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Should you buy pet insurance?

5/18/2016

 
That depends. This week I’ll talk about the pros and cons of pet insurance. Then you can decide if it’s for you. But first, since many people have never heard of it, let’s take an overview of pet insurance.
 
Pet insurance is a big thing.
Many Americans are buying pet insurance. The industry reports record numbers of new policies. Even though only a fraction of your friends currently have pet insurance (fewer than 1%), there are still 1.4 million pets in North America that have insurance right now.

Part of this rapid growth is because of rising medical costs. Cats and dogs face increased medical costs, just like people do. Cancer in a dog can easily run $5,000 or more, and if a car hits your beloved cat, it can get incredibly expensive to save their life.

Even common surgeries are going up in cost. One major pet insurer published a list of the top 10 surgeries last year. Some prices weren’t so bad. The most common was surgery to remove a benign skin mass- just $552. But the fourth most common surgery for dogs was repair of an ACL rupture- and that one came in at a whopping $3118.
 
Reasons to not buy pet insurance.
  1. It’s expensive. The average pet insurance policy premium can be hundreds of dollars each year. For example, I ran a sample quote on the website of a well-known pet insurer. I used a 4-year-old Labrador Retriever as an example, and selected a 200-dollar deductible with 80% coverage, and an annual policy limit of $10,000. The premium came in at a whopping $39.74/month. That’s almost $500 per year!
  2. There are exclusions. The common exclusions are pre-existing conditions and waiting periods. In addition, some policies don’t cover wellness and vaccinations, and even some hereditary conditions. Each policy differs. You have to read the fine print.
 
Reasons why pet insurance might still be right for you.
  1. Money is tight. If you don’t usually have a lot of cash sitting around in your checking account, a sudden large vet bill can be a crisis. Your pet doesn’t plan on getting hit by a car. But it could happen. If you aren’t prepared to write a large check today to the veterinarian, you might consider a pet insurance policy. Not everyone can “self-insure” this risk.
  2. Your pet is family. If the thought of euthanizing your pet because you don’t have thousands of dollars to save their life is unthinkable, pet insurance can give you peace of mind. For some people, it’s just like insuring a family member.

Pet insurance isn’t weird, and it isn’t necessarily a waste of money. After all, the owners of Lassie bought the very first pet insurance policy in the United States decades ago.
​
If your pet is like “Lassie” to you, and you need financial protection for them- talk to your veterinarian about a policy they might recommend. Policies are also sold online.
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com

Are mudslides covered by insurance?

5/9/2016

 
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I’m frequently asked this question: “Bruce, is a mudslide covered by my insurance?”

The short answer is “no.”

Your standard homeowners insurance policy does not cover any movement of land or water, such as a flood, a landslide, a mudslide or a mudflow.

But there may be more to that answer if you purchase flood insurance.

Flood insurance provides coverage for a mudflow that damages your home. Notice the specific term: “mudflow.”

The National Flood Insurance Program (NFIP) provides coverage under their policy for mudflow, but not mudslide.

You might ask: “Who cares? If I’m standing up to my ankles in mud in my home, it should be covered by my flood insurance, right?”
​
Not necessarily. The answer depends upon how the mud got there. I realize how much that answer could frustrate a homeowner. But definitions make a difference. And you don’t want to discover that difference after a tragedy has happened. So it’s important that we know ahead of time exactly what may or may not be covered.

Let’s look at how flood insurance defines these terms:

Landslide
Dictionary.com defines a landslide as “the downward falling or sliding of a mass of soil or rock on or from a steep slope.”

Basically, it’s land that is sliding. That’s how insurance companies define it too. Flood insurance does not cover a landslide.

Mudslide
A mudslide is similar to a landslide, except that it can look, to the untrained eye, just like a river of mud.

However, it is usually characterized by an entire hill collapsing, sliding and disappearing. If the entire hill above you collapses and slides into your home, it is likely a mudslide, and not covered.

Mudflow
The National Flood Insurance Program defines mudflow specifically as: “A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water.”

A key question to ask: “is this a hill collapsing, or is it a flood of water that is carrying mud?”
If it is the latter, it may be covered under flood insurance. No one, including your agent, can guarantee ahead of time what will and will not be covered. It is up to claims adjusters to make a final determination. Mudflow, covered. Mudslide, not covered.

The risk
El Nino is likely to send some pretty heavy rains our way this year. Some areas in Napa and Sonoma counties have lost a lot of vegetation due to wildfires. Flooding and mudflows are a very real risk.

What can I do?
If you don’t already have it, buy flood insurance. It’s not a guarantee that you will be covered in every scenario where your home and mud collide. But it’s protection against some of the scenarios.
​
Remember that flood insurance has limits and policy exclusions. Talk to your local insurance agent. Do it today. There is a 30-day waiting period after you purchase flood insurance before coverage kicks in.

Should you buy rental car insurance?

5/4/2016

 
Sometimes you should. But if you do some homework, you may be able to decline the extra coverage. Here are some things you need to know.
 
You are at the rental car counter, and the pressure is on.
You’ve just landed at your destination. You’re in a hurry to get to where you need to be. The rental car agent is pushing the extra insurance coverage. It’s often known as Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW).
It’s expensive. They want you to buy it, and four people are lined up behind you, impatient that you can’t make up your mind. Your palms begin to sweat.
 
You may already have coverage for a rental car.
Your personal car insurance may cover you. Most personal auto insurance policies extend their coverage to your rental car. But there are often exclusions and limitations (such as you must have Collision Coverage on your personal vehicle).

Your credit card may cover you. Many major credit card companies provide rental car insurance automatically when you pay using their card. But there are exceptions and limitations, and not every card offers this kind of coverage.
 
Your options:
You could buy the additional coverage offered by the rental car company. If you want “simple,” this may be the way to go. Worrying about exceptions and exclusions isn’t fun. Sometimes it’s worth paying extra to have “peace of mind.”
You could also explore your coverage options, and see if you can be covered adequately without paying extra for the rental car insurance.
 
If you want to explore your options, do these three things:
 
1. Read the rental car company agreement and insurance policy.
Sometimes these agreements and policies are online; often they are not. You may have to call the company to get a copy in advance.
​
Look for the “gotchas” in the agreement such as Loss of Use fees, Administrative & Towing, Diminution of Value, and more. Read the agreements carefully.
 
2. Check out your credit card benefits.
Many major credit cards offer extended rental car coverage if you use their card to pay for the rental. Call customer service to see what your coverage might be. Coverage varies dramatically. Also remember that in most cases, the credit card company policy would pay after your auto insurance settled the claim.
 
3. Talk to your local insurance agent.
No one knows the coverage on your current auto insurance better than your agent. They can ask the right questions (such as, “is this a business trip?” and “what kind of vehicle will you be renting?”) to help you decide if you need the additional coverage offered by the rental car company. Get the advice you need.
 
Every situation is different.
Know the risks. (Evaluate the rental car agreement.)
Find out what credit card benefits you may have. (Call your card company.)
Become familiar with your personal auto policy. (Talk to your agent.)
 
Don’t pay for extra coverage if you don’t need to. Ask your agent for help.
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com
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    Bruce Sackrison

    Napa, California
    (707) 931-018

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