In today’s economy everyone is looking at ways to lower their health care cost. Having health insurance is just part of the ways that people keep their out of pocket expenses down. Excessive and the unnecessary use of health insurance are only two things that can drive premiums up. Nobody wants to pay more in premiums or out of pocket expenses than necessary for health care. Below are just a couple of the things that you can do to help keep cost down. Read more »
Lowering Your Health Care Costs
How Much Life Insurance Do I Need?
Life Insurance – Asking how much you really need is a great question that can have more than one answer. Before deciding just how much life insurance will do the trick, it is important to know some factors that must be taken into consideration. One major consideration is to determine who in your family should be insured. Once everything is taken into account you can then look at what the amount that you will need to carry will be. Life insurance coverage should be evaluated at intervals during your lifetime. As circumstances and lifestyle changes take place then so does your insurance needs. Read more »
Business Insurance FAQ
| Q: | What is General Liability Insurance? |
| A: | General Liability provides coverage for incidences that you are liable for such products that your company manufactures or sells, damages to individuals arising from your premises and also covers general operations both ongoing and after completion. |
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| Q: | Is it OK for others to drive my business vehicle? |
| A: | It is OK for other individuals to drive your vehicles with your permission, however, if an individual used said vehicle often they need to be listed on your policy. |
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| Q: | Insurance for sub-contractors, do I really need the certificate? |
| A: | Yes, if you are audited you may be requires to have proof that your sub-contractors have their own coverage. By having the certificated, you can prevent charges for incidences that happen to the sub-contractors. |
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| Q: | What is the difference between Actual Cash Value (ACV) and Replacement Cost (RC)? |
| A: | This type of coverage refers to the liability coverage to help pay for damages that are incurred via your operation or products, after the point that you have no control over them. |
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| Q: | What does Products/Completed Operations mean? |
| A: | This type of coverage refers to the liability coverage to help pay for damages that are incurred via your operation or products, after the point that you have no control over them. |
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| Q: | What does 80% co-insurance mean? |
| A: | This is the way the insurance company encourages all insured to adequately insure their property in relation to other insured. Insurance carriers require that an insured party cover at least 80% of the property’s value in order to collect a partial loss in full. |
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| Q: | What is Business Interruption/Extra Expense coverage? |
| A: | During repairs due to damages related to a fire or compensable loss, Business Interruption/Extra Expense coverage provides coverage for income loss and the expense of establishing a temporary site. |
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| Q: | How does an audit work? |
| A: | At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based upon an audit of estimated figures. Examples of estimated auditable items include payroll and sales. Audits can be performed or via mail or telephone or onsite by an auditor. A premium is charged for audit estimations. |
Home Insurance FAQ
| Q: | What Personal Property Insurance? |
| A: | Personal Property coverage is included in a standard home insurance policy and protects your personal items and household contents in the event they are stolen or destroyed by fire, hurricane or other peril covered in your policy. |
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| Q: | What is MedPay? |
| A: | MedPay (or Medical Payment) is coverage that helps cover medical expenses that you might be held responsible for due to an injury sustained on your property when there is no lawsuit. |
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| Q: | What is Dwelling Coverage? |
| A: | This portion of your policy pays to replace the structural components of your home. This protects against the damage and possible loss of your home’s structure in the event of a covered claim such as a hurricane, hail, lightening or fire. (Separate policies are needed for flood and earthquake insurance). |
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| Q: | What is Persona Liability Protection? |
| A: | Personal Liability Protection: This covers you in the event that a lawsuit is presented against you or covered family members for bodily injury or property damage. Your pets are also included in this portion of your policy protecting you against bodily harm or property damage that they may cause to others. |
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| Q: | What is Loss of Use Coverage? |
| A: | This type of coverage provides for your living expenses in the event that you cannot live in your home due to a covered claim. It typically covers hotel and restaurant bills and other living expenses you may incur while your home is being repaired. |
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| Q: | When should I review my home insurance policy? |
| A: | It is recommended to review your home insurance policy twice a year. However, you should also review your policy whenever one of the following situations occurs:
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Choosing Long Term Care Insurance Coverage
The Baby Boom is over and Boomers are now beginning to hit retirement age at an exponential rate. As such many experts agree there will be a major need for Long Term Care (LTC) insurance as individuals begin to be taken care of by loved ones or move into assisted living or long term care facilities.
Traditionally many people have relied on Medicare benefits or private pay options; however, as costs have risen benefits have remained somewhat flat. LTC insurance helps to fill the gap left between the costs of care and the benefits that don’t quite cover. Having this coverage will certainly help keep your loved ones from feeling a definite strain on their finances as they help provide for your care.
The following is a guide on steps to follow when choosing your Long Term Care policy. Follow it and you will find yourself in much better shape as you get older and begin to require a greater level of care.
Knowing Your Coverage Needs
Knowing how much and what type of Long Term Care insurance to choose is as much about knowing your personal health as it is about anything else. Sit down with an insurance professional in Charlotte NC or in your home area. Here at The Hoffman Agency we like to get a good feel for your personal history, both health and financial, before making a recommendation as to what sort of coverage you might require.
Choosing the Right Insurance Carrier
Selecting the right Long Term Care provider will again depend on your needs. While you must consider the premium you wish to pay, it is also highly important to consider the types of coverage being offered. An independent insurance company such as The Hoffman Agency will be able to help you examine several different companies without having a ton of legwork. This will help ensure that you have the best selection possible.
Understanding the LTC Policy
Once you have selected your Long Term Care policy, it is important to make sure you understand what it says. The following steps can help you to make sure that you know just what your policy means:
- Read the entire LTC policy thoroughly
- Ask your insurance provider if you need help understanding phrasing or terminology
- Make sure you have an appropriate amount of time to review the policy before being required to sign
- Keep a copy of all transactions and/or receipts to or from the insurance agent
- Try to document all written or vocal statements made by you and the insurance agent
Utilizing Your Long Term Care Insurance Policy
Using your insurance should be made as simple as possible. Make sure that family members have access to a copy of your policy so that they will be able to easily contact the insurance provider. The provider will then be able to walk them through the necessary steps to be able to get your benefits started.
While no one likes to think about needing care in their advanced years it is a reality we must all face. By investing in a decent Long Term Care insurance policy, providing this care can be made a great deal easier.
Give The Hoffman Agency a call or use our contact form here on the site today if you would like to speak with one of our insurance professionals about how you can get the coverage you need.
Winter Driving Tips
Winter weather can be both gorgeous and dangerous all at the same time. Any time you plan on being out on the road during this time of year you should take precautions to help ensure that you and your passengers stay safe and sound. Besides using a good degree of common sense and planning ahead of time, there are other things you can do to help reduce the likelihood of an accident.
The following list has been designed so that you will have the tips and tools that you need to help stay safe and keep from having to submit an auto claim.
Preparing for Winter Weather Before It Arrives
- One step that should always be taken before the weather turns bad involves having a mechanic perform a multi-point check to ensure that your battery is functioning properly and that all your fluids (oil, transmission, windshield washer, antifreeze, and brake) are at their proper levels. Your brakes should also be checked for wear as should your exhaust. It also certainly pays to ensure that your heating system is up to par.
- Keep your tank as full as possible. This will help you keep from running out in the event that you end up stuck in a jam.
- Snow tires, snow chains, all weather radials or such should be installed as soon as the law in your area allows.
- Keep an emergency kit on hand in your vehicle. It should include a small camp shovel, booster cables, tool kit, blankets, towrope, flashlight, extra batteries, flares, and a first aid kit. If you live in an area that gets a great deal of snow, then you should also consider carrying a set of dry clothes and waterproof matches for melting snow into drinking water.
Winter Driving
- By backing into your driveway you can make it much easier and safer to pull out onto the street especially if there is ice present.
- Give yourself a decent turn radius when rounding curves. By turning too tightly you run the risk of going into a spin.
- Anti-lock brakes can be engaged by slamming on them once you start a skid. If you do not have anti-lock brakes though pumping them will help to give you a greater deal of control.
- While jogging can be great for your health, it can be downright deadly when done in the ice and snow. Keep an eye out for joggers during winter weather. There will always be those die hard individuals who will head out no matter what the weather.
If you must travel during severe weather make sure you follow these tips as well:
Never travel alone. Having someone with you can make all the difference if you happen to get stuck. Also, let someone know when you plan to arrive as well as your chosen travel route.
If you get stuck make sure you stay in the vehicle until help arrives. Run the engine and heater as little as possible. Make sure that you get out and clear your exhaust pipe of snow. This will allow your car to properly ventilate so that carbon monoxide will not build up in the cabin since doing so could end up poisoning you and your passengers.
