.

Be Patient

A patient driver is a good driver. Do not pass snow plows and salt trucks. The road  ahead can be worse than the road behind you. Also if there is salt, sand, and snow being blown all around from the plow truck this can impact your visibility and the truck driver may not see you either. Bridges and over passes freeze before a normal roadway so when merging on and off of highways you want to be aware of your speed.

The Best Thing to Do

The best thing to do before you head out is be aware of the current conditions and any anticipated changes in the weather pattern. Allow extra time to get to your destination. If you get in an accident the amount of time you will spend dealing with a claim will far exceed any time you may have saved from speeding. Most important of all is call John Suppa or Tiffany Baird at the Suppa Insurance Agency at 412-28-8200. We will make sure all of your bases are covered and give you the piece of mind knowing that you are Safe with Suppa.

Winter Weather Driving Survival (part 1)

A somewhat mild and quiet January is ending with pounding snowfall. The northeast is shutting down due to blizzard like conditions where some areas are preparing to get 2 to 3 feet, that’s right feet, of snow in the course of a day or two. Hundreds of flights have been cancelled, schools are being delayed and many communities are  hunkering down expecting the worst. There are many things to consider regarding vehicle safety, driving in adverse conditions, and your auto insurance. Here are a few tips to get you started.

Should I Stay or Should I Go?

Although it may be snowing and the weather reporters are advising drivers to stay home it is reasonable to expect that people will need to leave their house. You may need to go out to the grocery store for food, pick up medicine for a sick household member, go to the office to get files and folders so you can work from home, or run out for some other miscellaneous items like salt, washer fluid, or a shovel.  While you are preparing for these unknown conditions do you know if your auto insurance policy is ready should you be involved in an accident?

Is your Vehicle Prepared?

Weather conditions can change in a moment’s notice. A brisk wind can drop temperatures below freezing or a light snowfall can change into a pounding blizzard minimizing visibility. During this time of year you want to make sure all of your vehicles maintenance is current. You don’t want a mechanical breakdown in the middle of a snow storm. You should not drive with less than half a tank of gas because you never know how long you could be idling in traffic. Your washer fluid should be topped off, wiper blades should be changed, and you want to make sure your front and rear defogger is working properly.   Your tires also play a major role in navigating snow covered roads. Having good tread and tires that are inflated to the proper PSI (not done by a New England Patriot Staffer) can help with traction and prevent sliding.  If you live in an area that sees regular snow fall then a set of snow tires are a good investment.

The Most Essential Tool

Contact the John J Suppa Agency for a pamphlet on putting together a winter survival kit. In the meantime here are a few of our tips. The most important tool to keep handy is a good ice scraper/broom, to clear snow from your vehicle. Did you know you are required by law to clear snow from your hood, your windshield, roof, and trunk of your car before hitting the road?  Failing to do so can result in a fine and even worse if a chunk of snow or ice blows off of your car and causes damage to another vehicle  you are responsible for the damage.  Have you ever been behind a tractor trailers and seen huge sheets of ice blow off or had to swerve to avoid the impact?

What to do Next

Before you hit the road follow our useful tips and then call the John J Suppa Insurance Agency to review your auto insurance policy. We will thoroughly review your policy, make sure all of your bases are covered, and give you piece of mind that you and your vehicle can take on the elements because you are Safe with Suppa. Call John Suppa or Tiffany Baird at 412-238-8200 to schedule your review.

Your Water Lines Can Freeze Too

News Flash….Winter has officially arrived. I will admit that I was fooled about a week ago when temperatures were in the mid 50’s. I even had my windows open so fresh air could circulate throughout the office. It was definitely temperature shock for everyone when within 24 hours there was a traumatic temperature swing that brought the thermometer down to low single digits. When there are consecutive days of negative temperatures combined with a stiff wind one thing came to my mind... Freezing Pipes.

Beverage Can Explosion

Have you ever seen what happens to a can of soda when it freezes?  As the liquid becomes solid it expands thus putting pressure on the container that holds it. Normally what happens is the gas builds up as the liquid crystallizes, the thin aluminum gives way, and poof it bursts leaving a sticky slushy mess to clean up.

The same thing can happen to your water pipes. Pipes that freeze most frequently are those that are exposed to severe cold, like outdoor hose bibs, swimming pool supply lines, water sprinkler lines, and water supply pipes in unheated interior areas like basements, crawl spaces, attics, garages, or kitchen cabinets. Pipes that run against exterior walls that have little or no insulation are also subject to freezing.

What Really Happens Inside of a Water Pipe?

When water freezes, its molecules crystallize into an open hexagonal form, which takes up more space than when the molecules are in their liquid form. As the ice expands it pushes water towards the closed faucet. This causes water pressure to build up between the ice blockage and the faucet. The pipe will eventually burst under the pressure at the point where there's little or no ice.

Water is Leaking

If you walk into your home to find water leaking from a compromised pipe and you see puddles in the middle of your carpet you definitely have a problem. Depending on the amount of water damage you may need to call a restoration company to come in and get to work right away. They will use shop vacs to suck up the water along with bringing in high powered fans and dehumidifiers to salvage whatever they can. A common fear amongst homeowners is if I call this company is my insurance company going to pay for it? A situation like this requires fast action to minimize the damage as much as possible. A good home insurance policy will allow you to choose the company  and will cover their costs. You also have to consider what was damaged and how will it be replaced.

What to do next

First make sure the thermostat in your house is set at 55 degrees. Even if you are out of town keep your thermostat at 55. Drain you outdoor water lines, consider insulating your indoor lines that might be exposed to cold temperatures, and open your cabinet doors if your kitchen is up against an outside wall. Most importantly pull out a copy of your homeowner’s insurance policy and call the John J Suppa Agency. John or Tiffany will review your policy and make sure all of your bases are covered and that you have the right coverage in place. Call us today at 412-238-8200.

Homeowner's Insurance for the Holidays Part 3

Happy New Year and I hope everyone enjoyed their holidays. Now that we are in the first full week of the year it is safe to say that 2014 is officially behind us and it is back to business. I want to use this week’s blog to wrap up my series of posts regarding Homeowner’s Insurance for the Holidays. This week I want to look at insurance for your possessions.

Did you get what you wanted?

In early November the day after Thanksgiving sales are teased and a certain excitement is created around getting big ticket items at a great sale price. I am sure you heard the enticing ads for the early bird or door buster specials, or the after Christmas close out sales. Big ticket items include TV’s, game consoles, appliances, computers, tablets, cameras, and many other specialty electronic devices. Once the wrapping paper, the boxes, bows, strings, and packaging are cleared and these items are put together, hooked up, and mounted rarely does anyone think to themselves do I need to contact my insurance agent? Are all of these new things covered under my homeowner’s insurance policy?

Holiday Movie Inspiration

I will draw on inspiration from holiday movies one last time as a parallel to show how art imitates life. In the story “How the Grinch Stole Christmas” the main the character the Grinch steals every last crumb from the homes of the residents of Whoville. The Who’s wake up to find nothing left in their homes except some hooks and wire. The theme in Home Alone is also similar. The two bandits patrol neighborhoods waiting for unsuspecting families to leave for the holiday leaving their homes and possessions vulnerable to burglary. While the families are out of the home the burglars break into the home and steal everything. Silverware, fine china, electronics, crystal, and just about anything they could squeeze into their van. What would you do if you walked into a situation where you had been robbed?  Would you notice everything that was missing? Are you certain you have the right coverage on your possessions?

Coverage for your Possessions

Almost every homeowner’s insurance policy includes coverage for your possessions. Coverage for your possessions is separate from the coverage you have for your structure.  The best way to distinguish between the two coverages’ is that if you took your house, flipped it upside down, and shook it, everything that would fall out would be considered personal property and everything that remains inside is part of the structure and would be covered under the dwelling area of the policy.

How will these things be replaced?

The first thing you want to check on your policy is to make sure your possessions are insured for their full replacement cost. Without the replacement cost endorsement on your policy your possessions then become insured for their depreciated actual cash value which would leave with you with little money to replace the stolen items. If you bought a TV or a Computer five years ago and it was stolen what would the value be today?  Would you rather get the depreciated value of the item or be able to replace it with something new?

Let us review your policy

There are many different aspects to the personal possessions part of the insurance policy. Most carriers have limits as to how much they will pay out for certain items as well.  Contact the John Suppa Insurance Agency and let us review your homeowner’s policy. We will make sure everything is adequately covered and share with you different tools you can use to take inventory of your things. We will make sure all of your bases are covered and ensure that you are Safe with Suppa. Call John Suppa or Tiffany Baird for a review of your policy at 412-238-8200.

Homeowner's Insurance for the Holidays part 2

Now that Thanksgiving is behind us I hope everyone had a wonderful holiday that was claim free and full of good food and good company.  With that being said we are now officially in the Christmas season and  I want to continue to build on last week’s blog post Homeowner’s Insurance for the Holidays.

Holiday Movie Dont's

One thing that comes to mind when thinking about Christmas is of course Christmas lights. Many homeowners’ will decorate the inside and the outside of their homes with strands and strands of lights and various other decorations. I am sure many of us have seen the movies “A Christmas Story” and “Christmas Vacation”. One of the memorable scenes from both movies includes the use of too many Christmas lights. Both movies are a good example of what not to do. In “A Christmas Story” the father hooks up multiple strands of lights to one adapter and plugs it into a single outlet. The end result was of course the lights popping, the outlets smoking, the fuse being blown, and the lights in the house going out. Luckily today’s lights come standard with safety fuses in the plugs to ensure overzealous decorators don’t overwhelm the electrical circuits in a home’s wall socket.

Potential Light Hazzards

Although the chances of lights catching fire or the tree going up in flames from Christmas lights are slim that does not mean you want to decorate your house like Chevy Chase in “Christmas Vacation”. Let’s recall his character Clark Griswold barely left any open space on the exterior of the house without a light. As great as a house or tree would look with lots and lots of lights there is such a thing as too much. Electrical circuits can become overwhelmed, malfunction, or fail all together which can result in a fire. The electrical system in your house like receptacles, extension cords, and wiring are all susceptible to wear and tear. When buying lights be sure to read the safety instructions and be sure to avoid an overload or any other type of hazard that can result from too many strands strung together.

What happens if…

If the unthinkable happens and there is some type of electrical fire do you know what your homeowner’s insurance covers?  Consider this: If your house catches fire it is highly likely you will not be able to stay in the house for not days but probably weeks or months.  You will need to find another place to live while the damage is repaired.

Loss of Use Coverage

This is an important part of the Homeowner’s policy that is often over looked. Some policies will give you unlimited coverage, some will give you minimal, and some may not have it at all. Think about it. If you and your family become displaced for an extended period of time do you want to pay the bill out of pocket? You may need to take up residence at an extenended stay hotel or if you have children may need to rent a townhouse or condo for a couple of months so that routines are not disrupted. Loss of use coverage will help cover the cost of staying in a hotel or some other place while your home is being repaired.

When you are digging out your decorations from the attic, garage, or basement why not dig out your Homeowner’s policy? Let our team at the Suppa Agency evaluate your policy and make sure that all of your bases are covered. We can give you piece mind when you are out shopping or attending holiday parties because you will be Safe with Suppa. Call us today at 412-238-8200.

Homeowner’s Insurance for the Holidays (part 1)

The Thanksgiving holiday is right around the corner.  It is just as important to make sure you are as meticulous when it comes to your homeowner’s policy as you are when planning for the big meal.

There are three times as many home fires on Thanksgiving Day than any other day throughout the course of the year. Grease and frying oils are often the culprits behind this increase due to their combustibility.  Cooking oil vapors and grease can ignite into a blaze with just a small spark. If a grease fire ignites in a pan, most times putting a lid on it is the best way to combat the blaze. Moving the pan from the stove only increases the chance of the fire spreading to other parts of the kitchen and dining area.

When using a deep fryer , a fire extinguisher should always be kept close by. The cooking oil needs to be heated to 350 degrees and anything above that temperature causes the oil vapors to become highly combustible. Fryers should be used on a level surface and children should be kept far away.  If a turkey is not fully thawed when it hits the pot oil will splash. These oil splashes result in severe burns to the skin.

Depreciated Cost Vs Current Market Value 

When it comes to homeowner’s insurance and the holidays, there are a few things to consider.  If you have a fire inside or outside of your house , how will you be compensated by your insurance company?  A homeowner’s insurance policy can pay you actual cash value which represents a depreciated amount for your things.  Let’s say the cabinets catch fire. An adjustor will look at the damage, figure out the cost when they were brand new and then depreciate their value based on their age. Another option is that you can get replacement cost which means depreciation is not with held and you get a current market value reimbursement to replace the things that were damaged.

What About My Garage or Barn?

Often overlooked on a home policy is the coverage of separate structures. A separate structure is defined as anything separate from the main house structure. Separate structures include detached garages, sheds, and sometimes swimming pools. What happens if you are grilling or deep frying behind the house and your detached garage or a custom built shed burns to ground? A separate structure is not part of the regular homeowner’s dwelling coverage.  The home policy has a section for separate structures and the coverage amount is only 10% of what the home has.

Before you enjoy the holiday with your loved ones, spend some making sure your house is safe. Check the batteries in your smoke detectors, make sure your fire extinguishers are fully charged, and pull out your most recent copy of your homeowner’s policy and let the Suppa Agency review it.

Give us a call at 412 -238-8200 and we will make sure your policy is ready for the holidays!

Insurance is not One Size Fits All

When it comes to shopping for insurance, each client is a little different from one another. Some clients are more risk averse and others are willing to take on more.

When it comes to selecting a collision deductible, each of these risk types have different opinions. Let’s keep in mind that insurance is cost sharing. The insurance company is willing to accept a certain amount of risk as is the policy holder.  When an insured driver is determined to be at fault in an auto accident it is the insurance carrier’s responsibility to help pay for repairs to the vehicle(s) damaged in the incident.

Collision Deductible

An adjustor will evaluate the damage done to the insured’s vehicle and then subtract the deductible amount from the payout. For example if there is $5000 worth of damage and a client has a $500 deductible, the adjustor will issue a check to the body shop of your choice in the amount of $4500. The policyholder will then be responsible to pay the body shop the remaining $500.

Controlling Auto Insurance Costs

Collision deductibles can be as high as $1000 or as low as $100 with different price points in between. Your deductible level will have an impact on the total insurance premium. The more risk i.e. higher deductible a policyholder is willing to take on the lower the premium. The lower the deductible the higher the premium because the insurance company is going to have to pay more the claim.

Someone who is risk averse will prefer a low deductible because they like the idea of knowing they only need to come up with a $100 or $150 to get their car fixed and therefore willing to pay a little more for this extra security.

As your local Wexford, PA independent auto insurance experts, it is our job to help you, the client, with determining the optimal level of comfort and find the right balance between price and deductible level with your auto insurance policy.

Give us a call today at 412-238-8200 to see how we can help you to determine an appropriate auto insurance deductible today!

What you need to know about Flood Insurance

An often overlooked exclusion from a homeowner’s or business owner's insurance policy is coverage for flood. Floods occur most commonly when water from heavy rainfall, melting ice and snow, or any combination of these exceeds the carrying capacity of the streams, river system, lake, or ocean into which it runs. The overflow of inland or tidal waters, unusual rapid accumulation or runoff of surface waters from any source (also known as a flash flood), or mudflow are common causes of flood. To be deemed a flood two or more acres of normally dry land or two or more properties must be affected.  

Most flood insurance is written through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). Insurance agents and carriers enrolled in the NFIP Direct Program can write and service flood insurance policies directly through the federal government.

Government created programs will cover losses of a building up to $250,000; for personal property or goods the coverage is limited to $100,000. If property values exceed these amounts you must have insurance through a private company.

Not being in a flood zone does not mean you are not susceptible to a flash flood or mudslide. Pricing on flood policies will vary depending on the rating of zone of the property. Anyone can obtain flood insurance regardless of where you live.