Back-to-School Insurance Tips for a Worry-Free Semester

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back-to-school in chalk on a chalkboard

 

 

 

 

 

It’s that time of year again when the back-to-school rush fills the air with excitement and a touch of trepidation. Whether your child is heading off to elementary, middle, high school, or even college, it’s crucial to take a moment to review your insurance policies. This proactive step will not only give you peace of mind but also help safeguard your family’s financial well-being. At Steele Group Insurance Agency, Inc., we understand the importance of proper insurance coverage. Here are some valuable insurance tips to make your back-to-school season as smooth as possible.

Homeowners Insurance

If your student is moving into a college dorm room, you’ll be pleased to know that your homeowners’ policy will likely cover their personal property in case of loss. However, there are a few things to keep in mind. Ask your child to notify you if they purchase any high-value items, like a new computer, and ensure they keep the receipts. It’s also a good idea to check with your insurance agent or company to confirm that these items are adequately covered.

For students living off-campus, renters’ insurance is a wise consideration. This coverage not only protects their personal belongings but also provides liability coverage in case of injuries on the property. Renters insurance premiums are typically reasonable, with costs varying depending on factors such as location, rental unit size, and the value of possessions. Encourage your child to create a home inventory list; this will significantly expedite the claims process in case of any unfortunate events.

Auto Insurance

In Oregon, it’s mandatory for every vehicle on the road to have auto liability coverage. Auto liability insurance covers property damage and bodily injury to others if you’re found responsible for an accident, up to the policy’s limits. When it comes to auto insurance for college students, consider the following:

  • If the vehicle is in your student’s name, they should have their own auto insurance policy.
  • If your college student is driving a vehicle registered in your name, they can likely remain on your policy and be listed as a driver.
  • Notify your insurance agent or company of the vehicle’s storage location if it differs from what’s listed on your policy.

Health Insurance

Health insurance is another crucial consideration for college students. Here’s what you need to know:

  • If your children are currently covered under your health insurance plan, they will continue to be covered while at school. Most insurance plans offering dependent coverage extend this benefit until the dependent turns 26.
  • If you have a health maintenance organization (HMO) plan, your child might need to return to your home area for routine care, with emergency care only available while at school.
  • Many colleges and universities offer their own student health insurance plans. These plans vary in terms of premiums and features. To explore your options, contact your student’s school health center.

In conclusion, a little preparation in terms of insurance can go a long way in ensuring your child’s back-to-school experience is worry-free. At Steele Group Insurance Agency, Inc., we are committed to helping you find the appropriate coverage at the price you want. With these insurance tips in mind, you can confidently send your child off to school, knowing that you’ve taken steps to protect what matters most.

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Renters Insurance Benefits!

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apartment building to show where renters insurance would be applicable

Renters insurance is a type of insurance that covers your personal belongings and provides liability coverage if someone is injured in your rental unit. It can also help with temporary living expenses if your rental unit is damaged and you need to temporarily live elsewhere. It’s often inexpensive and may be required by your landlord as a condition of your rental agreement. In this article, we will discuss the benefits and why it is a good idea to have a policy.

Renters Insurance Covers Your Personal Belongings

Renters insurance is a type of insurance that covers your personal belongings if they are damaged or stolen. This can include items like furniture, electronics, clothing, and other household items. If you have a renters insurance policy, you can file a claim to help replace your damaged or stolen belongings. This can save you a significant amount of money and help you recover from a loss more quickly.

Renters Insurance Provides Liability Coverage

It not only covers your personal belongings, but it also provides liability coverage. This means that if someone is injured in your rental unit, your renters insurance can help cover the costs of medical bills and legal expenses. For example, if a guest trips and falls in your apartment and needs medical attention, your renters insurance can help pay for their medical bills. This can provide peace of mind and protect you from financial responsibility in the event of an accident.

It Can Help with Temporary Living Expenses

In the event that your rental unit is damaged and you need to temporarily live elsewhere, your renters insurance can help cover the costs of a hotel or other temporary accommodations. This can be especially helpful if you need to evacuate your rental unit due to a natural disaster, such as a fire or flood. Your policy can help pay for a hotel stay or other temporary housing while your rental unit is being repaired. This can provide financial assistance and help you get back on your feet more quickly.

Renters Insurance Is Often Inexpensive

One of the benefits of renters insurance is that it is typically less expensive than other types of insurance, such as homeowner’s insurance. This means that you can get coverage for your personal belongings and liability risks at a relatively low cost. The exact cost of your renters insurance policy will depend on a number of factors, such as the value of your belongings and the amount of liability coverage you need. However, in general, renters insurance is an affordable option for protecting yourself and your belongings.

It May Be Required by Your Landlord

In some cases, landlords may require tenants to have renters insurance as a condition of the rental agreement. This can help protect both the landlord and the tenant in case of an accident or loss. For example, if a fire damages your rental unit and you don’t have insurance you may be responsible for covering the costs of repairs and replacing your belongings. Having a renters insurance policy can help ensure that you are covered in case of an unexpected loss and can help protect your landlord’s property as well.

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Summer Vehicle Adventures

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For All Adventurous Types

Sunny days should be for adventures, specifically those that involve vehicles and wind in your hair.

Whether you’re out on your motorcycle road trip, enjoying the dunes with your ATV, trying tricks on your Dirt Bike, feeling the sunny breeze on your Scooter, or enjoying a game on your Golf Cart we can cover your ride and your gear, allowing you to keep your mind on your adventure.

The list goes on for what we can cover: Street motorcycles, dual and off-road, scooters and mopeds, homemade or kit bikes, Segway, trike and trike conversions, limited production cruisers, ATVs, UTVs, side-by-sides and golf carts, even snowmobiles for later seasons.

You’d be hard-pressed to find a type of adventurous vehicle that we can’t cover. We work with a wide variety of third-party vendors to ensure maximum coverage at an affordable price.

What’s an Adventure without the Gear?

Safety Apparel or commonly referred to as just gear can include coverage for things like helmets, boots, gloves, leathers, and other protective apparel, up to $1,000 per rider. More expensive custom helmets or gloves can be covered under Custom Parts & Equipment for values beyond $1,000.

Check out this cool guy. I bet he has insurance.

That gear is purchased to make you look more awesome but also to provide superior protection. You pay to protect your body so it makes sense to protect your gear and finances as well.

But sometimes your customization doesn’t stop at your gear, and neither should the insurance! It can translate right into your vehicles custom parts. Not only that but let’s say you have a sweet Harley, OEM (original equipment manufacturer) parts are also covered.

The equipment coverage falls under the ‘Extra Coverage’ sometimes included in the base policy of your vehicle. If you have spent your sweat and money into more expensive parts, you can up to $20,000 of coverage per vehicle for an additional premium.

With more money put into your customization, it makes sense to get it covered for those thrill-ride, adrenaline pumping adventures.

The Easiest Adventure

Your insurance adventure should be the easiest one yet and the Steele Group Insurance Agency aims to do so. Save the sweaty-palms and adrenaline rushes for the adventures on or off the road. However, we will still leave you feeling accomplished and worthwhile.

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Mudflow/Muslide Coverage

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Montecito, CA

The most recent mudslide in Montecito destroyed many homes and has killed at least 15 people with some still missing. Those fortunate enough to have come out unscathed are left without homes and the treasured personal property within them. In light of this event, we dive into our area of expertise on the matter and explain the insurance coverages on mudflow.

How are those homes and personal property covered?

Landslides and mudslides are primarily earth movement. With a mudflow, the primary ingredient is water which then picks up the soil and turns into mud. So, flood insurance will typically cover parts of a mudslide related loss.

Many homeowners in the Montecito area did not purchase a flood policy as they did not feel they were in a flood-hazard area, nor was it likely they were even offered it. But what many people fail to understand is that a flood policy covers mudflow and more.

From Fire to… Mudslide?

California’s wildfires cleared nearly 300,000 acres of land and over 1,000 structures last month from the Thomas fire alone. That left the ground bare of much vegetation. So, when just over 5 inches of rain fell on the burned area, the conditions were all too ripe for mudflow.

infographic how wildfires trigger mudslides courtesy BBC

Mudflow

Yet another natural disaster that has devastated the U.S. in the past several months – can happen without warning and can be deadly. Rain and mud quickly accumulate, causing muddy rivers to form as debris tear through communities vulnerable to nearby land that has been charred. This is what happened in a Montecito neighborhood and swaths of Ventura and Santa Barbara counties, resulting in a mandatory evacuation for thousands. (LA Times)

According to the U.S. Geological Survey, wildland fires are inevitable in the western United States, where human development has crept into once-forested areas. After a fire, mudflow can then happen quickly without warning and further destroy vegetation, block drainage, damage buildings and endanger humans.

With the heavy rainfall bringing mudflow, stay alert and pay attention to your surroundings. Listen for unusual sounds that might indicate moving debris, such as trees cracking or boulders knocking together. And as with all natural disasters follow your local official’s directions for safety.

Contact Us

Call us @ 541.687.2600 for information on flood policies, home, auto, business and more.

 

Employment Practices Liability Insurance (EPLI)

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EPLI

Employment practices liability insurance (EPLI) is another form of business insurance that’s increasingly important as your business and its employees grow, change, and develop. EPLI protects a business, its owners or officers, employees and managers against claims or lawsuits including discrimination, wrongful termination, sexual harassment, failure to promote and other employment related allegations.

With today’s business environment and industry being intertwined with technology it’s easy to imagine that these new technologies put in place may inadvertently expose employee benefit enrollment or personal employee information publicly; EPLI protects against such scenarios. Other scenarios might come to mind in light of recent high-profile scandals of sexual harassment claims and lawsuits.

Examples

Where EPLI comes into place: Two co-workers discuss and brainstorm using a whiteboard.
  • Harassment Claim – a female employee working for a construction company alleged that her male co-workers sexually harassed her by making derogatory comments about women in her presence. After complaining to her supervisors, the harassment increased. This resulted in $20,000 in compensatory damages and $80,000 in punitive damages awarded to the victim.
  • Age Discrimination – An age discrimination lawsuit was brought by a highly paid 62 year old sales representative who was employed by the insured. he was terminated for not meeting his sales quotas. Despite layoffs and cutbacks at the company,  there was no documentation that showed the plaintiff was a poor performer. A settlement of $540,000 was reached.
  • Racial Discrimination – A group of Indian descent applicants sued a private retail store for ethnic and racial discrimination after learning they had been denied employment strictly based on their race and ethnic background. The Defense Cost and settlement was over $200,000.
  • Sexual Harassment Lawsuit – A male employee claimed that he had been being stalked and harassed by a female executive, culminating with the executive pinning him against a wall and kissing him at a company retreat. The defense and settlement of the case exceeded $400,000.
  • Retaliation Lawsuit – The Executive Assistant to the Chief Financial Officer was terminated for divulging confidential information to staff regarding impeding company layoffs. A suit was brought by the assistant for retaliation and sexual harassment as she claimed the CFO always made suggestive comments and improperly touched her. Defending the CFO cost over $150,000.

Did You Know?

  • Over 40% of EPL claims are against firms with fewer than 100 employees.
  • The average cost of defense for employment litigation is $150,000 to $250,000.
  • 47% of plaintiff verdicts are between $100,000 and $500,000.
  • The Equal Employment Opportunity Commission (EEOC) recorded nearly 100,000 charges in 2013.
  • Discrimination and/or harassment coverage applicable to customers and other 3rd parties may be available.

Contact Us

At Steele Group Insurance Agency we offer EPLI coverage for your business as well as any other coverage you’d need for your business. Check out our Commercial Insurance offers and our Employment Practices Liability Insurance to see what else we can do for you.

Better yet, Contact Us!  541.687.2600

It only takes a few minutes to review your current coverages and the premium you can save. We partner with the leading carriers which enable us to obtain a variety of prices and insurance rates to find the best combination of coverage for you. Once your coverage is in place, our job really begins; we work as your advocate, providing ongoing advice, guidance and support.

Flood Insurance

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When it rains, it pours. And when it pours, rivers and creeks tend to flood. Water can be a very powerful force when it becomes abundant enough, and flood damage can be very costly if you need to make repairs to your home. Unfortunately, many property owners are unaware that flood protection is not included in homeowner’s insurance and must be purchased separately as a flood insurance policy.

Flooded City Street

A city street is flooded. Rescuers in a kayak attempt to reach survivors in an apartment complex.

National Flood Insurance Program Statistics

  • Floods are the #1 natural disaster in the U.S.
  • The average flood insurance claim in recent years is $35,000.
  • From 2002 to 2011, total flood insurance claims in the U.S. averaged nearly $3 billion annually.
  • New Jersey is the top state in the U.S. for flood insurance claims. More than $628 million of claims payments were paid in the state in 2011 alone.
  • People who live outside high-risk flood areas file more than 20% of NFIP claims and get more than 33% of disaster relief funds.

What Kind of Flood Insurance Do I Need?

There are several kinds of flood insurance coverage you can purchase:

  • Standard Flood Insurance Policy – Dwelling – The most common form of coverage, used to insure up to 4 family residential buildings and single-family dwelling units in a condo/townhouse building
  • For standard dwelling coverage, you have two options:
  • Building property coverage – up to $250,000
  • Personal property coverage – up to $100,000

You can opt to purchase just one of these, or both – but the NFIP strongly recommends homeowners purchase both coverage options. It’s a good idea to speak with your lender, as a mortgage company can also require you to carry a certain amount and type of flood coverage.

These two combined coverage types will cover most things in your home, with some exceptions. For example, you will not be reimbursed for damage to most cars and ATVs, any belongings outside of the building (including landscaping, septic systems, patios, hot tubs, and swimming pools), currency, precious metals, or stock certificates.

If you have a multi-story home, the coverage could be more complicated depending on your location in a flood zone and the age of your home. Basements, crawlspaces, and walkout basements have limited coverage, no matter the age or type of home you have. If your home has any of these items, make sure to ask your insurance agent about how your items can be protected from flood damage. For example, even if you carry both building property and personal property coverage, you may not have any insurance protection for the following items in your basement:

  • Personal items, like clothes, electronics and furniture
  • Non-drywall walls or ceilings
  • Carpeting
  • Paneling
  • Bookcases and built-in units
  • Window treatments

A flood policy won’t ever pay out any more than the exact amount of the policy (i.e. never more than $250,000 for structural damage). You can choose to buy building property flood insurance that’s either at replacement cost value (RCV) or actual cash value (ACV). You can only buy personal property flood insurance at ACV coverage amounts. These two types of reimbursement generally break down this way:

Replacement cost value: The cost to replace items that are damaged, without considering depreciation over time

Actual cash value: The cost to replace items at the time of the loss, considering depreciation

Flood insurance is complicated. It’s highly recommended that you speak to a professional agent who can help you get the coverage you need and fully understand your options.

What Events Does Flood Insurance Cover?

Flood policies cover physical damage to structures affected by flooding from heavy snowmelt, runoff following heavy rainfall, and so on. Your flood insurance policy will also cover any damage caused from erosion due to currents or uncommon water cycles (for example, if your home is built along a shore that collapses due to waves, currents or rising water).

Damage caused by mudflows or mudslides can be covered, but the policy may have very specific definitions for a covered mudslide event. It’s important to read your insurance documents if you are in a high-risk mudslide area.

How Much Does Flood Coverage Cost?

Premiums for flood insurance coverage vary greatly from state to state and area to area, and depend on a variety of factors including flood risk and the value of the home being insured. Flood insurance can be as low as $140 per year, for a renewable one-year policy.

Do I Need Flood Insurance?

Flooding occurs in all 50 states and is not covered in home or renter’s policies. But does that mean everyone should have flood insurance? The choice comes down to your level of risk. Unfortunately, that can be difficult to determine.

According to FEMA, most people are likely to need flood insurance at some point. FEMA has flood plain maps for every area in the country, and it lists areas as 10-year, 30-year, 50-year or 100-year floodplains based on elevation, slope of the land, soil, proximity to water sources and other factors.

What Is the National Flood Insurance Program (NFIP)?

The NFIP was instituted by Congress in 1968 to provide flood insurance policies to homeowners, business owners and renters in communities that participate in the program. The flood program, which is administered by FEMA, works with more than 90 private insurance carriers to provide flood insurance to cover damages that result from flash floods, hurricanes, winter storms or heavy rains.

 

Contact Us today to get a quote on Flood Insurance for you home or commercial building!

Is Renters Insurance Necessary in Eugene?

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There are many reasons people choose to rent rather than buy a home. Whether you are a college student, you are saving up for a down payment on a house, or you simply like the flexibility of apartment living, it is a good idea to become familiar with renters insurance and how it can protect you. If you’re considering purchasing a renters insurance policy in Eugene, Oregon, you may have some questions. Do you really need this coverage? Is it worth it? How can you get the best deal?

What Is Renters Insurance?

Renters insurance provides low cost coverage for your personal belongings, so you can recover from loss, damage or theft. It also covers your personal liability. Your landlord’s policy covers the building and grounds, but will not reimburse you for the costs of your personal items in the event of a loss, or cover the costs of injuries or damage that happen inside your living space.

Landlords insure their rental properties with homeowners or landlords insurance. These policies provide coverage for the structure of the building, any personal property the landlord owns (such as appliances and carpeting) and liability for injuries due to the property owner’s negligence in upkeep or safety of the property.

But in the event that your personal belongings and valuables are destroyed in a building fire or stolen by a thief or lost while traveling, you need to have a renters insurance policy in place to cover your losses. If you do not have such a policy, you will need to recover from your loss out of pocket.

Should I Buy Renters Insurance?

Renters insurance is not mandatory in any state, so Oregon renters are not obligated to purchase it across the board. In some cases, however, landlords will require their tenants to buy renters insurance, and they are perfectly within their rights to do so.

You are most likely to be required to carry renters insurance if you live in an apartment building or other type of multi-unit rental. The main reason for this requirement has to do with liability coverage for the leasing company and the other tenants. If you should accidently start a fire, your landlord and other affected tenants can receive reimbursements through your policy.

Whether or not you are required to carry this insurance, choosing to purchase a renters insurance policy is a wise decision that will protect you from devastating loss.

What if I Don’t Own Anything Worth Insuring?

Many people who rent rooms in Eugene homes feel that renters insurance is an unnecessary expense. While you may not have a lot of expensive belongings, if you take the time to write down an inventory and an estimated value of everything you own, you may be surprised. Be sure you list everything including all your furniture, clothes, dishes, electronics, jewelry, bicycle, gym bag, and even cosmetics. Now think about how much it would cost to start with nothing and replace everything you own. That is exactly what you would have to do if a fire or natural disaster caused you to lose everything.

Now look at your most valuable items. What if they were stolen? Could you afford to replace them? The average renter owns $20,000 worth of personal belongings. Statistically speaking, apartment residents report burglaries more frequently than people living in houses. Renters insurance allows you to be prepared so that you will not be faced with undue financial burdens in their wake.

What Does Renters Insurance Cover?

A renters insurance policy through an insurance agency like Steele Group Insurance covers your personal belongings or “contents” against damage and loss. This includes loss from theft, fire, and even smoke, which can be quite destructive. Your contents insurance may provide actual-value reimbursement for your items, or, for a slightly higher premium, may cover your full replacement cost. If most of your possessions are older or worn, the more expensive policy is ideal as you will be able to purchase new items to replace everything you lost.

Your rental-home or apartment insurance will typically cover the cost of temporary housing if your home should be uninhabitable for a period of time following a incident. It is important not to assume that your landlord will cover this cost for you, as that will depend upon the cause of the fire and the landlord’s specific coverage.

Another coverage that renters insurance provides is in the event that your automobile is broken into and your personal items are stolen out of the auto, your renters insurance is how your personal items are covered. Especially in an area like Lane County, where theft from a vehicle is one of the most common crimes, this coverage can be particularly helpful.

Another coverage that renters insurance provides is while you are traveling and your luggage is lost or stolen from a hotel, your renters insurance is how your personal property is covered.

Finally, your policy will provide liability insurance should you be held responsible for an injury to a visitor in your home. This coverage can be quite beneficial as medical bills can add up quickly. Even something as minor as a trip to the hospital for stitches can cost more than a full year of renters insurance coverage.

Is Renters Insurance Expensive?

In 2010, U.S. tenants spent an average of $185 per year for their renters insurance policies. At only $15 a month, this is not an unmanageable expense; most people spend more than that on pizza each month. If you are fortunate enough to never have to file a claim, the money will have still been well-spent for the peace of mind it can provide.

Contact Steele Group Insurance today to get a quote on renters insurance for your home or apartment rental.