SCOTT COUNTY, Ky. (LEX18) — As costs continue going up and people are feeling the weight of inflation – in their pockets. One thing many people may not have considered is the rising cost of home and auto insurance.
Kris Castle, owner of Castle Insurance in Georgetown, has been an insurance provider for six years. She says she’s served hundreds of clients. As prices continue to rise insurance rates have been no exception.
Castle says, “What I think a lot of people don’t understand is that there are other factors at work as well. And inflation really does impact your insurance rates.”
One Castle Insurance client, Aaron Rajchel, says he and his family have felt the weight of inflation. He’s noticed an increase in property taxes.
“So if insurance goes up too that’s going to continue to push up our insurance price, continues to push up home prices, and then obviously affect things like our auto insurance as well,” says Rajchel.
Castle says the market has been soft over the past few years. Now, this insurance agent admits this is the biggest over-arching increase she’s seen.
“In a lot of homeowners insurance policies I’ve seen double-digit increases on premiums from last year, of course, the horrible weather that we’ve had, the last 12-18 months here in Kentucky. With the tornadoes, all the ice storms, the flooding — that has definitely affected insurance rates as well,” explains Castle.
Castle Insurance agency suggests looking over your policies as soon as possible. They say that many people don’t realize that you don’t have to be up for renewal before you make changes.
“Look at your auto insurance policy and your homeowner’s policy. Make sure you know what you have,” says Castle.
Castle explains some of the best ways to save money are, again, not waiting for your policy to renew, before you review it. Consider increasing your deductible — to save on your homeowners’ policy. Keeping your home and vehicle maintained — to avoid opening yourself up to unnecessary claims and checking your policy for added benefits.
Castle suggests, “Have a conversation with your local insurance agent, ask them questions and make sure that you’re protected properly. Make sure that you’re getting all the discounts that you deserve in your policy as well and have that consultation and make sure you have the education to make wise decisions about your insurance.”
Windshield Repair Insurance: What You Need to Know before Buying
Windshield repair insurance is a great way to protect your car, but how do you know if or when to file a claim?
There are many types of windshield repair insurance endorsements. The most common type is called “claims-made” coverage, which means that it covers repairs only if they happen while the policy is in effect. Another type of coverage is called “continuous” coverage, which means that you can get repairs at any time, even if the policy has expired. Claims-made is by far the most written type of policy in most insurance agencies in our area.
Windshield Replacement – Important Things You Should Know
Windshield replacement on your policy is a good way to cover these costs in the event that your windshield is damaged or broken.
The cost of a windshield replacement varies depending on the type of glass, the size and shape of the windshield and the damage. Since there is so much technology in our vehicles these days, many times you’ll have to calibrate or replace sensors in the glass too.
Windshield Replacement – The MOST Important Thing You Should Know
In Kentucky, there is no deductible (out-of-pocket expense) for a glass or windshield claim. However, keep in mind that a claim filed on your insurance policy is still viewed by your insurance company as a claim. It can affect your claims history, which of course can affect your rates. It can also make you ineligible for a new policy with a new insurance company.
For example, here is a real claims history for a quote that I was working on a few weeks ago.
Glass 05/23/2021
Glass 12/08/2020
Glass 06/08/2020
Glass 09/30/2019
Glass 12/03/2018
Because they had 5 glass claims in less than 4 years, I couldn’t help them with a good policy with great rates. They had too many claims, even though there weren’t any collisions or accidents.
I would recommend you find out how much a new piece of glass will cost before you file a claim for replacement and be sure that it’s a claim that is worth filing with your insurance company. Sometimes a chip repair will work and that is a pretty inexpensive repair.
Your insurance agent can walk you through setting up a claim and making sure your vehicle is road-ready again.
If you’re looking for ways to tighten your monthly budget, there’s an unexpected place you can look: Your garage.
No, we’re not telling you to sell your car (although that’s certainly an option). Rather, it’s time to take a closer look at the way you drive and take care of your vehicle. As gas prices climb, both of these habits can make a bigger impact on your wallet than you think.
And if you’re looking for car insurance that is affordable, we can help with that, too.
WHAT IS GAS MILEAGE?
Gas mileage (also known as miles per gallon or MPG) is measured by calculating the number of miles that a vehicle can travel using a single gallon of fuel. Fuel economy is another term that’s commonly used. It’s often referred to in relation to improving fuel efficiency — which means using less gas when you drive.
HOW CAN I FIGURE OUT MY VEHICLE’S MPG?
Since 1977, auto manufacturers have been required to publish some form of miles per gallon metric on new car labels. For modern vehicles, this includes ratings for city, highway and combined MPG values.
In general, vehicles tout better gas mileage during highway driving rather than city (i.e. stop and start) driving. But the combined MPG rating, which represents 55% city driving and 45% highway driving, provides a quick and easy way to compare the fuel efficiency of gasoline vehicles — which is especially helpful if you’re shopping for a new car. You can find these values for your current vehicle through a quick internet search.
If you want to measure the real-world gas mileage of your car, it’s easier than you might think. Follow the steps below from the U.S. Department of Energy’s Office of Energy Efficiency & Renewable Energy:
Step 1: Top off your tank. Fill your tank all the way up, then record the current mileage from your odometer (or set your odometer’s trip meter).
Step 2 : Run it out, then record your numbers again. Once it’s time to fill up again, record the new odometer reading as well as the number of gallons it took to refuel.
Step 3: Subtract your readings. If you used the trip meter, you can skip this step. If not, put those elementary math skills to use and subtract your first odometer reading from your second to see how many miles you traveled on one tank.
Step 4: Do a little division to determine your MPG. Take your figure from step three and divide the number of miles you drove by the number of gallons it took to fill your tank. Your final number is your MPG for that driving period.
WHAT’S CONSIDERED “GOOD” GAS MILEAGE?
Getting good gas mileage means that you can travel further using less gas.
As a general guide, the U.S. Environmental Protection Agency has designed a fuel economy rating that evaluates vehicles on a scale of 1 (worst) to 10 (best). These numbers can also be found on new car labels. For the 2020 model year, vehicles earning a 1 rating return an MPG of 14 or less, while a score of 10 requires 44 or more MPG.
But there are a lot of other variables that factor into this ‒ from the type of vehicle you drive to the way you drive it. And all of these can add up when it comes to how much you end up spending on gas.
WHAT CAUSES POOR GAS MILEAGE?
Regardless of what kind of vehicle you drive, all of these factors can negatively impact gas mileage:
Speed: The faster you drive, the more fuel your vehicle burns up. This includes how fast you accelerate, too.
Idling: Keeping your car on for it to warm up or cool down, queuing up at a drive-thru or waiting to pick your kid up from soccer practice can all decrease your vehicle’s fuel economy.
Aerodynamic drag and excess weight: Driving too fast or traveling with a rooftop cargo carrier? These can increase wind resistance, which causes your vehicle to use more gas. And towing any kind of trailer or hauling too much in your trunk, bed or back seat also requires more fuel.
Poor maintenance: From underinflated tires to an unattended engine issue, failure to consistently “tune up” your vehicle can cost you a lot more at the pump. It also can create potential safety risks.
Quick trips: A quick run to the supermarket on Monday. Stopping by the bank on Wednesday. While it may be convenient to run these errands one at a time, it can wreak havoc on your fuel economy. Quick, short trips like this from a “cold start” eat up fuel, because your engine needs to warm up before it can run efficiently.
HOW CAN I IMPROVE MY GAS MILEAGE?
The U.S. Department of Energy’s Office of Energy Efficiency & Renewable Energy and Consumer Reports offer several ways that you can improve your MPG:
Drive more efficiently.
Follow the speed limit, and drive sensibly ‒ not aggressively (e.g. quick accelerations, hard stops, etc.).
On the highway, don’t speed up and slow down (unless you need to for safety). Once you get up to speed, stay there. Use cruise control when possible.
Remove unnecessary extra weight, avoid idling and take the cargo box off the roof of your vehicle (unless you really need to use it) to help even more.
Keep your car in shape.
Make sure your engine is tuned, keep tires properly inflated and use the right grade of motor oil. Check out 9 Things You Should Never Do to Your Car for basic car-care tips.
Plan and combine trips.
Spend less time sitting in traffic by avoiding rush hour on daily commutes.
Run all your errands on one day rather than taking multiple short trips during the week.
If you have an especially long commute, ask your employer if you can work from home a day or two per week.
Opt for a more fuel-efficient vehicle.
If your budget allows it, consider purchasing a vehicle that touts better MPG than your current one. With fuel prices rising, you could save hundreds of dollars in fuel costs per year switching from a vehicle with 20 MPG to 30 MPG. Check out the fuel savings calculator on fueleconomy.gov.
Kids driving golf carts are a common sight on golf courses. Many parents and kids are not aware of the legal implications that come with this type of driving, not to mention the fact that it’s illegal for non-licensed drivers to operate a golf cart.
Some excuses I’ve heard for allowing kids to drive a golf cart:
It’s good practice for driving a car.
It’s just fun!
Golf carts don’t weigh much.
Golf carts don’t travel very fast.
They are driving on a cart path, not a street.
What would happen if your child was driving with a few friends as passengers and someone really gets hurt? Who would pay for the doctor and hospital bills? If there is a liability lawsuit, who is going to pay for those damages? Most families don’t have thousands and thousands of dollars sitting around to pay a judgement. I know I sure don’t!
What are some insurance coverages that you can purchase to help protect yourself?
Liability Protection
Golf cart liability insurance provides coverage for any injury or accident that may occur while using a golf cart. Liability insurance is often required by the club or course and it is important to purchase this insurance before using a golf cart.
Injuries and accidents happen all the time, so it is important to be prepared when they do happen. Liability insurance can help cover costs like medical bills, lost wages, punitive damages, and pain and suffering if someone gets hurt while driving your golf cart. Ask your agent about adding an endorsement for the cart, and transfer that risk from your personal pocketbook to your insurance company.
2. Theft Protection
What will happen if your golf cart is stolen? Would you have the funds available to replace it? If you have comprehensive coverage on your golf cart, you would able to file a claim to receive compensation if it is stolen.
3. Property Protection
If you include collision coverage, the insurance company helps pay for repairs to your own golf cart if you are in an accident. This coverage is very helpful for the more expensive golf carts out on the course.
The best way to prevent an accident with your non-driving age kids and your golf cart is to make sure they don’t drive the golf cart. Remove the keys and put them in a safe place that is inaccessible.
Golf carts can be fun, but the damage and injury that can be caused by inexperienced drivers is no laughing matter.
Has your roof sustained storm damage or just in need of a serious face-lift?
Having your roof repaired or replaced is the last thing you want to worry about when the weather is nice; however, neglecting to have repairs made can result in chronic, long-term issues to both the exterior and interior of your home. Cracked, brittle, curled or missing shingles can be the gateway for severe damage if not addressed.
We know the process of selecting a contractor to complete the repairs is not easy and requires some homework. We also believe most contractors are honest and reputable; unfortunately, some are not.
Here are some tips to keep in mind when having your roof repaired.
Contractor:
Work only with a licensed contractor who can show proof of insurance.
Request references from the contractor and check them out.
See if the contractor is rated by the BBB.
Be present when the contractor inspects the roof and ask questions.
Request a detailed estimate identifying the cost breakdown, when the work will be completed, guarantees, warranties and payment schedule.
Avoid contractors who solicit business door to door.
Make sure the type of roof covering is appropriate for your roof slope. Keep in mind that shingles are not appropriate for a flat roof.
Make sure the contractor inspects and addresses the flashing on th roof such as the valleys, roof vents, and chimneys.
Make sure the roof is ventilated properly. Heat that is trapped in an attic can cause condensation issues or decrease the life expectancy of your roof.
Review local building code(s) to ensure the proposed repair is in compliance, such as the type of sheathing and use of ice/water shield.
Avoid applying new shingles over a deteriorated roof.
Make sure the weather is appropriate when the repairs are made. Remember shingles will not seal properly in colder temperatures.
Just imagine that you have gotten some of the worst news you could possibly receive.
Your spouse/partner has been killed in a car accident. While dealing with all of the emotions and heartbreak of this news, you have to slog through this devastating circumstance and take care of yourself and your family in practical ways.
You will need to find the life insurance policy that was hopefully purchased to help continue to pay your bills. You will need make changes to bank accounts and other financial accounts. You will need to be able to access your auto insurance and home owner’s insurance policies and various legal documents.
Human beings prefer to deal with things they know about and have an affinity for, or have the education and learning to be successful. If you are like many couples, it seems one of you deals with the finances of your household and one of you wants nothing to do with all that! One of you loves it, or at least doesn’t mind dealing with these types of things, and one of you really hates it.
I would propose that you may want to rethink this in your relationship. Both people should be aware of all account passwords, login information, insurance policies (especially life insurance), your last will and other legal documents. Maybe you store this in a safe in your home or a safety deposit box at the bank. Many families utilize an password application that stores everything in one place electronically. Even if one of you makes most of the banking, investment, insurance, medical and other type of life decisions, both of you should know what is happening. Even if you have separate bank accounts, be sure you can access all accounts in the case of the death of the account holder.
I have dealt with insurance customers that have lost their spouse, and are completely clueless how to move forward with everything. They have no idea what is going on with their insurance, how to pay the bills, and even how to access sorely needed funds. It can be months and months of struggle, on top of dealing with the loss of their loved one.
A very stressful situation can be made SO MUCH EASIER if you will take a couple of minutes to have a discussion about your accounts and the access needed, just in case.
Imagine you’re driving down I-75, and all of a sudden, your tire blows!
What if you came out of the grocery store and your battery is dead?
Maybe you think it’s too cold to fill up your gas tank right now and choose to play a game to see if you can make it to your destination before you run out of gas? And….you lose and run out of gas.
If you have car trouble on the side of the road, you want fast and reliable service. Does it matter if you use your road service coverage on your insurance policy or is it worth your money to go ahead and AAA service?
Keep in mind, ANY TIME YOU USE YOUR INSURANCE POLICY, IT IS VIEWED BY THE INSURANCE CARRIER AS A CLAIM. Even if it’s only a $70 road service claim or a battery jump, it will show up on your auto insurance claim history. Now of course, it doesn’t affect your rates or insurance score in the same way that an at-fault accident will, but it will still be included in your claim history. An insurance carrier can use excessive road service claims as part of the reason to non-renew your policy.
If you have several vehicles, especially ones that aren’t in perfect shape, you may want to consider purchasing a road service/towing plan through AAA or another auto club service. Depending on the age and condition of your vehicle, you may not be able to purchase the coverage through your policy and will need AAA for this service anyway.
Many new vehicles have road service through the manufacturer/dealer as well, so that would be another way to get assistance if needed, without using your insurance policy.
Think of your insurance policy as a way to pay for expensive accidents, injuries, etc. and think about the smaller claims being handled a different way.
By: Check out our newest blog post by a guest blogger, Anson Thompson, Insurance Agent and Author Extraordinaire!
(EXCERPT)
I’ve had a few conversations with people asking about our Air B and B’ing of our home. We now spend two months in Colorado and one month in Indiana; our Indy home is vacant for eight months a year. We had talked about opening it up but thought it might be a hassle. So last year, at a Synergize event, I asked one of my fellow members if he had a person that managed Air B and B’s. He referred me to “Tom,” and we did a walkthrough of our property.
We went back and forth on the benefits, the downsides, but in June of this year, we officially listed it on multiple sites, and I thought I would share our experience thus far.
But first, let me share the story of my friend Phil who has a home in Colorado and for a few years offered up his residence on VRBO. When it was occupied, he and his wife would go camp, live their everyday life, and make some extra scratch on the side. They now have a baby, I don’t think they offer their home anymore, but one can list their residence online and make money using their asset.
I guess this little word soup is for people with multiple homes; if you own a couple of places, here’s your Wednesday morning idea. Rent your home when you are not using it! In April of this year, we began moving our “personal” items into our master closet; believe it or not, we don’t have a lot of personal things, most of our belongings are more communal. We’re not sentimental folks.
Before deciding to list your home and a house-sharing site, I strongly recommend you find a local manager. You do not want the calls in the middle of the night about the toilet not working or the door that won’t lock; it’s more than worth it to give a few points of your income to someone else to manage the space. Many individuals and companies now specialize in this operation; our company has 42 units in our area.
We began our listing in June of this year with no expectations; we list it for an average of $500.00 a night, although we have a much lower price for our friends and family program. The cost includes cleaning, maintenance, and anything that needs attention. Before listing, our provider had a photographer come in and shoot the essence of our space, giving the traveler a good idea of where they would be staying.
Our location is critical; we are within walking distance of downtown Indy; you can get to a pacers game, colts game, or concert with a nice walk or very short UBER ride; it’s also close to the convention center. We have three bedrooms, three and a half baths, a nice kitchen to prepare big family meals; it’s a lovely spot for a couple or large family to use when visiting Indianapolis.
We earn some nice income from the property; we have the money deposited into the new account we set up expressly for this operation. Our idea was to try this for a year and see if the income was worth it and how much damage our home would sustain.
Well, here we sit in almost November; our house has been rented multiple times, and we did spend most of the summer in Colorado. It was rented most of the summer.
We returned home in June; the key to our system is blocking the time we will be home which is easy; we tell our property manager what dates to block, and the house is not available when we are home. We arrived in September of this year after many folks had used our home, we didn’t know what to expect, but our house was cleaner than usual. It does not hurt to have a commercial cleaning team manage your home when away.
I think we will continue leasing our home on a short-term basis; we have learned that Indy is a convention town, there are many opportunities to provide a perfect space for those visiting, and many come for multiple nights. However, we do have a three-night minimum, and we set our price point so we would not have people that just want to have a party in our home.
We are happy with our decision; I thought it might be good to share if others think about this as an additional income stream. It makes owning a second or third home possible, and you can even add to your top-line income if your home is in a place that people like to frequent. Of course, if your home is not in an area that people frequent, you still might consider listing it; we travel across the country quarterly and have stayed in places like Colby, KS, and Russell KS, places one might not usually think about having travelers.
Well, that will do my little story about our Air B and B or VRBO experience; we are avid users of the service when traveling, so we do have a basis of understanding of the process. However, if you are new to the idea, pack your bags and do some experimental travel to see how others manage their homes; hell, if ever in Indy, use our home, you will not be disappointed, and we have many five star reviews to back up the quality, location, and positive experiences of our guests.
“The young writer should learn to spot them: words that at first glance seem freighted with delicious meaning, but that soon burst in the air, leaving nothing but a memory of bright sound.” — E.B. White
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By Anson Ross Thompson · Launched 8 months ago
Observations from a Cornfield Kid that now lives on Top of a Mountain
A big thank you to our guest blogger for this blog post, John Rice – The Lexpert Real Estate
The home inspection is the toughest part of a sale I think.
It can be hard to get past the condition, even a house that inspected pretty good, since your inspector gave you an entire book containing everything that is wrong with what is about to be the biggest purchase in your life.
What I try to tell my buyers is that no house is perfect. They are all in various stages of Mother Nature trying to destroy the home and reclaim the property. Everything has a life span and given enough time, everything on a house will need replaced or some maintenance.
I’ve probably been the Buyer’s agent on well over 400 inspections and gotten repairs lists for hundreds of listings I have had. Know what I have found? Most of the issues that turn up from a home inspection are either deferred maintenance or things that the inspector noted were done a little less than textbook perfection.
Here are some things that are on almost EVERY home inspection report:
Windows or door that need caulking, faucets that drip, loose outlets, cracks in sidewalks and driveways, downspouts that are not out far enough away from the house, air conditioner condensation lines that drain too close to the house. Minor plumbing issues are common. Minor electrical issues are common. Often the flashing on a roof needs some attention. Older houses tend to not have grounded outlets. Few houses have weepholes in brick to allow moisture behind the brick to escape. Few houses have flashing where a gutter ends at an exterior wall to prevent water from splashing on the side of the house………and the home inspector I recommend always seems to find loose toilets, lol!
I think the hardest thing for buyers is that they think they have picked a loser house when they have 20-30 of these common issues. It is easy to assume that the house you picked to purchase is the only one with these issues. That you can walk away from this one and the next house you buy will be perfect. I don’t know how successful I have been at convincing my buyers of this, but I normally tell them that 80-90% of the same issues found on their house will be found on any house. I have also joked that there needs to be a rule that the inspector has to inspect the Buyer’s old house first, and anything found at their old house can’t be asked to be repaired at their new house.
Since the topic of this is when to walk away, I guess I better get into that.
If you are a first time buyer or don’t have a lot of money, I guess you walk away if the the big ticket items don’t have much of their lifespan left. If you have a 22 year old roof and won’t have any money to replace it in the next few years, it might be best to walk away.
If you have a house with a problem such as a major structural issue that will impact your ability to sell the house to the next buyer when you move, might be good to skip that house.
When I bought my current home, I had it inspected. It had all the usual issues. I did the inspection type that is very common in this hot seller’s market: I could inspect it but wouldn’t ask for repairs. I would take it or leave it. I of course chose to take it because to be honest, I loved the property so much that there wasn’t anything that was going to deter me from living there. I had all the usual items.
Being a landlord, realtor and middle aged man who has owned lots of homes, there was nothing that scared me nor surprised me. It was just a “To-do” list that I prioritized and am getting it all sorted as I find time. Which brings me to something else I tell my buyers. If you will encounter pretty much the same items on any house, why not just stick with the sale of the one you fell in love with after looking at all the other houses you had to pick from?
This is especially true in today’s market where you have so few choices and odds are you will pay even more for the next house as prices go up while you wait for it to come on the market.”
We are so happy to be hosting the 3rd Annual Castle Insurance Cars and Caffeine for 2021!
OCTOBER 17, 12 PM -2 PM
210 BEVINS LN (LANDMARK CENTRE) GEORGETOWN
Please bring your favorite car and enter for a chance to win!
The judging categories will be:
Modern (1990+)
Classic (pre-1990)
Fan Favorite
If you want to enter your vehicle, you’ll receive an entry form to fill out and put under your wiper when you arrive. Staging for cars in the show starts at 10am. Show starts at 12pm. Awards at 2pm.
Those attending the car show can just scan the QR code on the form to vote. Easy peasy lemon squeezy!
ALL MAKES AND MODELS ARE WELCOME. Share this link with all your automotive enthusiasts.
If you are more of a “this is just my transportation and I don’t really think I’ll win an award for anything” type of car person, that’s ok! Bring your family and hang out with us – vote for your favorite car and FEED A HORSE!
Our friends next door at Ashton Grove Senior Living have a cute horse named Winston that will be hanging out at Castle Insurance from 12-2. And you thought horsepower meant the cars!
Plus, there will be a live DJ, a coffee truck, yummy food, bingo, a cake walk, a huge inflatable bounce house/obstacle course, hayrides, kid’s crafts, and tours of Ashton Grove. FREE FAMILY FUN FROM 12-4.
Plan to spend a Fall afternoon in Georgetown with Castle Insurance and Ashton Grove. We look forward to meeting you!
Feel free to call the office if you have any questions! 502-603-0397
Do you feel like you are inundated with ads from lots of big national insurance carriers?
The gecko, Flo, Mayhem and Jake are now common household names and have spawned lots of memes!
Millions of dollars are spent each year on these ad campaigns. Are you sucked in and purchase insurance online or with a phone call to a representative at a toll-free number?
This is an option of course, and millions of people buy their insurance policies this way.
Is there a better way?
Do you personally know who you will talk to when you are in an auto accident and need to get medical attention or a rental car?
Can you ask a real live person in your town and state a question or get help with your billing from someone that actually cares?
Shaking hands
In most cases, a good local insurance agent is more than just an insurance agent. Local agents are heavily involved in their communities. They support kid’s sports teams, sponsor all kinds of events, and give of their time and other resources to local non-profit organizations as well. You could say they have a vested interest in the health of those communities and families that reside in them.
Find an agent that will educate you about protecting your assets, your family and your business. Find someone that will work for you to find good rates and will spend time making sure they have written you insurance policies that you understand. Find an agent that you see out in the community making a difference.
If you don’t have that type of agent, give us a try!
Your home owner’s policy offers lots of coverages, right? There is coverage for the exterior/structure of the home and also for other structures on the property, such as a barn, shed, detached garage, etc.
You also have liability coverage in case someone is hurt on your property – your dog bites someone or someone slips and falls on an icy sidewalk.
And of course, you have coverage for your personal items inside your home. Imagine if you flipped your house upside down and all the stuff fell out – the clothes, furniture, electronics, jewelry and guns – those are personal articles that are covered.
So if your home was a total loss, maybe a big fire or a tornado, how does the insurance company figure out what you had inside?
Basically, if you have a 2,000 square foot, 3 bedroom home with an average value of $250,000, an adjuster is going to give you money for the normal and customary items and quality of what would be found in that home to refurbish your items inside the home.
What if you have unusual items that are difficult to just go out and easily value and purchase? How do you get those types of items replaced?
The VERY BEST WAY to be sure your unique items are replaced are to have a record of them on file with your insurance agent. Some items that come to mind are collections of any kind. Think guns, jewelry, art, watches. Since we are in Kentucky, think about your bourbon collection. If you have very rare and expensive bottles, be sure you have a detailed record of each one.
If you are a spreadsheet type of person, make a nice intricate spreadsheet showing all your prized possessions and email it to your insurance agent.
For the rest of us, a simple video will suffice. Take a moment and walk around your house to record what is there. If you need to open drawers or doors or safes to show the contents, please do so. Then email the video file to insurance agent, just in case.
Chances are you’ll never need this record, as a total loss is not common. However, if you DO need to replace these items, you’ll probably be in a very emotional and stressful state already, and you’ll be so glad you took a few minutes to record these items for ease of processing the claim and replacing those things.
Sometimes it feels like no matter what, your auto rates increase year over year. Or you feel like what you are paying is just too much. You may think the premiums you pay for your auto insurance are totally out of your control but there are a few things to keep in mind and try to keep more dollars in your bank account!
Credit – Believe it or not, a good credit score affects your insurance rates, just like it affects your interest rates. Insurance companies feel that if you pay your other bills on time you will pay your insurance bill on time too. Statistically speaking, people with higher credit scores tend to be more risk-adverse in life in general and in driving as well. Of course, this isn’t always the case, but there is enough data out there to support this theory.
Multi-Policy Discounts – Many of the big national carriers have utilized advertising campaigns in the past few years that speak to the fact you get a discount with an insurance company when you have more than one policy with them. It’s kind of a “buy more save more” situation. You probably know you want to bundle your home and auto policies, but having a personal liability umbrella, and life insurance can also save you more. If you own a business, many carriers will give you discounts on your commercial and personal policies when they are all with that carrier.
Deductibles – When you carry very low deductibles on your insurance, you are paying higher premiums for sure. The insurance companies assume that you are going to frequently file claims and charge you more, for this reason. We all know that more claims=more premiums, so think about increasing your deductible a bit and using your insurance policies for larger damage. So think about a higher deductible and pay for the smaller dings out of pocket.
Driving History – This is a no-brainer, right? If you get tickets, have accidents (even small ones), or don’t keep your driver’s license current, insurance carriers will DEFINITELY make sure you pay for those infractions. Most also want to see 3-5 years of driving history to be sure the driver has a history of safety. So slow down, be extra cautious, and keep your license up-to-date. Be sure you don’t drink and drive!
Your insurance agent should be able to advise you on ways to keep your premiums low, so make sure you work with someone who will act as an advisor and help you out.
Confident female
Erie Insurance offers a program for your auto insurance that allows you to lock in your rate. With ErieRatelock, as long as you keep the same drivers, vehicles and address on the policy, your rate is locked in. It’s a pretty helpful and unique feature, so let me know if you want more information and pricing! kris@castleinsuranceky.com
Summer has officially started here in Central Kentucky! Maybe you are looking at a sparkling pool in your backyard. Maybe there is a trampoline under a nice shade tree in your yard where all the neighborhood kids love to gather and jump. Maybe your fur baby dog isn’t much of an ice and snow type of pet and loves to play outdoors in the summer with friends at a backyard BBQ.
While all of these scenarios are what summer dreams are made of, have you ever thought of what the implications in your life could be if someone got hurt on your property having fun?
Did you know? (www.safekids.org)
Drowning is the leading cause of injury-related death among children between 1 and 4 years old.
It’s the third leading cause of unintentional injury-related death among children 19 and under.
Children under the age of 10 most often fatally drown in swimming pools
When faced with these types of statistics, you can see that being hyper-vigilant as a homeowner with a pool is imperative. A few easy ways to be safer and protect yourself and others from accidental drownings include:
HAVE A FENCE AROUND YOUR POOL WITH A LOCKING GATE. Most insurance companies require this but if not, take it upon yourself to just install the fence and gate.
Buy a sensor that stays in the pool and sounds an alert if a water disturbance (such as the splash of a child falling in) is detected. You can also buy individual wearable alarms that children can wear. The alarm goes off when it touches water.
If you have an above ground pool, move your ladder away from the pool when not in use.
If you’re having a pool party, tag team with other sober adults to be the “lifeguard” in charge of watching all the kids in 15-20 minute increments.
It’s not a stretch to imagine the injuries that can be sustained on a trampoline. Broken arms, broken legs, or more serious injuries like a head injury or broken neck are very real possibilities. If your own children are injured, of course you will get them the medical attention they need and your personal health insurance will pick up the bill. What happens if one of the neighborhood kids is injured? In all likelihood, their parents will want to file an injury, or liability claim against your homeowner’s insurance policy. What if there is a very serious injury sustained? Work with your agent to be sure you have enough coverage for a lawsuit situation. (think umbrella policy here)
In addition to injuries caused by jumping, you probably don’t realize your trampoline can also be a flying hazard in a severe storm with high winds and cause damage to other people or property.
What are some steps you can take to make your trampoline as safe as possible?
Be sure you have a safety net around your trampoline.
Frequently inspect all aspects of the hardware, netting, etc. to be sure there is no wear and tear or broken items that need to be replaced.
ALWAYS have adults supervising the jumping!
Be the mean neighbor and don’t allow anyone that doesn’t reside in your household on the trampoline.
Lastly, we have talked about dog bites and your home owner’s insurance before, but it bears repeating. According to Kids-n-K9s, most dog bites occur with a known dog, in a familiar place. Their website also shares these statistics:
Most dog bites affecting young children occur during everyday activities and while interacting with a familiar dog. (CDC)
The vast majority of biting dogs (77%) belong to the victim’s family or a friend. (CDC)
80% of dog bites happen at home (Kahn et al (2004) MIller and Howell (2007)
How can you keep everyone happy and healthy? If you have guests, keep your dog put away in a safe place where there is no interaction with others. When kids are running around and having fun, they are not paying attention to how their actions can affect your family pet. Many times kids misread the dog’s body language and the dog lashes out due to stress or overstimulation.
I truly hope you have a wonderful summer! Take the few extra minutes to provide a safe environment at your home and keep the fun in summer and the injuries at bay!
Let’s talk about guaranteed replacement cost on your home owner’s policy and what that really means to you. Your premiums are usually a little bit higher (although not always) but is that increase worth it?
Guaranteed Replacement Cost (GRC) for your home means that the insurance company will replace your item, such as a personal item inside your home like an expensive television with a comparable item. This coverage applies to the structure/exterior of your home as well. Let’s take a look at a couple of examples of each for better understanding.
For example, we know that due to the lightning speed of new technology, your t.v. depreciates quickly. So a t.v. you bought 2 years ago for $5,000 might only be worth half of that now. If you have guaranteed replacement coverage on your insurance policy, and you need to file a claim for a covered loss to have that t.v. replaced, they will provide you with a comparable item, with no depreciation.
Your policy can also have guaranteed replacement cost(GRC) regarding the structure of your home – how does that work? What does that mean?
Look at it this way – if you have a home worth $250,000 and it burns to the ground, what type of insurance coverage will you have? What if it costs $300,000 to rebuild? What if it costs $500,000 to rebuild? Are you covered?
For example, due to supply chain, Covid 19 and other factors, lumber is really expensive right now. Have you priced out any building materials lately? My husband went to Lowes today to purchase a couple 2x4s. They were $7.33 each! That is almost twice the price they were in the last year or so. They were about $1 in 2010. Incredible inflation on pricing!
Using that math, you can see how a $250,000 house can cost quite a bit more to rebuild! What if your insurance policy doesn’t have the GRC coverage we are talking about here? You may find yourself paying A WHOLE LOT MORE than your deductible in a big claim situation.
Talk with your insurance agent and make sure your home and belongings are covered properly. Make sure you understand what is covered and how it is covered. Have a conversation about it; don’t just go with the cheapest policy and cross your fingers! A few dollars spent now could save you thousands later.
There are so many really cool rides in the Central Kentucky area. You would be surprised at the variety! Exotics, classics, muscle cars, rare cars, trucks and other types of vehicles from all kinds of manufacturers. No matter what your favorite year, make, or model is, I bet you can find a car aficionado close by with that vehicle!
A little history – our first car event was in the springtime of 2019. We had coffee and donuts, and a prize drawing too! We held another one in the Fall of that year as well. The attendance has been growing with each new event. We started with about 40 vehicles and 60 humans.
Of course, we couldn’t host one the spring of 2020, but we decided to go ahead in the Fall of 2020 to host another one. It was Halloween to be exact. It was freezing, but we had hot coffee and delicious donuts to distract us from the temperatures, not to mention all the cool folks and cool cars that were there. We had custom and classic euros from Germany and England as well as high horsepower modern and old school muscle. Throw in some one off customs, motorcycles and slingshots, and you have a great diverse group of regional enthusiasts and aficionados.
It is so interesting to see such a plethora of people and machines in one place, just enjoying the company of those that share a common interest in vehicles, no matter what kind. Unlike many of the car shows that are going on in the Central Kentucky area, this is a laid back and chill event. You can really visit with the owners and find out more details about their unique builds.
Our next Cars and Caffeine gathering will be held at our office on April 24 at 9 a.m.
The office is located at 210 Bevins Lane in Georgetown. Bring your favorite vehicle and a friend hang out in the parking lot. There is plenty of room for social distancing! Maybe you’ll see one of your all time favorites or perhaps a new model to enjoy! Invite your car buddies and join us.
If you have questions, please send me an email or call the office at 502-603-0397.
by Alex Witkowski (Erie Insurance) on November 14, 2019
If you believe insuring an old car costs less than insuring a new car, you’re not alone. However, that’s not always the case when it comes to auto insurance.
Newer vehicles with safety features like back-up cameras and automatic braking do a better job of preventing accidents. However, it typically costs more to repair and replace a car with the latest technology. (See also: Can You Guess The Real Cost of a Fender Bender?)
If your car was made overseas and parts will have to be shipped to you if they need replaced, that can also drive up the cost of your insurance.
We spoke with Dave Freeman, vice president and regional underwriting officer at Erie Insurance, to find out how insuring old cars and new cars works.
Q: DOES INSURING A NEWER, SAFER VEHICLE COST LESS THAN INSURING OLD CARS THAT LACK EXTENSIVE SAFETY FEATURES?
A: There are a lot of variables that determine a driver’s insurance rates, and it’s impossible to pinpoint one specific factor. Essentially, a person’s driving history has a major impact on their insurance rates. The vehicle they drive may not impact their rate as much as you might think.
Q: SO, WHAT OTHER FACTORS REALLY IMPACT A DRIVER’S CAR INSURANCE RATES?
A: Auto insurance underwriters factor in vehicle usage, driving history and claim history. They may also consider an individual’s age, marital status and gender (although some states don’t allow insurance companies to use these factors.) Younger drivers typically have more expensive insurance rates because statistically they’re more likely to file a claim. (See also: What Determines the Price of My Auto Insurance?)
Q: JUST OUT OF CURIOSITY, WHO TYPICALLY HAS THE LOWEST RATES?
A: It’s typically middle-aged married people without children of driving age who have the lowest auto insurance rates.
Q: WHAT ARE SOME THINGS DRIVERS CAN DO TO KEEP THEIR RATES LOWER?
When shopping for new car insurance, don’t settle for the cheapest coverage. It probably excludes key coverages you might need down the line. Talking to an insurance professional like your local ERIE agent can help you get the right coverage.
THE VERDICT: SAFE DRIVING MATTERS MORE THAN THE CAR YOU DRIVE.
While the car you drive can influence your insurance rates, your driving habits affect it even more. By practicing safe driving habits, you will keep yourself and other drivers safe while also saving money.
Kevin’s Car
This story was originally published in 2014. It was updated with new information in 2019.
I’m sure you have seen all kinds of lists of tips and ideas to keep in mind when driving in the winter. Many of them seem to be common sense – Be sure your tires are in good shape, check the forecast, keep a blanket, water and other supplies in your trunk, etc. These are all great!
Here are a couple more ideas to think about BEFORE you get in your vehicle after wintry weather.
Check Google Maps and enable the traffic. This is the most current information.
Check government sites for extra information about your neighborhood, interstate conditions, and other local pertinent road conditions.
Step onto your driveway. Is it slick? If you can’t stay standing up, your vehicle will most likely slip and slide too. This is really important if your driveway is on an incline.
If your car has been outside, take the extra time to allow it to defrost completely.
Be sure your gas tank is full.
When in doubt stay home. Do you really need an extra gallon of milk?
Also, keep in mind, in Kentucky, it’s illegal to leave a vehicle unattended while running. This puts you at risk of theft. If you leave it unattended and running, you could be cited by the police or have your car stolen. Your insurance company may not respond to this type of theft in a way that you will like!
When discussing life insurance with my clients, lots of people tell me, “Kris, I have life insurance at work, so I am all set.”
While I am truly SUPER HAPPY that you have some life insurance, there are a couple of things to consider:
What happens when you no longer have that job? You may plan to retire from the company you are working for now, but I think 2020 has shown us that your exit may not be within your control! You may be laid off or terminated through no fault of your own.
What if you are injured in a car accident and can no longer perform your normal job duties? It would be nice if your company would still provide life insurance just because you were a great employee, but we know that isn’t going to happen.
Let’s say you make it to retirement age at your company. What happens to your life insurance policy at age 65? Bye-bye. Now you are scrambling for insurance when you are older and less healthy, and have a fixed income. How are you going to afford a life insurance policy at this stage of the game?
How can you be sure you provide for your family if you aren’t here?
Buy a life insurance policy that isn’t tied to your employment. I advise clients to buy a policy that is their own, with no employment strings attached. Keep the one at work as your extra “icing on the cake” policy. That way, when/if you are no longer employed, you still have something in place.
Have a combo of term/permanent insurance. This can be a very affordable way to have lots of life insurance during the stages of your life when you have lots of bills – a mortgage, car payments, college tuition, etc. Then taper off to one last policy that will help your family pay for your final expenses – a traditional funeral, or maybe a big send-off party! It’s up to you.
There are lots of great options you can check out. Some don’t even require a medical exam! You can’t get much more convenient than that.
Click on the “get a life insurance quote” button on the life insurance tab, and let’s make sure we get your family income protected!
For more information here are some additional sources you can check out.
