Author: ammteama

Storm Damage and Homeowners Insurance: Protecting Your Home Against Nature’s Wrath

Posted on by ammteama

When the fury of Mother Nature strikes in the form of a powerful storm, your home is at risk of sustaining significant damage. From fierce winds and torrential rain to hailstorms and lightning strikes, the aftermath can be devastating. Thankfully, homeowners’ insurance can serve as a financial lifeline, providing coverage and peace of mind during these challenging times. In this blog post, we’ll explore the importance of homeowners insurance in protecting your property against storm damage and how it can help you recover and rebuild when nature unleashes its wrath.

Understanding Storm Damage Coverage: Homeowners insurance typically includes coverage for storm-related damages, such as wind damage, hail damage, and damage caused by fallen trees or lightning strikes. It’s essential to review your policy to understand the specific coverage limits and exclusions related to storm damage. Some policies may have separate deductibles for specific perils, so familiarize yourself with the details to ensure you have adequate protection.

Repairing Wind and Hail Damage: Powerful winds and hail can wreak havoc on your home’s exterior, causing roof damage, broken windows, and dented siding. With homeowners’ insurance, you can file a claim to cover the costs of repairing or replacing damaged structures. It’s crucial to document the damage with photographs and make temporary repairs to prevent further deterioration. Contact your insurance provider as soon as possible to initiate the claims process and seek guidance on the necessary steps.

Dealing with Water Damage: Storms often bring heavy rainfall, and if your home experiences flooding or water intrusion, the resulting damage can be extensive. Homeowners insurance typically covers water damage caused by storms, including roof leaks or burst pipes. However, it’s important to note that standard policies may not cover flood damage caused by rising waters or surface water, which requires separate flood insurance. Review your policy and consider adding flood coverage if you reside in a high-risk area.

Tree Damage and Liability: During severe storms, trees can become a major hazard, potentially causing significant damage to your property or neighboring homes. Homeowners insurance usually covers the cost of removing fallen trees and repairing associated damage, such as roof or fence repairs. However, if a healthy tree falls on your property without causing damage, your policy may not cover the removal costs. It’s essential to consult your insurance provider to understand the specific coverage details.

Additional Living Expenses: In severe cases where your home becomes uninhabitable due to storm damage, homeowners’ insurance often provides coverage for additional living expenses (ALE). This coverage helps pay for temporary accommodations, meals, and other necessary expenses while your home is being repaired or rebuilt. Keep all receipts and records related to ALE expenses to ensure a smooth claims process.

Storm damage can be a traumatic experience for homeowners, but having the right insurance coverage can make all the difference in your recovery journey. Homeowners insurance serves as a safety net, offering financial protection when nature unleashes its fury. By understanding your policy, documenting damages, and promptly filing claims, you can navigate the storm’s aftermath with greater confidence and peace of mind. Remember, consult with your insurance provider to review your coverage, explore any additional options, and ensure that your home remains protected against the forces of nature.

A Comprehensive Guide to Pennsylvania’s Workers’ Compensation Laws: Know Your Rights and Benefits

Posted on by ammteama

Workers’ compensation laws play a vital role in protecting the rights and well-being of employees in Pennsylvania. Understanding these laws is essential for both workers and employers to ensure fair treatment and adequate compensation in the unfortunate event of a work-related injury. In this blog post, we will explore key aspects of Pennsylvania’s workers’ compensation laws, including eligibility requirements, benefits, the claims process, and important considerations for employees. Pennsylvania’s workers’ compensation system is designed to provide financial assistance and medical benefits to workers who suffer injuries or illnesses arising from their employment. The laws cover a wide range of work-related accidents, including sudden injuries, repetitive stress injuries, occupational diseases, and psychological conditions resulting from workplace events.

To be eligible for workers’ compensation benefits in Pennsylvania, employees must meet certain criteria.

  • Employment status- the individual must be an employee, not an independent contractor.
  • Work-Related Injury or Illness- the injury or illness must be directly related to the employee’s job duties.
  • Notification- employees must report the injury to their employer within a specified timeframe.
  • Timely Filing- claims for workers’ compensation benefits must be filed within the designated time limits.

Workers’ compensation benefits in Pennsylvania cover various aspects, including medical expenses, wage loss benefit and death benefit. Employees are entitled to receive necessary medical treatment, including doctor visits, hospitalization, surgeries, medications, rehabilitation, and other related expenses. If the injury or illness results in a temporary or permanent loss of earning capacity, workers may be eligible for wage loss benefits, typically a percentage of their pre-injury average weekly wages. In cases involving permanent injuries or the loss of certain body parts (such as limbs or senses), workers may be entitled to specific loss benefits, which provide additional compensation. Furthermore, if a work-related injury or illness leads to the death of an employee, surviving dependents may be eligible for death benefits, including funeral expenses and financial support.

Navigating the workers’ compensation claims process can be complex. It typically involves the following steps.

  • Reporting the Injury: Employees must report the injury or illness to their employer as soon as possible, preferably in writing.
  • Seeking Medical Attention: Employees should seek immediate medical attention and inform their healthcare provider that the injury is work-related.
  • Investigation and Decision: The employer’s workers’ compensation insurance carrier will investigate the claim and make a determination on benefits. If the claim is denied, employees have the right to appeal.
  • Choosing a Healthcare Provider: In Pennsylvania, employers have the right to designate a list of approved healthcare providers for injured workers. Employees must seek medical treatment from these authorized providers to ensure coverage for their medical expenses.
  • Returning to Work: Employers may offer modified or light-duty work to employees recovering from injuries. If employees refuse such offers without valid reasons, their workers’ compensation benefits may be affected.
  • Consult an Attorney: In complex cases, or when disputes arise, it’s advisable for workers to consult with an experienced workers’ compensation attorney who can provide guidance and legal representation.

Understanding Pennsylvania’s workers’ compensation laws is crucial for both employees and employers. By knowing their rights, obligations, and the available benefits, workers can ensure they receive appropriate.

Why Are My Auto Rates So High or So Low? (Media, PA)

Posted on by ammteama

Hi, I’m Fred Burns insurance agent at Risk Averse Insurance. And today we’re here to talk about the million dollar question. Why are my insurance rates so high or sometimes low?

Well, there’s a thing called an insurance score that carriers use to determine what your rating tier is and every carrier varies on what they weigh that insurance score on to determine your rate. Some factors that go into that insurance score we’re going to get into right now. Some you may be well aware of others. You might not. Number one and what most people know that they’re rated on is your driving history. Obviously, carriers are gonna run your motor vehicle report and your loss report to determine if you have any accidents or violations that will, you know that show up on the report that you’re more susceptible to accidents. Obviously, if you have a ton of at-fault accidents, you’re gonna get a higher rate than someone with no accidents. One common misnomer with that though is at fault versus not at fault if you have a not-at-fault accident that actually can impact you as well, but we’re gonna do a video on that at a later date.

Another factor that goes into your insurance score is your zip code and this is a big one. Have you ever moved somewhere? And you just change your address and your rate changes? Well, that’s because that zip code is tiered specifically to that carrier. So if you’re in an area, let’s say it’s a high crime area, you’re gonna have a higher rate than someone in a lower crime area. Let’s say you’re in an area where the parking is on the street, bumper to bumper where you’re parallel parking a lot. So a lot of those fender bender accidents happen in that zip code that’s gonna be tiered higher than an area with maybe a driveway where you’re not, you know, near other cars as much when you’re parked. So zip code is a big factor in determining your insurance score, another one credit score and everyone hates this.

I hate it personally actually, but carriers use your credit to determine what your rate is. Some carriers more than others. Now, we don’t get your actual insurance score, but they do what’s called a soft hit. So it doesn’t impact your credit as far as an inquiry goes, but it does show a gauge of where your credits at. People with better credit are going to get a better rate than people with lower credit, agree or disagree with it. That that’s the way it is.

Unfortunately, another one is your age and experience. Younger drivers are gonna be significantly higher than an older driver. Um, carriers want to see experience at least three years of experience on your license. Uh There’s one tier and then it moves up from so on. So once you get to about the age 25 is when you start to be able to see better rates than you would if you were say a young driver at 16, 17 on your parents’ policy. Also, as you get older, your rates kind of tier as well. Uh Depending on your driving history that you have as you grow.

Finally, another huge factor that people are unaware of is prior insurance. Yes. What you have prior to coming into your new carrier is huge. So if you’re shopping around from carrier to carrier every six months, every year, you are gonna, you think you’re doing a good job by, you know, getting the best rate, but actually you’re on a, on a hamster wheel, you’re in the same cycle because the carriers like to look and see you have at least 3 to 5 years with one carrier to tier you the best. And now some carriers are even going as high as eight years. Also your prior insurance limits. If you’re someone that has state minimum limits as opposed to someone that has maybe 100,000 per person up to 300,000 per accident, you’re gonna get tiered better with the higher limits going into the new carrier. All these factors combined determine your insurance score, which then determines your rates. Now, there’s other factors like if you’re married or a homeowner that can give you discounts that can help with that. But these are the main factors if you didn’t know about this or you have more questions about this, contact your local agent or call us.

We’d be happy to review your insurance coverage options with you! Give us a call at 610-335-1139 or visit https://riskaverseinsurance.com.

Risk Averse Insurance Launches New Website!

Posted on by ammteama

Risk Averse is proud to launch a new website that will provide customers and the community at-large with useful tools and programs dedicated to strengthening the community.

The website will be home to Our Hometown magazine,  the monthly community magazine that the agency will be publishing. It will be loaded with great tips, advice and recipes, and will shine a spotlight on a local family that could use a hand.

The campaigns to help others in the area is called the Community Cause Program, and the agency expects to give thousands of dollars each year to children, families, and others who could use a helping hand.

A listing of quality local businesses will be featured in a brand new Concierge Directory. Types of businesses customers may discover there are expected include auto body shops, contractors, real estate agents, mortgage brokers, restaurants, and many other services.

The agency has also formalized its rewards program to benefit those recommending friends and family to the agency for a no-obligation quote.  People taking part will not only receive immediate rewards, but also entries to frequent drawings for larger prizes.

Homeowners Insurance – The Balance Between Coverage and Price

Posted on by ammteama

Not all homeowners insurance policies are created equal. Many clients frequently compare homeowners quotes based on price alone, without having a thorough understanding of what coverage is provided. I must stress that it is very important to know if you are giving anything up for the lower price. Too many insurance agents are willing to provide bare-bones homeowners insurance coverage just to get your business on the books. The problem with this is that many of the claims we see are not covered in a bare-bones homeowners insurance policy.

My goal here is to identify several coverages that you should be on the lookout for as they are commonly used and cost very little to add to your homeowners insurance policy in PA.

Buried Utility Lines

How many times have you heard of someone that needed to have their front yard dug up to replace a pipe? We see it all the time. Traditionally, homeowners insurance did not cover this and many people were left paying the bill out of pocket. Many others bought separate coverage through the water company which provides limited coverage at a high price point. Today, most homeowners insurance companies in Pennsylvania offer this endorsement at a fraction of that cost. In addition, this endorsement typically provides broader coverage and higher limits than the policies through the water company.

Water/Sewer Backup

It’s a homeowner’s worst nightmare… you walk downstairs to find that a sewer or drain has backed up into your house through a toilet or sink. The floors are a mess with the grossest slime you can imagine. Your Bounty paper towels weren’t meant for this cleanup. You’ll need to have a professional come in for this. Unfortunately, this can cost in excess of $10,000 and most basic insurance policies don’t provide coverage. Just about all insurance companies in PA offer this endorsement though, and it typically costs very little. Make sure this one is on your homeowners insurance policy.

Roofing/Siding Matching

Many people think that when they have some damage to their roof or siding, the insurance company will automatically replace the entire roof or rewrap the house. That is not always the case. If the wording in the policy allows them to patch the damaged area, they will. However, you can purchase Roofing/Siding Matching with many PA insurance companies which provides extended coverage of $10k or $20k to match the roof or siding all the way around the house.

There are many more homeowners insurance endorsements that could be included on the list. The main takeaway is that you should not just assume every company is providing you equal homeowners coverage. Dive into the coverage package offered on the quote and ask questions of the broker to make sure the coverage meets your needs. Your home is likely your biggest asset. Spend a couple extra dollars for the right protection so you aren’t forced to spend thousands out of pocket when a claim isn’t covered.

Risk Averse Insurance is an insurance agency in Media, PA – Delaware County – that specializes in providing high-quality insurance products at an affordable price.

COVID-19 Workers Compensation Changes

Posted on by ammteama

The past few months have been an extremely tough time for everyone. Businesses have been shut down and had to furlough or layoff entire teams.  Keeping up with all of the constantly changing information has been nearly impossible. And making sure that employees and customers are safe as businesses begin to open has become a job in itself. Hopefully, we are starting to see some light at the end of the tunnel.

As with everything else, the insurance industry has been making adjustments based on the situation that we’ve found ourselves in.

 

The Pennsylvania Compensation Rating Bureau (PCRB) has released the following guidelines with regards to your 2020 workers’ compensation policy in response to COVID-19:

  1. All employees working from home will be reclassified as clerical for the duration of the home work period as long as separate, accurate, verifiable records are maintained.
  2. Payroll to furloughed workers will be excluded from the premium calculation at audit.
  3. Any virus-related workers’ compensation claims will be classified as a catastrophe loss (catastrophe code 12) and will be excluded from the employer’s experience rating calculation.

 

The most important thing here is to make sure you are keeping detailed records. This will really benefit you at audit this year. Should you have any questions as your audits come up, please feel free to reach out to us and we’ll be happy to help you through the process.

As business owners and entrepreneurs, you have always stepped up to the challenge and created your own path. When looking back, this will hopefully just be a detour that makes you stronger and more prepared for success in the future.

I wish you all continued success in navigating through this challenge.

 

Call Risk Averse Insurance in Media, PA for any questions you may have about how COVID-19 has impacted your workers’ compensation coverage.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.