Insurance News

Emerging Trends in Identity Theft and How to Stay Ahead

Tue, 07 Jan 2025 19:30:00 GMT

As technology advances, so do the tactics of identity thieves. Identity theft is no longer limited to stolen credit card numbers or Social Security fraud—it has evolved into a complex web of cybercrime targeting individuals and businesses alike. Staying informed about emerging trends in identity theft can help you protect your personal information and take proactive steps to minimize your risk.

Synthetic Identity Theft

Synthetic identity theft involves combining real and fake information to create a new identity. Thieves may use your Social Security number with a fictitious name and address, making it harder to detect. They often use these fake identities to apply for loans, credit cards, or government benefits, leaving you with the fallout. This form of theft is particularly concerning because it often targets children or individuals who don’t regularly check their credit reports, allowing the fraud to potentially go undetected for years.

How to Stay Ahead: Monitor your credit report regularly for accounts or activity you don’t recognize. Consider placing a credit freeze or fraud alert with credit bureaus to prevent new accounts from being opened in your name. Parents should also check their children’s Social Security numbers periodically to ensure no fraudulent accounts have been created.

Phishing 2.0

While phishing isn’t new, the methods have become far more sophisticated. Modern phishing attacks often impersonate trusted organizations, like your bank, favorite online store, or even government agencies, using highly personalized messages to trick victims into revealing sensitive information. Criminals may use advanced techniques, such as spoofed websites or phone numbers, to make their scams appear legitimate.

How to Stay Ahead: Always verify unsolicited communications by contacting the organization directly before clicking on links or providing information. Use email filtering tools to block phishing attempts and multi-factor authentication (MFA) for online accounts to add an extra layer of security. Be wary of urgent messages demanding immediate action—these are often red flags of phishing attempts.

Medical Identity Theft

Criminals can use stolen personal information to obtain medical treatments, prescriptions, or health insurance benefits. Victims may only discover the theft when they receive unexpected bills, find discrepancies in their medical records, or are denied coverage due to benefits already being used. This type of fraud can also have serious health implications if inaccurate medical information is added to your records.

How to Stay Ahead: Carefully review your medical bills, Explanation of Benefits (EOB) statements, and insurance summaries. If you notice discrepancies, report them immediately to your healthcare provider, insurer, and the Federal Trade Commission (FTC). Consider signing up for credit and identity monitoring services that specifically flag unusual medical-related activities.

Social Media Exploitation

Identity thieves increasingly use social media to gather personal information. Public profiles, shared photos, and even seemingly harmless quizzes can provide valuable details about your life. Thieves use this information to answer security questions, hack into accounts, or impersonate you. Oversharing online—such as your birthdate, location, or family details—makes you an easy target.

How to Stay Ahead: Limit the personal information you share on social media, especially sensitive details like your full birthdate or location. Adjust privacy settings to restrict access to your profiles and only connect with people you know personally. Be cautious about participating in quizzes or challenges that ask for personal information—they may be designed to harvest data.

Deepfake Scams

Deepfake technology, which uses artificial intelligence to create convincing fake videos or audio, has become a new tool for identity thieves. Criminals can mimic a person's voice or appearance to commit fraud, manipulate others, or spread false information. Deepfake scams are increasingly being used in business contexts, such as impersonating employees to authorize wire transfers and business payments.

How to Stay Ahead: Be cautious with unsolicited requests for sensitive information, even if they appear to come from someone you know. Verify requests through a secondary communication channel, such as calling the person directly. Educate friends, family, and coworkers about the risks of deepfake technology to increase vigilance.

Protecting Yourself

The landscape of identity theft is constantly evolving, but staying informed about emerging trends can help you protect your personal information. Regularly monitoring your accounts, being cautious online, and investing in identity theft insurance are key steps to staying ahead of cybercriminals. By taking proactive measures today, you can safeguard your identity and secure your financial future.

Despite your best efforts, identity theft can still happen. The right insurance policy can provide coverage and resources to help you recover. While insurance won’t prevent theft from occurring, it can offer peace of mind and support during the recovery process. Contact us today to review your policy.

Read the full article at www.krouseins.com

Insurance Considerations for Newlyweds: Merging Policies and Coverage

Tue, 06 Aug 2024 18:43:00 GMT

Couple wearing wedding rings by Deesha Chandra

Starting a new journey together as newlyweds is an exciting time filled with hopes, dreams, and plans for the future. Amidst the whirlwind of changes, it’s crucial not to overlook the practical aspects of merging your lives, especially when it comes to insurance. Addressing your insurance needs as a married couple can ensure you’re both protected and can even save you money. Here are key insurance considerations for newlyweds.

Life Insurance Considerations

Life insurance is a cornerstone of financial planning for married couples. It provides financial security to your spouse in the event of an untimely death, helping cover living expenses, debts, and future plans like education or retirement. Evaluate your existing life insurance policies and consider whether your coverage needs adjustment to reflect your new marital status. You may find that increasing your coverage or purchasing additional policies ensures both partners are adequately protected.

Review Home/Renters Coverage If You Are Moving

Combining households means consolidating belongings under one roof, which can significantly increase the value of your personal property. Review your homeowner insurance or your renters insurance policy to ensure it covers the combined value of your possessions. If you’re moving to a new location, this is also an opportune time to shop for insurance rates and assess the need for additional coverage, such as flood or earthquake insurance, depending on your new home’s location.

Putting a Spouse on Your Auto Policy

Generally, it’s more cost-effective for married couples to combine their auto insurance policies. Adding your spouse to your auto insurance policy can often result in lower premiums due to multi-vehicle discounts and the perception of married drivers as lower risk. Review both policies to determine which offers the best combination of coverage and cost savings, and don’t forget to update your insurer about your marital status and any changes in driving patterns.

Identify Gaps or Redundancies in Your Policies

Merging your lives also means merging your insurance policies, which can sometimes lead to gaps or redundancies in coverage. Take a comprehensive look at your health, dental, disability, and any other insurance policies you both hold. Determine if either of you has benefits the other does not or if you can save money by opting into one spouse’s policy. For example, if both partners have health insurance through their employers, compare the plans to see which offers better benefits or lower costs for adding a spouse.

As newlyweds, your journey together involves not just sharing your hopes and dreams but also responsibly planning for the unexpected. Taking the time to review and adjust your insurance coverage as a married couple can provide peace of mind, allowing you to focus on building your life together with the assurance that you’re both protected. Contact us today to review your coverage.

Read the full article at www.krouseins.com

Help Keep Teen Drivers Safe with Telematics

Mon, 06 May 2024 19:13:00 GMT

Teen Driver by Vladimir Srajber

As parents, the safety of our teenage drivers is paramount. With road accidents constituting a significant risk for young drivers, leveraging technology to enhance their safety isn't just smart; it's essential. Telematics for vehicles is a game-changing technology that is making driving safer for teens everywhere.

What Are Telematics?

Telematics systems combine GPS technology, onboard diagnostics, and real-time monitoring to gather detailed information about a vehicle's operation and the driving behavior of its operator. This technology can track a variety of data points including speed, location, hard braking, seatbelt use, and even smartphone usage while driving. Initially used by insurance companies to assess driver risk and customize premiums, telematics is now a powerful tool for parents to monitor and improve their teen drivers' safety.

Monitoring Driving Behavior

Telematics devices allow parents to keep an eye on crucial aspects of their teens' driving habits. Monitoring speed is particularly important, as excessive speed is a common factor in accidents involving young drivers. By setting speed alerts, parents can be notified when the vehicle exceeds a certain speed, enabling them to address this risky behavior promptly.

Hard braking and rapid acceleration can indicate aggressive or inattentive driving. Telematics data can help identify these patterns, providing an opportunity for parents to discuss and educate their teens on smoother, safer driving techniques, and of the importance of paying their full attention to driving every time they're behind the wheel.

Seatbelt Use and Smartphone Distraction

Telematics can also monitor seatbelt usage, ensuring teens are buckling up every time they drive. Additionally, some systems can detect smartphone use while the vehicle is in motion, addressing one of the most dangerous driving distractions directly.

Location Tracking and Time of Day

Knowing the location of your teen driver can also provide you peace of mind. Telematics systems can show real-time location data, allowing parents to ensure their teens are where they should be. Moreover, setting geofences can alert parents if the vehicle enters or leaves predefined areas, such as the routes between school, home, and work.

Time of day monitoring is another beneficial feature, as driving late at night can be more hazardous for inexperienced drivers. Parents can receive alerts if the car is used during restricted hours, enabling them to enforce driving curfews.

The Role of Telematics in Additional Driver Education

Perhaps one of the most significant benefits of telematics is its role in ongoing driver education. By reviewing telematics data with their teens, parents can identify areas for improvement and tailor their driving discussions or lessons accordingly. This ongoing feedback loop can reinforce good driving habits and address any areas of concern, making telematics an invaluable tool in the quest to keep teen drivers safe on the road.

Looking for the right auto insurance coverage for your teen? Let us help you navigate the options for maximum safety and peace of mind. Contact us today.

Read the full article at www.krouseins.com

The Essential Guide to Creating a Home Inventory: Why and How

Mon, 01 Apr 2024 18:54:00 GMT

Living Room by Home Decor Interiors

In the aftermath of an unexpected event, such as a fire, theft, or natural disaster, having a comprehensive home inventory can be a lifeline. This detailed list of your possessions not only aids in the homeowner insurance claim process, but also helps in the recovery and replacement of lost items. Understanding the importance of a home inventory and knowing the most effective ways to create one are crucial steps in safeguarding your assets.

Why a Home Inventory is Crucial

A home inventory is invaluable in providing evidence of ownership and the condition of your belongings to your insurance company, ensuring a smoother and faster claims process. In addition, it helps you to accurately assess the value of your possessions, which can also help you determine whether or not your current insurance coverage adequately meets your needs.

Making a Video Inventory

One of the simplest yet most effective methods to document your belongings is by making a video. Walk through each room of your house, filming all items while narrating details such as purchase dates, values, and any unique features. This method provides a visual and verbal record, making it easier to remember and describe items in detail.

Utilizing a Spreadsheet

For those who prefer a more traditional approach, creating a spreadsheet is another practical method. Spreadsheets allow you to categorize items, list descriptions, purchase dates, and estimated values systematically. They are easy to update and can be meticulously organized for quick access.

Organizing by Room

Whether you choose video or a spreadsheet, organizing your inventory by room is a strategic approach. This not only streamlines the process of creating your inventory but also makes updating and locating specific items effortless. Begin with one room and move methodically throughout your home to ensure no major items are overlooked.

Documenting High-Value Items

For expensive belongings like jewelry, art, and high-end electronics, keep electronic copies of serial numbers, receipts, and detailed item descriptions. This additional layer of documentation can help provide proof of ownership and value, which can be critical for high-value item claims.

Reviewing Your Insurance Policy

Creating and maintaining a home inventory may seem daunting, but by following these tips, you can create a comprehensive inventory that brings peace of mind while helping ensure you are well-prepared.

Finally, it's imperative to review your insurance policy regularly to understand your coverage fully. Ensure that your insurance coverage matches the value of your possessions, especially after significant purchases or changes in the value of your items. Contact us today to review your insurance needs.

Read the full article at www.krouseins.com

Tips for Towing a Boat Trailer to Reduce Accidents and Insurance Claims

Tue, 05 Mar 2024 21:08:00 GMT

Boat Loaded on a Trailer by dimitrisvetsikas1969

Owning a boat can make weekends and vacations fun and memorable. Follow these tips to help ensure that when you’re towing your boat you’re being as safe as possible to lower the risk of accidents and unwanted insurance claims.

Make Sure Your Vehicle Is Powerful Enough for Towing

Many people underestimate the amount of power they need to tow a boat. It’s actually better to overestimate the power necessary than to fall short. The general rule of thumb is you need at least 15 percent more capacity than the weight of the boat fully loaded plus your trailer.

This gives you a buffer for accelerating during a highway merge, for example, or climbing a steep hill without straining your vehicle’s engine. It also reduces the risk of trailer sway behind your vehicle, which can cause catastrophic accidents.

Invest in a Good Trailer System

Always use the best trailer you can afford, both to protect your boat and to enjoy smooth travel on the road. You want to make sure braking and signaling are integrated with your vehicle, so cars traveling behind your boat know when you’re turning, slowing down, or stopping. Other trailer features are nice, but safety should be paramount when making your selection.

Use Safe Driving Practices Meant for Towing

You can’t drive the way you normally would when towing a boat; instead, you need to use driving techniques meant for towing, such as:

Giving yourself a greater stopping distance to allow for the additional momentum you have with a boat behind you. Don’t tailgate, and slow down if you think you might need to stop soon, such as when you know a yellow light is imminent.
Remember you need more space when changing lanes. Signal first to alert other drivers, and make sure you have room between vehicles for you and your boat. Get in the habit of double checking with your mirrors and performing a shoulder check before you make your final lane change.
Use your directional signals liberally. If you must drive well below the speed limit, use your hazard lights (aka “flashers”) to alert other drivers.
In general, you’ll be going at or below the speed limit, so stay to the center or the right whenever possible, and let other traffic pass you.
Use pull-through parking, so you don’t have to deal with backing up with a boat.

If you don’t have a lot of experience towing a boat, it’s smart to practice in less busy areas before hitting the highway on a packed holiday weekend. Make sure you’re completely comfortable before putting yourself in more high-stress situations. Many areas offer boat trailering classes that are well worth it to give you more tips, practice in controlled environments, and confidence.

Protect Your Car and Your Boat With the Right Insurance

No matter where you’re driving, you want to make sure you’re operating legally and responsibly with the right auto insurance and boat insurance policies in case of an accident. Our independent agents at Gary E. Krouse Insurance Services can help you find the right coverage, so you can enjoy your boat knowing your vessel and the vehicle towing it are properly insured. Give us a call at 818-407-5300, or request a quote online at any time.

Read the full article at www.krouseins.com

Top Home Improvement Projects That Can Increase Your Home Value

Thu, 04 Jan 2024 22:01:00 GMT

Modern Kitchen by Mark

When you tackle home improvement projects, it’s wise to prioritize those that add the most to your property’s value, especially if you might put your home on the market in the next few years. Here are the renovations that give you the biggest return on your investment.

Kitchen Remodels

If you’re like most folks, you probably spend a fair amount of time in your kitchen, even when you have guests. For this reason, making over your kitchen will usually let you recoup your investment in equity or a higher sale price. Common remodeling elements include:

Replacing appliances
Installing new counters
Refinishing cabinets
Changing fixtures and hardware
Building an island or bar
Adding luxury extras

Bathroom Upgrades

You might be surprised to learn that the most cost-effective upgrade to your bathroom isn’t necessarily a complete renovation. Doing a remodel can yield more than a 100 percent return.

Don’t worry about knocking out walls or replumbing. Instead, focus on cosmetic improvements like replacing old tile, swapping out faucets, and painting. Other relatively small upgrades include adding more storage, putting in a nicer shower surround, and replacing outdated flooring.

Attic and Basement Conversions

In many cases, converting an attic or basement lets you add another room to your home. You can gain a bedroom, playroom, office, workshop, or rec room by making over what is often unused space in the home.

To really make the conversions worthwhile, be sure you explore things like emergency egress and HVAC to meet building codes and make the space fully usable. If you plan to sell the home soon, aim for a conversion that could work for multiple purposes, as potential buyers may be looking for something different.

Deck and Porch Additions

Adding a deck, patio, or porch lets you expand your living space outside in nice weather. The warmer the climate where you live, the more you want to have some comfy outdoor space for al fresco meals, grilling, and relaxing.

You don’t have to spend a ton to get a big bang for your buck with outdoor spaces. You can enhance any outside area with nice furniture, potted plants, and fencing to make the spot more private.

Curb Appeal Improvements

Curb appeal makeovers are always popular, and they’re great whether you plan to stay in the home for years or put it on the market. Some popular ways to make your home look beautiful when approached from the street include:

Adding or replacing a front walk
Building a small front porch or covered entryway
Landscaping for four-season beauty
Painting the front door and window trim
Resurfacing the driveway
Replacing the garage door

Energy-Efficient Updates

Some curb appeal improvements overlap with making the home more energy efficient too. If you’re not happy with your home’s entrance, consider replacing the door with one that offers better protection from the outdoors or installing a storm door with screens.

Other updates that offer a good ROI include:

Installing thermal windows
Replacing an old roof
Adding a better furnace or hot water heater
Using insulated garage doors
Insulating the attic or other chilly spaces
Placing solar panels on the roof

Even small upgrades like installing a programmable thermostat or ceiling fans can bring you energy savings year after year.

Don’t forget to contact your insurance agent to review your home insurance coverage when you add to your home or perform major renovations. Need help with home coverage? Call Gary E. Krouse Insurance Services at 818-407-5300 today for a quote, or reach out online to let us know how we can help.

Read the full article at www.krouseins.com

Renting vs. Owning a Home: Protect Your Property No Matter Which You Prefer

Tue, 12 Sep 2023 18:06:00 GMT

Living Room by Emre Can Acer

If you’re on the fence about renting or owning a home, here’s a helpful look at the upsides of each option. Remember to get the right insurance when you make your choice, so your property is fully protected.

The Advantages of Renting

When you rent, you don’t have to commit to a neighborhood or a city. Don’t like your current digs? No problem — you can try somewhere else with a minimum of fuss. If you want to explore your state or experience life in different parts of the US, renting is your best bet. You can experiment with different types of homes too, whether you want a modern high-rise or a little house with a yard.

Securing a rental residence is usually easier than buying a house. While the two may be equally competitive, you don’t have to obtain a loan or go through inspections and closing. Most landlords will check your credit and employment, and that’s about it.

Renters also don’t have to worry about fixing things around the home because those chores are largely the responsibility of the landlord. If the roof needs replacing or the hot water heater fails, you don’t have to shell out any cash. Usually, even the appliances are owned by the landlord, so they have to take care of them.

The Pros of Owning a Home

Owning your home gives you a lot more freedom when it comes to your lifestyle and how you want your home to look. You can paint inside and out, change the landscaping, and put in new appliances, or you can do a whole remodel if you like. You don’t need anyone’s permission to swap out a light fixture or put new hardware on the kitchen cabinets.

It’s much easier to own pets if you are a homeowner too. Other than local laws about the number of animals you can keep, you are free to have several large dogs or multiple cats, as well as other types of pets like birds, reptiles, or even horses.

You usually have more stability as a homeowner. When you rent, there’s the possibility that the landlord could sell the property, forcing you to move elsewhere. But when you own, you can keep the home for decades or even make it your family estate for multiple generations.

One of the biggest reasons people elect to buy a home is that it is usually an investment that increases in value over time. If you can ride out the ups and downs of the real estate market that occur every few years, you can make a profit on the home by selling it, renting it out, or cashing out your equity for other financial needs. If you ultimately pay off your mortgage, you own the home outright, meaning you no longer have to budget for monthly housing costs.

Home and Renters Insurance Is Essential

Whether you decide home ownership or renting is right for you, make certain to protect your property with the right insurance. Home insurance covers your dwelling as well as its interior; renters insurance protects your belongings when someone else owns the building you live in. Both types of policies should also cover your belongings inside your home—we can help find a policy to ensure you're covered.

To learn more about home or renters insurance, call Gary E. Krouse Insurance Services at 818-407-5300. We’ll help you protect your property by finding a policy that meets your unique needs.

Read the full article at www.krouseins.com

What to Look for When Buying a House to Avoid Unnecessary Insurance Claims

Fri, 07 Jul 2023 20:35:00 GMT

Keys in the door of a new home by PhotoMIX Company

If you’re house hunting, you’re probably looking at many elements like the number of bedrooms or how updated the kitchen is. Don’t forget to check for these things too, which which may help avoid home insurance claims should you become the new owner.

An Aging Roof

Roof problems are one of the most common causes of home insurance claims. Serious roof damage often doesn’t just involve the roof itself; it can cause interior damage, especially from leaking water. You don’t want to purchase a home that has an old or faulty roof without getting an adjustment to the price to cover the cost of replacing it.

Poor Chimney Condition

While you’re having the roof inspected, be sure to have a look at the chimney too. Poor chimney and firebox construction or even a dirty chimney can result in a fire.

Faulty Wiring or an Outdated Electrical Panel

Of course, bad wiring or a faulty electrical panel presents an even greater risk of fire. Signs that an electrician might be needed include:

An old electrical panel (especially a model that has been recalled)
Signs of electrical panel failure, like charring or melting
An electrical panel and circuitry that’s not sufficient for modern electrical demands
Overloaded circuits (too many items on one circuit)
Not enough electrical outlets
No GFI outlets in the kitchen and bathrooms
Flickering lights
Lights or outlet use that constantly trips the circuit breaker
Charring, melting, or loose parts around outlets and switches

Plumbing Problems

Water damage is another common source of home insurance claims. Unless you plan to make major repairs, never buy a house that has plumbing problems. Not only could water damage create an insurance hassle for you or even force you out of your home temporarily, but it could also ruin precious, irreplaceable belongings.

Previous Water Damage

One key to the risk of water damage is signs of previous incidents. Check carefully for mold or mildew in the basement, foundation cracks, standing water outside close to the house, warped floorboards and under-sink spaces, poor sink drainage, and brown spots on the ceiling or upper walls (could also be from a leaky roof).

High Radon Levels

Radon is an invisible, radioactive gas that exists naturally below the earth’s surface. If it seeps into your home, it can cause breathing difficulties or even lung cancer. You can purchase inexpensive radon detection kits to monitor radon levels before making a home purchase.

Liability Risks

Most folks are concerned with their own health when purchasing a home. But they should also think about risks to others, like visiting friends or delivery people. These liabilities could result in a lawsuit if someone is seriously injured:

Loose steps
Tripping hazards
Absent or inadequate handrails
Lack of fencing around a swimming pool
Low, weak, or absent railings around decks and balconies
Poor fencing for dogs in the yard

History of Previous Claims

If possible, do your due diligence and find out if a home’s occupants have filed insurance claims in the past. You might find out that what you thought was your dream home is actually uninsurable. Sellers should disclose insurance claim information, but you also may be able to order a report online.

When you do find the home that’s right for you, you’ll want to be certain to insure it properly. The independent agents at Gary E. Krouse Insurance Services offer a wide selection of home insurance options. We can also assist with extra protection like auto insurance, life insurance, and personal umbrella insurance. Contact us at 818-407-5300 to learn more, or request a quote online.

Read the full article at www.krouseins.com

4 Water-Saving Tips for Your Garden

Fri, 05 May 2023 19:39:00 GMT

Garden hose spraying water by Karolina Grabowska

Water has been in short supply in many areas of the United States lately. And even if it’s bountiful where you live, you may be paying more for water than you’d like. Here are some tips for using less water and saving money in your garden.

Use Soaker Hoses Instead of Sprinklers

Sprinklers tend to use tons of water, often more than you need to water your garden. It’s the equivalent of taking a bath versus a shower when you just want to get clean quickly.

Try using soaker hoses, which have tiny perforations in them, to water your flower or vegetable beds slowly. It’s healthier for your plants, and you’ll use less water and have less wasted runoff too.

Install a Timer for Your Hose

How many times have you turned on the hose or the sprinkler, only to get distracted and come back hours later to find you’re now watering the asphalt? A timer for your watering system lets you limit water consumption. You can also use a timer to water when you’re not home (including on vacation) or while you’re asleep.

Water at Night or Early in the Morning

The most efficient time to water is at night or early morning. This is because, during the heat of the day, you lose water in the garden to evaporation. It then takes more water to achieve the same level of hydration, and it’s harder on your plants as well.

Recycle Greywater

Some folks who live in areas struggling with water supply recycle greywater, primarily from their laundry. Rather than sending rinse water from the washer to the sewer system or septic tank, they pipe it into the garden or a holding tank for later use.

Never use water that has been used to rinse food scraps or that comes from your toilet, as this can attract vermin. But laundry water, provided you use biodegradable detergent, is perfect for watering the garden.

Landscape With (Less Thirsty) Native Plants

The plants you choose for your garden have a great deal to do with how much water you use. If your water bill is high or if you’re in a drought area, try these tips:

Eliminate or downsize your lawn. Replace it with a rock garden, xeriscaping, or hardscaping.
Select plants that don’t require tons of water and fare well in sun and hot weather. Usually, plants native to your region will do better with less watering and can withstand weather fluctuations.
Plant trees or tall shrubs that can provide shade for other plants.
Garden in containers instead of in the ground or raised beds.
Use soil that absorbs water well and top it with mulch or rocks to retain moisture.

Collect Rainwater

Collecting rainwater to use later can be a smart idea if you live in a rainy area or get monster storms passing through. There are multiple ways to do this, such as setting up a rain barrel beneath the downspout for your rain gutters or adding a catch basin to your landscaping. A catch basin like a dry well can divert water — to prevent ponding in the lawn or damage to your foundation — and send the water where it’s needed elsewhere in your garden. Just be sure to abide by the local regulations on rainwater collection, if there are any.

Your area’s rainfall or drought levels influence more than your garden, including your home’s foundation integrity, fire risk, and potential water damage. To learn more about how this affects your homeowner insurance, call Gary E. Krouse Insurance Services at 818-407-5300, or get in touch online with your questions.

Read the full article at www.krouseins.com

The Importance of Uninsured and Underinsured Motorist Coverage

Fri, 07 Apr 2023 20:13:00 GMT

Couple in a convertible by monkeybusinessimages

Your auto insurance is one of the most important elements of your personal insurance portfolio. But some people purchase only the minimum required liability coverage, not realizing they may be leaving themselves open to huge bills for damage to their own vehicles after an accident. Here’s how you can better protect yourself with uninsured and underinsured motorist coverage.

How Claims Usually Work After an Accident

Most states in the U.S. require some type of auto liability insurance to register a vehicle and drive legally. This type of auto insurance can help pay for medical care and damage if another motorist is hurt or their property is damaged.

The insurance of the person at fault in an accident typically covers liability for the other party. Say you miss a stop sign and hit another car. The person in the other vehicle has a minor injuries and significant damage to the side of their minivan. A claim is filed with your insurance carrier, which checks the police report and, after determining that you were indeed at fault, writes a check to the other party in the accident.

Likewise, if another party hits you, and they are at fault, their insurance typically pays for your medical bills, doctors’ appointments, lost work days, and repairs to your vehicle.

What Happens If Someone Without Insurance Hits You?

Insurance works well, like in the scenarios above, when everyone has at least the minimum liability coverage required by their state. However, each state sets its own requirements for mandatory liability coverage, some being higher than others.

If someone without insurance or with a low state requirement hits you and is at fault in an accident, what happens then? Maybe they have no auto insurance at all. Or perhaps they have $25,000 in property damage coverage, but your new $60,000 car is totaled in the accident. How do you make up the difference?

In some cases, you could go to court to sue the other driver for damages. But those cases can go on for months or even years, with no guarantee of a win. If the person you’re suing doesn’t have the money — maybe they’re unemployed, which is why they were driving without insurance — how would they pay a court judgment that awards money to you? How would you cover the replacement of your vehicle, which you need to get to work every day and are still making payments on to your auto lender?

How to Better Protect Yourself with Extra Coverage

There is a solution: uninsured and underinsured motorist coverage. While a few states make this mandatory, many make it optional. We suggest it should be an essential part of your auto insurance coverage, precisely for the hypothetical situation described above. Uninsured and underinsured motorist insurance can help protect you when the other party has no auto insurance or doesn’t have enough to cover your injuries or damages.

Our independent agents at Gary E. Krouse Insurance Services will work with you to make sure you have the right protection, between liability insurance, collision insurance, comprehensive coverage, and uninsured/underinsured motorist coverage. Call us at 818-407-5300 today, or request a quote online, and be sure to ask about protection if you’re hit by someone without insurance.

Read the full article at www.krouseins.com