Wealth today is about more than accumulation — it’s about resilience.
According to Chubb’s annual Wealth Report, affluent and high-net-worth families across North America remain optimistic about economic opportunity, but they are increasingly aware that wealth alone does not guarantee security. Climate volatility, cybercrime, liability exposure, and inadequate estate planning are emerging as major threats to long-term financial stability and legacy preservation.
The report found that:
79% of affluent respondents believe the economy will grow over the next 12 months
67% believe there are more opportunities to build wealth now than ever before
Yet 62% say investment loss is their biggest financial concern
91% are concerned about climate change affecting their property
Cybersecurity is now the #1 issue keeping affluent families awake at night
The message is clear: affluent families are shifting from reactive protection to proactive risk management.
Climate & Property Risks Are Reshaping Homeownership
The report highlights growing concern around extreme weather, flooding, wildfires, and severe storms. Wealthy homeowners are responding by investing in resilient construction, impact-resistant materials, whole-home generators, and upgraded roofing systems.
Importantly, affluent clients increasingly expect more from their insurance advisors than just policies. They want strategic guidance on risk mitigation, property resilience, and long-term protection planning.
The Hidden Risk Gap
One of the report’s biggest revelations is the growing “protection gap.”
This disconnect underscores a critical reality: many successful families remain underprotected against lawsuits, cybercrime, catastrophic loss, and legacy complications.
Cybersecurity Is Now Personal Risk Management
Cyber exposure has evolved beyond hacked passwords and phishing emails. Smart homes, connected vehicles, AI-powered scams, and digital financial fraud are now deeply intertwined with affluent lifestyles.
Yet only 41% of respondents carry standalone cyber insurance.
As digital threats become more sophisticated, comprehensive protection strategies are becoming just as important as traditional home and auto coverage.
Insurance as a Strategic Partnership
Perhaps the strongest theme throughout the report is that affluent families no longer view insurance as a commodity. They increasingly value:
For independent agencies partnered with premium carriers like Chubb, this creates a major opportunity: helping clients proactively close protection gaps before a loss occurs.
The modern affluent client isn’t simply buying insurance. They’re investing in confidence, continuity, and peace of mind.
ARE YOU READY? Your Final Prep List for Tomorrow’s Winter Storm
With a major winter storm forecasted to arrive tomorrow, we want to ensure you and your property are ready for whatever the weather throws our way. While you likely already have the flashlights and blankets ready, winters in the Carolinas require a few extra layers of preparation to prevent costly insurance claims and keep you safe.
In our region, snow often melts and refreezes, creating “ice dams” that force water under your shingles. If you can safely do so, ensure your gutters are clear of fall leaves today. This allows meltwater to flow freely instead of backing up into your attic.
2. Protect the Well & Pipes
If you are on a well, remember that no power means no water.
The Trick:Fill your bathtubs today for “flushing water.”
The Drip:If your pipes run through uninsulated crawlspaces (common in older WNC homes), leave a very thin trickle of water running tonight. Moving water is much harder to freeze.
3. Sump Pump Stress Test
Heavy snow followed by a quick thaw can overwhelm mountain basements. Check your sump pump now. If you have a battery backup, ensure it’s charged. If you don’t, consider moving valuables off the basement floor just in case.
4. The “Penny” Tire Test
Mountain roads become treacherous instantly. Check your tires: Insert a penny into the tread with Lincoln’s head upside down. If you can see all of his head, your traction is insufficient for mountain ice. If you don’t have to be out, stay off the roads to allow DOT to work.
Digital Prep: Don't Wait for the Power to Go Out
Document Your Home
Take a quick video on your phone walking through each room. If the weight of snow or a fallen limb causes damage, having “before” footage from 24 hours prior is a massive help for claims.
We’re Standing By
Our team at Penny Insurance is here to support you. Once the storm passes, if you notice any damage to your property or vehicle, reach out to us immediately so we can help you get back on solid ground.
The first few moments after an accident often come with a mix of emotions, but it’s essential to focus on immediate actions that prioritize safety and preparation. This includes assessing the situation, documenting key details, and understanding how your auto insurance coverage comes into play. Each decision made during this time can influence the outcome of your claim and your ability to recover from the incident.
We understand that every accident is unique, and the process of navigating what comes next can feel overwhelming. That’s why we’re here—to provide clear guidance tailored to your needs. Through this step-by-step approach, we can help you regain control of the situation while addressing both short-term and long-term considerations related to your car insurance policy.
1. Analyze the Scene
Staying calm and focused right after a car accident can make a significant difference in handling the situation effectively. Start by assessing whether anyone involved has been injured and contact emergency services immediately if medical assistance is needed. Avoid moving anyone who is injured unless there is an immediate danger, like a fire or traffic hazard.
If the accident occurs in an area with high traffic or potential safety risks, and if your car is driveable, carefully move your vehicle to a safe spot, such as the shoulder of the road, and use hazard lights to alert other drivers of the situation. If it’s unsafe to move your vehicle, remain inside with your seatbelt fastened until help arrives.
Once you’ve secured the scene, avoid engaging in arguments or assigning blame. Instead, focus on gathering essential details, such as the location of the accident, time of day, weather conditions, and road conditions. These details could be helpful later when working on your insurance claim.
2. Document the Accident
If you’re going to need to file an insurance claim, accurate and thorough documentation of the accident is essential. Start by using your phone to take clear photos of the scene, and capture all key details, including the positioning of the vehicles, visible damage to all involved cars, debris on the road, skid marks, and any nearby traffic signs or signals. These images serve as crucial evidence when it comes to supporting your side of the story during the claims process.
While at the scene, exchange important information with the other driver. Be sure to collect their full name, phone number, driver’s license number, vehicle registration details, and car insurance information. If there are witnesses, politely ask for their contact information as well, as their accounts could support your case. However, be sure to avoid discussing fault or liability while gathering this information—your insurance provider and the authorities will address these matters later.
Finally, make note of additional details, like the time of the accident, road conditions, weather, and any other factors that could have contributed to the incident. If you have a notepad on hand or prefer to use your phone, jot down these observations while they’re fresh in your memory. These details are vital for navigating the next steps in your car insurance claim and ensuring you’re prepared for any questions or follow-ups from your insurer.
3. Report the Accident
Once you’ve gathered the necessary details and documented the scene, it’s important to take the next step by notifying the appropriate authorities and your insurance company. Start by contacting the police to file an official accident report, as this document can be critical for verifying the circumstances of the incident. If law enforcement arrives at the scene, ask for the responding officer’s name and badge number, and find out how to obtain a copy of the official police report. Be ready to provide the information you’ve collected, such as the other driver’s details, the location of the accident, and any observations you made about the conditions at the time.
4. Contact Your Insurance Broker
When speaking with your insurance company, share accurate and clear information about what happened, including providing a straightforward account of the accident and submitting the documentation you’ve collected, such as photos and contact details for any witnesses. Depending on the nature of your policy, your insurer may also request additional information, like the police report or repair estimates, as part of the claims process.
Remember, your insurance broker can serve as an invaluable resource after a car accident by simplifying the process and addressing your concerns. If you have questions or concerns about how the claim process works or is progressing, your insurance agent should be your first call. Having someone knowledgeable in your corner not only eases the stress but also helps ensure you’re prepared for the steps ahead.
5. Handle Repairs and Claims
After a car accident, getting your vehicle repaired and filing your claim can feel like a daunting process, but it doesn’t have to be. Start by choosing a few reputable repair shops, preferably ones that are either recommended by your insurer or well-reviewed for quality work, and request repair estimates to make sure you’re receiving a fair evaluation of the damages. Once you’ve selected a repair shop, provide your insurance company with all the documentation they require, such as photos of the damage, the police report, and repair estimates. This step is crucial for moving your claim forward without unnecessary delays.
6. Follow-Up and Adjust
A car accident can serve as a reminder to review your policy and determine whether it still meets your needs, so once your claim is resolved and your vehicle is repaired, it’s a good idea to evaluate your current coverage to see if any updates are needed. For instance, if repair costs or out-of-pocket expenses caught you off guard, it might be worth discussing options for increased coverage or additional protections.
This is also a good time to explore ways to save on your premiums, such as bundling policies, updating your mileage details, or considering any available discounts. Your driving record, vehicle updates, or changes in your household can all impact your auto insurance needs, and we’re here to help you make adjustments as necessary.
Don’t wait until an accident happens to make sure your auto insurance policies are covering you completely. Reach out to your agent now—or schedule time with us for a free review of your current or future policies. At Penny Insurance, our goal is to make sure you, your family and your assets are all well-protected—before an accident occurs.
We understand better than most the importance of protecting what you’ve worked so hard to build, and for individuals with significant assets, traditional insurance policies like home or auto insurance may provide foundational protection, but they can leave gaps in coverage when faced with larger claims.
Fortunately, umbrella policies are designed to bridge those gaps, offering an additional layer of liability insurance that safeguards your financial security in ways standard policies simply cannot.
What is an Umbrella Policy?
An umbrella policy isn’t just for extraordinary situations—it’s a practical solution for everyday risks that can escalate quickly. From accidents on your property to unforeseen incidents involving personal or professional activities, these policies step in when the limits of your underlying insurance are exceeded, meaning you’re not left paying out of pocket for high-cost claims or judgments.
What makes umbrella coverage particularly appealing is its flexibility and breadth. It can address a variety of scenarios that aren’t typically included in standard policies, allowing you to stay prepared for the unexpected. And for individuals with diverse assets, including investment properties or other liabilities, umbrella insurance acts as a crucial safeguard against potential financial exposure. In fact, each year over 100 million court cases are filed annually, highlighting the increasing vulnerability of high-net-worth individuals to lawsuits.
Here are a few things that an umbrella policy can offer to a high net-worth individual:
Increased Liability Protection
An umbrella policy provides an essential layer of added liability coverage that goes beyond the limits of your standard insurance policies. For example, if you’re involved in a serious accident where damages exceed the liability coverage provided by your auto insurance, an umbrella policy can help cover the remaining costs. Without this extra protection, you could be forced to dip into personal savings or liquidate assets to cover expenses like legal fees or settlement amounts.
High net-worth individuals often face unique risks due to their lifestyle, assets, and activities. Owning multiple homes, hosting large gatherings, or having public visibility can all increase exposure to potential liability claims. A single incident, such as a slip-and-fall injury at your property or an accident involving an employee, could lead to lawsuits with significant financial implications. An umbrella policy ensures that your hard-earned assets are shielded from these risks, no matter how severe the claim.
Cost-Effective Security
One of the most compelling advantages of umbrella policies is their affordability in relation to the substantial protection they provide. For a relatively modest premium, you can add millions of dollars in extra liability coverage, offering financial protection that far outweighs the cost. This makes an umbrella policy an efficient way to protect your assets without significantly impacting your budget.
What’s particularly appealing is that umbrella policies are designed to enhance—not duplicate—your existing coverage, meaning you’re only paying for the additional protection you truly need, making them especially valuable for those who own multiple properties, enjoy an active lifestyle, or operate in roles with higher visibility. The flexibility to customize coverage to fit your unique circumstances ensures that you are not overpaying for unnecessary features.
Comprehensive Coverage
For individuals with significant assets, additional coverage is particularly valuable when facing complex or unexpected scenarios. For example, certain claims like libel, slander, or invasion of privacy might not be included in your homeowners or auto insurance but can often be addressed under an umbrella policy.
Another key feature of umbrella insurance is its ability to cover incidents that occur outside the United States. If you frequently travel abroad for personal or professional reasons, this global coverage can help protect you from liability risks that could arise during your trips—whether you’re renting a vehicle internationally or participating in an event overseas, an umbrella policy provides an extra layer of assurance.
For clients with business interests, some umbrella policies can extend coverage to specific business-related liabilities; a benefit that is especially important if you operate a small business or regularly host events where you’re exposed to heightened risks. By customizing your umbrella policy to reflect these activities, you can confidently navigate situations where traditional policies may fall short.
Selecting the Right Policy
Choosing an umbrella policy isn’t difficult, but it requires a thoughtful approach to align the coverage with your specific needs and current policies. Your insurance agent should work closely with you to evaluate key aspects of your financial situation, such as the total value of your assets and any areas where you may face heightened liability risks in order to identify the coverage limits that provide the best protection for your circumstances.
Equally important is understanding the unique exposures you may encounter based on your lifestyle, property ownership, or professional activities. For example, if you own multiple properties, frequently host events, or have business interests, these factors could influence the level of protection needed. Umbrella policies can often be customized to address these considerations without complicating your existing coverage.
Remember, umbrella policies provide an essential safeguard for protecting your financial security against significant liability risks.Whether it’s addressing potential gaps in your existing policies or preparing for unforeseen scenarios, an umbrella policy can give you the confidence to focus on what matters most. It’s a proactive step toward preserving your wealth and ensuring you are protected from costly claims that could otherwise impact your financial future.
If you’re considering adding an umbrella policy to your portfolio or want to review your current coverage, we can help walk alongside you to provide clarity and assistance. Contact us for a free consultation, and let’s work together to evaluate your needs and build a comprehensive strategy that aligns with your goals.
Inflation impacts various sectors of the economy, and the insurance industry is definitely not exempt. When the cost of living rises, everything from healthcare to construction becomes more expensive, and that uptick in costs means that the expenses insurers face when paying out claims also increase. As a result, policyholders often see a rise in their insurance premiums, even though they may not understand why.
But by understanding how inflation drives up the cost of claims and operational expenses, policyholders can better appreciate why premiums might increase over time. In this blog, we’ll break down why you may see your premiums jump up, and what you can do to help ease the financial increase.
Why did my insurance premium go up?
One of the most direct ways inflation affects insurance is through repair and replacement costs. If the price of building materials, auto parts, or medical care goes up, the cost to settle a claim for a damaged home, car, or medical treatment will also rise. Unfortunately, insurers need to account for these higher costs by adjusting premiums accordingly.
When insurers have to pay more for claims, they pass these costs onto policyholders in the form of higher premiums, but this has recently been compounded by a shortage of skilled workers in certain sectors, such as construction, which is currently facing a shortfall of about 200,000 skilled trade workers. This shortage contributes to higher labor costs, which, in turn, lead to increased property insurance rates.
And when it comes to administrative costs, office supplies, technology, and employee salaries are all subject to inflation, too, and as these operational costs increase, insurers may need to adjust premiums to maintain profitability.
So while it may be frustrating to policyholders, it’s essential to understand that these adjustments are simply a necessary response to the economic environment, with the goal to ensure that insurance companies remain financially stable and capable of covering claims when they arise.
How do I keep my insurance premium from rising?
If you’re one of the millions of policyholders who have opened their newest policy renewal to find a much higher cost, there is good news: there are things you can do to help reduce the cost of your policy, should you need to.
Assess your current coverage. One effective way to manage rising insurance premiums is to regularly assess your current coverage and make necessary adjustments. First, evaluate your policies to identify any areas where you might be overinsured and consider reducing or eliminating non-essential coverage. For instance, if your auto policy includes rental car reimbursement, but you rarely rent cars, removing that feature could save you money.
Increase your deductible. If that doesn’t work, increasing your deductible is another practical approach. By opting for a higher deductible, you agree to pay more out-of-pocket if you need to file a claim, which can lead to significantly lower monthly premiums. But, be sure to balance the potential savings with your ability to cover the higher deductible in the event of a claim.
Compare policies and providers. Comparing different insurance policies from various providers is extremely important, as insurance rates can vary significantly between companies, and you might find a provider offering similar coverage at a lower cost. Take the time to shop around and request quotes from multiple insurers to find the best deal.
Look for the savings. Take advantage of any discounts or loyalty programs your insurer offers. Many insurance companies provide discounts for bundling multiple policies, such as home and auto insurance, or for having safety features like alarm systems in your home. Ask your insurer about any available discounts that you might qualify for, as these can help offset some of the cost increases due to inflation.
Lower your risk factor. Another strategy is to improve your risk profile. Insurers determine premiums based on the perceived risk of insuring you, so by taking steps to reduce your risk, you may be able to lower your premiums. For example, installing a security system in your home or taking a defensive driving course can make you a less risky client and potentially lead to lower premiums. Interestingly enough, maintaining a good credit score can also positively impact your insurance rates. Insurers often use credit information as one of the factors in determining premiums, so by keeping your credit score high, you might qualify for better rates.
Working with a Broker
Navigating the complexities of insurance can be daunting, especially when trying to manage rising premiums, but this is where working with an independent broker can make a significant difference. Not only can they bring a wealth of knowledge and experience to the table, making it easier to find the best insurance solutions tailored to your needs, but they often have access to a wide range of insurance products from multiple providers, allowing them to compare various policies and rates, and ensuring you get the most competitive options available.
Additionally, brokers stay up-to-date with industry trends and changes, which can be particularly useful in understanding how inflation affects insurance premiums. They can offer insights into why your premiums may be increasing and suggest strategies to manage these costs effectively, and help you identify discounts you might not be aware of or recommend ways to improve your risk profile, potentially lowering your premiums.
At Penny Insurance, our agents are committed to helping you navigate your insurance needs, and we understand the challenges that come with rising premiums and the importance of finding cost-effective solutions. So whether you’re looking for insurance in Hendersonville, NC, or insurance in Tryon, NC, our team is equipped to assist you. Just contact us today to schedule a consultation and start exploring your options.
Whether you’re managing daily operations, building your customer base, or working to grow your brand, running a small business is no small feat. But in the middle of it all, how often do you think about protecting what you’ve built?
Unfortunately, unexpected events—like accidents, lawsuits, or natural disasters—can threaten the very foundation of your business, and without the right protection in place, a single incident could result in significant financial strain or even force you to close your doors. The reality is, having the right insurance isn’t just a safety net; it’s a cornerstone of long-term success.
Have you thought about the types of risks your business might face? Do you know which policies are most relevant to your industry? These are the kinds of questions we help answer, so you can focus on what you do best—running your business with confidence. With the right coverage in place, you’re not just protecting your business; you’re investing in its future. Here are some of the most common business insurance policies you may need to consider.
General Liability Insurance
General liability insurance is one of the most essential types of coverage for small businesses, because it’s designed to protect you from some of the most common risks business owners face, such as third-party claims for bodily injury, property damage, or advertising-related issues.
For small businesses, these types of claims can arise more easily than you might expect, so determining if you need this type of coverage is important. To begin, ask yourself a few questions:
Do you interact with customers on your premises?
What happens if someone accidentally gets hurt while visiting your store, office, or worksite?
Could your business cause accidental damage to someone else’s property?
Could a marketing campaign inadvertently lead to an advertising injury claim?
These situations, while unfortunate, are not uncommon—and the financial impact can be significant without the right protection. Fortunately, general liability insurance provides peace of mind, allowing you to focus on your day-to-day operations without constantly worrying about the potential fallout of unexpected incidents.
So whether you’re a retailer, contractor, consultant, or in any other field, this coverage acts as a safeguard for your business against some of the most frequent and costly claims.
Property Insurance
Property insurance is a key component of protecting your small business against unforeseen events, as it safeguards the physical assets your business relies on, such as your building, equipment, inventory, furniture, and other property. Whether you own or lease your space, property insurance can help mitigate the financial impact of events like fires, storms, theft, or vandalism.
To determine what kind of property insurance you might need, we’ll start with the following questions:
Do you own or lease a physical space for your business? If so, imagine the consequences of a fire or severe weather damaging your building. (Even if you lease, you may be responsible for replacing equipment, furniture, or inventory stored in the space.)
What would happen if your equipment or inventory were damaged, rendering your business unable to operate?
Have you considered how quickly the costs of replacing damaged property could add up without coverage in place?
It’s important to note that property insurance isn’t just for the physical location or building of your business—it includes anything like equipment or inventory that may need to be replaced. Even service-based businesses with minimal inventory should think about their office equipment, furniture, and other assets.
Workers’ Compensation
When it comes to your employees, workers’ compensation insurance is a fundamental component, providing coverage for medical expenses, lost wages, and rehabilitation costs if an employee is injured or becomes ill as a result of their job. It also offers financial protection for your business by covering legal fees or settlements if an employee files a claim related to a workplace injury.
If you have employees who could get injured on the job—even in industries that might seem low-risk—accidents can happen. A slip-and-fall in the office, a repetitive motion injury, or an equipment-related accident are just a few examples of scenarios that could lead to workers’ compensation claims. Without proper coverage, these incidents could create significant financial and legal challenges for your business.
It’s also important to note that workers’ compensation insurance is not just a smart way to protect your team—it’s often required by law. In North Carolina, any business with three or more employees is required to provide it, and failing to comply with these laws could lead to fines, penalties, or even lawsuits.
Professional Liability Insurance
While delivering high-quality work is always the goal, mistakes can happen, and even the most experienced professionals are not immune to errors or misunderstandings, making professional liability insurance a vital safeguard for businesses that provide services or expertise to their clients. This type of insurance, sometimes referred to as errors and omissions (E&O) insurance, helps protect your business if a client claims that your advice, services, or failure to meet expectations caused them a financial loss.
To determine if you may need this type of policy, consider the following:
Do you provide advice or specialized services to clients? Whether you’re a consultant, accountant, designer, or other service-based professional, the nature of your work often involves helping clients make decisions or solve problems.
What would happen if a client felt your guidance led to a costly mistake?
If a project didn’t meet a client’s expectations, what would happen if they pursued legal action? In such cases, professional liability insurance can help cover legal fees, settlements, or judgments, which might otherwise create a significant financial burden for your business.
Could a mistake or oversight lead to a lawsuit? Many claims stem from misunderstandings or miscommunications rather than intentional errors.
Even if you’re confident in the quality of your work, the possibility of a dissatisfied client taking legal action cannot be ignored. From IT consultants to realtors, having professional liability coverage in place can help protect a business in these situations, even if the allegations are unfounded.
Business Interruption
While other types of coverage protect physical assets, business interruption insurance focuses on safeguarding your income and operational stability when your business is forced to temporarily close due to a covered event, such as a fire, storm, or other disasters.
Have you thought about how your business would handle a sudden closure? Whether it’s damage to your property or a situation that prevents customers from accessing your location, the financial impact of being unable to operate can be severe. From lost revenue to ongoing expenses like rent, payroll, and utilities, the costs can quickly add up, even if your business is only closed for a short time.
Whether you’re running a storefront, an office, or any other type of business, it’s essential to think about how interruptions could affect your bottom line. Have you considered how you’d handle ongoing expenses or recover lost income during a disaster? Work with your insurance broker or agent to explore how this coverage can support your business’s resilience and keep you prepared for whatever comes your way.
Taking First Steps
Navigating the world of business insurance can feel overwhelming, especially when there are so many different types of coverage to consider. That’s where partnering with a broker can make all the difference.
As brokers, we understand that every small business is unique, and the needs of a retail store owner are vastly different from those of a contractor, consultant, or restaurant operator. That’s why our role goes beyond simply offering policies. We’re here to help you identify the risks your business faces and guide you toward tailored solutions that fit your specific operations.So if you’re ready to explore how the right insurance can support your business, we’re here to guide you every step of the way. Just schedule a consultation or give us a call and we’ll meet to talk about your goals, your risks, and how we can work together to build a strategy that protects everything you’ve worked so hard to create.
Driving is a responsibility that goes beyond just following traffic rules—it also involves protecting yourself, your passengers, and others on the road—and auto insurance plays a critical role in that protection.
While skipping auto insurance might seem like a way to save money in the short term, the potential risks and financial fallout of driving without coverage can be severe—from costly legal penalties to paying out of pocket for damages or medical bills. Here, we explore the top reasons why going without car insurance isn’t just risky—it’s a decision that could cost you far more than you expect.
Top Reasons to Avoid Skipping Car Insurance
Car insurance is far more than just another monthly expense—it’s a safeguard that protects you, your finances, and those around you. Driving without it exposes you to significant risks, from costly legal penalties and lawsuits to overwhelming out-of-pocket expenses for accidents. Here are the Top 9 reasons that skipping over an auto policy is a bad idea.
1. Heavy Legal Penalties
Driving without car insurance can lead to significant legal consequences. If you’re caught, you could face fines, license suspension, vehicle impoundment, or even jail time in some states. These penalties often cost much more than paying for a basic insurance policy. Additionally, reinstating your license and registration after a suspension can include steep fees and requirements, adding to your financial burden.
2. Out-of-Pocket Accident Costs
If you’re involved in an accident and don’t have insurance, you’ll be personally responsible for covering all expenses—including vehicle repairs, medical bills for injuries, and property damage. And if those costs quickly escalate into thousands or even tens of thousands of dollars, there’s a possibility it could also leave you financially drained.
3. Lawsuits from Other Drivers
When you cause an accident without insurance, the other party has the right to sue you for damages, and those legal proceedings can be lengthy and expensive, with attorney fees and potential judgments or settlements. If you’re worried about a monthly premium for car insurance, we have bad news for you: legal costs can be devastating, especially if your assets or wages are garnished to pay off the debt.
4. Higher Future Insurance Premiums
Think you’ll just get a policy later? It may sound like a good idea, but getting caught driving uninsured can result in higher insurance rates when you finally do decide to purchase a policy. That’s because insurance companies view uninsured drivers as high-risk, which means you’ll likely face inflated premiums. Some states also require drivers who’ve been caught uninsured to carry expensive forms of coverage, such as an SR-22 (in North Carolina it’s called a DL-123 form), for several years.
5. Limited Access to Financial Protection
Without insurance, you lose access to valuable protections like uninsured or underinsured motorist coverage, which helps pay for damages if the other driver doesn’t have sufficient insurance. Skipping coverage leaves you vulnerable to financial disaster in cases where others are at fault but unable to fully cover the costs.
6. Impact on Your Credit and Finances
Should the worst happen and you do get stuck with the bill after an accident, uninsured accident costs can spiral out of control, forcing many people to rely on loans or credit cards to cover the expenses. And if you can’t keep up with payments, it can negatively impact your credit score, resulting in long-term financial strain from medical bills, legal judgments, or vehicle repairs.
7. Risk of Losing Your Vehicle
If you’re in an accident without insurance and can’t afford repairs or legal payouts, you might just lose your car entirely. For many people, this loss is more than just an inconvenience—it can disrupt their ability to get to work, attend school, or take care of daily responsibilities.
8. Stress and Anxiety
There are a lot of financial reasons you shouldn’t skip over an auto policy, but there are other reasons, too—including that driving without insurance can lead to constant worry about being pulled over or getting into an accident. The uncertainty and potential consequences of being uninsured can create significant stress, which can impact your overall well-being. The bottom line? Peace of mind is worth the cost of an insurance policy.
9. Social Responsibility
Car insurance isn’t just about protecting yourself—it also ensures that you can cover damages or injuries you may cause to others. Without insurance, you may leave someone else financially burdened, especially if they rely on you to pay for repairs or medical costs after an accident. This lack of protection can strain relationships and create lasting consequences for others involved..
Dispelling Myths About Auto Insurance Costs
The reason many drivers hesitate to purchase auto insurance because of common misunderstandings about its cost or necessity, and one of the most widespread beliefs is that auto insurance is too expensive.
While it’s true that premiums can vary depending on factors like age, driving history, and location, the cost of being uninsured can be far greater. In fact, the average monthly premium for basic liability coverage is often less than what one might spend on dining out or streaming services. Compare that to the potential financial burden of an accident, where repair bills, medical expenses, and legal fees can quickly reach tens of thousands of dollars. When viewed in this light, the cost of a policy is a small price to pay for financial security.
The reality is that auto insurance isn’t just another bill—it’s an investment in your financial security, legal compliance, and the well-being of everyone sharing the road. While it may feel like a burden at times, having coverage offers peace of mind, knowing that you’re prepared for the unexpected. So if you need a new auto policy—or want to revisit the one you have—reach out to us at Penny Insurance Agency and set up a time to meet with one of our agents. As independent brokers, we work for you—not the insurance companies—and the cost of skipping insurance is far too high to ignore.
Whether you manage a small family farm or a large-scale ranch, farm and ranch insurance is vital for anyone involved in agriculture. These specialized policies are tailored to cover the diverse risks associated with farming and ranching activities, and understanding the scope of your insurance options is crucial.
In reality, farm and ranch insurance goes beyond typical coverage by addressing unique agricultural risks, like natural disasters and fire to theft and liability issues.
Why Farm & Ranch Insurance is Essential
Farm and ranching operations are exposed to numerous risks beyond what typical businesses might face, making insurance indispensable. Weather events like floods, droughts, and storms can wreak havoc on crops and livestock, causing devastating financial losses. In addition to natural disasters, market fluctuations can affect the prices of agricultural products, impacting your income.
Because of these unique challenges, there are a number of policies that help cover everything from liability concerns to disease outbreaks, and even pollution liability. In essence, a well-rounded farm and ranch insurance policy helps mitigate various risks, offering protection and financial resilience in the face of adversity. By addressing these unique challenges, you can focus on sustaining and growing your agricultural business, instead of worrying what might come tomorrow.
Understanding Farm Insurance Coverage
Farm insurance covers a wide range of potential risks that farmers face.
Property Coverage:
One of the main components is property coverage, which protects essential structures like barns, silos, and storage facilities from damage due to natural disasters, fire, or theft. This ensures that your physical assets are safeguarded.
Liability Protection:
If someone is injured on your farm, liability coverage helps cover legal fees and any potential settlements. This is especially important in a farming environment where visitors or workers might be present.
Farm Equipment and Machinery Coverage:
Your tractors, plows, and other machinery are indispensable for your daily operations, and this coverage protects these assets from damage or loss. Whether it’s mechanical breakdowns or accidents, having insurance for your equipment minimizes financial strain.
Crops and Livestock:
These revenue generators are integral to farm income, and farm insurance offers protection for these as well. Crop insurance provides financial security against losses due to events like severe weather, pests, or disease outbreaks. Similarly, livestock insurance safeguards against accidents, illnesses, and theft, ensuring that your animals are covered.
Additional Coverages:
There are other coverages you may require, including policies for loss of income, which compensates for revenue lost due to a covered event, or pollution liability, which covers the costs associated with cleanup if your farm accidentally releases pollutants.
Key Coverages in Ranch Insurance Policies
Similarly, ranch insurance policies cater to the unique needs of ranch operations.
Livestock Insurance:
This is one of the primary coverages, providing financial protection for your animals against risks such as accidents, illnesses, and theft. This ensures that any unforeseen incidents involving your livestock do not lead to significant financial loss.
Ranch Equipment:
From tractors to irrigation systems, these tools are essential for daily ranch operations. Insurance for this equipment covers damages or losses due to various incidents, including mechanical breakdowns and natural disasters.
Liability Protection:
If someone gets injured on your ranch, liability coverage helps cover legal fees and any potential settlements. This is crucial for ranchers who may have visitors or workers on their property.
Ranch Buildings and Structures:
This can encompass barns, stables, and other facilities essential to your operations, protecting them against risks like fire, severe weather, and vandalism.
Business Interruption Coverage:
This aspect of ranch insurance helps compensate for lost income if a covered event temporarily halts your operations.
Common Misconceptions About Farm & Ranch Insurance
Sadly, farm and ranch insurance can sometimes be misunderstood, leading to gaps in coverage and unexpected costs. One widespread misconception is that a standard homeowner’s insurance policy will adequately protect farm or ranch operations. However, these policies do not cover the unique risks associated with agriculture, such as specialized equipment, livestock, and crop protection.
Another myth is that farm and ranch insurance is excessively costly, and while premiums can vary, the protection offered by these policies is invaluable, potentially saving you from significant financial hardship in the event of a loss.
Some people mistakenly believe that only large-scale operations need specialized insurance. In truth, even small farms and ranches face risks that require tailored coverage. From weather-related damages to equipment breakdowns, farms and ranches of all sizes need comprehensive protection.
Choosing the Right Insurance Policy
Selecting the ideal farm or ranch insurance policy involves a detailed assessment of your specific needs. Every element carries unique risks that need specialized coverage, and understanding the importance and scope of farm and ranch insurance is key to protecting your agricultural investments.
Fortunately, you don’t have to attack it alone. To ensure you have the right protection for your specific needs, don’t hesitate to reach out. Contact us at Penny Insurance today for a free consultation, and let us help you find the ideal insurance policy to safeguard your farm and ranch needs.
Owning a horse can bring joy, companionship, and a deep connection, but horses, being large and powerful animals, can inadvertently cause harm or damage even under the best care. Whether your horse accidentally injures someone or damages property, equine insurance can be a crucial safeguard that protects you from potential legal and financial repercussions. This blog post explores what equine liability insurance covers and why it might be necessary for your situation.
This insurance is not just for large farm operators; it is equally crucial for individual horse owners, equestrian centers, and riding schools. Liability insurance for farms extends to cover broader operations, ensuring comprehensive protection. Whether you own a single horse or manage a large equestrian facility, having equine liability insurance is a prudent step to safeguard against the unpredictable nature of working with horses.
Who Needs Equine Liability Insurance?
There may be a general assumption that equine liability is a “farm” policy—intended for farm owners or those with a large quantity of large animals. In reality, this insurance is not just for large farm operators; it is equally crucial for individual horse owners, equestrian centers, and riding schools, although liability insurance for farms may extend to cover broader operations, ensuring comprehensive protection.
So, whether you own a single horse or manage a large equestrian facility, having equine liability insurance is a prudent step to safeguard against the unpredictable nature of working with horses.
That means equine liability insurance is great coverage for anyone who owns a horse—from horse enthusiasts to professional trainers. Individual horse owners can also benefit from this coverage, as it protects them from the financial risks associated with potential injuries or property damage caused by their horses. Equestrian centers and riding schools, which often have more horses and higher public interaction, also need this insurance to safeguard their operations and maintain a secure environment for riders and visitors.
Farm operators who include horses as part of their agricultural activities should not overlook the importance of equine liability insurance as a specific policy. This coverage not only addresses incidents directly involving horses but also extends to broader farm activities like boarding, training, or horse rental services, where the interaction between people and horses is frequent, and the risk of accidents is higher.
Ultimately, anyone involved in the care, training, or management of horses can find equine liability insurance to be a valuable asset, providing peace of mind and financial security in an unpredictable field.
What Does a Standard Equine Liability Policy Cover?
While each policy can be crafted to the needs of the policy holder (you), there are some standard inclusions that you’ll likely see as you shop.
Coverage for Bodily Injury
Horses, despite being gentle creatures, can sometimes cause unintentional harm due to their size and strength, and if a person is injured by your horse, you could be responsible for their medical bills, rehabilitation costs, and potentially other expenses related to the incident. Equine liability insurance covers these bodily injury incidents, helping to manage the financial impact of such occurrences.
Beyond medical costs, other related expenses may arise, such as loss of income for the injured party or long-term care needs. These situations can lead to substantial financial claims, and having the right insurance coverage is crucial. Equine liability insurance provides a layer of financial protection, making sure that horse owners are not left vulnerable to unexpected costs.
By covering bodily injury claims, equine liability insurance plays a vital role in safeguarding horse owners from significant financial losses and legal complexities, offering peace of mind in an unpredictable environment.
Coverage for Property Damage
Yes, it’s true: horses can sometimes cause damage to third-party property. Whether your horse breaks through a neighbor’s fence or accidentally damages a vehicle, equine liability insurance offers protection against these types of incidents, ensuring that you are financially protected against claims for property damage caused by your horse.
Those price tags aren’t cheap; repairing damaged property can be costly, and without insurance, these expenses will come directly out of your pocket. But an equine liability insurance policy can step in to handle these financial burdens, preventing strain on the horse owner.
Moreover, equine liability insurance often covers not just the immediate damage but also any secondary costs that may arise. For instance, if a horse breaks a neighbor’s fence and their livestock escapes, the insurance can cover the cost of retrieving and securing the animals. Similarly, if your horse damages farm equipment or structures that are crucial to a neighboring property’s operations, the insurance can cover the expenses required to restore functionality.
It’s important to understand that the coverage typically includes both intentional and unintentional actions by your horse. Whether your horse intentionally kicks a barn door or accidentally steps on valuable equipment, the insurance provides a safety net to address these issues.
Legal Defense Costs
If the worst happens and legal action is taken against you due to an incident involving your horse, the associated legal costs—attorney fees, court costs, and other legal expenses that might arise during the legal process—can quickly become overwhelming. Equine liability insurance helps to cover these expenses, ensuring you are not left to bear the financial burden alone and allowing you to access experienced attorneys without draining your personal finances.
Enrolling for an Equine Liability Policy
If you own a horse and do not yet have an equine liability policy, it’s definitely something worth considering as a valuable safeguard. To get started, it’s important to evaluate your specific needs, taking into account the number of horses you own, the nature of your operations, and any unique risks you may face.
For help walking through your policy options and service lines, an insurance broker can provide expert guidance to help you select a policy that aligns with your requirements. Here at Penny Insurance, we’d love to help you pick the right plan. Just contact us to set up a free consultation and we’ll help protect you—and your four-legged friends—from anything that may come your way.
Farms are the lifeblood of our country, but owning a farm presents a range of unique risks that need careful attention. Because of the diverse activities and responsibilities on a farm—from caring for animals to operating complex machinery—there are often inherent potential liability issues that should be addressed before they occur. For farm owners, recognizing and addressing these risks is not just about safety; it’s also crucial for the financial health of the farm business.
In this blog, we’ll cover the top liability risks for farms, and how you can take steps to protect your farm or ranch-based assets for the long term.
Risk #1: Animal-Related Incidents
Animal-related incidents can arise from a range of situations involving the farm’s animals. Livestock and horses, in particular, can pose risks if they injure a person or cause property damage, and such events often lead to legal claims—or simply a big headache. In addition to physical risks, farm animals can also cause health-related issues, such as the spread of diseases, which could lead to further liabilities.
Risk #2: Visitor Safety and Premises Liability
Whether it’s for agritourism activities, pick-your-own produce events, or business transactions, farm owners often invite visitors or customers onto their property. However, with these visits come responsibilities to ensure the safety of all guests. This means that premises liability is a critical concern, as farm owners could be held accountable if a visitor is injured while on the property.
Minimizing this risk involves maintaining safe environments and clearly communicating any potential hazards. Adequate signage is crucial in areas where visitors may encounter risks, such as around machinery or animal enclosures, and regular maintenance of pathways, fences, and structures also helps prevent accidents and injuries. In addition to physical safety measures, farm owners should consider implementing visitor protocols, such as requiring guests to sign waivers or providing guided tours to control access to more hazardous areas.
Farm liability insurance typically covers incidents involving visitors, but farm owners need to verify the specifics of their policy, and know that proper documentation of safety measures and incident reports can be invaluable if a claim arises.
Risk #3: Equipment and Machinery Risks
Farming relies heavily on machinery and equipment, which can present significant liability risks. Accidents involving tractors, harvesters, or other equipment can result in severe injuries or property damage, so regular inspections and maintenance of machinery, along with proper training for anyone operating the equipment, can significantly reduce the likelihood of accidents.
Farm owners should also establish clear protocols for the safe operation of equipment, including the use of personal protective gear and adherence to safety procedures. Training programs should be conducted regularly to ensure all workers are familiar with the proper use and potential hazards of the machinery they operate.
Another critical aspect is to have a comprehensive understanding of the specific coverage provided by the farm liability insurance policy regarding equipment-related incidents. This includes confirming that the policy covers not only damage to the machinery but also any liability arising from accidents involving the equipment.
Risk #4: Environmental and Pollution Risks
Farms have a direct impact on the environment, and with this impact comes the potential for liability related to environmental damage or pollution. Issues can arise from chemical runoff, waste disposal, or soil erosion, among other factors, and such incidents can result in costly fines and legal action. Implementing environmentally friendly practices and staying informed about regulations can help mitigate potential liabilities.
Farm liability insurance can play a significant role in managing these risks by providing coverage for environmental damage claims, while regular audits and compliance checks can help ensure that farming practices do not violate environmental laws. Additionally, farm owners should consider investing in technologies that reduce environmental impact, such as efficient irrigation systems and eco-friendly fertilizers.
Best Practices for Liability Protection
As you’ve seen, alongside a robust liability insurance policy, effective risk management on a farm involves a combination of planning, preventative measures, and regular evaluations. One of the key strategies is to conduct thorough risk assessments periodically. Identifying potential hazards and vulnerabilities can help farm owners prioritize areas needing immediate attention.
If you’re in need of superior farm or ranch protection, consulting with specialists who understand the unique aspects of farm insurance policies is important to tailor coverage to your specific needs. At Penny Insurance, our expert brokers can provide valuable insights and recommendations—as well as policy options and protections—ensuring that all your potential risks are adequately covered. Getting started is easy; just contact us for a free consultation and we’ll get your farm covered for the future.
In today’s competitive landscape, managing expenses is important for any business. One area that often sees significant costs—but goes largely ignored— is insurance, and while protecting your business is paramount, it doesn’t have to come at an exorbitant price.
In this blog, we will cover seven strategies for reducing your business insurance costs without sacrificing the coverage you need. From reassessing your policies to implementing risk management practices, we’ll provide actionable insights that can help you strike the right balance between affordability and protection.
Strategy 1: Understand your Current Situation
Before making any adjustments, it’s essential to thoroughly understand what your current insurance policy covers. Start by reviewing all your insurance documents. Take note of the specifics, such as the types of coverage you have, the coverage limits, and any exclusions or special conditions. This will give you a clear picture of what protection your business currently has in place.
Once you have a handle on your coverage, identify areas where you may be over-insured or under-insured. For example, you might be paying for coverage that isn’t relevant to your specific business needs, or you could be lacking in areas that are critical to your operations. Understanding these details will help you make informed decisions about where you can cut costs without sacrificing essential coverage.
Next, consider the specific needs and risks of your business. Different businesses have different risk profiles, and your insurance should reflect that. For instance, a retail store might need robust property and liability coverage, while a tech company might need more specialized cyber liability insurance. Tailoring your insurance to your actual needs can prevent you from paying for unnecessary coverage, and utilizing a broker to help you navigate your options can be a huge help.
Finally, stay informed about any changes in your business that might affect your insurance needs, or work with someone who is. Expansions, new services, or even changes in the workforce can all impact the type and amount of coverage you require, so regularly updating your insurance to reflect these changes ensures that you’re not paying for outdated coverage or leaving any gaps.
Assess Your Risks
Every business has its own set of unique risks, and identifying these is essential to tailor your insurance coverage effectively. Begin by conducting a comprehensive risk assessment to pinpoint potential threats specific to your operations, considering factors such as the nature of your business, location, size, and industry-specific hazards.
For instance, a construction company might face significant risks related to equipment damage and worker injuries, while a consultancy firm might be more concerned with professional liability and data security. Understanding these risks helps you focus on the most critical areas first.
Prioritizing your coverage based on this assessment allows you to allocate your resources where they’re needed most. Additionally, don’t overlook emerging risks that could affect your business. With the rise of technology, cyber threats have become increasingly common, necessitating specialized coverage for many businesses. Regularly revisiting your risk assessment ensures you stay current with new challenges and adjust your insurance policies accordingly.
Opt for Higher Deductibles
Opting for higher deductibles is a rather straightforward method to reduce your business insurance costs, but when you choose a higher deductible, you agree to pay more out of pocket if you need to file a claim, which often results in lower premium payments. However, you should absolutely weigh the benefits against the risks to ensure that the deductible amount you select is something your business can comfortably afford in the event of a claim.
The reason we lay this out as an option is because higher deductibles can make a significant difference in your monthly or annual insurance costs. For many businesses, this approach frees up funds that can be reinvested in other critical areas, like expanding your operations or improving employee benefits. Before making any changes, take a close look at your financial situation. Evaluate how much risk your business can handle without jeopardizing your financial stability.
Combine Policies
It may be common knowledge, but combining multiple policies with the same insurance provider is a practical strategy to save on business insurance. Many insurers offer discounts when you bundle different types of coverage, such as general liability, property insurance, and workers’ compensation, so by consolidating your policies under one provider, you can take advantage of these discounts, which can result in substantial savings on your premiums.
The other reason to bundle policies is because it can often simplify your insurance management. With all your coverage housed under one provider, you streamline your administrative tasks, making it easier to keep track of renewals, payments, and any changes to your policies. This consolidated approach also means dealing with a single point of contact, which can make handling claims and inquiries more efficient.
One small caveat: it’s important to evaluate the specifics of each bundled policy to ensure it meets all your business needs. Not all providers offer the same level of coverage or customer service, so make sure to choose an insurer with a strong reputation and a comprehensive package that aligns with your business operations.
Seek Multiple Quotes
Shopping around for insurance is a wise move that can yield significant savings for your business. By comparing quotes from different insurance providers, you can get a clear picture of the market rates and find the best deal for your specific needs. Start by gathering quotes from at least three different insurers, but make sure to provide each with the same information about your business to ensure you’re getting comparable quotes. Then, pay attention to both the premiums and the coverage details to understand what you’re getting for your money.
Once you have several quotes, don’t be afraid to negotiate. If you receive a lower quote from one provider, let the others know—they may be willing to match or even beat the offer to win your business. Additionally, ask your current provider if they can offer any discounts or better rates; insurance companies value long-term customers, and they might offer a loyalty discount or other incentives to keep you.
Explore Group Insurance Options
Exploring group insurance options can be a smart way to save on your business insurance premiums. Many industries offer group insurance programs that provide discounted rates for members. By joining these programs, you can benefit from collective bargaining power, which often results in lower premiums and comprehensive coverage.
One avenue to consider is joining professional associations or trade groups that offer insurance benefits to their members, and typically negotiate favorable rates with insurance providers on behalf of their members. By being part of such a group, you can access better deals than you might find on your own.
It’s also worth noting that some group plans come with additional perks, such as risk management resources or specialized coverage options tailored to your industry. This can further enhance your overall insurance strategy and provide added value to your business.
Whatever your business or your business needs, consulting with an insurance broker can help you identify the best insurance options available. If you’d like to explore policies or discounts that might be available to you, reach out to us and schedule a free consultation. Our brokers can help ensure that you’re making the most of available opportunities while safeguarding your business effectively.
As winter’s chill begins to make its way into Western North Carolina and Upstate South Carolina, it’s time to think about how best to prepare your home for the colder months. Whether your residence is your primary dwelling or one of several properties, the drastic temperature drops in this region make it imperative to protect your investments through comprehensive winter preparations.
Additionally, sealing windows and doors is essential. Check for gaps or cracks where drafts may enter, and apply weather stripping or caulking to create a tight seal. These simple upgrades not only enhance your comfort but can also lead to significant energy savings.
Maintenance of Heating Systems
Having your heating systems in peak condition is a fundamental aspect of winter preparation, so it’s wise to schedule a professional inspection for your furnace or boiler before the cold truly sets in. Regular maintenance not only extends the life of your equipment but also boosts its efficiency, which is critical during the chilliest days.
For those with fireplaces, it’s also essential to conduct a thorough check of the fireplace and chimney, ensuring that the damper functions correctly and is clear of any obstructions. Regular inspections help to confirm your chimney is free from hazardous creosote buildup, minimizing the risk of fires.
If you use alternative heating sources like space heaters, it’s important to follow all safety guidelines. Keep heaters away from flammable materials and ensure they are on a stable surface to prevent tipping. These steps are particularly important in homes where children or pets are present.
Lastly, consider adjusting the settings on your heating systems in properties that are not your primary residence. For vacation homes, setting thermostats to a consistent, moderate temperature can prevent pipes from freezing and ensure the home remains in good condition even when unoccupied. If you aren’t there consistently to check in, smart thermostats allow you to control home heating and cooling options remotely, as well.
Safeguarding Water Pipes
Frozen pipes can cause havoc on your home, causing extensive damage and costly repairs. To avoid such headaches, take preventive steps as temperatures begin to drop. Start by wrapping pipes in unheated areas, such as basements, garages, and crawl spaces, with high-quality insulation materials in order to avoid freezing and bursting pipes.
In addition to insulating indoor pipes, don’t overlook the need to drain outdoor faucets and sprinkler systems. Any residual water left in these systems can freeze and cause damage, leading to leaks and breaks that can be both inconvenient and expensive to repair. As an added precaution, disconnect garden hoses and store them indoors to prevent any residual water from freezing and causing damage to your outdoor faucets.
And again, for homes that are not your primary residence, it’s wise to shut off the water supply and drain the plumbing system to avoid potential problems. If shutting off the water is not an option, consider installing temperature-monitoring devices that alert you to any significant drops, allowing you to take action before pipes freeze.
Roof and Gutter Preparations
A well-maintained roof and functional gutters help protect your home from the harsh winter elements, so as a first step, begin by examining your roof shingles for any signs of damage such as cracks or missing pieces. Addressing these issues promptly helps to prevent leaks and the structural damage that can result from snow or ice accumulation.
In addition, your gutters play a crucial role in managing water runoff. Clear out leaves, twigs, and any other debris to prevent blockages that can lead to water damage. Ensure that gutters and downspouts are securely attached to your home to handle the weight of potential ice buildup and prevent ice dams, which can cause significant damage to your roof and interior.
For those with multiple properties, it’s particularly important to make these checks, as a problem with the roof or gutters can go unnoticed and lead to severe damage in an unoccupied home. Taking these steps ensures your investments remain in optimal condition throughout the winter season.
Protecting Valuable Belongings
When it comes to safeguarding your art, collectibles, and other valuable items during winter, start by storing these possessions in areas where both temperature and humidity are carefully regulated to prevent any damage from moisture. Basements and attics may not be ideal due to fluctuating conditions, so consider climate-controlled storage options within your home or specialized facilities.
More importantly, review your insurance policies to verify that these high-value items are covered for risks specific to winter. Make sure that your coverage includes protection against potential threats like burst pipes or heating system failures, which could cause water damage. If you’ve recently acquired new items, update your inventory with your insurer to reflect their current value.
If you own rare art or high-value collectibles, consider consulting with an expert to get recommendations on the best ways to store and protect these items, as well as individualized insurance policies for them specifically. This ensures that your prized possessions remain in pristine condition, even as winter’s chill sets in.
Taking the time to winterize your home can make a significant difference in protecting your property and ensuring your comfort throughout the season. From upgrading insulation and maintaining heating systems to safeguarding valuable belongings, each step plays a crucial role.
Regardless of your winter preparations or issues that may arise this season, our team at Penny Insurance is committed to helping you navigate insurance challenges with ease. We offer personalized consultations to discuss your specific needs, from insuring rare art and collectibles to ensuring your vacation homes are adequately prepared. Contact us today to get started and ensure all your assets are protected and ready for cold weather.
As the New Year nears, a fresh look at your insurance policies might be one of the most important tasks you undertake. Beyond a new fitness plan or other changes to home or lifestyle, this period offers a unique chance to reevaluate your coverage to ensure it aligns with any changes in your life over the past year, helping you identify any gaps or overlaps in coverage, and ensure you are neither underinsured nor overpaying for unnecessary coverage.
In this blog, we’ll cover the essential policies you might need, and how to go about an annual review that keeps you protected, no matter what the year holds.
Important Insurance Plans to Evaluate
Reviewing your insurance coverage doesn’t have to be a daunting task, and getting organized is a great first step. Here are the most common policies you might need to consider during your annual insurance review.
Health Insurance
Given the potential for high medical expenses, health insurance is one of the most crucial policies to evaluate, and since ACA enrollment periods often align with the end of the year, it’s an ideal time to assess your current health plan. Consider whether it meets your ongoing medical needs, such as prescription medications, routine check-ups, or specialist care, and compare your plan with other available options to ensure it’s both comprehensive and cost-effective.
Homeowners / Renters Insurance
Homeowners and renters insurance are equally important to scrutinize. Homeowners should verify that their policy reflects any home improvements or new valuable items acquired over the past year, and confirm they have adequate coverage for potential natural disasters specific to your area, and that the policy covers the full replacement cost of your home and personal property.
Renters, on the other hand, should ensure their insurance covers new possessions and includes liability protection for incidents within their rental space, as well as sufficient protection for belongings and coverage for additional living expenses in case the rental becomes uninhabitable due to a covered event.
Auto Insurance Policies
When reviewing your auto insurance coverage, verify that your coverage limits meet your current needs and that you’re benefiting from all applicable discounts, such as those for safe driving or bundling multiple policies with the same insurer. You’ll also want to assess whether any changes in your driving habits—such as reduced mileage or a new vehicle—might warrant adjustments in your coverage.
Life Insurance
Life insurance may often be overlooked, but remains a vital component of a comprehensive insurance plan. Review your policy to ensure the coverage amount is still appropriate, especially if you’ve experienced significant life changes like marriage, the birth of a child, or shifts in financial obligations. Then, check that your beneficiaries are correctly designated and consider whether you need additional riders or adjustments to better suit your current situation.
Specialized Insurance Policies
There are many types of insurance policies that cater to specific life stages or situations, so consider any additional policies you may have, such as disability insurance, long-term care insurance, or umbrella insurance, in your annual review as well. These policies offer extra layers of protection and can be essential depending on your specific circumstances. Evaluate whether they still meet your needs and if any adjustments are necessary.
You might also have specialized coverage for specific interests or assets, like collectibles, boats, or equine insurance—all of which can be altered as situations change in your life. For that reason, it’s important to review these specialized policies annually to confirm they still align with your current assets and activities.
The Importance of an Insurance Broker
An annual review can be complicated, but there’s good news: this is where an insurance broker comes in handy. Brokers are independent professionals who represent multiple insurance companies, allowing them to provide you with a wide array of choices and the expertise to guide you through the intricacies of various policies and help you find the best options suited to your needs.
One of the significant advantages of using a broker is their ability to offer personalized advice. Because they work with a range of insurers, brokers can objectively assess your requirements and recommend policies that offer the best coverage and value. They take into account factors such as your financial situation, lifestyle, and specific risks you might face. This tailored approach ensures that you are not just buying any policy, but one that fits you perfectly.
Brokers also have in-depth knowledge of the industry, including the latest trends and changes in regulations. For example, they can provide insights into ACA enrollment periods and how different health insurance plans stack up against each other. This expertise is particularly valuable when dealing with specialized insurance needs or complicated situations.
Another key benefit is the broker’s ability to handle all the legwork. From comparing different policies to filling out paperwork and negotiating terms, they take care of the administrative burden, making the process smoother and less stressful for you. This efficiency can save you both time and money.
When looking to find an insurance broker, do your homework. Seek recommendations from trusted sources, and verify the broker’s credentials and experience. A good broker will have a solid track record and positive reviews from previous clients. It’s also wise to meet with potential brokers to discuss your needs and gauge their level of expertise and customer service.At Penny Insurance, we’d love to help you organize your policy needs and coverage potential, and we offer a free consultation with our brokers to ensure that you start building relationships based on trust and great service. If you’d like to schedule your initial consultation, or discuss any policy questions you might have, just contact us to set up an appointment. We’d be happy to help you get ready for the best year of your life in 2025.
Flood insurance can often feel like an added expense that many homeowners are hesitant to take on, but understanding the nuances of this type of coverage makes it clear why it is a wise investment. Designed to protect your home and belongings from water damage caused by natural disasters like hurricanes, heavy rains, and overflowing rivers, this specialized insurance fills the gap that regular home insurance does not cover.
Unfortunately, many people are unaware that standard home insurance policies typically do not include coverage for flood damage—until it’s too late. This means that in the unfortunate event of a flood, the financial burden of repairing their home and replacing their belongings would fall solely on them—a potentially debilitating cost.
Fortunately, flood insurance steps in to cover these costs, offering peace of mind that your home and personal property are safeguarded. But only if you have the policy in place.
In this blog, we’ll cover the details about flood insurance, and why we’d love to help you get a policy in place today to protect yourself tomorrow.
Why You Need a Flood Insurance Policy
It’s important to recognize that flooding can happen almost anywhere, not just in high-risk flood zones. Consider the recent Hurricane Helene, which moved far inland and flooded the Western North Carolina area until it was unrecognizable. Unfortunately, weather patterns are changing, and what was once considered a low-risk area can become vulnerable to flooding, making a flood insurance policy a valuable tool for managing this uncertainty.
One of the key aspects of flood insurance is that it provides coverage for both the structure of your home and your personal belongings, including everything from your electrical and plumbing systems to your furniture, clothing, and electronics. If you went through and added up everything you own, how much would it cost you to replace? If you don’t have that amount in savings, a flood policy is likely a great idea for you.
Yet another compelling reason to consider it is the potential for financial assistance beyond what federal disaster relief programs offer. Government aid is often limited and may not cover all the costs associated with flood damage, while flood insurance provides a more comprehensive solution, covering a wide range of expenses that federal aid may not address. This means you can focus on rebuilding and recovering without worrying about whether you have the funds to do so.
Flood insurance policies can vary, allowing you to choose a plan that fits your specific needs and budget. Whether you own a home, rent, or own a business, there are options available to ensure that you are adequately protected. This flexibility makes it easier for you to find a policy that provides the right level of coverage at a price you can afford.
Additionally, having flood insurance can also positively impact your community. When more homeowners are insured, the overall financial burden of flood recovery is reduced, allowing for a quicker and more efficient rebuilding process. This collective preparedness can strengthen the resilience of your neighborhood and create a safer environment for everyone.
Flood Zones and Evaluating Risk
When thinking about flood insurance, one of the first things most people consider is their flood zone and the associated risk. However, it’s important to remember that flood zones can change and might not always reflect the current level of risk. In fact, living outside a high-risk area doesn’t exempt them from needing flood insurance, either—flooding can happen due to various factors, such as heavy rainfall, snowmelt, or even a burst dam. By evaluating the broader context of your surroundings and not just the designated flood zone, you can better understand your actual risk and make a more informed decision about flood insurance.
Flood zones are determined by the Federal Emergency Management Agency (FEMA) and are used to identify areas with varying levels of flood risk. High-risk areas, known as Special Flood Hazard Areas (SFHAs), are more likely to experience flooding and usually have a higher chance of flood-related damage. While moderate- to low-risk zones may seem safer, they are not entirely risk-free, and it’s worth noting that over 20% of flood insurance claims come from properties outside high-risk areas, underscoring the value of considering flood insurance even if you live in a zone that isn’t typically associated with frequent flooding.
Additionally, weather patterns are shifting due to climate change, and areas once considered safe may now be experiencing unexpected flooding events. When calculating your risk, don’t rely solely on historical data; recent trends and projections can provide a clearer picture of your current and future risk levels.
Finally, local developments and changes in infrastructure can also impact flood risk. New construction, changes in drainage systems, and other modifications can alter how water flows in your area, so keeping informed about such changes in your community can provide insight into whether your flood risk is increasing and if you should consider purchasing or updating your flood insurance policy.
Modern technology offers tools to assess flood risk more accurately. Online resources and local government agencies can provide up-to-date information on flood risk assessments, which can offer personalized insights based on your specific location, taking into account the latest data and trends.
Comparing Federal Disaster Assistance with Flood Insurance
When facing the aftermath of a large-scale flood, many people rely on federal disaster assistance to help them recover. While this aid can be helpful, it’s important to understand its limitations and how it compares to having a dedicated flood insurance policy.
Federal disaster assistance usually comes in the form of grants or low-interest loans from the government. These funds are designed to help cover some immediate needs, such as temporary housing and basic repairs. However, this assistance is often limited and may not cover all the expenses associated with flood damage. For instance, grants typically provide a few thousand dollars, which often fall short when faced with extensive property damage. Loans, while useful, need to be repaid, adding another layer of financial burden during an already stressful time.
Another point to consider is the availability of federal disaster assistance. Such aid is only provided when a federal disaster declaration is made, which isn’t guaranteed for every flood event. If your area doesn’t receive this designation, or if the flooding event isn’t considered a widespread disaster, you will likely find yourself without any form of government help. Flood insurance, in contrast, offers coverage regardless of whether a disaster declaration is made. As long as your policy is in place, you can file a claim and receive assistance based on the terms of your coverage.
More importantly, because flood insurance claims are handled by private insurers and can often be processed more quickly, you can start repairs and replace damaged items sooner, speeding up your overall recovery process. With flood insurance, the focus can shift from worrying about financial recovery to actually rebuilding and moving forward.
Out of all the benefits, the strongest is this: having flood insurance can give you peace of mind in a time of great uncertainty and stress. Knowing that you have a reliable safety net allows you to rest assured that your policy will help you through the challenges that follow. At Penny Insurance, we want nothing more than to help you achieve this peace of mind—in all areas of your life. Please contact us today to discuss your options for flood coverage; even if you don’t think you need it, we’ll be happy to talk you through your options and help you make the best decision for your home and your family.
As a small business owner, you understand the risks associated with operating a business—you took them on when you decided to go out on your own. But while you may have considered theft or even liabilities within your office space, the threat of cyber attacks is a real one that is often overlooked.
Fortunately, there are steps you can take to protect your business from these malicious threats. While having the right business insurance in place is a critical part of this process, there are other preventative measures to consider as well that will help you shield your business from potential cyber attacks.
Understanding the Threat of Cyberattacks
Sadly but unexpectedly, cyberattacks are becoming increasingly prevalent in today’s digital age, posing significant risks to small businesses. Criminals are constantly evolving their tactics and techniques to exploit vulnerabilities in business systems, and often break in using common techniques like malware, phishing scams, ransomware, and social engineering. Unfortunately, these attacks can lead to huge problems—including data breaches, financial losses, and damage to your business’s reputation.
It’s essential to recognize that no business is immune to cyber threats—even small businesses are often targeted due to their limited resources and lack of robust cybersecurity measures.
Best Practice Basics for Preventing Cyberattacks
Cybersecurity is an ongoing battle, but there are best practices you can implement to prevent cyberattacks and safeguard your small business.
Build Strong Passwords.
First and foremost, it’s crucial to develop a strong password policy. Encourage your employees to create unique, complex passwords and change them regularly. Consider offering your team a password manager to securely store and manage all your passwords.
Use Multi-Factor Authentication.
Another essential practice is to implement multi-factor authentication (MFA). This adds an extra layer of security by requiring users to provide two or more forms of identification before gaining access to sensitive information or systems. By utilizing MFA, you significantly reduce the risk of unauthorized access to your business data.
Back up Data.
Regularly backing up your data is also critical. This ensures that even if your systems are compromised, you can restore your information from a secure backup. Store these backups offline or in a secure cloud environment to prevent them from being compromised in the event of an attack.
Always do the Update.
Additionally, it’s important to keep all software and applications up-to-date. Software updates often include patches for vulnerabilities, so regularly installing these updates is crucial to maintaining a secure system.
Focus on Education.
Lastly, educate your employees about cybersecurity best practices through regular training sessions. This includes raising awareness about phishing scams, social engineering techniques, and the importance of not clicking on suspicious links or downloading attachments from unknown sources.
By following these best practices, you can significantly reduce the risk of cyberattacks and protect your small business from potential damage. Remember, cybersecurity is an ongoing process, so staying informed and proactive is key to ensuring the safety of your business in today’s digital landscape.
Using Cyber Insurance to Protect Your Business
While implementing strong cybersecurity measures among your team is crucial, having the right insurance coverage is equally important to fully protect yourself from digital crime. Cyber insurance plays a vital role in protecting your business from the financial losses that can result from a cyberattack, by providing coverage for various expenses associated with a cyber incident, such as forensic investigations, data recovery, legal fees, public relations efforts, and even potential lawsuits from affected customers. In the unfortunate event of a cyberattack, these expenses can quickly add up and have a severe impact on your business’s bottom line.
Having cyber insurance gives you the peace of mind that, in the face of a cyber incident, your business has financial protection, and helps you recover more quickly from the financial burden associated with recovering from a cyberattack. Additionally, cyber insurance often includes coverage for cyber extortion, where cybercriminals hold your data hostage or threaten to release it unless a ransom is paid. This coverage can be crucial in navigating such situations and protecting your business from significant financial losses.
It’s essential to consult with an experienced insurance agent who specializes in cyber insurance to ensure that you have the right coverage for your business’s specific needs. At Penny Insurance, our experienced brokers have the experitnce to help you understand the scope of coverage and assist in tailoring a policy that aligns with your risk profile and budget. And getting started is simple: just reach out to us to set up a free consultation with our team.
As an insurance broker specializing in equine insurance, we’ve seen firsthand the deep bonds that owners share with their beloved horses, so when it comes time for horses to retire, it’s essential to have a solid plan in place that ensures their golden years are spent in comfort and security. For that reason, equine retirement is not just a sentimental journey; it’s a necessary phase that requires thoughtful planning—particularly when considering the role of equine insurance in safeguarding their future.
Understanding the Importance of Equine Retirement Planning
The first step in effective equine retirement planning is to recognize that each horse’s needs are unique. Factors such as breed, previous workload, and overall health play significant roles in determining what kind of care will be necessary as your horse ages, and understanding these individual needs can help you craft a retirement plan tailored specifically to your horse, ensuring they receive the appropriate dietary, medical, and environmental care they deserve.
As horses age, they may develop chronic conditions or require more frequent veterinary check-ups, making medical care a crucial component of equine retirement planning. Having a clear understanding of your horse’s medical history and potential future health concerns allows you to anticipate the kinds of treatments and interventions they might need, and regular consultations with your veterinarian can provide invaluable insights and help you stay ahead of any emerging issues.
Another important element to consider is the current living environment for your retired horse. Their housing conditions should offer comfort and security, mitigating any stressors that could negatively impact their health. So whether you choose to keep your horse on your property or at a specialized retirement facility, ensuring they have a clean, safe, and suitable environment is paramount.
But in addition to physical care, emotional well-being is equally important. Horses are social animals and can greatly benefit from regular interaction with humans and other horses. Incorporating activities that stimulate your horse mentally and physically can help maintain their overall quality of life.
Evaluating the Costs Associated with Equine Retirement
Because the expenses associated with maintaining a retired horse can vary widely based on factors such as the type of care required, the chosen living environment, and any specific health needs, evaluating the financial commitment required for equine retirement and long-term care is crucial for horse owners.
Of course, basic costs include feed, shelter, and routine veterinary care, but these are just the tip of the iceberg. Horses with special dietary needs or chronic health conditions may incur additional expenses for specialized feed and ongoing medical treatments.
As horses age, they may be more prone to health issues that require immediate attention, so emergency veterinary care is another significant expense to consider. Budgeting for unexpected medical situations can help prevent financial strain and ensure your horse receives timely care. You may want to consider setting aside a contingency fund or exploring insurance policies that cover emergency care to mitigate these potential expenses.
The choice between keeping your horse on your property or placing them in a specialized retirement facility also impacts costs. While keeping your horse at home may seem economical, it comes with its own set of expenses, including maintenance of the living environment, provision of adequate shelter, and any necessary modifications to ensure safety and comfort. Specialized facilities, on the other hand, often provide comprehensive care packages for aging horses—but at a higher cost.
Lastly, don’t overlook ancillary expenses such as farrier services, dental care, and supplements. These ongoing costs can add up over time, making it vital to have a well-rounded financial plan in place. By thoroughly evaluating these various factors, you can better prepare for the financial demands of your horse’s retirement and ensure they enjoy a high quality of life during their golden years.
The Role of Equine Insurance in Retirement Planning
Equine insurance plays a pivotal role in the retirement planning process by providing a safety net for unforeseen circumstances that may arise as your horse ages. Whether it’s an unexpected injury, a chronic condition requiring ongoing treatment, or emergency surgery, having an insurance policy can significantly ease the financial burden.
There are various types of equine insurance policies designed to cater to the diverse needs of aging horses. Mortality insurance offers coverage in the unfortunate event of your horse’s death, while major medical coverage and surgical insurance focus on veterinary expenses for health issues and surgeries, respectively. By carefully selecting a policy that aligns with your horse’s specific needs, you can ensure that you are financially prepared for both routine and emergency care.
One of the primary benefits of equine insurance is its ability to cover costly medical treatments that may otherwise be a financial strain. An equine insurance policy can help manage these costs, allowing you to provide the best possible care without worrying about financial constraints.
Moreover, having equine insurance provides peace of mind, with a security that allows you to focus on your horse’s well-being rather than the financial implications of their care. Equine insurance is not just an expense; it’s an investment in your horse’s future, ensuring they receive the comprehensive care they deserve as they transition into their golden years.
Selecting the Right Equine Insurance Policy for Retirement
Choosing the right equine insurance policy for your horse’s retirement is a critical component of the planning process. Not all insurance policies are created equal, and it’s essential to find a plan that fits your horse’s needs and your budget.
Start by assessing your horse’s health history and any potential risks they may face as they age. Consult with your veterinarian to get an understanding of the types of coverage that would be most beneficial. You may want to consider policies that include wellness care, which can help you manage preventive measures against common age-related issues.
Additionally, seek out insurance providers that specialize in equine policies—like we do at Penny Insurance—as they will have a more in-depth understanding of the specific needs associated with horses of all ages. Look for policies that offer comprehensive coverage options and flexible payment plans. Make sure to read the fine print and ask your broker questions about exclusions, limits, and claims processes, as these details can significantly affect your overall satisfaction with the policy.
While you’re at it, don’t overlook the importance of customizing your coverage. Some insurance policies allow you to add riders or specific coverages tailored to your horse’s unique requirements. Whether it’s for chronic conditions like arthritis or more frequent veterinary check-ups, a tailored policy can offer the peace of mind you need as your horse ages.
Lastly, consider the insurer’s reputation and customer service. A provider with a strong track record in handling claims and offering excellent customer support can make a significant difference when you need to file a claim or have questions about your policy. By taking these steps, you can ensure that your horse’s retirement years are safeguarded by a robust and suitable insurance policy.
Planning for your horse’s equine retirement is a multifaceted endeavor that demands careful consideration and proactive steps. It’s about more than just providing a place for them to live; it involves addressing their physical, emotional, and medical needs to ensure a high quality of life as they age.
Ensuring your horse’s well-being during their golden years is a testament to the love and care you have shown them throughout their life. If you’d like to explore policies to support them and protect both of your interests, contact us today to get started on securing a bright future for your beloved equine companion.
In the ever-evolving world of insurance, standard policies often fall short in addressing the unique risks that some clientele face. This is where specialty insurance steps in, offering tailored solutions designed to meet the specific needs of individuals and businesses with unique assets and exposures. As a specialty insurance broker, Penny Insurance has great experience in the world of specialty insurance, highlighting the necessity of having a trusted broker by your side to ensure that you receive the coverage that aligns perfectly with your needs.
What is Specialty Insurance and Why Do You Need It?
Specialty insurance is a sophisticated form of coverage meticulously crafted for high-value assets, unique business operations, or specialized risks that traditional insurance policies fail to adequately protect. Oftentimes, affluent clients, or those with luxury homes, art collections, boats, or high-performance vehicles often find standard insurance policies lacking due to coverage limits, exclusions, and generalized terms that can leave significant gaps in protection.
Take, for instance, the owner of a rare piece of art or a vintage car. Typical homeowners or auto insurance policies may not be designed to cover the full value or specific protection needs of such high-end items, so specialty insurance steps in to bridge these gaps, offering tailored endorsements such as appraisals, specialized claims handling, and worldwide coverage, ensuring that your valuable assets are safeguarded against theft, damage, and loss.
Similarly, collectors with extensive art or antique collections benefit immensely from specialty insurance, which considers the fluctuating market values and offers coverage that reflects the current worth of their prized possessions. Boat owners, on the other hand, require marine insurance that addresses the distinct risks associated with owning and operating a boat, including liability and environmental protection.
The Range of Specialty Insurance Options Available
Fortunately, specialty insurance is incredibly diverse, offering a variety of tailored coverage options that address unique or high-value assets. Here are some key categories that are particularly relevant for affluent clients:
High-Value Home Insurance
Unlike standard homeowner’s policies, this insurance provides extensive coverage for luxury residences. It considers unique architectural features, high-value contents, historic context, and specific location-based risks, ensuring comprehensive protection for your prized home.
Collector’s Insurance
Ideal for those with extensive collections of art, antiques, or rare items, this insurance covers the full market value and unique risks associated with these valuable assets. It includes protection against damage, theft, and loss, often providing specialized claims handling and appraisals.
Marine Insurance
Yacht and luxury boat owners face distinct risks that standard policies don’t cover. Marine insurance offers protection against theft, accidents, liability, and environmental damage, tailored specifically to the needs of maritime assets.
Excess Liability Insurance
For clients with significant assets, excess liability insurance provides an additional layer of protection beyond standard liability policies. This is crucial for safeguarding against large claims that could otherwise jeopardize your financial stability.
Special Event Insurance
High-profile events come with their own set of unique risks. Whether it’s a lavish wedding or a corporate gala, this insurance covers potential issues such as cancellations, liability for accidents, and damage to rented venues, ensuring your event goes off without a hitch.
The Role of a Specialty Insurance Broker
A specialty insurance broker understands that your needs go far beyond what standard policies can cover, and so you need to find someone who will serve as a dedicated advisor—meticulously assessing your unique risks and crafting bespoke insurance solutions tailored to your specific circumstances.
In the beginning, this may mean conducting a comprehensive risk assessment— an in-depth analysis of your assets and lifestyle to identify potential vulnerabilities that could expose you to significant financial loss. By pinpointing these unique risks, they should be able to recommend customized coverage that ensures no aspect of your wealth or lifestyle is left unprotected, as well as negotiate favorable terms and secure policies that offer robust protection.
Because selecting the right specialty insurance broker is a critical step in securing the comprehensive coverage you need for your unique assets and risks, there are a few key factors to consider when choosing a broker who can meet the distinct demands of high-net-worth individuals:
Depth of Knowledge: Ensure that the broker has extensive experience in specialty insurance. Their deep understanding of unique risks and sophisticated coverage options will be invaluable in tailoring policies to fit your specific needs.
Client References: Inquire about references from other upscale clients to get a sense of the broker’s reputation and the quality of service they deliver. Satisfied clients are often the best indicator of a broker’s reliability and effectiveness.
Customized Approach: Look for a broker who is committed to understanding your unique situation, assets, and potential vulnerabilities. They should invest time in conducting thorough risk assessments and provide personalized recommendations.
Industry Connections: A well-connected broker can leverage their relationships with top insurers to secure exclusive and favorable terms. This can result in more robust coverage options and competitive pricing.
Clear Communication: Transparency is crucial. Your broker should clearly explain all coverage options, policy terms, and the claims process. Avoid brokers who are vague or rush through these explanations, as this could lead to misunderstandings and insufficient coverage.
Proactive Support: Choose a broker who offers ongoing support, including regular policy reviews and updates to keep your coverage aligned with any changes in your assets or lifestyle. They should be proactive in identifying new risks and adjusting your policies accordingly.
In the intricate world of specialty insurance, where one size certainly does not fit all, the role of a trusted broker is paramount. High-value assets and unique risks demand sophisticated coverage solutions that only a knowledgeable and dedicated broker can provide, and your lifestyle and investments are far too significant to be left to generic policies that may overlook the nuances of your unique situation.
Your assets, lifestyle, and peace of mind deserve the highest level of protection. Don’t wait for the unexpected to catch you off guard; contact us at Penny Insurance today for a personalized consultation and take the first step towards securing the robust coverage you need.
When it comes to securing your family’s future and leaving a lasting legacy, one of the key components is choosing the right life insurance policies to protect your assets and ensure that your loved ones are taken care of financially. In this blog post, we will explore the importance of legacy planning and how different types of life insurance policies can help you achieve your goals.
Understanding the Foundation of Legacy Planning
At the heart of legacy planning lies the intent to craft a blueprint for the future—a vision that ensures your assets transition smoothly and securely to the next generation in alignment with your wishes. Legacy planning transcends the simple act of drafting a will; it’s a comprehensive strategy encompassing the establishment of trusts, the crafting of wills, and the strategic positioning of life insurance policies to fortify your family’s financial security after you’re gone.
The foundation of legacy planning is built upon the dual pillars of protection and distribution. It’s about safeguarding your assets from potential future conflicts and the erosion of estate taxes, thereby securing a financial safety net for your loved ones. Equally, it’s about distributing your wealth in a manner that reflects your values, priorities, and the legacy you wish to leave behind. This careful orchestration ensures that your family not only inherits your wealth but also your legacy, in the way you envision.
Initiating this planning process requires a thoughtful consideration of your assets and an understanding of how different elements, such as life insurance, fit into the broader picture of your estate. Life insurance, in particular, serves as a keystone in this architectural design. It provides a reliable financial framework that supports your loved ones in the event of your absence, ensuring that they are not burdened by financial strains or uncertainties.
The Role of Insurance Policies in Legacy Planning
When it comes to insurance’s role in future planning, these policies are not just about mitigating financial strain; they’re about ensuring a seamless continuation of your legacy, underpinned by financial stability and peace of mind. Delving into the realm of life insurance, we uncover a spectrum of options—each with its distinct advantages, tailored to accommodate various legacy objectives and financial landscapes.
Term life insurance emerges as a cost-effective solution, offering protection over a predetermined span, ideal for those seeking a straightforward safeguard during critical years. Its simplicity and affordability make it an attractive option for many, particularly those in the early stages of legacy planning, ensuring that key financial responsibilities, such as mortgages or educational expenses, are covered.
Conversely, whole life insurance presents a comprehensive approach, offering lifelong coverage alongside an investment component. This policy type not only secures a death benefit for your beneficiaries but also accumulates cash value over time, which can be utilized during your lifetime. This dual advantage positions whole life insurance as a strategic choice for those looking to incorporate an investment element into their legacy planning, offering both immediate and long-term financial solutions.
Universal life insurance, with its blend of flexibility and investment potential, stands as a hybrid, adapting to your evolving financial scenario. This policy type allows for adjustments to premium payments and death benefits, aligned with your changing financial landscape. Furthermore, its cash value component presents an opportunity for investment growth, adding another layer of financial security to your legacy plan.
In selecting the appropriate life insurance policy, it’s imperative to align your choice with your broader legacy objectives and financial situation. Each policy type offers unique benefits, tailored to different stages of life and legacy planning goals, and only by reflecting on your desired legacy outcome and financial framework will guide you in selecting the policy that best supports your vision.
While you’re exploring your options (hopefully alongside an experienced broker), keep in mind that there are also additional policies that might serve as vital components in the continuous propagation of your legacy.
Disability insurance shines as a crucial shield, offering income replacement should you become unable to work due to illness or injury. This coverage is instrumental in maintaining your family’s livelihood and financial footing during unforeseen circumstances, safeguarding your legacy against the impact of temporary or permanent disability. Its significance is magnified for individuals in professions with higher physical demands, ensuring that an incapacitating condition does not derail the financial aspects of your legacy plan.
Long-term care insurance emerges as a proactive measure, addressing the potential need for extended medical or personal care services, either in-home or within specialized facilities. With the rising cost of long-term care posing a substantial risk to legacy preservation, this insurance option provides a safety net, preventing the depletion of your estate or the financial burden on your heirs. It exemplifies a strategic move for those who wish to protect their assets from healthcare-related expenditures, thereby securing a more robust financial legacy.
Critical illness insurance offers a lump-sum benefit upon the diagnosis of a specified severe illness, such as cancer, heart attack, or stroke. This financial injection can be pivotal in covering medical treatments, recuperation aids, or even as financial support during a period of recovery. It allows for a level of financial autonomy and preparedness, ensuring that a major health setback does not compromise your legacy planning efforts.
Evaluating the multitude of insurance products in alignment with your overarching legacy objectives and personal economic scenario is vital. Each product harbors unique advantages, catering to diverse protective needs and legacy aspirations.
Key Considerations When Choosing Insurance Policies for Legacy Planning
Navigating life insurance for legacy planning necessitates a detailed evaluation of your personal and financial landscape. As you delve into this process, it’s crucial to anchor your decisions in a clear understanding of the coverage scope essential to safeguard your assets and provide for your family’s future needs. This exploration begins with an assessment of your financial obligations, anticipated future expenses, and the legacy you aspire to leave behind.
Embarking on this journey, one must carefully weigh the different policy types available, each characterized by unique features that cater to diverse needs and aspirations. Factors such as coverage duration, premium costs, and the potential for cash value accumulation should inform your choice. The objective is to find a policy that not only offers the protection you need but also aligns with your long-term financial and legacy planning goals.
Furthermore, it’s imperative to acknowledge the dynamic nature of life and financial circumstances. A policy that fits perfectly today may not suit your needs a decade from now. Hence, a regular review of your life insurance policy is not just recommended; it’s vital to ensuring your legacy planning remains aligned with your evolving life narrative and financial landscape.
Another pivotal aspect of this process is the collaborative engagement with a financial advisor or insurance professional. Their expertise can illuminate the nuances of various policies, guiding you through the complexities of legacy planning. This partnership facilitates a deeper understanding of how each policy option can serve as a building block in the growth of your legacy, ensuring your decisions are informed, strategic, and tailored to your unique situation.
Taking the time now to plan out the future of your legacy is a profound act of foresight and love. Through the strategic selection of life insurance policies, you embark on creating a safeguard, a financial bastion that stands vigilant over your loved ones in your absence. This process, though intricate, is underpinned by the core objective of preserving and nurturing the legacy you wish to leave behind.
As you consider your options, remember that your legacy is not merely a reflection of your financial assets but also of your values, your dreams, and the impact you wish to have on the world. And while it may seem overwhelming, keep in mind that we are here to help; all you have to do is give us a call.
In today’s digital age, data protection and cybersecurity for individuals cannot be overstated. With the rise of cyber attacks and server hacks constantly making headlines, it has become even more important for each person to take proactive measures to safeguard their personal information and digital assets.
Understanding the Cybersecurity Landscape
The landscape of cybersecurity is dotted with various forms of risks—including malware, phishing scams, ransomware attacks, and data breaches—each of which has the potential to compromise personal information, financial health, and privacy. Even more unfortunately, the repercussions of such incidents are not just limited to immediate financial loss but can also extend to long-term reputational damage and loss of trust among peers and business associates.
In this complex environment, insurance policies specifically tailored to address cyber threats play a crucial role. Cyber insurance can be a safety net, offering coverage for a range of potential cyber incidents. For individuals—and particularly those with high net worth—this might include coverage for identity theft protection, recovery of lost or stolen digital assets, expenses related to legal defense in case of data breaches, and support in managing the aftermath of cyber extortion. The goal of such policies is not just to provide financial compensation but also to offer access to expert resources for navigating the aftermath of a cyber incident efficiently.
As the cybersecurity landscape continues to evolve, so do the insurance solutions designed to protect against these risks. By understanding the current threats and available insurance options, individuals can take a more informed approach to securing their digital domain. Engaging with cybersecurity professionals and exploring tailored insurance coverage are proactive steps toward ensuring a secure digital future amidst an increasingly hostile online environment.
Essential Cybersecurity Practices for Everyone
In the digital world, your personal information and digital assets are constantly under threat from cybercriminals. Adopting essential cybersecurity practices is not just advisable; it’s a necessity for individuals across all walks of life. From beginners to seasoned tech users, strengthening your digital defense is a shared responsibility. Here’s how you can bolster your cybersecurity posture:
#1 – Pick Good Passwords Firstly, prioritize the creation of strong, unique passwords for each of your online accounts. Think of passwords as the keys to your digital kingdom – the stronger and more unique they are, the harder it is for intruders to gain access. Pair this with enabling two-factor authentication (2FA) wherever possible, adding an extra layer of security that can significantly deter attackers.
#2 – Stay Up To Date Keeping your software and security systems updated is another cornerstone of good cybersecurity hygiene. These updates often contain critical patches to security vulnerabilities that, if left unaddressed, could serve as open doors for cybercriminals.
#3 – Learn the Tricks (and How to Avoid Them) Be vigilant about the links you click on and the attachments you download, especially if they come from unknown sources. Phishing scams are increasingly sophisticated and can trick even the most astute users into compromising their own security.
#4 – Back Up Your Info Regularly backing up your data plays a crucial role in your digital resilience strategy. In the event of a cyberattack, having a recent backup can be the difference between a quick recovery and a prolonged, costly disruption.
Incorporating these practices with the strategic selection of insurance policies designed to protect against cyber threats offers a comprehensive approach to safeguarding your assets. By integrating these essential cybersecurity practices with the protective layer of appropriate insurance coverage, you’re not just securing your digital assets and personal information—you’re ensuring peace of mind in an increasingly connected world.
The Role of Insurance in Cybersecurity
In an era where digital threats loom larger than ever, the importance of integrating cybersecurity efforts with robust insurance coverage cannot be understated. As much as we fortify our digital defenses with the best practices and advanced security measures, the unfortunate reality is that the risk of cyber incidents cannot be entirely eliminated. This is where the unique role of insurance in cybersecurity becomes evident, serving as a critical safety net that complements our proactive security efforts.
Cyber insurance policies are designed to provide a financial buffer and expert resources in the wake of cyber incidents. These policies are especially pivotal for high-net-worth individuals, whose substantial digital and financial assets might be the target of sophisticated cyber-attacks. Customized cyber insurance solutions cater to these individuals, offering them peace of mind with coverage options that are tailored to their unique risk profiles. From expenses associated with data breaches and cyber extortion to legal fees and the restoration of personal data, a well-structured cyber insurance policy can cover a broad spectrum of cyber risks.
Moreover, the evolving nature of cyber threats means that insurance providers continuously adapt and update their offerings to cover new and emerging risks. Engaging with an insurance provider to discuss and understand these options ensures that your coverage keeps pace with the dynamic cybersecurity landscape.
It’s also worth noting that insurance providers often have partnerships with cybersecurity experts and firms. This means that policyholders not only gain financial protection but also access to top-tier advice and response services in the event of a cyber incident. This dual approach of prevention and protection underscores the synergistic relationship between cybersecurity measures and insurance, illustrating how both play indispensable roles in the comprehensive protection of digital assets and personal information for individuals, particularly those with significant assets at stake.
Advanced Security Measures for Enhanced Protection
For individuals, particularly those with considerable assets, elevating cybersecurity through advanced measures is akin to reinforcing the walls of a fortress. This proactive stance involves adopting cutting-edge security solutions that go beyond the basics, ensuring a more fortified defense against sophisticated cyber threats. Integrating these advanced measures with the strategic layer of insurance coverage provides a robust shield for your digital realm.
Secure Messaging.
Consider the adoption of secure communication tools, such as encrypted email services and secure messaging apps, which ensure that your conversations remain confidential and protected from prying eyes. For the storage of sensitive information, encrypted storage solutions offer a vault-like security, safeguarding your data from unauthorized access.
Home Network Safety.
Network segmentation is another sophisticated strategy, isolating your digital assets into separate, secure zones. Should an intruder breach one area, the segmentation acts as a series of fire doors, preventing the spread of damage. Regular security audits, conducted by cybersecurity professionals, offer a comprehensive assessment of your digital infrastructure, identifying vulnerabilities and reinforcing areas of weakness before they can be exploited.
Policies that Protect.
Coupling these advanced security measures with tailored insurance policies enhances your protection. Cyber insurance providers now offer policies that cater specifically to the needs of individuals with significant assets, covering scenarios that range from data breaches and cyber extortion to the restoration of personal and financial data after a cyber incident. By working closely with your insurance provider, you can ensure that your policy complements your cybersecurity strategy, offering a safety net that is as sophisticated as the threats it aims to counter.
Embracing these advanced security measures, in harmony with specialized insurance coverage, equips you with a comprehensive approach to protecting your digital assets against the evolving landscape of cyber threats.
As you can see, navigating the digital age with confidence requires a savvy approach to cybersecurity. Whether you’re just starting to understand the importance of protecting your online presence or you’re seeking to fortify existing defenses, remember that It’s not just about having the right technology in place; it’s also about ensuring you have the financial backup plan that cyber insurance provides. If you’d like a comprehensive look at your data-based risks, reach out to us for a conversation on how you can better protect your digital and financial well-being in this interconnected world. Your security journey starts with a step, and we’re here to walk it with you.
When it comes to owning a boat, regular maintenance is key to ensuring that it stays in top condition and operates safely on the water. Not only does proper maintenance help prevent costly repairs, but it also plays a crucial role in minimizing the risk of insurance claims. While nearly half of all boat insurance claims are weather-related, there are things you can do to help minimize your risk overall, and keep your premiums low. In this blog post, we will discuss essential boat maintenance tips that every boat owner should follow to avoid insurance claims and keep their vessel in excellent shape.
Understanding the Importance of Regular Boat Inspections
The cornerstone of preventing unexpected breakdowns and costly repairs is a comprehensive understanding of the importance of regular boat inspections. As your trusted insurance broker, we can’t stress enough how vital these inspections are for the longevity of your vessel and for mitigating insurance claims. Conducting thorough checks of your boat’s hull, engine, electrical systems, and other key components allows you to identify minor issues before they escalate into significant problems. This proactive approach not only enhances the safety of your boating experiences but also aligns with our goal of helping you reduce the likelihood of filing insurance claims due to mechanical failures.
It’s essential to recognize that the marine environment is harsh and unforgiving. Corrosion, wear, and tear can silently compromise your boat’s integrity and performance if left unchecked. Regular inspections act as a crucial line of defense, enabling you to address potential hazards in a timely manner. This vigilance is particularly important for maintaining the engine and electrical systems, which are often the culprits behind on-water breakdowns.
Keeping Your Boat Clean and Protected
A critical aspect of boat maintenance that often goes overlooked is the importance of keeping your vessel clean and shielded from the elements. Saltwater, grime, and pollutants not only mar the aesthetic appeal of your boat but can also cause substantial damage over time. Routine cleaning, coupled with diligent waxing, can prevent the accumulation of these harmful substances and protect the boat’s surfaces from corrosion and weathering.
In addition to surface cleaning, employing protective covers is a proactive measure that should not be underestimated. When your boat is not in active use, especially if stored outdoors, durable covers can safeguard against environmental damage and the wear and tear of seasonal weather conditions. These covers help keep the interior and controls free from debris and moisture, which can lead to mold growth and electrical issues—common concerns that provide a welcome environment for other, larger issues.
Safety Equipment Checks and Updates
As insurance brokers dedicated to your safety and the prevention of claims, we cannot overemphasize the importance of meticulously checking and updating your boat’s safety equipment. Life jackets, fire extinguishers, navigation lights, and distress signals are not just accessories; they are life saving tools that must be in prime condition. Regular reviews of these items are crucial; worn or outdated equipment can fail in critical moments, potentially leading to accidents that could have been avoided.
It’s advisable to conduct these safety checks at regular intervals and certainly before any extended boating excursions. This process includes testing the functionality of all equipment, ensuring life jackets are free from rips or tears, and verifying that fire extinguishers are fully charged and within their expiration dates. Additionally, make certain that navigation lights are bright and visible, and that distress signals (both visual and audio) are accessible and in working order. Also, upgrading your safety gear to the latest standards is also a proactive step towards minimizing risks on the water. Innovations in safety equipment are continually emerging, offering enhanced reliability and effectiveness. Embracing these advancements can significantly contribute to your onboard safety protocol.
By maintaining a vigilant approach to safety equipment checks and updates, you aren’t just minimizing the chance of something going wrong—you’re also telling the insurance company that you’re taking your ownership role seriously.
Keeping Detailed Maintenance Records
Meticulously logging your boat’s maintenance activities isn’t just an exercise in organization—it’s a critical step for safeguarding your insurance interests. As your insurance partners, we emphasize the importance of compiling a comprehensive maintenance diary that chronicles all servicing, repairs, and professional inspections your vessel undergoes. This documentation serves as a testament to the diligent care you invest in your boat, and it becomes particularly invaluable in the event of an insurance claim.
In certain scenarios, insurance adjusters often request maintenance records to assess the condition of the boat at the time of the claim. Detailed records can substantially strengthen your case by showcasing a consistent commitment to maintenance, which in turn can influence the outcome of your claim. It’s recommended to log the date of each service, the nature of the work performed, and the entity that completed it, whether it was self-serviced or handled by a professional.
Additionally, maintaining a log of upgrades and replacements can highlight efforts made to enhance the boat’s safety and functionality, further demonstrating responsible ownership. Keeping these records in a secure, easily accessible format not only streamlines the claims process but also provides you with a clear history of your boat’s care, which can be beneficial for resale purposes. Engaging in this level of record-keeping underscores your proactive stance on maintenance and safety, aligning with the preventive measures we advocate to minimize insurance claims.
Maintain Now for Fewer Claims Later
To wrap up, diligent boat maintenance is not just about ensuring your vessel looks its best; it’s a crucial investment in its longevity and safety. By embracing the guidance provided, from regular inspections and cleaning to seasonal care and safety checks, you can significantly reduce the likelihood of encountering issues that lead to insurance claims. If you’re a boat owner, planning on hitting the lakes of Western North Carolina or the high seas, reach out to us. Our brokers are happy to help you look at all the possible scenarios to make sure you—and your watercraft—are well protected.
When it comes to managing your insurance policies effectively, your insurance broker plays a crucial role in providing you with the best coverage options. But in order to do their job efficiently, your insurance broker needs to have a thorough understanding of your personal and financial situation. In this blog, we’ll cover the top 7 things your broker needs to know about you to help your insurance broker tailor the best insurance policies to meet your specific needs.
Your Full Personal Information
The cornerstone of any effective insurance plan is rooted in the accurate and comprehensive sharing of your personal information with your insurance broker. This goes beyond just your name and birthdate; it encompasses your permanent address, telephone numbers, and email addresses. Such data plays a pivotal role in not only ensuring that all communications and documents reach you without fail, but also in securing the preciseness of your insurance application and subsequent policies.
As things change, make sure to keep them updated, as well. Errors or omissions in personal details can lead to unnecessary complications, from delays in processing claims to issues with policy validity. For that reason, it’s essential for your broker to understand any changes in your personal circumstances that could affect your insurance needs, such as a change in marital status or a significant move.
Your Employment and Income Details
Understanding the intricacies of your financial landscape is imperative for your insurance broker to accurately gauge the level and type of coverage that best suits your needs. This doesn’t only include your basic employment status, but also a breakdown of your income sources, which may allow your insurance broker to assess your financial stability and risk level—crucial factors in determining your insurance premiums and the scope of coverage required.
Moreover, understanding your income level aids in identifying the most appropriate insurance solutions that fit within your budget while still offering the necessary protection. For example, higher-income individuals might have more assets to protect, necessitating more comprehensive coverage options. Conversely, for those with a tighter budget, an insurance broker can prioritize the most critical coverage areas to ensure essential protection without overextending financially.
Your Lifestyle Choices
The choices you make every day, from engaging in adrenaline-pumping extreme sports to your smoking habits, play a significant role in shaping the insurance policies that best suit your needs. Transparency with your insurance broker about these activities is necessary, as it allows them to understand the full spectrum of risks you’re exposed to and recommend coverage that truly reflects your lifestyle.
While it may feel a little vulnerable, disclosing such habits enables your broker to navigate the insurance landscape more effectively, securing policies that encompass all aspects of your lifestyle without leaving you underinsured.
Your Financial Obligations
Navigating the landscape of your financial obligations is essential for your insurance broker to develop a protective net around your fiscal well-being. This encompasses a detailed overview of your debts such as student loans, credit card debt, and any other liabilities that may influence your ability to manage financial risk. Equally important is the disclosure of ongoing commitments like mortgage payments, lease agreements, or child support, which bear weight on your financial stability and insurance necessities.
Acknowledging these responsibilities allows your broker to consider additional layers of protection you might require. For example, life insurance becomes crucial if you have dependents or significant debt, ensuring that your financial obligations are covered in unforeseen circumstances. Likewise, disability insurance might be a strategic recommendation, offering income protection if you’re unable to work due to illness or injury.
Your Current Insurance Policies
One crucial piece of information that your insurance broker needs from you is a complete rundown of any and all insurance policies you currently hold, including health insurance, life insurance, auto insurance, and property insurance policies. For each policy, be prepared to share the specifics such as the provider, the coverage limits, the premiums you’re paying, and importantly, the expiry dates.
This exercise is not just about transparency; it’s about leveraging your broker’s expertise to scrutinize your existing coverage and identify potential areas for optimization. They can pinpoint where you might be over-insured, thus helping you streamline your policies to potentially reduce costs, or under-insured, where they can suggest enhancements to ensure you’re adequately protected. Additionally, understanding your current insurance landscape enables your broker to craft strategies that avoid duplication of coverage, ensuring that every dollar you spend on insurance is working as efficiently as possible for you.
Your Long-term Goals
Understanding your ambitions and plans for the future is imperative for crafting an insurance strategy that grows and adapts with you. Your long-term goals might include major life events such as starting a family, buying a house, or transitioning into retirement—each of which have unique insurance considerations, from adjusting life insurance coverage to planning for estate taxes or securing long-term care insurance.
For example, if you’re aiming to purchase a home, ensuring you have adequate property and liability coverage becomes essential. Likewise, if retirement is on the horizon, exploring annuities or long-term care insurance might be prudent. Sharing these aspirations with your insurance broker enables them to foresee potential changes in your insurance needs and recommend policies that not only protect you today but also pave the way for a secure tomorrow.
As you can see, providing your insurance broker with a complete and detailed overview of your personal situations—from your full personal information to your long-term aspirations—is vital in shaping a comprehensive insurance strategy that suits your needs. Your transparency allows your broker to personalize your coverage, ensuring that you are both adequately protected and positioned to achieve your future goals. If you’re looking for a broker who you can trust, reach out to us. We’d love to get to know you better.
Thinking about renting a place at the beach or the Western North Carolina mountains for a few months this summer? With the rise of Airbnb and long-term travel rentals, there’s one thing that people often miss: insurance! In these situations, knowing about renters insurance is key to safeguarding your stuff and covering your back, keeping you worry-free and financially safe if things go sideways.
Understanding Renters Insurance Basics
Getting renters insurance is like having a safety net for when you rent a place, whether it’s just for a short while or if you’re subletting for a longer period of time. It’s there to protect you from losing money due to bad things that can happen unexpectedly, like theft, fire, graffiti, and some types of water damage. This isn’t the same as the insurance that covers the whole unit (which the owner should have); renters insurance is all about keeping your stuff safe and keeping you from getting into legal trouble.
The main parts of renters insurance include coverage for your personal stuff, legal coverage, and help with living somewhere else if you need to move quickly due to an emergent issue. The personal coverage means the insurance company can help pay to fix or replace things like your clothes and gadgets if they get stolen or wrecked by something the insurance covers—a really important aspect because it means you won’t have to bear the total cost of replacing your things, which the landlord likely won’t cover.
Legal coverage is important, too, stepping in if someone gets hurt because of something that happened in your rented space. This could be as simple as someone tripping and falling inside your apartment, but if you’re found to be at fault, this part of the insurance helps pay for lawyers and any money you might owe to fix the situation, up to the limit of what your policy allows.
Finally, if something were to happen and you can’t stay in your rental anymore, there’s a part of renters insurance that helps with that, too, covering things like staying in a hotel, eating out, or renting another place temporarily.
The Importance of Renters Insurance for Sublets
If you’re on the other side of the coin, renting your place out to someone else, there is another set of problems and things to remember. Whether you’re moving for a bit for work, going on a big trip, or just want a new view, it’s important to keep your stuff safe and protect yourself from any accidents that could happen.
Some people might not think renters insurance is needed for a short-term sublet, believing that not much can go wrong in such a short time. But, things like water leaks, break-ins, or a fire in the kitchen can happen any time, no matter how long you’re renting your place out, and when these bad surprises pop up, having renters insurance can really save the day.
Renters insurance also makes sure you’re not putting yourself at risk without knowing it. It’s like a safety net for your things and your money, covering more than just the items in your place. It can also help pay for legal stuff or medical bills if you’re found responsible for an accident.
Navigating Sublease Insurance Needs
On either side of this equation, the first thing you should do is look over your lease agreement carefully. This paper will tell you if you or the person you’re subletting need renters insurance, and what kind.
Next, talk to an insurance broker to clear up any confusion about your insurance needs and see if you need more. A broker can give advice tailored to your situation, like if your insurance covers a new renter or if you need to get an extra policy to cover a long-term overseas stay. Make sure to tell your broker your plans, and how long they are for, which will help them adjust your coverage so it fits your needs.
By keeping these things in mind, you can pick the best renters insurance for your summer rental—whether you’re heading out or letting someone else in. This way, you can make sure your things are safe and protected, making for a fun and stress-free summer. Want to know more? Reach out to one of our agents at Penny Insurance; we’d be happy to help you finalize those summer plans.
June is National Safety Month, and it’s the perfect time to remember how important it is to be safe everywhere! Putting in safety steps doesn’t just keep us from getting hurt—it can also change our insurance costs and coverage! As insurance brokers, we’ve seen how being safe can make insurance cheaper or offer better protection, so here, we’ll show you how a focus on safety can reduce costs, provide better options, and generally make life better!
The Link Between Safety Measures and Insurance Costs
It’s very important to understand how safety actions and the cost of insurance are related. When insurance companies decide how much you need to pay for insurance, they look at how much risk is involved by insuring you; basically, if there’s a lot of risk, you’re going to have to pay more. This is really clear in situations where not having good safety practices increases the chance of accidents and insurance claims, like if a factory doesn’t regularly check its machines or train its employees on how to be safe, it will probably have to pay a lot for insurance because there’s a bigger chance of someone getting hurt or equipment being damaged.
By default, if you make sure to have good safety practices, this can help lower those risks. Insurance companies pay a lot of attention to whether you have effective safety plans when they’re figuring out how risky it is to insure you. Both businesses and homeowners can see their insurance costs go down if they show they care about being safe. This could mean having good emergency plans, keeping safety equipment in good shape, and following safety rules.
In some businesses, using the latest safety technology can also help save a lot of money on insurance. This might include things like advanced fire systems, security features that use biometrics, or designing workplaces in a way that prevents injuries. Similarly, homeowners could save by using smart home tech that watches for burglaries, fires, or water leaks and can quickly get in touch with emergency services.
It’s key for people and businesses wanting to lower their insurance costs to know how much safety actions can impact these costs. By talking with their insurance companies about how important these safety actions are, they can make sure they’re paying the best possible rate, showing their dedication to a safe environment.
The Role of Insurance in Promoting Safety Standards
Because of this process, Insurance carriers play a pivotal role in the advancement and enforcement of safety standards across various domains.
One of the primary methods by which insurance companies promote safety standards is through the provision of discounts and reduced premiums for policyholders who adopt and implement recognized safety measures. For example, drivers that implement “safe driving” technologies may see a big discount in their bill each month. This approach incentivizes policyholders to prioritize safety, knowing that such investments have a direct financial benefit in addition to protecting their assets and personnel.
Additionally, insurance companies often offer consultative services to assist policyholders in identifying potential risks and developing strategies to mitigate these dangers. This might include risk assessment evaluations, recommendations for safety equipment installations, or customized safety program development. By providing these resources, insurers help policyholders to establish and maintain high safety standards, which can lead to a safer environment for employees, customers, and the community at large.
Moreover, some insurers go beyond offering financial incentives and take an active role in safety education and awareness campaigns. They might sponsor safety workshops, publish safety tips and guidelines, or partner with safety organizations to advocate for best practices in risk management and accident prevention. These activities demonstrate insurers’ broader commitment to safety beyond the confines of policy agreements and financial transactions.
Common Safety Measures That Can Impact Your Insurance
Taking steps to be safe is smart, not just to keep people and property safe but it can also help save money on insurance. Both home and business owners can do things to lower the chance of accidents and big insurance claims, which can make insurance cheaper and better.
For people who own their homes, having good security systems can stop break-ins and damage, making it less risky for the insurance companies. Having up-to-date smoke alarms and fire extinguishers around your home can help deal with fires quickly, causing less damage, and putting in systems to detect leaks early can stop big water damage, which often costs a lot to fix. Because of this, Insurance companies might give discounts or better deal on insurance for these safety improvements.
For businesses, especially those in risky areas, having strong safety plans is a must. This means checking all the equipment regularly to stop it from breaking down and causing accidents. For those working with dangerous stuff, it’s super important to follow the rules on how to store and handle it safely. Training employees on how to stay safe shows insurance companies that a business is serious about avoiding accidents at work. Businesses with a good record of safety might get cheaper insurance because they’re seen as less risky.
Also, both homes and businesses should have updated emergency plans ready for things like natural disasters or fires. These plans not only keep people and things safe but also show insurance companies that you’re ready for risks.
Why Now is a Great Time to Review and Adjust Your Policies
National Safety Month is a great time to check if your insurance still fits with the current standing of your home or business. As your insurance agent, I suggest looking over your insurance plans step by step to make sure they match your current needs, especially if you’ve made your place safer.
First, start by checking all the ways you keep your place safe, like making sure your security alarms, fire alarms, and smoke detectors work and are up-to-date. Then, make a list of the new things you’ve done to be safer since you last looked at your insurance.
Next, talk to your insurance agent about these updates, and look at how these safer choices affect your risk for insurance, which can change how much you pay and what your insurance covers. Hopefully, we’ll be able to connect your efforts to benefits like lower costs or better coverage.
While you’re at it, ask your agent to help you see if there are parts of your insurance that don’t fit your life or business anymore. For example, if you’ve made your business bigger or upgraded your home, you might need different insurance. It’s also a great time to look at new insurance options that might protect you even better. Insurance companies constantly come up with new kinds of coverage, and you might find something that fits your unique needs closely.
National Safety Month is a great reminder to get ahead of the game with safety and insurance. If you’d like to take the first step, contact us at our Hendersonville or Columbus locations, and our agents can help review your insurance to make sure it matches your needs. This summer, let’s make keeping safe and well-prepared our main goal—together.
As warm weather approaches and summer travel plans start to take shape, many of us are eager to hit the open road for a fun and exciting road trip adventure. Whether you’re planning a cross-country journey or a simple weekend getaway, getting road-trip ready is essential for a smooth and enjoyable experience—and while the focus is usually on packing snacks, choosing the perfect playlist, and mapping out your route, it’s also important to consider the role that insurance policies can play in ensuring a worry-free trip.
Mapping Your Route to Fun and Adventure
Going on a summer road trip is like starting a book where you get to be the main character and tell the story. Your path? It’s the plot that’s about to happen, filled with surprises, beautiful scenes, and random meetings. Before you hit the road and kick off this adventure, it’s a good idea to think about where you want to go in this exciting story.
First, look at all the different places you could visit, from scenic views or sunny beaches to big cities or rare adventures. Each place is like a chapter in your summer story, with new people to meet and things to remember. A Pro Tip: Try roads that aren’t as popular for those unexpected highlights that stand out. But, remember, it’s not just about where you end up—it’s also about how you get there.
Pre-Trip Protection – Insurance Policies to Consider
Ah, the open road beckons! As you pack your bags, don’t forget about the “adulting” part of the road trip prep—insurance.. Wrapping your summer travel plans in a cozy blanket of the right insurance policies is like bringing a Swiss Army knife on a camping trip—incredibly handy and sometimes, a lifesaver.
First up on the checklist is travel insurance. It steps into the spotlight when unexpected plot twists arise, like trip cancellations, lost baggage dramas, or even those not-so-fun medical emergencies that can happen when you’re mastering the art of cliff diving. It’s the hero you didn’t know you needed, ensuring that your adventures don’t come to an abrupt end over a lost suitcase.
But for the most epic road trip, don’t forget about your faithful steel steed—your car. Making sure your auto insurance is as ready for the journey as you are is paramount. Check that your coverage is comprehensive enough to handle any misadventures along the way. From fender benders while navigating through unfamiliar towns to roadside breakdowns in the middle of nowhere, being covered means you’ll be back on the road, wind in your hair, without missing a beat.
Car Checks and Balances – Pre-Trip Maintenance
Before you hit the road, giving your car a good check-up is a smart move. Think of it like getting your vehicle ready for a long trip. A detailed inspection by a reliable mechanic can prevent you from ending up stuck on the side of the road, scratching your head over the car’s warning signals.
Have your shop do a comprehensive review, from engine to trunk, checking the brakes, tires, fluids, and lights to make sure they’re all set for the trip. After all, it’s not only about preventing the hassle of a car breakdown; it’s about ensuring your vehicle is as prepared for the adventure as you are, aiming to minimize the risk of unplanned stops and insurance headaches.
Packing Like a Pro – Essentials for Every Road Tripper
Starting a big summer road trip means being prepared and not just excited for an adventure. Since your car is your partner in this, it’s important to pack it with things you’ll really need to keep the fun going without any trouble.
First, you need to pack a variety of snacks and drinks. This is your chance to mix healthy options with some treats. You can pack things like energy bars and water to keep you going in the heat, along with your favorite snacks like chips or candy for when the journey feels long.
Then, add a first aid kit for safety—because accidents can happen. Also, don’t forget emergency items like a flashlight, extra batteries, a blanket, and very importantly, a map or a GPS in case your phone doesn’t work. For entertainment, make a playlist with a mix of all kinds of songs to keep things interesting. Including a couple of audiobooks or podcasts can also make the trip more enjoyable, turning you into the perfect road trip DJ.
Lastly, make sure to keep your driving-related documents like your license, car registration, and insurance cards in a place where you can easily find them. These are very important to have handy to make sure your trip goes smoothly without any worries.
Packing smart isn’t just about throwing things into your car. It’s about choosing the right things that you’ll need and want, making sure your trip is well-planned but still full of fun and unexpected moments.
Capturing Memories – Documenting Your Journey
Remember: Your road trip isn’t just a journey; it’s a treasure trove of moments waiting to be captured. So whether you’re wielding a camera like a seasoned photographer or narrating epic tales in a travel journal, each snapshot and scribble becomes a part of your adventure’s mosaic. Dive into the digital age by crafting a vibrant online diary or bombarding your followers with the beauty and fun of the open road.
With this blueprint in hand, you’re more than prepared; you’re poised for an epic saga on the open road. And if you happen to need a policy partner to get your insurance needs lined up, just let us know! The team at Penny Insurance is always happy to help you get ready for the adventure of a lifetime.
When it comes to owning or operating a seasonal business—like a landscaping company, pool cleaning service, or ice cream stand—there are specific insurance needs that need to be addressed. In this blog post, we will discuss the importance of seasonal business coverage and explore the insurance options available to protect these businesses during their busy spring and summer seasons.
Understanding the Risks Faced by Seasonal Businesses
Seasonal businesses face different challenges, depending on the time of year and what they offer. For example, a company that takes care of gardens and yards might accidentally damage a customer’s property or an employee could get hurt using big machines, leading to expensive legal problems. In the same way, companies that clean pools are always dealing with the dangers of chemicals that can injure workers or customers. Because of these very unique risks, they need special insurance to help with these risks.
Even food trucks and refreshment stands, which may seem safer, have their own problems—they have to be careful about the food they serve to avoid making people sick from bad storage or handling, and protect themselves if someone were to slip or fall.
Adding to these unique challenges is the fact that because seasonal businesses make most of their money only during certain times, they also risk losing income if bad weather or something unexpected stops them from opening.
The Basics of Seasonal Business Coverage
At the heart of safeguarding your seasonal business lies a strategic combination of foundational insurance policies, composed of general liability, property, and business interruption insurance.
General liability insurance is indispensable, offering a shield against claims involving bodily harm or property damage incurred by third parties. This coverage is particularly critical for businesses like landscaping companies and pool cleaning services, where the risk of accidents and damages is heightened due to the nature of their operations.
Property insurance extends its coverage to the physical assets vital to your business. Whether it’s the specialized equipment used in pool maintenance, the tools of the trade for landscaping, or the freezers keeping ice cream cool, this policy ensures that the tangible elements of your operation are protected against loss or damage. This aspect of coverage is not just about safeguarding against the immediate impacts of such incidents, but also about ensuring the continuity of your business operations.
Business interruption insurance helps address the seasonal business model, which is inherently vulnerable to disruptions caused by external events like natural disasters. This form of coverage is designed to mitigate the financial strain of such interruptions, providing a financial buffer that helps maintain the flow of income even when your business faces temporary closures.
Together, these essential policies form a comprehensive coverage strategy that addresses the primary risks associated with operating a seasonal business, ensuring peace of mind and financial security for business owners.
Essential Insurance Policies for Every Seasonal Business
Beyond the foundational trio of general liability, property, and business interruption insurance, several other policies stand out as indispensable for the well-being of both the business and its employees.
Workers’ compensation insurance is an absolute necessity for any seasonal business employing staff, providing a critical safety net, covering medical bills and a portion of lost wages for employees injured on the job. Given the physically demanding nature of many seasonal businesses, the importance of this insurance cannot be overstated.
Commercial auto insurance is vital for businesses that rely on vehicles for day-to-day operations. Whether it’s transporting equipment to a client’s location or making deliveries, vehicles present a significant liability risk, and a commercial auto policy protects against damages from accidents, ensuring that business operations can continue smoothly without financial interruption.
Cyber liability insurance. As technology increasingly becomes a part of every business, cyber liability insurance has emerged as a crucial safeguard, protecting against the fallout from data breaches and cyber-attacks, and covering recovery costs and legal fees. For seasonal businesses handling online transactions or storing customer information, this coverage is an essential aspect of modern risk management.
How to Choose the Right Insurance Provider for Your Seasonal Business
Selecting an insurance provider for your seasonal business requires careful consideration of several critical factors. Here are a few ways to approach this big decision:
Prioritize providers that have a strong track record with businesses in your sector. Their experience can offer valuable insights and tailor-made coverage that perfectly aligns with your specific needs.
Investigate the flexibility of the policies they offer. Seasonal businesses can have fluctuating requirements, so a provider that can adjust coverages as your business grows or changes is essential. This adaptability ensures you’re not overpaying during the off-season and that you’re fully protected during peak times.
Consider customer service. Your provider should be easily reachable, responsive, and willing to support you in times of need. Whether you’re filing a claim or have questions about your policy, knowing you have reliable support can offer significant peace of mind.
Do your research. Dig into the provider’s reputation by requesting testimonials or speaking to current clients. Feedback from other seasonal business owners can provide honest insights into the provider’s reliability, claim processing efficiency, and overall customer satisfaction.
Compare quotes from multiple providers to ensure you’re getting competitive rates without compromising on coverage. Remember, the cheapest option isn’t always the best if it leaves your business vulnerable.
By taking these steps, you can secure an insurance provider that not only meets your current needs but is also a partner in the growth and success of your seasonal business. And at Penny Insurance, we’d love to help you get ready for whatever type of work you’re putting out there; just contact us today for a free consultation with one of our agents.
If you love historic homes, you know how important small details can be. But when you’re embarking on a home renovation project for your historic home, it’s also essential to grasp the nuances of historic home insurance. Renovating a historic home can be a labor of love, requiring a delicate balance between preserving its character and making modern updates. However, an often overlooked aspect of this process is how these renovations impact your home insurance. In this post, we’ll dive into the world of historic home insurance, offering tips to ensure your cherished property is both beautifully renovated and well-protected.
Understanding the Basics of Historic Home Insurance
Navigating the landscape of historic home insurance requires an appreciation for the distinct characteristics and potential challenges of insuring older properties. Unlike standard home insurance policies, those tailored for historic homes account for the intricate process of restoring and maintaining their historical authenticity. A pivotal aspect of securing the right insurance is opting for a policy that provides “replacement cost” coverage. This is particularly important for historic homes, as it ensures compensation based on the restoration cost to its original condition, not just its current market value or “actual cash value.” This distinction is crucial because the costs associated with using authentic materials and specialized craftsmen to preserve the historical integrity of a home can significantly exceed standard repair costs.
Choosing an insurer with expertise in historic properties is equally essential. Such insurers are better equipped to evaluate the unique value of a historic home, including the intricacies of its architecture, the rarity of its construction materials, and the craftsmanship required for its restoration. They can offer a more accurate assessment of coverage needs, considering not just the monetary value, but also the historical significance of the property.
Another key consideration is the scope of coverage. Historic home insurance policies can vary widely, with some offering more comprehensive protections than others. It is important to review what is covered under the policy, including any exclusions or limitations, particularly concerning original architectural features or historically significant elements of the home. Ensuring these aspects are adequately protected can prevent potential gaps in coverage that might leave owners vulnerable to significant out-of-pocket expenses in the event of damage or loss.
The Importance of Accurate Documentation for Your Historic Home
When it comes to those “big” details, documenting your historic home before initiating any renovation projects is a step you cannot afford to overlook. This meticulous documentation should involve more than just taking a few snapshots—it requires a thorough visual record of the home’s condition, including detailed photographs of all architectural details, unique fixtures, and any areas of pre-existing damage. These records serve a dual purpose: first, they provide a baseline against which you can measure the renovation’s impact on the property; second, in the unfortunate event of needing to file an insurance claim, this documentation can be indispensable in proving the pre-renovation state of your home, thereby facilitating a smoother claims process.
In addition to photographic evidence, it’s wise to compile a comprehensive inventory of the property’s original features and materials. This should include any historic fixtures or architectural elements that are being removed, replaced, or modified. Keeping a detailed log, including descriptions and, if possible, the provenance of these items, adds another layer of protection. Should these elements suffer damage or loss during the renovation process, having a well-documented inventory can significantly aid in ensuring they are adequately covered by your insurance policy.
Sharing this detailed documentation and inventory with your insurance provider is a crucial step because It allows your insurer to fully understand the scope and significance of your home’s unique features and to adjust your coverage accordingly. This proactive approach not only helps in aligning your insurance policy with the true value and character of your historic home but also in preempting any potential disputes over claims, thereby safeguarding your investment and ensuring that your home’s legacy is preserved for future generations.
The Role of Local Regulations in Historic Home Renovation
When planning renovations for a historic home, understanding and navigating local regulations is not just a formality—it’s a crucial step that can significantly shape the scope and execution of your project. Many historic homes are situated within designated historic districts or are listed on historic registers, subjecting them to a unique set of rules and oversight by local historic preservation offices or committees. These regulations are in place to ensure that any alterations or improvements maintain the integrity and character of historic structures and their surrounding environments.
Engaging with local historic preservation entities early in the planning process is essential. This engagement will not only clarify what is permissible but will also illuminate opportunities for guidance and support that you might not have been aware of. For instance, some localities offer grants or tax incentives for preservation efforts that comply with certain standards.
The permit application process for renovating a historic home can be more complex and time-consuming than for non-historic properties. It often involves submitting detailed renovation plans, including architectural drawings and material specifications, for review by the preservation office. This review process assesses the proposed changes against the historical significance and original architectural features of the home, ensuring that renovations do not detract from its historical value.
It is also crucial to anticipate how these regulations might affect your project timeline and budget. Restrictions on materials, design, and construction methods can introduce additional costs and delays. For example, you may be required to source specific materials that match the original construction or employ craftsmen skilled in traditional techniques, which can be more expensive and time-consuming than standard options.
Failure to comply with local historic preservation laws can lead to significant setbacks. Unauthorized work might have to be reversed at the homeowner’s expense, and there could be fines or other legal repercussions. These potential issues underscore the importance of thorough planning and adherence to local guidelines, ensuring that your renovation enhances your home’s historic value and character without risking non-compliance penalties.
Navigating Home Renovation with Insurance in Mind
When undertaking renovations on a historic home, the implications for your insurance coverage cannot be ignored. A thoughtful approach to your renovation project, with an eye on how alterations could affect your insurance, is paramount. Upgrades or changes to your home, while enhancing its value and appeal, may require modifications to your insurance policy to avoid gaps in coverage.
Initiate a dialogue with your insurance agent early in the planning stage. This conversation should focus on the specifics of your renovation plans and how they intersect with your current insurance coverage. For example, installing a new roof or upgrading electrical systems might reduce the risk of damage, potentially impacting your insurance premiums positively. Conversely, adding square footage or expensive finishes could increase the replacement cost of your home, necessitating an adjustment in your policy limits to ensure you’re fully protected against any loss.
Additionally, during renovations, consider the need for a builder’s risk policy or a course of construction insurance. This type of coverage is designed to protect your home from risks specifically associated with the renovation process, such as damage from construction accidents or weather events affecting the exposed structure. It acts as a complement to your existing homeowner’s policy, filling in coverage gaps that might exist while work is being performed.
Clarify with your insurance provider which measures are required to maintain coverage during renovations, such as regular updates on the project’s progress or inspections upon completion. This proactive communication ensures that your insurer can accurately assess the evolving value and risks associated with your property, adjusting your policy as necessary to align with these changes.
In essence, navigating the renovation of your historic home with insurance considerations at the forefront is about mitigating risks and ensuring that your investment is adequately protected at every stage. By actively engaging with your insurance provider and seeking tailored advice, you can confidently move forward with your renovation plans, secure in the knowledge that your historic home remains well-protected.
To conclude, the path to successfully renovating and insuring a historic home lies in informed planning, meticulous attention to detail, and an ongoing partnership with insurance experts who grasp the intricacies of historic properties. At Penny Insurance, we’re happy to work with you to find the best options for you—no matter how old or big your next project may be. Our goal is to protect your most valuable asset and gain the peace of mind that comes with knowing you’re adequately covered.
Navigating the world of auto insurance can be daunting—especially when it comes to ensuring coverage for new teenage drivers. Finding the right teenage driver insurance that balances both protection and affordability is crucial; as parents, the safety of your teen driver is paramount, but so is finding a policy that won’t break the bank. Here are a few things to consider along the way.
Understanding the Basics of Teenage Driver Insurance
Teenage driver insurance is a specific type of auto insurance designed to meet the needs of young drivers, typically ranging from 16 to 19 years old. In North Carolina, as in most states, it’s a legal requirement for drivers to have a minimum level of auto insurance coverage, not simply because teenage drivers statistically face a higher risk of accidents due to their inexperience behind the wheel. The foundation of teenage driver insurance in North Carolina includes liability coverage, which pays for damages or injuries your teen may cause to others in an accident, however, given the elevated risk, it’s often recommended to consider additional coverage options.
Comprehensive and collision coverage are two such options that can be particularly beneficial. Comprehensive coverage protects against damage from non-collision events, such as theft, vandalism, or natural disasters, while collision coverage covers damages to your teen’s vehicle in the event of an accident, regardless of fault.
Another aspect to consider is uninsured/underinsured motorist coverage. This is especially important where, despite laws requiring auto insurance, some drivers may not carry adequate coverage. This type of insurance protects your teen if they’re involved in an accident with a driver who lacks sufficient insurance to cover the damages.
It’s also pertinent to understand that the cost of insuring a teenage driver can vary significantly based on factors such as the teen’s driving record, the type of vehicle they drive, and the specific coverage options you choose. While premiums for teenage driver insurance tend to be higher due to the perceived risk, there are ways to manage these costs.
Strategies for Lowering Insurance Costs for Teen Drivers
One effective approach to reducing the financial burden of your teen’s auto insurance in North Carolina is taking advantage of discounts offered by insurance companies. A notable discount is the good student discount, which rewards teenage drivers for achieving and maintaining a “B” average or higher in their academic endeavors. This incentive not only encourages educational excellence (yay, mom!) but also results in more affordable premiums.
Enrollment in a certified driver’s education course is another strategy worth considering. These courses provide young drivers with the knowledge and skills necessary for safe driving, which, in turn, can lead to decreased insurance rates. Because insurance providers recognize the value of such programs, they often offer discounts to participants, acknowledging their reduced risk profile.
Adding your teenager to your existing auto insurance policy, rather than securing a separate policy for them, can also lead to significant savings. This method leverages multi-car discounts that many insurers provide, making it a cost-effective solution for families. Additionally, the type of vehicle your teen drives plays a critical role in insurance costs. Opting for a car that is deemed safe by insurance standards and not listed among those with high insurance costs can markedly lower premium rates.
Lastly, exploring options for higher deductibles may reduce the monthly premium costs. While this means paying more out of pocket in the event of a claim, it can make the regular costs of insuring a teen driver more manageable.
The Importance of Open Communication with Your Teenage Driver
More important than your coverage levels, however, is communication. Maintaining a dialogue with your teenage driver about safe driving practices is a cornerstone of responsible vehicle use and can significantly impact both their safety and auto insurance premiums. Conversations should extend beyond the basics of road rules to include the real-life implications of driving behaviors. Highlight the potential for traffic violations and accidents to not only endanger their safety but also lead to increased insurance costs, emphasizing the direct link between their actions behind the wheel and the financial aspects of driving.
Initiating discussions around scenarios they might encounter on the road, and how to handle them, can prepare your teen for unexpected situations. It’s also beneficial to talk about the value of defensive driving and being aware of other drivers’ actions. These conversations can make teens more conscious of their driving environment, potentially reducing their risk of being involved in accidents.
Encourage your teenager to share their driving experiences and any concerns they might have. Creating a non-judgmental space for them to express their feelings about driving can foster a sense of trust and support. This open line of communication can lead to your teen being more receptive to advice and guidance.
But remember, mom and dad—It’s equally important to lead by example. Demonstrating safe driving habits yourself reinforces the behaviors you want your teen to emulate. Show them that you take road safety seriously, and they are more likely to do the same.
Finding the right auto insurance for teenage drivers in North Carolina doesn’t have to be an overwhelming task. In fact, with the right partner in place, it can be relatively easy. At Penny Insurance, we’re happy to work with you to find the best options for you. Remember, the goal is to protect your most valuable asset and gain the peace of mind that comes with knowing you’re adequately covered.
Navigating the world of insurance can often seem like a daunting task, with a myriad of options and policies to choose from. Whether you’re just starting out or looking to update your coverage, understanding the essentials when it comes to insurance is key to ensuring you and your loved ones are protected. From safeguarding your health to protecting your home and even your pets, let’s dive into the top 10 essential insurance policies you should consider.
1. Health Insurance
Embarking on the journey to select the right health insurance can feel overwhelming, yet it’s undeniably one of the most critical decisions you’ll make. In today’s ever-evolving healthcare landscape, securing a health insurance policy that not only fits your budget but also provides comprehensive coverage is paramount. From routine preventative measures to unexpected medical emergencies, a well-chosen health insurance plan acts as your financial safeguard, ensuring that both minor and significant health concerns are addressed without placing undue stress on your finances. It’s about finding that sweet spot where affordability meets necessity, enabling you to navigate your healthcare journey with confidence and peace of mind. Remember, investing in health insurance is not just a financial decision; it’s a commitment to maintaining your well-being and securing your future against unforeseeable health challenges.
2. Life Insurance
Life insurance is like a promise to your loved ones that you’ve got their back, even when you’re no longer around. It’s about offering them a financial cushion, easing the burden of expenses like funeral costs, settling debts, and ensuring they have the means to maintain their lifestyle. Choosing between term life and whole life insurance is akin to selecting the path that best aligns with your journey – whether you’re looking for coverage for a set period or seeking something that accumulates cash value over time. It’s about assessing your unique situation, from your family structure to your financial goals, and deciding how you can best contribute to your family’s security and future prosperity. Life insurance isn’t just a policy; it’s a thoughtful decision to protect and provide for those you care about the most.
3. Homeowners Insurance
Owning a home is more than just a significant investment; it’s the centerpiece of your family’s life and memories. Homeowners insurance steps in as your financial guardian, ensuring that both the structure of your home and the possessions within are safeguarded against unforeseen events such as fires, theft, and natural disasters. Not only does it cover repair or replacement costs, but it also extends to liability coverage, which is invaluable if someone were to be injured on your property. Given the unpredictability of weather and other risks, it’s wise to review your policy details carefully, making sure it aligns with your specific needs—especially if you reside in areas prone to certain hazards.
4. Auto Insurance
Navigating the roads of life, auto insurance acts as your indispensable co-pilot, offering protection against the unpredictable. It’s not just about adhering to legal requirements in NC; it’s about ensuring your journey is safeguarded everywhere—from minor fender benders to more severe collisions. Good auto coverage extends beyond the immediate aftermath, addressing property damage and personal injury liability, which could save you from significant financial distress. Tailoring your auto insurance to encompass collision, comprehensive, and liability ensures that you’re equipped for the road ahead, whatever it may bring. With a variety of options at your fingertips, crafting a policy that mirrors your driving habits and vehicle value means you’re not just prepared—you’re protected.
5. Renters Insurance
Diving into the realm of renting, many individuals may not realize the significant value renters insurance brings to the table. This type of insurance is a beacon of protection for your personal property, standing guard against perils such as theft, fire, or even water damage. Beyond safeguarding your belongings, it offers an invaluable shield if someone is injured within your rental space. Opting for renters insurance is a smart, cost-effective strategy to ensure that your personal items are protected without the hefty price tag. It fills the gap left by your landlord’s policy, ensuring that your personal treasures and liability needs are covered. Whether you’re nestled in a cozy studio or a sprawling apartment, embracing renters insurance is a pivotal step in securing your personal sanctuary and peace of mind.
6. Disability Insurance
In the tapestry of life, unforeseen circumstances can alter the course of our journey, sometimes in the form of a disability that could sideline us from our professional endeavors. Disability insurance emerges as a potential help, offering a financial safety net that covers a significant portion of your income when you’re unable to work. It’s the unsung hero that enables you to maintain your standard of living, manage your bills, and provide for your family despite the hurdles life may throw your way. The beauty of disability insurance lies in its ability to adapt to your unique needs, offering both short-term and long-term coverage options based on the nature of your disability and your financial requirements. It’s a testament to the idea that while we can’t predict the future, we can certainly prepare for it, ensuring that we remain resilient in the face of adversity.
7. Long-term Care Insurance
Embarking on the path of aging gracefully means considering the avenues that allow us to maintain autonomy and quality of life in our later years. Long-term care insurance is a pivotal piece of this puzzle, offering a financial safety net that can significantly alleviate the cost of care services, be they in your own home or a specialized facility. With the expenses associated with long-term care often being substantial and not typically covered by traditional health insurance, this type of policy stands as a bulwark to protect your savings and ensure you have the freedom to choose the level of care that suits your needs and preferences best. Exploring long-term care insurance options is a proactive step toward securing your independence and preserving your financial health, allowing you to face the future with confidence and ease.
8. Business Insurance
Embarking on the entrepreneurial journey comes with its share of risks and challenges. Business insurance serves as the armor to protect your entrepreneurial dreams against unforeseen mishaps. From safeguarding your physical assets against damage to covering potential liability claims, the right insurance plan can be the difference between a setback and a catastrophe. Whether you’re a fledgling startup or a seasoned enterprise, customizing your coverage to fit your business’s unique landscape is essential. This not only ensures that your operations can weather storms but also secures your employees’ well-being, the lifeblood of your business. Moreover, in the dynamic landscape of commerce, where disruptions can come from any angle, business insurance offers you the confidence to innovate and grow, knowing the fruits of your labor are protected.
9. Umbrella Insurance
Umbrella insurance acts as an extra layer of protection, wrapping another blanket of coverage around your existing policies. Umbrella (or Gap insurance) steps in like a trusty backup, ready to handle the overflow when the limits of your primary insurance policies are reached, ensuring that significant legal fees, damages, or claims that surpass your basic coverage don’t jeopardize your financial security. It’s the peace of mind that comes from knowing you’re prepared for even the most unexpected, high-stake scenarios. By choosing to add umbrella insurance to your safety net, you’re not just covering your assets—you’re ensuring that, come what may, your lifestyle and savings are shielded against the storms of life’s uncertainties.
10. Pet Insurance
Navigating the health needs of our furry family members, pet insurance emerges as a crucial ally. As anyone who’s faced unexpected vet visits knows, the costs can escalate quickly, turning a stressful situation into a financial burden as well. Pet insurance steps in to alleviate this stress, offering various coverage plans tailored to your pet’s specific needs—from emergency surgeries to chronic illnesses and even preventative care. It’s about creating a safety net that ensures your pets receive the best possible care without compromising your financial well-being. Choosing the right plan involves weighing factors like coverage limits, deductibles, and exclusions, but ultimately, it equips you to manage healthcare costs for your pets more predictably. By investing in pet insurance, you’re not just planning for the what-ifs; you’re ensuring a happier, healthier life for your beloved companions, keeping their tails wagging and purrs going strong. And this doesn’t just go for those home-bound furry friends—you should look to insure your equine buddies, as well.
Conclusion
Embarking on the journey to fully protect yourself, your loved ones, and your assets with insurance is a significant but rewarding endeavor. In navigating the vast landscape of insurance coverage in Western North Carolina, it’s essential to carefully consider which policies best suit your unique situation and needs. Consulting with an insurance broker can help you navigate the process and find the right balance between comprehensive coverage and managing the costs associated with adding riders. At Penny Insurance, we’re happy to work with you to find the best options for you. Remember, the goal is to protect your most valuable asset and gain the peace of mind that comes with knowing you’re adequately covered.
As the frost of winter melts away, the mountains and valleys of Western North Carolina undergo a magical transformation, offering a mosaic of blooming flowers, lush greenery, and vibrant wildlife. For those yearning to shake off the winter chill and dive into the warmth of spring, there are plenty of things to do in WNC that showcase the season’s best. Whether you’re a nature lover, an adventure seeker, or someone who simply appreciates the finer things in life, springtime in this region has something special for everyone.
Re-Discover the Blooming Beauty of the Blue Ridge Parkway
Traveling along the Blue Ridge Parkway in the springtime presents a unique opportunity to witness the awakening of nature. This iconic route, celebrated for its stunning vistas and easy access to the Appalachian Highlands, becomes a canvas painted with the vibrant hues of spring wildflowers. Among the floral displays, trilliums, rhododendrons, and mountain laurels stand out, creating a picturesque setting that begs to be explored. Overlooks and picnic areas dotting the parkway invite visitors to pause and absorb the breathtaking scenery. Each stop offers a new perspective on the rolling landscapes, encouraging travelers to take their time and embrace the serene beauty. Photography enthusiasts will find endless inspiration in the panoramic views, while those seeking a moment of tranquility will appreciate the peaceful ambiance.
Explore the Biltmore Estate Gardens in Full Spring Glory
Immersing yourself in the springtime splendor of the Biltmore Estate Gardens is an experience like no other. As the warmer weather ushers in a profusion of colors, the gardens, conceptualized by the renowned Frederick Law Olmsted, come to life. Visitors are treated to an array of blossoming flora, from the tulips that grace the Italian Garden to the riotous colors of azaleas in the Azalea Garden. The Spring Garden is particularly notable for its dazzling display of seasonal blooms that paint the landscape in a vibrant palette. For those interested in the rich tapestry of history and botany that surrounds the estate, guided tours offer enlightening insights into the design and upkeep of these magnificent grounds. Strolling through these meticulously curated gardens, one can’t help but be enchanted by the fusion of natural beauty and architectural grandeur that defines the Biltmore Estate in spring.
Hike Your Way Through the Appalachian Trail
Embarking on a journey through the Appalachian Trail in Western North Carolina during the spring season is an adventure that showcases the beauty of nature’s rebirth. The trail offers a diverse range of hiking experiences, suitable for casual walkers and seasoned hikers alike. One of the highlights is the scenic Max Patch, a mountain summit that offers panoramic views of the verdant landscape, adorned with wildflowers and budding trees. The warmer weather and the vibrant backdrop make every step an invigorating discovery of natural wonders. Along the way, hikers can encounter a variety of wildlife emerging in the new season, adding an element of surprise and delight to the trek. The Appalachian Trail’s extensive network means there are always new paths to explore, each providing a unique perspective on the stunning scenery that defines Western North Carolina in spring.
Experience the Thrill of Whitewater Rafting
As the snow in higher elevations begins to melt, rivers like the Nantahala and French Broad swell, creating perfect conditions for rafting. These waters cater to a wide array of enthusiasts, from those dipping their paddles into the world of rafting for the first time to seasoned experts craving the challenge of surging rapids. Guided tours offered on these rivers ensure not only an adrenaline-filled day out but also a safe experience, as professionals navigate you through the thrilling currents. Equipped with all the necessary gear, participants can fully immerse themselves in the exhilaration of the ride, surrounded by the unparalleled beauty of the springtime mountain landscape. It’s an invigorating way to connect with the raw power of nature while forging unforgettable memories in the heart of WNC’s pristine wilderness.
Indulge in Local Flavors at Spring Festivals
Spring festivals in Western North Carolina are a vibrant celebration of the region’s gastronomic and artisanal excellence. These events, set against the backdrop of warming temperatures and flourishing landscapes, provide a perfect opportunity for locals and visitors to engage with the community’s rich traditions and innovative culinary scene. The Asheville Herb Festival stands out as a culinary haven, offering an extensive range of herbs, plants, and specialty foods that highlight the unique flavors of WNC. Similarly, the Greening Up the Mountains Festival brings together food enthusiasts, artists, and musicians, creating a lively atmosphere that embodies the spirit of spring. At these festivals, attendees can savor an assortment of local dishes, from traditional Appalachian recipes to contemporary fusion cuisine, all while enjoying live performances and handcrafted goods. These gatherings not only serve as a platform for showcasing the region’s local talent and produce, but also foster a sense of unity and celebration among WNC’s community members.
Enjoy a Scenic Picnic at a National Park
Embark on a tranquil adventure to one of Western North Carolina’s majestic national parks for an idyllic picnic experience. Great Smoky Mountains National Park, renowned for its rich biodiversity, serves as the perfect backdrop for a leisure-filled day, and the summit view at Mt. Mitchell can’t be beat. Venture along its meandering trails, uncover enchanting waterfalls, and find your perfect picnic spot amidst the lush surroundings. The agreeable spring climate offers the ideal setting for alfresco dining. Whether it’s a family gathering or a serene solo outing, the park’s expansive landscapes provide both the solitude and the space for memorable moments. As you savor your meal, surrounded by nature’s symphony, the park’s beauty unfolds, offering a gentle reminder of the simple pleasures that spring in Western North Carolina brings.
Visit Local Farms and Orchards for Fresh Spring Produce
Spring brings a bounty of fresh flavors to Western North Carolina, and there’s no better way to experience this seasonal abundance than by visiting local farms and orchards. These family-friendly outings offer more than just a chance to gather strawberries, cherries, and a variety of spring vegetables straight from the source; they provide a unique insight into the region’s agricultural heritage. By engaging directly with farmers, visitors can learn about sustainable farming practices and the importance of supporting local agriculture. Many of these farms also feature on-site markets selling a range of homemade products, from artisanal cheeses to freshly baked pies, allowing you to take a piece of WNC’s springtime home with you. As you wander through rows of budding plants and trees, the connection to the land and the cycle of life becomes palpable, enriching your spring experience in Western North Carolina.
Whatever your hobbies, spring in Western North Carolina offers an unparalleled tapestry of experiences. Go out and explore! But while you do, stay safe—and if you need help in that area, we at Penny Insurance are always happy to help.
For horse owners, the bond with their equine companions goes beyond mere companionship; it’s an investment of time, money, and emotion. Just like any other valuable asset, horses are susceptible to unforeseen risks that can result in significant financial losses. Equine all-risk mortality and theft insurance offers a comprehensive solution to safeguard your investment and provide peace of mind.
Understanding Equine All-Risk Mortality and Theft Insurance
Equine all-risk mortality and theft insurance is a specialized type of coverage designed to protect horse owners from financial losses resulting from the death or theft of the insured horse. Unlike traditional insurance policies that may have broad exclusions or limitations, all-risk insurance is more comprehensive, covering a wider range of risks with fewer exclusions.
What Is Covered?
Mortality Coverage:
Accidents and Illnesses: This includes death resulting from accidents or illnesses, ensuring that your financial investment is protected in the unfortunate event of your horse’s demise.
Emergency Colic Surgery: Some policies cover the cost of emergency colic surgery, a common and expensive procedure that can be necessary to save a horse’s life.
Theft Coverage:
Stolen Horses: In the unfortunate event of theft, the insurance will cover the loss, offering financial compensation for the value of the stolen horse.
Optional Coverages:
Major Medical Coverage: Some policies offer optional major medical coverage, which helps offset the costs of veterinary care for non-life-threatening injuries or illnesses.
Why Equine All-Risk Mortality and Theft Insurance?
Financial Protection:
Asset Protection: Horses are valuable assets, and their unexpected loss can lead to substantial financial burdens. Equine insurance ensures that the financial investment you’ve made in your horse is protected.
Peace of Mind:
Reduced Stress: Knowing that your horse is covered in the event of mortality or theft provides peace of mind. This enables horse owners to focus on the joy of ownership without constantly worrying about potential financial setbacks.
Customized Coverage:
Tailored Policies: Equine insurance providers often offer customizable policies, allowing horse owners to tailor coverage to their specific needs and circumstances.
Emergency Medical Expenses:
Quick Access to Medical Care: In the case of major medical coverage, having insurance ensures that your horse can receive necessary veterinary care without delays due to financial concerns.
Theft Deterrence:
Enhanced Security Measures: Some insurers may offer advice on enhancing security measures to reduce the risk of theft, contributing to an overall safer environment for your horse.
Equine all-risk mortality and theft insurance provide a safety net for horse owners, offering financial protection and peace of mind in the face of unforeseen events. As responsible custodians of these majestic creatures, it’s essential for horse owners to consider investing in comprehensive insurance coverage to ensure that their equine companions are safeguarded against the uncertainties of life. Choosing the right insurance policy tailored to your needs can make all the difference in preserving the well-being of your beloved horses and protecting your financial investment.
At Penny Insurance, our commitment goes beyond offering policies; we aim to provide horse owners with a sense of security and peace of mind. Our equine all-risk mortality and theft insurance is a testament to our dedication to safeguarding the well-being of your equine companions. Contact us today to explore how our specialized equine insurance can benefit you, ensuring that your horses receive the protection they deserve.
When it comes to finding the right insurance for your needs, it can be overwhelming to navigate through all the options and policies available. That’s where an insurance broker comes in—a trained professional who can help you assess your needs and find the best coverage for your specific situation.
However, not all insurance brokers are created equal, and it’s important to carefully consider your options before choosing one. From experience to expertise, there are key factors you should keep in mind when selecting an insurance broker that will help you make an informed decision and find the right insurance broker for your needs.
Why is having an Insurance Broker important?
Insurance is an essential aspect of protecting your assets and managing risk. So whether you rent or own, have one car or a boat, it’s important to have the right insurance coverage for your property.
Having an insurance broker is important because they have access to a wide range of insurance companies and policies, and can help you find the coverage that best fits your needs and budget. With their expertise, they can explain the details of different policies to help you make informed decisions and assist you in identifying any gaps in your current coverage.
Overall, having an insurance broker is crucial to ensuring you have the right coverage for your specific needs. They can save you time and stress by doing the research and comparison shopping for you, ultimately providing you with peace of mind knowing that your valuable assets are protected.
What Should I Look For in an Insurance Agent?
When selecting an insurance agent, there are several key factors you should think about. In addition to their reputation, there are a few other areas to consider.
Knowledge of Insurance Policy Options
When selecting an insurance broker, it’s crucial to consider their knowledge of insurance policy options. You want to work with someone who is well-versed in the various policies available and can provide you with options that best meet your needs as an upscale homeowner.
An insurance broker with a strong understanding of policy options will be able to guide you through the complexities of insurance coverage. They will take the time to explain different policy types, such as replacement cost versus actual cash value, and help you understand which option is most suitable for your valuable assets.
Quality of Customer Service
You deserve exceptional support and attention from your insurance agent. Look for an agent who is responsive and attentive to your needs, going above and beyond to provide the best service possible.
A broker with quality customer service will be there to answer your questions and address any concerns you may have, but they will also be proactive in reaching out to you regularly to review your policies and ensure they are up to date. Then, if you ever need to file a claim, a broker with good customer service will guide you through the process and advocate on your behalf.
The best way to gauge the quality of customer service is to read reviews and testimonials from other clients. Look for brokers who are known for their personalized and attentive approach to client care. With an insurance broker who prioritizes exceptional customer service, you can trust that your needs as an upscale homeowner will be met with the utmost care and professionalism.
Reputation and Reliability
When selecting an insurance broker, you want to work with a broker who has a solid track record of providing excellent service and reliable coverage to their clients. Look for an insurance broker with a strong reputation in the industry and positive reviews from satisfied customers. A reputable insurance broker will have a history of fulfilling their promises and delivering on their commitments, as well as handling claims efficiently and effectively, ensuring their clients receive the support they need in times of crisis.
Reliability is also crucial when it comes to insurance brokers. You want an agent who you can rely on to be there for you throughout your insurance journey. They should be responsive to your inquiries and proactive in keeping your policies up to date.
Comprehensive Policy Options
A knowledgeable insurance broker will have access to a wide range of insurance companies and policies, allowing them to explore different options and tailor coverage to your specific needs. They will take the time to understand the unique risks associated with your needs and your assets, ensuring that all aspects are adequately protected. By working with an insurance broker who offers a variety of comprehensive policy options, you can have peace of mind knowing that all of your valuable assets are protected.
If you’re ready to find the right insurance agency for all your needs, contact us at Penny Insurance to set up a free consultation. Our knowledgeable brokers will guide you through the process and help you find the coverage that best meets your needs—as well as solutions and ideas for your life ahead.
As a homeowner, protecting your most valuable asset is of utmost importance, which is why having a comprehensive insurance policy is essential. However, standard policies may not always provide sufficient coverage for certain situations.
That’s where home insurance riders come in. In this blog post, we’ll discuss the different types of home insurance riders and why homeowners should consider adding them to their policies.
What Exactly Are Home Insurance Riders?
Home insurance riders, also known as endorsements or floaters, are additional coverage options that homeowners can add to their standard insurance policies. While a standard homeowner insurance policy provides coverage for the structure of your home and personal belongings, it may not include certain types of risks or high-value items. That’s where riders come in.
These riders allow you to customize your coverage and protect against specific risks that may not be covered under your standard policy. For example, if you live in an area prone to natural disasters such as hurricanes or earthquakes, you can add a rider to ensure that your home is protected in the event of such an situation. Additionally, if you own expensive jewelry, artwork, or other valuable possessions, you can add a rider to ensure that these items are adequately covered in the event of loss or damage.
By adding riders to your policy, you can tailor your coverage to meet your specific needs and give yourself peace of mind. However, it’s important to note that riders often come at an additional cost, with the price of the rider depending on factors such as the level of coverage and the specific risk being covered.
Commonly Used Home Insurance Riders
When it comes to home insurance riders, there are several commonly used options that homeowners should be aware of. These riders provide additional coverage for specific risks or high-value items that may not be fully protected under a standard policy.
One commonly used rider is the flood insurance rider, which provides coverage for flood-related damages to your home. This is important for homeowners who live in flood-prone areas or near bodies of water. Another commonly used rider is the earthquake insurance rider, which covers damages caused by earthquakes, for homeowners in earthquake-prone regions.
For homeowners with expensive jewelry, artwork, or antiques, the valuable items rider is essential. It ensures that these high-value possessions are adequately covered in the event of loss or damage. Another common rider is the home business rider, which provides liability coverage for homeowners who operate a business from their residence.
Finally, pet liability insurance riders are important for homeowners with certain breeds of dogs that may be considered high risk. This coverage protects against any liability claims if your pet causes injury to someone on your property.
These are just a few examples of commonly used home insurance riders. To determine if you have any coverage gaps that might need “filled in,” It’s important to review your policy and assess your specific needs to determine which riders are necessary.
Next Steps
In today’s unpredictable world, protecting your home and assets is more important than ever. Home insurance riders provide an extra layer of protection, allowing you to customize your coverage to meet your unique needs. By adding these riders to your policy, you can have peace of mind knowing that you have comprehensive coverage for your most valuable assets. While it’s important to evaluate your specific needs and circumstances when deciding on the right riders, it’s also crucial to consider the potential costs. Adding riders to your policy may come with an additional expense, but the benefits far outweigh the price, since without proper coverage, you could be left responsible for significant costs in the event of a covered incident. Consulting with an insurance broker can help you navigate the process and find the right balance between comprehensive coverage and managing the costs associated with adding riders. At Penny Insurance, we’re happy to work with you to find the best options for you.
Remember, the goal is to protect your most valuable asset and gain the peace of mind that comes with knowing you’re adequately covered.
As the temperatures start to drop and the cold weather sets in, it’s time to start thinking about winterizing your house. Harsh winter weather can cause significant damage to your home if you’re not prepared, leading to costly repairs and potential insurance claims. But don’t worry, we’ve got you covered with our top tips and tricks for preventing winter damage to your home. From preparing your pipes to protecting your roof, read on to learn how to winterize your house and avoid any unexpected winter damage.
Understanding the Risks: Potential Winter Hazards for Your Home
Winter brings its fair share of hazards that can pose a threat to your home, but knowing what could happen is half the battle.
One major concern is the potential for frozen pipes. When the temperature drops, the water inside your pipes can freeze and expand, causing them to burst, and resulting in costly repairs and water damage to your home.
Another risk to be aware of is ice dams forming on your roof. As snow melts and refreezes, it can create a barrier of ice that prevents proper drainage, leading to water seeping into your home. This, or even heavy snowfall, can put strain on your roof, causing it to collapse if it has not been properly maintained.
No matter where you live or what type of house you inhabit, It’s important to be aware of these potential hazards so you can take proactive measures to prevent them from causing damage to your home this winter.
Preparing for Cold Weather: Simple Measures to Winterize Your Home
Should you choose to, it’s easy to take some simple measures to winterize your home and protect it from potential damage. Here are a few quick tips that don’t take a lot of time, but can have a big impact.
Make sure your heating system is working properly.
Schedule a professional inspection to ensure it’s in good condition and replace any worn-out parts.
Clean your gutters.
Making sure your gutters and downspouts are clear ensures proper water drainage, and hopefully keeps your roof ice-free
Trim the trees.
No, not the Christmas trees; cut back any tree branches that are close to your house, as they can potentially fall and cause damage during winter storms.
Save in the Long Run: Energy-Efficient Tips for Winter
In addition to threats of bad weather, winter can also be a time when your energy bills skyrocket…but it doesn’t have to be that way! By implementing some energy-efficient tips, you can save money in the long run and keep your home cozy and warm during the cold winter months.
Turn down the heat.
One of the simplest ways to save on energy costs is to adjust your thermostat. Lowering it by just a few degrees can make a significant difference. Invest in a programmable thermostat to automatically adjust the temperature when you’re away or sleeping.
Heat with the real solar power.
Don’t cover up those windows all day; utilize natural sunlight. During the day, open your curtains or blinds to let in the warmth from the sun. Once the sun sets, close them to trap the heat inside.
Check your insulation.
Proper insulation will not only keep your home warmer, but it can also save you money on energy bills. Too, make sure you seal any gaps or cracks in windows and doors to prevent drafts, and consider installing weatherstripping on doors and windows to keep the cold air out and the warm air in.
Upgrade your home.
Lastly, consider upgrading to energy-efficient appliances and light bulbs. Appliances with the Energy Star label are designed to use less energy, while LED bulbs are long-lasting and consume less electricity.
If Something Happens: When and How to File an Insurance Claim
If something does happen despite your best efforts, knowing when and how to file an insurance claim is important. Start by contacting your insurance company to report the damage and find out what steps you need to take; they can guide you through the claims process and provide you with the necessary forms to fill out. Be prepared to provide documentation, such as photos and receipts, to support your claim, as well as any expenses you incur as a result of the damage, such as temporary accommodations or repairs.
Finally, remember to read your policy carefully and understand what is covered and what is not. If that feels overwhelming, get your broker to walk you through the terms and conditions of your policies. And if you need a new agent—or just someone who will walk you through options as you get ready for winter—please give us a call at Penny Insurance. We’d love to help you protect all your assets in the new year.
As the temperatures drop and the leaves begin to change, we are reminded that flu season is upon us. While this time of year is known for cozy sweaters, hot apple cider, and pumpkin spice everything, it is also a prime time for flu and cold viruses to spread. As an insurance brokerage in Western North Carolina, we want to ensure that our clients stay healthy and protected during this busy time of year, so here are some tips for staying healthy and preventing the flu from “bugging” you.
Keeping Your Immune System in Peak Condition
During flu season, it is essential to keep your immune system in peak condition to ward off any potential illness. While health insurance can provide coverage for medical expenses if you do fall ill, taking proactive measures to maintain good health is always preferable. Here are some tips to help boost your immune system and stay healthy during the flu season.
1. Eat a Balanced Diet.
A nutritious diet plays a crucial role in supporting your immune system. Include plenty of fruits, vegetables, whole grains, and lean proteins in your meals. These foods are rich in vitamins, minerals, and antioxidants that can strengthen your immune response.
2. Stay Hydrated.
Drinking enough water is vital for overall health and immunity. Water helps to flush out toxins from your body and keeps your mucous membranes moist, which is essential for preventing the entry of viruses and bacteria.
3. Get Enough Sleep.
Adequate sleep is essential for maintaining a strong immune system. While you sleep, your body repairs and regenerates cells, including those involved in immune response. Aim for 7-9 hours of quality sleep each night to keep your immune system functioning optimally.
4. Exercise Regularly.
Engaging in regular physical activity has numerous benefits, including strengthening your immune system. Exercise helps to increase circulation, promote the production of immune cells, and reduce the risk of chronic diseases that can weaken your immune response.
5. Practice Good Hygiene.
Washing your hands frequently with soap and water is one of the simplest yet most effective ways to prevent the spread of germs. Avoid touching your face, especially your eyes, nose, and mouth, as this is a common route for germs to enter your body.
6. Manage Stress.
High levels of stress can weaken your immune system, making you more susceptible to illness. Take steps to manage stress, such as practicing relaxation techniques, engaging in hobbies you enjoy, and seeking support from loved ones.
By incorporating these habits into your daily routine, you can help to strengthen your immune system and reduce your risk of falling ill during the flu season. Remember, prevention is always better than cure.
Understanding Health Insurance Coverage During Flu Season
If the bugs do catch up with you, it’s important to have some sort of coverage in place for ]medical expenses related to getting sick. Not only is it required by law, but it will help you ensure that you receive the necessary care without breaking the bank.
When it comes to health insurance coverage during flu season, there are a few key factors to consider. Firstly, it’s important to know what your health insurance plan covers in terms of flu-related expenses like doctor’s visits, flu shots, antiviral medications, and even hospitalization if necessary. Some insurance policies also provide benefits such as telemedicine services, allowing you to consult with a healthcare provider remotely, which can be especially convenient during flu season when you may not want to venture out and risk spreading the virus.
Fortunately, many health insurance plans offer coverage for flu shots, which are recommended for everyone aged six months and older. Getting a flu shot not only helps protect you from the flu but also reduces the overall spread of the virus within the community.
Finding Your Best Option
When it comes to choosing the best healthy insurance policies for your family, there is no one-size-fits-all solution. Each family has unique needs and circumstances, which is why it’s important to carefully evaluate your options with thorough research and consideration.
At Penny Insurance, our experienced brokers can they provide guidance and walk you through your options, but they can answer any questions you may have, and help you find the best option. Give us a call today if we can help you stay well this fall and winter season.
As a small business owner, you understand the risks associated with operating a business—you took them on when you decided to go out on your own. But while you may have considered theft or even liabilities within your office space, the threat of cyber attacks is a real one that is often overlooked.
Fortunately, there are steps you can take to protect your business from these malicious threats. While having the right business insurance in place is a critical part of this process, there are other preventative measures to consider as well that will help you shield your business from potential cyber attacks.
Understanding the Threat of Cyberattacks
Sadly but unexpectedly, cyberattacks are becoming increasingly prevalent in today’s digital age, posing significant risks to small businesses. Criminals are constantly evolving their tactics and techniques to exploit vulnerabilities in business systems, and often break in using common techniques like malware, phishing scams, ransomware, and social engineering. Unfortunately, these attacks can lead to huge problems—including data breaches, financial losses, and damage to your business’s reputation.
It’s essential to recognize that no business is immune to cyber threats—even small businesses are often targeted due to their limited resources and lack of robust cybersecurity measures.
Best Practice Basics for Preventing Cyberattacks
Cybersecurity is an ongoing battle, but there are best practices you can implement to prevent cyberattacks and safeguard your small business.
1. Build Strong Passwords.
First and foremost, it’s crucial to develop a strong password policy. Encourage your employees to create unique, complex passwords and change them regularly. Consider offering your team a password manager to securely store and manage all your passwords.
2. Use Multi-Factor Authenication.
Another essential practice is to implement multi-factor authentication (MFA). This adds an extra layer of security by requiring users to provide two or more forms of identification before gaining access to sensitive information or systems. By utilizing MFA, you significantly reduce the risk of unauthorized access to your business data.
3. Back up Data.
Regularly backing up your data is also critical. This ensures that even if your systems are compromised, you can restore your information from a secure backup. Store these backups offline or in a secure cloud environment to prevent them from being compromised in the event of an attack.
4. Always do the Update.
Additionally, it’s important to keep all software and applications up-to-date. Software updates often include patches for vulnerabilities, so regularly installing these updates is crucial to maintaining a secure system
5. Focus on Education.
Lastly, educate your employees about cybersecurity best practices through regular training sessions. This includes raising awareness about phishing scams, social engineering techniques, and the importance of not clicking on suspicious links or downloading attachments from unknown sources.
By following these best practices, you can significantly reduce the risk of cyberattacks and protect your small business from potential damage. Remember, cybersecurity is an ongoing process, so staying informed and proactive is key to ensuring the safety of your business in today’s digital landscape.
Using Cyber Insurance to Protect Your Business
While implementing strong cybersecurity measures among your team is crucial, having the right insurance coverage is equally important to fully protect yourself from digital crime. Cyber insurance plays a vital role in protecting your business from the financial losses that can result from a cyberattack, by providing coverage for various expenses associated with a cyber incident, such as forensic investigations, data recovery, legal fees, public relations efforts, and even potential lawsuits from affected customers. In the unfortunate event of a cyberattack, these expenses can quickly add up and have a severe impact on your business’s bottom line.
Having cyber insurance gives you the peace of mind that, in the face of a cyber incident, your business has financial protection, and helps you recover more quickly from the financial burden associated with recovering from a cyberattack. Additionally, cyber insurance often includes coverage for cyber extortion, where cybercriminals hold your data hostage or threaten to release it unless a ransom is paid. This coverage can be crucial in navigating such situations and protecting your business from significant financial losses.
It’s essential to consult with an experienced insurance agent who specializes in cyber insurance to ensure that you have the right coverage for your business’s specific needs. At Penny Insurance, our experienced brokers have the experitnce to help you understand the scope of coverage and assist in tailoring a policy that aligns with your risk profile and budget. And getting started is simple: just reach out to us to set up a free consultation with our team.
August is National Wellness Month, which makes it the perfect time to look into the insurance policies that can help you maintain your health and wellness. From health insurance to dental insurance, life insurance, and more, there are several types of insurance policies that can help you prioritize your own health—and that of your family and loved ones. In this blog post, we’ll discuss the five types of insurance policies that you should consider for your overall health and wellness.
1) Health Insurance: What It Covers and Why You Need It
When it comes to maintaining your health and wellness, one of the most important insurance policies you can have is health insurance, because it provides financial protection against medical expenses and ensures that you have access to quality healthcare when you need it most. But with so many options available, how do you choose the best health insurance plan for your needs?
First, it’s important to understand the difference between health and wellness in the context of insurance. While health insurance primarily focuses on covering medical expenses related to illness and injury, wellness plans are designed to promote overall health and preventive care. That means these plans often include coverage for preventive services like annual check-ups, vaccinations, and screenings, whereas a standard catastrophic or health plan may not.
But in general, health insurance covers a wide range of services, including hospital stays, doctor visits, prescription medications, and surgical procedures, and also often includes coverage for mental health services, maternity care, and rehabilitation services.
With the rising costs of healthcare, having health insurance ensures that you have access to the care you need without having to worry about the cost. Without health insurance, you never know when a medical emergency or even a routine doctor’s visit could quickly become a major financial burden.
2) Dental Insurance: Keeping Your Teeth and Gums Healthy
When it comes to maintaining our health and wellness, dental care often takes a back seat, because while we tend to prioritize other aspects of our well-being, such as physical fitness and mental health, we often neglect the importance of a healthy mouth. Unfortunately, Poor oral health has been linked to various systemic health issues, including cardiovascular disease and diabetes. That’s where dental insurance comes in, providing us with the necessary coverage to keep our teeth and gums in tip-top shape.
Dental insurance typically covers a range of services, including preventive care such as regular check-ups, cleanings, and X-rays. These routine visits are essential for maintaining oral health and preventing dental issues from arising.
Still, it’s important to note that dental insurance may not cover all procedures. Orthodontic care, for example, is often considered an elective treatment and may require additional coverage or out-of-pocket expenses, so if you or your family members require braces or other orthodontic treatments, it’s essential to review your dental insurance policy and explore options for additional coverage. The same may be said for major dental surgeries or procedures, which may require additional coverage. These procedures can be costly, but with the right dental insurance policy, you can minimize your out-of-pocket expenses and receive the necessary treatment to maintain your oral health.
3) Disability Insurance: A Safety Net for When You’re Unable to Work
While health and dental insurance are often the first insurance policies that come to mind when you think about health and wellness, disability insurance should not be overlooked, because it acts as a safety net when you’re unable to work due to a disability or illness.
So, why might you need disability insurance? Because accidents or disabilities can happen to anyone, at any time. In fact, according to the Council for Disability Awareness, one in four individuals will become disabled during their working years, whether due to an illness, injury, or accident.
There are two main types of disability insurance: short-term disability and long-term disability.
Short-Term Disability
Short-term disability insurance provides coverage for a limited period, typically up to six months, when you’re unable to work due to a temporary illness or injury, and usually offers a higher benefit amount for a shorter period of time and has a lower premium cost. This type of insurance is ideal for covering immediate expenses during a temporary disability.
Long-Term Disability
On the other hand, long-term disability insurance offers coverage for an extended period, often until retirement age, if you are unable to work due to a more serious or permanent disability. It provides a lower benefit amount over a longer period and has a higher premium cost. It offers more comprehensive coverage and is designed to provide financial support for an extended period of time if you are unable to work.
4) Accident Insurance: Financially Recovering from Unexpected Mishaps
Just like disabilities or longer-term illnesses, accidents can happen at any time and to anyone. Whether it’s a slip and fall, a car accident, or even a sports injury, unexpected mishaps can lead to serious health and financial consequences. That’s where accident insurance—a type of supplemental insurance—comes in.
Accident insurance is different from other types of insurance, such as health insurance, because it specifically covers accidents. While health insurance may cover some medical expenses related to accidents, accident insurance is designed to provide more comprehensive coverage by filling in the gaps left by your primary health insurance and covering expenses that aren’t typically covered, like deductibles, co-pays, and out-of-pocket costs.
So why might you need accident insurance? Well, accidents can be costly. Even with health insurance, the expenses can add up quickly. From ambulance rides and emergency room visits to surgeries and follow-up care, the bills can be overwhelming. Accident insurance can help alleviate the financial burden by providing a lump-sum payment for covered injuries and treatments. This money can be used to pay for medical bills, transportation, childcare, or any other expenses that may arise as a result of an accident.
5) Life Insurance: Protecting Your Loved Ones’ Health and Finances
When it comes to insurance policies that promote health and wellness, life insurance may not come to mind, but it plays a crucial role in protecting your loved ones’ health and finances—especially in the event of an untimely death. While it may not directly impact your own health, it can provide peace of mind knowing that your family’s well-being will be taken care of when you’re no longer around.
There are various types of life insurance policies available, but two of the most common options are term life insurance and whole life insurance.
Term Life Insurance
Term life insurance provides coverage for a specified period, usually 10, 20, or 30 years, and offers a higher coverage amount for a lower premium, allowing you to protect your loved ones without breaking the bank. It provides temporary financial security during a specific time period when your dependents may still be reliant on your income. By securing term life insurance, you can ensure that your family will have the necessary financial resources to continue living a healthy and comfortable life.
Whole Life Insurance
Whole life insurance offers coverage for the entirety of your life, including an investment component that can accumulate cash value over time, which can be particularly beneficial for maintaining your lifestyle in older age. With a whole life insurance policy, you can access the cash value for emergencies, healthcare expenses, or even as a source of retirement income. While the premiums for whole life insurance are typically higher, it offers a long-term financial security blanket for both you and your loved ones.
When considering any health or wellness-related insurance policy, it’s essential to first evaluate your current health, financial situation, and long-term goals. At Penny Insurance, we’re more than happy to help you sit down and look over all your options and find solutions. To schedule a free consultation, reach out and contact us.
Sending your college student off to school is a huge milestone—but between worrying about tuition, the cost of books, and other college-related expenses, it’s easy to overlook the realities of campus living, and the importance of prosperity insuring your student. Whether it’s laptops, cell phones, or textbooks, college students are likely to have a lot of valuable items with them on campus, and protecting your college student’s property (and your financial investment!) with the right kind of insurance coverage is a crucial step to ensure that they can focus on their studies without worrying about all the “what-ifs” of adulthood.
Understanding the Risks Faced by College Students
Due to their very nature, college students are vulnerable to a variety of risks, from theft and damage to personal belongings, to unexpected medical expenses, and accidents. As a parent, it is important to understand these risks and not only talk through them with your child, but also take steps to protect them.
When it comes to insurance policies that will help you do just that, property insurance or renters insurance for high-value electronics and items like laptops, cellphones and even textbooks is a must-have for any student—and especially those in tight quarters like dorms. For those living off-campus, renters insurance even more important, as it can help them recover should something happen, as it provides protection against losses and damages to personal property. Additionally, off-campus students might consider liability coverage, in case someone gets hurt in their rental unit.
Finally, college students may need additional or supplemental health insurance to cover unexpected medical expenses. Many schools offer health insurance plans to students, but it’s important to read the fine print and ensure the policy covers the necessary medical services.
In general, it’s important to note that while some colleges and universities may offer a variety of insurance policies specifically for their students, these policies may not provide sufficient coverage for all of your student’s needs, so it’s important to compare policies and understand the specifics of the coverage before selecting an insurance policy for your college student.
How to Choose the Right Insurance Policy for Your Student
With so many insurance options available for college students, it can be overwhelming to choose the right policy. Your best plan of action is to sit down with your student and a local insurance broker that can explain all the coverage options, premiums and details. If nothing else, it gives your new adult some information they’ll need when they have to cover their own property and assets!
Still, here are some key factors to consider when selecting insurance for your college student:
1. Coverage Limits
Look for policies that offer coverage limits that meet your student’s needs. For example, if they have expensive electronic equipment, make sure the policy provides enough coverage for those items.
2. Deductibles
Consider the deductible amount when comparing policies. A higher deductible can lower the monthly premium, but it means you’ll pay more out of pocket if your student needs to file a claim.
3. Reputation of the Insurance Company
Do some research on the insurance company before purchasing a policy. Check online reviews and ratings to ensure the company has a good reputation and track record of handling claims effectively.
4. Additional Benefits
Some insurance policies offer additional benefits such as roadside assistance, identity theft protection, or rental car coverage. Consider whether these benefits are worth the extra cost for your student’s needs.
5. Affordability
Don’t forget to compare costs among different insurance policies. While you want to ensure your student is adequately protected, you also don’t want to break the bank with high monthly premiums.
Remember, insurance policies are not one-size-fits-all. Each student has unique needs, and each campus has different challenges, so it’s important to evaluate policies based on their specific situation. Taking the time to research and compare policies can help you find the right coverage to protect your college student and their belongings.
Quick Tips for Protecting Your Student’s Belongings
With so many students living in shared spaces and dorm rooms, it can be difficult to ensure that your child’s property is kept safe and secure. Here are a few steps (outside of a new insurance policy) that you can take to help protect your college student’s belongings:
Create an inventory. Before your child heads off to school, create a list of all the valuable items they will be taking with them. This will not only help you keep track of what they have, but it will also be helpful if something goes missing or is stolen.
Purchase a safe. Investing in a small safe is a great way to protect important documents and small valuables such as jewelry. Make sure to choose a safe that can be secured to a wall or floor, and to provide your child with the combination or key.
Use security measures. If your child is living in a dorm room or shared space, it’s important to use security measures such as locks on doors and windows. If their room doesn’t come with a lock, consider purchasing one that can be easily installed.
Keep copies of important documents. Make sure to keep copies of important documents such as passports, social security cards, and insurance policies in a safe place at home. This will be helpful in case any of these documents are lost or stolen while your child is at school.
By taking these steps to protect your college student’s belongings, you can give yourself peace of mind and help ensure that their transition to college is a smooth one.
If you have a new college student, we know this is an important and hectic time of year. But with the right coverage, you can rest easy letting them “adult” on their own, knowing that they are protected from whatever comes their way. If you’d like help exploring your options, contact us to schedule a consultation or get a quote for any of your insurance needs.
Are you planning an event this summer? Whether you’re throwing a wedding, hosting a family reunion, or having a company party, summer is the perfect time of year for big events. But while these events are exciting, it’s important to make sure that you’re properly prepared in case anything unexpected happens, so make sure to take the necessary steps to protect your event with policies that can protect you from financial losses in the event of damages, liabilities, or cancellations.
Why do I need insurance for my event?
We all know how much planning goes into a big event—from booking the venue to hiring vendors, selecting the perfect decor, and inviting all your guests. But what happens when something unexpected strikes and threatens to ruin your big day?
Picture this: it’s a beautiful summer day, and you’re all set to celebrate your wedding in a stunning outdoor setting. You’ve spent months planning every detail to ensure everything is perfect, but then an unforeseen storm hits. Suddenly, your venue is flooded, and all your guests are forced to take shelter indoors. You’re left wondering what to do, and your dreams of a beautiful outdoor wedding are shattered.
Unfortunately, this scenario is not far-fetched. It’s essential to recognize that no matter how well you plan, the unexpected can happen, and that’s where event insurance comes in. Whether you’re hosting a wedding, family reunion, or company party, you want to ensure that your big day is secure.
So, why do you need event insurance? The answer is simple: peace of mind. You don’t want to be left dealing with unforeseen costs or worrying about the what-ifs, and finding the right policy can give you the confidence to enjoy your big day, knowing that you’re protected no matter what happens.
Types of insurance for large events
When you’re planning a large event like a summer wedding, family reunion, or company party, you’re likely focused on all the exciting details. But just as important is determining what insurance policies you may need to protect all your hard work and ensure a great time, no matter what happens. Whether it’s a cancellation due to weather or an accident during the event, having the right insurance coverage can provide peace of mind and protect you from unforeseen costs.
So, what types of insurance should you consider for your summer celebration? Here are a few options:
Liability insurance
Liability insurance is a type of insurance that provides coverage in case someone is injured or their property is damaged during the event. This can include things like slips and falls, accidents involving rental equipment, or damage to the venue. Liability insurance can also cover legal fees if someone decides to sue you over an incident that occurred during the event.
Property insurance
Property insurance covers damage or loss to your property or rental equipment that you’re using for the event. This can include things like tables, chairs, tents, or sound equipment.
Cancellation insurance
If you’re planning an outdoor event, it’s important to consider the possibility of weather-related cancellations. Cancellation insurance can provide coverage if you have to cancel or postpone the event due to weather conditions, natural disasters, or other unexpected events.
Event-specific insurance
Depending on the type of event you’re planning, there may be specialized insurance options available. For example, if you’re hosting a wedding, you may want to consider wedding insurance, which can provide coverage for things like vendor no-shows, damaged attire, or lost wedding rings.
In addition to the types of insurance mentioned above, there are a few other considerations to keep in mind. For example, if your group is traveling to a destination for the event, you may want to consider travel insurance, which can provide coverage for things like lost luggage, flight cancellations, or medical emergencies while you’re away from home. Or, if your big gig includes collectibles, aircraft or watercraft, you may want to ensure that those policies cover all your “what ifs,” as well.
How do I cover my next big event?
While these are some common types of coverage, each policy and each person’s needs are different. Not only will you need to fully understand all the details of the event itself, but you’ll also want to carefully review policy terms and coverage limits to make sure that you have adequate coverage in case of an unexpected incident, as well as any exclusions or limitations in the policy. (For example, many insurance policies may not cover intentional acts or injuries resulting from alcohol or drug use, which can be a big gap when planning a big event!)
This is where having a trusted insurance broker like Penny Insurance can make all the difference.
At Penny Insurance, we provide advice, accessibility, and time to our clients. We help simplify the complex and make clear recommendations based on the best carriers and policies for our client’s needs so they can have peace of mind on their big day.
Regardless of what your event is shaping up like, it’s important to carefully consider your options and select the coverage that best fits your needs, and the best way to do that is to talk to a licensed insurance agent, who can help you get a better understanding of what types of insurance are available and which ones you need to consider for your summer celebration. With the right coverage, you can enjoy your event knowing that you’re protected from unexpected costs and liabilities.
With the right coverage, you can rest easy, knowing that your big event is protected from whatever comes your way. If you’d like help exploring your options, contact us to schedule a consultation or get a quote for any of your insurance needs.
As the weather warms up and summer approaches, homeowners will be looking for ways to make the most of their outdoor space. But with the fun of backyard swimming pools comes a certain level of responsibility for safety. While homeowners insurance provides some protection in the event of an accident, it’s better to take proactive measures to ensure that your swimming pool is not only safe for your family and guests, but also protected in case something happens while you’re enjoying it. In this blog post, we’ll discuss some simple tips for maintaining swimming pool safety at home so you can have a safe and enjoyable summer season.
The Consequences of Negligent Pool Safety
It’s easy to see backyard pools as a fun zone, but it’s important to remember that swimming pools can also be dangerous places. Unfortunately, negligent pool safety is a leading cause of accidental drownings and injury in the United States, so it’s essential that all pool owners take the necessary steps to ensure water safety at all times.
That’s largely because failure to follow proper pool safety protocols can have serious consequences. In addition to the risk of injury or death, pool owners can also be held liable for accidents that occur due to their negligence—from expensive medical bills to civil lawsuits, and even criminal charges, depending on the severity of the incident.
However, by taking the time to properly educate themselves on pool safety and implementing precautionary measures, pool owners can ensure that their friends and family have a safe and enjoyable summer season.
Basic Tips for Maintaining Swimming Pool Safety
Maintaining swimming pool safety is a must for every home with a pool, especially in the summertime, and it doesn’t have to be complicated. Here are some basic tips to help you maintain water safety and summer safety in and around the pool:
Make sure everyone knows how to swim. Make sure all children are supervised by an adult and have taken proper swimming lessons.
Establish and enforce safety rules. Make sure everyone knows and follows these rules to avoid any accidents or incidents.
Keep a first aid kit and/or life ring close by in case of an emergency.
Install safety fences and/or covers to protect children from entering the pool unsupervised.
Keep toys away from the pool when not in use to avoid enticement for children.
Check the pH levels in the water regularly to ensure it’s safe for swimming.
Always remove pool ladders and other entry points when the pool is not in use.
Post visible signs such as “no diving” and “children must be supervised by an adult” near the pool area.
Install a Pool Alarm. Pool alarms are an invaluable safety device that alerts you when someone enters the pool area. They can provide an extra layer of protection, especially for those with young children or pets.
Invest in Safety Covers. A safety cover is a great way to limit access to the pool when it’s not in use. They’re usually made of strong vinyl material and are designed to withstand heavy weights.
Post Warning Signs. Make sure to post visible warning signs around the pool, advising people of its depth, any rules for using the pool, and any dangers associated with its use.
Monitor Activity. Whether you have young children or older adults using the pool, always make sure there is someone present to monitor their activity.
Educate Yourself. Be aware of water safety regulations, safety equipment, and lifesaving techniques to be prepared in case of an emergency.
Level Up with Policies that Float
In addition to basic safety precautions, it’s also important that homeowners understand what kinds of coverage they have when it comes to their backyard oasis—and where they could have liability gaps. So while yes, homeowners insurance does typically cover pool accidents, there are a few important factors to consider when it comes to determining what is covered and how much coverage you may receive.
First, it’s important to know that liability coverage is typically part of your homeowner’s insurance policy. This coverage covers the costs associated with any injury or damage to property as a result of your negligence. Therefore, if someone is injured in your pool and you are found liable, then your liability coverage will cover the costs associated with the incident.
But understand: liability coverage only covers the costs associated with an injury or damage in property and not necessarily the costs associated with repairing or replacing the pool itself. So, if someone falls into your pool and requires medical treatment, your homeowner’s insurance policy may cover medical bills, but not the cost of repairing or replacing the pool or building a fence.
It’s also important to note that homeowners insurance policies often have exclusions for certain kinds of pools. For example, some policies exclude coverage for swimming pools located on a commercial property, or may limit coverage for certain types of pools.
Ultimately, while homeowners insurance typically covers pool accidents, it’s important to understand the details of your policy and take all necessary safety precautions to reduce the risk of an accident. Your insurance agent can help you determine what coverage you need and what policies will best help provide it. Doing so can help ensure that you and your family stay safe this summer and that any potential accidents are covered by your insurance policy.
With the coverage, you can relax all summer, knowing that you’re protected from whatever comes your way. If you’d like help exploring your options, we at Penny Insurance would love to help. Contact us to schedule a consultation or get a quote for any of your insurance needs.
All you need to know about covering your upcoming travels
As the days get longer and warmer, many of us are preparing to embark on our next adventure. But before you start packing your bags, it’s important to consider the benefits of travel insurance, which can protect you in case of many unexpected travel-related issues, like illness, cancellations, injuries and more. So, in order to ensure that your next trip goes off without a hitch, let’s help you understand what type of travel coverage you may need and how to go about getting it.
What Does Travel Insurance Cover?
Travel insurance is designed to protect you from any unexpected costs or losses that may occur while traveling. It covers a wide range of expenses, from medical bills to lost luggage, including:
Medical and Emergency Expenses Many policies cover medical expenses related to illnesses and injuries incurred while abroad. This can include doctor visits, hospital stays, prescription medications, ambulance services, and more. Some policies also provide coverage for emergency evacuation and repatriation back home if necessary.
Trip Cancellation or Interruption Travel insurance can provide reimbursement for any prepaid, non-refundable trip expenses if your trip is canceled or interrupted due to certain covered events, such as weather, illness, terrorism, bankruptcy of the travel provider, or other factors.
Lost Baggage and Personal Items Many travel insurance policies will reimburse you for lost, stolen, or damaged baggage and personal items, including expensive items like electronics, jewelry, and cameras.
Accidental Death and Dismemberment Some travel insurance policies will provide financial compensation in the event of an accidental death or dismemberment while on your trip. (However, as industry experts, we should also add: it’s important to have your own AD&D and Disability policies as well. Let us know if we can help you attain those.)
Liability Coverage Liability coverage provides legal assistance and financial protection if you are responsible for damaging another person’s property or causing injury or death.
Additional Services Many policies offer additional services such as 24-hour travel assistance, roadside assistance, and concierge services—services that can be helpful if you need help with making travel arrangements, finding a local doctor or hospital, or even replacing a passport or other travel documents.
When purchasing travel insurance, make sure you understand the coverage options so you can choose the best policy for your needs. An agent can walk you through the different options. By preparing ahead of time with the right insurance plan, you can enjoy your travels with peace of mind knowing that you are protected against unexpected costs or losses.
When do you need Travel Insurance?
Travel insurance is an important consideration for any vacation or business trip, regardless of the length or destination. Whether you’re taking a short domestic weekend getaway or a longer international journey, you should purchase travel insurance whenever there is a chance of financial loss due to unforeseen circumstances. Even (and maybe especially) if you don’t think anything will go wrong on your trip, it’s still a good idea to have coverage in case something unexpected happens.
Some trips may require you to purchase travel insurance; if you’re planning a cruise or other type of package trip, it’s likely that your provider will require you to purchase coverage. Additionally, some countries may require travelers to purchase medical insurance before they enter the country.
How Much Does It Cost?
When it comes to the cost of travel insurance, there is no one-size-fits-all answer. The price of your policy depends on a variety of factors, including your destination, the type of travel, the length of your trip, and the level of coverage you’re looking for, but generally speaking, the more comprehensive the coverage, the more expensive the policy will be.
In addition to the base price of the policy, you may also have to pay additional fees or premiums depending on your situation. For example, if you’re traveling to a high-risk destination or participating in extreme sports, you may have to pay extra for your coverage. Some policies also have a deductible that must be paid before any benefits are triggered, so it’s important to not only understand, but factor these costs into your overall budget when you’re comparing plans.
The easiest way to figure out how much your policy will cost is to get a quote. There are many online companies that offer a quote generator where you can input your information and get an estimated cost, but finding a reputable agent—especially if you have a number of trips or a single, extensive vacation—can better help you compare policies and make an informed decision about which plan best fits your needs.
Other Considerations
Travel insurance, in general, is relatively easy to get, but when it comes to preparing for your upcoming trip, there are a few other important aspects you should also consider.
First and foremost, it’s important to make sure that you’re buying travel insurance from a reputable company. Read the policy closely to ensure that you understand the coverage and any exclusions, and check online reviews to help you choose a reliable provider.
Another thing to consider is whether you need additional coverage for activities such as skiing, scuba diving, or other adventurous activities. Some policies may include coverage for these types of activities, while others may require you to purchase additional coverage, or will reject the policy altogether.
Finally, make sure that you know how to contact the insurance company in case of an emergency. If you’re traveling abroad, you may need to contact them in a different language, so make sure that you understand the process before your trip. Keep a copy of the policy with you, and hand one off to someone else to ensure that you can easily get ahold of the records, should you need them. Keep in mind, during an emergency, you’ll want to have information easily accessible.
With the right travel insurance policy, you can rest easy knowing that you’re covered in case of an emergency. So whether you’re planning a busy year of business travel, a quick family getaway, or a large family reunion, make sure you’re covered.
If you need help exploring your options, we at Penny Insurance are here to help. Contact us to schedule a consultation or get a quote for any of your insurance needs.
Are you planning a trip with your horse? Whether you have plans to enter a competition or are just traveling to greener pastures, traveling with your horse can be a unique and rewarding experience. However, it also requires a bit of careful planning. From finding the right transport to ensuring you have the right equestrian insurance, here are the top five tips for a successful trip.
1. Choose the Right Mode of Transportation
When it comes to transporting your horse, you have a few options available to get from Point A to Point B. What you choose will likely depend on how far you plan on traveling, the size of your horse, and your budget.
One option is to transport your horse in a trailer. This is probably the most common way for people to move their horses around, as it offers the most security and safety for your horse during the journey. If you plan on doing long-distance trips with your horse, purchasing is likely the best option, but keep in mind: it can be an expensive option, depending on the size and type of trailer you need.
Another option is to hire a professional horse transportation service—a great option if you don’t have the time or ability to transport your horse yourself. Professional services will make sure that your horse is comfortable and safe throughout the trip and can take care of any potential paperwork needed, and they can offer door-to-door service, which can save you a lot of hassle.
If you’re planning on a shorter trip and you have access to a reliable vehicle, you could always opt to drive your horse yourself. While this is definitely the most cost-effective option (all you would need to pay for is gas), it may not be the safest option and you’ll need to make sure that you’re comfortable driving with a large animal in tow.
2. Consider Your Horse’s Health and Well-Being
Traveling with a horse can be a great way to explore something new, but you need to make sure your horse is safe and healthy throughout the journey. Before you leave, consider doing the following:
Have your horse checked by a vet. Make sure your horse has had all its necessary vaccinations and is free of any contagious diseases. Also have the vet check for any signs of illness or injury, as these can quickly become an issue when traveling.
Prepare a first aid kit. Put together a kit of items to help deal with minor injuries or illnesses while on the road. Include items such as bandages, gauze, antiseptic spray, a thermometer, and a list of phone numbers of vets in the area.
Check the weather. Check the temperature and the weather forecast for your route and your destination. If you’re traveling to a warmer climate, ensure that your horse has adequate protection from the sun and heat, including a fly sheet or hood and plenty of shade.
Pack plenty of water. Make sure you pack enough water for both yourself and your horse for the entire journey. Pack more than you think you’ll need just in case you get delayed or stuck somewhere.
Make rest stops. Plan frequent stops along the way so that your horse can rest and stretch his legs. This will help reduce stress levels, and provide him with an opportunity to eat and drink before continuing on.
3. Get Your Paperwork in Order
You wouldn’t think that taking a trip would require a file folder of documents, but when traveling with a horse, it’s important to have your paperwork in order to avoid any unnecessary hassle. Here are some of the most important documents that you should have in place when traveling with a horse:
A valid passport for your horse.
Your horse’s passport should include information such as its name, breed, microchip number, and description.
Proof of vaccinations.
It’s essential to make sure that your horse’s vaccinations are up to date in order to avoid any potential health risks during your travels.
Health certificate.
Depending on where you’re traveling, you may need to obtain a health certificate from a certified veterinarian in order to prove that your horse is healthy.
Identification documents.
It’s also important to have identification documents such as a valid driver’s license or other government-issued ID when traveling with a horse
Shipping documentation.
If you’re planning on shipping your horse, make sure that all necessary shipping documents are in place before you depart.
Keep in mind, you’ll also want to keep copies of all of these documents in case they are requested at any point during your travels.
4. Make Sure You’re Fully Insured
Traveling with your horse can be a stressful experience, but having the right insurance coverage in place provides peace of mind and makes the journey a lot smoother. It is important to make sure you are covered in case of an accident or other unexpected events that could cause harm to your horse or your property.
Equine insurance typically covers things like medical care, loss of use, death and theft, and depending on the policy you choose, it may also cover liability for property damage or bodily injury caused by your horse. However, it is also a good idea to investigate travel policies that may provide extra coverage while traveling, so you can have additional coverage for unique risks associated with horse travel, such as trailer damage or breakdowns. Some policies will even provide coverage for loss of entry fees for competitions if you have to cancel due to your horse becoming ill or injured.
Regardless of the kind of policy you choose, make sure that you have the coverage you need, understand the details of your coverage and know how to file a claim if necessary—before you hit the road.
5. Always Have a Plan B
Traveling with a horse requires planning and preparation, but even the best-laid plans can go awry. That’s why it’s essential to always have a Plan B in place in case something doesn’t go as planned. Here are some scenarios to consider:
1. A Backup Plan for Transportation.
If you’re driving with your horse, have a backup plan in case of car trouble or delays. Make sure you know the routes and locations of nearby stables, trailer parks, and other horse-friendly places so that you can make alternate arrangements if necessary.
2. Emergency Contacts on Hand.
Have contact information for your veterinarian and other horse professionals you may need in case of an emergency. You should also have contact information for local authorities and the nearest equine hospital on hand.
3. Carry Emergency Supplies.
Bring along all the supplies you may need in an emergency, such as medication, medical supplies, and items for quick repairs (like duct tape). You may also want to bring along food and water for both yourself and your horse in case you get stranded.
4. Have an Emergency Fund.
Unexpected expenses can pop up when traveling with horses. Be prepared by having an emergency fund set aside for any unplanned costs.
Traveling with your horse can be a wonderful experience, but it takes planning and preparation to make sure that you and your horse have a safe and successful journey. Before you leave, make sure to contact your insurance broker to make sure that your horse and your trip are covered. If you’re looking for a new policy, or want to ensure you’re fully covered for all your insurance needs, contact us at Penny Insurance to schedule a consultation and get a quote.
Valentine’s Day is a day to celebrate love and show someone special just how much you care. That often means giving expensive and valuable gifts, such as jewelry. But after the joy of gifting has passed, it’s important to make sure your most precious items are properly protected.
That’s where valuables and jewelry insurance come in. This blog post will explore the importance of properly insuring your valuables and jewelry to ensure you’re covered in case of loss, damage, or theft.
What items should I insure?
When it comes to insuring valuable items like jewelry, it’s important to ensure that you have adequate coverage to replace or repair them in the event of loss or damage. While there is no one-size-fits-all approach to determine which items should be insured, generally speaking, expensive or sentimental items like engagement rings, watches, bracelets, and necklaces are a good place to start.
When it comes to deciding how much coverage you need, it’s important to take into account the item’s current value, as well as the cost to repair or replace it if necessary. While some insurance companies may have a minimum amount of coverage required, typically items with a value of over $1,000 should be considered for additional insurance coverage.
>But remember: these suggestions aren’t only for jewelry—other items worth considering for insurance coverage include fine art, antiques, family heirlooms, and collectibles. If you have questions about what items you own that should have these special protections, make sure to discuss your individual situation with your insurance agent or broker to ensure you have the right amount of coverage for your entire collection.
When should I insure it?
Although it may be the furthest thing from your mind at this point, when it comes to insuring jewelry and other precious gifts, the best time to get insurance is as soon as possible. Ideally, you should purchase an insurance policy before you even make the purchase to ensure that your valuable items are covered from the moment you bring them home.
It’s also important to remember that a standard homeowner’s or renter’s policy typically does not cover precious items like jewelry and engagement rings unless you’ve added a special rider to do so. You may be able to obtain additional coverage through your current provider, but it’s always wise to compare different policies to make sure you’re getting the best coverage for the best price.
In most cases, it’s better to purchase a separate policy for valuable items like jewelry and engagement rings, since they often require more coverage than other items. A standalone policy will provide you with greater peace of mind knowing that your items are fully protected in case of theft, damage or loss. Keep in mind that some insurers offer discounts if you purchase multiple policies at once, so it could save you money in the long run.
How much coverage do I need?
When it comes to insuring your most valuable gifts, such as jewelry, it’s important to make sure you have the right amount of coverage. Determining how much coverage you need can be tricky, but it’s essential in order to make sure your gift is properly protected.
To figure out how much coverage you will need, start by finding out how much the item is worth. This can be done through an appraisal, which will give you an accurate assessment of the current market value of the jewelry. Once you have that number, you can use it as a guide to decide how much coverage you need. Generally speaking, it’s a good idea to get at least double the appraised value in order to be sure you’re covered if anything happens to the jewelry.
Once you have a ballpark number for the amount of coverage needed, you can then talk to an insurance agent about getting the appropriate policy for your jewelry. The agent will be able to go over all of the options and make sure that your jewelry is covered for any eventuality, but don’t forget to ask about any special riders that might be necessary for your specific piece of jewelry—riders could include things like a rider for diamonds or gems, or a rider for replacing pieces if they are lost or stolen.
Insuring family heirlooms
When it comes to insuring family heirlooms, it’s important to remember that these items often carry more sentimental value than monetary value, and so it’s important to research the exact type of item and take into account the age of the item when determining how much coverage is needed. Heirloom items are typically considered collectibles and therefore require special attention and care.
In reality, insuring heirlooms is typically a bit more complicated than insuring traditional jewelry or gifts. To do so, you will need to provide a comprehensive list of the item or items you are wanting to insure, including any known appraisals, certificates of authenticity, purchase information, photographs, or any other documentation, as well as a written description of the item, which should include details about the age and condition of the item. Lastly, you’ll need to know the retail replacement cost for similar items in similar condition—even if you consider it to be irreplaceable.
If that’s the case, you may want a policy for an heirloom for more than its current market value, and therefore you may need to find a company that offers “agreed value” insurance. This type of coverage protects against inflation and guarantees that the item will be replaced at the amount agreed upon by both parties, regardless of what it costs to replace the item today. While agreed-value policies can often be more expensive than standard jewelry or gift policies, they are well worth the extra cost if you want to ensure that your family heirlooms are fully protected in the event of a loss.
Whether your jewelry collection is vast or just starting out, we at Penny Insurance are here to help you keep your most cherished and sentimental possessions safe. Contact us to schedule a consultation or get a quote for any of your insurance needs.
If there’s anything that the past few years have taught us, it’s that we should always expect the unexpected, and when it comes to the unexpected, there’s no better time to set yourself up for the best possible outcomes than the first of the new year.
As 2023 begins, take a few minutes to ensure that you have the right insurance coverage in place—especially taking into consideration the life changes that may have occurred since you last reviewed your policies. Whether you’re looking for a new policy or simply reviewing your current coverage, this checklist will help you make sure that you have all the protection you need.
Step 1: Review Your Coverage
Starting off the new year, it’s important to review your current insurance coverage and ensure that you are adequately protected. Your current insurance policies will have premiums, deductibles, and limitations on what is covered, and it’s important to make sure these still meet your needs as they may have changed over time.
You should also look into your overall coverage and determine if you have enough liability coverage to protect your assets in case of an unexpected event. If you own a home or vehicle, ensure you have adequate property and casualty insurance coverage to cover any damages. Finally, it’s important to review what your health insurance policy covers and if you need to add any additional coverage.
By taking the time to review your current coverage, you can ensure that you are fully insured for the new year and well-protected from unexpected events.
Check Your Limits
One of the first steps in assessing your insurance needs for the upcoming year is to review the limits of your current coverage—the amount your policy will pay out in the event of a claim. Different policies have different kinds of limits, such as the maximum number of days or the amount of coverage you’re entitled to in a single policy period, so it’s important to understand what your current limits are so you can decide whether they’re appropriate for your needs in 2023.
Additionally, limits can vary from year to year, based on factors like changes in the cost of living, or changes to the rules and regulations related to certain types of insurance. (For example, auto insurance limits may be adjusted depending on local traffic laws or changes to state regulations, and homeowner’s insurance limits can also change based on inflation and other economic factors.)
And, if you’re considering a major life change—such as getting married, buying a home or boat, or starting a business—it’s important to make sure that your existing limits are still appropriate for the new situation. For a comprehensive look at what you have covered already, make sure to get in touch with your agent.
Compare Quotes
It’s easy to take the first quote you get as a final estimate, but it’s important to shop around and compare quotes to ensure you are getting the best deal when it comes to insurance. That means getting a few different options for policies—and maybe sometimes even reaching out to a different agency.
Keep in mind that while cost is an important factor, the cheapest option doesn’t always mean it is the best coverage, and you should consider not only the monthly premium but also the coverage limits and deductible amounts. It may seem like a lot of work, but it’s worth spending some extra time researching and comparing options as it could save you money in the long run.
Protect Your Valuables
The holidays are a great time for new gifts, and sometimes those gifts—jewelry, vehicles, or artwork—should be protected separately from a regular homeowners or automotive policy. So, as the new year approaches, take a quick inventory of your high-worth assets, and make sure they are fully covered.
If you have acquired new items since the last time you checked, make sure to include them in your policy and increase your coverage if necessary. If your policy does not cover the full value of an item that you think may have increased in value, you will want to get it re-appraised.
Finally, make sure to keep a record of all your valuable possessions in case they are lost or stolen. This may include keeping photos and serial numbers of electronics, jewelry, artwork, and other items. Having these records will make filing a claim much easier and help ensure that you receive the full amount of coverage.Then, make sure to revisit your policy each year to keep up with changes in value and potential risks, so you can be sure that you’re fully covered in the new year.
Prepare for the Unexpected
No matter how much we plan, life can still take us by surprise. That’s why it’s important to be prepared for the unexpected with adequate insurance coverage. Consider protecting yourself and your family from natural disasters, floods, life and other health events with individual and appropriate policies.
As examples, if you live in an area prone to flooding or natural disasters, you should consider purchasing flood insurance. The Federal Emergency Management Agency (FEMA) offers both flood insurance and mitigation assistance for those living in areas at risk of flooding. For those with health concerns, look into getting health insurance or supplemental coverage to help cover some of the costs associated with medical bills, emergency treatments, and more. Finally, if you have dependents who would be financially affected if something were to happen to you, consider getting a life insurance policy that covers your burial costs and provides financial support for your family during a hard time.
For any policy you’re considering, the main thing is to be sure to read the policy details closely so you understand what is and isn’t covered. By preparing for the unexpected, you can help ensure that you and your family are protected if anything ever happens.
No matter your position in life, we know that protecting yourself, your family and your assets is of vital importance, and that’s why we at Penny Insurance are here to help. If you’d like to schedule an annual check-in and have one of our agents advise you on comprehensive coverage for everything in your life, please contact us and let us know.
As winter approaches, it’s easy to forgo home maintenance and want to put it off until spring. What you might not realize, though, is that procrastinating on winter-proofing your home (or ignoring it altogether) can cause expensive property damage—and those insurance claims are more common than you think!
For that reason, it’s a good idea to make sure your home is winter-ready and will remain in good condition over the cold season. Fortunately, winterizing your home is a lot like preparing for a storm. You need to be aware of what’s coming and prepare in advance. After all, you can’t close the door on winter weather—even living in the temperate South.
So for a winter season you can enjoy to the fullest, use these tips to keep your home safe and winter-ready all season long. Then, enjoy everything that comes with the cold weather—without having to worry about costly insurance claims.
#1. Avoid the Ice Dam
An ice dam is a sheet of ice that builds up along the edge of your roof, blocking meltwater from running down and away from the edge of your roof, which can cause water to back up and instead leak into your home.
There are many ways to prevent an ice dam from forming on your property, but the simplest is to clear snow and ice off the roof before it accumulates too much weight. Additionally, make sure you have the proper insulation in place and that there’s enough heat inside the house to warm your home from the inside out.
#2. Protect Your Pipes from Freezing
Probably the biggest challenge for most homeowners in the winter—even in the South—is freezing pipes, which can cause a lot of damage and costly repair if you’re not prepared to prevent them.
To get started, keep an eye on external or exposed pipes by wrapping them with insulation or heating tape and make sure any drainage spouts are clear of snow. Regularly check outdoor hoses and pipe connections for leaks, so there won’t be costly damage come springtime when warmer temperatures melt ice off walls, roofs, and other structures where the problem may not have been noticed previously.
Also, make sure you keep a faucet in your home dripping slightly any time below-freezing temperatures come calling—this will keep water moving through your system and help prevent the pipes from grinding to a frozen halt.
Finally—don’t forget your outdoor plumbing! Covering your pool pump will protect it from freezing when exposed; if water has already frozen around the pump, then drain water away first to avoid additional damage.
#3. Clearing the Walkways
When driving conditions get tough, homeowners should be extra cautious about moving around, and one easy way is by clearing the walkways and driveways of any buildup from snow or ice. Not only will this help your family (or friends, visitors or even postal workers) avoid slipping on the ice, but also help you avoid expensive insurance claims should a slip-and-fall happen.
To effectively—and easily—clear your walkways and driveways, simply use a shovel and broom to remove the snow, and sprinkle some salt down to prevent them from freezing over.
#4. Don’t Forget the Inside
It’s easy to consider the outdoor needs of your home when preparing for cold weather, but don’t forget the inside, too!
First, make sure smoke detectors are working properly and have fresh batteries installed—especially if you like the feel of a roaring fireplace during the cold snaps. While you’re at it, replace the air filter so your heat pump can work efficiently, and, if you need a little heating “boost” for your basement or other cold-prone areas, check out insulated curtains or even heated sub-flooring to maintain an even temperature.
From homeowner’s insurance to protect you from the worst that winter can throw your way—to an automotive policy that protects you from icy roads, Penny Insurance is here for you. We’d love to help you with any of your insurance needs – home, auto, life, business, equine, premium and more, so if you’d like to schedule a consultation or get a quote for any of your needs, please contact us and let us know.
The Carolinas are one of the most diverse and beautiful regions in the United States, offering opportunities for people of all ages to experience their fair share of fun and adventure throughout the year. It’s one of the main reasons that Penny Insurance calls this area home—with office locations in both Hendersonville and Tryon, North Carolina.
With this area offering a wide variety of places to visit, you have the opportunity to explore many areas and find your perfect fall experience. With this guide to fall in our own backyard, you will be sure to make the most of your time enjoying all that our area has to offer in this beautiful season of autumn.
Drive the Blue Ridge parkway
If seeing the fall colors and changing leaves is top of your “to do” list, one of the best (and easiest) things to do is to drive The Blue Ridge Parkway. This scenic, four-lane highway runs for 469 miles through the Appalachian Mountains, connecting Shenandoah’s Skyline Drive to the Cherokee National Forest near Gaffney, South Carolina. With incredible views all the way, this winding, remote path is great for adventuresome souls looking to explore.
Fortunately, the drive can be completed in less than a day if you’re looking for a quick getaway, although you can see plenty with picnic spots and a few hours in North Carolina’s section of the drive. If you decide to drive it, make sure you check out Clingmans Dome in the Great Smoky Mountains National Park—the highest point on the parkway at 6,643 feet.
Pick some apples
Fall means apples, and apple picking is an excellent way to spend a fall day in Hendersonville, North Carolina. There are plenty of places for apple picking, but some of the most popular—Mountain Fresh Orchard, Justus Orchard and Sky Top—provide incredible experiences surrounding your pick of your favorite fruit. If you can’t decide where to go, just decide when. Plan to visit the area over Labor Day weekend, when you can attend the Apple festival, and sample apples, ciders, donuts, and other treats from around the state—all within a mile’s stretch of downtown Hendersonville.
Fly through the air
For those looking for adventure and a bit of adrenaline, look no further than The Gorge in Saluda, N.C. This zipline is one of the steepest and fastest ziplines in the nation, and is an adventure like no other. You’ll soar over a picturesque gorge on a suspended cable, and enjoy breathtaking views of the surroundings below.
Once you’re done with your flight, there’s still plenty more to explore. Seek out Green River Adventures for everything from whitewater trips to rappelling down one of the local waterfalls. Whatever you do, you’re sure to have a rush after doing it.
Take a hike
Looking for beautiful sights and a little fresh air? You’re in luck—both North Carolina and South Carolina have some of the prettiest spots to take a hike anywhere in the southeast. Check out the trails at Lake Jocassee, head toward Sassafrass Mountain (right on the NC and SC border), or head out toward Caesar’s Head, Flat Rock, or any number of gorgeous locations. If waterfalls are your thing, check out the Carolina Mountain Club’s WC100—a list of 100 waterfalls in the region that are “must sees”.
In short, Western North Carolina is the best place to hang out in the fall. The mountains and the lakes are breathtaking, and it’s a great place for outdoor recreation and exploration. Fall means that all the leaves are changing colors and falling from the trees, so there are photo opportunities a plenty for nature lovers. Even better: there are lots of events happening during this time, too—like festivals, arts fairs and live music.
We fell in love with Western North Carolina, and we know you will, too. And whether you’re new to the area, looking to buy a second home in the mountains, or just stopping in, we’d love to help you with any of your insurance needs – home, auto, life, business, equine, premium and more. If you’d like to schedule a consultation or get a quote for any of your needs, please contact us and let us know.
Horse owners have known the importance of equine insurance for decades; those who don’t often discover it the hard way. Whether you own one horse or an entire stable, it’s important to make sure you and your animals are protected in case they fall ill or sustain an injury while you’re away from home. The best horse insurance policy can cover all of your most valuable assets at reasonable prices, so if you aren’t sure where to start looking, consult this guide on why equine insurance is important and how to get the best coverage possible.
What is Equine Insurance?
Equine insurance is a type of insurance that covers horses and their owners against injuries and other losses. There are two main types of equine coverage: liability insurance, which pays for any damage done by your horse, and property insurance, which covers anything your horse damages while in your care. There are many more types of equine insurance policies available today than there were decades ago; it’s important to read up on the differences between these policies before deciding which one is right for you.
Why should I have insurance on my horse?
It’s a sad reality that we live in a world where accidents can happen at any time, but if you own a horse, it’s important for you to have equine insurance, which can help cover veterinary costs and lost earnings due to injury. Having coverage will also help you avoid going into debt if your horse needs expensive medical treatment. But more than anything, you want to have peace of mind that if something does happen, your horse will be taken care of, and your financial investments will be well-protected.
Our Policy Solutions
At Penny Insurance, we always want to find the best solution to the daily challenges that our clients face. For our equestrian clientele, it was important to us to find coverage that not only protected the animal themself but also reinforced the relationships that most owners have with their animals.
For this reason, we have recently expanded our policy coverage for horses and their owners—and include options in both areas of life and health insurance through Core Specialty Equine. We truly believe that we can offer some of the best insurance options through this new program. Here’s a quick download on what makes these policies so great:
Major Medical Coverage
If you own a horse and have bought health insurance before, you may be aware that not only do you have to consider the deductible for each visit, but typically will also have a percentage-based co-pay as well—something that can quickly add up in the case of a problem. But with our policies, you don’t have to worry about that sneaking up on you; we can offer plans with no co-pay requirements at all.
In-House Claims
When you purchase an equine policy through Penny Insurance, you don’t have to worry about claims taking forever or being “farmed out” to other claims departments. With Core Specialty, the claims department is all in-house, allowing them to respond quickly. And not only that, but they are in the same space as underwriting, allowing them to know each policy and its benefits intimately.
Loss of Use; Not Loss of Horse
If your horse is an income generator—whether riding, breeding or racing—then a loss of use policy is a must-have, and will protect you in case something happens to your major breadwinner. But should the worst happen, you don’t want your only option to be euthanization—something that most other policies require in order to gain your payout. With Penny Insurance, you have options: either rehab the horse in an adoptive scenario for the full payout, or keep your four-legged friend for half. Either way, your loss of use doesn’t have to mean the end of an era.
If you’re looking for a new policy for your equine companion, you’ll want to take a look at our new policies immediately. If you’d like to schedule a consultation or get a quote for any of your home, family or business needs, please contact us and let us know.
Insuring Your Art Collection: Everything You Need to Know
How to insure your collectibles and collections
Your art collection is probably one of your most prized possessions, but it can also be one of the most difficult to insure. That’s because art insurance often comes with high premiums and plenty of exclusions, and you’ll need to take the proper steps to protect it from damage or theft. The good news? If you have enough appraised value in your collection, you may qualify for extra protection from your home insurance provider—or even full coverage under certain circumstances. So whether you’re looking to start or expand your collection, here are some of the basics you should know about insuring art collections and collectibles.
What’s a collectible insurance policy? A collectible insurance policy is a premium policy that covers art and collectibles. This type of policy is designed to protect your investment—whether that be antique art, legacy jewelry or a priceless vase—in case of damage or theft. However, while collectible insurance policies are usually more expensive than standard homeowners or renters insurance policies, they also offer more comprehensive coverage specific to the needs of the owner, as well.
Considerations for Policies If you’re considering getting an insurance policy to cover your collectibles, it’s important to know that it’s not as simple as a one-size-fits-all policy. In fact, there are a lot of coverage areas you should consider, so if you’re in the consideration phase, make sure you sit down with a trusted agent to go over your options. Here are a few things you should review when shopping for a collectibles policy:
Coverage Settlements When you itemize your pieces of artwork, many insurance companies will cover them for the agreed value. That way, in the event of a total covered damage or loss, you receive the full amount of the agreed value, with no depreciation. However, other policies allow for market appreciation and may pay over the agreed value if the value has increased considerably. Another option is to receive a cash payout in the event of damage or loss if an item is irreplaceably damaged.
Newly Acquired Items Still building your collection? You’ll want to ensure you have immediate coverage for new acquisitions. Then, within 90 days, you’ll be covered for at least some of the total itemized coverage.
Pairs, Sets and Parts Coverage When dealing with sets (like antique chess or even jewelry) you always have to consider the value of the item alongside its other pieces. With Pairs, Sets and Parts coverage, you can hand over the remaining pieces, and coverage will be paid out for the entire set.
Loss of Market Value Sometimes, if a work of art is damaged, it can lose a lot of market value—quickly. With Loss of Market Value coverage, your insurer may not only pay to repair the item, but also compensate for any loss to value.
How much does collectible insurance cost? On average, collectible insurance policies cost between 1% and 3% of the total value of the collection. That means, if your art collection is valued at $100,000, you can expect to pay between $1,000 and $3,000 per year in premiums. However, it’s important to note that these are just averages, so it’s worth getting a quote from your trusted insurance broker, first, before committing to a particular policy.
While there are many things to consider when insuring your art collection, one thing that shouldn’t deter you from doing so is cost. When deciding how much collectible insurance costs, it helps to remember that owning valuable artwork provides financial security as well as emotional benefits. After all, we all want our collections to grow in value over time!
Hiring a professional appraiser One of the first steps in insuring your collection is knowing its market value, and the best way to do that is through a professional appraisal. Hiring a professional appraiser is the best way to do this, as they will have the expertise and experience needed to accurately assess your collection. Fortunately, the cost of having an appraisal done is small (especially when compared to the value of your collection) and ranges from $200 to $500, depending on the size and type of items in your collection.
Whether you’re an accomplished collector or just starting out with your first purchase, we at Penny Insurance are here to help you keep your most valued possessions safe. If you’d like to schedule a consultation or get a quote for any of your needs, please contact us and let us know.
If you’ve followed recent news about Yellowstone, you may have realized that floods are one of the most devastating natural disasters to exist. However, they also happen to be the most common, and occur far more often than people realize. In fact, according to the Federal Emergency Management Agency (FEMA), there are approximately 500 flood-related events in the U.S. every year. What’s more, major floods can cause billions of dollars in damage and destroy countless homes, so it’s important to know whether you live in an area that’s at risk of flooding and what steps you can take to protect your home.
But even if you don’t live in an area with an especially high risk of flooding, it’s important to make sure you have considered flood coverage on your home insurance policy before disaster strikes. If you need it, flood damage can be surprisingly extensive and hard to cover out-of-pocket, so there’s no sense in taking unnecessary risks when you don’t have to.
What is flood insurance?
Flood insurance is a type of insurance coverage that helps protect your home from damage caused by flooding. Most standard homeowners insurance policies do not cover flood damage, so it’s important to purchase separate flood insurance if you live in an area at risk of flooding, or you suspect that a singular flood in your area will damage your home or other property.
What does flood insurance cover?
Flood insurance is vital for homeowners in flood-prone areas, but many people don’t know what their policy covers. Generally, there are two types of insurance that can protect you against this danger: building and contents insurance policies. Building insurance will cover any damages caused by flooding during a storm event, including damages to your home itself as well as any fixtures inside it (such as plumbing). Contents insurance will cover anything that was damaged by water or ruined due to wet conditions during the event (like clothing).
When pricing out a policy, insurance companies consider your risk level—the higher your risk level, the more expensive the policy will be. That means if you live in a flood plain, or your property has a long history of flooding during big weather events, you may find it to be quite expensive.
How do I know if I need flood insurance?
As a homeowner, you should always be prepared for the worst, and in some cases, that means having insurance to cover you in case of a flood. But how do you know if you need flood insurance?
A homeowner will likely know they need to purchase a policy when they see changes in their neighborhood that could indicate an increased likelihood of flooding, or if they notice that their own property has flooded previously. For example, if a water pipe broke upstream and water levels started rising or there was an increase in river levels or heavy rain storms near their home, then they may have some indicators that they should purchase this type of coverage.
More generally, there are two important questions to ask yourself before purchasing a flood policy.
Is your home at risk for flooding?
What would happen if it did flood? How much money would I lose?
If either of these questions can’t be answered with a positive and reliable outcome, then flood insurance may be something you should consider.
What policies are available?
There are two standard types of flood insurance available for homeowners: the National Flood Insurance Program (NFIP) and private flood insurance. Depending on the level of risk, homeowners may consider either or both of these options for coverage.
The NFIP
The NFIP is a government-backed program that is available through participating insurance companies. NFIP policies are available through the Federal Emergency Management Agency (FEMA) and have standard coverage limits. NFIP insurance may be required if you have a government-backed loan for your mortgage.
Private Insurance
Private flood insurance is offered by some insurance companies and may provide additional coverage not available through the NFIP. You can get this type of insurance through a variety of different insurers, who will offer a variety of flexible coverage options. Private insurance is a great way to cover all types of risk for any type of home.
If you’re concerned about flooding at your residence, or any other type of coverage to protect it, we would love to chat with you further. Whatever your needs, we at Penny Insurance are here to protect what you hold dear. If you’d like to schedule a consultation or get a quote, please contact us and let us know.
Just as you lock your doors and windows to prevent thieves from entering your home, you should take steps to protect yourself online as well. In fact, according to the Pew Research Center, more than half of American adults are concerned about their online privacy and security. And it’s no wonder—with hackers, cyberbullies, and other online threats constantly lurking around every corner, it’s not difficult to understand why people would be worried about their safety and security on the Internet.
However, when it comes to staying safe online, the main thing you need to know about security online is that if you don’t take steps to protect yourself, you’re putting yourself at risk. That means you could become the victim of an attack or crime and lose your money, your reputation or your peace of mind in the process. To help you protect yourself against these kinds of threats, here are eight cyber security tips you should follow as much as possible.
1) Stop Password Reuse
As dangerous as it is, many people have a single password for all their accounts, or at least very similar passwords. This is a recipe for disaster if any of your accounts are compromised; the thief only needs to access one account to see that same password on others, and all it takes is one hacker with a big enough bank of stolen passwords to get in.
To keep your passwords safe, follow these tips:
Use different passwords on each account
Never use words you’ve used before
Avoid overly simple ones like 12345, pet names or other identifiable info
Change your password regularly—at least every six months or so, and
If you ever suspect an account has been hacked, change your password immediately
2) Avoid Phishing Scams
Phishing scams are among one of the most common ways that hackers steal information. These scams work by tricking you into visiting a website that looks legitimate, but instead steals your login credentials or other private information. To avoid phishing scams, take some time before entering any personal information online—even if it appears on a trusted website. Think about what types of websites you’re comfortable sharing information with and stick to them for as long as possible, and never re-enter sensitive info unless you’re absolutely sure that site is actually where it claims to be.
3) Do Not Click On Links From Unknown Senders
This is one of those pieces of advice you should take from time to time, regardless of how often you think it applies. It’s almost impossible to look at a strange text or email and not click—especially if you’re curious! But clicking links or attachments from people you don’t know can land you in trouble. The reality is that if someone asks for any of your personal information, whether it be passwords or social security numbers, they’re probably up to no good. Do not engage with them—block their number and delete texts/emails asking for sensitive info immediately.
4) Change Passwords Regularly
To stay safe online, experts recommend changing your passwords at least once every six months. Longer than that and hackers could have enough time to crack any passwords you haven’t changed recently, which is especially risky if you use a password across multiple accounts. So when it comes to passwords, less is more. Try using a password manager like LastPass that creates complex passwords for you, then stores them in an encrypted database so you only need to remember one master password.
5) Use Two-Factor Authentication
Two-factor identification is a security measure that requires two different forms of identification (hence, two-factors) to gain access to a user’s account. This means that someone attempting to access your account will need not only your password but also some additional information from you—think an SMS code or a unique secret key—to get in. Set up two-factor authentication on all your accounts and you’ll be far more secure than most people are online.
6) Stay Away From Rogue Wi-Fi Networks
Public wi-fi is dangerous, especially when it comes to using your personal devices. Hackers can easily access unprotected public Wi-Fi networks and steal private information like passwords, credit card information and other sensitive data you may be transmitting. To avoid these risks and stay safe online, use a VPN whenever you are on an unsecured network (such as public wi-fi at a mall, store or an airport). A VPN creates a secure connection between your device and the server, preventing hackers from accessing your data.
7) Backup Your Data Regularly
While backups won’t necessarily prevent a problem online, backups of your data can help you get your system back on track if you’re hacked or a device is damaged. It can also help you prevent data loss in case something happens to valuable information.
8) Insure Yourself against Cyber Threats
In an age where cyber threats are getting more sophisticated by the day, it’s essential to be proactive in protecting yourself online. A cyber insurance policy can help you guard against potential online disasters, whether it’s hacking into your accounts or identity theft. And since most of us are novices when it comes to online safety and security, cyber insurance can take some of the guesswork out of keeping you safe online. Whether it covers identity theft, online personas or your own stored information, think of your cyber insurance policy as a proactive investment that will pay for itself in case something goes wrong.
Whatever your needs, risk tolerance or online lifestyle looks like, we at Penny Insurance are here to help you stay safe. If you’d like to schedule a consultation or get a quote, please contact us and let us know.
A vacation home can be the perfect place to get away from the constant grind of the week. But while your primary home has certain protections and insurances in place, a vacation home may not be quite as protected. With more and more people deciding to own vacation or secondary homes, it’s important to protect those investment properties as much as possible. Here’s what you need to know.
What is Homeowner’s Insurance?
Homeowners insurance is a type of property insurance that covers damage or destruction to your home. If your home (whether primary or secondary) is damaged by fire, flood, theft, or other disaster covered by a standard homeowners policy, you’ll be able to recoup some of your money spent on repairs.
As an owner of multiple properties, it’s important for homeowners to know what their home insurance covers them for—and what it doesn’t. While every policy varies slightly from company to company (and person to person), there are a few key details all homeowners policies must cover:
major catastrophes;
accidental damage;
vandalism and theft;
natural disasters such as storms and floods;
repairing damage caused by excluded perils (think earthquakes);
water leaks; and
mold remediation after natural disasters.
How is Insurance Different for a Second Home?
Insurance on your vacation home is important for a variety of reasons. A large investment like a vacation home, along with its contents, can mean having some peace of mind for yourself and your family.
Primarily, you don’t want your hard-earned money spent on an unexpected repair or other similar expenses if something unexpected were to happen while you’re away. In addition, vacation homes tend to be located in more remote areas like lakes, forests, beaches or mountains, so there may not be nearby resources if you need help immediately in an emergency situation, meaning more time for damage to occur. And finally, because they are more remote and often uninhabited, vacations homes can be a beacon for burglaries or vandalism, so you’ll want to make sure you’ve covered yourself—and your home—well.
Unfortunately, many second homes are not covered by the primary homeowner’s insurance policy, so you need to take steps to insure and protect your vacation home in order to get the coverage you need at the best possible price. When you’re considering insuring a vacation home, there are three main areas to focus on: the dwelling itself, the contents of the home, and any additional liability.
Dwelling
This type of coverage ensures that the building itself is covered from damage and loss, in cases of fire, burglary or other damages. (However, it’s important to note that if your second home is in a high-risk area—like for hurricanes or floods—that you carry additional umbrella coverage as well.)
Belongings
This covers the items within the home—furniture, electronics, clothes—ensuring that they can be replaced if lost, damaged or stolen.
Liability
Because many vacation homes are hubs of activity, having an additional liability policy to cover any accidents is a good idea. That way, if anyone is injured or an item is damaged—you have the coverage to make it right. In some cases, you may be able to extend your liability coverage from your first home over to your second—so you’ll want to talk to your agent about what is preferable, as well as what is the most cost-effective option for you.
How to Determine your Insurance Needs for a Vacation Home
Having proper insurance guarantees that you won’t have any issues when it comes time to make repairs or replace items that are damaged or destroyed due to unforeseen circumstances, but it can be complex to determine how much coverage you need, what types of coverage and what policies you should consider.
For this reason, having an insurance agent with specialized concierge service can help. At Penny Insurance, our agents are positioned to be your trusted advocate in the journey, and can walk you through every option available to you to help you find the right insurance. Not only that, but because Penny Insurance is an independent agency, you can be sure you’ll always have someone on your side—even when something goes awry.
Whatever your needs, what types of coverage you need or questions you may have, we are always here to help you along the way. If you would like to schedule a consultation or get a quote, please contact us and let us know.
If you own or are thinking about purchasing a boat, there’s one thing you need to understand above all else: boat insurance is a necessity. No matter what kind of boat you own, there is always a chance that it could be damaged or lost at some point, so it’s important to ensure that your investment and your lifestyle are protected.
We’re not going to sugarcoat it—boat insurance is expensive. But that doesn’t mean you should skimp out and try to save a few bucks on coverage. With insurance, as with many things in life, you typically get what you pay for, and because watercraft damage can be unpredictable and pervasive, it pays off to spend a little more on your policy and know that you have comprehensive coverage for all possible dangers. That way, if your boat does come into harm’s way, it’ll get taken care of quickly and effectively, with less hassle and frustration from all parties involved.
Fortunately, you don’t have to end up in deep water. Here’s everything you need to know about boat insurance basics before heading out this summer.
What is Boat Insurance and What Does It Cover?
Just like having automotive insurance covers many aspects of owning and operating a car, boat insurance is similar for all types of watercraft. While many states don’t require insurance policies to be held for personal watercraft (although many marinas do), boat owners should always ensure that they have coverage for whatever may come their way. Fortunately, most insurance policies are comprehensive, and cover some or all of the following:
Sinking
Fire
Theft
Storm Damage
Collision
Liability (damage to other boats or structures)
How Do I Choose a Policy?
The key to choosing a policy is to first look at your budget and determine how much coverage you can afford. In some cases, insuring your boat may be a part of a larger insurance package that also includes auto, homeowner’s or renter’s and life insurance policies.
In general, a boat insurance policy should cover three things: property damage, medical payments and collision/collision liability. To fully understand the risk and options available to you, you may want to sit down with an insurance agent to discuss your own circumstances, needs and considerations. Then, they will be able to review your needs carefully before coming up with an actionable plan that fits your lifestyle.
10 Things to Consider (along with Your Insurance Agent)
There are a number of things to consider when purchasing boat insurance (or simply before purchasing the boat itself!) When you sit down with your insurance agent, make sure to talk through the following items so you can make sure you are fully covered.
1. Am I already insured?
Because some policies will cover watercraft as part of a larger policy, check with your current insurance provider if there is any chance that you are already covered under your general home/auto policy, or if it would be better to consider stand-alone coverage.
2. Do I have enough liability protection in case someone gets hurt while using my boat?
Most states require boaters to carry at least $100,000 in liability protection—but some require more than double that amount! In addition, if you are renting a slip at a marina or have a membership there, there may be additional (read: higher) requirements for liability insurance. Make sure you not only understand the thresholds you need to maintain, but have insurance that covers you for the full amount.
3. How much will it cost to replace my boat if something happens?
It’s always better to over-insure than under-insure, but knowing how much your vessel is worth makes a big difference in calculating how much you should spend on protecting it. Fortunately, it’s not hard to determine the value, and an insurance agent can help you along the way.
4. How long am I covered for?
Just like car insurance, boat insurance policies typically last anywhere from six months to one year. To guarantee you always stay covered, make sure your policy will auto-renew so you don’t have a lapse in coverage.
5. What deductibles are involved?
Deductibles are just like those found on auto policies; higher deductibles mean lower premiums. Compare policy options alongside your agent to ensure that you’re balancing these two costs against each other, and won’t end up in a bind if something happens.
As you hit the water this summer—whether it’s at the local lakes or the open sea, make sure you’re covered along the way. We at Penny Insurance are always here to help you navigate the sometimes complex world of insurance coverage. If you would like to schedule a consultation or get a quote, please contact us and let us know.
When it comes to your family heirlooms, you can’t help but be passionate about them. You probably also want to ensure that they are safe from damage or theft, especially if you know that they will one day be handed down to future generations.
But when it comes to protecting the irreplaceable mementos of our lives, how can you ensure their safety and security? This guide will show you how to protect your family heirlooms and collectibles, keeping them safe and sound to continue a legacy into the future.
1. Keep a record
To begin with, make sure you have detailed records of the items: their descriptions, costs, and appraisal values. This will not only help you insure them properly, but will provide a comprehensive account in case of theft or loss, which will come in handy when it comes time to make a claim. In addition, this information may be useful in case you are ever audited by the IRS for tax purposes. These records are often requested during an audit; therefore, the more information you have on hand about each item, the better off you’ll be. Be sure to include details such as where and how you acquired each piece of property, including receipts if possible, as well as details about any restoration work that has been done.
2. Store them safely
When it comes to keeping a family heirloom protected, the first rule of thumb is to store it safely. Putting a piece that is worth thousands of dollars in an enclosed space, or even on a shelf where it could be damaged, is asking for trouble. The best thing to do is buy a large, airtight and stable box or chest, take photos of everything, and then store each item separately. You may even want to categorize them by a number or code that matches your written records. The next step? Put that box away in storage where no one can get to it easily. For highly valuable items, store them somewhere secure, like a bank safety deposit box.
3. Get a collectible insurance policy
Collectible insurance policies are used to protect antique and collectible items, and depending on how valuable your collection is, getting one could be a wise decision. For example, if you inherited a hand-carved grandfather clock from an uncle who purchased it from an upscale store in New York City, getting insured wouldn’t just be smart—it might save you thousands down the road. Fortunately, getting a collectible insurance policy doesn’t have to break your bank; most insurance providers offer affordable rates, depending on what kind of coverage you need. So when it comes to protecting your hard-earned treasures, consider adding a collectible insurance policy to your arsenal.
4. Plan to pass them on
There are many ways to plan to pass on heirlooms, but if you’re looking to leave them to others—especially pieces with high-value or a lot of meaning within the family—putting your plans in writing is a good idea. While it may not matter to you at that point, it can mean the difference between keeping your wishes intact and an all-out family feud.
Additionally, you may want to discuss your plans with your insurance provider—they can oftentimes provide customized coverage that protects the item through—or even after—the transition.
Whatever you’re looking to leave behind, what types of coverage you need or the questions you may have, we at Penny Insurance are always here to help you along the way. If you would like to schedule a consultation or get a quote, please contact us and let us know.
People have been riding horses for centuries, and they remain a popular choice for recreation and transportation even today. There may be many reasons why people invest in horses, but regardless of the reason, it’s important to protect your investment—for work, fun or just companionship—with equine insurance. Not only can this help cover any injuries or illnesses that might happen to the animal, it can also provide coverage should the animal be stolen or lost. In this article, we’ll discuss the main types of equine insurance, and other considerations for horse owners.
What is Equine Insurance?
Equine insurance is insurance for horse owners that generally covers the loss or injury of the horse. In this instance, we will define equine insurance as insurance on the horse itself, although there are often many different types of insurance that can sometimes fall into this category—including farm property coverage for paddocks and land and liability insurance if your horse is used for business purposes.
The 2 Types of Equine Insurance
Although there are different types of policies and coverage options to choose from, most equine insurance boils down to two types: Mortality and theft insurance, and Medical/Surgical coverage.
All-Risk Mortality and Theft
Typically only issued for horses under 20 years of age, a mortality policy covers the loss of a horse due to death, or even theft. This type of coverage is typically available for both personal use animals and trail horses, and in the instance that your horse needs to be put down, is stolen or dies, a mortality policy will reimburse you for the loss, based on age and health of the horse at the time the policy is taken out.
Medical/Surgical
Available as an add-on to mortality plans, these plans can cost anywhere between 2.5 and four percent of the animal’s value. Medical/Surgical policies can be considered like health insurance for your horse—covering medical costs in case of illness or injuries—and similarly, cover everything from prescriptions to surgery. However, most policies will not cover basic or preventative care like vaccinations or dental care.
Other Insurance Considerations for Horse Owners
If you are considering equine insurance for your horse—whether it be a work asset or more of a family friend, there are other things to consider when considering an equine policy.
The right policy matters
While there are two common policy types that we’ve covered above, the reality is that there are many options for different types and forms of coverage for horse owners. Liability insurance covers injury and property damage to others, horse transit policies cover the transportation risks of horses that are constantly on the move. One should also consider the surrounding policies that will help protect the investment and the horse itself—like property or dwelling damage for structures like barns, and farm coverage for a larger land property.
Because the uses of horses differ, as does each household or business, it’s important to understand that policies can vary widely. Some mortality policies may pay out a mere thousands, while others pay multiples of that in case of loss, but the premium will match the back-end payouts, as well. As with any other insurance consideration, navigating the many options and finding the best selection for you (and your horse!) is key. Make sure you engage an agent you trust along the way to make the process easier, and to nail down the right policies for you and your large animals.
Policies are non-transferrable
A policy on a horse is similar to a policy on a human—they are for that specific individual, and cannot be transferred to another. While it may be an option to add more animals (read: horses) to your policy, they would need to be listed as separate individuals. What’s more: if you sell or give the horse to a new owner, the policy cannot go with the horse. Instead, that owner would need to take out a new policy for the animal, and you’d need to cancel yours.
Timing is key
If you already carry a policy on your horse—or once you have one in place—understand that most policies require immediate notification if the horse becomes ill or injured. Know what your policy covers—and what it requires of you for claims—before they become an issue later on.
However your horse fits into your family, and whatever the type of coverage you may need, Penny Insurance is here to answer any questions and help you select the best plan possible to cover your equine investment. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
A lot of people take their insurance for granted. When they’re driving to work, they don’t question the safety of the road or the safety precautions taken by other drivers; when they get home, they don’t think about whether or not their house will be there if a natural disaster strikes. But this is all because we trust in our insurance policy and feel safe knowing that we are covered.
But, when it comes down to it, do you have comprehensive coverage? Are all your most important things covered? Knowing whether or not you are fully insured against whatever may come your way is important, but it starts with understanding the types of coverage available, and matching them to your own needs. In this article, we’ll discuss the most common types of insurance coverage and how each one can benefit your family’s needs.
Homeowners’ Insurance
A standard Home Insurance policy usually includes coverage for your home, belongings, and liability. This means that if something happens to your house (including fire, theft, etc.), your insurance company will cover the cost to help you rebuild or repair it. It also means that if someone is injured on your property, your insurance company will help cover the costs of injury or property damage.
However, it’s important to realize that there can be significant gaps in homeowners’ coverage—just because something happens to your home doesn’t mean that it’s automatically covered. One example of this might be flooding—which oftentimes is not covered by a standard homeowners’ policy. To find out what your coverage includes—and does not—schedule time with your agent to go over your policy.
Renters’ Insurance
Similar to the coverage in homeowners’ policies, renters insurance covers a renter’s belongings in case of fire or theft or other circumstances, whereas property owners’ coverage does not extend to their tenants. There are two types of renters’ insurance that are common: replacement cost insurance, which covers the cost to replace anything that is lost; and actual cash value coverage, which pays out the assessed value of the lost items.
However, it is important to note that there are also gaps in renters’ insurance—they typically will not cover high-value valuables under the same policy (you’d want to get an additional policy for them), and motor vehicles may also not be covered by the singular policy.
Health Insurance
While health insurance is often covered by a corporate entity or by the government (in cases of an ACA plan), health insurance is still one of those major coverage options that you should maintain—all the time. Providing coverage for doctor’s visits, prescriptions, catastrophic illness or injury and even dental and vision care in some plans, health insurance is definitely a line item you don’t want to be without. However, because it can also be complex in what you’re eligible for and what it might cost you (especially considering subsidies and coverage options) it’s always best to walk through your options alongside an agent who knows the ropes.
Life and Disability Insurance
When it comes to insurance plans, one of the most important (and often overlooked) is life insurance. Often paired (or available to be paired) with disability insurance, life insurance offers a payout in case of your—or a loved one’s—demise, providing a certain level of stability in an otherwise uncertain time. Similarly, disability insurance can provide income and coverage options in the case that you are either permanently disabled, or in case of short-term (up to six months) or long-term (over six months) illness or injury. Because these plans are relatively inexpensive but cover you in case of one of the worst possible outcomes, life and disability insurance should definitely be on your checklist for 2022.
Business Owners’ Insurance
If you own a business and do not carry insurance on it, you may want to reconsider in 2022. A Business Owners Policy (BOP) is straightforward insurance for business owners—combining property coverage for your business assets with general liability insurance. While many business owners may need added coverage based on their industry or specialty, business owners’ insurance policies are a great place to start.
Umbrella Insurance
Although you may not hear about this type of coverage that often, umbrella insurance can be a great type of insurance to keep in case of a major problem. Covering liability, damage and injury, umbrella policies fill in the gaps that the common types of insurance may leave behind, offering an added layer of protection should something go wrong.
As an added protection, umbrella insurance can not only help with excessive bodily injury or property damage, but also offers coverage in case of libel, slander or false arrest.
Specialized Insurance Policies
What do horses, antiques, boats and a private art collection all have in common? They may all be insured under specialty premier policies that cover them separate from your other homeowners or vehicle policies. While all of these are very different, with different policy terms and valuations, keep in mind that if something has value to you, it’s worth insuring it from harm. To find out if your prized possessions need additional coverage, talk to your agent about this premier coverage.
Whatever the types of coverage you need or the questions you may have, Penny Insurance is here to help you along the way and to make sure you’re completely covered for anything that could happen—this year or in the future. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
While most of us look to the holiday season with excitement and anticipation, the reality is that with an increase in online and on-the-road activity, as well as home projects, visitors and more, there are a number of pitfalls that homeowners and travelers should be aware of. To help, we’ve compiled a list of some of the biggest holiday hazards, as well as a few prevention tips to help keep them from happening to you.
Fire
When it comes to the holidays, one of the most significant threats to the American home is fire. According to the National Fire Protection Association, an estimated 790 fires a year begin with Christmas decorations—excluding Christmas trees—while the trees themselves account for another 160 a year.
Prevention Tip: When stringing lights or any other electric decorations, make sure you are double-checking that the wires are intact, with no fraying or loose connections. And if you have a live tree, you’ll want to make sure it stays well hydrated; a dry tree can go up in flames in a matter of seconds.
Theft
From porch pirates nabbing daily deliveries to home invasions and break-ins, theft is a big concern during this time of year. And while your local thief may be seeing an uptick in activity, there’s no reason you have to be part of his list.
Prevention tip: At home, keep track of what you’ve ordered to be shipped to your home, and when it is expected to come in, so you can get your packages inside before they are a temptation for drivers-by. When out shopping, take care to keep your eyes open and be aware of your surroundings to avoid becoming a victim of robbery. Finally, at home, keep doors and windows secured—whether you’re traveling or just watching Christmas movies—and double-check any vehicles outside, as well.
Lighting Mishaps
Hanging lights and wreaths may seem pretty straightforward, but according to the U.S. Consumer Safety Commission, there are on average more than 14,000 holiday-related accidents each year during the December holidays—most of those being attributed to slips and falls.
Prevention tip: As with any home improvement task that includes ladders or elevation, take time to ensure you’re practicing standard safety measures for your project. Ladders should be firmly on the ground, with no wobbling, and you should have a spotter to keep you steady, if possible. Keep tools handy close by, and maintain three points of contact between you and the ladder at all times for added security. Finally, make sure you keep paths clear of clutter and mess, so that you avoid tripping over it when moving boxes or decorations around.
Travel
The Christmas holiday marks the busiest travel season by far, which also makes it the most dangerous, as well. Between an increase in drivers, holiday travel or even Christmas party goers on the road a little too late, December road travel can be pretty risky.
Prevention tip: You can’t always prevent accidents, but you can take a few safety measures. Outside of carrying drivers’ insurance (a must!), take a few hours to take your car into the mechanic—pre-travel—to have the oil changed, tires checked and make sure your vehicle is in good shape for the trip. In addition, if you’re headed to a holiday party where alcohol will make a showing, make sure you select a designated driver for the night to keep everyone safe.
Fraud
There’s no worse time of year than to find out you’ve become a victim of identity theft or credit card fraud, but the increase in online shopping, gift orders and credit card scanners makes it a prime time for someone looking to hack into your accounts.
Prevention tip: When using your credit card around town, take a closer look and make sure there isn’t a skimmer over the scanner waiting to grab your information. When using your phone, stay off of public wi-fi, and if possible, use a VPN to protect your online searches, instead. Finally, when shopping online, make sure you’re only shopping secure sites (you’ll see a locked padlock next to the web address), and avoid phishing scams by not clicking on any random links that may be emailed or texted your way.
Injuries
They may go overlooked, but injuries can put a quick damper on the holiday spirit. From cooking burns or cuts, to injuries sustained from opening packages (yes, it happens a lot!), there’s no shortage of ways to win a trip to the emergency room, if you’re not careful.
Prevention Tip: As with any other situation in the kitchen, practice general safety precautions by paying attention to open flames and blades, and keeping knives sharp and pan lids close by. Cut away from yourself—when wrapping or unwrapping—and use a tool to get into those plastic-encased presents.
Whatever you have going on this holiday season, don’t end up on the bad size of the hazards list. From homeowners’ policies to car insurance, Penny Insurance has the experience and expertise to walk you through all types of coverage, every step of the way. If you would like to schedule a consultation or get a quote, please contact us and let us know.
The holidays are now upon us, and many of us are excited to see family and once again gather together for Thanksgiving—especially after the past two years. But however your holiday is planned to go, know that there are a few additional hazards that come along with the day. Fortunately, most are preventable, but before you pull out the turkey and set the table, you’ll want to do a little pre-holiday prep work to ensure you are having the safest Thanksgiving possible. In this article, we dissect the top five Holiday Hazards and how you can avoid them this November.
The Hazard: Food Poisoning
Preventing cross-contamination and ensuring proper food temperatures is always important, but the Thanksgiving holiday brings about a number of challenges in this area, due to the fact that many families will be preparing many more dishes than usual. In addition, kitchen limitations and food transport (thanks to grandma for bringing her homemade casserole from across town!) means that there are more than the usual amount of opportunities for something to go awry.
The Fix: To start with, don’t take short cuts; make sure that you plan ahead to ensure that you have enough time to cook everything on your planned menu. When cooking, follow food temperature guidelines to guarantee that everything is cooked accordingly, and use clean serving and prep tools to reduce cross-contamination between dishes. And finally, if you’re transporting food, make sure you package it well—a tight seal will not only help it get safely to your destination, but will also minimize the chances of you picking up anything else along the way.
Choking
We know you can’t wait to sit down to Aunt Sue’s pumpkin pie or a plateful of turkey and sweet potatoes, but researchers at the University of Florida’s School of Medicine show that people are ten times as likely to choke during holidays or celebrations than any other time. And when it comes to kids, those many dishes could provide a larger chance of food impaction than more other days, as well.
The Fix: Slow down and take a seat, for one. When you are seated, you are more focused on the task of eating, and far less likely to eat too fast or take too big of bites than if you were up walking around. Also, nix the alcohol intake, which reduces your chewing efficacy and could be a precursor for a larger choking problem. And for little kids? Make sure you’re watching their plate, and that all food is sized to no larger than a half inch bite so that little mouths can swallow it with no problem. Still, the best prevention may be a general knowledge of basic first aid, so do a quick brush up—just in case.
Kitchen Injuries
With all the food prep going on at this time of year, kitchen injuries are inevitable, but there are still things you can do to ensure you keep cuts and burns to a minimum.
The Fix: First, make sure you are using the correct tools for your task; that your knives are sized appropriately for what you’re cutting, and that potholders and pot lids are easily accessible. Also, while it may seem counterintuitive, go ahead and sharpen those knives—a dull knife is actually far more dangerous than one that’s ready to do the job it’s intended for.
House Fires
You might be surprised if you look at Thanksgiving fire facts, but the reality is that Thanksgiving is the peak day for home fires, with more than 1,630 occurring in 2018 alone, according to the National Fire Prevention Association. Add to that the advent of turkey frying and your favorite pumpkin spiced candle, and you’ve got a lot of opportunity for a fire to take over your holiday.
The Fix: First of all, practice basic safety, and make sure you keep cords out of the way, lighters and matches put up, and a fire extinguisher handy. Beyond that, take special care in the kitchen—keep watch over what you’re cooking and don’t get distracted by family storytelling or Uncle David’s new sweater. And if you happen to be frying up your bird this year, make sure you’re set up at least 10 feet from the house on firm, flat ground, and make sure that your turkey is completely dry before you drop it in.
Car Accidents
The Thanksgiving holiday marks one of the busiest travel seasons of the year, and also one of the most dangerous, as well. There are a number of reasons for this—from out of town drivers to increases in alcohol intake over dinner—but generally, there are just more people on the road, and more opportunity for something to happen.
The Fix: Although you can’t always prevent a road accident, you can take a few steps to makes sure you’re being as safe as possible. Outside of carrying drivers’ insurance (which is a must!), take a few hours to take your car into the mechanic—pre-travel—to have the oil changed, tires checked and make sure your vehicle is in good shape for the trip. Don’t overpack, and make sure your windows have complete visibility, and reduce as much distraction as possible.
Whatever your holiday plans include, make sure you’re completely covered for anything that could happen with great homeowners and drivers insurance. Penny Insurance has the experience and expertise to walk you through, every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
For the millions of U.S. workers who hold some sort of occupational license (43 million as of 2018, to be more precise) understanding licensing in multiple states can mean the difference between being limited to your own area, and having the freedom to accept work beyond your own state lines.
What is Occupational Licensing?
Occupational licensing is a legal requirement for certification or proof of knowledge in a certain field or industry. According to the National Conference of State Legislatures, who operate the National Occupational Licensing Database, one in every four jobs in the United States requires some sort of occupational license. Those jobs include, but are in no way limited to, teachers, doctors, nurses, electricians, contractors, architects, therapists, cosmetologists, animal trainers and many more. There are also additional licensing requirements for certain products sold, such as alcohol or tobacco, so it’s important that you know what is required from you before you run into any problems down the road.
The most important thing to realize about occupational licensing, however, is that the credential isn’t merely an indication that someone has a certain degree of knowledge or experience in that field; rather, it’s a permission for that person to work in that field—and a prohibition of someone working in the industry who does not have the appropriate license.
When do I need an occupational license?
Knowing if you need an occupational license for your career path can be tricky, as it is not only determined by industry, but also—in many cases— by state. Therefore, licensing requirements for a private investigator in Florida may be far different than those for one in Oregon—and some states may not require a license in a field at all. In order to find out if your industry requires an occupational license, a bit of online research may be necessary. You can also visit the U.S. Department of Labor’s Career One Stop, which allows you to search by career field and state to determine what licensing requirements you may face.
Should I have licensing in multiple states?
Because licensing can vary from state to state, if you plan to pursue a career that crosses state lines, you absolutely should ensure that you are covered in whatever areas you plan to work on. That may mean additional testing or licensing fees, but in the end, if something happens, you’ll be glad you have it in place.
What is reciprocity, and how does that affect my license?
Reciprocity is the concept that one state’s license is recognized as valid by other states, eliminating the need for multi-state licenses. With the growth of licensing requirements over the past decades, many states have begun to increase their involvement in reciprocal licensing privileges to increase workforce options and ease of use for licensed workers. If you think reciprocity may apply to your license, research your occupation and your state to find out what other states offer this benefit.
Whatever your business needs, Penny Insurance has the experience to guide you every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
With the seasonal shift to fall comes cooler weather, earlier nights, and bonfires to gather around with friends and family. But when it comes to lighting a flame outdoors there can be risks—and how those risks relate to your homeowner’s insurance bring about another level of concern. In this article, we’ll explore basic fire safety for all the cozy nights (and productive days!) you have planned this autumn.
Types of outdoor fires and how to make them safer
There are a lot of reasons to be outside once the fall air turns crisp. From cleaning up fallen leaves to celebrating with those closest to you, here are some of the most common reasons people light up outside, and how to make them a bit safer.
Grilling
With football tailgates comes outdoor barbeques, and you may find yourself at the grill a bit more often than before. But if you find yourself watching over the cookout, make sure you practice grill safety: stay with the grill the entire time it’s on, move the grill away from decking or siding that may be more flammable, and keep your grill clean so a grease fire doesn’t catch you unaware.
Fire Pits
Nothing says “fall” more than sitting around a fire pit or bonfire with s’mores on hand, but a fire pit is also a common way for fire to get loose in the yard. If hanging around the fire with friends is on your fall to-do list, make sure your fire is at least three feet away from the house as well as anything that could easily catch fire, and use a metal screen to keep sparks at bay. When you’re done, check that the fire is out completely before you leave it alone for the night.
Burn piles
When the fall leaves make a dense carpet in your backyard, it’s natural to want to clean them out—whether to keep underlying grass healthy or to prevent snakes and other pests from taking cover. There are a number of preferable ways to clear out dead leaves other than a burn pile—such as bagging them up in biodegradable bags or chopping them up in the mower to mulch the lawn for the winter—but if you must burn, there are a few precautions you should take.
Firstly, check the weather, and never burn on super dry or windy days, when flames could jump or scatter. Also, look for a place that is flat, and never under branches or power lines. Add a moat around the perimeter of your pile for added safety, and make sure you douse the pile—not once, but twice, once you are done for the day.
Are outdoor fires covered by insurance?
While many will assume that a runaway fire would be covered by homeowners’ insurance, the reality is a bit more complicated. Grills and fire pits are typically considered personal belongings, as well as an “unattached structure.” This means that—typically—any damage will only be covered at a percentage of the insurance you carry for your entire home, usually about ten percent. So if an ember sparks something bigger and affects your shed or garage, it could mean big bucks out of pocket.
For this reason, it’s a good idea to know your coverage limits and liabilities—before you start up the fire pit for the season. Talking with your insurance agent about your own practices, hobbies and concerns is a great way to determine if you’re at risk, and if so, how much risk you’re taking on when you light the match.
For your homeowner’s policy, or any other insurance requirements you have, Penny Insurance has the experience and expertise to walk you through, every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
With hurricane season now upon us, it’s crucial that those with homes along vulnerable coasts know that their homes and belongings are protected. If you’re looking to buy hurricane insurance, you know that it can be complicated—from changes in what policies are required to how coverage differs from state to state. However, with the right advisor in your corner, you can have coverage from all the storms that may head your way.
What is hurricane insurance?
The first thing that’s important to understand is that not only will standard homeowners’ insurance not cover damage from a hurricane, but that there is really no such thing as a hurricane policy. Instead, homeowners will need to merge two types of policies—a flood policy, and windstorm insurance. Flood insurance will help cover the cost of damages incurred by surges of water into the home (rising water damage is typically not covered by a standard homeowners policy), and windstorm insurance covers damage from any sort of high wind, not just hurricanes.
How much will hurricane insurance cost?
To protect your home completely from a hurricane, you’re looking at pretty high premiums. While the standard homeowners’ policy will cost, on average, somewhere between $1500 to $1900 a year, adding flood coverage ($700-1000/year) can increase that significantly. In addition, you’ll want a windstorm insurance policy that can add an additional $700 to $2,600 a year, depending on your location, deductible and home build. Once added up, you’ll be paying significantly more to ensure that your coverage is gap-free.
What to know about hurricane deductibles
While most homeowners plans have a set, flat deductible per claim (like $1,000 or $2,500), oftentimes a hurricane deductible will be based on the value of your home (like one or two percent over your estimated value). That means your deductible could be much higher than you’re used to—a $1 million seaside home could require $10,000 deductible if calculated at one percent of the home’s value. These deductibles may also be called “Named Storm” deductibles, as they are triggered when the NOAA names a storm.
While the risk is small that you will need to use it, you’ll want to talk through your options with a trusted advisor who can walk through the options, and ensure you don’t get hit with a deduction that’s high during an already stressful time.
Top tips for purchasing hurricane insurance
If you’re considering purchasing hurricane insurance for your home, there are a few things you should consider.
Understand your coverage—and its gaps.
As you walk through your coverage options, you’ll want to make sure that you understand what is covered—inside and out. Does your payout cover the cost of a full rebuild? What is your deductible? How is your premium billed, and what is covered? All of these are things you’ll want to know in case of a storm-based emergency.
Don’t wait.
While hurricane season is somewhat predictable between June 1 and n=November 30 of each year, some policies have wait times before they are active, so you don’t want to wait until a storm is headed your way to figure all this out.
Compare your quotes.
Quotes can vary, and with such a high price tag attached to hurricane coverage, you’ll want to make sure you’re getting the best rates.
Get an advisor to help.
Because hurricane policies include many different variables, you’ll want to make sure you have someone who knows the industry and the coverage, so they can help you identify gaps in coverage and shore them up. But having someone knowledgeable alongside you can not only help while you’re going through the purchasing process, but can also give you a little peace should something happen, knowing they are helping you along the way.
If you need a hurricane insurance policy, Penny Insurance has the experience and expertise to walk you through it, every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
In recent years, pet insurance has become more and more popular, offering owners peace of mind to cover sudden illness. But for larger members of the animal kingdom like horses, insurance is either not available, or can be cost prohibitive. For that reason, equine insurance exists—to protect horses used for business or personal use in the case of illness, theft or death.
What is equine insurance?
Equine insurance is a type of insurance purchased for the care of a horse—for either personal or business purposes. This type of insurance provides coverage in case of illness or death, injury or property damage.
What types of equine insurance are there?
Generally, there are two types of equine insurance: all-risk mortality and medical insurance. Each type focuses on a different facet to insure; we’ll break them down here.
All-Risk Mortality and Theft insurance
All-Risk Mortality insurance protects you, the owner, from loss if your horse must be put down, dies, or is stolen. Most policies will cover any type of death, but can only be purchased if the horse is between 2 and 17 years of age; typically, a horse 20 years old or older will not be eligible for coverage. Additionally, policy premiums are based not only on the age of the horse, but also with the following considerations:
Purchase price.
Training or competition records.
Breeding record.
Appraisals and Market comparison.
Medical and Surgical insurance
Medical insurance covers your horse if they need veterinary care or treatment in order to recover from an illness or injury—costs that can be significant, depending on the situation. However, medical insurance can usually only be purchased as an additional policy to a mortality and theft policy.
What should I know if I am considering an equine insurance policy?
While all insurance policies have basically the same functionality, equine insurance policies have many parameters that should be considered. For this reason, finding an agent who understands policies and coverage is very important. However, here are a few things to understand if you are considering purchasing an equine insurance policy.
Policy Terms Matter
If you are considering a new policy, it’s vital that you understand the details of the policy. As an example, in a mortality policy, the payout may be made in a previously-agreed-upon amount (that will be reflected in the coverage), or at a fair market value. Either can provide good coverage, but if a horse dies after illness or injury has taken a toll, it may also affect what is considered “fair market value.” Talk through your questions or concerns with your agent to ensure you have a clear understanding of what is covered, and how much it will return in case of a claim.
Policies are Non-Transferrable
It’s important to know that equine policies are non-transferrable, which means that if something happens to an uninsured horse, you cannot use the policy from another horse to cover the costs.
Insurable Value is Not Always a Fixed Number
While many equine policies only cost a few hundred dollars each year for coverage, the value of a horse is not a fixed amount, and neither is the cost of coverage. As you talk with your agent, make sure you discuss coverage terms in detail, as well as the different aspects of your horse that might affect your coverage or premium.
If you’re considering equine insurance, Penny Insurance has the experience and expertise to walk you through it, every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
Some of the most valuable things in life aren’t those that were expensive—they are things that are truly unique. Like the old grandfather clock that sat in your ancestor’s living room to the family ring that has been a part of more weddings than you have, these family heirlooms are the foundation of our own backgrounds and characters, and can be—quite literally—irreplaceable. For that reason alone, you should make sure you are doing what you can to take care of them—including insuring them in case of loss, theft or damage.
What is considered a family heirloom?
While the word “heirloom” brings up ideas of art passed down for generations, or a piece of priceless jewelry, the reality is that an heirloom is anything of value that is passed down from generation to generation. Practically, this means that everything from furniture, clothing, serving ware, textiles and more could be considered an heirloom. As such, any of these things can be worth insuring, if they are valuable enough for your family.
What kind of insurance will I need to insure an heirloom?
There are a few different types of insurance that may cover an heirloom, depending, of course, on what the heirloom is. Homeowners insurance may cover items within the home, but generally will not recognize the inherent value of a specific thing, so typically you will be looking at more specialized policies. Other options are personal property insurance, which focuses coverage on a per-item basis. At Penny Insurance, we offer Valuable Items Insurance, which takes into consideration the value you place on an heirloom item. When in doubt, it’s best to consult your insurance agent for guidelines on what can be insured and for how much. Even if they won’t cover it, there is a great chance they will know who will.
How do you insure a family heirloom?
Insuring the most precious of items isn’t hard—even though there are a few things you’ll need to do to get everything in order. Here is a step-by-step process for getting your family heirlooms insured.
1. Locate and List
What do you consider a family heirloom? Is it—practically—worth insuring? Do your due diligence and determine what pieces you would like to insure—from artwork to jewelry or even grandma’s vintage recipe book. Once you have compiled all the information you can, you’ll need to find out what it’s generally worth.
2. Get an appraisal
While an appraisal can’t tell you how much you value grandpa’s old watch, it can give you a more complete picture of what you have to insure—the monetary value of the item, how old it is, and maybe even a bit of background information you didn’t have before. All of this information will be vital to have on hand as you meet with your insurance agent.
3. Work with your agent
Once you have all the information in place, schedule a time to sit down with your agent and go over the details of what you want to insure and for how much. They’ll be able to not only walk you through the process and the price, but often may also give you ideas on how to protect the item, or coverage options you should consider.
4. Keep them safe
While it’s great to have Aunt Cindy’s stole insured in case something happens to it, keep in mind that there is no compensation equal to that of losing something that held personal value for you, so you’ll want to make sure you keep your family heirloom as safe as possible. Consider how you will store and care for the item until it’s ready to pass down to someone else—and when you do, let them know how they can go ahead and protect and insure it, as well.
No matter what type of heirloom you want to insure, Penny Insurance is ready to help. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
Insurance policies can range from the simple to the complex, but the more “things” you have covered the more facets there are to any policy. As your portfolio grows, you are sure to have questions about how policies interact, how much they cost, and what they cover. The best way to ensure you have a comprehensive understanding of your insurance coverage—from car, to home, life, and more—is to ask the questions vital to understanding each policy.
What questions should I ask my insurance agent?
There are a number of things you need to know when purchasing or re-evaluative your insurance policies, and although many will be specific to your own policies and needs, there are some standard things you should know, regardless of who your broker or insurer is, and what type of insurance you are considering. Consider these questions the next time you are scheduled to meet with your insurance broker:
1. What policies do you recommend?
It’s always good to rely on the expertise of an insurance broker, but make sure you know what policies they recommend for you—and why. Keep in mind that even with all the information they may have about you, there might be something they don’t know, so having a frank conversation about the policies themselves and what they cover is always a great first step.
2. What is the coverage?
As part of the policy discussion, you should know all aspects of what the policy covers, and more importantly, what it doesn’t. Make sure you know what persons or assets are covered in the policy, to what limit, as well as any gaps or limitations that exist.
3. What will the deductible be on this policy?
The other commonly-asked question is regarding the deductible—essentially, how much you will have to pay out of pocket should you need to file a claim. This is a number that you can adjust when initially purchasing the insurance policy, that may help make your premium more affordable; just make sure that you don’t sacrifice a low monthly payment for a deductible that is too high to cover, in case something happens.
4. Am I eligible for any discounts?
Oftentimes, an insurance company will offer discounts to their customers. These could show up as military discounts, renewal discounts, or even as multi-line reductions, which occur as you add multiple items or persons to your policy. To be sure you’ve covered all your bases, ask your insurance agent what discounts they offer in general, to see if you qualify for any of them.
5. Do I need any additional policies?
In the case that your coverage ends a bit shorter than you’d like, you may want to consider additional policies that cover them. Common policies you may include are gap insurance, which typically covers the difference between a car’s insured value and what you may still owe on it, or flood insurance, which offers additional protection on a residence that may sit in an area where flooding could be a concern.
6. What is the claims process like?
Because insurance is a “just in case” purchase, it’s hopeful to think that you may never need to file a claim, however, it would be short-sighted, as well. Walk through the process with your insurance agent—who would you contact, what documentation would you need, how long the process takes—to ensure that if trouble hits, you’re ready with a plan of action.
7. What is the premium?
One of the biggest questions most people have is this one: what will this cost? The premium—the recurring amount you pay (usually monthly, every six months, or once a year)—is the main cost you’ll have in keeping insurance, so it’s important to make sure it fits within your budget. You’ll also want to know the increase that may occur at renewal, if any. Remember that the premium price is affected by other factors such as coverage limits, exclusions and deductibles, so there are likely ways you can move things around to ensure your budget and your insurance coverage get along.
Whatever insurance policy you end up with, Penny Insurance has the experience and expertise to walk you through it all. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
Shopping insurance plans can be complicated—not only do you have to navigate all the different options, plans, and companies, but oftentimes you’ll have to translate those into real-world scenarios, and in the end not know if you are fully covered or not.
It’s for this reason that having an insurance agent is beneficial. Not only will you have a pro on your side to help you determine what coverage is best for you and your family, but you’ll also have someone by your side in case something happens and you need to take advantage of your insurance plan.
The first step in this process—before you even select an insurance provider, in many cases—is to schedule a consultation with them. In this initial meeting you’ll be able to ask questions, explore plan options and learn more about the company—and the agent—you are engaging to help you with this very important financial decision.
What should I plan on for a consultation meeting?
Once you’ve scheduled your consultation meeting, there are a few things that you should do in order to prepare for it, to take full advantage of your time with your (potential) agent. Here are a few things that you should keep in mind and get ready for your first meeting.
Do your research
Doing a bit of research is the first step to any meeting with your insurance agent, and the initial consultation is no different. You’ll need to be able to verbalize what pieces of your life you want to insure (home, cars, businesses or other property), as well as know what kind of coverage and/or how much budget you can put toward this risk mitigation. Fortunately, there are plenty of resources online to help you think through these questions and a number of calculators that can help you get a rough idea of how much coverage you can afford. Finally, research the company that you are meeting with. Do they provide all the different types of coverage you may need? What are their values? These things are important as you search for an insurance provider who will be a partner with you in your journey.
Build a list of questions
As you go through the research process, it’s bound to bring some questions to the surface. How are these two plans different? What would it cost if I increased this coverage, but not that? Should I move all our property to one company? All of these are questions that your agent can help guide you through to find a solution that matches your needs, but only if you remember to ask them. While you’re doing your research, keep a small notebook handy to catch all the things that come to mind, and take that with you to your meeting to ensure you get all the information you need.
Gather your paperwork
Before you meet, it’s important to have any relevant paperwork pulled together so that you can use the time together to move toward finding solutions, but this may mean you need to put a few things together, first. Here is a quick guide of things to get together, depending on the type of insurance you are considering.
Automobiles and Other Vehicles
Drivers license and Social Security Number
Automobile registration info
Information about drivers (age, gender, driving record)
Information about your vehicles (age, value, accident record, make, model, and year)
House or Apartment
Appraisal/Valuation
Age of home
Foundation structure
Additions (trampoline, swimming pool, alarm systems, new additions)
Health or Life Insurance
Age/Gender of those covered
Medical history and current conditions
Personal habits (like smoking)
Debt and Income (for life insurance)
Business Insurance
Risk assessment
Number of employees and type of work
Property, including building, equipment, and lease or own status
Type of business (to determine liability or risk)
Vehicles
Key Employees (what employees does the company want to cover?)
Consider service, not just price
While a lot of your first meeting may focus on price and the details of your coverage, make sure you are also considering the service you will get as a customer. How do their claims processes work? Will an agent be available to you for any questions along the way? How easy is it to change coverage in case of a shift in your needs? All of these things—and how they are answered—will help you determine if that specific agency is a good fit for you as a client.
No matter what type of insurance you are considering, Penny Insurance is available to you as our next customer. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
When it comes to insurance agencies, there are big insurance companies, and then there are places like Penny Insurance. The big difference between us and them is that we’re an independent insurance agency. We’re smaller, but we work with the big companies to provide insurance to our clients.
Whether you’re covered by a larger, prominent insurance agency or a small, local one like ours, there are some things you should know about independent insurance agents.
The Truth About Independent Insurance Agencies
They know you.
Independent insurance agents make it their job to connect with you on a personal level. They’re equally as invested in your life and your goals as they are in your insurance premiums.
When you call an independent insurance agent, you can actually expect them to pick up the phone because they’ll probably give you their direct line on day one. You don’t have to navigate a phone tree to find the right department and a qualified person to answer your questions. Even better, you can easily set up an in-person meeting with your agent – and they’d probably be stoked about it.
In short, independent agents are in it for the long haul. You’re not just a number or another reason to deal with paperwork. You’re someone they feel responsible for.
They work for you.
An insurance agent at a mainstream agency is going to sell you their agency’s insurance because that’s who they work for.
Independent agencies are a little bit different. They work for you first. They find out what you need and want, and then they call on the big insurance companies to meet those needs. That’s why they’re called independent agencies – they’re not tied to any one insurance provider. Think of them as a mediator between you and the insurance you buy. (AKA: You’ll never have to wait on hold to talk to those big companies again).
They simplify your life.
Because an independent insurance agent has access to so many different types of insurance, they have the power to consolidate all of your insurance coverage needs in one place. Need car insurance? They’ll find it. Need homeowner’s insurance? No problem. Need life insurance? Done.
You get the picture.
Now picture this: Paying one insurance bill each month. Or, calling the same agent every time you have a question about any of your insurances. Talk about a simpler life!
They save you money.
We all have that friend who’s a pro at finding the best deals. If there’s a bargain out there, they’re going to find it. Your independent insurance agent is that friend. They’re your personal bargain shopper. They shop around at all of these agencies to find the best deal. Cliché as it may sound, they’re saving you significant amounts of time and money.
We want to talk to you.
If you have more questions about what it’s like to work with an independent insurance agency, give us a call. We have a pretty good grasp on the ins and outs of this industry, and we’d love to give you a realistic look at what insurance coverage through an independent agency would look like for you.
Few things scare a parent more than having a teen driver. The learning curve is sharp – both for your teen driver and for yourself as you strive to become an effective and poised teacher.
When your teen is driving, it can be difficult to determine which driving tendencies demand correction and which ones are okay to overlook. To avoid nitpicking their every move, it’s better to encourage safe driving habits that will make them a better and safer driver overall. In this blog, we’re going to cover four skills to teach your teen driver.
Mind your speed.
Speeding is not only a major cause of teen car accidents, but it’s also a factor that worsens the effects of an accident.
If your teen has a lead foot, explain to them the risks of driving over the speed limit. Many teens assume that as long as they avoid a speeding ticket, they’re not hurting anyone. But a speeding ticket is minor compared to being liable for causing an accident and injuring someone due to driving too fast.
Drive free of food and drinks.
Parents are quick to tell their teens to never drink and drive. But what about driving and eating?
Eating at the wheel really is distracting, and for a teen who’s inexperienced to begin with, it is often the cause of fender benders and other accidents.
The piece you may not want to hear is that your teens are watching you drive and learning from your habits, good or bad. If you’re dressing a salad while trying to watch the road, or driving with the steering wheel between your knees while eating a chicken sandwich, they’re likely to feel confident in doing the same.
Set a good example for your teen drivers. They may not want to listen to your lectures in the car, but leading by example goes a long way.
Manage the social scene.
Food is certainly not the only distraction teen drivers face. Passengers, loud music, and phones are all common, and often, unmonitored distractions.
The best way to manage social distractions is to, again, set a good example. Put your phone in the back seat when you get behind the wheel. Ask a passenger to respond to urgent text messages for you instead of attempting to text while driving. Better yet, put your phone in driving mode. (Honestly, even if you don’t have a teen driver, these are excellent habits to form).
While helpful for sending text messages, passengers can be a major distraction for teen drivers. It’s best to limit the number of friends your teen is allowed to have in the car while driving. Give them time to acclimate to the road before their car turns into a social hub.
Arrive at Your Destination Before Dark.
Because teen drivers are inexperienced, nighttime driving presents a common risk. Not only are things more difficult to see in the dark, but chances are, your teen is going to be more tired at night, and so will other drivers.
If your teen is driving at night, help them take note of areas that require their utmost attention such as…
Busy roads
Historically dangerous intersections
Construction zones
Pedestrian-heavy areas
The more alert your teen is while driving, the safer they will be.
Will you have a teen driving soon? Contact Penny Insurance about adding your new driver to your auto insurance policy.
The funny thing about the phrase “home for the holidays” is that most of us are actually out and about more than ever during the holiday season. Whether we’re out shopping for Christmas gifts, attending parties, or visiting family, it seems like we’re anywhere but home.
Unfortunately, being away from home paired with traditional holiday activities and decor create the perfect recipe for holiday hazards. What you as a homeowner need to know is whether or not your home insurance has you covered for those unexpected, yet all too common Christmastime mishaps.
Are you insured for common holiday home risks?
Electrical Fires from Light Displays Christmas decorations are stunning, but if they’re not done right and monitored carefully, they can end up putting your homeowner’s insurance coverage to the test.
We all love a house and front yard covered in lights, but it’s best to never to leave your lights on when you’re not home. The enjoyment your neighbors and those walking by may receive from your unmonitored outdoor light display is not worth the cost of an electrical fire.
For your outdoor and indoor light displays, be careful not to overload your outlets. This could also start a fire – especially when your lights are wrapped around a dead tree in your living room. According to the National Fire Protection Association, 44% of Christmas tree fires are caused by electrical distribution or lighting equipment.
Fireplace-Related Fires Perhaps it’s all of those chestnuts you’re roasting over the open fire, but fireplace-related fires skyrocket every December, according to the NFPA. Often, it’s from candles on the mantle, not necessarily the fireplace.
Either way, the best way to avoid fireplace-related fires is to use fewer decorations around flames. Give you candles and your fireplace plenty of breathing room from stocking, garland and boughs of holly.
Stolen Christmas Presents Robberies go way up during the holidays because thieves know they can get their hands on some brand-new tech toys and whatnot via your Christmas gift stash. Basic homeowner’s insurance covers personal contents, which means most items stolen from your home would be insured. If you have valuables that you’d like to insure, you may want to consider Valuable Items Insurance.
What if an item is stolen from your car? More often than not, thieves will break into a vehicle before they rob your home, so you need to know if your home insurance policy will cover those pricey Christmas presents that never made it home. In certain cases, Penny Insurance will cover a percentage of the cost of items stolen from your car under your home insurance policy.
Certain factors – such as whether or not you locked your car – will be used to determine what percentage of the stolen items insurance will cover. One of our insurance representatives would be happy to talk with you more about specifics. In the meantime, keep your car locked, and valuables out of sight.
Slips and Falls on Your Property What if the Amazon delivery person slips on a patch of ice in your driveway and experiences a serious injury? Most homeowner insurance policies cover liability insurance, which means you would not be liable for medical bills. However, most policies have a threshold amount that they would cover in case of a lawsuit. If you’d rather not risk hitting that threshold, you can pay a little more for umbrella liability protection which goes into effect when your liability coverage meets its threshold.
Good Tidings of Great Home Insurance
The holidays are busy, and we know contemplating home insurance is probably not number one on your to-do list. That’s why, as a smaller independent insurance agency, we won’t waste your time bouncing you around from person to person. We’ll answer your insurance questions just the way you ask them – directly, to the point, and always with your best interests at heart.
It’s hard to believe we’re already closing in on the holidays. Thanksgiving is fast-approaching, and Christmas isn’t far behind. But before we get too far ahead of ourselves, let’s not forget what season is currently upon us – open enrollment!
We know, you already have more than enough on your plate right now (especially now that we just mentioned the holidays), and we hate to be the ones to add something else to your list, but open enrollment is an important time of year. The decisions you make between now and December 15th will affect you for the entirety of 2021, and we want to help you stay informed so that you can make the right insurance decisions for you and your family.
Dates and Deadlines for Health Insurance
When is it time to enroll?
The open enrollment period in North Carolina is the same every year. It begins November 1st and ends December 15th. Whatever insurance plan you enroll in during that time will go into effect on January 1st.
The open enrollment period was put in place to keep people from taking advantage of the system by signing up for health insurance right before undergoing a major procedure or immediately after finding out they need an expensive medication. Failing to enroll in health insurance coverage during the designated time means that you’ll be without health insurance for a year and be forced to wait for the next open enrollment period to get it.
There are, however, circumstances in which you can get insurance outside the open enrollment window.
Special Enrollment Period
What are the qualifications?
Some people qualify for a special enrollment period. Life events like losing other coverage, getting married, having a baby, or starting a new job typically make a person eligible for special enrollment. Additionally, those who qualify for Medicaid or the Children’s Health Insurance Program (CHIP) can also apply any time.
Since Penny Insurance Agency’s clients are all 65 years old or more, some of these life events are unlikely to occur in the next year. Insurance through Penny is a Medicare supplement. We do not offer Obamacare/ACA plans or under 65 health insurance.
Renewing vs. Shopping Around
What’s in my best interests?
You can count on your insurance costs going up from one year to the next, but don’t wait for your bill in January to find out just how much it increased. Ask your insurance company during open enrollment how much you’ll be paying for coverage next year, and if it’s a number you’re not happy with, you may want to shop around.
We get it – it’s so much easier to just renew your current plan, but if you can get better coverage that’s consolidated and managed by professionals who actually care about your needs, then isn’t a little insurance shopping worth it?
Open Enrollment with Penny Insurance Agency
How does it work?
The great thing about working with Penny Insurance is that you don’t have to know exactly what insurance plan you want. Leave it to our team to find a comprehensive coverage plan that makes sense for you, and then we’ll provide the most up-to-date facts so that you can make an informed decision.
As monotonous and mundane as open enrollment seems (especially next to all of your fun holiday plans), the great news is you do not have to tackle it alone. Our experienced and knowledgeable agents are ready to help you through the process.
Contact us today if you’re interested in speaking with a Penny Insurance Agency representative. Your protection is our priority.
For more information about open enrollment check out the Open Enrollment 2021 Guide from healthinsurance.org or one of our older posts titled, Open Enrollment: What You Really Need to Know.
Every day has always looked different, but now more than ever, our days are unpredictable. Whether you’ve gone from working in an office to working remotely or learning to teach your kids virtually at home, we are all making adjustments every day. While tackling these challenges, we need to be reminded of the importance of cybersecurity. Since October is National Cyber Security Awareness Month, we urge you to take some time to determine how cyber safe you really are.
With COVID-19, working, and learning remotely has become a norm for many people. We are conducting meetings and classes via video, using messaging applications for quick communication, and sharing even more confidential information virtually. While it’s great to have these tools at our fingertips, what are we sacrificing to use them? That question unpacks many more questions involving hacking, phishing, spam, illegitimacy, and more. We must protect our information at all costs, but if compromises do occur, Penny Insurance offers Cyber Liability Insurance.
One of the biggest threats to cybersecurity is email phishing. People use email daily to communicate for work and personal life and we are seeing an increase in the number of phishing emails. There are a few ways to check emails and determine if they are legitimate. One way is to look for grammar mistakes. If the subject line or body of the email include grammar mistakes, this may be a quick way to rule out if the email is valid. Another way to check is if the email asks for personal information or has links to websites you are not familiar with. You should delete emails with these prompts right away. It’s easy for hackers to embed viruses and tracking bugs in links, so you should never click on an unknown link.
Some other threats to your cybersecurity that you should be aware of, include video privacy, WiFi hacking, spam calls, and illegitimate job postings. Especially during these times, we are using video communication, working on our home’s WiFi, receiving many calls, and possibly looking for a job. It is important to read the privacy policies from these service providers before sharing confidential information while using them. Another privacy tip is to never share personal or financial information with anyone you are unsure of. Make sure you have proof that you are sharing with a confidential source and not a scam.
Most scams are easy to overlook, so taking the time to double-check the information you are receiving is a simple way to avoid being a victim. In general, you should always be on the lookout for illegitimate information. Even if you take precautions, our technologically advanced world makes it easier than ever for your information to be compromised. Make sure you have our Cyber Liability Insurance, so in the event of a security breach, your information is safe.
It’s already here, the last hoorah of Summer – Labor Day. You’ve worked hard to enjoy this long weekend and we want to make sure you don’t have anything to worry about. Whether you’re planning to take the boat out on the lake, grill in the backyard, or travel to a new location, there are always risks involved. Your safety is of the utmost importance to us, so knowing the risks and insurance options available is crucial.
Boating
Boats are a great way to get out on the water and enjoy the warm summer weather, however, we want you to know the risks involved before you take them. As with anything, there is a risk of personal injury. Boating personal injuries include but are not limited to, electric shock drowning and propeller accidents. Always check your surroundings for a source of electricity in the water. If you are unsure of the water’s conditions, you can get an electric current detector. Another risk is a collision with another boat or object. With our Motorcycle, ATV, RV, and Boat Insurance, you can worry less about what happens if these scenarios occur.
Grilling
Labor Day is notorious for grilling out in the backyard with family and friends. Even with grilling, there are risks you should be aware of. You should always make sure that children are kept away from the grill, to prevent any injuries. Also, reading the safety guidelines and rules for your grill is the best practice for keeping your grill functioning properly. Even with these precautions, unknown issues can arise. With a comprehensive liability policy, you can grill and relax without the burden of worrying about legal consequences if a mishap were to occur.
Traveling
Are you planning to go on a socially-distanced weekend getaway? If you are, you should think about the risks of leaving your house alone and traveling in a vehicle. To take the best precautions, ask a neighbor to watch your house or set up a home security system. Regarding your travels in a vehicle, you should always make sure you have your routine maintenance up to date. If you take these simple precautions, you can lower the risks of a weekend getaway. To take extra precautions, our Homeowners Insurance and our Personal Vehicle Insurance are the best options for you.
Whether it’s boating, grilling, traveling, or other Labor Day weekend activities, always know you’re covered with Penny Insurance’s liability options. We want you to have a fun and safe lifestyle, without the worries of liability hanging over your head.
Accidents happen, especially when outdoor summer activities are involved. To be sure your summer is filled with fun in the sun, be aware of these common liabilities and ways to avoid them.
1. Swimming Pools Sadly, each year, numerous accidents, injuries, and deaths occur in pools. When allowing your children or neighborhood friends to use the pool, be sure to keep a close watch on them. Drowning can occur silently and in a matter of seconds, if there is not keen adult supervision in place. Diving into pools can cause serious head injuries, paralyzation, and even death. Limit and advise adults and children alike on how to safely enter the pool to avoid injuries. In addition, adhere to your state’s recommendations and requirements for safety signage around your pool. Though it is unpleasant to think about, accidents do happen. In the event of an accident, the right liability coverage can protect you and your family from liability issues. A comprehensive umbrella policy might be right for you. If you would like to know more about your options, give us a call at (828) 692-9171
2. Bikes, ATV’s, Golf Carts, Skateboards, Scooters, and More Anything with wheels can be fun, but can also be dangerous. If your children and their friends enjoy activities like biking, riding four-wheelers, using skateboards and more, be sure to train them on proper ways to enjoy these things, emphasize the importance of helmets, and invest in an umbrella policy for an extra layer of liability protection. Outdoor activities like riding around are certainly fun, but things can go wrong in the blink of an eye. Be sure to enjoy summer fun, safely, and with a peace of mind.
3. Bonfires and Grills Some of the best memories are made around bonfires in the summertime or grilling out on the porch with friends. If you’re planning on enjoying bonfires or grilling out this summer, be sure to take all the necessary precautions to keep you, your family, your friends, and your home safe. Bonfires can easily get out of control and ashes can fly far distances into the air, which can burn people and items. In addition, grills are one of the top causes for house fires during the summer. Check to make sure your grill is in good working condition, remember to properly clean your grill to prevent fires, and check your propane tank for any leaks.
4. Home Invasion Summertime is the one of the most popular times for vacations and therefore vacant homes, and home invaders know this. If you’re planning to leave town, let a neighbor know. They can help keep an eye on your home while you’re away and collect your mail. Also, consider investing in an alarm system to deter invaders. Most modern alarm systems can alert you directly on your smartphone in the event of an invasion. Finally, be sure you have a comprehensive home insurance policy in the event of a home invasion or burglary.
At Penny Insurance Agency, we want our clients to have a peace of mind knowing they are covered, so they can soak up the sun and enjoy life’s best moments.
Hurricanes destroy countless homes each year and unfortunately, it is not a matter of if they occur, it is when they occur. If you live near the coast, or own a coastal rental or vacation home, having the right storm coverage is absolutely essential. Storms can be unpredictable– easily tearing down houses and causing overwhelming damage. Most typical home insurance policies do not cover flood or windstorm insurance, so it’s crucial to confirm that you have sufficient coverage before the storm hits.
While in most scenarios, storm damage is out of your control, there are some things you can do to prepare your home for hurricane season.
Plan Ahead
Have a plan in place, so that when a storm is on the horizon, you’re not frantic and can put the plan into action immediately. Determine a central meeting spot for your family so everyone knows where to go and what to do in an emergency situation. Plan out your evacuation route– where you will go for a safe destination during the storm, and make a checklist of all the necessary preparations that need to be made before you evacuate. With a plan already in place, you can take quick action and limit stress. If you do not have a hurricane plan, check out this helpful checklist: https://www.ready.gov/plan.
Confirm Your Insurance Coverage
The last thing you want to be doing in the event of a severe storm is wondering if you have the right coverage for your home and possessions. Confirm your insurance coverage ahead of time, so you can focus on evacuating and keeping your family safe during a storm. Most home insurance policies do not cover flooding damage or windstorm damage– two weather occurrences that go hand-in-hand with hurricanes. If you already know that your home is in a floodplain or the area is prone to flooding, do not wait to get flood insurance. If there are trees surrounding your home, you could be at risk for windstorm damage to your roof. Call before it’s too late. Our agents are here to provide you with coverage and peace of mind.
Inspect Your Home
Thoroughly inspect your home for areas of potential damage before a storm hits. While homeowners can usually detect possible problem areas, it is always a good idea to schedule appointments with professional inspectors to get an expert’s perspective. Check for low-hanging branches and trees that could come crashing down, check your roof for any weak spots, and check that your hurricane shutters are industry-approved and in working condition.
Prep Your Home
Lastly, if there is a hurricane warning or a storm approaching your area, be sure to properly prepare your home. If you have a generator, make sure it is in working condition and can switch on in the event of a power outage. Make sure there are no loose items in the yard like bikes or furniture that could fly around and break a window. Check all of your window seals, door locks, roof shingles…etc. to be sure that your house is in its best condition to weather the storm. Write a checklist ahead of time so you don’t have to frantically stress about making sure everything is done, and also so you know that you’ve done everything you can to prepare. Finally, make sure you have a “survival kit” with first aid items, food items, flashlights and more, so you can focus on keeping yourself and your loved ones safe.
If you’re unsure of what your current insurance policies cover, or would like to know more about hurricane coverage, give our agents a call. We are here to help and provide a peace of mind.
As people in our local communities and beyond spend more time at home due to the Coronavirus (COVID-19) pandemic, it may be a good time to review your current home insurance policies and assess your coverage. At Penny Insurance, we believe that every homeowner or renter deserves to be matched to the right policy. We take the time to get to know you, the area you live in, and understand the unique risks that your property is exposed to. We offer customized policies for Homeowners, High Value Homeowners, Renters, Condominium, Vacation/Seasonal Homeowners, Vacant Home Insurance, and Rental Property Insurance.
Homeowners or Renters Insurance With our traditional Homeowners Insurance, common risks such as the physical structure of your home, replacement cost, personal contents, additional structures on your property, any additional living expenses, and personal liabilities risks are covered. Our agents always strive to go above and beyond for our clients, and we also offer coverage for unique valuable items and collectibles, flood, earthquake, and umbrella policies. Penny Insurance proudly serves all of Western North Carolina as well as Tryon, Cliffs Communities and the Upstate of South Carolina area, and are licensed in both Georgia and Florida. Our professional personal insurance specialists can review your current policies today and provide you with a free quote for homeowners insurance. We know it’s more than a house, it’s a home.
Umbrella Insurance Another important policy to consider during this time is personal liability insurance (umbrella policy). Many people are currently working from home and have family members, children, and pets at home for extended periods of time. Having an umbrella policy protects you from legal costs if you or a family member damages someone else’s property, causes harm or injury, or if someone is injured while on your property. This type of policy is especially important to consider for homeowners with children or pets, as you become responsible for any damages they may cause.
Rental Property Insurance If your rental properties have been affected by travel restrictions due to COVID-19, contact us directly to see how we can help. We offer solutions for those in need of Condominium coverage, Vacation/Seasonal Homeowners, Vacant Home Insurance, and Rental Properties and our agents will work with you so you have the coverage you need.
Payment Relief Depending on your situation and the company your insurance is provided by, there may be relief available if you’re facing financial hardships due to COVID-19 and are unable to make mortgage or rent payments. Many of the companies we work with are extending payment deadlines and will work with you and your situation. Our agents are here to help with any questions you may have. In uncertain times, it is important to know that the place you call home is covered. We understand the investment you’ve made in your home, and we are here to protect it. At Penny Insurance, we want to give you a peace of mind as your insurance provider, even in the midst of a crisis.
With the novel Coronavirus (COVID-19) continuing to affect the daily lives of those around the world and those in our local economy, it is imperative to know the implications of coronavirus on insurance policies for businesses.
For business owners, the ever-shifting economy has caused a heightened concern for employee safety, risks of revenue loss, and increased liability risks. Navigating the state laws and regulations for businesses can be challenging, but our experienced agents at Penny Insurance are here to help. We have the knowledge and expertise to assist businesses in North Carolina, South Carolina, Georgia, Florida, and Texas with everything from General Liability Insurance, Employment Practices Liability Insurance, Business Auto Insurance and more.
During this time of crisis, reviewing your current policies in Employment Practices Liability Insurance, Excess Liability Insurance, and Business Auto Insurance are among the most important to consider. Employee Practices Liability insurance will provide you as an employer with the protection you need from claims made by employees, former employees, or even potential employees. Excess Liability Insurance, often called an Umbrella Policy is there to provide limits in excess of an underlying liability policy. Basically, if your business should have a crisis or unexpected issue that threatens its financial security, your Umbrella policy comes to the rescue. Lastly, during this Coronavirus pandemic, it’s important to assess your Business Auto Insurance, especially if you are the owner of a restaurant or use work vehicles regularly. Be sure to inform your employees of your state’s policies and procedures, especially when handling food deliveries.
In addition, unfortunately, vacant buildings and offices are more at risk for theft and break ins during this time. If you are able, be sure to regularly check on your office building for any suspicious activity, and shut off the water supply to prevent leaks and water damage, and unplug all appliances to lower the risk of a fire. Keeping these things in mind, review your current insurance policy to be sure you are covered if a break in or other unfortunate event were to occur.
It is also important to remember that laws, requirements, and regulations vary by state, so what may apply to a business in South Carolina may not apply to a business in North Carolina. In addition, many of the companies we work with have amended their policies in an effort to ease the burdens business owners are facing. Depending on your situation, you may be eligible for Business Interruption Coverage, Workers Compensation Coverage, Premium Audits, and more. If you need assistance navigating through new regulation or want to review your current insurance policies, we can help.
We don’t believe that “one size fits all” when it comes to business insurance policies. We work directly with the business owners to learn your unique risks to help design a plan that works for you. The right insurance customized for your business can be crucial to the short-term and long- term success of your business, especially in times of crisis.
Penny Insurance Agency has been serving our local areas and beyond since 1931. With deep roots in Hendersonville, NC, Lynn NC, and the surrounding areas, our agency understands the local economy, culture, and how our clients earn their livelihood. We are also licensed in South Carolina, North Carolina, Georgia, Texas and Florida to better serve our clients’ needs.
The areas surrounding our local offices in Hendersonville, NC, Lynn, NC and beyond are agribusiness hubs with crop farms, equestrian operations, and more. “Agribusiness is NC’s #1 industry and makes up 20% of gross local product.” In fact, “Ornamentals, apples and berries are three of the large producers in Henderson County and the community enjoys a variety of other crops as well – sweet corn, strawberries, tomatoes and much more. We also have several livestock operations. Henderson County is blessed with a wonderful agribusiness industry.”
We understand the work agribusiness owners put into their farms and the resources it takes, and we are here to protect it. With Chubb Agribusiness Insurance, we can customize coverage plans for equine operations, hobby farms, dairy farms, small to mid-sized hog confinements, hay operations vegetable, fruit, and nut operations, and grain and other crop farms. Policies cover risks associated with dwellings, farm buildings, recreational vehicles, hay, machinery and other equipment, automobile and farm trucks, and livestock.
Our agents are conveniently accessible to agribusiness owners in Henderson county with our office Downtown Hendersonville, NC, but are not limited to insuring those in our area. While we love our locals, many of our clients own properties out of state and beyond our office.
In addition to our office in Downtown Hendersonville, we also have an office in Lynn, NC. We understand the rich history in equestrian sport in the area and involvement in the equestrian community, and we’re here to protect it. With the Tryon International Equestrian Center just 15 minutes away from our office and the local area brimming with equestrian enthusiasts and professionals, our agents are accessible and ready to discuss the right equine coverage for you.
“Chubb Agribusiness offers a broad range of equine insurance products and services, which were created to specifically address the risks of horse owners and boarders. From equine liability to equine property and casualty insurance, we have the flexibility to customize an insurance program to specifically fit the needs of our customers. The Chubb Agribusiness products provide complete property and liability packages for most equine properties. Whether you own a small horse farm for pleasure, an equestrian estate or commercial equine operation, we can design an equine coverage program to suit your unique needs.”
Our Chubb Equine Agribusiness Coverage protects against risks included liability, tack, hay, feed, dwellings and content, umbrella coverage, recreational vehicles, barns and outbuildings, automobiles and farm trucks, specifically scheduled items of value, and machinery and equipment.
Additionally, Agribusiness Equine Insurance can be customized further to cover scenarios such as increased liability limits and coverages, replacement cost coverage available for dwellings, household, personal property and farm buildings, farm extra expense, farm continuation coverage, extended replacement cost, livestock care, custody and control, tack away from premises, stable liability, riding academy liability, boarding liability, and shows and competition liability. We also offer increased coverage with two equine endorsements for owned tack equipment, signs and gates, hay in buildings, computer equipment, tack equipment in care, custody or control, rental reimbursement for horse transportation, rented golf carts, and newly acquired terrain vehicles.
At Penny Insurance Agency, our agents truly understand the local communities we live, work and play in, and our ultimate goal is to provide the best coverage for those in our area and beyond.
At Penny Insurance Agency, we offer comprehensive agribusiness insurance for a variety of agricultural operations through Chubb® Agribusiness. We are able to customize coverage to suit farm owners' unique needs and exposure to risks, and are licensed to insure in South Carolina, North Carolina, Georgia, Florida, and Texas to better serve our clients.
We’ve compiled the key things you need to know when considering agribusiness insurance for your property.
What is Chubb Agribusiness Insurance? Chubb Agribusiness exists to protect commercial agricultural institutions and farm and ranch property risk coverages in rural America. The target classes of what Chubb coverage covers include commercial feed, grain, and fertilizer manufacturers, processors and distributors, as well as farm and ranch coverage for equine, hobby, and crop institutions.
What Type of Farms Can Chubb Agribusiness Insurance Cover? We can offer coverage for equine operations, hobby farms, dairy farms, small to mid-sized hog confinements, hay operations vegetable, fruit, and nut operations, and grain and other crop farms.
What Risks Does Chubb Agribusiness Insurance Cover? Coverage needs can vary depending on whether the institution is commercial or non- commercial, but we cover risks associated with dwellings, farm buildings, recreational vehicles, hay, machinery and other equipment, automobile and farm trucks, and livestock.
Can Coverage be Customized? Yes, we can customize your coverage to your property’s specific needs. We offer 3 levels of coverage– Standard, Select, and Select Plus, and can further customize plans considering liability limits and coverages, extended replacement cost, replacement costs- contents, pollutant cleanup and removal, farm extra expense, livestock care, custody and control.
What Does Chubb Agribusiness Equine Insurance Cover? We understand the unique risks equestrian operations and institutions face and our goal is to thoroughly understand your property and offer unique coverage for your peace of mind.
In the event a claim needed to be filed, Chubb Equine Agribusiness Coverage protects against risks included liability, tack, hay, feed, dwellings and content, umbrella coverage, recreational vehicles, barns and outbuildings, automobiles and farm trucks, specifically scheduled items of value, and machinery and equipment.
In addition, Agribusiness Equine Insurance can be customized further to cover scenarios such as increased liability limits and coverages, replacement cost coverage available for dwellings, household, personal property and farm buildings, farm extra expense, farm continuation coverage, extended replacement cost, livestock care, custody and control, tack away from premises, stable liability, riding academy liability, boarding liability, and shows and competition liability. We also offer increased coverage with two equine endorsements for owned tack equipment, signs and gates, hay in buildings, computer equipment, tack equipment in care, custody or control, rental reimbursement for horse transportation, rented golf carts, and newly acquired terrain vehicles.
We understand the daily commitments you make for your farm, and we are here to protect what matters most to you.
Why Should I Consider Chubb Agribusiness Insurance? If you own an agricultural institution, you understand the dedication, commitment, and resources it takes to run your operation. The risks associated with farms, ranches, and agricultural properties can be very high, we are here to ease your worries with comprehensive coverage. At Penny Insurance Agency, we don’t take protecting what matters most to you lightly. Give us a call today to discuss if Chubb Agribusiness Insurance is right for you.
As we have been for over 89 years, Penny Insurance is committed to you and is open for business via phone and/or email in order to support our clients when they need us most. In response to client needs, at this time, our carrier partners are making the following adjustments to their business practices:
Providing billing support for customers affected by the Coronavirus
Extensions on monthly payments without cancellation or fees
Various digital options through online billing and customer portals
In addition to shifting with the current economic landscape, what sets us apart as an independent agency is our mission to provide the very best insurance protection at the most affordable price. Our goal is to go above and beyond for our clients and businesses who are in need of assistance.
During this time, we are available if you need to adjust or re-assess your current business coverage. We’ve been able to successfully help businesses lower their insurance premiums during this time by assessing adjusted sales and payroll figures, easing financial demands and providing a peace of mind.
As a family-operated insurance agency, we understand that sometimes, life just happens. That’s why we are here right when you need us. Our team of licensed, specialized insurance agents will work for you and with you, with insurance plans and service you can trust. We are privileged to call Western North Carolina home and have been a mainstay in this community for nearly a century.
If you have any questions, or simply want to explore your insurance coverage options, please give us a call at 828-692-9171. We are here for you.
Flooding is one of the most difficult natural disasters to face and a significant trauma for property owners. “One of the biggest issues why people don’t carry flood insurance is apathy. I think many people think it won’t happen to them and are willing to take the risk,” says Loretta Worters, a spokeswoman for the Insurance Information Institute.
The average annual cost of flood insurance is minuscule compared to the average cost of a flooding claim when disaster strikes. Whether you own property near the coast and are exposed to the risk of coastal flooding, or your home is inland where severe rainstorms can cause damage, anyone can become a victim of flooding.
If you’re dealing with this home disaster, discerning what to do so you can resume your “normal life” again can seem daunting. If stress is flooding your life and you’re overwhelmed, here are some easy steps to follow to help you gain clarity on what to do next.
1. Verify Your Policy
Firstly, call your insurance agency. Verify that you have flood insurance, as standard homeowner’s insurance policies don’t include flood insurance. At Penny Insurance Agency, we make it a daily priority to maintain open, honest communication with those we insure. For almost a century, our trusted agents have been assisting people with their insurance needs. Once you’ve gained a better understanding of next steps from your insurance agent and gotten the ball rolling on filing a claim, you can focus on more tangible steps to help the process.
2. Take Photos
If it is safe to do so, document everything you can that suffered damage on your property. This includes water levels (if the flooding is still there), any major or minor water damage, photos of any ruined valuable items, and key structures of the home. There may even be damage that is difficult to see and pinpoint, so the more photos, the better. This will help ease the process of filing a claim if you have proper and substantial documentation.
3. Cleanup Safely
After you’ve contacted your insurance agency and properly documented the damage, you can begin the cleanup process. If it is safe to do, while following the instructions of local authorities, scan the perimeter for any obvious threats to your safety and then begin opening doors and windows to allow airflow. It is better to be safe than sorry, so always assume that flood water is polluted and unsafe, unless told otherwise. Work with a trusted contractor and professionals when assessing what to do next in cleanup and beginning to rebuild.
4. Prevent and Prepare
It may take some time to fully recover from a terrible flooding experience. Once you’re back on your feet, it’s important to consider what you can do to prevent the same damage and prepare for the future. Flood-proof your property as much as you can doing things like elevating the foundation of your home or vacation property, building in flood openings to the foundation, using water-resistant flooring in your home, and building with water-resistant insulation in the walls. In addition, verify that your homeowner’s insurance covers flooding, so that you’re protected in the future. Never just assume that your policy covers this– in fact, most homeowner’s insurance policies do not include flood insurance as part of the policy.
We understand how to help those facing critical situations and have been aiding people in navigating the waters of insurance for almost 90 years. Penny Insurance Agency is licensed in South Carolina, North Carolina, Georgia, Florida and Texas to better serve your unique property needs. For honest and personal service from one of our agents, give us a call or stop by one of our two office locations in Hendersonville, NC or Tryon, NC. We would be happy to speak with you about your insurance needs.
Nothing can tarnish your peace of mind like wondering if your property is secure while you’re away. At Penny Insurance Agency, our goal is to protect the life you have built for yourself and your loved ones while giving you a peace of mind. If the life you’ve built allows you to travel frequently, or occupy multiple properties, be sure to implement these steps to optimally secure your home while you’re away.
1. Check Your Insurance Policy
Talk with your insurance agency and verify that all of your specific needs for your property are taken care of. With a robust policy and an agency you can trust, your worries will fade and you’ll be able to truly enjoy your time away. Be specific when speaking with your insurance agents, and ask thorough questions. Penny Insurance is licensed in South Carolina, North Carolina, Georgia, Florida and Texas to better serve our client’s unique vacation home needs.
2. Install Security Systems
Do your research and select the best security system for your property. A large majority of modern security systems allow you to check-in on your home remotely and frequently from the convenience of your smartphone, and even detect activity around your place and give you notifications. Even the seemingly minute detail of having a security system sign in your yard or a visible camera can also deflect intruders. Investing in a solid security system is worth it, especially for vacation homes.
3. Make Your Home Appear Occupied
Whether it’s befriending nearby neighbors and asking them to check on your property, hiring a landscaper to trim the bushes, or installing light timers in your home, make it a conscious effort to make your property look occupied. Simple efforts like these can make a big difference and give the appearance that you’ve only left for a few hours and will be returning soon. Also, remember to transfer your mail to your main residence, as a pile of mail can indicate vacancy.
4. Check Your Locks
This may seem obvious, but simple efforts like double-checking that windows, doors, and other entry points are shut and properly locked is a common mistake when heading off on vacation. It’s tedious, but checking each and every entry point can save you a lot of headache later on down the road. If you haven’t already, add stronger locks where you can and more of them. Move any obviously expensive items that might intrigue intruders away from the windows and secure them in safes. Another rookie mistake is leaving a key to the house under the welcome mat, or under an item in the front yard. Intruders know to look in these common spots, so it’s best to just keep an extra key in your personal bag or give one to a trusted neighbor or friend.
Implementing these simple steps for better home security will keep you at ease and allow you to enjoy the life you have built. If you would like to learn more about vacation home insurance, our agents at Penny Insurance would love to speak with you and customize a plan for your unique needs. Give us a call or fill out our online contact form.
How to Prevent Property Damage in Winter and Action Steps to Take When It Occurs
Did you know that homeowner’s insurance claims related to wind or hail damage are the most common homeowner insurance claims? According to the Insurance Information Institute (III) “About one in 20 insured homes have a claim each year, about one in 50 insured homes have a property damage claim caused by water damage or freezing each year, and homeowners’ claims related to wind or hail are the most frequent.”
Unfortunately, the statistics on the likelihood of property damage in the winter are not very promising. At Penny Insurance Agency, we want our clients to be as prepared and informed as possible. We’ve compiled some of the most common property damage incidents that occur in the winter with tips on how to prevent them and actions steps to take when property damage does occur.
1. Hail Damage
Many factors can play into the severity of roof damage during a hailstorm – wind speed, the size of the hailstones, the density of the hailstones, the quality of the roof materials, and natural barriers such as trees. If you want to set yourself up for success should this scenario occur, check your house for any damage immediately following a storm. Even seemingly insignificant damage can have a snowball effect and contribute to significant damage later down the road. If you’ve determined that there is damage that needs to be repaired, contact your insurance company and connect with an advocate who can you take you through the next steps in filing a claim and hiring a contractor to get the damage repaired.
2. Roof Damage from Tree Limbs or Snow
In addition to hail, tree limbs and snow are very prevalent causes of roof damage. Winter storms can wreak havoc on homes with intense wind blowing down limbs and snow weighing heavy on a roof. Snow can cause roofs to cave in, clog gutters and collapse decks. Tree limbs can cause power outages, cut through house siding and more. As with hail damage, the best way to position yourself for the best possible outcome is to keep a close eye on your property because small damages can intensify later on. If you see obvious damage to your property, don’t hesitate to document the damage with photos and mark it with chalk to make filing an insurance claim and the repairing the damage easier for everyone involved.
3. Frozen Pipes
Water damage from a frozen pipe that has burst can cause immense damage to a home. Busted pipes can ruin sewage systems, cause flooding, and more. To prevent pipes from freezing and bursting, ensure that your house temperature is at least 65 degrees Fahrenheit, know the location of your home’s main water shutoff switch in case you need to use it, and frequently allow your faucets to slowly drip to keep the water in the pipes flowing. If you suspect that your pipes have frozen, take immediate action to unthaw them before they burst. Call a plumber immediately if you need assistance unthawing your pipes. This preventative measure could save you money and hassle later on. If the worst-case scenario happens and the pipes do burst, immediately cut off the water supply and be proactive about drying any water damage. Contact your insurance provider right away to file a claim in order to ultimately repair your home.
From the day we were founded, Penny Insurance Agency has been building trust with clients and providing comprehensive homeowners insurance. If you would like more information about homeowner’s insurance, or if you are facing property damage to your home, give us a call. We’re here to help.
Call Your Vet, Not Your Bank: Why Equine Insurance is Critical During the Winter
At Penny Insurance Agency, we understand your passion for horses, and we understand the time and monetary investments you make each day for your passion. For this reason, we offer customizable equine insurance policies from an independent, local agency you can trust. Horse ownership is a huge responsibility, and we’re here to provide you with what you need to keep your horse happy and healthy.
Because horses are well… horses… equine insurance is critical for your peace of mind when unplanned incidents occur. Especially in the winter, horses are much more susceptible to injuries and illnesses, which can result in serious stress and serious damage to your bank account if you’re not protected. Since winter isn’t melting away anytime soon, we’ve compiled some common risks your horse is exposed to during these months and why equine insurance is critical now more than ever.
1. Sliding on Bad Conditions With ice, sleet, and snow on the radar this winter, your horse is especially exposed to slipping, tripping, spraining, fracturing, or breaking an ankle or leg. It is very easy for horses to lose their footing in bad conditions and become lame in the blink of an eye. Horses will naturally move around outside during the cold months to keep warm and regulate their body temperature, so unfortunately, this mishap isn’t uncommon. Not only this, but snow can get packed into your horses’ hooves and damage their tissue, causing a separate injury to tend to.
2. Stiff Joints and Muscles, Causing Injuries Despite many horse owner’s best efforts, a large majority of horses experience stiff joints and muscles during the colder months of the year, which leads to a higher risk of injuries. With limited hours of daylight and harsh conditions outdoors, horses are often not ridden as frequently and can start to lose muscle strength and flexibility. This can result in stiff muscles that are easy to strain and pull. In addition, many older horses even experience arthritis and joint pain due to limited mobility, which can lead to serious complications.
3. Dehydration and Sickness Horses are accustomed to eating fresh grass during the warmer seasons, which provides significant hydration for them, but it’s difficult to come by fresh grass during the winter. 1 It is extremely important for horses to stay hydrated in the winter, because dehydration can trigger colic, the leading cause of equine deaths each year. In fact, 10% of the United States horse population suffers from colic each year. 2 When winter strikes and your horse’s main diet is dry food like grain and hay, you may need to be even more proactive about keeping your horse hydrated and ensuring that they have clean, accessible water at a lukewarm temperature. Furthermore, horses can catch colds and coughs just like humans, and they are more susceptible to respiratory complications when cooped up in barns without proper ventilation. It may seem beneficial to close barn doors in harsh conditions, but this can actually cause more damage than good, limiting natural airflow.
Although it is unpleasant to think about, accidents happen, especially with horses in the winter. We’re here to ease your worries with equine insurance policies customized to your needs, so that when accidents do happen, you can just call your vet, not your bank.
If you would like more information about our equine insurance coverage solutions, please give us a call at 828-692-9171 (Hendersonville, NC) or 828-859-6700 (Tryon, NC). We’re here for you (and your horse.)
If you are like eight out of ten Americans 1 , then you know and participate in the convenience of online shopping. While online shopping is easy, budget-friendly, and a “shopping trip” can be accomplished from the comfort of your couch, it is important to be aware of the increased risks of online shopping, especially during the holiday season. Cyber Monday is the biggest online shopping day of the year in the United States 2 , consistently breaking records year after year, and hackers capitalize on this fact.
Did you know that last year there were 6,000 scams disguised as Black Friday and Cyber Monday sales? 3 In addition, in 2017, there was a 57.5% increase in attempted cyber-attacks on Cyber Monday 4 compared to other days of the year, and this statistic is only projected to grow.
During the time window from Black Friday until the end of the year, online shoppers will be particularly exposed to phishing scams, unsecure malware, pop-ups and unsecure websites that could result in serious, long-term implications. At Penny Insurance Agency, it is our responsibility to ensure our clients are secure from cyber-attacks and equipped with the knowledge of how to avoid them. With Cyber Monday quickly approaching, we’ve gathered some helpful practices to stay safe and maintain your cyber hygiene to steer clear of hackers this holiday season.
Change Bank Account Passwords After Online Shopping
We can’t emphasize this enough– change your passwords. If you plan to shop online during Cyber Monday, remember to change your online bank account passwords on Giving Tuesday. Hackers are working non-stop during this vulnerable time window to steal sensitive information, and one of the easiest ways to prevent being hacked is to simply change your passwords. That’s not all though… make sure to never re-use old passwords and that your passwords are different on each account and are difficult strength passwords. In case you were wondering, your name or birthday just won’t cut it.
Always Use Two-Factor Identification/Authentication
Two-factor Identification/authentication is an easy safety net you can utilize to protect your information. Setting up two-factor authentication doubles your protection and makes it twice as hard for hackers to steal your information. Be sure to activate two-factor authentication all on your accounts and devices before online shopping this Black Friday and Cyber Monday.
Never Click on Pop-Up Links
The world of digital advertising is continuing to grow with digital ads becoming more interactive and “following” consumers around with relevant products. While this is convenient and trending, be wary of pop-up ads. Cyber attackers are becoming increasingly more sophisticated in their tactics and can disguise themselves to appear safe and reputable. To prevent this, just go directly to sites manually instead of clicking your way there through a pop-up.
Be Cautious of Free Wi-fi
One of the most common ways hackers inch their way into your devices to steal information is through Wi-Fi. Be very careful with where you connect to Wi-Fi, especially free Wi-Fi, and keep an eye out for any suspicious activity after connecting to a Wi-Fi source. If you’re able, use your own personal data on your mobile device instead of connecting to Wi-Fi as one way to prevent this type of phishing scam.
Always Check the Site Before Making Purchases
One of the simplest ways to prevent your credit card number from being stolen is to double- check your browser for the letters “https” before the website URL. Simply double-click on the URL tab at the top of your browser and check for “https” before submitting any purchases. Getting in the habit of verifying web browsers is an easy and simple practice for good cyber hygiene.
In light of Black Friday and Cyber Monday– the busiest online shopping day of the year– it is imperative to practice proper cyber hygiene habits to avoid common mistakes that can lead to serious damage to your private information. These tips do not just apply to individuals, though. Business owners need to be especially aware and proactive as well, because data breaches can cost them their reputation, legal fees, and more.
If you need assistance protecting your information or would like to learn more, contact us today by filling out our contact form or call us directly. We’re here to help.
Thanksgiving is the “kick off” of the holiday season, full of gatherings with family and friends, eating delicious home-cooked food, and a highlight for serious shoppers on Black Friday. Unfortunately, it is also one of the seasons with the highest accidents. With Thanksgiving, Black Friday, and the holidays right around the corner, we’ve compiled the most common risks that occur during this time of year and how to steer clear liability disasters this season.
Keep an Eye on the Turkey
Did you know that turkeys are the top cause of house fires? To add to this staggering statistic, Thanksgiving is the peak day for cooking fires, more than any other day of the year. U.S. fire departments fought 1,570 home cooking fires in 2016 alone on Thanksgiving Day.¹ Home cooking fires are also the leading cause of fire deaths during this season. Make sure to keep an eye on your turkey as well as other dishes. It may be easy for food dishes to be put on the “backburner” when friends and family are visiting, but be sure to check your food periodically to reduce the risk of a house fire. For your peace of mind, verify that your home insurance policy has thorough coverage so that you can fully enjoy your holiday and feast.
Limit Liability Mishaps
Between tipsy guests, steaming dishes, red-hot stovetops, and backyard football games, there are many things that could cause a liability mishap. If a guest gets burned from hot dishes, breaks an arm from a backyard football game, or causes harm to himself or others from drinking too much, you could be held responsible for legal fees, medical fees, and more. Limit the exposure to potential risks and be sure to also keep an eye on younger guests, as children can also be involved or be the cause of common mishaps. Protect yourself from a liability catastrophe by ensuring you have exhaustive liability insurance in case a mishap happens at your home.²
Drive Safely
Thanksgiving weekend is one of the craziest weekends on the road throughout the entire year. In fact, car accidents spike 20% on Thanksgiving Day and 34% on Black Friday.³ Granted, most accidents during this weekend occur in parking lots because of the holiday shopping rush, but they can still happen out on the roads and be serious or fatal. If you’re braving the rush and shopping during this time, be extra careful on the roads and make sure your car insurance is comprehensive in case an accident was to happen. In addition, if you are traveling to visit friends or family, be wary of increased traffic and plan your routes ahead of time. For extra protection and peace of mind, insure your trip with one of our agents today.
Keep these potential mishaps in mind this Thanksgiving season. If you’re unsure of what your insurance policies cover, we are happy to help. Give us a call or fill out our contact form contact form today. From our family to yours, we wish you a happy and safe Thanksgiving.
While it may be frightening to unleash your freshly-licensed teen onto the roads, there are many proactive ways to ensure their safety and your peace of mind. At Penny Insurance Agency, we consider our clients family, and we want to look out for yours. Share these tips with your teen driver as they venture out onto the roads this fall, especially with increased holiday traffic over the next couple of months.
Slow Down
In serious car accidents caused by teen drivers, 21% were caused by speeding.1Research shows that teens are much more likely to speed and spin a vehicle out of control than adults are. Speed dramatically increases the risks of causing accidents, which can also be a liability disaster. “Teens driving 40 mph in a 30 mph zone may think they’re “only” going 10 mph over the posted speed limit. But that “small” increase in speed translates to a 78 percent increase in collision energy – that’s nearly double.”2 It’s just not worth it.
Seatbelts Save Lives
The saying “click it or ticket” is a catchy way to remember to always wear a seatbelt. “At least 46% of teen drivers and passengers who died in passenger vehicle crashes in 2017 were not wearing a seat belt at the time of the crash. Research shows that seat belts reduce serious crash-related injuries and deaths by about half.”3Given the most current research, wearing a seatbelt is the easiest way to decrease fatal car accidents. Remind your teen that wearing their seatbelt can cut injuries or death risks in half.
Don’t Drive Distracted
Texting, music, and extra passengers can all result in distracted driving– the fifth leading cause of teen car accidents.4 Encourage your teen to put their phone in the backseat before starting the car to limit the temptation to check their phone, text, or play music from their device. Limit the number of passengers your teen can drive with to keep the peer pressure and distraction to a minimum. Small distractions may seem insignificant, but the smallest distraction can result in significant damage in a split second.
Encourage a Driving Course
Research shows that inexperience is the leading cause of teen car accidents.5 Driver training courses teach teens critical skills and improve reaction times. Many training courses are fun for teens, allowing them to really learn the ins and outs of vehicle mechanics and allowing them to practice key skills. Skills learned in driving courses are much more in-depth than what is learned during the state-officiated driving test. These courses can even help you receive better rates on insurance policies. “Research suggests that more comprehensive GDL systems are associated with 26% to 41% reductions in fatal crashes and 16% to 22% reductions in overall crashes among 16-year-old drivers. Parents can help their teen be safer by knowing and following their state’s GDL laws.”6
Share these tips with your teen driver for easy ways to prevent car accidents– the leading cause of death for U.S. teens– and for ways to be proactive as the roads become busier with holiday traffic. As always, if you are looking for the best insurance policies out there contact us or call us directly today.
The Real Scare of Halloween: Why You Need Homeowners Insurance with Liability
When considering a homeowners’ insurance policy, it is imperative to consider personal and family liability protection as part of the policy. Accidents happen, and you need to be proactive about your coverage before it’s too late. With Halloween being right around the corner and increased liability and property damage risks, not having a comprehensive insurance policy can be scarier than Halloween and here’s why:
Trick-or-Treaters on Your Property
According to the National Retail Federation, 69% of Americans plan to hand out candy to trick-or-treaters on Halloween to celebrate. If you have your porch lights on, you are welcoming people onto your property, and this can pose a number of risks. While giving out candy and complimenting kids on their costumes is a fun tradition, if a trick-or-treater hurts themselves on your property, you could face serious consequences such as legal fees, medical fees, and more. Some common liability incidents that occur each year include, but are not limited to: trick-or-treaters tripping on homeowners’ sidewalks or falling because of bulky costumes, children having allergic reactions to candy or other sweet treats, and pets getting spooked by the unfamiliar visitors and causing harm. Hand out candy worry-free this year knowing you’re covered if a mishap occurs.
Accidents at Parties
Pumpkin carving contests and alcohol are popular elements at any Halloween party, but are also accident-prone elements. Sharp tools used to carve pumpkins and burning candles to light up jack-o’-lanterns are obvious risks for party participants, but did you know that you could be held responsible and face serious consequences if one of your alcohol-infused guests causes harm to someone else’s property or to another person? In addition, without liability insurance, you could face serious consequences if an underaged party guest gets a hold of alcohol. Host Halloween parties with confidence knowing you won’t have to face haunting repercussions.
Spooky Season Pranks
It is undeniable that the number of pranks and damage to personal property spike during spooky season. In fact, there are 17% more insurance claims for theft and vandalism on Halloween versus any other day of the year. If your personal property is not protected, you could be fronting the costs of fixing car vandalism, repairing damage to your home, replacing smashed mailboxes, and more. In addition, if you plan on decorating your home or dressing up to surprise trick-or-treaters, be sure to keep it reasonable as motion-sensored decorations and scary costumes can easily frighten children, causing them to run away or hurt themselves and suffer from physical or mental distress at your expense. It’s spooky out there– make sure you’re covered.
Consider these risks this season and don’t let a liability mishap haunt you. Make sure your homeowner’s insurance policy includes liability coverage to protect you and your family. We want you to have an enjoyable fall season with a peace of mind knowing that if something happens, we’ve got you covered. If there’s something strange in your neighborhood, don’t call the Ghostbusters, call Penny Insurance Agency! We’re here to help.
In today’s digital landscape, an informed awareness of cyber-security threats and best practices for guarding personal information and data for businesses is absolutely essential for protecting your hard-earned assets. With countless avenues in which critical information is shared via the internet, cyber-attacks and data breaches are on the rise more than ever before. “…A report issued by the Director of National Intelligence named cyber-attacks as the principal national security threat facing our country—above terrorism, espionage and weapons of mass destruction.”² In light of October being National Cyber Security Awareness month (NCSAM), we’ve compiled some key things to keep in mind to safeguard your information from hackers:
Be Aware
It may seem obvious, but creating a habit of regularly checking the privacy settings on various accounts and devices and consistently monitoring online accounts can catch suspicious activity early and reduce potential damage.³ Be aware of the various tactics hackers use such as phishing, home Wi-Fi hacking, and any third-party individuals with access to your information.
Use Strong Verification
Updating passwords on a consistent basis is a must for cyber-security awareness, as well as using multi-step verification, when possible.4 Strong passwords and hard-to-crack authentication layers can make you less vulnerable to hackers.5
Monitor Purchases
With the world of online banking and shopping, it is now easier than ever for hackers to steal personal and financial information. Guard yourself by keeping a keen eye on purchases and immediately reporting any suspicious account activity to your bank.
Your Information is Valuable– Insure It!
Safeguard your valuable information for personal or business accounts with Cyber Liability Insurance to ensure protection in the case of cyber-attacks. Cyber Liability Insurance covers issues resulting from personal information, such as your social security number, usernames, or bank account information being stolen and can also cover the extreme costs that may result from your business’ critical data being compromised. Insurance is for the things you value most in life, so why not insure your information?
At Penny Insurance Agency, we’re here to keep you and your information protected for your peace of mind. To speak with an advisor today about how we can help keep your information secure, please fill out our contact form or call us directly.
[1] CyberSmart: Understanding & Managing Cyber Threats to High Net Worth Individuals. Copyright 2015
About National Cyber Security Awareness Month (NCSAM)
National Cyber Security Awareness Month (NCSAM) was created as a collaborative effort between government and industry to ensure every American has the resources they need to stay safer and more secure online. Now in its 15th year, NCSAM was co-founded and is co-led by the Department of Homeland Security and the National Cyber Security Alliance, the nation’s leading nonprofit public-private partnership promoting the safe and secure use of the internet and digital privacy. Recognized annually in October, NCSAM involves the participation of a multitude of industry leaders ‒ mobilizing individuals, small and medium-sized businesses, nonprofits, academia, multinational corporations and governments. Encouraging digital citizens around the globe to STOP. THINK. CONNECT.™, NCSAM is harnessing the collective impact of its programs and resources to increase awareness about today’s ever-evolving cybersecurity landscape. Visit the NCSAM media room: https://staysafeonline.org/resources/.
Most families have items that hold special meaning to them, whether its heirlooms passed down from generation to generation or high-value possessions. When it comes to protecting these prized belongings, safe storage space is key. Art, jewelry, and fine china are a few examples of valuables that need to be stored in special conditions; and to be kept in pristine condition, each of these collectibles require special care.
Fine Art
Some of the best artwork is hidden safely away to preserve the natural beauty of the piece. Art can easily be damaged and the most common risks include tears, smudges, stains, and even fingerprints. To protect your art from the elements over time, minimize direct contact with the piece as much as possible. This may mean storing it away from prying hands and animals or setting up a barrier or protective covering. If you do choose to store it, you have several options to ensure its quality. You can wrap the piece in plastic or place it in a Styrofoam box as both options will keep your art safe from outside contact. Your art’s storage space should be dry and kept at a consistent temperature to promote longevity.
Fine Jewelry
From engagement rings to grandma’s vintage pearls, all of the precious gems, stones, and metals that make up jewelry collections should be cared for accordingly. For pieces you wear every day, you can protect them from tarnishing or wear and tear by placing them in a softly- lined jewelry box. The box’s cushion can prevent scratches from occurring accidentally when the pieces are placed in their secure home. If you own high-value jewelry that is only worn on special occasions, then it needs to be kept in a more secure location. Safes and lockboxes are good options, and they should be placed in hidden locations to keep thieves out.
Fine China
Fine China is often only used on rare occasions, so that means it can be stored for lengths of time between uses. If this is the case with your fine china, keeping it stored in the right conditions can be the difference between damaged pieces and usable ones. If your china isn’t stored within the safety of a suitable display cabinet, the alternative is to place it in specialty storage bins. These types of bins are available from several major retailers and can ensure your china stays in good condition. The other option would be to use regular storage boxes. If this is the case, your priority should be to wrap all of the china individually and make sure they are placed securely in the box. Labeling the boxes correctly is also a crucial step, as a worst-case scenario could be mishandling a box that is improperly labeled.
Possessions can be considered high-value because of price or sentimental value. Either way, it’s important they are protected in all possible ways, and that includes insuring them. At Penny Insurance Agency, we understand that your high-value assets need to have the proper coverage for your ultimate peace of mind. Contact us today to learn more about our customized plans for valuable items.
There’s a reason fall is a favorite season for many. With crisp air, changing leaves, warm sweaters and sweet treats, there’s a lot to love. Even with these great things, there are some dangers that drivers need to be aware of to stay safe this season. There are unique challenges that come with navigating the roads in the fall, but there are also ways to stay vigilant and to avoid accidents.
With the cooler weather comes hazardous driving conditions. Rainy fall days may be nice to spend inside close by a warm fire, but there are times when you’ll need to brave the rain. Driving in wet conditions adds an extra threat, especially when paired with the fallen leaves. Leaves can make the roads even more slick and cover important road markings and potholes, so you should take extra precaution when driving through wooded areas. If you do happen to start sliding on leaves or a wet road, you may be hydroplaning. To counteract your car while hydroplaning, it’s important that you stay calm and take your foot off the gas pedal.
Fall leaves may create ice-like conditions on the road, but don’t let that stop you from keeping an eye out for actual frosty patches, too. Frost can easily form on cars and on the road overnight. When driving to work or school in the morning, be careful on parts of the road that are shaded or on bridges, as frost is common in those areas. If your windows or mirrors are frosted over, take extra time before leaving to defrost them. An additional tip for those driving in the early morning or late evening is to be aware of fog. Fog can set it quickly and can impair your view of the road. Instead of using high beams to combat fog, switch on your low beams.
By this time of year, most kids across the country have officially started a new school year. This means school traffic, whether by parents or buses, is filling the roads. The roads are busy and drivers need to be aware of the conditions that heavy traffic creates. To avoid feeling rushed on your commute, try to leave for your destination earlier. By factoring in a little extra time for traffic, you may not feel as stressed by all of the cars on the road. With school buses, make sure to leave ample space on the road. If a school bus is stopped and has its stop sign out, abide by state laws and do not pass. Additionally, watch out for children coming and going near school bus stops.
Another thing to watch out for early in the morning and during evenings is wildlife. Fall marks migrating and mating season for deer, so expect to see more of them on the road during these hours. If you do happen to come across a deer, slow down and try to avoid swerving on the road. Swerving in this instance may cause you to hit something worse, like a tree or another driver.
Overall, fall brings many hazardous driving conditions, but none that can’t be avoided with vigilance and cautious driving. Taking these precautions can make all the difference. By getting adequate auto insurance, you have an additional layer of security if something were ever to happen on the road. At Penny Insurance Agency, we want to give you the best coverage possible. Contact us today to learn more about the options available for auto insurance.
Football in the South is sacred, but what’s football without tailgating? Tailgating can sometimes be the main event, overshadowing the game. With trays of food, cold drinks and dozens of people, it’s easy to understand why. Sometimes the copious amounts of libations can be dangerous. There’s always a buzz in the air when a big game rolls around, and people from all over come together to cheer and yell, which can make tensions rise and safety precautions fall. It can be easy to let the excitement of football take precedence over safety, but it’s important to have some tips in mind when tailgating to prevent injury and illness.
Food & Drink
The food is arguably the most important part of a tailgate. Tailgates are a hub for homemade dishes and catered treats. If you’re planning on grilling out at the stadium, make sure that the food is properly stored. This means that meat should be kept in a cooler until it’s ready to be grilled to prevent bacteria growth. You also want to make sure that you’re practicing grill safety, which includes using the right kind of grill and watching the coals to prevent a possible fire.
Alcohol is also usually present at tailgates. If you’re going to be drinking, please do so responsibly. If there are minors at your tailgate, it can be tempting to turn your head the other way if they grab a drink. Underage drinking is illegal for a reason and being vigilant about who’s taking drinks can prevent future accidents. Tailgating throughout the game can also mean you’re drinking all day. Sober up at least two hours prior to driving home or have a designated driver. Studies have shown that a fair number of people are legally intoxicated by the end of a game.1 And while we hope that people who have been drinking at a football game or tailgate are doing so responsibly, that’s not always the case.
Parking Lots
When arriving or leaving a tailgate, you need to be extra cautious in the parking lots. People are everywhere and may not be paying attention to their surroundings. The threat of an accident rises even higher towards the end of the game when people have been drinking. Being aware of your surroundings when driving can make all the difference in preventing an accident.
Making friends at a tailgate party is inevitable, but just because everyone seems friendly, doesn’t mean they actually are. You may not think you need to because of the friendly environment, but you should always protect your valuables in a locked car or keep them on your person to prevent theft. Theft can happen anywhere.
In the end, it’s better to be prepared for accidents, even if they don’t end up happening. Injuries and illnesses can be prevented, but accidents ultimately are unavoidable, and the best you can do is prepare for them. It’s wise to keep first aid supplies on hand, but sometimes being prepared and practicing caution isn’t enough. Consider protecting yourself further by getting personal injury insurance which goes the extra mile and covers you in worst case scenarios.
At Penny Insurance Agency, we’re just as excited for fall and all of the fun fanfare that comes with it, but we also recognize the importance of practicing caution and staying safe. Contact one of our qualified agents today to find out more about personal injury insurance and how it can help you during your tailgates.
As summer winds down, a backyard barbecue is the perfect way to celebrate Labor Day and to end the season. Getting together with a group of friends and family to enjoy some good food and quality time can be a great way to combat the blues of fall starting. The weather will start to cool soon enough, but don’t let the fact that this may be your last barbecue outside for a while overshadow the safety precautions that should be taken.
When grilling out, there are some standard safety tips to remember before, during, and after you’re finished. Prior to lighting the grill, make sure it is located in a safe space. You don’t want it to be near any overhanging trees, low branches, or flammable structures. While the grill is lit and you’re cooking food, don’t leave it unattended and be sure children and pets stay a safe distance away. Wearing and using the proper equipment, like aprons and long-handled utensils, can also save you from potential grease burns. Once you’re finished using the grill, wait for it to cool, but afterwards, be proactive and clean it. If you’re using coals, dispose of them properly in a metal container.
Beyond the grill, barbecues are about enjoying company with loved ones and new friends. While décor and seating are definitely components to making your backyard hospitable, the safety aspect is just as important. If you’ve been gardening and planting, make sure any holes are filled to prevent unaware guests from potentially tripping. Any power tools or equipment should be stored away too, especially if there are children present who may think these tools are toys. As a general safety precaution, check your yard for any potentially poisonous plants. Poison ivy can easily creep up and present an unwanted pest in your backyard.
A backyard barbecue can be a fun time to hang out and enjoy good company and food. The safety precautions may seem minimal, but they are important for protecting your family, friends, home, and yard. By following these tips, you can rest assured that your backyard barbecue isfun and safe. Even by proactively following these tips, having insurance can give you an additional safety net to rely on and help with your peace of mind.
At Penny Insurance Agency, we understand the importance of quality time and quality food. We also realize that staying safe over the summer shouldn’t have to be something you’re constantly worried about. Contact us today to learn more about how we can help insure your home this summer and all the seasons after it.
When people think of the rainiest places in the country, states like Washington and Oregon usually come to mind. In reality, some of the states with the most rainfall per year are in the Southeast, among them North Carolina.1 Raleigh, in fact, is one of the top cities in the U.S. that receive more than 45 inches of rain per year. All of this rain has to end up somewhere, and sometimes, it has nowhere to drain.
Flooding in North Carolina is a scarily common occurrence, and residents should prepare their homes accordingly in case of an emergency. Typically speaking, people will know when the threat of flooding is high. By paying attention to weather reports during periods of heavy rain and during hurricane season, residents can become more aware of flood watches and warnings.
If you know your area is in danger of flooding, the safest thing for you to do is evacuate when the risk is high. Listen to local and state officials about the best course of action to protect you and your loved ones. If you cannot leave the area, then seek higher ground. Flash flooding can occur very quickly, and if you’re still in the area, you may become trapped in the floodwaters. You should not try to move through the water, either by foot or vehicle. Water may not look deep or dangerous, but it can be deceptively powerful.
To prepare your home for a flood, start with the lower levels and ground items. The Federal Emergency Management Agency (FEMA) recommends “elevating critical utilities, such as electrical panels, switches, sockets, wiring, appliances, and heating systems.”2 Valuables and furniture should also be placed on high ground or in a safe place. It may be necessary to waterproof your basement if you live in a place that frequently floods.
The threat of flooding can be scary, but it doesn’t have to be all-consuming and compromise your peace of mind. If you have flood insurance, then you are financially protected for the damage a flood may cause. This goes beyond people who live near the coast or a lake or river. Flooding can occur anywhere, even dozens of miles inland. Standard insurance policies in North and South Carolina do not cover flooding, but it is something that is necessary to protect your home in a worst case scenario.
At Penny Insurance Agency, we know weather can be unpredictable, and we understand the threat floods create. Contact us today to learn more about flood insurance and the other types of emergency situations we can help cover you from.
We love the summer, and we love our fur babies, but that doesn’t necessarily mean our pets also love the summer. The summer months are a great excuse for you to enjoy the outdoors with your four-legged friend, but the heat and other outside influences can often prove dangerous for our pets. Taking precautions to ensure the safety of your pet is just as important as protecting your home and other valuables.
Thankfully, most people know that leaving your pet trapped in a hot car can threaten their safety, but the heat outside can also be harmful. If your animal is left outside in the sun, they can be susceptible to heat stroke. Dogs and cats don’t sweat the same way humans do in order to cool down, causing their body tempDog Days of Summereratures to rise quickly when the temperature outside is close to that of their own. To prevent your animal from suffering a heat stroke, make sure they have enough water and adequate shade if they’re kept outside. A sign that your dog or cat may be overheating is if they’re panting excessively.
Enjoying the sunny weather by taking your dog on a walk is a good way to spend the afternoon, but make sure the ground isn’t too hot for your dog’s paws. Hot surfaces like concrete, sand, and asphalt heat up fast and can quickly become too hot for your pup. To prevent their paws from burning, walk your dog in the grass or during the morning or evening, after the ground has cooled. A good test to measure if the ground is too hot is to place your hand on the ground your dog will be walking on for five to ten seconds. If your hand is hot and uncomfortable in that short time span, chances are your dog’s paws will be, too.
If you’re planning on bringing your canine to the water, make sure he or she is equipped with the proper safety equipment. While some dogs instinctually know how to swim, they still might not be strong enough to do so on their own for an extended length of time. Stay near your pet at all times and consider having a life jacket if you are not confident in his/her swimming abilities. If you’ll be visiting the beach with your dog(s), it’s important they don’t stray far from the shore to avoid large waves and riptides.
At Penny Insurance Agency, we understand that your pets are just as valued as any other member of your family. Pet insurance can cover injuries, illnesses, and veterinarian treatments, and in the summer, it’s necessary to make sure your pets get the best care possible. Contact us today to learn about how you can protect your canine and/or feline friends.
Vacation houses, whether nestled in the mountains or along the coastline, are a home away from home. They can provide much-needed getaways for people looking to relax in a space that’s still comfortable and familiar to them. But what about those months when you can’t get away to your vacation home, and it’s just sitting there empty? The threat of burglaries or maintenance accidents can linger in the back of your head. Thankfully, there are a few things you can do to ease your state of mind.
Install Security Cameras
In this age of digital technology, there is no shortage of companies or products that can protect your vacation home from intruders. One option is to hire a reputable security company that can install cameras and other security measures in and around your home. In most cases, not only will you receive an intruder alert, but the local police and security company will be alerted as well.
Alternatively, there is the option to install your own cameras and equipment. By doing so, you have the ability to completely monitor any activity at your vacation home.
Create a Lived-In Look
Burglars are less inclined to break into a house that has occupants. While you may not actually be at the house, there are things you can do make it seem like you are, such as not letting your lawn and garden grow out of control. Hiring a landscaping service to come every so often will help your yard look well-maintained. In addition to a security system, you can also install automatic lights that come on at certain times. The lights will make it seem as if people are coming and going instead of it being dark and empty all the time. Lastly, cancel any mail or newspaper services that may be delivered to your vacation home. The look of piled-up mail and papers is a giveaway to potential robbers that a home is empty.
Lock It Up
Having extra keys to your vacation home can be helpful for you, but they can also be a liability if left unattended. Spare keys can often be found in common hiding spots, like under a plant or mat, and those are usually the first places someone who plans on breaking in will look. Instead, you could give your spare key to a trusted neighbor or place it in a lock box with an access code. In addition to keeping your keys safe, also keep your locks secure. Change out your locks periodically, and before you leave your vacation home, double check all of your windows and doors to make sure they are secure.
Your vacation home should be a haven to retreat to when you want to getaway. It shouldn’t be a place that comes with constant worry. At Penny Insurance Agency, our agents will work with you to customize the best plan to protect this hard-earned asset. Contact us today to find out more about what makes Penny the best insurance partner for you.
If your vacation consists of anything other than a staycation, you’ll be leaving your house vacant. Whether you’re going away for a short weekend trip or a month-long getaway, your house is vulnerable when you’re away. Your house is not only more susceptible to burglaries but to maintenance accidents or damages too. By following the tips below, you can take measures to ensure your home stays safe while you’re away.
Away from Home
One tip to keep in mind when you’re away from your house is to stay off social media until you get home. While it may be hard to resist posting that Instagram worthy photo, it’s safer for your home if you hold off. Posting that photo can tell all of your friends and followers that your home is empty and unprotected, increasing the risk of a break-in. If you can’t resist staying off social media, turn your account on private to restrict who sees where you are.
No one wants to come home to a house that’s seen accidents since they’ve been gone. Unfortunately, disasters can still happen even when you’re enjoying yourself on vacation. Flooded toilets, sinks, bathtubs, etc. can wreak havoc on empty households. To prepare your home, inspect and repair any damages to your water systems before you leave.
Even worse than coming home to a flooded house is coming home to no house at all. House fires that occur while on vacation are a very real threat. Thankfully, you can prevent fires by taking a few precautions. Start by making sure electronics and appliances are unplugged and turned off. Double check all of your smoke and gas detectors to make sure they’re working properly. Accidents can always happen but taking these steps will lower the probability of them occurring while you’re away.
The summer months and the vacations that come with them should be a time to de-stress and relax. At Penny Insurance Agency, we aim to make your summer one that you can enjoy with a peace of mind. If you’re concerned about your vacation home, check out our blog on what you can do to make sure you vacation home stays secure when it’s empty.
Don’t hesitate to contact us today to learn more about the areas we cover that you may not already have protected and how we can help you get the most out of your homeowner’s insurance coverage.
Be Fun, and Smart, in the Sun: Road Trips and Water Safety Tips
The warm summer months bring with them children happy to be done with school, adults excited to enjoy the nice weather and vacation time, and plenty of time to relax in the sun. With a little over half of Americans taking a vacation this year, chances are you may be one of them. Hitting the Road
If you’re hitting the road this summer, you’re probably eager to get to your vacation destination. Despite the light, aka the sun, at the end of the tunnel, you still need to stay cautious when getting there. Roads are packed during the summer holiday, with both tourists in your city and with people making their way to their own summer vacation spots. Getting your car or RV protected with insurance and prepared for your summer travels can take a weight off your shoulders. It’s important not to do just the minimum though. Drivers need to stay vigilant on the road to protect themselves and those around them.
The means summer months can be even more dangerous for driving than the winter ones. In the winter, bad road conditions are expected, so drivers are more aware. The months of May, June, July and August have some of the highest fatal car crashes out of the year in the United States. People may be distracted by the thought of their destination, tired after being in the sun all day, or maybe even simply preoccupied by the other passengers in the car.
Tourists visiting a new place may also be distracted by maps and GPS guides. This can cause them to drive slower than normal and can split the driver’s attention. If you’re traveling somewhere foreign during these upcoming summer months, it’s responsible to have a designated navigator to help you on your journey.
Cool Off in the Water
Whether it’s the beach, the lake, or the pool, the water is one spot that isn’t too hot for people of all ages to enjoy. No matter where you’re enjoying the water, it’s crucial to ensure that everyone who plans on getting in knows how to swim. If there are people who can’t swim or 1https://www.bankrate.com/credit-cards/travel/#summersurvey 2https://www-fars.nhtsa.dot.gov/Crashes/CrashesTime.aspx are inexperienced, set aside a shallow area for them to still be able to enjoy the water in. It’s still necessary to make sure this area is well-supervised in case of an accident.
The threat of drowning is present at any body of water but is especially prevalent at the beach where tides and waves can be unpredictable. Most lakes also have low visibility, so it’s alarmingly easy, and quick, to lose sight of a child in the water. Aside from drowning, there are a lot of other things to consider when ensuring the safety of your water-filled fun.
Backyard swimming pools are a hub for fun activities over the summer. There are a few things homeowners can do to make sure their pool stays safe during this time and year-round. A backyard pool should be secured, like a home, in case of unwanted visitors. Examples of backyard and pool security are gates with self-latching mechanisms and fences surrounding the deck and pool area. It may be beneficial to alarm the entry points to the pool and deck as well. Lifesaving equipment, such as life preserves, are also recommended. Your backyard pool should have regular maintenance checks to ensure the chemicals and filters are working properly.
Getting out on the water is one of the best parts of going to the lake, but boat owners have to understand the liability concerns that come with the luxury. Boat owners are responsible for the safety of their craft and the safety of the passengers on board with them. Boat insurance can cover different areas, such as: property damage liability, collision damage, bodily injury liability, hull coverage, and fuel spill liability. 4 The driver and passengers alike should take safety precautions when getting out on the water. Boats need to have the proper safety equipment in case of an emergency. Having the proper boat insurance and safety precautions will lessen the risk associated with having fun on the water.
What about protecting your home while away? Stay tuned for our next blog on protecting your home when you’re on vacation! And contact us today to learn more about how Penny Insurance can help increase your fun and decrease your worry this summer.
After a dorm experience, renting an apartment may feel like living in the Ritz Carlton. For many college students, apartment life represents one of the first major steps toward self-sufficiency and autonomy, but as those well into adulthood know, reward goes hand in hand with risk.
Renter’s insurance may seem like a trivial formality or easy corner to cut, especially on a student budget, but it’s not just another piece of parental advice to be brushed aside. While complexes and owners have insurance policies covering damage to the physical building, those policies don’t cover your personal property.
What does that mean for me?
Should your jewelry, clothing, furniture, electronics, or anything else in your unit be stolen or damaged for any reason, your landlord has no responsibility to replace or compensate for your losses.
Imagine walking into your apartment to find your laptop or brand-new TV stolen. How are you supposed to turn in your online assignments? How are you going to watch the latest episodes of Game of Thrones? No big deal if you have easy access to the funds required to replace them, but this is where we’ll acknowledge the typical student budget again.
It’s much less stressful to believe you’ll never find yourself in a similar predicament, but it’s also much less stressful to plan for this kind of situation before it actually happens.
So, what specifically does renter’s insurance cover?
Personal Property
The typical renter’s policy protects your possessions in the event of water damage, fire, vandalism, theft, power surges, and other uncontrollable circumstances.
It’s important to note that most policies do not cover damages that are the result of natural environmental disasters. Usually, the effects of earthquakes, floods, and mudslides aren’t considered.
Some belongings may only be covered up to a certain dollar amount by your insurance company. It’s a good idea to specifically ask your agent about limits on items like jewelry or electronics. If the cap on your policy won’t cover the price of your prized necklace or your state- of the-art entertainment system, a personal articles policy can be tagged onto your renter’s insurance for a relatively low cost (typically a few dollars a month.)
Liability
Renter’s insurance can protect you from instances of accidental negligence. For instance, you’ve just made dinner with your stove – a luxury you didn’t have access to during your dorm days. Being the busy college student that you are, you start to tend to your other responsibilities and forget to turn off the stove. Luckily for you, most policies provide at least $100,000 of protection against liability claims or lawsuits brought by third parties, which should likely cover the smoke inhalation claim your neighbor is filing.
Liability insurance can also protect you from negligence claims that are out of your direct control. Maybe your guest opens the door and accidentally lets out your new puppy, who then runs and bites a tenant. The average cost of a dog bite claim is approximately $35,000 – probably a little over budget.
This kind of coverage does not include negligence related to business pursuits (you sold cupcakes baked in your apartment that accidentally gave someone food poisoning) or intentional bodily harm (you poison the cupcakes baked in your apartment.)
Loss of Use
A pipe bursts in your apartment complex. You’ll be able to live there again, as soon as maintenance makes repairs. The loss of use portion of renter’s insurance will cover the cost of your hotel, food, and other necessary expenses due to the accident.
Renter’s insurance seems like a good idea. How much coverage will I need?
It’s possible your landlord requires a specific minimum in liability coverage. If not, an agent can assist you in determining what you need.
The amount of property damage coverage depends on the value of your belongings. It may be worth doing research to see how much it would cost to replace your most important possessions. When in doubt, take pictures and videos of your things so you have them on record.
Moving into an apartment is a life milestone for many college students, but so is purchasing insurance to protect yourself. These big changes can be overwhelming, but the agents at Penny Insurance Agency can walk you through the process. Contact us to talk about a renter’s policy that’s right for you!
It’s that time of year again! Between the extravagant hats, mint juleps, and the thrill of betting on the right horse, it’s no wonder the Kentucky Derby has been described by Forbes1as one of the nation’s “Greatest Bucket-list Sporting events.” Beyond the bustle and hype of the Kentucky Derby lies the simple joy of the event: a love for horses.
Equine lovers are known for their loyalty, dedication, and passion for the majestic animals. While they may not be able to curl up with you in bed like your typical house pet, horse lovers know that a horse is far more than an investment or means for a hobby; a horse is a part of your family.
My horse certainly isn’t an elite race horse or a thoroughbred stallion. Should I still get equine insurance?
Your horse represents years of effort, memories, and a companion through many of life’s milestones. Even horses whose existence contributes little to nothing in terms of income require maintenance, specialized care, and property upkeep at minimum.
Two basic forms of equine insurance exist: all-risk mortality and medical & surgical insurance.
All-risk mortality insurance covers costs in the event that your horse dies, requires euthanization, or is stolen. Typically, the insurance premium is based on the age of the horse at the time of insurance.
Medical and surgical insurance is usually only available in addition to all-risk mortality and theft insurance at an additional cost. Annual vet fees alone averaging nearly $500 per year2, none of which includes even the most minor emergency surgeries.
I take good care of my horse, so it probably won’t happen to me, right?
Unfortunately, no amount of vaccinations, routine medical care, or love can protect a horse from all serious injuries or illnesses. Besides old age, colic is the leading cause of death3in horses. Colic can be the result of the changes in diet, adverse weather, concurrent infections, and stress, among other causes. While the severity of colic has a diverse range, cases that require emergency surgery can have total costs ranging between $5,000-$10,000.
Of the eight horses she has owned, three required use of her major medical equine insurance policy, shared Stephanie Ruff5, Master of Animal Sciences. She used the entirety of the policy on two of said horses.
“The moral of my stories is that emergency situations are very expensive, and with them come big decisions,” explains Ruff. “If you don’t have a large emergency fund for such situations, to purchase an insurance policy. It gave me peace of mind knowing I could try to help my horse without worrying about the bulk of the cost.” 5
That peace of mind is our top priority at Penny Insurance. Our agents are committed to designing an equestrian policy program that caters specifically to your horse’s risks and exposures. To learn more about potential solutions, visit our Equine Insurance page, or call us to discuss your options.
With birds harmoniously chirping, the budding of colorful flowers, and longer days, spring inspires an energy and motivation that may have been hibernating during the winter months. The sunnier weather actually slows our bodies’ melatonin production, allowing us to “awaken,” which is when we tend to notice the disorganization and disorder the winter months left on our homes.¹
Before you open a window to air out the dust bunnies or grab the Clorox to begin your dirty-home detox, you may want to add “update insurance” to your spring-cleaning to-do list.
Here are some tips on determining the adequacy of your coverage this spring:
Toys and Vehicles: Did you take insurance off of your boat or RV as you retired it for the winter season? Maybe you were gifted a brand-new car, motorcycle, or ATV over the holidays (lucky you!)
Before you satisfy that itch to take the convertible for a spin down back roads, be sure to review and update your auto insurance policy to both satisfy any legal obligations and ensure your safety.
Changes to the Home: Have you finally decided to build that addition to your home this spring? Does the warm weather have you thinking about a pool? Home improvement projects typically require home insurance policy changes. Upgrades like new electrical and plumbing systems, home protection services, and rooftop replacements can help decrease your home insurance premiums.²
More square footage means more home to cover. New decks, pools, and hot tubs add both luxury and liability to your home, which means you may want to increase your personal liability coverage.2 Talk to your insurance agent about the implications of your updates.
Gifts and Valuables: The winter is filled with gift-giving opportunities. Additionally, as you clean and organize the house, you may uncover new inventory worth covering. “Having an updated home inventory can help you estimate how much your belongings are worth. Once you know the replacement value of your possessions, you can determine whether your home insurance policy is offering enough coverage for your belongings.”³
Typically, homeowner and renter policies have rather limited coverage on items like jewelry, fine art, high-tech gadgets, and antique firearms. We recommend talking to your agent about insurance for valuable items to understand the extent of your coverage and to update item appraisals.4
“Just as it is important to look at your wardrobe, electronics, and other personal items to see what needs to be tossed, fixed, updated or stored for the coming months, everyone should do a thorough evaluation of their insurance coverage at least once a year,” says Jeanne M. Salvatore, Senior Vice President and Chief Communications Officer of the Insurance Information Institute. “So why not make a policy review part of your spring-cleaning ritual?”5
Talk to one of our qualified agents today to determine how the past year’s changes or this coming year’s anticipated alterations could potentially affect your coverage.
While the catchy, yet outdated, phrase “ring by spring” may not hold entirely true in this day and age, you might find yourself bombarded with wedding invitations in the mail, wedding photos on your Facebook feed, and wedding talk among your coworkers and friends as the weather begins to warm.
The origins and tradition of the “ring by spring” phrase are ambiguous and difficult to come by, but the idiom generally describes the desire by college-aged women to be engaged by the time they graduate in the spring. 1 While some universities and colleges, particularly ones with religious affiliations, still see and feel pressure by this phenomenon, the growing trend over the past decade has been to delay marriage until later in life. The average age of engaged couples is now 33, according to the 2019 WeddingWire Newlywed Report.
Regardless of its actual merit, “ring by spring” may help put a name on the increased amount of wedding talk as the weather warms. There is nearly a 20 percent increase 3 in the number of wedding ceremonies from winter to spring, with April and May considered peak season in much of the country.
If you are one of the many planning your wedding during this time, it’s time to start thinking about wedding insurance. No amount of time or energy can guarantee a flawless wedding, but investing in wedding insurance can help guarantee protection against bumps in the road toward your happily ever after.
Wedding insurance helps protect against unforeseen events, such as:
Vendor complications: Vendor complications are the most common wedding mishap that results in an insurance claim. 5 Of the vendor-related claims, 65 percent were related to the venue, 5 which is the most costly of the wedding expenditures. 2 Other vendor complications include photographers not delivering photos as promised or DJs who failed to show at the reception.
Extreme Weather: Severe weather, such as a hurricane or tornado, can lead to wedding postponement, with the risk varying depending on the wedding’s geographic location.
Lost or Stolen Rings: Not only are weddings expensive, but engagement rings can cost a pretty penny as well, with the average price being $5,000 2 . Losing a valuable symbol of you and your partners love can be devastating.
Dress or Tuxedo Damage/Loss: You deserve to look and feel like royalty on the day you say, “I Do.” An alteration error or tuxedo sent with a stain is not only upsetting but costly to fix.
Stolen or Damaged Gifts: It can be exciting to receive gifts that help to jump-start your domestic life with your spouse-to-be. With online wedding registries and ever-improving internet shopping logistics, it’s easier than ever for family and friends to help you celebrate by sending a gift straight to your front door. Unfortunately, this ease has been extended to “porch pirates,” as well. In 2018, 1 in 4 people were victims of package theft.
Unexpected Injury or Illness Resulting in Cancellation or Postponement: No one wants to think about the affliction of a loved one, especially on day so special, but it’s important to acknowledge all of the risk factors that could affect your big day. Such an incident would not only be emotionally upsetting, but costly and flustering in terms of rescheduling.
Your wedding day is often one of the most memorable days of your life and the beginning of your unified life with your partner. Penny Insurance can help with your peace of mind. Call one of our professionals today to learn more about wedding insurance and getting the right coverage for your special day.
St. Patrick’s Day means a green Chicago River, flowing beer, and hopefully a bit of luck. You may not find a four-leaf clover or pot of gold, but fortunately, you don’t need either to keep yourself safe during this festive holiday. Use these safety tips as lucky charms to navigate through this St. Patty’s Day:
Last year, Americans spent a whopping $5.9 billion on St. Patrick’s Day, 42 percent of which was on alcoholic beverages.
Drive sober.
Plan ahead; have a designated driver assigned before you go out.
Download/register for Uber or Lyft. Many cities even offer special holiday discounts.
Be sure to keep your phone charged so you can call your driver or access these potentially life-saving apps.
We cannot stress the importance of driving sober. Not only do you run the risk of causing serious bodily harm to yourself or another, but DUI/DWIs pose significant financial burdens. A ten percent increase in DUIs is typical during the week of St. Patrick’s Day. There is no “accident forgiveness” for a DUI charge, and premiums can jump anywhere from 30-100 percent because you are deemed a high-risk driver with a DUI on your record. Insurance companies also retain the right to drop you entirely from your plan, and applying for car insurance becomes increasingly difficult after a DUI. Insurance companies often ask if you have been convicted of a DUI in the past five years because it is a red flag for prospective guarantors. Even after the five-year period, a DUI remains permanently on your record and available to the public. Typically, alcohol-related crashes cause more damages than any other accident.
Drink smart.
Hydrate with plenty of water and make sure to eat before you begin celebrating.
Take smaller sips. It’s not a race!
Watch your drink.
Never accept an open drink.
Don’t set your drink down. If you do, be sure to order a new one.
Protect your personal property.
Take only the bare essentials with you when you go out, so they don’t get lost!
Stay with your party.
Surround yourself with people you trust.
Of the 60 percent of Americans who plan to celebrate, only around half will go to a restaurant or bar. If you plan to host a party, here are some things to consider.
Protect your personal property.
Keep certain areas off-limits.
Make sure any valuables are hidden and locked away.
Understand liability.
Research the risks and limits on throwing a house party in your region/state.
Take the keys of guests to they do not drive after drinking.
Expect some friends to stay the night. Friends don’t let friends drive drunk!
In many states, third parties and social hosts can be charged criminally or civilly for damages caused by a guest who was served beverages at the host’s residence. Home insurance policies may cover some liquor liability, but it’s important you speak with your insurance agent to fully understand your coverage and the risks associated with throwing a house party.
Enjoy your St. Patty’s Day and remember that ‘diligence is the mother of good luck!’
Citations:
Blog Home. (2018, March 15). Retrieved from https://www.schlosserandpritchettlaw.com/dont-become-a-st-patricks-day-north-carolina-dwi-statistic/
St. Patrick’s Day | NRF. Retrieved from https://nrf.com/insights/holiday-and-seasonal-trends/st-patricks-day
Spring is right around the corner, which means it’s time to plan a road trip! Whether you’re on your way to your favorite coastal destination, taking a trip through the beautiful countryside, or just exploring with no particular landing point in mind, an RV provides a comfortable, luxurious way to enjoy your trip.
As you begin prepping for the spring and summer seasons, be sure to check these areas for safe travels:
Inspect your tires. Nothing puts a dent in your journey like a flat tire. As your camper or RV is sitting unused, it is possible for tires to deflate or even crack over time.
Clean your water system. RV antifreeze is an excellent way to keep your water tank, pipelines, and pump safe from the frigid winter temperature, but it’s important to completely flush antifreeze from your water system. Be sure to dispose of it in a way that adheres to state and federal regulations.
Check for mold. If your RV was stored outside, it may have experienced moisture over the winter season. Check thoroughly for mold or have a professional inspect your vehicle.
Replace your smoke detector batteries and carbon monoxide detector. Safety first! This is also a good time to check your fire extinguisher gauge to be sure it’s still full.
Check your propane system for leaks. Lines can dry out, become bent, or experience damage from rodents.
After you ensure the safety of your vehicle, it’s important to check with your insurance agent and update your RV insurance if necessary. Contact us today to make sure your policy is up to date and covers all of your necessary liabilities.
Your relationship with your insurance agent is important, and, like any good relationship, communication is essential. The Insurance Information Institute encourages you to speak to your insurance agent at least once a year in order to ensure all of your coverage needs are being met.*
Keep us up to date with major life events, including:
Marriage/Divorce
Both home and auto insurance may be affected by your marital status. Young couples in their 20’s could see as high as a 20-26% decrease in car insurance premiums after saying their “I do’s.” In contrast, several common insurance plans can be viewed as assets in a marriage and are important to regulate during divorce settlements. Additionally, you may find that a different policy may better suit your needs once you are single.
A child being born, beginning to drive, or moving out of the household
The birth of a child is a significant landmark in life. Like you, we want your little one to have access to top-of-the-line health insurance. Typically, parents are encouraged to notify insurance agents of an additional child within 30 days of birth. It is paramount that your child receives essential health benefits, such as newborn, pediatric, and preventative care.
Beep, beep: student driver coming through! Whether your child is borrowing the family wagon or has recently gotten a new ride of his/her own, members of a household who intend to drive must be insured under a single household policy. Moreover, each family car must be insured, as well.
Could it really be possible that your child is leaving home to navigate the world alone? It can be difficult to determine when to discontinue coverage for an aging child. Our professionals can help guide you through your options based on your family’s unique situation.
Treating yourself to fun new purchases
Have you decided you’re born to ride? Maybe you splurged on an RV or ATV to enjoy nature in a novel way, or you’re planning on spending the upcoming summer on your new boat. Penny Insurance offers exceptional insurance coverage on all of your unique modes of transportation.
A loved one in need of long-term care
As we age, our needs (and roles) change. If you believe your loved one is in need of long-term care, we have policies that cover in-home services, nursing homes, and assisted living. Even if care is not needed immediately, call an agent to determine a plan and discuss options for the future.
The addition of a pet
As “man’s best friend,” we want the best for our beloved pets. At Penny Insurance, we offer insurance covering injury and illness of your pet, as well as treatments by veterinarians and other specialists.
Other significant purchases
When in doubt, call an agent to discuss the viability of insuring your latest investment.
Catching up with your insurance agent ensures timely and efficient service, as well as the opportunity to learn about our latest policy updates, potential discounts, and helpful insurance tips. Call us today to rekindle your relationship with your agent!
Happy
National Umbrella Day! Yes, today, February
10, is a day dedicated to honor one of the most useful and functional devices.
Umbrellas serve many purposes such as keeping you dry, accessorizing your
outfit and protecting you from the harsh rays of the sun. Just like the
umbrella has excellent coverage and protection, so does umbrella insurance, also
known as Personal Excess Liability Insurance. According to The Street, umbrella insurance goes “above and beyond” the limits
of certain personal insurance policies, such as homeowners and auto insurance.
Umbrella insurance covers for claims that are often excluded by liability
insurance policies.* In addition to your existing coverage, it may protect you
from damages resulting from:**
Slander
Libel
False Arrest
Defamation
Malicious prosecution
Landlord liability
Serious bodily injury
Serious property destruction
These insurance policies begin
working when your regular insurance liability coverage gets maxed out. The
purpose of an umbrella policy is to prevent large liability claims or judgments,
which primarily benefits people who are not able to afford to pay for the costs
by themselves.***
Umbrella
insurance is an excellent way to add an extra layer of coverage to your
liability protection, because often times when it rains, it pours. People tend
to work hard and save their money to provide themselves with a secured
financial future. However, unexpected situations often transpire and we are not
prepared for them. If you are involved in an
accident without proper liability coverage, you can end up paying for damages
out-of-pocket. However, purchasing umbrella insurance can help you avoid this kind
of situation. This feature not only increases the
coverage on your current policies, but can include coverage for accidents not
typically included in other policies.
Home renovation, rental tenants,
frequent entertaining, ownership of a pool or trampoline, board of directors
participation, ownership of recreational vehicles, and even the use of social
media are just a few risk factors that may increase your need for umbrella
insurance.****
In
conclusion, we at Penny Insurance advise you to consider the following
questions posed by Russ Alan Prince, writer for Forbes, in regards to the
importance of investing in this insurance:
What will happen if you or your child causes a car accident resulting in serious injuries and death of others?
How would you pay for the treatment of someone who hurts himself or herself in your home and claims negligence? What happens when they claim to have greatly suffered because of the injury?
What if a stranger on your property beats your dog and in self-defense your dog bites the person, and then you are sued?*****
Purchasing
Umbrella Insurance / Personal Excess Liability Insurance will give you the best
possible protection against any of these claims.
You’ve worked hard for
your assets and that’s why you deserve to enjoy the fruits of your labors
without fear of losing them. Experience the ultimate peace of mind with Penny
Insurance’s personal excess liability plans, unique to you and your needs.
After all, liability issues are everywhere and you never know what could result
in a lawsuit. To learn more about umbrella
insurance, call us today to
speak to a professional. Like a good umbrella, Penny Insurance always has you
covered with your best interests in mind.
HENDERSONVILLE, N.C.— Will Penny, president of Penny Insurance Agency, celebrates his 25th year at the company. Penny is a graduate of Wofford College and was awarded a Certified Advisor of Personal Insurance (CAPI) designation in 2017 from the Aresty Institute of Executive Education at the Wharton School of the University of Pennsylvania and Chubb Insurance.
Since 1931, Penny Insurance Agency has been dedicated to providing outstanding insurance services to the families and businesses of Western North Carolina and Upstate South Carolina. It has prided itself in being able to offer a complete line of insurance coverage from homeowners’ insurance to business insurance, farm insurance to equine insurance, auto insurance to business vehicle insurance.
“It has been such an honor leading Penny Insurance into its 88th year,” Penny says. “As a third-generation family-owned business, we understand the importance of strong relationships, and we understand that sometimes, life just happens. Having the opportunity to form these relationships and help people choose the best policies has been extremely rewarding and something that I thoroughly enjoy doing every day.”
Penny and his wife, Lynn, have been married for 25 years, and he is the proud father of four beautiful daughters. In his free time, Penny enjoys partaking in outdoor activities such as hunting, fishing, and golf in his North Carolina home.
About Penny Insurance Agency Penny Insurance Agency is an independent insurance agency serving Western North Carolina and Upstate South Carolina, specifically Tryon, Hendersonville, Asheville, Landrum, Campobello and Spartanburg and is licensed in multiple states. Founded in 1931 with a mission to provide the very best insurance protection at the most affordable price, Penny Insurance is still serving as a leading independent insurance agency for families and businesses. Contact Penny Insurance Agency at its website or by calling 828-692-9171. Connect with Penny Insurance Agency on Facebook and Twitter.
It’s that time of the year again! The cold air, snow, lights, decorations and delicious food, make us wish this season could be year-round. More importantly though, it’s a time where families can gather together once again. Travel rates during this time of year tend to increase, as everyone is visiting family. Last year in 2017, it was estimated that roughly 100 million Americans were planning to travel, whether that was to see family or go on vacation.* Whereas driving may be cheaper, many people opt to fly because it is often quicker and more efficient. Although some people tend to prefer private aviation because of the convenience and privacy it offers, private aviation is much more dangerous than flying commercially.**
Aviation insurance differs greatly from personal home and auto insurance, but insuring your aircraft and your safety is just as important. Choosing the best insurance provider will not only protect your aircraft business, but more importantly all the passengers on the plane. It will also cover third parties involved in aviation accident like the people injured during the crash, any crops or buildings that are ruined by the plane and the properties that are damaged because of the accident.***
With all the risks associated with flying, we have listed below a few insurance options you may want to consider when purchasing private aviation insurance.****
Owners Aircraft Insurance
If you’re the owner of an aircraft, we highly suggest the Owners Aircraft Insurance, which covers aircraft categories such as jets, airplanes, seaplanes, turbines and air gliders… just to name a few. It’s also mandatory to have in-flight Insurance since this specific type of insurance will cover the liabilities incurred by the plane during accidents in the air as well as incidents that occur on the ground.
Hangar Insurance
As an owner, you should consider purchasing Hangar Insurance to secure the locations where you park your plane. Additionally, the owner also has the option to get Hangar Keepers Insurance, which includes the personnel who maintains your aircraft and their safety benefits.
Renters Aircraft Insurance
If you are a renter of planes, acquiring Renters Aircraft Insurance would allow you to protect yourself and your beneficiaries in time of an accident.
Non-Owned Insurance
If you are a student learning to fly various aircrafts, it is mandatory for the schools to get non-owned insurance to protect the students if something goes wrong during the course of training.
Although purchasing private aviation insurance can be extremely costly, it’s extremely vital and worth having. Further, after you have done your research determining which insurance is right for you, your insurance company can help offer you rates and pick out the correct insurance option that suits your budget.
While private aviation provides you with maximum travel freedoms, it can also bring about numerous liability concerns. Let us develop a comprehensive coverage plan for your unique travel accommodations. Contact us today so we can help you soar the skies with peace of mind!
Who remembers the scene in the 1989 classic, National Lampoon’s Christmas Vacation, when Clark Griswold, portrayed by Chevy Chase, is stapling lights to his roof but quickly loses his traction and ends up dangerously dangling from the roof? Clark is a true family man who genuinely wants his family to have the perfect Christmas and consequently goes to great lengths to make this happen. Although we like to laugh at his silly and often ill-advised choices, his actions are exactly what we want to avoid this holiday season. In this blog, we have listed a few decorating tips to keep you safe so you can hopefully avoid being a part of a scene from this hilarious film.*
Holiday Lights One of the best parts of the Christmas season are the lights. It’s already the most wonderful time of year, but there is just something so special about the twinkling and sparkling that makes it so magical. However, these beautiful decorations also have many risks associated with it. First of all, you should never hang your lights close to anything flammable. If you do have lights around a non-artificial Christmas tree, be extremely cautious and make sure to unplug the lights before bed or before leaving the house.
Holiday Tree According to the American Christmas Tree Association (ACTA), Christmas trees start around 210 house fires per year.** The best way to avoid a Christmas tree fire is to use artificial trees, which are fireproof and require very little upkeep. However, if you love the pine scent of Christmas trees and are committed to purchasing a real one, it is necessary to keep it well-watered as the dry trees are even more flammable.
Holiday Ornaments Many ornaments are made of glass which means they are extremely breakable and can shatter into many very sharp pieces. If you have small children or curious pets, they could accidentally step on the glass and hurt themselves. Although glass ornaments are extremely beautiful, consider purchasing plastic ones, or hang your glass ones high above the reach of small children and pets. Further, when decorating your tree, if you insist on glass ornaments, securely place them on a sturdy branch or far enough back into the tree so if it does fall, there is some cushion.
Holiday decorating is one of the primary ways to get in the Christmas spirit. It is difficult to imagine Christmas without lights or decorated Christmas trees. These decorations provide joy that makes this the most wonderful time of the year. It seems impossible for something to go wrong during the holiday season, but that is not the case. As you begin to decorate, make sure that your home is properly insured to prepare for such accidents. Whether you have specific questions or simply want to discuss your options, the Penny Insurance team is ready to help. We are happy to take the time you’re willing to spend, so give us a call today to connect with an agent to discuss your coverage options.
‘Tis the season for holiday lights, peppermint-scented candles and delicious food. As the holidays rapidly approach, a rush has surely set in. We are all racing to get the Christmas tree up, decorate our homes in preparation for our families to visit and as well as making sure that we get the perfect gift for our friends and families. Although it is a busy time, we should not let this holiday rush interfere with our safety. According to the U.S. Fire Administration (USFA), residential fires are extremely common during this time of the year. To quantify this fact, the USFA notes some startling statistics:*
890 people die from house fires each year
$2 billion in property loss occurs each year from these fires
8% of total house fires are from winter home fires, and these winter fires cause 30% of all fire deaths
5 p.m. to 8 p.m. is the most common time for house fires
Listed below are just a few ways how holiday fires begin as well as ways to prevent them.**
Cooking
According to the USFA, cooking fires are most common during the holidays. These usually occur because you forget that you are cooking something as you are visiting and catching up with your family; it is very easy to get distracted and forget about your dish in the oven. In order to minimize such risks, it’s important to ensure your smoke detectors are working properly as well as always keeping a fire extinguisher that can be accessed easily.
Candles
To avoid a fire caused by candles, ensure that the candles are not too close to anything that can easily catch on fire. Also, never go to bed with a flame still burning; always remember to blow it out before leaving the house or going to bed. Another way to prevent this type of fire is to consider using flameless LED candles. Although they may not seem to give off a scent or seem as festive, they are much safer.
Christmas Trees
One of the most fun, festive and traditional parts of this time of year is decorating the family Christmas tree. However, this is also an extremely dangerous and risky activity. As Christmas trees become even more dry, they become even more flammable, which poses a great threat especially when decorated with older lights or surrounded by candles. To minimize the risk of tree fires, consider using artificial trees. Another prevention tactic is to keep a well-watered tree, which are almost impossible to ignite.
Decorative Lights – consider combining this with the point above?
As I am sure most people know, ornaments aren’t the only decorations to go on a Christmas tree… lights are also a big part of Christmas decor. But it is crucial to throw away any cracked wires or broken sockets to prevent a fire, as Christmas trees are extremely flammable. Also, if you hang wires on the wall or railings outside, avoid using nails or staples, which can damage the wiring and increase the risk of fire.
Fireplaces
There’s nothing more relaxing than cozying up by the fireplace on a cold winter’s night. However, this much-beloved tradition is also very risky. Soot can harden on chimneys, which becomes very flammable. So before you become too comfortable in front of your fireplace, have your chimney inspected to see if it needs cleaning.
Before the holidays get into full swing, consider investing in Homeowners Insurance, if you have not already. Homeowners Insurance can help protect you and your home from such incidents. Contact the agents at Penny Insurance Agency for any assistance or questions you may have.
Thanksgiving is a such a wonderful time of the year! It is a great time to spend with friends and family, eat delicious food, watch football and possibly even nap in the middle of the day. There’s so much to celebrate and love about this holiday. However, with all the hustle and bustle going on, Thanksgiving is also a time when many accidents and mishaps occur, especially those within the home. Listed below are just a few of the most common Thanksgiving insurance claims as well as ways to avoid them.
Traffic Accidents
Did you know that Thanksgiving weekend is one of the busiest weekends of the year to travel by car?** If you think about all the people traveling to visit family, this statistic makes total sense. However, with more people choosing to travel by car, the roads are becoming even more crowded and congested resulting in the increased risk of traffic accidents. To avoid the risk of getting in an accident, it is important to make sure that your auto insurance is up-to-date and there to help protect you and your family financially if something were to happen. In order to avoid such kinds of accidents, plan your routes in advance when traveling unfamiliar roads. It is also important to be patient and make sure you allow yourself plenty of time so you are not rushed. Lastly, if the drive is over two hours, consider flying or taking a train. Although driving can be cheaper, the cost of your life may outweigh the financial one.
Kitchen Fires
As it turns out, turkey, the signature Thanksgiving dish, is the most common cause of house fires. Think about it: you are visiting with friends and family, become preoccupied and therefore forget about your turkey cooking in the oven. According to the National Fire Protection Association (NFPA), in 2014 Thanksgiving was the most common day for home fires that as a result of cooking. The NFPA noted that there were 1,730 fires on Thanksgiving, which is almost four times the number of fires on an average day and over double the number of fires at Christmas (780).*** No matter how the fire starts or the size, the fire can spread rapidly and destroy your entire house if not careful. This is why it is absolutely crucial to never leave the stove unattended for an extended period of time. You home is probably one of the biggest investments you will ever make, so it is vital to take care of it as well as the people inside. The purchase of home insurance can help provide you with that security and peace of mind.
Injured or Sick Guests
Although being the host of the annual Thanksgiving dinner may seem like an honor, you are also taking a huge risk with such a responsibility. If one of your guests gets food poisoning or gets in an accident on their way from having too much to drink, you could be liable for the medial bills or repair costs. By purchasing general liability insurance, you could protect yourself from such costs.****
It is important to ensure your insurance policies are up-to-date to prepare for any potential liability issues that can occur this Thanksgiving. Contact us at Penny Insurance because we can help you. Give us a call today to connect with an agent to discuss your coverage options.
With October 31 quickly approaching next week, the Halloween craze has certainly set in. Decorations have popped up in every corner, carved pumpkins are on the front porch, fake tombstones and witches in the yard, skulls on the ground…it really is quite a scary site. However, the monsters, costumes and decorations aren’t the only things you should be afraid of during Halloween. Liability issues should also be a major concern. Listed below are just a few reasons why you should ensure that your insurance policies are prepared to handle any horrors that may present themselves.*
Decorations
With all the decorations lying in the yard, it’s only a matter of time before a child trips on something and hurts himself. Some of the more popular Halloween costumes for kids are princesses, witches or super heroes. Most of these costumes involve capes, masks, or even full-body suits which are sometimes too big, which can cause a child to trip walking up the steps to retrieve candy. According to Moneytips, the liability portion of your homeowner’s policy will generally cover these types of accidents. However, it is important that you remove any potential danger or threat from your walkway on which a child could trip and get injured. If your decorations present a danger to trick-or-treaters, your insurance may not cover the damages.
Dogs
It is important to note that although your dog may be very friendly to you or other people it knows well, children can often startle dogs, especially at night, which could lead to them biting out of fear. Dogs are especially afraid of loud noises and generally get scared or protective when they see a large group of people approaching on their territory. Stressed or nervous pets are more inclined to bite and scratch, and hearing loud and excited kids dressed in many different types of strange costumes coming to the front door will surely startle the dogs. So, for the sake of the neighborhood children, and your liability insurance premiums, be sure to restrain and confine your pets on Halloween. Keeping them away from children in a crate, for example, will prevent severe liability risks for homeowners.
Accidental Fires
Candles certainly do create a spooky atmosphere for Halloween, but they are also a huge liability issue for homeowners. During this night, you will often see candles lining the pathway to the front door or they will be lighting up jack-o-lanterns. This spooky effect is also a safety factor, but ironically, lit candles pose an enormous risk for these people. Generally, a homeowner’s policy will cover repairs and living expenses during the repair period, unless the fire was caused irresponsibly or on accident. To prevent accidental fires, LED lights come highly recommended.
It is important that your insurance policies are ready for any potential liability issues that can occur this Halloween. If you are not exactly certain what your homeowner insurance policy covers, contact us at Penny Insurance because we can help you. Give us a call today to connect with an agent to discuss your coverage options.
There is this misconception that owning a vacant or unoccupied piece of property would pose less of a threat than owning a space with a fair amount of contents. You have less to lose, right? Whereas you may have fewer contents and the risk of damage or loss may not seem as great, the risk of owning a vacant property can be extreme. Whether you are selling your house, renovating it or moving a family member out, it is always a good idea to invest in vacant home insurance because any vacant and or unoccupied property is subject to vandalism, theft, illegal tenants, water damage and flooding… just to name a few.* Vacant home insurance will ensure you’re covered if any such risks do occur.
To begin, burglaries in vacant homes are quite common. The burglar knows that no one is home, therefore the chances of getting caught are not as great. According to Legacy Navigator, most burglaries happen during the daytime (between 10 am and 3 pm) when people are at work.** Although it may appear as there aren’t many “material” items to steal, copper from wiring and air conditioning units are very attractive to burglars (maybe add “because they can in turn sell them for a profit” or something along those lines). Sometimes, though, these intruders are just teenagers causing trouble, and don’t mean any harm. They are mainly just looking for a remote hangout location. No matter the intention though, these damages can still cost you.***
A vacant home also introduces illegal tenants who think that they can dwell at the property since no one else is using it. However, it can be difficult to remove them from the property. Once you find out that they live there, of course you can ask them to leave… but they may or may not abide. If they choose not to leave, they may have landlord-tenant rights as holdover tenants, who are renters that remain in a property after the lease has ended. If this becomes the case, then you may need to seek legal advice.****
Unoccupied/vacant home insurance provides coverage for a home that is uninhabited. For example, for the most part, homeowners insurance won’t cover a fire, vandalism, or liability if the home has been unoccupied for a while. According to ValuePenguin, if you are planning to leave your home for at least 30 days, you should consider purchasing vacant home insurance.
Listed below are reasons when this kind of insurance would be valuable:*****
You own a vacation home that you don’t visit more than a few times per year.
You’ve purchased a home, but you won’t move in for a while.
You travel for long periods at a time.
You have to undergo a medical treatment, which requires you to be in the hospital for weeks.
Your home is being renovated so you won’t move in until the renovations are complete.
You’re renting out a home and are in between finding tenants.
These past few weeks have been consumed with discussion around Hurricane Florence. This hurricane, which hit in early September, has left the Carolinas in devastation. According to CBS News, at lease 33 people have died in storm-related incidents, 343,000 people were without power in North Carolina and the storm produced nearly 36 inches of rain in Elizabethtown, N.C.* Flooding was one of the more serious outcomes of this hurricane. Many North Carolina rivers were already at flood level and are expected to continue rising.
When flooding occurs, an entire neighborhood can be destroyed by the intense waters that can sweep away people and cars. Flooding can also result in contamination, such as sharp debris, pesticides, fuel, and sewage that rest in these stagnant waters. Dangerous molds can also appear. As seen in North Carolina recently, residents of flooded areas can be left without power and clean drinking water, which can result in outbreaks of deadly waterborne diseases like typhoid, hepatitis A, and cholera.** According to Fema.gov***, floods are the most common disasters in the United States. Because it is the number one natural disaster in our country, the purchase of flood insurance should be something to heavily consider, especially if you live in an area that is more prone to flooding.
As we have seen from Hurricane Florence, flooding can not only cause damage to your house, personal belongings, and cars, but it can also really hurt your bank account. Flooding can become extremely expensive; just a little water can cause thousands of dollars damage to your bank account. So, when purchasing flood insurance, you have two options.**** The first is the National Flood Insurance Program (NFIP), which is provided through FEMA (Federal Emergency Mandatory Agency). If you choose to go with this option, there are two types of coverage from which you can choose. The first is building property, which covers what it would cost to repair your home up to $250,000. The second is personal property, which replaces up to $100,000 in items and includes depreciation value. This coverage would pay what the item is worth today, not what you paid or what it would cost to replace it. The second option for flood insurance is private flood insurance, which is provided through private insurers. Unlike NFIP, private flood insurance offers higher coverage than what NFIP would offer for your home and personal belongings. However, a downside is that this option may not be available if you live in a high-risk (flooding) area.
You’d be surprised to learn where floods can happen and whether you’re at risk, so it’s wise to check with Penny Insurance Agency to learn more. Floods can happen almost anywhere and the damage is NOT covered by your standard homeowner’s policy. If you reside or own a home closer to the southeast coast, or even in downtown Hendersonville to the Cliffs Communities, it is wise to get covered before disaster strikes. Penny Insurance Agency can help you find the right flood insurance. Call us today to get started!
The last two decades have been dominated by technology; we have become completely immersed and dependent on it. One of the largest effects technology has had on society has been a change in communication. We no longer communicate face-to-face; it’s all carried out via texting, talking on the phone, through social media applications or direct messaging. Because communication can be performed this way, it is no longer necessary to schedule an appointment with someone in person because it can just as easily be carried out through a phone call or an email which certainly adds a factor of convenience.
This digital age has transformed society from a standpoint of accessibility; everything is easier and oftentimes faster. Daily responsibilities and tasks such as payments, transportation, dating and even communication in general can be performed digitally. Wouldn’t you rather complete a task in 30 minutes than in two hours? Why spend more time on something when it can be completed in less amount of time? We, as consumers, enjoy convenience, and the primary goal of technology is to make life easier, and that it does… hence the phrase of having everything at the “tips of your fingers.”
Not surprisingly, because of this convenience factor, young adults make up the highest number of digital users. UNICEF’S State of the World’s Children 2017: Children in a Digital World report* revealed that one in three internet users is younger than 18 years and 71% of 15–24-year-olds are online. Further, according to Chubb Insured**, 53 million young professionals, born between the years of 1981 and 1992, manage more and more of their business digitally. Based on recent reports from Statista, 77% of the US population has a social media account / profile.*** Over ¾’s of our country’s population is online!
Although these new ways of conducting business have proven to be more efficient and therefore convenient, they are also associated with dangerous risks, such as financial loss, a damaged reputation and legal problems. The reliance that young professionals place in technology is very risky. However, certain types of insurance can assuage these negative effects of living and working in a primarily digital age. By purchasing cyber liability insurance, you can protect your yourself and your company’s valuable information. This is the only type of insurance created specifically for the event of electronic data theft. If you don’t properly monitor your digital channels, you can even become the victim of identity theft, incur travel/transportation-related risks as well as failing to attain renters’ and other non-compulsory insurance.
Even though this age group forms the largest demographic of users, their knowledge on the power of technology is insufficient, which would explain the increasing number of hazardous occurrences among this group. In order to avoid such dangers, young professionals must educate themselves on the many risks that exist in today’s digital world. It’s imperative that they can identify these risks and know how to avoid them. These young professionals need to seek out the advice of an expert to teach them about the insurance solutions. Experienced professionals in this industry can help instruct them on these dangers of an ever-growing digital society and how to decrease these potential risks.
It is absolutely crucial that this generation stay informed on the liabilities and effects of using technology in the workplace. Just because something is easy or convenient does not mean that it is the safest course of action. We at Penny Insurance can help you. Give us a call today to connect with a Penny Insurance agent to discuss your coverage options.
Congratulations…you are a college graduate, or soon-to-be one! This is an exciting time in your life as you are young and ambitious with a lifetime of experiences ahead of you. However, this new stage of life also coincides with many responsibilities and important decisions to make. There are many aspects to consider such as your career, where you will reside, how you will support yourself, etc. All of this can become very overwhelming, but these are not the only variables of consideration.
Securing insurance should actually be at the top of your list. Why would a young, healthy individual want or need to worry about insurance? It is important to understand that “life happens” and it is best to be prepared. You never know what the next minute, hour or day will hold, and as a young, healthy individual, why risk not being covered?
You aren’t bulletproof
According to the National Safety Council, there were 40,000 traffic deaths in the United States in 2017*…that’s over 100 deaths per day, which is a staggering statistic. When you’re young, it is easy to think that you are invincible, and that is why teens and young adults are often so reckless these days. We are all vulnerable to these incidents, which is why it is absolutely necessary to have the protection you need in case you ever do incur a serious accident. Auto insurance, for example, ensures that you won’t have to pay for such damages because the insurance company will cover it for you.
Protect your most valuable asset
As a young adult just beginning your career, you may be in the process of looking to purchase a home as well. Although you may not be too thrilled with the idea of paying for homeowners insurance, this specific insurance is vital to have. For some people, their home is one of their most valuable assets, and homeowners insurance will protect your house should some sort of natural disaster destroy it. Purchasing homeowners insurance will help you pay for the necessary repairs on your house to protect you and your asset.
Provide for your loved ones in the event of death
If you have a family, you may want to consider investing in certain insurance products that can protect your family. Life insurance, specifically, can restore lost income for those who are dependent on your paycheck to survive. With this type of insurance, your family and/or loved ones will not have to endure these financial problems after you are gone.
Insurance allows you to eliminate debt
As of this past year, around 44 million students exited college and entered this new phase of their lives carrying the burden of student loans putting the United States $1.48 trillion in debt.** Wouldn’t it be nice to pay off these loans as quickly as possible so you don’t have to deal with this issue for the majority of your young adult life? Life insurance can be used to alleviate the stress of student debt. If you were to die before your loans are paid off, life insurance can help provide financial protection should something happen to you.
Although the law allows you to stay on your parent’s insurance until the age of 26, it does not hurt to consider all of your possibilities. This is a new and exciting stage of your life, but just make sure that you are as protected as possible so that you can enjoy this new chapter. Give us a call today to connect with a Penny Insurance agent to discuss your coverage options.
When you think of the value of your home, you probably think about what it would sell for; however, when it comes to insuring your home, you have to consider instead what it would cost to rebuild in the event of a loss—a number which is often much higher.
We at Penny Insurance Agency are dedicated to ensuring that your home is adequately insured for the full cost of reconstruction. Each year, we work with Chubb Insurance to ensure our estimated reconstruction costs are in line with current construction pricing, including:
Analyzing residential construction cost data in the western North Carolina area, tracking residential construction cost trends;
Reviewing cost trends for key construction components using national data from the Bureau of Labor Statistics;
Conducting interviews with local high value home builders;
Establishing replacement costs that are in sync with the types of claims typically compensated after a loss.
What goes into calculating replacement costs?
If you suffer a loss in your home, many factors must be considered when rebuilding, such as:
Materials and Labor Costs—Prices of building materials and construction labor continue to rise. In the last 12 months, the cost of items such as concrete, custom cabinetry, windows and doors, light fixtures and wood siding have risen between two and four percent. Labor has gone up approximately three percent.
Quality—Hire skilled craftspeople who will restore your home with the same quality materials and detailed work as before the loss.
Speed—The goal is to get you back into your home as quickly as possible, therefore we often pay a premium price for contractors.
What does this mean to you?
Given all of this, it is important to be sure that your home is insured to its full replacement value. If you’re concerned that your home may be underinsured, contact Penny Insurance Agency today to arrange a consultation. Furthermore, alert your agent if you renovate or improve your home in any way. Even a small renovation could potentially render your coverage amount too low.
Your home is one of your most treasured and valuable assets. Connect with a Penny Insurance Agent today to discuss your options in establishing your home’s value and ensuring it is fully protected. Your protection is our priority.
HENDERSONVILLE, N.C.—Penny Insurance Agency will now represent Privilege Underwriters Reciprocal Exchange (PURE) Insurance. PURE Insurance focuses exclusively on the high net worth personal lines insurance market.
“Our decision to represent PURE Insurance allows us the opportunity to service another market for high net worth,” Will Penny, President of Penny Insurance Agency, said. “PURE Insurance is the pinnacle of property and casualty insurance for the high net worth marketplace. Being an independent insurance agency, we wanted to offer our clients the best possible options rather than just one company.”
About Penny Insurance Agency
Penny Insurance Agency is an independent insurance agency serving Western North Carolina and Upstate South Carolina, specifically Tryon, Hendersonville, Asheville, Landrum, Campobello and Spartanburg and is licensed in multiple states. Founded in 1931 with a mission to provide the very best insurance protection at the most affordable price, Penny Insurance is still serving as a leading independent insurance agency for families and businesses. Contact Penny Insurance Agency at its website or by calling 828-692-9171. Connect with Penny Insurance Agency on Facebook and Twitter.
About PURE Insurance Privilege Underwriters Reciprocal Exchange (PURE) is a member-owned reciprocal insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides customizable coverage for high-value homes, automobiles, jewelry, art, personal liability, watercraft, flood, fraud and cyber fraud to more than 75,000 responsible, high net worth families throughout the U.S. Inspired by some of the finest policyholder-owned companies, PURE emphasizes alignment of interests and transparency.
PURE’s low cost of capital, careful member selection and proactive risk management all contribute to highly competitive rates. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. PURE membership is subject to an executed Subscriber’s Agreement & Power of Attorney. For more information or to find a local broker, visit pureinsurance.com. You can follow PURE on Facebook, Twitter, LinkedIn and Instagram.
Legal, Medical and Emerging Trends Affecting Liability Losses
In the past few years, there are a number of legal and medical issues that, when combined, have driven liability costs even higher. We partnered with our friends at Liberty Mutual Insurance to explain some of the elements that are causing liability costs to rise as well as a few steps to keep you and your loved ones protected at the best value.
Legal
Escalating Verdicts—Cases going to trial result in higher paid costs. While headlines have focused on auto liability, we see this impacting general liability as well.
Litigation Funding—Outside investors are fronting legal fees, resulting in more cases going to trial, which can drive up claim severity.
Traumatic Brain Injury—Plaintiff attorneys are including TBI at the onset of claims, leading to more medical costs and life care plans. TBI claims have grown in recent years.
Medical
Medical Inflation—In recent years there has been a two percent increase in medical inflation, a 2.4 percent increase in prescription drug inflation and a 5.6 percent increase in hospital cost inflation.
Opioids—Average costs are higher when patients are dependent on opioids. New opioid treatments and other newer risks facing businesses today can create challenges for employers if not managed effectively.
Wellness—The aging population and overall decline of our health and well-being is putting pressure on costs. The increase in co-morbidities and preference for non-surgical and non-opioid treatments are driving use of physical medicine therapies.
Inability to Manage Medical—Unlike workers compensation claims, insurance carriers have little influence on how medical insurance is managed.
Emerging Trends
Violent Events—Active shooters and other crisis situations are causing organizations to re-assess their risk and readiness.
Technology—Data and technology are disrupting how we do things. From A.I. (artificial intelligence) and autonomous vehicles to data-driven environments, these advancements can help us be safer, but not without risk. Technology-sensor-loaded gear in the form of vests, glasses, gloves and more, may help improve workplace safety and productivity. But, it’s also in its infancy, so you should review information carefully and identify objectives and potential impacts before moving forward.
Sharing Economy—The lack of clarity in where coverages begin and end in the sharing economy is driving the need for custom insurance solutions.
What Can You Do?
Partnerwith an insurance carrier who understands your industry and your unique risks and can create a tailored solution specific to your business.
Get extra protectionwhen you need it most. Make sure you have appropriate umbrella and excess liability coverage.
Disaster preparedness planningcan help you identify vulnerabilities and dependencies in the event disaster strikes.
Expert claims managementfor the best possible outcome can impact your total cost of risk.
Risk control resourcesand a packed calendar of webinars and in-person training to help you identify and mitigate risk. Topics include contractual risk transfer, industry-specific risk improvement tools, product liability and more.
With an ever-evolving landscape, liability insurance can be difficult to navigate. Here at Penny Insurance Agency, your peace of mind is our priority. Give us a call today to connect with a Penny Insurance agent to discover your best liability coverage options.
What’s the difference between $1,000 and $20,000 in water damage? Time. If you experience a water leak, even a minor one, while you are out of town or while your second home is vacant, the water damage can be severe even in just a week’s time. We’ve partnered with Chubb Insurance to bring you some insight as to how suddenly a minor leak can waterlog your home along with some preventative measures you can take to protect your property and establish peace of mind.
Let’s say a family leaves their home for a week-long vacation. They would typically:
Bolt the doors
Arm their security system
Lock their windows
Leave on a light or two
While our imaginary family has taken these preventative measures, they’re still not fully protected. Here’s what could happen in the event of a leak.
Water damage makes up nearly half of all property damage—about 45 percent. Only one in five (about 19 percent) of homeowners view internal water damage as the top risk to their home while on vacation. 91 percent of home owners say they are “vigilant” or “do an ok job” at preventative home maintenance but just 22 percent of people shut off the water main before heading out of town.
A small but steady drip can cause a large amount of damage. Let’s say an icemaker were to sever—that could end up leaking three gallons per minute. If a small leak like this were to happen, inundation would begin on day one. Undetected, that leak could spill 2,520 gallons in a single day—enough to fill 50 bathtubs. Full restoration of the home is still likely, although, less than 20 percent of homeowners have installed a water leak detection device.
By day three, damage would be mounting and the window for home restoration would be closing. Base cabinets would be unrestorable, water would wick up the wall about 18 inches and carpets and rugs would begin to smell.
On day six secondary damage would take hold. Electrical components would require inspection and adjacent rooms not affected in the original loss would be impacted. 17,000 gallons of water would run under doors and framing—enough to fill a swimming pool. This is the start of major water logging. Of those who have experienced water damage in the past two years, 15 percent paid $20,000 or more in clean up and repair costs.
By day eight, our imaginary home would have reached the “regulated, hazardous materials and mold” category. Drywall ceilings and walls would show mold growth, and door and window frames would swell. The HVAC system would spread mold throughout the house. Our imaginary family would need to hire an indoor environmental professional for clearance.
63 percent of homeowners cite the possibility of an extended relocation, about one month to a year, as their first or second most pressing water damage-related concern, which would be a likely outcome once this level of damage is achieved.
Protect Your Property Before leaving your home vacant, here a few steps you should take to proactively protect your home against waterlogging:
Turn off the water main
Drain pipes
Check all appliance hoses
Inspect the sump pump
Clear gutters of debris
Ask a friend to keep an eye on the house
Install a water leak detection device
When you leave your home vacant, it is pertinent to take preventative measures against a leak or waterlogging. Still, no matter how prepared you are, accidents can happen. Connect with a Penny Insurance agent today to learn how you can protect your properties against water damage. Your peace of mind is our priority.
If you’ve been following along on our blog, you know we’ve kicked off the summer with a series on the various steps you need to take to get your boat prepped and ready for the water. We’ve partnered with Chubb Insurance to bring you the tips you need for the best first voyage of your watercraft. Here is the third and final installment in our Coming Out of Lay-up series to help you get your boat in ship shape:
Once the boat is on her mooring or in her slip, check everything before you depart on your first cruise. Start on the foredeck and work your way aft before going below.
Anchors and Mooring Lines Be sure the anchor and rode are secured properly and ready to use. The “bitter end” of the anchor line must be attached to a strong point inside the boat. All shackle pins must be secured with seizing wire. Replace any mooring lines, fenders and life ring lines that are suffering from chafe or sunlight damage.
If you see cracks in vinyl wire covers, or rust or cracks at end fittings, replace the wire. Be sure pulpits, stanchions and ladders are secure and in good repair, and all setscrews are tight.
Rig Deck Canvas and Check for Leaks Set up and inspect all of the canvas. Make sure all windows, portlights and hatches are secured, and give the boat a thorough washing. As soon as you’re done, go below and look for leaks.
Don’t forget to look at chainplates on sailboats and make a note of any leaks you find so that they may be repaired.
Check Your Shore Power Before you plug into shore power, inspect the ends of the cord and the receptacle that’s mounted on the boat for any signs of heat damage.
Plug the boat in, turn on the battery charger and be sure the voltage rises in the batteries. Be sure battery water levels are correct. After dark, make sure the running and anchor lights work.
Engines and Generator Check Start engines and generators, warm them up thoroughly and change the oil and filters.
While you’re warming up the engines, check the battery voltage. If alternators are working properly, a 12-volt system will charge at close to 14 volts. Also, while engines are running, inspect fuel, cooling and exhaust systems for leaks and correct any leaks you find, no matter how minor.
Check engine mounts and make sure all locknuts are tight. Since you checked the prop and shaft condition prior to launch, any vibration you notice while under way may mean an engine needs aligning. Alignment can’t be checked when the boat is hauled out; the hull will change shape slightly when it’s in the water. It takes experience and special tools to move engines into proper alignment, so this may be a job for your mechanic.
Water Tanks and Heater If the domestic water and waste systems were winterized, they will need draining and flushing, and any fittings that were disconnected will need to be secured. When the tanks are full, and the system is pressurized, check all the fittings for leaks.
If you have a propane system, open the valve on the tank, turn on the remote solenoid switch if there is one, and light a burner on the stove. Note the reading on the pressure gauge and close the valve on the tank. Wait 10 minutes and look at the gauge again. If there’s any change in the reading, there’s a leak somewhere. Use soapy water to find the leak; never use a flame.
A summer spent out on the water is a summer well spent! We hope this series on boating helps you to navigate the ins and outs of marine craft preparation so that you can enjoy the rest of your summer on your vessel. Contact a Penny Insurance Agent today to discuss your marine recreation protection options. Be safe out on the water and enjoy the waves!
As we welcome summer, it is time to continue preparing your vessel for the water. We partnered with Chubb Insurance to ensure your boat is in tip-top shape for a successful launch so that you can experience a safe and enjoyable boating season. Below you will find the second section of our three-part series on how to properly prep your boat during the launch. Warmer weather leads to very busy boatyards, often launching several boats an hour. Yard employees may not take the time to properly check for leaks after the boat goes in the water. You, or someone else who knows the boat, should be there when she is launched to ensure the following prep occurs:
Check for Leaks
As soon as the boat is in the water, get below with a bright light and check for leaks. Remember to check prop shaft and rudder stuffing boxes.
For Sailboats
If your sailboat’s mast was removed for winter storage, the yard will usually step it when the boat is in the water. It’s easy to get the rig ready for sailing if you remembered to measure the turnbuckles and to inspect all the standing and running rigging last fall. Be sure all turnbuckles are secured with cotter pins once the rig has been tuned.
Start the Engine
Before you start an engine, be sure the seawater intake seacock is open. As soon as the engine is running, check for exhaust water flow. As you move the boat to her mooring, watch the temperature gauge to make sure the engine’s cooling system is working properly. If an engine won’t start right away, don’t crank it for very long; water can collect in the muffler and drown the engine. Now that you’ve done your boat-keeping chores, you can spend a relaxing season enjoying your boat. Keeping a few tips in mind can help throughout the season and as you prepare for lay-up later in the year.
• Check the lifejackets, flares and first aid kit to make sure you and your boating companions will be safe while onboard your vessel. Be sure the horn, running lights, anchor light and searchlight work properly.
• Check the fire extinguishers and have them serviced or replaced as needed and change the batteries in the smoke and CO detectors and EPIRB if you have one.
• Make certain the boat’s registration or documentation is current and that all the required papers are onboard.
• Start a “punch list” of things that will need attention before the end of the season.
• Inventory all equipment, personal items and outfitting onboard and update it during the season.
• Replace anything that’s missing, damaged or out of date.
We want you to have fun on the water, just as much as we want you and your co-captains to be safe this summer! Be sure to complete this thorough checklist during the launch of your boat so that you and those aboard your boat are safe while truly enjoying your time out on the water. Contact a Penny Insurance Agent today to discuss your marine recreation protection options and be on the lookout for the final addition to our three-part boating series.
HENDERSONVILLE, N.C.—The Walnut Cove Members Association Weekend of Giving, sponsored in part by Penny Insurance Agency, raised over $325,000 for western North Carolina Charities. Will Penny, President of Penny Insurance Agency, and his wife, Lynn Penny, are Walnut Cove members and have sponsored the weekend for the past three years.
“We are very proud to be a part of the Walnut Cove membership and for the opportunity to support such a wonderful cause,” Will Penny said. “It is great to see that these funds raised will go directly back into our local community to help those who need it most.”
The Walnut Cover Members Association raises funds for the community through the weekend’s golf and tennis tournaments as well as its Charity Gala which includes a dinner and live auction.
Will Penny is a Henderson County native and the proud third generation president of Penny Insurance Agency. Will is a graduate of the Wharton School and has been with Penny Insurance since 1994.
About Penny Insurance Agency
Penny Insurance Agency is an independent insurance agency serving Western North Carolina and Upstate South Carolina, specifically Tryon, Hendersonville, Asheville, Landrum, Campobello and Spartanburg and is licensed in multiple states. Founded in 1931 with a mission to provide the very best insurance protection at the most affordable price, Penny Insurance is still serving as a leading independent insurance agency for families and businesses. Contact Penny Insurance Agency at its website or by calling 828-692-9171. Connect with Penny Insurance Agency on Facebook and Twitter.
Summer is upon us which means it’s time to prepare for boating season! If your boat was in lay-up over the winter, you’ll need to take care of a few things before it’s ready to go. Penny Insurance Agency partnered with Chubb Recreational Marine Insurance, to help you make sure your vessel is ready for a successful launch and you can enjoy a safe and relaxing season. Check out the first section of our three-part series below!
As a boat owner, you’re responsible for knowing the condition of your boat and its equipment.
Bringing a vessel out of lay-up gives you a great opportunity to perform a thorough inspection before boating season begins. Before you launch your boat, be sure to review manuals, instruction sheets and other documentsfor details about the vessel and onboard systems, proper operation and maintenance, as well as contact information for manufacturers and suppliers in case you have questions or need parts.
Before the Launch
Outside the Boat
Rule number one: While working on the hull, always let the yard employees move stands and blocking. If you’re using a ladder to get onboard, don’t forget to secure the top of the ladder to a stanchion, or a cleat on deck.
Inspect the Bottom
Check all through-hull fittings and scrape inside their openings.
Be sure all seawater intakes are clear of obstructions.
Through-Hulls and Zincs
Check all the through-hulls above the waterline.
Replace any questionable through-hulls with marine-grade bronze or fiber-reinforced plastic.
Remove any sacrificial zinc anodes prior to painting.
Install fresh zinc anodes if the old ones are half depleted.
Transducers and Running Gear
Inspect underwater transducers for depth sounders, fish finders and knot meters.
Clean and free the faces of depth transducers of marine growth.
Check propellers for damage and straightness.
Put a light coat of waterproof grease on the shaft taper and key when installing the serviced prop.
Check shaft bearings for wear.
Check the rudders by trying to move the bottom of the rudder from side to side, and up and down.
Inspect swim step supports, trim tabs, thruster grates and boarding ladders.
Be sure the ladder deploys properly if it telescopes and is mounted under the swim step
Outdrive Hints
Inspect the outdrives’ flexible rubber bellows carefully.
Run your finger along the edge of the skeg at the very bottom of the drive and if you find any oil, a seal may need to be replaced.
Change the oil in the drive.
Inside the Boat
Make sure all seacocks operate smoothly and their handles are in good condition.
Clean and brighten the through-hulls and bonding wire connections.
Check the bonding connection to the sacrificial zinc.
Inspect seawater intake strainers on engines, generators, air conditioner pumps and any other equipment that requires them.
Make certain drain plugs are secure and that gaskets and washers are in good shape.
Inspect the seawater intake systems’ vented loop.
Hoses and Clamps
Inspect the hose clamps and the hoses attached to all the seacocks and through-hulls.
Examine all stuffing box hoses, exhaust hoses and fill hoses from the decks to the tanks.
Replace any soft hoses that show signs of bulging, cracking or damage.
Engines and Generators
Check and replace your engine and generators’ sacrificial zinc anodes, if necessary.
Check all the V-belts on the engines.
Pull out the knotmeter transducer and inspect the O-rings.
Apply a light coat of waterproof grease to the O-rings and be sure the transducer tube is clean before re-inserting the transducer.
Put the water-lift exhaust muffler on a generate or sailboat engine’s drain plug back in place.
Inspect all mufflers for signs of rust or peeling paint.
Steering Gear
Operate the steering gear lock-to-lock.
Batteries
Clean your batteries’ terminals and cable clamps before you connect them.
Completing this thorough check list before launching your boat for the summer will give you and those aboard peace of mind and allow you to truly enjoy your time out on the water. Contact a Penny Insurance Agent today to discuss your marine recreation protection options.
Your dream home is almost finished. Then, one evening, the painter tosses work rags into a bucket, locks up the home, and leaves. That night, the rags ignite and produce a fire that eventually consumes your entire house. Could this happen to you?
Penny Insurance Agency partnered with our friends at Chubb Insurance to discover the best ways to protect your home while it’s undergoing a facelift or being built.
How can you protect your home during renovation or construction?
Keep portable fire extinguishers distributed throughout the worksite. A home under construction is particularly vulnerable to fire. Having several fire extinguishers close by can help prevent a small fire from causing major damage. We recommend multipurpose models (Type A-B-C) of at least 10 lbs. in weight. The extinguishers should be situated on each level of your home in visible locations.
If you are renovating your home, do not allow your fire or burglar alarms to be disconnected. When floors are being sanded or plaster work is being done, you can expect a great deal of dust to be produced, possibly triggering your alarm components. Rather than turning off your smoke detectors, have them covered with plastic bags or manufactured tops that can be removed at night, when fires often occur, or replace them with heat sensors.
If you are constructing a new home, plan in advance for fire and burglar alarm installations. To provide protection, a temporary system can be installed as soon as the house is enclosed. Only a phone line and a temporary power source are needed to give you centrally-monitored protection. This will provide automatic notification to the proper authorities of a fire or break-in after workers have left. If a phone line is not available, there may also be wireless options to explore.
Consider installing a residential sprinkler system. If installed during the early construction stages, a sprinkler system is an affordable way to provide protection against a major fire.
Additionally, consider installing an automatic water leak detection system to help protect your property from water leaks and pipe bursts. Often, the instillation cost for this type of system is minimal when compared to the total project budget. This system can also provide peace of mind that if a leak occurs, damage will be mitigated. You may also be eligible for premium reduction credits that could pay for the system over time.
Take steps to keep unwanted visitors away from the construction site. Vacant construction sites can attract unwanted attention and increase the chance of theft and vandalism. Motion-activated lighting, perimeter fencing, gates or chains across driveways, monitored security cameras and security guards are examples of ways you can protect your home while it is vacant.
Clean up every day. Many commonly used construction materials are highly combustible. Make sure scrap lumber, sawdust, cardboard containers and other debris are removed daily. Also, ask painters to remove all rags and solvents at the end of each day, as they are highly flammable and can start a fire if left unattended. If removing all flammable liquids from the jobsite daily is not practical, they may be stored in a U.L. approved flammable liquid storage cabinet located a safe distance from the structure.
Maintain proper coverage. To reduce the possibility of being underinsured during construction, it is your responsibility to notify your agent or broker as values increase throughout the various phases of construction. This will provide for any needed adjustments in the coverage amount for your house or other permanent structures, to reflect the reconstruction cost information you provide. Consider all costs associated with your project—not just the builder’s contract. This may include: architect and engineering fees; interior design work and fees; and additional contracts handled directly by you.
Taking proactive steps to better protect your home may significantly lower the cost of your homeowner’s policy once construction is complete. Renovating or constructing the home of your dreams can be long, arduous process, fraught with risk. Minimize your chances of damage and consult with a Penny Insurance Agent today. Our highly-specialized team members will leverage their experience and industry knowledge to provide you with the best possible protection.
You Lock Your Door, but Do You Lock Your Internet? Cybercrime isn’t a laughing matter, even if the names of different malware—Heartbleed, WannaCry—sound like angsty teen band names. The U.S. Justice Department recently said that cybercrime is one of the greatest threats facing our country, having enormous implications for national security, economic prosperity and public safety.
Penny Insurance Agency partnered with Chubb Insurance to break down what needs to be done to protect your family, business and assets on the Web.
Affluence Increases Risk High net-worth individuals are more exposed to cybercrime due to the complexity of their lives and the many ways they use online services. Statistically, successful individuals and families have 15 or more financial accounts. They often have multiple homes equipped with several computers and other devices connected to the Internet, including IoT-bound smart heating, cooling and security systems. And that doesn’t even include personal computers or devices.
Consider a few real-life examples:
Richard* owned a second home in Florida and discovered that its smart protection/control system had been hacked and that the home’s complex air conditioning system and alarms had been disabled. Because temperatures inside the house reached 95 degrees for days on end, Richard’s expansive and expensive wine collection was ruined. Through his insurance provider, he connected with a security firm to identify vulnerabilities and tighten his cyber security.
When Ahmed* received an email from one of his banks notifying him that an account was overdrawn, something seemed amiss. By his count, he should have had a balance in excess of $10,000. When he checked his records, Ahmed discovered that his secretary had made several wire transfers from his account mistakenly using an email address similar to his. The bank found the email contained the Ahmed’s Social Security number, as well as passport information. Identity theft services were engaged quickly to mitigate future damage to his personal identity.
Actionable Steps to Combat Risk In each case noted above, the individual had proper coverage and services to mitigate future damage and their service providers alerted them to the risks. But not all cybercrime victims are so fortunate. Many families are inadequately protected from the potential financial damage that cybercrime can inflict, and many policies do little to help once a cybercrime has been committed.
In addition to reviewing policies and coverage, take action to eliminate unforeseen costs and headaches:
Protect yourself. Don’t expose yourself or your family to unnecessary risk. Complete background checks on employees, back-up data via cloud software or external devices and use anti-virus protection. Beware of connecting to the Internet in public places, avoid pop-ups, ads and unsolicited emails. Update passwords and computer software often and don’t overshare via social media or other means.
Be prepared. Prepare an incident response plan that designates the individual within your business who will take charge if a cyber-incident occurs. The plan should include experts prepared to provide legal advice as well as assist with assessing the extent of the incident.
Train your staff. Many cyber incidents may be preventable through employee training and preventive measures such as not opening emails or attachments from an unknown source. Don’t let your staff be the weakest link.
Act immediately. Should a cyber-incident occur, execute your response plan and promptly notify authorities in the event of breaches of personal information.
Helping our clients understand the importance of protecting against cybercrime The rising tide and growing sophistication of cybercrime make successful clients more vulnerable than ever to identity theft, financial loss and more. Taking the proper precautions and maintaining safeguards can help protect successful clients, their families and their businesses from becoming cybercrime victims.
At Penny Insurance Agency, your peace of mind is our highest priority. Consult with a Penny Premier concierge today to assess your risk and discover your optimum protection services.
* U.S Department of Justice. https://www.justice.gov/usao/priority-areas/cyber- crime
>Hiring administrative personnel or domestic staff for your home is one of the most important decisions a successful family must make. These people help ensure that the family can thrive over multiple generations and run smoothly on a day-to-day basis. To mitigate the risks of making the wrong hire, it’s important to establish a plan that includes a strong application, review and interview process. Penny Premier partnered with Chubb Insurance to unearth what should be your focus when interviewing staff for your family. Read more about intricacies of hiring domestic staff here.
Welcome 2018! The new year has officially arrived which means many of you have dedicated yourself with a newfound resolve to get your life in order. Usually that focus is on our finances, health and fitness or getting organized in the home and office, but let’s not forget about our insurance policies. It is just as important to make sure your insurance coverage is protecting everything you think it is as it is knowing you’ve established a legitimate financial plan for the year or taken control of your health. Take the time to sit down with your agent to have an annual review. It never hurts to make sure your policies’ needs and coverage have not changed.
We experience many changes over throughout a year which is exactly why annual reviews are so important. For example, people buy new cars, add on to or renovate homes, change jobs and kids get iPhones and tablets. These occurrences, and more, can affect the exposure to risk an individual, business or family faces.
Meeting with your agent provides the opportunity to ensure that your insurance coverage is keeping up with your life. It also provides the client an opportunity to better understand his/her coverage, how it works and to make sure he/she is able to take advantage of all the discounts to which he/she may be entitled.
Your coverage needs from when you first purchased an insurance policy to what you need now can change over time. If you purchased a homeowner’s policy when you moved into a house, your needs have probably changed as your family has grown and the home has experienced either wear and tear or undergone upgrades. Or maybe someone has developed an illness in your family and needs a more comprehensive health insurance plan. Do not let a simple oversight cost you in a big way down the road.
Furthermore, annual reviews always address a particularly important item—contact information. We have had many cases where our clients have cancelled their landline phone and never provide us with their cell number. It is critical that your insurance provider know every possible way of communicating with you; this includes cell phone number, landline, email address, etc.
Another purpose of the annual review is to strengthen the relationship between the client and agent. It helps to build trust, and you want to establish a good rapport with whomever is helping you to protect your most valuable assets. At Penny Insurance, we prioritize having a strong, trusting relationship with our clients as it enables us to better serve them.
An annual review does not have to be a time consuming or exhaustive process—think of it as a check-up. If you are especially pressed for time, simply schedule a call with your insurance agent for overview of your policies. Keep in mind any major changes you have experienced over the year and ask your agent if those changes would be covered or affect your policies in any way. If they do, discuss your best options moving forward to ensure you are fully covered. A simple conversation can have a significant impact in protecting what you value most.
Whether you have specific questions about your policies or simply wish to discuss coverage options, Penny Insurance Agency’s experienced team is ready to work alongside you. Start your year off on the right foot and avoid any unexpected insurance surprises. Contact us today to get started.
The countdown to Christmas is on! The holidays are a magical season in which we can truly enjoy time with our loved ones and make memories. This holiday, you may be planning on gifting a present that is exceptionally high value—that engagement ring she’s been wanting, that laptop he’s been eyeing, or even that sweet new set of wheels to your much deserving loved one. Whatever you are gifting this year, you want to be focused on the joy of giving, not on the safety of your gift. You may want to consider giving yourself the gift of insurance—that is, insuring your high-value holiday presents this year.
Home Owners’ Insurance May Not Cover Your Presents: Home insurance is supposed to cover the items in your home—including presents—in the event of a fire or theft. However, most home owners’ insurance policies are capped and may only cover a portion of your present. If your present is lost to something that is not covered in your home owners’ policy, you may be left with no way to replace it. Review your home owners’ policy with your insurance agent and make sure you fully understand what it does and does not cover over the holiday season.
Get Your Presents Appraised: If something were to happen to your high-value gifts, you’ll want to be able to replace it as quickly and as seamlessly as possible. In order for that to be possible, you must be able to prove the value of the present. We recommend that you get your high-value presents appraised. If you are gifting jewelry, you can go to a licensed jeweler to get a certified appraisal. For other high-value gifts—like a piece of art —you will need to go to a specialist.
Insure Your Assets: Once you get your high-value gifts appraised, meet with your personal insurance agent to discuss what your best options are moving forward. You may determine together that you need to insure that family heirloom you plan on gifting to your girlfriend or that new high-tech gear you’re giving to your child before they head off to college. While you cannot replace the sentimental value of a priceless family heirloom, you can protect its financial value.
Be Wary of Theft: Proactively protect yourself and your assets this holiday season and take measures against theft. The holidays see a spike in burglary so be sure to keep your doors and windows locked and your alarm systems on. If you are going to be out of town for the holidays, do not publicize your plans on social media. If a burglar knows your home is unoccupied, your property becomes a much more enticing target.
The holidays should be a joyful time of year filled with love and the spirit of giving. Eliminate the extra stress of worrying about your high-value presents this Christmas and give us a call today. Our Penny Premier Concierge team has the industry insight and experience necessary to help you determine your best insurance option. At Penny Insurance Agency, your peace of mind is our priority. Happy Holidays to you and yours!
HENDERSONVILLE, N.C — Will Penny, President of Penny Insurance Agency in Hendersonville, North Carolina, has been awarded the Certified Advisor of Personal Insurance (CAPI) designation from the Aresty Institute of Executive Education at the Wharton School of the University of Pennsylvania and Chubb Insurance. Mr. Penny is among a group of only 38 agents this year to receive the certification after completing a one-year intensive educational program on understanding the lifestyle and risk management and insurance needs of successful individuals and families. Created by Wharton and Chubb in 2014, the CAPI program is the first of its kind to focus on a specific client segment in the personal insurance marketplace. “The agents who have completed the CAPI program have proven that they have the highest level of skill and expertise required to understand the total family balance sheet and to advise successful clients on their complex risk management and insurance needs,” Annmarie Camp, Executive Vice President, Sales and Distribution Leader, Chubb Personal Risk Services, said. Will Penny is a Henderson County native and the proud third generation president of Penny Insurance Agency. Will is a graduate of Wofford College, and has been with Penny Insurance since 1994. “We are extremely proud that Will has received the prestigious CAPI designation,” William E. Penny, CPCU, Chairman of the Board for Penny Insurance Agency, said. “This shows his incredible dedication to the insurance industry as well as his ongoing commitment to serving successful individuals and families who have a unique set of property and liability exposures created by their assets and lifestyle.” Courses are taught by Wharton faculty, Chubb subject matter experts and other professionals. Agents received instruction on the Wharton campus at the University of Pennsylvania in Philadelphia, and through virtual classes, webcasts, reading assignments and other online activities throughout 2017.
About Chubb Chubb is the world’s largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.
About the Wharton School Founded in 1881 as the first collegiate business school, the Wharton School of the University of Pennsylvania is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. With a broad global community one of the most published business school faculties, Wharton creates ongoing economic and social value around the world. The school has 5,000 undergraduates, MBA, Executive MBA, and doctoral students; more than 10,000 annual participants in executive education programs; and a powerful alumni network of 96,000 graduates.
About Penny Insurance Agency Penny Insurance Agency is an independent insurance agency serving Western North Carolina and Upstate South Carolina, specifically Tryon, Hendersonville, Asheville, Landrum, Campobello and Spartanburg and is licensed in multiple states. Founded in 1931 with a mission to provide the very best insurance protection at the most affordable price, Penny Insurance is still serving as a leading independent insurance agency for families and businesses. Contact Penny Insurance Agency at its website or by calling 828-692-9171. Connect with Penny Insurance Agency on Facebook and Twitter.
It’s the most wonderful time of the year—open enrollment! Now this might not be the first thing that comes to your mind when you think about this time of year, but for us here at Penny Insurance Agency, open enrollment is a great opportunity to receive health insurance coverage.
Things are looking different for open enrollment than they did this time last year. Keeping up with policy changes can feel overwhelming, so we’re breaking down what’s been happening in health insurance to keep you in the know:
When the Affordable Care Act (ACA) became law in 2010, health insurance policy owners were given the opportunity to keep their health insurance. They would be “grandfathered” in so that they would not be required to purchase an ACA plan, i.e. Obamacare, and they could keep their existing coverage.
Since then, many of these grandfathered insureds chose to keep their grandfathered plan because they were significantly less expensive than their potential Obamacare plans. Granted, the plans did not offer some of the same coverages that the ACA plans offered.
It is important to know that all ACA plans include maternity coverage, regardless of the gender or age of the insured. This is one of the reasons Obamacare plans are more expensive. Additionally, with the ACA plans, there are several preventive coverages—like shots or screenings—that are free as long as you are going to a physician your policy covers.
Nonetheless, grandfathered insureds chose to pay the deductible for a procedure like a colonoscopy rather than change to a higher premium, or they did not need maternity coverage.
Annual Enrollment for 2018 is different than previous years in that it requires all grandfathered plans to purchase ACA plans. These insureds received notification from their insurance companies that their grandfathered days were almost over and they were “mapped” into an ACA plan similar to the old plan.
So why are people upset? The plan for 2018 contains all the “essential health benefits” contained in Obamacare plans. As a result, these grandfathered insureds have premiums that have doubled or tripled – depending on the coverage, or lack thereof, of the pre-2010 plans.
Obamacare plans provide dental coverage for children younger than 18. Obviously not all adults who purchase an ACA plan have children who will use this coverage; nevertheless, the coverage is built in. This is another reason the premiums are higher. All Obamacare plans have 10 “essential health benefits which must be paid for whether the insured uses them or not.”
Here at Penny Insurance Agency, we make it our priority to provide you with the most up-to- date policy information and comprehensive coverage plans. We know determining the proper health insurance plan for you and your family may seem like a daunting task, but you do not have to tackle it alone—our experienced and knowledgeable agents will be with you throughout the process. Contact us today if you’re interested in speaking with a Penny Insurance Agency representative. Your protection is our priority.
Turkey in the oven, football in hand and family around the home—Thanksgiving is upon us! Thanksgiving often gets overlooked for its big brother, Christmas, but we here at Penny Insurance Agency relish in the opportunity to count our blessings and recognize all the people and experiences for which we are grateful. While this holiday is simply stuffed with gratitude and gravy, there are some insurance implications Thanksgiving brings about that may not be so obvious. With some many details to cover, loved ones to see and football games to watch, safety can often be the last thing on everyone’s minds during the holiday season. Check out our tips below on how you can have a memorable and safe Thanksgiving this year:
Kitchen Safety: Fires, Fryers and Fileting Thanksgiving will be fraught with distraction but it is pertinent that someone is tuned into what is happening in the kitchen. Do not leave your deep-frying turkeys and flambéing brussel sprouts unattended. Fires are prevalent on Thanksgiving so be mindful of what’s in the oven and always remember to turn off your stove. Carving a turkey and food prep requires a lot of knife work so be aware of what you’re slicing and dicing. Dull knives actually do more damage than sharp ones, so be sure your utensils are prepped and ready for extensive use that day.
Food related injuries/illnesses are the biggest reason people visit the ER on Thanksgiving—from burns to cuts to food poisoning. It’s important to take precautions in the kitchen and minimize your risk.
Tipsy Guests We all want to have a holly jolly holiday, but do not allow your guests cups to overflow with too much holiday cheer. Limit guests to a certain number of drinks and prepare a space in your home should someone need to spend the night. Keep alcohol out of sight and out of mind for minors.
Feisty Football We all wish we could be watching the big game from the sidelines instead of the sofa on Thanksgiving. The second-best option is a rousing game of flag football in the backyard. Before you get ready to perfect your victory dance, establish rules for the game and ensure all parties adhere to them (i.e. no tackling). Injuries can happen and you are liable for what happens on your property. Have a first aid kit on hand should any minor injuries occur and put an end to game if it gets too rambunctious.
Holiday on the Road According to National Highway Traffic Safety Administration, at least 40 percent of passengers killed on Thanksgiving are involved in crashes with drunk drivers, and about 60 percent of passengers weren’t wearing their safety belts. The holidays are an exciting time of year, but do not be in a rush to get to the party—give yourself plenty of travel time so you’re not speeding down the highway. Be aware of the weather patterns on your travel days—you may need to make other accommodations or change your travel dates if bad weather is impending. If you get caught in a nasty storm, slow your vehicle to a safe speed or pull over until the storm passes. While the holidays are a special and exciting time, they are not worth risking your safety.
Here at Penny Insurance Agency we are dedicated to helping you reduce your liability and protecting your hard-earned assets. Contact us today on further information on how you can be protected through life’s unexpected twists and turns.
When we think of risk-takers, we conjure up images of tight-rope walkers, skydivers or gamblers willing to stake everything they have on a hand. We don’t think of the average homeowner, parent or community member.
Nowadays, the average person is leading a far riskier life than you’d think—that is, it is likely most people are not adequately protecting their assets. Excess Liability Insurance helps protect what you have spent a lifetime building when an unexpected occurrence turns into a liability judgment against you. Suddenly, your exposure can threaten the security of your prized possessions and hard-earned lifestyle. Excess liability insurance is a critical, but often overlooked, component of your personal risk management portfolio. We have worked in conjunction with our partners at Chubb Insurance to provide you with some thoughtful questions that may have you re-evaluating how you’ve been protecting your financial assets. How can excess liability insurance help protect you? We live in an increasingly litigious society and legal disputes are more prevalent today than ever. Costs of new liabilities and exorbitant jury verdicts can run in the millions. Even minor damages, such as a fender bender, can end up being costly over time if a dispute necessitates legal fees.
Often called an umbrella policy, excess liability insurance offers higher limits you may need to cover damages for which you or someone in your household may be legally responsible. When the amount you must pay for a covered loss exceeds the limits of liability under your other individual insurance policies, an excess liability policy is triggered to provide much higher limits. How much excess liability insurance do you need? Your personal financial situation will determine the correct amount of excess liability insurance for your family. Lawsuits may evolve into much more costly disputes than originally anticipated or your assets could be targeted if you do not have adequate liability coverage for legal damages. To determine an appropriate limit, work with your agent or broker to review all of your assets such as your house, other properties, vehicles, personal belongings and valuable collections, 401(k) investments and college funds for your children.
Be mindful of your risk factors such as the length of your work commute, the number of residences owned, domestic employees, vehicles and watercraft owned and the online activities of household family members. In other words, consider the unforeseen. In most states, there is no cap on legal expenses incurred for a covered loss, as such expenses are outside of the liability limit. Did you know catastrophic financial loss could occur in seconds? The more you have acquired, the higher your risk for litigious encounters. Your financial security could become severely compromised due to accidental events you may have thought were adequately covered. Excess liability insurance responds when the underlying liability limits of your various other policies have been exhausted.
Establish peace of mind and protect your financial security. Contact Penny Insurance today to evaluate your existing policy or build a new program that is right for you. Your protection is our priority.
Our hearts and prayers are with our neighbors in Florida, Texas and so many more places in light of Hurricane Harvey and Hurricane Irma. Now that time has passed since the devastation, many families have been able to return to their homes to inspect the damage. These can be some of the most trying times after a natural disaster—when the initial shock and emergency situations resulting from a hurricane have subsided, and families and business owners are faced with the reality of rebuilding, sometimes from nothing. On the small Caribbean island of Barbuda, there is over 90 percent total devastation. This hurricane season served as an eye- opener to us for how important it is to take precautionary steps against natural disasters like hurricanes or flooding. Here are our recommendations on how to protect your family, businesses and assets during hurricane season.
Have a Plan in Place—If you live in an area that could be affected by a hurricane, discuss with your family and employees what the proper course of action is in order to reduce stress and chaos if a natural disaster were to hit. Determine what precautions you would need to take in order to secure your home and what irreplaceable items you would want to take with you should you need to evacuate. Make copies of important documents and choose a few locations to which you could evacuate. For your business, make sure you establish a clear line of communication with employees about the circumstances under which your business would close/reopen and what their specific concerns might be in the event of a hurricane.
Consider Windstorm Insurance—While most people think about flood damage as the most obvious damage their home would incur from a hurricane, we often forget about the effects wind damage could have. Most home owner’s insurance policies cover wind damage, however, if you live in a coastal state, you may need to invest in windstorm insurance. Windstorms bring an entirely separate division of issues including downed powerlines and trees, and high wind speeds can create dangerous projectiles.
Review Your Policies—Make sure you fully understand what is covered if your property were to be damaged. Comprehensive car insurance will cover flood damage. Flood insurance needs to be purchased separately from home owner’s insurance as most home owner’s policies do not cover flood damage. Discuss your options for protecting your business against hurricane damage with your insurance agent. If your business is located on a beachfront or near the water, you may face higher premiums, so you’ll want to compare quotes in order to receive your best value. If you live in or have a business in an area with a high chance of hurricane impact, remember to invest in a policy well before hurricane season. Flood insurance typically takes about 30 days to go into effect, so do not wait until it is too late.
Tragedies like this remind us at Penny Insurance Agency why we do what we do: help our clients protect their families, businesses and assets. For some of you, Hurricane Harvey and Hurricane Irma may be cautionary tales and you may be reevaluating how you’re protected for a natural disaster. For others, you may be rebuilding your homes, businesses and lives. If you are interested in helping hurricane victims, please consider donating to The Red Cross. Contact us today if you are interested in discussing your insurance policies and determining what your options are in protecting what’s valuable to you. Your families, businesses and assets are your priorities and here at Penny Insurance Agency, they are our priorities too.
Pack your bags everyone; it is time to travel! Everyone loves the opportunity to fly the skies and get away from their daily routines for a little bit. Whether it is a family vacation or business trip, traveling is always a new, unpredictable adventure. With all the memories, pictures and great times traveling encourages, there are also a few risks associated with heading out on a new adventure. For example, you or your travel companion may get sick and have to come home early; you have to cancel your flight due to inclement weather or a work related issue; your luggage is lost or stolen—the list goes on and on. Fortunately, there is travel insurance:
Most Common Issues That Come with Traveling: Travel insurance can cover cancellations, medical expenses, evacuations, loss or delays along with 24/7 assistance. When traveling, there are many risks that simply cannot be controlled. Travel insurance is an easy fix, allowing you to enjoy your trip and giving you peace of mind.
What Travel Insurance Specifically Covers: While the most basic coverage includes cancelled trips, medical emergencies abroad, emergency evacuations, lost or delayed bags and/or flights and lastly, phone assistance 24/7 worldwide, additional coverage can provide life insurance coverage for accidental death, hazardous sports for activities like SCUBA diving, rental car collisions to replace your personal insurance or the rental company policy, and identity theft.
Travel Insurance is the Easiest Fix: No one wants to think about travel insurance when they are getting ready for an upcoming trip. Everyone should carry some form of health or property insurance while traveling. No matter how put together your itinerary is or what preventative measures you have taken, there are inevitably things that come up that cannot be controlled. Without insurance, those issues could cost you thousands of dollars.
We understand that travel insurance can be pretty confusing for new travelers. Just like any insurance plan, you should understand the coverage that travel insurance will provide you. Our agents want to help you and are always here if you have any questions. Here at Penny Insurance Agency, we are committed to exceeding all your insurance expectations and ensuring our customers are properly covered. The first step to having a carefree travel experience is making sure you are covered. We specialize in protecting you and your loved ones. Keep yourself protected while traveling this summer by contacting Penny Insurance Agency today.
Everyone loves the idea of the great American road trip. More and more families are vacationing in their portable homes, more commonly known as RVs. Recreational vehicles (RVs) have grown in popularity as the ideal option for a long road trip. Just like your homes and cars need to be insured, it’s important to insure your RV. When owning a home on wheels, there are going to be several insurance implications that a typical car or home may not have.
Purchasing your RV: Purchasing an RV may actually be easier than purchasing a car. Recreational vehicles come in assorted sizes and price ranges, making it easy for you to pick the best fit for your family’s needs from a 22-foot Class B to a bus-size luxury vehicle. Options and versatile floor plans make it easy and quick to find a RV that matches your lifestyle and budget. One of the most popular luxury vehicles that RV enthusiasts appreciate are slide outs. They extend the interior living space greatly with the touch of a button. RV’s can have up to four slide outs, allowing for a comfortable interior. Like cars, RV manufacturers are continuing to develop the latest and greatest products to meet the needs of every customer. If you have ATVs, jet skis, motorcycles and/or mountain bikes, toy haulers feature a fold-up ramp on the back that make loading a breeze.
Perks of Traveling via RV: The Southeast offers a wonderful range of outdoor activities—and it’s not unusual for our clients to own vehicles that allow them to take advantage of it. During these hot summer months, our clients love traveling in their RVs to the beach or mountains. One of the greatest perks of traveling by RV is that you get to take your home with you. RVs are built for comfortable living, dining, sleeping and bathroom space. Most RVs have propane tanks that light the stove and power the refrigerator. Electrical systems run off the RV’s batteries or gas, or diesel- powered generator. Separate water tanks allow for fresh water to be separate from waste water. Fuel prices would have to double for typical RV vacations to cost more than other forms of travel. Saving on air, hotel and restaurant costs offset the cost of fuel.
Factors that determine the type of RV insurance you need: There are three classes that determine what type of RV insurance to get—A, B and C classes. Class A includes vehicles up to 75 feet long and models such as the luxury coach, converted bus and motor coach. Class B is the smallest class of recreational vehicle, which includes cargo van type designs, travel trailers and camper vans. Class C includes vehicles that use a standard cargo van as the driving portion of the RV with the camper portion extending over the cab area. Class C also covers fifth wheel vehicles. Like all insurance plans here at Penny Insurance Agency, RV insurance is definitely not one size fits all. We work with you to build a custom plan based on the class of your vehicle, how much you use it and whether you will live in the RV full time, among other factors.
Penny Insurance Agency is here to help insure all of your “fun”. Whether it’s on your boat, motorcycle, ATV or RV, we make sure that you’re covered at an affordable rate. We offer outstanding insurance coverage. Not to mention, we can help you combine your “fun” insurance with serious insurance, such as your real home and auto, allowing you to take advantage of discounts that could help save you some serious money. Call us today or fill out the contact form and breath a true sigh of relief as you kick back and enjoy the open road.
As the risks of cyber breaches and hacks continue to rise, social media risks are rampant. Employees not only use social media for personal use, but also as a forum to talk about their company, products, personal problems as well as most anything that might be on their mind.
Regardless of obvious social media benefits these channels provide, there is significant margin for damage on these platforms. Social media can transform a company through marketing, communication and sales; however, there is also a risk that hackers may use employee information on social media to hack into your company’s networks, servers or databases. Even worse, the sites can be used to transmit computer viruses and other dangerous malware.
In the ever-evolving digital age, more and more small to mid-sized companies are expanding their social media presence and networks. The rewards are limitless but at times the risks may outweigh the good. A large social media presence opens your company to cyber risk.
It is pertinent to establish a social media policy for your business’s employees to follow while utilizing company computers and servers. Employee online behavior can inadvertently put your company at risk. For example, many companies block access to social sites from their networks to reduce risking the network to hackers, computer viruses and dangerous malware.
Engage with your employees on key tactics they can employ in order to reduce cyber risk. One of the most effective ways to prevent hacking is by protecting social media identities. Explain to your employees that it is important to be selective when accepting “friend requests”. Unless they recognize the name and know the company, encourage them not to accept the request, particularly while on company hardware.
When it comes to Wi-Fi, you should be extremely cautious instead of automatically connecting to the connection that’s easily available. While some of these tactics seem obvious, they are essential to managing your privacy settings.
How Cyber Insurance Can Help Establishing cyber insurance for your company is worth considering, as it can help protect you and your company. Your business data is essential to your operations as a competitive edge. Any size business can have its data breached or stolen. Think of your doctor’s offices, retail shops, contractors, salespeople, … the list goes on and on. Almost any profession today keeps business—and sometimes personal—information stored electronically.
Traditional forms of insurance like general liability, property, business income and crime insurance are designed to cover tangible property. Since digital information is intangible, the insurance your business currently has most likely will not cover losses due to cyber hacks or cyber attacks.
Cyber insurance can help cover any costs that your company may incur while trying to restore a breach, such as lost income and some cover liability in the event that data breach victims sue you. Recovering customer data such as forensic investigation, crisis management, cost of contacting customers, advertising to rebuild reputation, and computer program and electronic data restoration can be costly.
Here at Penny Insurance, our agents are ready to help you determine which type of insurance is the best fit for your business. We also can provide tips to help you manage your computer and technology risks developing from data loss, data breaches, denial of service attacks, malware, viruses and more. We are here to help you solve your most demanding problems. Let us help protect you. Contact us today.
For most, summertime means vacation time and many enjoy the luxury of a seasonal lake or beach home. It is important, however, to remember that assets like these require great care and proper measures should be taken prior to kicking up your heels and relaxing. Seasonal homes are not like full-time residences so insurance requirements do vary. Here are some of the tips to insuring your seasonal home:
Various home elements and amenities can affect your policies and premiums. While a beachfront property obviously has its perks, it also can be subject to increased insurance premiums. Likewise, amenities like a hot tub or outdoor fire pit can also affect your insurance policy. Sit down with your insurance agent to discuss your must-haves in regards to location and amenities and what measures can be taken to reduce additional insurance costs.
Make sure you have some sort of liability insurance coverage if you intend to rent your vacation home or entertain family and friends regularly. You are liable for whatever accidents happen on your property whether or not you are present when the incident occurs. Liability insurance protects both your assets and finances.
There are additional measures you can personally take to help ensure the safety of your home.
Keep an eye on your seasonal home and protect your assets with a home security system. Many smart home systems now have Wi-Fi capabilities that allow you to check the status of your residence through smartphone apps. Invest in additional security software like video cameras to get real-time alerts to any activity happening on your property.
Just like any asset, taking proper care of your vacation home helps to keep it safe and hold its value. Have inspectors check your seasonal home regularly to ensure the home’s integrity and safety as you would your full-time residence.
Prepping the home prior to staying or entertaining guests is also a good practice to ensure everything is in working order. Minimize your risk and that of your loved ones, and be on alert to any potential dangers an unkempt home may be hiding.
Depending on where your vacation home is located, you may want to consider taking out named peril coverage. If your mountain home will be susceptible to harsh blizzards or your beach home flooding, work with an insurance agent to cover the potential damages that may occur in various geographical locations.
You worked hard over the years to acquire valuable assets like a vacation home. Special care should be taken to properly insuring your seasonal home to fully enjoy it with friends and family. With over 86 years of industry experience and insurance know-how, Penny Insurance Agency specializes in securing custom insurance plans for all your luxury assets. The first step to relaxing at your vacation home is giving us a call. Contact us today!
Cyber attacks and data breaches are on the rise more than ever before. Daily attacks victimize companies across the globe. Cyber breaches continue to increase within our market space despite the decreasingamount of computerized records. It is important to note these attacks are not limited to businesses—personal attacks are even more prevalent. Cyber liability insurance is the fastest growing type of insurance in America and it is not new to the market.Although cyber insurance has been around for over 10 years, yet many businesses and individuals are still unaware it exists.
Global cybercrime costs will double from three trillion in 2015 to six trillion by 2021. If those numbers do not convince you that you need cyber protection, take a look at the costs your company can incur after just one breach, including legal fees, investigation costs, customer notification and communication, customer identity recovery and the restoration of compromised data to name a few. Why is this happening and how can you make sure your family or business is protected?
The top three breaches in cyber security breaches occur through phishing, skimming and email manipulation. Well-known companies—Amazon, Twitter, Spotify, Netflix and PayPal—have been attacked. With the dramatic increase of cyber hacks in the last year, policies have improved to limit ransomware. The catch to this is that ransomware can nowtravel to mobile devices. It is now critical that employees, as well as a company’s leadership, understand and stay informed about cyber security.
Cyber insurance policies are the answer to protecting your identity and information. The policies we offer cover the liability issues for a data breach in which your personal data—such as usernames and passwords, social security and credit card numbers are hacked. Cyber liability insurance is vital to ensure that you will not lose your business in the event of a security breach. According to the National Cyber Security Alliance, one in five small businesses are victims of cybercrime every year. Of those businesses, 60 percent will close within six months of an attack since cyber breaches are extremely expensive if the company does not have insurance.If you haven’t already, please take the appropriate measures to ensure this does not happen to your company – starting with cyber liability insurance!
People often assume that their general liability insurance policy covers cyber liability. General liability insurance will only cover bodily injuries and property damage resulting from your products, services or operations. If your business gets hacked, your general liability insurance typically does not help you recover sensitive information. On top of this, most states require companies to notify customers of a data breach involving personally identifiable information – an extremely costly process.
Comprehensive cyber liability insurance can cover these costs. If your company deals with sensitive information, you are at a high risk of getting hacked. Compliance violations alone can cost you millions. Even if your company is not dealing with protected data, you should still make sure you’re covered.
To learn more about how Penny Insurance Agency can help you find the best coverage for your home or business, contact us today. We also can provide tips to help you manage your computer and technology risks developing from data loss, data breaches, denial of service attacks, malware, viruses and more. We are here to help you solve your most demanding problems. Let us help protect you.
When is the last time you had your art or antique collection reviewed? The Wall Street Journal recently stated that commodities such as art, antiques and other tangible collections account for an average of 17 percent of the assets of high net worth individuals.
Most people do not have their collections appraised until death, divorce or debt when it is normally too late to be active in managing the collection. Furthermore, many people do not see their home décor as an item that should be insured or appraised. Collectors typically hang their art on the wall for people to enjoy and do not necessarily think of their household decorations as assets.
Penny Insurance wants to ensure you are staying up-to-date on the value of your collections. We offer insurance to protect valuable art collections, precious paintings, rugs, rare books and sculptures. What matters to you matters to us and we want to protect your important belongings. To better determine the worth of your art, there are certain things you should keep in mind:
Determine the value of your art:
Most people forget that artists become famous by being represented by a dealer. The relationship between dealers and auction houses can make or break the accuracy of an appraisal. The dealer’s job is to promote the artist, allowing an art collection to reach a value that gains the auction house’s attention. Then the auction house can promote the artist increasing the demand and price of his or her work. The relationship between the gallery and auction is mutual and vital to both sides. To ensure that your appraisal is completely accurate you must determine the value of your art from both galleries and auctions.
Location, location, location:
Art can be worth more in specific regions of the country if an artist has ties to that area. For example, if an artist went to school or taught somewhere their work will be in much higher demand. Having an association with a certain region of the country will allow for a much higher cost. An artist’s relationship with a location can truly affect how desirable they are.
Chart the direction and pace of your collection:
Pay attention to the era in history from which your art collection comes—it could make a difference in your appraisal. People born in the years 1965-1979 are inheriting wealth and building art collections of their own taste. Millennials, born 1980-2000, tend to shun the art they have grown up with and desire art from their grandparent’s generation. The first generation to largely collect art, otherwise known as the Baby Boomers, are retiring or passing away. Artists from this generation are becoming valuable and increasing in worth, while art collections from Millennials are decreasing in value. As such, we recommend that you update your art appraisals every five years. Doing so is essential to determine the direction that your art collection is heading in the future. Make sure you update your records after appraising your art, so you can review the values from purchase to present.
As an art owner, only you can decide what is valuable and meaningful to you. At Penny Insurance, we are committed to helping you secure the right protection. Our insurance agents can customize a plan to cover all your works of art, from painting to rugs to rare books. Our valuable items insurance also can be extended to cover specific risk potentials, allowing coverage against breakage.
By following these tips, you can help make sure that your art appraises for its true value now and in the years to come. Contact us today to learn more about protecting your valuables.
With Memorial Day in the books, boating season is finally here! If you are planning to spend your weekends or your entire summer out on the water, boat insurance should be at the top of your priority list. Even after the summer months end, it is a smart idea to keep fully covered with boat insurance. Although several states do not require it, boat insurance is a highly recommended coverage option and states do require boaters to pass a boating safety course.
At Penny Insurance, we want to make sure that your “fun” is insured. We offer comprehensive insurance coverage for different types of water toys and boats. Plus, by combining this type of insurance with other insurance, such as home and auto, you gain discounts to help save and protect all your assets, even the fun ones.
Making the Decision
If you are making payments on a boat or water craft your bank will most likely require you to carry boat insurance even if your state does not (North Carolina does not require boat owners to have insurance, although it is highly recommended). Most banks will not give you a loan on your boat without providing proof of insurance that covers the full value of the boat in the incident of a loss. The bank will be listed as the lien holder on the policy so that, if any loss payments are made, it would also be listed as co-payee on the check. Before a marina or boatyard will accept a contract for a slip or a mooring, most also will require liability insurance proof.
Off the Water
It is a no-brainer that you should protect your boat during peak boating seasons but, even after boating season is over, or if you store your boat out of the water, you should always maintain and update your boat insurance. Once warm weather ends and your boat is stored in a slip or in the yard, you may think cancelling your boat insurance is a good way to save money in the off-season. Vandalism, theft, fire or flooding can happen at any time not just during the summer. Hurricane Matthew destroyed numerous boats and yachts both on and off of the water. Boat owners are also liable for injuries. If someone accidentally gets hurt on or around your boat you could be responsible for their injuries. Without boat insurance you will be paying for their medical bills whether it happened in the lake or a boat yard.
How it Works
People often assume that their homeowner’s policy will cover their boat. Unfortunately, homeowner’s policies are usually limited to boats under a certain size or value, because they do not have the requirements to cover the types of losses that may occur with a boat. The first step in buying boat insurance is deciding with your insurance agent the amount of coverage you need for your boat, the deductible and the types of coverage you need. In the occurrence of an accident, theft or injury you will be able to file a claim and receive payment to cover the loss. The amount of boat insurance depends on many factors such as the boat’s value, motor size, age and how you use it. The amount you purchase typically reflects the potential injuries you may need to cover if one of your passengers gets hurt or your boat gets damaged. Other coverage amounts, such as collision coverage and comprehensive coverage, are based solely on the value of your boat.
Boating with your friends and family should be a relaxing time not a logistical nightmare. With more than 85 years of insurance experience, Penny Insurance has the knowledge and resources to properly insure your luxury assets. We want to protect you and your family so you can have more fun on the water. Call us today to get a free quote on your boat so you can stop worrying and start having more fun.
You worked hard and now are able to enjoy the fruits of your labor. Jewelry has always been a great means of celebrating and recognizing success. Some pieces have been passed down through generations while others are rarely worn. Whether your jewelry collection is full of precious family heirlooms or newer, statement gems, taking proper care of it is a must to fully enjoy your pieces and give you peace of mind while they are tucked away. Here are a few simple steps to protect your jewelry:
1. Appraise your jewelry.
Get your jewelry appraised regularly to know the exact value of your pieces. Value fluctuates over the years and people are often shocked to discover how underinsured their pieces are. Here are a few key questions you need to go over with your jewelry appraiser when getting jewelry appraised:
What type of jewelry is it?
What is it made of?
What type of gemstones are used and how are they graded?
You will also want to ensure that you are having a graduate gemologist or diamond gemologist appraising your jewelry. A specialist will be able to more properly gage your jewelry’s worth than a store clerk. Your appraiser should also do a condition check to see if there are any loose prongs or chips in the stone.
2. Properly insure your jewelry.
Accidents happen and, if something were to happen to your jewelry, it could also affect your bank account if you do not have the proper insurance. Whether it be natural wear-and-tear or a missing or stolen piece, you do not have to take a financial loss. Review your policy regularly and be sure to hammer out the specifics prior to an incident.
3. Take care of your jewelry, daily.
Keep your most valuable pieces stored in a secure home safe that has high fire and theft rating or in a bank vault. Should you be traveling, keep your most expensive items with you at all times or stored in a hotel safe (not the one in your room). It is best not to pack jewelry in your luggage or wear pieces to the pool or beach. Be sure to replace broken or scratched watch crystals immediately. Hairline cracks can let dust and moisture into the mechanism that can affect its accuracy. Since diamonds can scratch other gems, remember to store them separately and have the prongs and mountings checked annually to ensure they are securely in place.
With 85 years of experience, Penny Insurance has the reliability and insurance know-how for protecting your most valuable assets. Contact us today to discuss options for jewelry coverage plans tailored to your unique needs.
Getting a driver’s license is a milestone that everyone looks forward to; that taste of freedom when you finally get behind the wheel and drive wherever you please. Maximum freedom, minimum responsibility.
Parents, on the other hand, may have a slightly different take on the situation. Putting your teen behind the wheel can be a nerve-wracking experience. Technology has changed and grown over the years, and so have the potential distractions that could affect your teen’s driving skills. Luckily for drivers, technology on cars has also improved with time, adding some counterbalance to the distractions that could pull your child’s attention away from the road. These challenges and improvements have an impact on auto insurance. While your new driver (and maybe you) may be eager to hand over the keys, here are a couple of things to keep in mind when it comes to your auto insurance policy and your new teen driver:
A new driver’s insurance policy typically costs more than the average policy, but for good reason. According to the Insurance Institute for Highway Safety, teenagers are the most likely age range to get into car accidents and are 2.5 times more likely to get into an accident than 20-24 year olds. The likelihood of teen driver deaths also increases with every additional passenger in the car. While these statistics can be scary, these odds decrease as your child’s age increases. The bottom line is that teenager’s lack of driving experience and its implications impact the cost of the policy to protect you and your family financially should an accident occur. Newly licensed drivers are charged a surcharge for the first three years they are driving. Rates can begin to decrease after the first year but significant decreases do not start to occur until after the seventh year of driving. Since there are still a significant number of people who do not get their license at age 16, the rates use experience rather than age.
It may feel like there are distractions everywhere that could take your teenagers attention away from the road, particularly their favorite accessories: cell phones. 26 percent of American teens admit to texting while driving. We recommend setting the expectation that your child is not allowed to text or talk on the phone while driving. You can have your child sign the pledge to drive distraction-free. 48 percent of teens from ages 12-17 report being in a car where the driver was texting and driving, so be sure to set the example and refrain from texting and driving, especially in front of your impressionable children.
Having a new driver in the family can seem daunting when considering the number of potential distractions coupled with high auto insurance premiums. Keeping these things in mind can help you not only keep your sanity but also keep your child safe behind the wheel.
Penny Insurance wants to keep new drivers and first car memories positive while protecting your family. With 86 years of experience, Penny Insurance can help you find the most competitive policy and address all of your teen driver’s needs.
Auto Insurance Series Part Two: Distracted Drivers
Drivers are taking their eyes of the road more than ever before, contributing to an increase in auto insurance premiums. According to the Center for Disease Control and Prevention, eight people are killed and 1,161 injured every day as a result of distracted driving.
Distracted driving is more than simply taking your eyes of the road. It includes removing your hands from the wheel or letting your mind wander while driving. Activities like texting, using your cell phone, eating or programming your car’s navigation system are sources of distraction that endanger you, your passengers and other drivers on the road. In fact, texting while driving is one of the most dangerous distractions because it takes your mind off driving, your hands off the wheel and your eyes off the road. On average, people take their eyes off the road a full five seconds while texting. If you are traveling 55 mph, that is long enough to travel the length of a football field without ever looking up. Not only is texting while driving dangerous, it is also illegal in 48 of the 50 states, including North Carolina, South Carolina, Georgia and Florida.
In response to the increase in traffic accidents due to distracted driving, auto insurance companies are increasing rates. More accidents mean higher costs for insurance companies. As cars become more technologically advanced, they also become more expensive to fix and the same principle applies to medical costs. Accidents cost auto insurance companies a great deal when it comes to medical cost, auto repairs, lost wages and property damage.
According to the Charlotte Observer, insurers in North Carolina are requesting auto premium increases averaging 13.8 percent and, in neighboring South Carolina, rates increased an average of 8.7 percent last year. The increase in smartphone usage directly correlates with these rising rates.
So, how can you avoid a hike in your auto insurance premiums and, more importantly, keep yourself safe on the road?
Put down your cell phone and keep your eyes (and mind) on the task at hand Likely the most obvious tip, it is key to remain focused when you are behind the wheel. Find a secure place for your cell phone – your purse, glove box, center console – that keeps it out of sight and out of mind. When you are involved in an accident, the insurance company will raise your auto premiums to mitigate the extra risk. On the flip side, many insurance companies offer discounts on rates for those with a safe driving record.
Slow down and obey traffic laws Auto insurance companies pay close attention to your driving record so traffic violations, such as speeding tickets, unsafe driving and infractions, may send a negative signal to your insurance provider.
Designate a sober driver
Never get behind the wheel if you are under the influence of drugs or alcohol. The consequences can be deadly and, if arrested, remain on your record. A DUI on your record is also a major red-flag for auto insurance companies who will classify you as a high-risk driver. You will almost certainly be disqualified from any safe driving or other discounts available through your insurance provider.
Be on the lookout for discounts
Many insurance providers offer discounts ranging from safe driver to multi-line discounts. It is always a good practice to assess your coverage on a regular basis and ask your provider about any discounts for which you may be eligible.
At Penny Insurance Agency, we have been helping people in North and South Carolina with auto insurance for over 80 years. Over that time, we have seen a lot of changes but one thing remains the same: the right protection is key.
While we are very price conscious, our main focus is making sure you have the protection you and your family need. Our licensed professional agents know how to take advantage of every discount for which you qualify and, since every insurance company is a little different, we shop among the top-rated companies to find the coverage you need at the best possible price. If you need help with your auto insurance or any insurance needs, we invite you to contact us today!
Will and Lynn Penny recently enjoyed honoring and supporting Henderson County’s philanthropic endeavors at the Community Foundation’s signature event, Vintage Carolina, a fundraising gala and wine tasting. The Community Foundation is a highly visible, philanthropic leader that empowers donors to invest in professionally managed charitable funds that address community needs. The evening was filled with neighbors, service and, of course, fantastic vino.
“It was a great opportunity for us to celebrate the Hendersonville community and support local causes,” shared Will Penny, President of Penny Insurance Agency.
The gala and wine tasting raised more than $105,000 for the Foundation that has awarded more than $4.5 million to the community over
the past decade.
The wine-centric atmosphere got us here at Penny Insurance thinking about some of our own client’s pretty spectacular wine collections. No matter the size, wine collections are highly valuable and, as such, wine collection insurance may be a necessity for any avid collectors. We thought we would take this opportunity to share a few recommendations about wine collection insurance:
Why you need it: Regular home insurance policies cover wine collections if stolen, or damaged in a fire; however, these policies do not take into account other potential risks such as extreme temperatures, high-risk zones or dampness. Wine insurance policies can be tailored to your exact needs and consider the location of the bottles as well as the conditions they might be subject to. You would not want to lose your investment simply because someone knocks over a bottle. Most wine insurance policies require clients to pay 50 cents for every $100 of wine they want to insure.
Create an inventory and keep it up to date: A client of ours has a computerized wine cellar that will automatically turn the bottles and alert the owner when it is time to sell or open a bottle. While this is a higher-end solution, it reminds us of the importance of staying on top of your collection so its value does not depreciate and you are actually insuring it properly. We recommended reviewing your collection regularly so that your insurance agency can adjust accordingly.
Assess your storage space: We also have a client who swears by a specialized environmental-control system that controls the wine collection’s storage space to minimize temperature or humidity changes. We recommend researching and reviewing the storage situation that is best for you and your collection. You will want to ensure the storage is a safe, secure environment whether in your home or a professional space.
Whether you are a novice wine collector or a professional connoisseur of all things off the vine, your wine collection deserves be protected and insured. With Penny Insurance, your hobby is our speciality. We have the tried-and-true experience and industry knowledge to provide you with a personalized wine collection coverage plan. 86 years of experience goes to show that just like a fine wine, Penny Insurance only gets better with age.
The sci-fi dreams of yester-year are no longer a thing of the past—we are on the verge of sharing the road with driverless vehicles. Uber is starting to release autonomous vehicles in major cities across the country and major car manufacturers including BMW and GM are in talk of test-driving their self-driving cars within the year. Tesla, one noteworthy brand touting its vehicle’s self-driving capabilities, was recently in the news when its self-driven vehicle was involved in a fatal accident. The car’s computer failed to apply the brakes after being cut off by a truck on the freeway. Tesla has come under scrutiny about the safety of these vehicles; in addition to the typical self-driving car features, Tesla’s vehicles can go beyond regulated speed limits.
There are different levels of autonomous vehicles, ranging from simply automatically applying the emergency brake to prevent an accident to completely self-operated, taking to the driver out of the equation.
With this exciting jump into the future, the auto-insurance industry has recently found itself at odds attempting to determine how to insure autonomous vehicles. We now must take into consideration safety precautions and driver conditions that did not previously exist. Who is at fault if there is an incident involving an autonomous vehicle: the owner? the car company? the computer? Here are a few insurance implications regarding the future of self-driving cars:
Self-driving cars will become commonplace within the next decade as 10 million autonomous vehicles are expected to be on the road by 2020. Experts believe that auto-insurance rates will drop, as autonomous vehicles become the norm. Currently, 90 percent of car accidents occur due to driver error. Auto-insurance premiums rake in roughly $200 billion a year and, lucky for you, computers don’t make as many mistakes as humans do.
This, however, brings us to another point—if robots rarely make mistakes, who assumes the responsibility should an accident occur? If crash liability is transferred from the driver to the vehicle, which, in the case of self-driving cars is making most safety decisions, then car manufacturers may start offering their own insurance policies.
While self-driving vehicles have yet to hit the mainstream, it will not be long before insurance companies will need to get creative with their coverage plans, accounting both self-driving and human-driven vehicles.
Regardless of whether you are an early adopter and plan to purchase a self-driving car in the next few years or one who waits for trends to become mainstream, you will want to work with an insurance company that has withstood the test of time.A third-generation independent insurance agency, Penny Insurance has been looking out for the needs of our clients for over 85 years. We value protecting our customers and their families, and plan to continue to insure generations to come no matter what your vehicle needs are. Regardless of the ever-changing auto-insurance landscape, Penny Insurance is here for you regardless who, or what, is behind the wheel.
Our very own Will Penny was recently accepted into a Wharton program for insurance in 2017. Created by Wharton and Chubb in 2014, the Certified Advisor of Personal Insurance (CAPI) program helps agents and brokers serve as trusted advisors to high net-worth clients. The CAPI curriculum consists of six modules related to this mindset, custom insurance solutions, building client relationships, selling, excelling in the high net-worth arena, and sustaining excellence.
This program is a 12 months study, where participants must demonstrate mastery of the curriculum and understanding of high net-worth customers, including their financial affairs, family management and philanthropic activities. According to Ann Marie Champ, Executive Vice President, Sales and Distribution Leader of Chubb Personal Risk Services, “By being more insightful about all the financial dynamics affecting high net-worth families, CAPI agents are in a better position to help customers manage their most significant risk exposures.”
Will will begin the CAPI program in early 2017. We are excited to see how this program enables him to further serve our community in the best way possible. Congratulations, Will!
Penny Insurance was so pleased to be a supporting sponsor of Four Seasons Compassion for Life’s community celebration, the 26th Annual “Tree of Lights!” This event allowed community members to remember loved ones by lighting hundreds of luminaries on Main Street in downtown Hendersonville. Proceeds benefitted Four Seasons hospice patients who do not have insurance for the care they need.
Thanksgiving bring many familiar sights and sounds: families gathered around the fire place, a kitchen packed with chefs and bakers, and a full table of tasty treats. While the temperature outside may be dropping, things are heating up indoors – both in the kitchen and in living areas. Penny Insurance wants you to stay warm and well-fed, but we’re aware that this is also a season where accidents happen! Check out these helpful tips to keep you safe:
In the home:
If you have a wood-burning fireplace, be sure to have your chimney swept prior to use this fall and winter! You can contact a licensed chimney sweep for inspection and maintenance.
If you have a gas log fireplace, test your carbon monoxide detectors prior to use. This system should be in place before you turn on your fireplace this season!
Test your smoke detectors. Fires can happen not only in the kitchen, but also as a result of candles, overheating combustible materials, or even because of electronics and appliances. Smoke detectors will not only save your loved ones, but also give you plenty of time to contact the fire department to save your home and valuables.
In the kitchen:
Clean up spills and messes immediately! Doing a little extra on the front-end will decrease accidents (or slips) later on in the day.
Keep loose fabrics, like dishtowels, mitts or even clothing, away from open flames. While you’re cooking at the stove, be aware of where you are standing or placing items.
Set a timer – we all get distracted when cooking. Save your dinner, as well as your home, by setting a time to remind you what’s on the stove or in the oven.
Have a watcher and helper in the kitchen. When you need to step away, a helper can keep an eye on the pots and pans on the stove and in the oven. While too many cooks in the kitchen can be a bad thing, you definitely can’t do it alone!
Test you smoke detectors thoroughly in kitchen spaces. It’s a simple task, but an important one to check off regularly in a room with high fire potential.
We love cool weather, and Penny Insurance wants you to have a warm and safe holidays! We want to make sure you’re enjoying this time of year from the comfort of your own home. Happy Thanksgiving!
Fall is now in full swing, and the holiday season is right around the corner. Halloween kicks off this festive time of year with a night of tricks and treats. Now is a great opportunity to discuss how to keep yourself, your family, and your home safe and happy on the year’s most spooky night!
Keeping your children and family safe:
Walk safely. This includes crossing the street using traffic signals and crosswalks, teaching children to look both ways prior to crossing, and putting electronic devices down so you are alert while in the presence of vehicles and others.
Keep costumes creative and safe. Decorate costumes and bags with reflective tape or stickers, have children carry a flashlight, and choose face paint over masks to prevent obstructing your or your child’s vision.
Review or create an emergency plan. Remind your children to call 9-1-1 or their local emergency number if they ever have an emergency or become lost.
Parents should always accompany young children. If older children are going alone, plan and review an acceptable route and time they should return home.
Keeping your home and property safe:
Remove potential hazards from your yard. Items such as garden hoses, toys, bikes and lawn decorations could cause a child to trip or get injured.
Check outdoor lighting. Make sure your outdoor lights are working and replace any burned-out bulbs.
Restrain your pets. Make sure your pets cannot come near trick-or-treaters so they do not inadvertently jump on, bite, or injure a trick-or-treater.
Bonus tips:
Drive extra safely on Halloween. Slow down and be especially alert in residential neighborhoods, enter and exit driveways slowly and carefully, and eliminate any distractions inside your vehicle.
Schedule a security system tune-up. This will ensure your belongings are being adequately monitored on Halloween night. Additionally, make sure your valuables are stored in a safe place.
If you are having a Halloween party, keep safety in mind. Confirm adult beverages are out of reach of children and valuables are locked away. If dry ice is used, make sure none is consumed by party guests.
Halloween doesn’t have to be a frightful night if you follow these safety tips! And don’t forget – our Penny Insurance agents are here to discuss any policy questions you have so that you rest easy this and every night.
No one wants to spend the summertime dealing with a broken air-conditioning system, with no way to escape the heat and a substantial repair price along with it. Unfortunately, mechanical breakdowns are pretty unpredictable…and are not covered under a homeowner’s insurance policy. Mechanical breakdowns occur most often in household machinery such as pumps, fans, engines, motors, generators, hot water heaters, air-conditioning systems, refrigeration units and automatic sprinkler system controls – things that are pretty important to have this time of the year!
Machinery breakdown losses can go beyond just the repair or replacement cost of your equipment. Additional coverage may be needed to include indirect losses. Extra Expense coverage can be added to pay for the costs incurred for temporary repairs and increased expenses necessary to maintain your standard of living in the event of a breakdown. Machinery Breakdown policies, through providers like Chubb, include coverage for the mechanical breakdown on one policy with one limit and one deductible to supplement your homeowner’s policy. With these policies, your home and contents are protected against:
Losses due to steam explosion, mechanical breakdown or electric arcing
Losses to property for those in your care, custody or control
Repair or replacement costs for damaged property
Defense against a claim or suit alleging liability under the policy
Don’t risk losing your vital home machines! Contact us today to find out how you can help protect your home and possessions against loss from mechanical failure with Machinery Breakdown insurance.
In a perfect world, our regular homeowners or auto insurance coverage would protect us from all liability. Our coverage would shield us from unexpected incidents and truly safeguard our assets and lifestyle as long as we met our payment deadlines. Unfortunately, there has been a rise in claims that are not covered under your primary liability limit. These claims involve scenarios that occur in everyday life – not a one-off incident or freak accident.
For example, one claim involved a man being attacked by his neighbor’s three dogs while he was taking his trash out. The dogs had escaped through an open gate, and the attack resulted in the man sustaining multiple leg lacerations and a lower back injury. A court in Florida awarded $7.7 million in its judgment against the dog owners.
In New York, a court awarded $8.9 Million to a heating and cooling service technician who fell through the floor of an attic after completing his work. The technician fell nearly 20 feet and sustained injuries to his back, hand, foot, ribs, shoulder and wrist.
These situations are not shared to scare you, or to pressure you into increasing your coverage. Penny Insurance agents seek to educate our clients on the possible risks even if your home and auto is fully insured. In these scenarios, adequate liability limits can help protect you for unforeseeable circumstances and prevent a liability judgment against you. In our modern world, excess liability insurance is become more prevalent and necessary to protect your lifestyle, your assets and your family.
If you are interested in learning more, please contact your Penny Insurance agent today!
“Giving is not just about making a donation. It is about making a difference.” –Kathy Calvin, CEO and President of the United Nations Foundation
Have you been considering donating to a charity, or looking for a new way to give back to your community? With the hustle and bustle of everyday life, it is often easiest to simply write a check and return to your normal routine. While giving monetarily to nonprofits is very important, it can be equally beneficial to give the gift of your time. Whether you are looking to donate money or give through volunteer service, offerings of all types are greatly appreciated by those in need.
There are many opportunities available to give. You may choose to donate to a national group, your favorite local organization, or even directly to those in need. Other options include participating in fundraisers, weekly volunteering and service opportunities. Service opportunities are a great way to connect with friends, family and colleagues, and allow you to contribute using your personal skill sets, career training and talents. Fiscal giving not only allows tax-deductible donations, but it is also a satisfying deed in knowing you are helping others.
Penny Insurance strongly believes in giving back to our community. We are proud to announce that we will be participating in the Walnut Cove Members Association fundraiser at the Cliffs at Walnut Cove on Tuesday, June 14. Penny Insurance will sponsor a four-member team in the golf tournament, and prior to the tournament, we will host a pre-dinner cocktail party on June 10 in partnership with Roberto Coin. These fundraising events benefit various local nonprofits in the Asheville and Hendersonville area.
By now, you probably know that valuable items are not fully covered in your homeowner’s insurance policy. Most agents will advise you to purchase valuable items insurance to cover items of significant value – whether they be family heirlooms or recent purchases.
Just as you would cover your car, you can also take a policy out on jewelry! If your jewelry is lost, it would mostly likely not be covered under your normal policy. By purchasing jewelry insurance, you can ensure your valuables are properly covered.
Whether you currently have a policy or you are getting ready to purchase coverage, you should have your jewelry appraised regularly. We suggest at least once every five years – changing market conditions, fluctuation of the credit market, and wavering domestic and foreign currency rates all have an impact on the value of jewelry. The more expensive the item, the more often you should get your appraisal re-evaluated. For all appraisals and evaluations, be sure you are using a professional jeweler with a graduate diamond or gemologist certification. Many insurance providers, like Chubb, can recommend qualified jewelers and appraise within their preferred services networks.
After your jewelry has been appraised, you can line up a policy for your valuables. There are several different options for policies, as well as additional insurance protection to safeguard against price fluctuations. A common misconception is jewelry insurance will be expensive. In fact, these policies are typically only one to two percent of the appraised value, with providers like Chubb offering incentives for jewelry stored in a vault. You can also choose between itemized coverage or blanket coverage depending on your inventory. Your Penny Insurance agent will be able to guide you to what coverage would be best for your valuable items.
Jewelry insurance is a great investment to safeguard your precious pieces. The process to insure pieces is not length and will save you a lot of heartache on the backend. Even with advances in home security technology, all valuables are potentially at risk. While we may not be able to recover your jewelry after it is lost, you will at least have the piece of mind that your investment is safe with jewelry insurance.
Freedom is something teens long for, and driving is a major way teens can achieve this freedom. Though passing a driver’s test can be exciting, it can be an anxiety-filled time for parents. This worry may come from the fact that teens are more likely than any other age group to be killed in a car crash. People aged 15-24 only represent 14 percent of the population, but they account for approximately 30 percent of total costs of car injuries.
By practicing these tips from Chubb Insurance, IIHS and the CDC, you as a parent can help your teen become a safer driver.
Take an active role in driver education. Parents should guide their teen’s learning process. You can help supervise as they learn driving skills and become familiar with road conditions.
Restrict non-essential nighttime driving as much as possible. The rate of teen drivers getting into fatal crashes is about 4 times higher at night.
Safety in the car means limiting passengers until a teen is ready. Passengers can be a distraction, so set parameters with your teen that promote safe behavior. Also remember to teach your teen to be a respectful passenger.
Buckling up is a must. Approximately 55 percent of high school students report wearing a seat belt , and 56 percent of teens in fatal crashes were not wearing a seat belt at the time.
No teen should be drinking under the age of 21, and they most certainly should never get behind the wheel. Drinking and driving is dangerous for everyone on the road.
When that moment comes and you need help, Penny Insurance wants to make sure you know what to expect and what to do in the moments following a car crash. Thanks to our friends at Chubb Insurance, below are quick tips to keep in mind:
Immediately after an accident, call 911 or the police for emergency assistance
Remain at the scene of the accident
Take photos of the accident scene, including all cars. Snap photos of license plates and all objects the car came in contact with like streets signs
Take notes that describe the damage to your vehicle, other vehicles, people or objects
Obtain vehicle and driver information for others involved in the accident and any witnesses, including name, contact and insurance information.
Record the name and precinct of the police officer at the scene of the accident
After completing these steps and gathering all necessary information, contact your Penny Insurance agent to begin processing your claim. Your agent will help you through every part of the claims process and will be there to answer any questions you may have.
Keep this Accident Worksheet in your car to help you in the event of a car crash. It will remind you of the steps you should take, as well as give you a place to write all necessary notes.
Understanding the replacement cost of your home can help you understand why the replacement value won’t necessarily match the Market Value of your home. When rebuilding a home, contractors must match and work with existing materials, in addition to accounting for skilled labor costs and materials that may vary in price throughout the country. The replacement cost is often higher than the initial cost as changes in economy and inflation adjustments will come into play during a rebuild.
When determining the Market Value of your home, you are determining how much a buyer would pay for the home. This value does not include the cost of the materials or contractors, but it is influenced by the quality of the home, the amount of land, the popularity of the neighborhood and the ease of commuting.
Imagine two identical homes: one built in a major suburban area and the other in an unpopular rural neighborhood. The first would have a much higher market value than the second, but the replacement cost would be nearly identical. If the second home were to be insured by the market value, they would be left with a huge financial burden if the owner needed to rebuild their home.
To help us determine replacement costs for the homes that we insure, we rely on industry experts. For example, when dealing with Chubb insurance products, nearly 120 U.S. in-house professionals – along with approximately 4,000 contractors, restoration specialists and high-end homebuilders – work with your Penny Insurance agent for your benefit. Your cost might differ depending on your region or even within your neighborhood. We do not use national construction averages to calculate the expense to rebuild custom or older homes due to these regional variations.
To make sure your home is valued correctly, we would recommend the following:
Reappraise your home every 3-5 years to account for market variations
Have your agent review your policy’s inflation guard to ensure that the projection is aligned with current economic factors
Update your policy as major remodeling projects or appliance upgrades are completed in your home
How much is your furniture worth? You may know that value off the top of your head, but most people overlook the value of personal items. Some belongings you could accurately estimate the cost, like a diamond ring, a large television, a laptop, but there are some items that you couldn’t come close to guessing their true value.
The stress of losing belongings is hard enough, but you don’t want to be stuck in a situation where you retroactively have to inventory and estimate value of belongings. Often times when people have to rush to put together a list of lost belongings they end up leaving out important items. Even if you haven’t suffered a loss, incorrectly estimating how much your belongings are worth could cause you to underpay or overpay on your insurance coverage.
This type of inventory may sound daunting, but you can use these tips when approaching this task:
Tackle one room at a time and document all of your items through both video/photos and a list (either handwritten or typed)
Work in one direction (clockwise or counter-clockwise) while you list each item so you don’t overlook anything
Include the make, model and serial number for electronics and appliances
Include important details like measurements (rugs, televisions, furniture), quantities (place settings, clothing, silver), artist/designer brands
If you have receipts for items, include photos that purchase in your inventory
Items that have significant value should be discussed with your insurance agent to ensure an accurate estimate is made. Your agent may recommend you have an appraiser look at an item to estimate its value.
After you complete your inventory, you should make multiple copies of the list: one copy for a home safe and another in a secure location outside of your home. The completion of this inventory will make your future situation easier, but with each new significant purchase make sure you update your list to prevent future headaches.
If you’ve ever been involved in an automobile accident, you know the first minutes after an accident can be chaotic. Many drivers today are overwhelmed by shock they often forget what steps to take to protect themselves and loved ones down the line. Penny Insurance has a few tips to remember immediately following the accident:
Check for injuries in both parties: Seek immediate medical aid if anyone has been hurt in the accident
Remain calm: Your first communication with the other party should be limited to ascertaining whether medical assistance is needed. Do not argue or discuss the accident – anything said may be seen as admitting or placing fault.
Notify the police: You’ll want to have the accident properly documented for future claims purposes. Police will also be able to talk to witnesses at the scene to determine fault. You should only discuss the accident with police officers and not with the other driver or witnesses on the scene.
Take pictures: You need to have your own documentation, so don’t forget to take pictures of your car and the other driver’s car as soon as possible.
Exchange contact information: You’ll need pertinent information from the other party involved including their name, license number, phone, address, make & model of the car involved, plate number and any injuries. You should also get the contact name and number of any other passengers and witnesses at the scene. Finally, obtain the name, department and badge number of any police officers involved with accident investigation.
Call your insurance agent: After the accident, don’t forget to call your agent to report the details and situation. They will be able to give you advice on filing a report and claim.
Above all, it is important to remain calm. You will be able to complete necessary tasks post-accident only if you are composed and in control. If you ever need assistance with what to do at the scene of an accident, your agent is always here to help advise you on next steps!
We are in the midst of cold weather season, and the Carolinas have already seen their fair share of snow. When we hear a storm is coming, many of us immediately know how to prepare: trip to the grocery story, purchasing battery-powered flashlights and testing your back-up heating source. We prepare our families and ourselves for the winter weather, but what about out home?
Here are some key steps to take to winterize your home just days before the storm hits:
Check Insulation: Have your attic professionally insulation and checked again at the start of cold weather season. These proactive measures will help prevent ice damming (when an excess of ice melts and creates a pool of what that seeps beneath shingles and down walls). Major water damage can occur as a result of poor insulation.
Check ductwork: You’ll also want to check your ductwork to make sure the insulation prevents hot, moist air blowing into your attic from your kitchen, bathrooms and laundry room. It is extremely important to regulate the temperature in your attic.
Check ventilation: Consult a building professional to make sure your attire is properly ventilated. The goal is to have warm air escape and cool air flow through to keep the temperature in your attic only 5 to 10 degrees warmer than the outside temperature.
Install snow shield: If you are in an area where snow and ice storms are frequent, you may want to have snow shields installed. This waterproof shield extends from the low edge of the roof to at least three feet inside the exterior wall of your house. Snow shields help prevent leaks
Install gutter screens: Gutter screens not only keep debris out, but also can prevent damage to your gutters. You still need to periodically clean the gutter out, so when snow is melting, your gutters will be in much better shape if they are free of debris.
Prepare exposed pipes: Wrap exposed pipes with heat tape of thermostatically-controlled heat cables. You’ll also want to ensure rooms where exposed pipes are located are properly insulated, like your garage or crawl spaces.
Check for air leaks: Seal leaks in pipes with caulk or insulation. You also may want to install a leak dictation and water shutoff system if you have had problems in the past.
We should take care to properly prepare for winter weather – from our family’s safety to preparing our homes and cars. A little work on the front end can help you avoid major damage after the storm hits!
When you think of retirement, financial planning may be the first thing that pops in your mind, while insurance may not register high on your priority list. Whether you are already retired, newly retired or still in the planning phases, review the following areas to see how your personal insurance program should be structured.
Home Insurance
Full Replacement Cost Coverage: Your main home – along with any vacation or second homes – probably represent the largest components of your net worth. Many people assume they have full replacement cost coverage, when they only have basic replacement coverage. Basic replacement coverage only amounts to only 20-25% above coverage limit. By securing full replacement cost coverage, you would be able to completely rebuild in the event of loss. Full replacement, or guaranteed replacement, cost coverage often provides for other structures on your property like driveways, walkways, pools and detached garages.
Building Cost Upgrades: Many retirees live in homes that are more than 25 years old. Upgrades are often needed to bring homes up to code, and most policies only offer basic coverage, providing up to 10% of the total coverage amount to be put toward upgrade costs. Homeowners can add a special endorsement for building code upgrades to their coverage that allows for a specific percentage above the standard 10%.
Personal Property Insurance
Inventory Personal Property: As people age, they usually increase the quantity and quality of personal property. By taking an inventory of everything they own, you’ll be able to estimate how much it could cost to replace everything you own. Most home insurance policies set content coverage at 50-70% of the cost to replace the home structure, which leaves many homeowners under-insured for their personal property.
Valuables Policy: Most homeowners rely solely on their homeowners’ policy to insure their personal property, including their precious collections of jewelry, art, wine and other items. As we discussed above, the coverage often does not insure all personal property, especially these high value items. Securing a valuables policy will ensure proper coverage.
Miscellaneous Insurance
Purchase Umbrella Liability Insurance: Provides liability protection above standard coverage in your auto and homeowner insurance policies.
Protection for Board Members & Directors of Charitable Organization: Even volunteer board members and trustees can be sued personally for actions of charitable organizations. Not-for-profit director’s and officer’s coverage will guard against this threat.
Trust and Limited Liability Companies on Insurance Policies: Many people will place homes, collections and other assets into trusts to protect and maximize transfer of wealth to offspring. Families need to make sure all trusts and LLCs are named on insurance policies to ensure they are protected against liability lawsuits
At Penny Insurance, we are here to consult and advise on the best way to protect you and your loved ones during the golden years. Give us a call today, and we will work with you to plan for these and other eventualities.
Do you remember your first destination after you got your license? One of the most exciting times for a sixteen-year-old is passing their DMV exam and earning the independence to drive alone. It’s also a great time for parents since some of the “chauffeuring” duties are transferred to their teen. While driving alone is thrilling, it also comes with enormous responsibilities that teens sometimes underestimate.
Our intent is not to scare teen drivers or their parents, but to educate you with the facts and ways to ensure safety while driving. Your teenage years are your highest risk years from a driving standpoint. Teens are four times more likely to get into an accident than adults are, and it is the number one cause of teenage death. As sobering as that fact is, it’s important to understand inexperience and age DO factor into driving capability. More years on the road usually increases awareness and experience. As little as two years can really change the statistics: sixteen-year-olds are twice as more likely to get into an accident than eighteen-year-olds.
This is not to say that all sixteen-year-olds should be banned from driving – or even that all teens are bad drivers. There are several ways that new drivers can increase safety and decrease distractions. Here’s what we suggest:
Eliminate Distractions: Ditch the food, the GPS and definitely the cell phone when driving. Two eyes on the road are necessary no matter how old you are. Changing stations, volume or songs also counts as a distraction!
Be cautious at night: The hours of 9:00 p.m. to midnight are the most common times a teen will get in an accident. Try to lessen or eliminate driving after dark during your early months and years of driving.
Choose your passengers carefully: Along with time of day, number of passengers also increases risk of accident. In fact, you are three to five times more likely to get into an accident with just one passenger in your car versus being along. Avoid the distraction and allow passengers only when necessary (and make sure they understand you need to focus on the road!)
Parents of teen drivers also play a critical role in new driver safety. You are the biggest enforcer of state laws, as well as any additional rules you want applied. Common measures parents usually take include:
New driver completes certified driver’s education course
New driver spends certain number of hours driving in the car with their parents (We suggest some parent-supervised driving at night and during bad so that your teen will feel more comfortable in these situations).
Parents impose a curfew for early months of driving where the teen is home by 9 pm
Parents set maximum number of passengers (or no passengers at all)
Most experts also recommend new drivers have a midsize car or larger when first starting out. Parents and teens should check to ensure the newest and most updated safety technology is present in the car, especially side airbags.
And of course, we would be remiss if we didn’t mention car insurance coverage! You can give Penny Insurance a call for a quote that will provide the best and most appropriate new driver coverage.
Congratulations new driver! We hope you’ll take your safety and the safety of others to heart, and keep both eyes on the road.
Our third and final home series discusses loss prevention during any construction or renovation projects you have planned. While we’d like to think construction companies and contractors would have these measures in place, here’s a short checklist to get your conversation about construction-related losses started.
Confirm your contractor, and any other vendor, is adequately insured. Your contractor should be able to provide you with a certificate of liability (and it should state the liability for any one occurrence equals the total insured value of the project!).
Ensure proper storage and disposal of hazardous materials. Used construction materials are highly flammable and should be removed daily, along with any solutions and rags used by painters. You should also enforce a strict no smoking policy with anyone who works on site.
Secure your construction site. Keep unwanted visitors out using motion-activated lights, perimeter fencing, gates/chains on the driveways and security guards, if necessary.
Consider fire safety options:
Install a residential sprinkler system to protect your home against a major fire.
Ensure a number of portable extinguishers are available throughout the worksite.
Include fire and burglar alarms in planning phases:
If you are renovating your home, do not disconnect your fire or burglar alarms. Have smoke detectors covered with plastic bags or tops that can be removed at night after work is completed for the day.
If you are building a new home, install a temporary system as soon as a phone line and temporary power are available. You can also get your home wired for a security system more easily during the construction phase. Follow up with proper installation, when possible.
These are simple tips often overlooked in building or renovation processes. Penny Insurance, along with Chubb Group of Insurance Companies, wants your home protected at all times, even when you’re not residing there!
Some of the most beautiful and treasured homes have been in families for decades and may be a part of historic districts. Proper maintenance, renovation and repair are vital in preserving the home and its value, but this doesn’t have to be costly. Routine inspections can help you avoid unexpected repairs and reduce the risk of loss in an older home.
Exterior
When’s the last time you havve gotten on a ladder to clean the gutters? Inspect the roof? Chubb suggests these periodic inspections:
Check exterior walls for cracks and peeling, including in the paint and on siding.
Clear gutters and downspouts. You can improve drainage around the foundation of your home by directing downspouts away from the house.
Inspect exterior doors and windows for proper caulking and weather stripping.
Inspect decks, terraces and balconies. According to Chubb, deteriorating conditions in these areas can lead to interior water damage.
Check mortar walls and chimneys. If there are loose bricks, cracked mortar, damp walls or damaged plaster, you need to replace before the damage gets worse.
Inspect the roof and flashing. Don’t forget to check the areas around chimneys and skylights, especially after severe storms.
Interior
Although it may seem like a lot of space to cover, you’ll definitely want to focus on these key areas:
The Basement: Inspect walls and floors for cracking or dampness. Remember you should never store valuables in the basement since it is prone to excessive moisture.
The Attic: Ensure proper and updated insulation is installed in your attic to reduce damage from moisture and save on energy usage.
The Chimney: Your chimney should be inspected AND cleaned on a regular basis to avoid future deterioration.
The Insulation System: Older homes have less insulation, particularly around their pipes. To avoid pipes freezing over and bursting, you must maintain a comfortable heating temperature at all times. Install low temperature sensors and water leak detectors to alert you of any problems. Also, if you’re leaving your home for an exterior time, Chubb recommends you shut off your main water supply to protect your pipes.
When dealing with repairs or improvements of any kind, always consult with a licensed electrical, plumbing, heating, roofing or other area specialist for an evaluation before beginning any project. You will also wanted to see if they have any experience working on historic or older homes to ensure you’re getting the best and most reliable service!
For homeowners and tenants, protecting their loved ones, home and valuables is of utmost importance. Thoughtful planning can make a big difference in burglary prevention, and includes items beyond installing a security system for your home. Here are some starter tips Chubb Insurance recommends:
Lock all doors and windows. It may seem like a no brainer, but a number of homeowners neglect to make sure doors and windows are locked when they leave the home. Also, routine checks should be done to ensure all locks are functioning.
Install programmable timing devices for interior and exterior lights. According to Chubb, a well illuminated home is less of a target. Motion sensors are preferable outdoors to help with illumination.
If your home is protected by a security system, display a sign to deter burglars. Eight out of ten burglars will not rob a home with a sign posted.
Store valuables and important documents in a safe or vault. The best kinds of safes are permanently fastened to the floor and fireproof. Very important documents and items may also be more secure in a bank vault or security box.
If you’re planning on leaving town, make sure your car is locked and all valuables properly stored inside your home. Chubb suggests leaving a car in the driveway to discourage burglars.
Above all, be careful what you post on social media. Pictures of your home should only be shared so that family and close friends can see them, and avoid posting about leaving town. All of these simple tasks can go a long way in protecting what you love the most!
Over the next weeks, Penny Insurance will share other tips for your home, courtesy of Chubb Group of Insurance Companies.
The temperature outside is warming up, flowers are blooming and the grass is growing. It can only mean one thing – spring is finally here! It’s that time of year when most people like to take some time to clean out their homes and yards in order to start fresh for the summer. While you may be more focused on pulling weeds in your garden or sorting through your summer clothes, we’ve got a few spring cleaning tips that will help keep you, and your home, safe for another year.
Clean Out Your Gutters
Gutters have a tendency to fill up over the winter. Falling leaves and debris from winter storms can build up and be left unchecked for months. After all, who wants to clean gutters in the dead of winter? Now that it’s warm outside, take some time to remove all the debris and ensure your gutters are clear. Clean gutters will protect your home from water damage during summer rain storms, and will also keep more bugs away, protecting from infestation. (more…)
Thinking about starting your own small business? Opening your own business can be exciting, rewarding, and let’s face it, downright scary. You put a lot of time and money on the line in an effort to pursue a goal or a dream, and it can all seem fine when things go well. But the truth is, sometimes everything doesn’t work out exactly as you plan. Business or commercial insurance can help protect you when life throws you a curveball, and can keep you afloat when you might have otherwise had to shut down.
Watch the video above to learn the basics of business insurance. When you’re ready to learn more, give one of our agents a call.
Insurance agents have the ability to work from anywhere in the country. Not only is insurance a universal need no matter where you live, but in this day and age many have found ways to telecommute and serve a large area from a distant office. At Penny Insurance Agency, however, we have found that not only do we enjoy serving our local community of Hendersonville, Tryon and the surrounding areas, but we also believe in the value of serving customers from an office that is right down the road from where they work, live and play.
In the world of smart phones and tablets, it’s not uncommon to hear other agencies advertise the ability to interact solely through mobile communication. However, we enjoy turning off the Facetime app on our phones and instead, sitting down with our clients in person to have actual face time. By meeting in person, our clients feel comfortable asking questions without feeling rushed. Our clients know that they can always just stop by our office in Hendersonville or Tryon to find an answer, that they don’t have to sit on hold for hours on end waiting for an operator with a script to finally pick up the phone. It may be an “old” way of doing things, but we think it works just fine. (more…)
Whether you’re thinking about buying your first starter home in Hendersonville, or are upgrading to a large estate in Tryon, there are many things to consider when deciding how to insure it. When determining the cost to rebuild, or if you should include flood insurance, or deciding if you have enough liability insurance, the various options can seem overwhelming. To learn the basics of homeowners’ insurance, watch the video above.
To learn more about a policy for your home, contact us for a free quote.
Deciding whether or not to insure your horse can be a difficult decision. You may not think your horse is very valuable, or that insurance will be too much of an added cost on top of the other expenses that come with horse ownership. However, when it comes to protecting your assets (and a horse is an asset), there’s more to consider than just the market value of your horse, or whether or not you want to pay it. Whether your horse is a top competitor at the Tryon International Equestrian Center or your kids’ favorite pet to ride in the yard, you may find after careful research that you can’t afford to NOT insure.
The Value of Your Horse’s Replacement
You may think that equestrian insurance is something only those with very expensive horses ($50K+) would consider. However, replacing a horse that costs only $10,000 can seem insurmountable if you’re also working to pay your mortgage and fund your kids’ college. The important question to ask yourself is, “If I lost my horse tomorrow, could I afford to replace it?” If the answer is “no,” then you may be putting yourself at risk by not purchasing protection. (more…)
Business insurance, like all insurance, can seem overwhelming and often costly. You don’t want to pay for too much coverage but you certainly don’t want to end up underinsured either. So whether you are starting a new business or just re-evaluating your current plan, you’ll need to understand your risk and the policies that are available to cover it.
Carefully consider your business services, your employees and clients. There are many variables to consider such as the type of business you own, the state in which you live, if you have employees or not and the structure of your business – a corporation or LLC. Many business owners believe that the protection provided by their business structure sometimes eliminates the need for business insurance.
However, while company structure can protect your personal assets, it does not protect the business itself. Your insurance needs will obviously be dictated, in part, by North Carolina state regulations which will determine basic insurance requirements; among the commonly required policies are NC business insurance and North Carolina workers’ compensation. However, it’s important to keep in mind that these insurance components may not be enough. North Carolina business insurance packages can include a combination of any of the following coverage options: (more…)
We’ve all read the stories of people who’ve lost money, had prescriptions filled under their names, and even been mistakenly arrested as a result of identity theft. Between 2008 and 2009, approximately 11 million Americans have been victims to this seemingly new phenomenon.
But identity theft has been around since the first time a person attempted to pretend to be someone else for dishonest reasons. Now, though, identity theft is defined as what happens when any party secures goods, services, or financial benefits using someone else’s confidential information–without that person’s permission.
The New Year brings with it new business relationships.
If you’re a subcontractor on a larger project, you may be asked to enter into a contract that requires insurance coverage for any damages that may be sustained while working on that project. This usually means you’ll be asked for something called a certificate of insurance. So what is it, how is it used, and when is it necessary?
A certificate of insurance is not an insurance policy; it simply describes your policy to the other party, including particulars like effective date of coverage, types of insurance coverage, and the dollar amount of any liability.
Often the “certificate holder” (the party requesting the certificate) will ask to be added to your policy. This way if any damage or suit is incurred, both you and the certificate holder will be covered by your insurance. This is called “making an endorsement to the policy” (not “endorsing the certificate of insurance,” as it’s often mistakenly put). (more…)
2015 is off to a great start! Our very own Will Penny was recognized for his service as a member of the 2014 Property and Casualty Agent Advisory Committee by Insurance Commissioner Wayne Goodwin. In Wayne’s words,”Will’s service to this committee, and to the citizens of North Carolina, has been extremely valuable. I’m thankful to have had the opportunity to work with such a passionate and knowledgeable insurance professional.” It goes without saying that we could not be prouder of Will and his accomplishments.
The Property and Casualty Agent Advisory Committee was established by Insurance Commissioner Goodwin in 2009 as a means of strengthening communication between the North Carolina Department of Insurance and members of the insurance industry. The committee is made up of insurance agents and industry professionals who represent one of the state’s three regions: East, West and Piedmont. Since its inception, more than 60 insurance professionals from across the state have served on the Property and Casualty Agent Advisory Committee, working with the commissioner to develop long-term solutions related to insurance agents and consumers in the state of North Carolina.
More information about the North Carolina Department of Insurance is available at www.ncdoi.gov.
As your company vehicle carries prized cargo and employees on the road, your most important priority is to ensure everyone and everything onboard arrives in one piece. Barring accidents caused by other parties, natural events, and unfortunate circumstances, your driver’s level of attention to the road–or lack thereof–can make the difference between a successful run and an insurance claim.
Your driver may be easily distracted–and therefore less aware of the road–by things like:
chatting with passengers (or other drivers)
“rubbernecking”: being intensely attracted to sights on the road like car wrecks, emergency and law enforcement activities on the road, flashy tourist attractions, and even attractive passersby
map reading
personal activities like shaving, combing and arranging hair, applying make-up or skincare
One of the hardest things to do when you’re in a rush during the holiday season is to slow down and be a courteous driver. You’re only halfway through your shopping; the next stop is clear across town and closes within the hour. You dodge carts and wayward children in parking lots to pull out onto the main road, and… you’re stuck in bumper-to-bumper traffic because of a fender-bender half a mile up the road.
Add to that the ever-changing guest list for your office party, that you’re hosting at home, when you realize you’ve forgotten to get the extra guest linens. You’re still fuming as you pull out of the driveway, only to find yourself behind a driver who doesn’t seem to realize the speed limit is 40mph: nearly twice as fast as he’s driving. Rather than leaning on your horn or switching lanes three times in 10 minutes, it’s best to remember that everyone else is likely just as frustrated as you are. In addition to taking a good, deep breath, remember that you’re all in this harried season together.
When all else fails, give ‘em the benefit of the doubt!
Give slow, tailgating, or cell phone-using drivers the benefit of the doubt because the simple fact is that most drivers–even the ones who make mistakes–are very good drivers, or they wouldn’t be on the road. The mistakes you notice are probably magnified by your harried and stressed state of mind; it’s best not to take them personally or react aggressively.
Don’t let their stress become your stress.
If there is an accident-causing traffic jam, consider the people involved. Barring poor weather and other factors, accidents are also caused when drivers make a slip in judgment often caused by their emotional or physical state at the moment. You can bet those drivers regret their decisions to switch lanes so suddenly or to get out on the road while tired. Refrain from letting your own frustration take over your driving decisions.
Keep a clear head!
Keep your head clear of scheduling constraints and relationship stress to avoid letting “road rage” take over your driving decisions. A good reason for holding back? When you’re angry while driving, your driving decisions are more aggressive–and more dangerous–than normal. If you’re involved in an accident because of a lack of due diligence and common sense in driving, you’re more likely to be sued. And your insurance is less likely to fully cover accident claims that show a lack of safe decision-making on your part.
Stay calm, cool and collected to arrive safely.
So if you notice another driver demonstrating frustration by displaying aggressive driving, don’t counter it with aggressiveness of your own. Instead, engage defensive driving techniques and avoid the hotheads. You’ll find it really is the quickest way to get where you’re going safely.
Don’t forget: you can always contact our insurance agents to get more information about safe driving habits and how to avoid road rage.
Often times, especially in these tough economic times, businesses have to make decisions about how their money is spent and what they have to have versus what is a nice to have. Unfortunately, many businesses think business insurance is a “nice to have” instead of something that is a necessity for sound business practice.
Regardless what they do or their size, businesses make decisions that affect how they are covered. There are many factors that go into choices about what needs to be protected, such as:
Buildings Machinery Equipment Business Furnishings Vehicles Inventory and other assets
Besides physical assets, companies have to make coverage decisions to protect themselves against loss that involve injury and damage they cause to others when they arise from their business operations. (more…)
This season creates special challenges for homeowners. Ice can wreak havoc on many a homeowner, particularly the often pretty, yet deadly Ice Dams.
An ice dam refers to ice that has formed along a roof’s edge. The dam of ice blocks additional water and the pooling water backs up and finds pathways into a home’s interior. This water may cause deterioration and decay to interior wood and plaster, drywall or other insulation materials. Once an ice dam has forced paths into a home, the roof becomes more susceptible to future ice dams and water damage.
Too much heat rising from the home to warm the roof is the most frequent cause of ice dams. The process occurs unevenly with the warmer area at the higher part of the roof melting the snow and then the cooler, lower area, particularly the roof edge, permitting the water to refreeze and then accumulate. Inadequate insulation lets too much heat escape into the attic and this creates a warmer roof. Improper ventilation creates moisture and heat buildup due to the lack of air movement. (more…)
You’ve sent out all the invites, finalized the menu, completed the shopping, and spruced up your home. Guests are arriving and you’re ready to make sure everyone has a ball. But there’s more to being a good host than icebreakers and hors d’oeuvres. Holidays are some of the best times to get together with loved ones, but they’re also prone to be marred by injuries and accidents. Even if you have an eye for safety, the best host in the world can’t control the actions of guests.
Who is responsible if a guest of yours causes an injury or accident at your house? The guest of course, but in certain cases you may also be held liable in a court of law. If that doesn’t sound like your idea of a holiday to remember, you should know about “social host” laws.
Social host laws hold property owners responsible for accidents, injuries, and damages caused by guests as a direct result of their activities at your party. North Carolina joined the party in 1992, becoming the 11th state to institute these laws.
Party Poopers
Most of the accidents and injuries during holiday parties are caused by the consumption of too much alcohol. If there is an accident, injury, or property damage caused by a guest of yours and you’re implicated, homeowner’s insurance will often cover your claims. But you should be aware that claims can be denied if: (more…)
One plump turkey, copious amounts of cooking oil and a propane stove…A recipe for disaster or a delicious holiday meal of gratitude? It all depends on you! As the number of people deep frying the Thanksgiving bird increase so too the number of home fires and casualties increase on Thanksgiving. According to the U.S. Fire Administration, as many as half of the home fires on Thanksgiving result from accidents while deep frying. By following some simple safety tips, you can decrease your chance of an accident.
We’ve all heard, and likely felt, that there’s an increase in the rental market lately. With homeownership rates remaining low, dipping lower for some areas, it’s no wonder that the rental market is becoming stronger and that rental vacancy rates are getting lower. As the vacancy rates go lower, typically the prices go up. For the property owner or investor with potential rental units available, this potential revenue stream sounds very attractive. In fact, many industry analysts predict that the rental market will remain strong over the next five years.
Many non-investors and property owners are catching the bug it seems. It’s becoming so much so that we’re now getting calls for “Landlord” Insurance – a term we’ve never really heard or used in this Insurance industry, namely because it doesn’t exist.
What does a landlord need?
For starters, do your homework. Before you jump into the world of rentals and property management, in addition to checking with your team of trusted advisors (banker, financial advisor, accountant), it’s a good idea to check with your insurance agent before you sign the check for that property or begin building your apartment building.
You’ll need to discuss risk management with your insurance agent. Just as with any commercial business you will need to make sure you are adequately covered. What are you potentially held liable for and what might you need to change in your current Liability Insurance policy?
If you currently own the property or dwelling that you’re considering renting out, do you need to add additional items like Fire and Hazard Insurance?
If you’re building a new building for your rental units, there are additional factors to consider. What type of construction is it? Will you need to have a sprinkler system? Special materials? Will your property be staffed?
What about your renters? Will you require that they have renters insurance? Should you? Our answer is yes, you should. It lowers your risk and makes your renters responsible and accountable for their actions.
When choosing an insurance plan, there are so many important decisions to make, and you seldom feel as if you’re informed well enough to make them. Many insurance customers end up buying insurance based on price, hoping the money they’re paying will provide them with all the coverage they need, or that they’re saving themselves money in the long run with the cheapest plan.
The process of protecting your family can quickly become complicated, frustrating, and worrisome. But an independent agent can lift those loads in several ways.
You may actually know your independent agent. He could be the father of your son’s classmate. She could be the girl’s little league coach. Independent agents usually live right within your community, support it, and are available for help without the long telephone or online hold times.
An independent agent stays in business by keeping customers happy. You’ll soon be used to receiving follow-up calls and even visits to be sure you’re satisfied with your coverage or the resolution of a claim. Unlike larger, national companies, when you benefit from your insurance coverage, your agent benefits. (more…)
After repeated attempts to get an employee to ‘get with the program’ and follow company procedures, you realize that it’s just not going to happen. You’re facing a decision: do you keep them and risk further loss of productivity and revenue or do you have grounds to fire them? That decision carries its own risks…with 37% of businesses in the US being sued each year by employees, sometimes opting for mediocrity in the workplace doesn’t seem that bad. This is the sort of Human Resources and Business Management nightmare that many of us face. Navigating those hiring and firing practices that are a necessary part of business can be tricky. Knowing you’re covered if you step in the wrong direction? Invaluable. For your business hiring and firing practices and the legal minefield navigation that can come with them, we recommend Employment Practices Liability Insurance (EPLI).
The Basics of Good Employment Practices
Have clear policies that are applied consistently to each employee. Such policies must directly relate to their job.
Have access to legal counsel that has expertise in this special area of the law.
Document essential job functions and establish measurable standards for each position.
Have and use regular performance reviews. Apply the standards equally to each employee.
The best defense against employment practice claims is to know the law in your state and then have policies and procedures that meet or exceed its legal standards. (more…)
Jewelry is a sure way to a woman’s heart, but what happens if peril befalls that special piece; say, for example, it slips down the drain while washing dishes or is lost on a run? Would your homeowner’s policy cover the expense?
Most people are unaware that their homeowner’s policy has special coverage limits for many items, including jewelry. These special limitations can specify that only a set amount is all the policy will pay in case of lose or damage, but they may also set payment guidelines based on how the item was lost or damaged. The most common claims submitted on jewelry are oftentimes not adequately covered by the standard homeowner’s policy. In order to prevent this from happening, first talk to your insurance provider to determine any shortages.
If shortages occur, they are easily corrected. Coverage can always be added to your homeowner’s policy in the form of a “scheduled jewelry rider”. A scheduled rider provides additional coverage that’s over and above the typical homeowner’s policy. With this type of coverage each item to be scheduled needs to be added separately to the insurance policy.
To schedule your jewelry, you will need an appraisal from an expert to determine the value of the item. Then, submit the appraisal to the insurance company with your request to have the item scheduled on your policy. Be aware, though, some homeowner’s policies will not go above a predetermined dollar amount per item. If the item is more than this limit, it will need to be insured on a separate jewelry floater.
There are several advantages of scheduled personal property coverage. Jewelry covered in this way is covered on a replacement cost basis. This means that you would be reimbursed for the real cost to replace the item, based on the jewelry’s appraisal, rather than the depreciated value of the item. Additionally, scheduled property covers more hazards than a standard homeowner’s policy. By scheduling your valuable property items, you gain coverage for almost anything that might happen, without the responsibility of paying a deductible.
This Valentine’s Day, before you take her breath away, take the time to ensure that your gift of jewelry is protected. Contact your local, independent insurance agency to make sure you have the insurance coverage you need.
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