Let's Play Risk!

Risk is one of my favorite childhood games - although I was really never very good at it.  I often found most of  my pieces being easily captured and the few that I had left were not powerful enough to capture my enemy.  So you can say I was pretty much a 'loser' at this virtual game of war.

But when dealing with Insurance and the decisions of whether to purchase it, how much is needed or to bypass coverage altogether - it is important to think about this game of Risk.  Here are some ways to become a 'winner' at this very real game of insurance coverage.

One thing to keep in mind, whenever dealing with risk, is to never Risk more than you can afford to lose.  I know that is not the first time you have heard this saying.  I try to remember it while playing another favorite game of mine - Poker.  You should never bet more chips than you are comfortable losing.  Easy to comprehend, right?  Well, when making decisions about insurance - you need to keep the same frame of mind.
               
 If your house gets blown away in a tornado - would you be comfortable having to build a new one from your savings?  If the answer is yes - then don't purchase homeowners insurance.  If you don't have enough in savings and investments to build a new home, then homeowners insurance is a wonderful idea!

If your ten year old car is only worth $1000 and you have an accident, would you be financially alright to purchase a different vehicle?  This would be after your insurance company totals your vehicle, subtracts your $500 deductible and sends you a check in the mail for the remaining 500 bucks.  Keep in mind that your collusion premium might cost a couple hundred dollars just for the coverage.  Is the Risk of losing your car worth more than the annual premium you have to pay - probably not, so drop the collision.

How about Liability insurance?  This type of insurance offers a set limit to offset the amount a lawsuit may require you to pay because you were negligent in some way and caused a physical or mental loss to another.
Is the Risk of possible paying hundred of thousands better than a hundred or two for coverage with 1 million dollar limits?  I'm guessing here, it's probably not.

A pretty scary statistic out there is the average amount of liability insurance  U.S. consumers purchase with their auto coverage is $100,000.  But we all know with today's medical bills that $100,000 will not last very long when it's up against bills for x-rays, life flights, surgeries, scans, medications and intensive care units.  Once your limit is paid - you become financially responsible for the rest.  But the common consumer also does not know that by simply adjusting your deductibles to the next level can find enough savings in your premium to add the next level or two of liability insurance.  Seriously - I know it's hard to believe but it is true!

Talk to Your Agent today or better yet - give us a call or visit us online to find out more ways we can keep your insurance shield stronger than ever while relaxing the burden it takes onto your wallet!

 Strong  and Secure - Your Shield of Security.

JW Hoban & Associates

Pa Insurance Made Easy.Com

blogged by: jerry usher

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An EASY Tip for Any Property Owner

     Managing your risk and purchasing insurance is difficult enough without having to make things more complicated - especially during those unexpected dramatic events that occur in life which lead us in having to use our insurance.

         For those of us that have a typical homeowners or business policy - following a major fire or theft, a common practice that the insurance companies ask is that the insured fill out an inventory form and list everything that was damaged or stolen.  In addition, they'll ask for you to turn in any receipts or canceled checks on those items.

          Now try to imagine the trauma of coming home from work one day to find the charred remains of your home and possessions or opening your business one morning only to find that someone had broken in the night before and have taken it upon themselves to steal your merchandise, computers, printers, and other property that you use to conduct your business.  OK, can you see yourself standing there in the midst of this tragic event?  Now, I'd like you to picture your agent telling you that the first thing you need to do is compile that list of EVERYTHING that was taken or destroyed.  Sound like a nightmare?? Well, it will be.

          Instead, wouldn't it have been easier create that list beforehand?  ( I know what you're thinking:  Jerry, when am I going to find the time to create this list?  And who really wants to spend countless hours on a Saturday night documenting all our cherished possessions??)

         I hear you loud and clear.  But in today's technological world - it doesn't have to be like that.  Staples would jump in here and say, "Use the EASY button!"  And here's how:

        Take your smart phone and use it to document your home or business digitally.  Take photos of each room and of all your personal business property.  Or easier yet, just use the video feature on your phone and walk around taping all of your stuff.  Next, either leave it on your phone for future use or upload it to your home computer.  A lot of Internet service providers now offer backup space - which is often included in their service for you - to save your personal documents and photos.  Here's a perfect place to store your video.  And if you have a great agent, bring in a copy to their office.

          I ask all my clients that have their homeowners, renters or business policies through me, to document their personal inventory using their smart phones.  This way, if the unexpected happens, I don't have to burden them any further by asking them to rack their brains after such a terrible tragedy and try to remember everything that they lost.  Instead, we just pull out those photos or video and start the documentation process from there.

          A great time to update these photos or video is upon your renewal.  If you happen to be my client, this is a tip that you can count on me to remind you to do each year.  It only takes a few minutes and saves additional headaches during the claim process - only the best service for our insureds and their families.

Fast.   Easy.    Building a Strong Shield of Security.

blogged by: jerry usher

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Why is Insurance so Expensive? 

A lot of times it has to do with making poor Insurance Decisions.  Make the good decisions and you could see your premiums go down and be assured there aren’t any of those crazy loop holes - or gap coverage - that sometimes leaves us without the coverage we thought we had.

Unfortunately, many people make bad decisions - and more times than not - too no fault of their own. 

Insurance is not the most, shall I say...exciting piece of literature out there to study up on in order to ace the test.  Most of us leave it up to someone else to handle because even though we all agree it's important - and in some cases, are forced  even to have it, who's really got the time - or desire - to read something so vague?  Many people, dare I say, may even call it boring!!  But the thing we should try and remember is the Important part...and that to me, personally, is making sure that my Life - my Family and its way of living will be shielded, in our greatest times of need.  I mean, think about it - nobody ever wants to have to USE their insurance...because if we do, something bad must have happened.  Someone was in an accident, totaled their car and now have major medical expenses - with a possibility of a lawsuit on the horizon.  Or a major storm wreaked havoc on our town and homes.  A major fire destroyed your family's business.  And now - after a loved one has died - how are we going to pay for funeral expenses and continue our way of living on one pay check???

Yes, Insurance is Important but how do we make good decisions on something that is often, so difficult to understand?

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We here, at JW Hoban & Associates, were the ones crazy enough to find that time to study up on insurance!    Allow us, to share our knowledge with you to help you become someone who can make those good decisions.  You don't have to know all the technical stuff to be able to make good decisions!  Just the basics - and that's why I'm writing this blog - to share some basic terms, know what to look for and provide you some great tips to be sure that your policies fit you and your family's needs and hopefully providing you the peace in knowing that if the day comes to use one - that it provides the protection that you and your family deserve...

I plan on sharing those ways to become a good decision maker in future posts.  But here's a very easy one to start you off.  Many of us have many different insurances, covering many different things, through many different venues, and many different agents...Huh??

Let me try to explain:

"I get my health insurance through work and also a small life policy if something were to ever happen to me - at least I think I do?...I have my vehicles covered with this agent and my home through the bank.  Bought my motorcycle coverage online and the flood through the government.  And I make sure to keep the business insurance separate from my personal." 

This is really not the best of decisions.  Having all your insurances in one area will work for Your benefit in helping to make sure that you’re not paying extra premium on coverage that is probably included somewhere else.  And this also prevents those gaps that can occur when insurances are scattered about all over the creation.  Try to picture each policy as a tree or an umbrella.  When you have one or two policies from this place and another from that place over there - the canopy or area of protection can leave gaps - which allow you to get "rained" on.  But when you have everything under one giant tree or umbrella - well then your chance of getting soaked is much less.  : )

blogged by: jerry usher

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If Your Business is Your Life - Then You Should Protect it Like it is

It’s important that every Pennsylvania business owner has business insurance.  Your business is a big investment, and you need to make sure you are covered just in case.  No matter how big or small your business, or if its been established for years or if you just opened your doors for business, business insurance is a must!  We plan on compiling information for you to read through so that you can better understand all the ins and outs of business insurance.  And we are here to help you find the best business insurance custom tailored to your specific business' needs at the best price.

Having business insurance is just good business sense. To properly insure your business and its customers, you should have liability insurance - which will help protect you in case someone has an accident and gets injured in or because of your business property.  It also is very beneficial if you get sued.  Property insurance protects the building if you own it and if not, then your contents (all your personal business property) would be covered in this section.  Because contents usually update over time - it is really important to make sure you are not under insured in value here.  Do you have any employees?  Worker’s compensation insurance is required by Pennsylvania state law.   Even though you need all these different types of business insurance plans, you don’t have to break the bank in order to have all the Pennsylvania business insurance you need in order to be properly covered.

How to Get the Best Rates for Your Company?

It really does pay to shop around.  The first step is to take a look at just what type of business insurance you need for your company.  One type of business insurance that many companies find to be the best fit for their needs and is very affordable is a Business Owner’s Policy (BOP).  If you need more business insurance than a BOP offers, you really do need to get quotes from several business insurance providers.  It’s important to look at what each policy offers in the way of business insurance coverage.  You need to check what the deductible amounts are on each business insurance policy.  And, be sure to ask the business insurance agent if they have any discounts that you can take advantage of.  Since there are so many business insurance options available, if you look around and compare quotes and benefits, you will be able to find the best coverage without breaking the bank. 

Who Has Time to Shop for Insurance??

JW Hoban & Associates are here to help you sift through all the different insurance providers who offer business insurance.  With so many companies out there offering business insurance, it can be hard to decide which one to choose that will cover all of your needs.  Our professionals are ready to answer all of your questions and help you find the best match for your business insurance.  Contact us today and let us help you find the right business insurance designed to fit your needs and budget.

Blogger: Jerry Usher

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