Insurance is complicated as I have said before. There is sometimes confusion as to what type of policy you may need. There are a variety of policies out there and only a Insurance Agent can help you navigate to the right insurance program for you.
Typically a business has a few characteristics that leads to commercial policies. This includes a business name or entity, its purpose is to generate money or profits, they employ others, and have clients/customers/policyholders/members. If you tick any of these items then you will be looking at a variety of commercial policies such as the following:
Errors & Omissions
Directors & Officers
Boiler & Machinery
In the case of personal, assets are owned by an individual or a married couple. They do not have employees or clients. In some situations there may be a business entity but this will be scrutinized by the insurance company. There may also be a situation where a home owner rents out their home to others for money but this will also be reviewed by the insurance company for acceptability. Personal Insurance includes the following types of policies:
Sometimes you will find cross over between personal and commercial policies but only an Insurance Agent can guide you to the right policy for what you are trying to accomplish. Take for example the individual that came to me in need of a home insurance policy for their home that also housed a reptile rescue sanctuary with employees. Apparently this did not come up in conversation with the prior agent and the insurance company was now cancelling the policy. This does not fit the typical profile of a home owners insurance policy and therefore was forced to purchase a commercial program. There is also the case of an individual purchasing a vehicle in the name of a LLC which they also use the for personal reasons. Based on the insurance companies review of the occupation of the driver and the business exposure it did not qualify for a personal auto policy and was instead covered by commercial auto insurance policy.
Insurance as a whole is not black and white. It is not one size fits all. Each situation is unique and policies are placed on a case by case basis. Sometimes the decision is the not Insurance Agent’s but the insurance company’s decision. Keep in mind your Insurance Agent is your front line person to place a policy that will respond the way you need it to at the time of a claim. Only they can help you find the best policy for your situation.
For 20 years I worked tirelessly for insurance agencies receiving little appreciation for my contribution to the agency or the industry. I dazzled their clients and bonded with their prospects like no insurance agent could. I aspired to continue to grow, improve, and give back while insurance agencies were unwilling to create necessary change within the agency and the industry. A year ago I struck out on my own to create an insurance agency different from others. An agency that challenges how people view insurance; as a commodity, as a necessary evil, as a conspiracy. Avant-Garde Insurance Advisors is not another insurance agent, we are an Insurance Advisor. Below is why Avant-Garde Insurance Advisors is not an insurance agent.
I will challenge the thought that insurance is a commodity every day. Insurance is not a one size fits all. Every policy is different. Each insurance company has its own appetite for the preferred policyholder. Reading an insurance policy requires an insurance and/or legal background. Not all insurance claims are covered and/or go smoothly.
I will continue to learn about insurance every day. Not because the state of Maryland says I must but because I want to give you the most up to date information that is available to me. Yes, continuing education sucks but it is a necessary evil in order to give you my best. The insurance industry constantly changes, and I want to be at the forefront on behalf of my clients.
I will share with you my insurance knowledge. I am not a gatekeeper of insurance knowledge but I do live and breathe insurance each day and I want to help you better understand insurance so you can make a more informed insurance decision.
I will provide consistent oversight over your account and make you aware as soon as possible of issues or concerns. I will also provide you options on how to handle your insurance needs. I will steward your account as if it were my own.
I will advocate on your behalf with the insurance company to treat you fairly. The insurance company needs to make a profit. You need to maintain your livelihood.
I will communicate the timeline for completing your request and I will stick to it. Insurance does not happen at the push of a button – if done right.
I will be honest with you. If I make a mistake, I will tell you. I will also tell you how I am working to correct it. I am only human, but I value you as a person.
I will tell you how it is and not sugar coat if you are jeopardizing your insurance future. It is not in your best interest or my best interest if we are not open with each other.
I will not bend rules or lie to another party for a client. I cannot in good conscious jeopardize my livelihood or my family for another person.
I will not offer you the cheapest insurance program just to beat your current insurance program. Any one can offer you a cheaper policy by cutting coverage or not give you all the information. My job is to give you the best coverage for you.
I will work to earn your business every day. Insurance is a relationship business, not a sales business. Tell me about your work, your spouse, your kids, your hobbies. I want to know who you are.
If you want more than an insurance agent, if you want more than an insurance transaction, if you want something different start working with an Insurance Advisor at Avant-Garde Insurance Advisors today!
Tomorrow is officially Halloween 2019. Many kids are eagerly awaiting this big day. In preparation below are some tips for keeping the holiday fun and safe.
Tips for home owners:
Keep walk ways clear of debris and leaves to reduce the chance of slip and falls.
Have the walk way to your home clearly marked and if possible lit.
Keep pets crated or in another room to reduce the chance of your pet escaping or a child being injured if your pet nips or jumps.
When giving out candy to small children you may wish to confirm with the parent if the child can have hard candy that may cause choking and/or candy with peanuts or milk that could cause an allergic reaction
When traveling go extra slow in communities and where you see trick or treaters.
Tips for trick or treaters:
Keep costumes at ankle length or shorter to prevent trips and falls.
Wear a light or other device to make others aware of your presence when walking sidewalks, walkways, driveways, roads, etc.
Remove face masks and covers when walking from home to home to reduce injury.
Make sure you monitor your small children with their candy to make sure they do not consume it before you have had the chance to inventory it.
The photos above are my minions over the years. I am excited to capture an image of them for my collection tomorrow. Stay tuned!
At the end of July I had what I would call a traumatic insurance event. I was woken up one night by my husband saying the police were knocking on our door. It turns out an impaired driver had struck my SUV while parked outside our home. As I glanced out my window I could not see damage to my SUV but what I found shortly there after was my vehicle was a total loss.
I don’t know about other people but I loved my SUV. It took me a month to commit to buying her and I was diligent in maintaining her. I invested my time and money in maintaining the condition of my vehicle. I also enjoy the independence of having my own vehicle at my disposal at all times.
As an insurance professional I thought it would be smooth sailing but it was not. Between negotiating vehicle values to the rental car shuffle, nothing went as I thought it would. I was in four different rental vehicles while trying to get back to where I was before this claim began.
I am finally at the tail end of the claim and this is what I have learned.
Get towing coverage, whether through your auto insurance policy or a AAA membership. Get it! To drag my SUV onto a flat bed tow truck off of the curb the cost was over $400. Also, have the number of a tow company you trust for those 4am tow emergencies.
Get rental reimbursement coverage and buy it up to a minimum of $50 per day. For someone like me that drives a full size SUV with two small children in carseats and a 6’2″ tall husband you need more than the $30 per day limit. A full size SUV today is $90 per day if you are not the insurance company.
Know the value of your vehicle when you are reporting the claim and research similar vehicles as comparables so you are not surprised by the value the insurance company estimates.
In my case my gut told me my vehicle was totaled. If you have any inkling that your vehicle is totaled start finding a replacement vehicle as soon as possible. I did not want another vehicle. I delayed the process and had a hard time committing in the end.
If you have a good insurance agent they will help guide you through the claim process and give you tips and tricks to help make it as smooth as possible. Some claims will go smoothly and others will not. When the big claim comes along you will want someone on your side to help you along the way, if not just to vent to. I don’t wish claims on any one but if a claim happens I want to be there for them.
This Friday, June 28th is National Insurance
Awareness. The day was created to encourage everyone across the nation to
review their insurance policies.
Below are some tips to help you observe the day:
Review the home value. The value of the home
should be based on current construction costs, not market value. You should
review the home value every 3 to 5 years.
Review the home credits. If you have installed
an alarm or have turned your alarm service off you should update the home
Review the deductible. The higher the deductible
the lower the premium. Also a higher deductible will discourage you from filing
small claims which can impact your ability to obtain coverage in the future.
Review the endorsements included in the policy.
If you have switched insurance companies recently a coverage may have been
dropped during the process.
Review drivers listed on the policy. All
licensed drivers residing in your home should be listed on the auto policy.
Failure to do so could result in a denied claim for unlisted drivers.
Review ownership of the vehicle. If the loan or
lease agreement has been satisfied update the policy. This will prevent delays
in payment at claim time. Any change in titled ownership should also be
reflected on the policy or a new policy purchased for the vehicle.
Review deductibles. Insurance companies
continually increase the price breaks for higher deductibles. As with the home
insurance a higher deductible will save you premium and discourage you from
filing small claims.
Review usage of each vehicle. Vehicles used for
Uber or Lyft services do not have coverage while being used for this purpose.
Vehicles used for business purposes may also not have coverage if used for
business at the time of a claim.
Update items to be listed along with values.
Appraisals should be completed every 3 to 5 years to keep up with market
values. Use an inventory such as Collectify
to manage your collection easily.
Update properties, vehicles, drivers,
recreational vehicles, boats, etc. at each renewal. Failure to update could
result in no coverage under the umbrella.
Make sure the underlying insurance policies for
each of the above meets the minimum liability requirements to avoid a coverage
If you do not have coverage for the underlying
insurance policy for each of the above obtain it at your earliest convenience.
With the help of a Trusted Insurance Advisors they can help
you review your policies at any time, not just this Friday or at renewal. A
Trusted Insurance Advisor is there to help you every step of the way. Call your
This is a common question with clients and it is never an easy conversation. Like many of my clients my gut goes sour when I need to discuss or request information regarding credit reporting. There are a few things to know.
State of Maryland has approved the use of credit as a rating factor for auto insurance. Credit is not used for home insurance in Maryland. Almost all insurance companies doing business in Maryland will want to obtain a credit report in order to provide an auto insurance quote. There is only 1 or 2 insurance companies in Maryland that do not.
Your insurance agent will never see a credit score or credit report when quoting your auto insurance. For this reason your insurance agent will also not be able to provide specifics about what was contained in the report, and will direct you back to the insurance company quoted to obtain more information.
Your insurance agent will not know specifically how your credit impacted your auto quote. Insurance companies have rating structures based on hundreds of rating factors. As information is entered into an insurance company’s quoting system the rate changes. Credit score is only one factor for rating.
The process of obtaining your credit report will not impact your credit score. Unlike when you are applying for a loan or line of credit, we are not looking to confirm if you are a good applicant. For this reason you can not be turned down for auto insurance based solely on your credit score.
While the thought of your credit score being run for an auto insurance quote has you sick to your stomach, your insurance agent is doing their best to meet your insurance needs. Your insurance agent will not pry into your financial situation but will guide you on the best auto quote for you. Maintain an open dialogue with your insurance agent and voice your concerns to help settle your nerves.
Call your independent insurance agent for more information on the auto insurance quote process.
The short and sweet answer is yes but I am not the short and sweet type when it comes to insurance. So let’s dig a little deeper.
Many individuals dont think they need it and many times forgo it to save money. Honestly this coverage is only about $30 to $40 per vehicle annually, if not less. That’s not alot when you consider it’s an annual cost and what it means for you.
Recently I had a client find out the hard way how important Rental Reimbursement is. Another vehicle hit my client’s vehicle while parked and unoccupied. Initially the client attempted to have the claim handled by the responsible party’s company. However the adjustor was indicating the vehicle was a total loss and that decision made the client uncomfortable. Add on the client had paid extra money for Replacement Cost coverage on the totaled vehicle on their own auto insurance policy. The client attempted to go back to their own insurance for Replacement Cost coverage but it was determined they had no Rental Reimbursement on their own auto policy. The claim process would start over with the client’s own insurance company and leave them out of pocket for another rental vehicle.
In the end the client settled with the responsible party’s insurance company to reduce the amount of stress and move on ultimately.
Had the client opted for Rental Reimbursement when the policy was purchased the client would have had a completely different result.
Yes, you can shave off a few dollars on your auto insurance by not including Rental Reimbursement but it can have a severe impact at the time of a claim.
So purchase Rental Reimbursement for all of your vehicles. I recommend a limit of $40 per day based on the average cost of a small rental vehicle. You can certainly bump it up if you will need more rental vehicle, such as a mini van or SUV.
An independent agent can help you pick the right limit and find a competitive auto insurance policy for you.