Tuesday, August 26, 2014

Three crucial changes to make to your auto insurance policy RIGHT NOW...

Change your bodily injury liability coverage to a $500,000 limit -- if you hurt somebody in a car accident, your policy's bodily injury limit represents the highest amount your insurance will pay for the "other guy's" medical expenses, funeral, etc. If you're not my customer, you probably only have a $100,000 limit -- which seems like a lot, but it's NOT, considering the average "bodily injury" lawsuit jury award nationwide is now about $400,000. Where does the rest of the money come from? From your assets, current income, and future income. Isn't it worth a few extra dollars to properly protect yourself?

Make sure you have Uninsured/Underinsured Motorist bodily injury coverage -- if someone with little or no insurance hurts you in an accident (half of the drivers out there), you need to have at least a $500,000 limit covering your own injuries, loss of future income, etc., etc..

If your vehicle is worth $1,500+, you need Comprehensive and Collision coverages -- covers physical damage your own vehicle. Comprehensive coverage pays to fix or replace your ride due to vandalism, theft, or if you hit an animal. Collision coverage pays to fix or replace it if you have an accident that's your fault. If you don't have these basic protections, then your insurance won't pay if you wreck your own car or truck! Of course, if the "other guy" is at fault, then their insurance is responsible.

These are basics, but you'd be surprised how many folks are driving around without the proper insurance. Are you at risk with not enough coverage? Remember, you can't choose when you have an accident, so please make sure you're properly insured today. Call me if I can help review your current insurance with you.

 

David Yates – Farmers Insurance

1881 General George Patton Dr., Suite 103

Franklin, TN 37067

Phone 615-778-1816  Fax 615-778-1817

 

 

dyates1@farmersagent.com

Wednesday, July 30, 2014

Water: Your home's arch enemy…

When you think about all the pipes, hoses, gutters, and openings throughout your house, it's no wonder that water poses the one of the greatest threats to your home -- and your bank account. Sure, after your deductible, a high-quality insurance policy will typically pay for sudden and accidental water damage, but the inconvenience, and possibility about insurance not covering "lack-of-maintenance"-related water issues should make us to take this threat seriously and do what we can to prevent problems in the first place.

Inside Your Home: A water leak can occur anywhere in your home — most often in the kitchen, bathroom, or laundry room — and cause big-time damage to both your home and personal belongings. Preventative maintenance can help keep this from happening!In addition to making sure everyone in your house knows how to turn off the water shutoff valve, there are several other specific steps you can take to lessen your risk.

In the Kitchen: To reduce the chances of a water leak, regularly check under the sink to see if the water connection supply line to the dishwasher is secure. Also, check around the base of the dishwasher for evidence of leaks. If your refrigerator has an icemaker, check the hose connection to make sure it is securely attached to the water supply line. Finally, inspect the caulking around sinks and check the pipes under the sink for signs of water leaks.

In the Bathroom: Check any caulking where walls meet the floor or the bathtub, looking for cracks or mold. Discolored or damp areas around floors and walls near showers, bathtubs or toilets are a good indication of a leak. If the shower walls or floor are tiled, a leak may develop if the tile grout develops cracks or there are areas of missing grout. If either situation is found, clean and remove loose material and apply new.

Laundry room: Inspect washing machine hoses regularly for dampness around hose ends and for any cracks or fraying. If any problems are found replace the hose. As a preventative measure, replace the hose every 3-5 years with metal braided hoses.

Outside: A leaky roof, poor drainage and clogged gutters or downspouts can lead to significant water damage inside a home and lead to damage to a roof or siding. Keep your roof and downspouts free from buildup of leaves, twigs and other materials that prevent proper drainage, and keep trees trimmed to prevent them from rubbing against the roof.

What to do when damage occurs: If water damage occurs to your property, such as with a storm, it is important to dry all wet areas and provide air circulation to aid in the drying process. Also, cover any exposed areas of the dwelling with a tarp to prevent further water damage. Covering exposed areas along with drying and dehumidifying wet areas can help minimize the possibility that mold will form due to the water damage. Always contact your insurance agent immediately to discuss whether it makes sense to start a claim.

Don't forget -- flood damage is NOT covered by your homeowners policy, as many folks in Franklin TN sadly realized only after the May 2010 flood. You need separate flood insurance, available through insurance agents, but provided by the U.S. Government, if you think there's a potential threat.

Hope you're having a great summer!

 

David Yates – Farmers Insurance

1881 General George Patton Dr., Suite 103

Franklin, TN 37067

Phone 615-778-1816  Fax 615-778-1817

dyates1@farmersagent.com

 

Monday, June 30, 2014

Three letters you never want to see on your auto policy: "ACV" Here’s why…

If you wreck your car, how does your insurance company determine how much it will pay for a replacement or repair? It depends on your policy and how it's worded. Remember how I always say that all insurance is NOT the same? Here's a great example of this.

Cheaper auto policies "settle" (meaning, pay for) claims using depreciation to figure the value of your vehicle, for either the repair, or to compensate you for the car's value (if it was totaled).  Every year, your auto loses a tremendous amount of value using this method.  

Your huge clue to policies that settle in this manner is to look at your declarations page (that sheet you receive from your insurance company at renewal time, detailing your coverages). Look at the line items "Comprehensive" and "Collision". These are the parts of your coverage that fix or pay for your auto for various reasons (you hit an animal, or it’s stolen, vandalized, or you wreck it). If, listed next to these terms, it also says "ACV" or "Actual Cash Value" -- look out!  This is a policy that likely uses straight line depreciation to devalue Hope you don't have "Actual Cash Value" or "ACV" car insurance!your vehicle's worth, before paying you.  Typically, after ten years, a car's been fully depreciated, which, after subtracting your deductible, means  you're not getting much, if anything, for your former ride.

Better auto insurance policies look at the "fair market value" of your vehicle, which take market factors ( including automotive industry car value guide books, and local car dealer pricing) into account, instead of a one-size-fits-all depreciation devaluation. This common-sense method means you'll usually get more from your car insurance at claims time.

If you'd like me to help you review you current policy and see if you have ACV claims settlement, just call on me.

 

David Yates – Farmers Insurance

1881 General George Patton Dr., Suite 103

Franklin, TN 37067

Phone 615-778-1816  Fax 615-778-1817

dyates1@farmersagent.com

 

 

Monday, May 5, 2014

Use your car for business? Are you sure it’s covered by your current insurance?

One of my newest customers is an real estate agent, spending much of his days driving clients around Brentwood, Franklin and Spring Hill looking at homes, and visiting with prospective home sellers at their homes. When he originally came in to see me, one of the first things I asked him was whether he had business usage coverage on his current policy. He said he didn't know. Careful review showed he had none.

Look at yours or ANY personal auto policy. It will specifically state it only insures only for personal use, and not “business usage”. If you use your personal car for your occupation or business, and regularly do more than just commute back and forth, you may be at risk. I'm talking about salespeople, home physical therapists, delivery drivers, etc..

There is help available. Some insurers (including Farmers Insurance) offer their customers a “Business Usage endorsement”, which changes the policy to extend coverage for when you use your car for business.

Not every occupation will be acceptable. Insurance companies will not extend this extra coverage for vehicles used for potentially more dangerous occupations like a pizza delivery driver or taxi service.

My client said his previous insurance agent of over ten years never inquired about his occupation nor periodically reviewed his coverage with him, so this gap was never discovered. Rest assured he has this coverage now through my Franklin TN agency and Farmers Insurance.

The topping on the cake for my customer? Not only did I add the business usage coverage, but also doubled his overall liability protection, and saved him $138 for the year, compared to his previous (and lacking) auto insurance!

This is the type of result I am proud of achieving quite often for my clients. Does your insurance agent KNOW you? Or is it time to come see me?

 

David Yates – Farmers Insurance

1881 General George Patton Dr., Suite 103

Franklin, TN 37067

Phone 615-778-1816  Fax 615-778-1817

dyates1@farmersagent.com

 

Thursday, April 10, 2014

New agent joins David Yates Insurance Agency staff...

I'm pleased to welcome Sales Service Representative Wendy Martin to my agency. She is a fully licensed Property & Casualty agent, offering full support for our existing and prospective clients' auto, home, and commercial insurance needs.

Wendy MartinWendy is a capable professional who genuinely cares about her clients. Her commitment to details and above-and-beyond customer service has won her friends and fans in several industries.

I think you will appreciate Wendy's warm personality, too, in addition to her insurance knowledge. She is committed, as I am, to giving you the attention you deserve and assuring we are there to understand and meet your changing needs, now and in the future.

Please stop by our office or give us a call any time. We'd love to hear from you!

 

David Yates Insurance Agency

1881 General George Patton Dr, Suite 103

Franklin, TN 37067

Phone 615-778-1816  Fax 615-778-1817

 

Monday, March 24, 2014

Free Child ID fingerprint kits available

Come on over to the soccer fields on Downs Blvd in Franklin TN this Saturday, March 29, 2014, and I’ll give you a free Child ID fingerprint kit. For the eighth straight year, in addition to being a team sponsor, I’ll be handing out free Child ID Kits to parents at the Williamson County Soccer Association (WCSA) picture day from 7:00 a.m. – 1:00 p.m.. I’ll have a booth set up at the entrance of the indoor soccer arena at 1878 Downs Boulevard, Franklin TN 37064. It’s also where WCSA soccer teams will have their team pictures taken, starting at 7:30 a.m. Hope you can stop by! If you can’t make it on Saturday, but still want one or more a Child ID fingerprint kits, please call or stop by my office, and we’ll be glad to give them to you.

 

David Yates Insurance Agency

1881 General George Patton Dr, Suite 103

Franklin, TN 37067

Phone 615-778-1816  Fax 615-778-1817

Friday, February 14, 2014

Don't wait until after a fire or tornado to learn if your home insurance will pay enough...

What would it cost to re-build your home in the event of a Make sure your insurance is up to the task to completely rebuild.catastrophe? Does your insurance provide enough?

When you sign up for a home insurance policy, your insurance agent asks you for details about the house. What's your square footage, how many full and half bathrooms, what size is the garage, what kind of flooring you have, is there a basement, is it finished or unfinished, and the list goes on!

It may seem nosey, but it's really so the agent and insurance company can accurately calculate a "Reconstruction Cost Estimate" -- what the insurance company thinks it would cost for a contractor re-build your house, as it was before. With your input, this amount eventually becomes the "Dwelling" limit on your policy, meaning the maximum amount of rebuilding dollars your policy will pay to rebuild in the event of a covered claim.

Though you can't decrease this amount, you can increase it, if you think your home warrants it. Ultimately, approving the Dwelling amount is your responsibility.

What's a good amount to have? Well, here in Franklin, Brentwood, and surrounding areas, a good rule-of-thumb for a majority of homes is anywhere from $95 per square foot to $130 per square foot.

It's a pretty good bet that you can rely on the agent's and insurance company's expertise to come up with an accurate Dwelling amount. But you should have your own figure in mind, too. How you determine it is up to you, but you should consider data from the local tax assessor, and input from experts in the construction industry. I do this, and more, as part of my due diligence when calculating the Dwelling amounts for customers and prospective customers.

Here's a couple of watch-outs: Do not rely on using the sales price of the home, or the value from an online home price estimating website. One reason is that the value of your land is included, and, of course, land isn't insured by your home policy. Another reason is that sales prices and online estimating websites don't necessarily reflect actual, current construction costs, as they change throughout the year.

Having your own idea about what it would cost to rebuild your home will help make your conversations with your agent that much more productive, and ensure your home is properly covered.

 

David Yates – Farmers Insurance

1881 General George Patton Dr., Suite 103

Franklin, TN 37067

Phone 615-778-1816  Fax 615-778-1817