Earthquake Insurance, Sinkhole Insurance & More

Do you live in an earthquake zone?  Do you have earthquake insurance?  If you don't know, call TruePoint at (502) 410-5089
US Earthquake Zones

Words and their usage impact our daily lives. As a kid, my mother would on a regular basis reminding me to watch my P’s and Q’s. This was not a suggestion to be on my best behavior. It was a threat that even the slightest slip in my manners would have severe repercussions. What and how we say things have been an issue for generations. But a solid case exists that communication is more important now that ever before. While the thought may seem hysterical at first, let in sink in for a moment. Most would agree that America has become precariously litigious. For years our actions have exposed us to constant risk. Today our words are placing us at jeopardy. As a result, it has become critical for Americans to develop greater awareness.
What is earthquake insurance?.

Standard insurance doesn't cover loss due to earthquakes.  Earthquake Insurance is add by endorsement.
Earthquake Damage


Earthquake – a term used to reference the movement of two tectonic plates along a fault line. The tectonic plates move past each other at a slow pace building up stress along the way. This continues until finally the plates slip releasing enormous amounts of seismic energy. This energy then results in a violent shaking of the ground. This is also referred to as an earthquake. Earthquakes can be the result of both tectonic action or volcanic.
The word Earthquake seems simple enough. But it isn’t. Your insurance policy most likely excludes loss caused by the movement of earth. How does that impact me? Ground that shifts, sinks, expands, contracts, or rises may create serious issues. That includes earthquakes, sinkholes, mudslides, landslides, and more. How serious? Your insurance company “Will Not Pay, Serious”! You can avoid this crisis by simply having the proper endorsements. But be cautious. You can purchase an earthquake endorsement. But what will it cover? Losses due to an earthquake! Nothing else. Related risk such as mudslides, sinkholes, and others are not covered. Failure to understand how this impacts your insurance may result in serious coverage issues. Failure to understand may result in no coverage.

Movement of earth is not covered by standard insurance.  That includes earthquakes, sinkholes and several more items.
Sinkholes are covered by standard insurance policy


Will your insurance pay in the event of an earthquake? Does a Homeowners policy or a Commercial Property policy protect against earthquakes? Earthquake coverage is not offered by a standard insurance policy. But, for most, earthquake coverage is available. It can be in the form of an earthquake endorsement. If asked to waive your right to earthquake coverage, we suggest that you ask the agent for a quote. It may not be as expensive as you think.
Most of us are insured by the Special Form, also known as All Risks Coverage. Earthquake protection is excluded by the Covered Causes of Loss Form. The exclusion reads so that damages that are a result of EARTH MOVEMENT are excluded. Inquire about the cost of an earthquake endorsement. With the in hand, you can now decide if you want to transfer the risk. In the process don’t forget the other risk associated with earth movement. The earthquake endorsement doesn’t cover these. We advise customers to consider each of the risks and if appropriate, evaluate the risk/reward.

What about hidden damages?  Are minor damages covered?  They are, but deductibles may be more than the loss.
Check your Deductibles for Earthquake. They will be higher than you are used too.

ance varies from one insurance company to the next. If you make a comparison for companies, you will find earthquake policies vary. If you have multiple homes in various states you should review individual policies. We advise this as earthquake endorsements issued by the same company may vary from one state to another.
Earthquake deductibles should be considered. Don’t be surprised to see a 10 to 20% deductible. These are pretty much par for the course. Any higher and it is probably worth your time to shop around.
As noted earlier, earthquakes represent only a small portion of the exposures related to the movement of earth. Because we live in the Ohio Valley, we can shorten the list. While anything is possible, most would agree that some of the risks aren’t as threatening as others. The risk that should be considered by most in our area:

  • Erosion,
  • Failure to suitably compact building sites,
  • Sinkholes
  • Deficiencies pertaining to site selection
  • Earthquakes
  • and Landslides

Add in mud-flows, mudslides, and volcanoes and we have a reasonable understanding of the movement of earth risk. Kentucky homeowners and business owners need to consider these and several other forces.
Standard policies may leave serious gaps. Property coverages leave most structures exposed the movement of earth. Don’t assume that your only option is to self-insure. Ask TruePoint. By asking the simple question, “how can I eliminate more exposures related to the movement of earth?” You will likely find that in some cases, options exist. Becoming increasingly more available is sinkhole insurance. Broader coverage in the form of earth movement riders may also be an enhanced risk transfer option.
If you would like to learn more about eliminating insurance gaps related to the movement of earth, reach out to a TruePoint Insurance Agent. We can be reached at (502) 410-5089.

Basic Maintenance Tips to Keep Your RV Comfortable

Your RV is a passport to freedom and adventure. However, the rigors of the road can take its toll on your vehicle’s exterior, interior, and systems. Use these tips to ensure your RV stays comfortable, no matter how long you’re on the road.

  • Protect your paint job by parking your RV in covered areas as often as possible. A carport or tarp protects your rig from wind, rain, and sun while it’s stationary. These solutions also make it easier to control the internal temperature in your RV so your climate control devices drain less life from your generator.
  • Take your RV to an auto detailer in between long trips. A professional cleaning will remove dirt and stains from your upholstery and interior surfaces. In between stops, use a small hand vac to keep dust and crumbs under control.
  • Pack cleaning supplies before each outing. Include a stain removal product, upholstery brushes, and soft cleaning cloths. These will help you deal with messes before they become built-in stains.
  • Make sure your insurance policy is up-to-date. A break-in or minor accident could cause a lot of damage. Having the right policies in place ensure you can get needed repair right away. Talk to the agents at TruePoint Insurance for information on RV policies in the Fisherville KY area.
  • Have your rig thoroughly checked by a professional before longer trips. This includes the electrical and plumbing systems. For fully contained rigs, have the technician access the state of your generator and power distribution equipment.
  • Maintain your water systems with the right chemicals. Black and grey water tanks often need additives to prevent the growth of harmful buildup and ease the flow of discarded water. Talk to your automotive technician for recommended products for your RV.

Before you hit the road, make sure your rig is covered from all ends. An RV policy from TruePoint Insurance is the best way to protect your Fisherville, KY RV. Contact us for a free quote today.

Bobtail Insurance

Most truckers have or think they have Bobtail Insurance. The coverage provides a unique form of commercial auto liability coverage. Owner Operators are leased to Motor Carriers. Leasing with a Motor Carrier requires executing a contract where both parties commit to an ongoing relationship.

As long as the driver is under dispatch, the primary liability coverage will be provided by the Motor Carriers Trucking Liability Policy. This will be the case during the period that the contract is in effect.

Bobtail Insurance provides coverage when the truck is being operated without a trailer attached. Bobtail Insurance Does Not Provide Coverage While Pulling A Trailer. Examples of when your truck would be covered by a Bobtail Policy include:

  • Driving between your final terminal and your home
  • Driving truck to a location for maintenance or repairs
  • Driving back and forth to work

If you are one of the many truckers that pull trailers while not under dispatch, please read on before panicking. There is a good chance that you don’t have Bobtail coverage. Instead, you should have a Non-Trucking Liability Insurance Policy. Also referred to as NTL and as we have seen, confused with Bobtail Insurance, the coverage provides liability protection to owner/operators while not under dispatch.

Deadheading, or pulling an empty trailer adds a significant amount of risk. Experienced truck drivers are aware of this added risk and make adjustments. They must be aware of the impact wind will have on an empty trailer. They must also alter their approach to braking with systems which are designed to be effective while under a load.

The biggest difference between Bobtail and Non-Trucking Liability is the trailer. Bobtail specifically excludes all liability coverage while a trailer is attached. A Non-Trucking Liability Policy will provide coverage while hauling a trailer if the driver is not dispatched. The bottom line is that NTL provides coverage while Bobtailing or Deadheading.

If you still unclear and would like additional input, feel free to give us a call at (502) 410-5089.

Workers Compensation

Insurance term, definition. Workers Compensation, Workers Comp

What is Workers Compensation Insurance?

American Business-Owners acknowledge the importance of fair dealing with their employees.  The safety net they need is best found by having a Workers Compensation Policy in place.
Workplace Injuries

Workers Comp is a form of insurance designed to assure that resources will be in place to assist injured workers. The injured employee receives replacement wages and medical benefits. The insurance provides protection for employment-related injuries.

Premiums paid for Workers Compensation insurance are not made by the employee. The employer bars 100% of the cost of Work Comp coverage. While there is no financial cost for employees, the cost is associated with their ability to sue.

Principle of Indemnity

Insurance term, definition.  The principle of indemnity is an insurance term.  What is meant by insurance principle of indemnity
principle of indemnity states that the insured is returned to condition just prior to loss
The Principle of Indemnity

To understand insurance one must first grasp the principle of indemnity.  The theory is applied to insured losses and seeks to provide fair compensation.  Fair compensation to parties, the insured and the insurance company is required.  Resolving most losses is unambiguous.  Others test the service skills of the insurance agency and require both the insurance company and the insured to commit to the principle of indemnity.

A cornerstone for insurance, the principle of indemnity requires that an insured may not be compensated more than there economic loss.  The insured cannot profit from a loss.  If losses became a way for policyholders to generate profits, then insurance companies would become subject to adverse selection.  This in the quickly cause insurance premiums for all property and casualty policies to rise.

Louisville, Kentucky…..Instant Online Insurance Quotes

Louisville, Kentucky home to the fastest two minutes in sports

Louisville, Kentucky is known around the globe for being home to the fastest two minutes in sports. Similarly, TruePoint Insurance in Kentucky is known for rapid real-time, online, insurance quotes.

TruePoint, home of the most enjoyable five minutes in insurance

We often find ourselves boasting that our real-time online quotes are the most enjoyable five minutes in insurance.  While this may sound like hype, we can support our claim.  Typically online quotes are anything but online quotes.  If you don’t believe me, go ahead and give it a try.  Take the next 10 to 15 minutes of your life and complete the online form.  When you have reached the final page, what do you see?  Or should I ask, what don’t you see?  Probably not a quote.

What makes our quotes different? 
Online insurance quotes in real-time
Insurance Quotes:
Online and in Real-Time

You have set your self up for 4, 8, maybe even 12 calls over the coming days.  Insurance agents all hoping to give you what the original ad promised; an insurance quote. Why did you go online for your insurance quote? 

  • Convenience, the promise of information at a time that fits into your busy day. 
  • Insurance Agents, If you have ever tried to buy insurance, you get this one.

Odds are, you were trying to avoid talking with an insurance agent.  You are going to get pretty frustrated.  Now, instead of one insurance agent, there will be a dozen. 

TruePoint online quotes recognize your needs and time constraints.  When you finish our online form you will have a quote for your car insurance, home insurance or maybe a quote.  More importantly, we’ve made the agent disappear. 

Ok, so the thing about the agent disappearing is our Hype!  But the truth is, the ball is in your hands.  To issue a policy you will need to talk with an agent.  

What horse won finished first in the 2019 Kentucky Derby?

Ok, maybe we are not as well known as the derby,  but we give you real-time home and auto insurance quotes without a Racing Steward.  That doesn’t make us the best insurance agency for everyone, but with our customer-focused approach, the number two agent isn’t going to beat us.  

While others are spending their time trying to make insurance interesting, we are making every effort to simplify the process by putting information at your fingertips.  Instead of trying to make insurance exciting, our client portal places all your important insurance information in one convenient location giving you more time for things that are a little more exciting than insurance.

While some might disagree, we know that insurance is ready for  Prime-Time and our clients can attest to that.  While others are taking time away from their work or otherwise busy schedule, our clients are interacting with us through our online client portal.  While others are watching Dancing with the Stars, our clients are online adding their new car to their insurance policy.

It’s that simple.  Our client-focused approach is how we Justify asking you for your business.

Deductible

Insurance term, definition, deductible, insurance deductibe, what is a deductible,

An deductible or insurance deductible is a fixed dollar amount or percentage that is retained by the insured. In the event of a claim (most often property claims) the insured will be required to come up with the deductible amount declared in the policy before receiving the insurance companies obligation.

Benefits of working with a Kentucky Insurance Specialist

Do you have options when you buy insurance?  Does your insurance company have local agents to help?  If you don't have access to someone that understands and you can't buy from the insurance company that has the best prices for what you need, I don't you think your dealing with the best insurance agent.

What color is your umbrella? In today’s world, when it comes time to buy insurance, you will find that you have a range of options.  The challenge is learning to optimize them to meet your own unique constraints and objectives.   Individuals and businesses seeking Kentucky Insurance need to develop a thorough understanding of their insurance options.

Kentucky Insurance Markets: 

Direct insurers. cheap insurance, price, no insurance options, Do you want cheap insurance?  what kind of insurance do you need?   Cheap car insurance, Cheap auto insurance. insurance agent

For decades insurance markets were divided into two categories; Independent and Captive Insurance companies.  The independent marketing channel is made up of agents (more accurately, Brokers) that represent multiple insurance companies.  Captive carriers utilize agents or employees to distribute their products.  This group tends to use more print, television, radio, newspaper and other to generate sales. 

In recent years a third market has entered the mix; Direct Carriers.  This group has many similarities to the Captive Carriers.  The two groups have market plans that look very similar.  The Direct Channel takes a much more aggressive approach regards utilizing online resources.  The Direct sector of the market not only uses extensive online marketing, but many in this sector also have willingly foregone brick and mortar in favor of online facilities.  In many instances, they have shifted the role of the agent to the customer’s computer keyboard.

When it comes to Property and Casualty insurance for individuals, US Captive Carriers remain the largest player.  The market share for Independent Insurance companies has held fairly steady in recent years, during a time where the Direct writers are rapidly gaining market share mostly at the expense of the Captive market.

2017 Personal Lines US Market Share (Auto Insurance, Home Insurance, and other)

Captive                                                                                                 46.6%

Independent                                                                                     35.1%

Direct                                                                                                    18.3%

For businesses, the landscape is totally different.  Independent Carriers have and continue to dominate this market.   It doesn’t seem to difficult, with an 84% market share for US commercial insurance, it seems only logical that all business owners should consider quoting with at least one broker. But why?

Independent agents have access to more markets. More markets should mean better prices and in this case, it certainly does. Business owners are often willing to spend a little more time and put in a little more effort. The point is simple. If their competitor is able to secure insurance at a better value, they will be more competitive. Certainly a position no business owners wants to find himself in!

2017 Commercial Lines US Market Share (Business Insurance)

Captive                                                                                                 16%

Independent                                                                                     84%

Direct                                                                                                    < 1%

Overall the Independent Insurance leads the way, writing nearly 82% more US Property and Casualty insurance than the number two insurance company category, the Captive Carriers.

2017 Combined US Market Share (All Property and Casualty Insurance)

Captive                                                                                                 31.9%

Independent                                                                                     58.1%

Direct                                                                                                      9.9%

What type of insurance carrier is right for me?

There is no right answer for everyone.  But if you are embarking on a search for cheap insurance in Kentucky, you might consider reviewing the questions below:

  • Will you be looking Kentucky business insurance quotes?         
    • As we noted earlier, Independent Insurance Agents write far more insurance than the other two types of insurance companies combined.  There is a reason this is happening, if you’re looking for the cheapest insurance chances are you will find it here.
    • Don’t just get a commercial insurance quote, while you’re working with your Kentucky Independent Insurance Agent, have them quote your home and auto insurance.  Doing so my end with a lower premium on both your commercial insurance and your home and car insurance.  TAKE ADVANATAGE OF DISCOUNTS EVERY CHANCE YOU GET.

Business owners, that don’t get a commercial insurance quote from an Independent Insurance Agent, are a favorite to pay a higher insurance premium than your competition.  

  • Do you think the cheapest insurance is the best insurance? 
    • Price is important!  It’s very important, but it should never be your only consideration when buying insurance.  It doesn’t matter whether you are searching for household insurance, or for your business.  There are several issues you will want to explore:
      • Deductibles-Be Extremely cautious if it is percentage (i.e. 1-2%) instead of a dollar amount (i.e. $1,000)
      • Causes of Loss
      • Replacement cost or Actual Cash Value
      • Standard/Excluded Coverages – Your homeowner’s insurance policy will exclude many items that you should be given the opportunity to consider:  Earthquake insurance, sinkhole insurance and many others
      • Do you understand your business insurance policy?  There are many moving parts, any of which could spell the end of your business if not properly addressed.       

None of three insurance marketing venues has a hold on Cheap Insurance.  Your personal financial situation, loss history, age, location along with many other factors will all come into play in determining your insurance premium. 

We advise our clients to think in terms of the best relative value.  Most of us have a job and commute to and from work four or five times a week.  Would you consider buying a bicycle to provide you transportation to and from your work? 

For those that live a very short distance from work, this might be a viable option.  For several years I worked within 2 miles of my home.  During this period, a bicycle would appear to have been a cheap option.  I could have saved $10,000, $20,000, even more had I taken the bicycle route.

That would certainly be a great relative value if I lived in Gainesville Florida.  But what if I live in Fairbanks, Alaska, where the average high temperature from November 1st through March 31st is 10 degrees Fahrenheit?  The bike would not be a wise choose. 

When I ask clients to focus on the best relative value, I am asking them to spend a little more time to review policies.  Sometimes the best insurance policy actual is offered at the lower price or at a premium that is so competitive that the only logical choice is to pay a little more for the insurance policy that best fits the client’s needs.  Most of us would gladly spend an extra $20,000 to avoid commuting by bike in Fairbanks, Alaska

Insights

The Commercial Insurance market is extremely dependent on the Independent Insurance Agency Network.  This group has access to more markets, better options, and overall better pricing.  We highly advise all Kentucky Business Owners to seek the assistance of an Independent Insurance Agent.

Where can I get lowest cost insurance?  Best Relative Value?

No one has a hold on Cheap Insurance.  Independent and Captive markets provide consumer’s access to Knowledgeable Agents and more specifically, knowledge of Kentucky Insurance.

At the end of the day, we believe that it’s that independent insurance broker. There we believe you will more often find the end of your rainbow.

Do I need insurance for a Yard Sale?

Review your insurance policy before having a yard sale or garage sale at your home.  It is possible that you may not have liability insurance coverage.

Few things are more common than the sight of handmade signs sticking on telephone poles, street signs or mounted on spring and summer lawns that announce nearby yard and garage sales. Succumbing to curiosity or taking a chance on scoring a great buy leads to another familiar scene: a home, with a variety of cars haphazardly parked around it and persons strolling to and from as well as others browsing among the sales items. Generally, the merchandise consists of clothes, baby articles, and toys. Often larger items are for sale such as exercise equipment, furniture, bedding, and appliances. When the event is an occasional one, there are few issues to worry about. But frequency creates important concerns that affect insurance.

Consider someone breaking into your home and making off with hundreds or thousands of dollars’ worth of property. Or how about a fire or storm destroying a home and most of its contents? Usually, there’s no problem since a homeowners policy will handle such losses. However, if a significant amount of the property was stored for sale, that property may either only qualify for limited coverage or may even be ineligible for protection. Property offered at your yard for sale which belongs to others (sold on consignment) is another class of property that may have only limited protection available or, depending on circumstances, might be considered business property and be disqualified from coverage. Example: Joan’s house is broken into the night before her big yard sale. Among the items stolen was a large, expensive set of drums worth nearly $1,000. It belonged to a friend who asked her to put it on display during her sale. Joan’s insurance company denies protection, claiming it was goods for sale and not personal property.

Liability insurance protects you in the event another person is injured or has property damage that is directly related to your actions.  Accidents arising from yards sales will be protected by the liability coverage included with your homeowner's insurance.

Similar considerations exist concerning legal liability. For instance, a visitor comes onto your premises and then fractures a leg and hip when tripping on an exposed tree root. Because she was old and frail, the injuries require surgery and a long rehab. The visitor sues you for hospital, surgery and other expenses. Normally one’s insurance policy would defend you against the lawsuit and, if necessary, pay any awarded damages. But what if, instead of a friendly visitor, she had come onto the property to look at items on sale? That could cause a serious coverage issue.

Determining factors for either property or liability coverage are how often sales occur and what income has been made over a period of time (usually the 12 months before the date of a loss). Depending on those details, the activity involved in the loss could be considered a business. In such instances, coverage may not exist under a basic homeowners policy.

Yard sales may appear to be a safe activity, but there are genuine risks to the seller (property owner) and to the customers who are invited onto the property. It makes sense, regardless of your insurance situation, to take steps to minimize the chances of problems occurring.

Safety – property owners bear responsibility for the safety of their guests. A yard or garage sale represents an invitation for others to come onto your premises for a financial benefit. This means that a higher level of watchfulness is due to these legal invitees. It is important that all reasonable precautions be taken to ensure their safe use of your premises before, during and after a sale.

  • Take care in how merchandise is set up and displayed, especially any items that have the potential for causing injury, such as breakables, tools, motorized items.
  • Clean up any spills immediately, especially any involving broken glass.
  • Make sure your premises is free of any obvious dangers to customers/shoppers, especially trip hazards.
  • If you have pets, make sure they are kept away from customers to eliminate any chance for attacks.
  • Secure access to a covered or shaded area, particularly as a checkout area. On hot days, this can provide a cool down area for sellers and shoppers.
  • Have access to a fully charged phone to call for assistance in case of emergencies or to arrange for help for food or bathroom breaks.
  • Limit access to the shopping area by children, both those who are part of the seller’s household and those belonging to shoppers. Sales areas can be hazardous, particularly parts of the yard used for parking cars.
  • Keep drinking water and spray bottles available to prevent and/or to treat dehydration.

Security – you want to minimize any chances that you are victimized by using practices that keep persons and property safe.

  • Make sure that all doors to your home are locked. If you need easier access to your home during the sale, yourself or another trusted person should be stationed near the door.
  • Prior to a sale, keep garage doors locked when sales items are stored there.
  • Set up guards or barriers to discourage any access to your property before or after the sale.
  • Do not allow shoppers or customers entry to your home, be aware of nearby public places where they can get safe access to restrooms (gas stations, restaurants, etc.).
  • Take great care in how cash is handled, particularly if you decide to use a cash box. If the latter method is used, be certain that a person is dedicated solely to the checkout area.

For both safety and security reasons, do not run a yard sale alone. A friend or relative as an assistant is a must to making sure that customers aren’t endangered and to reduce chances of theft. Also, never leave the sales area unattended.

If you have yard sales, you should check to see if their frequency and their sales volume create a need for additional protection, such as a form that covers home businesses. An insurance professional is in an ideal position to help you!



COPYRIGHT: Insurance Publishing Plus, Inc. 2015

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Is Flood Insurance Only Available Through FEMA?

Your home is not automatically covered by flood insurance

Insuring yourself against flood risk is a little different than other insurance policies. Many people mistakenly assume that they have flood coverage through their Fisherville, KY homeowners or renters policy, but they don’t. In order to protect yourself from flood risks, you need a specific flood insurance policy to cover related losses. While you can purchase federal flood insurance through an insurance agent, most flood insurance policies are administered through the National Flood Insurance Program (NFIP) and can be purchased by homeowners, businesses, and renters from an insurer who contracts with FEMA.  


 

What Does Federal Flood Insurance Cover? 

The maximum flood insurance coverage amount is $100,000 for the contents of your home and $250,000 for damage to the structure. Commercial flood insurance through the NFIP provides up to $500,000 for your building’s materials and $500,000 for damage to the structure. You can also buy what is known as “excess” coverage beyond the limits offered through NFIP through private insurers. Flood insurance coverage for the contents of your home and damage to the structure is sold separately. Coverage for personal property only applies to its cash value basis, whereas buildings are covered for replacement cost. 

Federal flood insurance will cover direct physical losses caused by flooding and losses resulting from flooding-related erosion. For flood loss coverage for cars, ask your TruePoint Insurance representative for information about optional flood coverage through the comprehensive portion of your standard automobile insurance policy. 

Buying flood insurance 

Need flood insurance?  Buy flood insurance from truepoint, If you have a mortgage and your home is located in an area that has been identified by FEMA as a flood zone, chances are, you have been notified that you need flood insurances.  If not consider review the previous link regarding who needs food insurance.  If you would like additional information, one of our agents will be more than happy to assist. 

When buying flood insurance coverage, remember that almost 100 insurance companies offer NFIP policies. It’s easy to purchase. You can purchase a Federal flood insurance policy directly from an insurance professional. However, it does require a waiting period of 30 days before the policy takes effect. 

Flooding can occur at any time and threaten your Fisherville, KY home, so don’t wait until the last minute to purchase it. Call TruePoint Insurance today for more information about protecting yourself from the risks of flooding. 

Do you need flood insurance? Learn more about the people insured by the National Flood Protection Program.