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Uninsured and Underinsured Drivers

March 17, 2024 By cary

Underinsured DriversCourtesy of iii.org

One in eight drivers on U.S. roads was without auto insurance in 2019, according to a report released today by the Insurance Research Council (IRC).

At-fault drivers who don’t comply with state insurance requirements raise insurance costs for everyone else. Insured drivers paid more than $13 billion in 2016 (about $78 per insured vehicle) for protection against at-fault drivers who have inadequate coverage for medical costs and property damage they inflict on others.

“Keeping auto insurance affordable is more difficult when a significant number of drivers refuse to carry their fair share of the costs,” said David Corum, vice president of the IRC.

While countrywide the uninsured motorist rate was 12.6 percent in 2019, these rates varied substantially across states, ranging from 3.1 percent in New Jersey to 29.4 percent in Mississippi.

Although the uninsured motorist rate increased only 1.2 percentage points nationwide from 2015-2019, several states experienced more significant increases, including Washington (6.9 percentage points), Rhode Island (6.8 percentage points) and Mississippi (6.4 percentage points). Other states experienced decreases in uninsured motorist rates, including Michigan (10.1 percentage points) and Delaware (2.9 percentage points).

The IRC report, Uninsured Motorists, 2021 Edition, examines data collected from 11 insurers representing 60 percent of the private passenger auto insurance market in 2019. For more information on the study’s methodology and findings, contact David Corum, at (484) 831-9046, or by e-mail at . For more information about the report, visit the IRC’s Web site at www.insurance-research.org.

Filed Under: Insurance, Insurance News

Clean Up Mold Safely After Storm Damage

February 25, 2024 By cary

Mold DamageCourtesy of iii.org

Returning to your home after a flood is a big part of getting your life back to normal. But consumers and small businesses may be facing a new challenge: mold. What can you do to get rid of it? How do you get the mold out of your home or office and stay safe at the same time? CDC has investigated floods, mold, and cleanup, and offers practical tips for homeowners and others on how to safely and efficiently remove mold from the home.

In 2005, thousands of people along the Gulf Coast were faced with cleaning up mold from their homes after Hurricanes Katrina and Rita. One of our first concerns was to let homeowners and others know how they could clean up mold safely. After Hurricane Sandy in 2012, we teamed up with other federal agencies to provide practical advice on mold cleanup. This guidance outlines what to do before and after going into a moldy building, how to decide if you can do the cleanup yourself or need to hire someone, and how you can do the cleanup safely.

Prepare To Clean Up

Before you start any cleanup work, call your insurance company and take pictures of the home and your belongings. Throw away, or at least move outside, anything that was wet with flood water and can’t be cleaned and dried completely within 24 to 48 hours. Remember, drying your home and removing water-damaged items is the most important step to prevent mold damage.

Protect Yourself

We offer specific recommendations for different groups of people and different cleanup activities. This guidance educates people about the type of protection (think: gloves, goggles, masks) you need for different parts of your mold cleanup. It also identifies groups of people who should and should not be doing cleanup activities.

Be Safe With Bleach

Many people use bleach to clean up mold. If you decide to use bleach, use it safely by wearing gloves, a mask, and goggles to protect yourself. Remember these four tips to stay safe:

  • NEVER mix bleach with ammonia or any other cleaning product.
  • ALWAYS open windows and doors when using bleach, to let fumes escape.
  • NEVER use bleach straight from the bottle to clean surfaces. Use no more than 1 cup of bleach per 1 gallon of water when you’re cleaning up mold. If you are using stronger, professional strength bleach use less than 1 cup of bleach per gallon of water.
  • ALWAYS protect your mouth, nose, skin, and eyes against both mold and bleach with an N-95 mask, gloves, and goggles. You can buy an N-95 mask at home improvement and hardware stores.

You can take steps to keep yourself and others protected while cleaning up mold after a flood. Make sure to follow CDC’s recommendations so you can return home safely.

Resources

  • Homeowner’s and Renter’s Guide to Mold Cleanup After Disasters
  • Population Specific Recommendations for Protection From Exposure to Mold
  • Basic Facts About Molds in the Environment
  • Cleanup and Remediation

Filed Under: Insurance, Insurance News

Insurance and Floods

February 18, 2024 By cary

Flood InsuranceCourtesy of iii.org

Floods occur in every region and 90 percent of all natural disasters the United States involve some type of flooding. Minimize the damage and losses from a flood by taking these precautions.


Understand flood watches and flood warnings

There are different alerts for floods, depending on the type of and immediacy of the potential danger. Educate your family and yourself about your community’s flood warnings:

  • Flood watches are issued when rain is heavy enough to cause rivers to overflow.
  • Flood warnings describe the severity of the situation and indicate when and where the flood will begin.
  • Flash flood watches are issued when heavy rain is occurring or is expected to occur.
  • Flash flood warnings are issued when flooding is occurring suddenly. In the event of flash flooding in your area, move immediately to high ground.

Take practical measures to protect yourself, your family and your property

Preparedness is paramount when it comes to encroaching floodwaters. Here are precautionary steps to take well before the threat of a flood is upon you.

  • Have an evacuation plan for your family in case the authorities officially evacuate your area. If you have pets, create an evacuation plan for them, too and make sure to develop a “what if” process for communication in case family members become separated.
  • Maintain a supply of emergency provisions, such as flashlights, batteries, a battery-operated radio, a first aid kit, medication, sturdy shoes, emergency food and water, cash and credit cards.
  • Maintain a supply of building materials and tools so you can fortify your house from a storm. These would include plywood, plastic sheeting, nails, hammer, shovels and sandbags.
  • Install a backwater prevention valve, so floodwater doesn’t back up into your sewer drains.
  • Make a home inventory listing all of your possessions to help facilitate the claim filing process if your belongings are damaged or destroyed.
  • Locate switches for gas, electricity and water and know how to shut them off. In the event of an evacuation, you’ll want to turn these off before you leave.
  • Purchase flood insurance. Your standard homeowners policy doesn’t include flood insurance, so if your area is at risk, you may want to consider getting it through the National Flood Insurance Program. Know that there is a 30-day waiting period before flood insurance takes effect, so don’t wait.

For more preparedness tips, handy checklists (including ones you can personalize yourself) and evacuation planning advice to cover a variety of disasters, get the I.I.I.’s Know Your Plan app. It’s a great tool to help get you and your family—including pets—organized and ready to act more quickly if an emergency strikes.

Next steps link: Think you’ll need financial protection against flood damage? Read these facts about flood insurance.

Filed Under: Flood Insurance, Insurance, Insurance News

Insurance as a Career

February 11, 2024 By cary

Insurance CareerCourtesy of iii.org

There are more than a half-million professionals employed within the U.S. property/casualty insurance market. And, if you ask many of them how they got into the industry, most will call it a lucky break. My such stroke of luck occurred decades ago. I was working for a real estate developer, the housing market took a(nother) crash, so I needed to find work. A survey of the marketplace introduced the tremendous opportunities in the insurance field and brought me a wonderful, rewarding career. I highly recommend it!

The insurance field brings a meaningful job. This is an industry that helps protect people and their finances. Insurance makes things happen. You need it to drive a car, build a home (or rebuild one after a disaster), to leave loved ones financially secure, to borrow money to build a business – and so on. Check out InsureMyPath for insight into the profession and a review of the types of career roles.

For a student considering a college curriculum, there are universities with a risk management and insurance curriculum throughout the U.S. Among them is the insurance program at Florida State University.

What do young professionals think of the insurance field? The view themselves as “secret saviors” because they help people rebuild after disaster. There are a lot of jobs, and room for self-development and advancement. Join us!

Filed Under: Insurance, Insurance News

Auto Insurance Myths

February 4, 2024 By cary

Insurance MythsCourtesy of iii.org

When purchasing an auto policy, it’s important to understand the factors that affect your policy costs and coverage. Unfortunately, there’s a lot of bad information that passes for “common wisdom”—here, we separate myth from facts about car insurance.


Myth 1 – Color determines the price of auto insurance

It doesn’t matter whether your car is “Arrest Me Red” or “Hide In Plain Sight White”—the color doesn’t actually factor into your auto insurance costs. The price of your auto policy is based on many factors, such as car make, model, body type, engine size and the age of the vehicle, as well as the car’s sticker price, the cost to repair it, its overall safety record and the likelihood of theft. Insurers also take into account the age, driving record and sometimes the credit history of the driver.

Myth 2 – It costs more to insure your car when you get older

Quite the opposite, in fact—older drivers may be eligible for special discounts. For example, those over 55 years of age can get a reduction in their auto insurance premium if they successfully complete an accident prevention course (available through local and state agencies as well as through the AAA and AARP). Retirees or those who aren’t employed full time—and therefore, who are driving less—may also be eligible for a car insurance discount. Older driver programs and discounts vary by state and insurance carrier and driver age, so if you think you may qualify, check with your insurance professional.

Myth 3 – Your credit has no effect on your insurance rate

Your credit-based insurance score—which is derived from your credit history—may matter. A good credit score demonstrates how well you manage your financial affairs and has been shown to be a good predictor of whether someone is more likely to file an insurance claim so many insurance companies take it into consideration when you want to purchase, change or renew your auto insurance coverage. People with good credit—and, therefore good insurance scores—often end up paying less for insurance.

Myth 4 – Your insurance will cover you if your car is stolen, vandalized or damaged by falling tree limbs, hail, flood or fire

This is only true if you opt for comprehensive and collision coverage along with your standard policy. If a car is worth less than $1,000, or less than 10 times the insurance premium, purchasing these coverages may not be cost effective—but you do need to have collision and comprehensive insurance to fully protect your vehicle from all types of damage.

Myth 5 – You only need the minimum amount of auto liability insurance required by law

Almost every state requires you to buy a minimum amount of auto liability coverage but buying only the minimum amount of liability means you are likely to pay more out-of-pocket for losses incurred after an accident—and those costs may be steep. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident. If you have substantial personal financial assets to protect in the event of a lawsuit, you may even want to consider an umbrella liability policy.

Myth 6 – If another person drives your car, in the event of accident, his or her auto insurance will cover the damages

In most states, the auto insurance policy covering the vehicle is considered the primary insurance. This means that the car owner’s insurance company must pay for damages caused by an accident, regardless of who is driving. Policies and laws differ by state, so make sure you understand the rules before allowing another person to drive your car.

Myth 7 – Soldiers pay more for insurance than civilians

If you are in the military—regardless of which branch—you actually qualify for a discount on auto insurance. You’ll need to supply documentation that lists your name, rank and the time that you will be enlisted in the service (in some situations, you might be able to have your commanding officer make a phone call on your behalf). Shop around—some auto insurance companies provide discounts for former members of the military, as well as their families.

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Myth 8 – Personal auto insurance also covers business use of your car

If you are self-employed and use your vehicle for business purposes, personal auto insurance may not protect you so it’s important to purchase business vehicle insurance. If you have other people—such as employees—using your vehicle, regularly check their driving records.

 

 

Filed Under: Insurance, Insurance News

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The Griffin Insurance Agency
2139 NE 2nd Street
Ocala, FL 34470

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Fax: (352) 732-9705
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