Williamson Insurance Service Blog

Williamson Insurance Service Bloghttp://www.williamsoninsurance.net/blog/View Williamson Insurance Service's Website Blogen-uspostmaster@www.williamsoninsurance.netInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:03a2db74-b06e-405e-a809-7b2fe4be6b24urn:uuid:44f54b7b-3d3a-452f-b759-aac30f2dc770Is Identity Theft Coverage For You?Is Identity Theft Coverage For You? Originally published in Professional Insurance Agents of Ohio Summer 2012 Newsletter Consulting firm Javelin Strategies and Research reports more than 11 million people are affected by identity theft each year, at...Wed, 15 Feb 2012 14:02:34 -0600Is Identity Theft Coverage For You? Originally published in Professional Insurance Agents of Ohio Summer 2012 Newsletter Consulting firm Javelin Strategies and Research reports more than 11 million people are affected by identity theft each year, at a cost of $54 billion to the victims. In trying to deal with this threat, the insurance industry has developed products to help a policyholder recover from this kind of loss. The monetary loss is not the only issue with identity theft. A victim can spend thousands of dollars and hundreds of hours trying to clean up credit records due to the thief using personal information to obtain credit with no intention of repayment, thus destroying the victim’s financial reputation. Identity theft insurance protection is designed to help you with this problem by covering expenses and sometimes professional services, that will help the victim recover from this type of loss. Even with coverage provided, following simple steps can help protect you from this threat: Shredding documents. Anything that contains sensitive information absolutely must be destroyed. There are specific documents that must always find their way to the shredder. Old Tax Returns. Unless the IRS suspects you of fraud in your tax filings, you are usually only exposed to the threat of an audit for three years at a time. The National Endowment for Financial Education advises you to keep three to four years of tax returns, and shred anything older. Your tax return contains sensitive information, primarily social security numbers. Bank Statements. Anything with bank account numbers should be shredded, including paper bank statements. Credit Card Offers. These offers should go from the mailbox directly to the shredder, unless you are actually going to take the bank up on its offer. A lot of identity theft happens within families, so don’t leave these offers lying around. Old Photo IDs. These IDs contain information, which by itself is probably not enough to be damaging, but used with other information could help perpetrate a fraud. Pay Stubs. Absolutely shred your pay stubs. Some financial institutions will ask you the amount of your last deposit to use as a validation. A past pay stub can give that information. Credit Card Convenience Checks. The most dangerous thing you can receive in your mailbox are convenience checks often sent with your credit card bill. These represent a live loan to whoever holds this check. Shred these immediately. Canceled Checks. Canceled checks contain not only your account and routing numbers, but also your address and possibly your phone number. People often include their full account or credit card number in the memo section when paying with a check. Do your duplicate checks display your account and routing numbers? Don’t overlook these carbon copies.urn:uuid:c25e6bc6-c5d0-47a1-90ea-7c25173d0318Preparing For WinterPreparing For Winter Originally published in Professional Insurance Agents of Ohio Summer 2012 Newsletter Wintertime and winter weather can be tremendous fun, but cold and snow can also pose danger. Slippery roads, downed power lines and limbs, and ...Wed, 08 Feb 2012 10:39:53 -0600Preparing For Winter Originally published in Professional Insurance Agents of Ohio Summer 2012 Newsletter Wintertime and winter weather can be tremendous fun, but cold and snow can also pose danger. Slippery roads, downed power lines and limbs, and freezing cold temperatures all bring an added measure of suspense to our daily activities. There are simple steps you can take that will take the chill off your wintertime experience. In your car. It is not enough to throw a safety kit, including emergency equipment such as blankets, candles, a shovel and traction aids into the trunk of your car and think that you are ready for operating your vehicle in inclement weather. The single most important thing we can do while driving in severe winter conditions is to slow down. A safe speed for conditions might be well under the posted speed limit. Triple the normal driving distance between you and the car in front of you. If your vehicle begins to slip, immediately take your foot off the accelerator and steer gently in the direction you want the car to go. If your car gets stuck, clear the snow in front of and behind your tires and spread sand, kitty litter or traction mats in the front and back of your tires. Gently accelerate until you feel the tires begin to spin. Put the car in reverse and back up slowly until stopped by the snow. Rock forward again using a low, steady speed. At home. Have your heating system inspected to make sure it is working properly. If you have an alternative heating source, it should be UL approved and inspected before using. Good insulation will also help if power is lost. Check for possible air leaks around doors and windows. Seal electrical outlets and switches on outside walls. Stock up on easy to prepare food, first aid supplies, batteries, flashlights and a battery-operated radio. If you do get snowed in at home and the situation isn’t dire, just relax and preserve heat by hanging blankets over windows and doors. If you use a supplemental heating device, make sure it is UL approved, in good operating condition and maintaining safe distance from flammable items. Outside. Make sure to remove garden hoses from outside faucets. Hopefully, you remembered to clean your gutters of leaves and debris. Better yet, install gutter guards. These can help keep snow and ice from building up, which can form ice dams and damage your house. Outside heating appliances like heat pumps must be clear of snow and debris to work efficiently. If you have to go outside, wear tight and layered clothing and sturdy watertight shoes. Make sure to cover exposed parts of the body by wearing hats, gloves and scarves. Failure to protect skin and prolonged exposure to the cold can result in frostbite. The nose, cheeks, ears, fingers and toes (your extremities) are most commonly affected.urn:uuid:c366aab9-84b7-47b4-af1c-8afe4240ed06How to Avoid the Dog-Bite EpidemicHow to Avoid the Dog-Bite Epidemic Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter The most dangerous dogs are those whose irresponsible owners foster viciousness, neglect and abuse. The Centers for Disease Contr...Wed, 01 Feb 2012 11:47:26 -0600How to Avoid the Dog-Bite Epidemic Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter The most dangerous dogs are those whose irresponsible owners foster viciousness, neglect and abuse. The Centers for Disease Control and Prevention tell us following their advice can help reduce the chance of a serious dog bite incident. • Consult a professional to learn suitable breeds of dogs for your household. • Dogs with histories of aggression are inappropriate in households with children. • Spend time with a dog before buying or adopting. • Make sure your child is ready for the addition of a dog in the home and is not fearful or apprehensive. • Studies show that dogs are three times less likely to bite if they have been spayed or neutered. • Socialize your dog so it knows how to act with other people and animals. • Teach children how to properly interact with dogs. Discourage them from disturbing a dog that is eating or sleeping. • Play only non-aggressive games with your dog. Games like tug-of-war can encourage aggressive behavior. • Never approach a strange dog and always avoid eye contact with a dog that appears threatening. • Seek professional advice from veterinarians or animal behaviorists if your dog displays aggressive behavior. A single lawsuit can end up costing hundreds of thousands of dollars. The personal liability limit through a homeowner policy may not be enough. A personal excess liability policy or umbrella policy is recommended. This policy offers an additional limit of liability to help protect your assets. Call us with your questions.urn:uuid:890263e0-0558-4441-b636-8317ef5a24e3Homeowner Water Damage ClaimsHomeowner Water Damage Claims Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter In a recent survey by Chubb Insurance Group, nearly 40 percent of respondents reported that they had experienced some form of water da...Wed, 25 Jan 2012 15:12:06 -0600Homeowner Water Damage Claims Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter In a recent survey by Chubb Insurance Group, nearly 40 percent of respondents reported that they had experienced some form of water damage to their home. The survey reported that few homeowners are doing all the things they should in order to avoid water damage to their homes: • 31 percent never inspect washing machine hoses • 36 percent do not inspect toilets • 61 percent do not inspect water heaters • 97 percent do not have a moisture or water detection system Most water damage claims result from accidents that occur within the home, not from weather-related events. In 2010, the average cost of these claims was a little more than $4,000. The Chubb survey noted that more than 50 percent of respondents did not have enough coverage to deal with potential water damage.  Water restoration experts recommend property owners do the following immediately after water damage occurs: • Remove as much water as possible by mopping and blotting the saturated area • Wipe furniture to remove excess water • Place aluminum foil between furniture legs and wet carpet • Prop up wet furniture cushions for even drying • Lift drapes off flooring, loop through a coat hanger and hang on curtain rod • Remove wet area rugs • Turn on air conditioner if damage occurs in summer • Move valuable paintings, art objects and photos to a safe and dry place • Open closet doors, furniture drawers and luggage to aid in drying • Remove any wet fabrics and dry immediately • Hang furs and leather goods to dry separately at room temperature If you would like to review your coverage as it relates to water damage peril, give us a call.urn:uuid:6b8da512-8d2a-4b22-8a10-6c50fe205b8bAnnuities: Are They For You?Annuities: Are They For You? Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter Annuities have been around for a very long time, but many people have no idea how annuities work. Very simply, an annuity is a contract...Wed, 11 Jan 2012 13:42:03 -0600Annuities: Are They For You? Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter Annuities have been around for a very long time, but many people have no idea how annuities work. Very simply, an annuity is a contract between you (the annuitant) and an insurance company to provide you with a future income stream. You give an insurance company an amount of money, and in return, the insurance company promises you regular checks for as long as the contract stipulates. The annuitant has a wide variety of choices of how to structure the annuity. Payout can be for a certain period of years; begin immediately or sometime in the future or can be paid for your lifetime. Age, sex, duration of payments and the amount of payments are determining factors in the initial or ongoing premium. But, are annuities for you? There are several reasons why you should seriously consider annuities in your financial or retirement planning: - Income you cannot outlive. Annuities can provide you income, which by contract you cannot outlive. · Guaranteed returns. Annuity contracts guarantee a minimum rate of interest. The amount you get from your annuity will never be less than what you put into the annuity – a guarantee you can’t get in the stock market. · Tax-deferred interest. Interest earned on a deferred annuity is not taxable until taken out of the annuity. · Proceeds at death pass outside of probate. While annuities are estate assets, the proceeds pass directly to the beneficiary named in the contract avoiding the probate process. In order to provide the income guarantees and death benefits, the variable annuity provider will assess income withdrawal, mortality, expense and administration fees. These fees are in addition to the sub-account fees that would have similar fee structures to that of mutual funds. Surrender charges are assessed if you close the annuity within a specific period of time, called the surrender period. Surrender periods can vary widely, but some are as long as eight years. While annuities aren’t for everybody, they do provide a safe-haven for money with guarantees that you cannot find anywhere else. The long and successful history of annuities is one of the greatest arguments in favor of this investment. This brief overview provides you important facts about annuities but we invite you to call us should you have additional questions or would like to discuss how we can make an annuity work for you!urn:uuid:dc53d2dc-0787-455c-898c-f1f62bc33872Tenant Improvements on Business RisksTenant Improvments on Business Risks Originally published in Professional Insurance Agents of Ohio Fall 2011 Newsletter When a tenant makes permanent improvements to a leased building, the improvements usually become the property of the building own...Wed, 28 Dec 2011 11:13:37 -0600Tenant Improvments on Business Risks Originally published in Professional Insurance Agents of Ohio Fall 2011 Newsletter When a tenant makes permanent improvements to a leased building, the improvements usually become the property of the building owner. The tenant gains the ability to use and enjoy the improvement or betterment during the period of the lease. Examples of improvements could be air conditioning, office partitions, lighting fixtures, or special electrical or plumbing installations necessary to run your business. The commercial property policy defines improvements and betterments as: “fixtures, alterations, installations or additions that are made a part of the building that is occupied but not owned by the named insured, and the named insured acquires or makes at his expense but cannot legally remove.” If there is a loss and the improvements are damaged, what has the tenant lost if the building improvement actually belongs to the building owner? The tenant has lost the “use interest” in the improvement. It is a possible loss of use of the improvement that gives a tenant an insurable interest. Coverage for improvements and betterments are automatically included since the business personal property section of the commercial property policy actually refers to a named insured’s “use interest” as tenant in improvements and betterments. It is important when determining a limit for business personal property to consider the value of improvements and betterments.urn:uuid:98999c99-9181-4e2e-afcb-68d60b3f05bdAvoiding Holiday HazardsAvoiding Holiday Hazards Article information courtesy of ServPro Industries, Inc. Each winter season brings holidays filled with bright lights and festive décor. Decorating homes is a long standing tradition, but if you are not careful, these ...Fri, 16 Dec 2011 11:28:55 -0600Avoiding Holiday Hazards Article information courtesy of ServPro Industries, Inc. Each winter season brings holidays filled with bright lights and festive décor. Decorating homes is a long standing tradition, but if you are not careful, these decorations can pose a safety threat to you and your home. Protect your property by following these simple holiday decorating safety tips, provided by the U.S. Fire Administration. Use Only Non-flammable Decorations All decorations, including a metallic or artificial Christmas tree, should be fire resistant. Be sure you place all decorations away from heat vents and heating sources. Maintain Holiday Lights Prior to decorating, check Christmas lights for frayed wires, bare spots, gaps in insulation, broken or cracked sockets and excessive wire kinking. Only use lighting listed by an approved testing laboratory. Lights should be inspected yearly. Do Not Overload Electrical Outlets Do not link more than three light strands together, unless directions indicate it is safe. Connect strings of lights to an extension cord before plugging the cord into the wall outlet. Periodically, check the wires – they should not be warm to the touch. Avoid Using Lit Candles If you enjoy decorating with candles, consider choosing flameless candles. If you do use candles, make sure they are in stable holders and place them in low traffic areas, where they cannot easily be knocked down. Never leave the home with a candle burning. More than half of all December home fires are started by candles. Check Home Alert Systems As in every season, check all smoke and fire detectors to ensure that they are in proper working order. Test the detectors monthly and keep them equipped with fresh batteries.urn:uuid:b763d3f9-0396-43d4-805b-cb4d2a26861aDangers of Frying a TurkeyDangers of Frying a Turkey Article by Judy Hedding, About.com Guide In recent years deep-frying turkeys has become increasingly popular. The cooking method requires placing the turkey in three gallons or more of oil, heated by propane. The Avondale...Mon, 21 Nov 2011 13:45:38 -0600Dangers of Frying a Turkey Article by Judy Hedding, About.com Guide In recent years deep-frying turkeys has become increasingly popular. The cooking method requires placing the turkey in three gallons or more of oil, heated by propane. The Avondale Fire Rescue Professionals warn that cooking with deep-fat turkey fryers can be very dangerous as they have a high risk of tipping over, overheating, or spilling hot oil. That could lead to fires, burns, or other injuries. Here are 5 dangers associated with deep frying a turkey: Dangers of Frying a Turkey   <ol style="list-style-type: decimal;"> <li style="color: #333333;"> <div style="text-align: justify;">Units can easily tip over, spilling hot cooking oil over a large area. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">An overfilled cooking pot or partially frozen turkey will cause cooking oil to spill when the turkey is inserted. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">A small amount of cooking oil coming into contact with the burner can cause a large fire. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Without thermostat controls, deep fryers have the potential to overheat the oil to the point of combustion. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">The sides of the cooking pot, lid and pot handles can get dangerously hot, creating severe burn hazards. </div> </li> </ol> If You Fry a Turkey <ul style="list-style-type: disc; margin-top: 0in;"> <li style="color: #333333;"> <div style="text-align: justify;">Fryers should always be used outdoors, on a solid level surface a safe distance from buildings and flammable materials. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Never use a fryer on a wooden deck, under a patio cover, in a garage or enclosed space. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Do not overfill the fryer. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Never leave the fryer unattended because, without thermostat controls, the oil will continue to heat until it catches fire. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Never let children or pets near the fryer when in use or after use as the oil can remain hot for hours. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Use well-insulated potholders or oven mitts and wear long sleeves and safety goggles to protect from splatter. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Make sure the turkey is completely thawed before it is placed in a fryer. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">Keep all-purpose fire extinguishers nearby. </div> </li> <li style="color: #333333;"> <div style="text-align: justify;">If a turkey fryer fire occurs, call 911 immediately. </div> </li> </ul> Please share the above information so that Thanksgiving can be a day filled with great food, fun and memories.      urn:uuid:4a70c78b-3ff7-40a5-8430-9f763ae6d0a9Easy Money Saving Tips on Your InsuranceEasy Money Saving Tips on Your Insurance Article by JEFF WILLIAMSON of WILLIAMSON INSURANCE SERVICE GROUP There are several ways to trim the cost of your insurance without sacrificing coverage.  Follow some of these simple recommendations and yo...Thu, 17 Nov 2011 14:45:47 -0600Easy Money Saving Tips on Your Insurance Article by JEFF WILLIAMSON of WILLIAMSON INSURANCE SERVICE GROUP There are several ways to trim the cost of your insurance without sacrificing coverage.  Follow some of these simple recommendations and you may be surprised at how the savings can add up <ul> <li>Make Timely Payments of Your Premium:  Most every carrier now incorporates a late fee if you pay past your due date.  In addition, if the policy is allowed to cancel for non-payment, you may potentially have another fee to reinstate it.  These fees can range anywhere from $10 to $25 per incident.  Simply put, if you pay your payment late every month, you could be paying $120 per year in fees alone!</li> </ul> <ul> <li>Make Your Premium Payment With Electronic Funds Transfer (EFT):  Having money directly deducted from a savings or checking account can not only help you avoid the fees mentioned above, it also saves most if not all of the monthly service charges.  Companies have payment fees that range from $5 to $8 per payment if you elect to have a billing notice sent to you.  Electronic withdrawal can lower those fees to as much as $1 and depending on the company, it may waive the installment fee altogether.  For some companies, you can even select the day of the month that you would like the payment to come out.  The election of payment by Electronic Funds Transfer has the potential to save you anywhere from $60 to $96 per year!</li> </ul> <ul> <li>Package Your Auto, Home and Life Policies with the Same Company:  All companies offer a discount for multiple policies insured with them. The discount on auto insurance can be up to 10% if you also insure a home. (If you are a renter, your renter’s policy can be practically free with the savings that you gain on the auto).  There are also some companies that offer a discount on the auto as high as 7% for a life policy insured with them.  </li> </ul>  urn:uuid:8a9d0633-e8b5-425a-8f51-31c2c666f31dAdvantages of a Personal Property FloaterAdvantages of a Personal Property Floater Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter One very large advantage to insuring unique and unusual items on a personal property floater is that this policy provides ...Fri, 28 Oct 2011 10:48:00 -0500Advantages of a Personal Property Floater Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter One very large advantage to insuring unique and unusual items on a personal property floater is that this policy provides broader coverage than provided by the contents coverage in your homeowners policy. This adds special emphasis to insuring items that, while there is no specific limit in the policy, may be subject to loss from perils that the personal property section of your policy does not provide. An example might be fine arts, such as a Hummel collection. These fine arts items are especially susceptible to breakage, yet the named perils coverage found in the homeowners policy provides no coverage for simply dropping and breaking your piece of fine statuary. Some other items with special limitations in the homeowners policy you might seek a higher limit under the personal property floater includes jewelry, precious and semi-precious stones, furs, guns, and silverware, to name a few. While this is an incomplete list, it demonstrates why certain items are limited separately in the policy because of their uniqueness. The modern homeowners insurance policy is written in easy-to-read language the average person can review. If you are unsure about your coverage after personal review of your policy, contact our office so we can work on this together.urn:uuid:dcaa8211-652b-4689-a425-1b7c72e40f28Business IncomeBusiness Income Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter Calculating the appropriate business income limit does not have to be a mind-numbing process. To understand business income coverage limits, you mus...Thu, 20 Oct 2011 10:25:25 -0500Business Income Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter Calculating the appropriate business income limit does not have to be a mind-numbing process. To understand business income coverage limits, you must simply understand that the coverage is almost entirely based on time. The amount of coverage and the correct coinsurance amount can be calculated once a reasonable estimation of the time necessary to return to full operational capability is determined. Four key objectives must be accomplished as quickly as reasonably possible: 1. Rebuild the building, or find and move to an alternate permanent location 2. Find, purchase, and have operational, replacement machinery and equipment 3. Replace and/or replenish stock (raw materials for manufacturing operations) 4. Return operations to the same level existing just prior to the loss Business Income’s Necessity According to the Federal Emergency Management Agency (FEMA), there is a structure fire every 4.5 minutes. Approximately 25 percent of businesses never reopen after a shutdown of just 30 or more days, according to the insurance industry. When you include the number of business failures within five years that are directly traceable to the same kind of claim, the number could approach 40 percent. Business closings as a result of natural disasters also reach 25 percent. The U.S. Small Business Administration reports that more than 90 percent of small businesses fail within two years after being struck by a disaster. Combining these two pieces of statistical data, losses can lead to the closure of thousands of businesses in any given year due to an interruption in operations. The Calculation Once total revenues and the total amount of non-continuing expenses (production-related expenses that do not continue during the interruption) is known and applied to an honest worst-case scenario estimate of the time necessary to resume operations, the correct coinsurance percentage can be calculated. Coinsurance percentages, in 10 percent increments, can be from 50 percent to 100 percent - each representing a proportion of one year (50 percent equals six months; 60 percent equals 7.2 months; 100 percent equals 12 months). It is also sometimes possible to obtain a 15-month businessinterruption period at a corresponding coinsurance limit of 125 percent. The Reality Most businesses that close and never reopen after a catastrophic closure (30 days or more), don’t close because of the lack of building and business personal property coverage. They close because there is no money coming in the door. Few businesses can remain viable without a source of income. Many business expenses continue even during the period of temporary closing. Obviously, the optimal goal is to have the building, contents and business income all properly insured. Ultimately, only the business can provide these figures, but this simple approach can make this exercise much easier. Once you accept the reality that loss of income is as important to insure as insuring your property, we can help guide you to the proper coverage to further protect your business.urn:uuid:b94010d3-ef50-447a-89db-aad493ef0db1Ohio Ranks 10th in Losses to Disasters in DecadeOhio Ranks 10th in Losses to Disasters in Decade Article by By LARRY P. VELLEQUETTE of BLADE BUSINESS WRITER There are no major earthquake-prone faults in Ohio, and our notion of an "ocean" is instead a Great Lake that's shaped like a big bathtub. A...Wed, 05 Oct 2011 10:55:20 -0500Ohio Ranks 10th in Losses to Disasters in Decade Article by By LARRY P. VELLEQUETTE of BLADE BUSINESS WRITER There are no major earthquake-prone faults in Ohio, and our notion of an "ocean" is instead a Great Lake that's shaped like a big bathtub. And while tornadoes can strike anywhere and do tremendous damage, compared to the activity on the Great Plains, we're more a twister cul-de-sac than we are Tornado Alley. Yet according to an analysis by the Insurance Services Office, which studies property and casualty risk for the insurance industry, Ohio had the 10th-highest damages from disasters during the last decade -- not exactly a Top 10 list the Buckeye State wanted to crack. According to the study, Ohio recorded $4.1 billion in losses from severe weather between 2001 and 2010, including extensive damage from Hurricane Ike in 2008. Also counted in that amount were the devastating tornadoes that struck northwest Ohio last year, killing six and destroying scores of homes and businesses, including Lake High School. Damaging winds, large hail, and tornadoes accounted for 62 percent of Ohio's damage total. During the same period, Michigan recorded insured losses of $1.08 billion, a spokesman for the Insurance Services Office said. The group did not rank other states beyond the highest 10, however. Losses from flooding, such as the repeated inundations along the Blanchard River in Findlay, were also included in the total even though those insurance risks are underwritten by the federal government and not private industry. Ohio's damage total ranks just behind that of Missouri, which has suffered $4.5 billion in damage, primarily from storms, and California, which suffered $4.7 billion in losses from severe weather, earthquakes, and firestorms brought on by Santa Ana winds. Those totals pale, however, next to an estimated $31.9 billion in losses suffered during the last decade by Louisiana, which was hit by seven hurricanes and two tropical storms, including the New Orleans devastation during Hurricane Katrina in 2005. Florida ranked second in the nation in total damage during the decade, the study found, coming in at $31.5 billion in losses from eight hurricanes and five tropical storms, along with normal severe weather. The list of states with the worst losses during the decade was dominated by those either on the nation's Gulf Coast, such as Mississippi, Texas, and Alabama, or in the "Tornado Alley" area of the midsection, where the confluence of weather fronts from the Gulf and the Pacific regularly mix to produce deadly storms. New York state also made the list, but not just because of bad weather. Its $21.5 billion in losses included the terrorist attacks of Sept. 11, 2001, along with damages from four hurricanes and other severe storms. "When I think of disasters, I typically think of coastal states," said Mary Bonelli, spokesman for the Ohio Insurance Institute, who said she was surprised that Ohio made the Top 10, even though the Buckeye State has experienced major storms the last decade. "The one disaster that many people got affected by in Ohio was Hurricane Ike. That particular storm caused $1.3 billion in losses in Ohio, and we were second only to Texas in terms of the amount of the damage from that storm," Ms. Bonelli said. She said a major ice storm that struck central Ohio in December, 2004, caused an estimated $85 million in damage, and June's deadly storms in northwest Ohio caused an estimated $41.2 million in insured losses. Ms. Bonelli said that though Ohio's storm events may seem to strike in random areas compared with the probability of experiencing a hurricane in Florida, insurance underwriters can calculate relative risk based on a variety of factors, thanks to computer modeling. Still, some major disasters -- flooding and earthquakes are prime examples -- aren't covered by most homeowner and auto insurance policies in Ohio, she said. "In Ohio, that cost of earthquake insurance is extremely reasonable, especially compared to someplace like California," she said.urn:uuid:66b538d9-6ead-4550-b54d-ac1a09a31654Keeping Coverages CurrentKeeping Coverages Current Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter A home and its contents frequently represent a major portion of a person’s net worth. Failure to keep coverage current could result ...Tue, 23 Aug 2011 08:17:00 -0500Keeping Coverages Current Originally published in Professional Insurance Agents of Ohio Summer 2011 Newsletter A home and its contents frequently represent a major portion of a person’s net worth. Failure to keep coverage current could result in a claim not being covered. Whose responsibility is it to maintain adequate insurance coverage? When all is said and done, it is the policyholder’s responsibility to review the policy regularly and inform his/her agent of any needed changes. Your agent can search through the maze of complex coverages, advise you how to insure your property and help you with claim settlements, but you are the one best prepared to determine what you have that needs covered. For instance, did you tell us about the remodeling project you did on your home or the jewelry you recently bought or inherited? Did you remember to tell us that you are now operating a business from your home? You need to notify your agent when changes like these occur. Carefully consider the type and amount of liability coverage you need. Under the standard liability coverage, if a guest slips and falls on your wet patio, you would be covered for the individual’s medical expenses, your defense costs and a specified limit for actual damages. If the amount awarded exceeds your policy’s limits, however, your personal assets could be threatened. A personal umbrella could help you in this case. The umbrella liability policy typically affords $1 million liability coverage and blankets over your auto and home policy. This provides extra coverage if your auto and home policy limits are exhausted. Don’t be complacent and just file your renewal away. Review your policy and make notes of needed changes or questions. Call us for an appointment so we can make sure you have the coverage that you expect.