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July 9, 2020 By Insurance News Editor

In Case Of An Earthquake

Protecting yourself and your family

  • Be sure that all family members know how to turn off utilities (gas, water and electricity) in an emergency.
  • Make sure every family member knows where safe spots are in each room, such as under sturdy tables or desks or in strong doorways.
  • Identify danger zones in each room, such as windows, bookshelves and furniture, that may fall over and cause injuries.

Protecting your property

  • Check to see that your house has been properly “tied” to the foundation. Extensive damage is often done to homes that shift and slide on the foundation during an earthquake. A contractor can advise you about this and suggest whether lateral bracing of the house walls is necessary.
  • Be sure that water heaters and other gas appliances are properly bolted down or supported on the floor or wall.
  • Put the heavier, breakable items on lower shelves.
  • Search the ceiling and foundation for deep plaster cracks. Make the necessary repairs if there are signs of structural defects.
  • Make an inventory of your possessions and store it off the premises. If your belongings are damaged, this list will help facilitate the claim filing process.

Source: Insurance Information Institute, “In Case of an Earthquake” http://www.iii.org website. Accessed July 10, 2020. http://www.iii.org/articles/in-case-of-an-earthquake.html

© Copyright 2020. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Disaster, Home, Personal, Personal Protection, Theme 13

July 9, 2020 By Insurance News Editor

Earthquakes: Protecting Yourself

Earthquakes

An earthquake is a sudden, rapid shaking of the ground caused by the shifting of rocks deep underneath the earth’s surface. Earthquakes can happen without warning and can result in injuries and damage to property and roads. Earthquakes can cause fires, tsunamis, landslides or avalanches. While they can happen anywhere, areas at higher risk for earthquakes include California, Oregon, Washington, Alaska, Hawaii, Puerto Rico and the Mississippi Valley.

If an earthquake happens, protect yourself right away.

  • If you are in a car, pull over and stop. Set your parking brake.
  • If you are in bed, turn face down and cover your head and neck with a pillow.
  • If you are outdoors, stay outdoors away from buildings.
  • Do not get in a doorway.
  • Do not run outside.

Stay Safe During an Earthquake: Drop, Cover, and Hold On

Drop: Wherever you are, drop down on to your hands and knees. If you’re using a wheelchair or walker with a seat, make sure your wheels are locked and remain seated until the shaking stops.

Cover: Cover your head and neck with your arms. If a sturdy table or desk is nearby, crawl underneath it for shelter. If no shelter is nearby, crawl next to an interior wall (away from windows). Crawl only if you can reach better cover without going through an area with more debris. Stay on your knees or bent over to protect vital organs.

Hold on: If you are under a table or desk, hold on with one hand and be ready to move with it if it moves. If seated and unable to drop to the floor, bend forward, cover your head with your arms and hold on to your neck with both hands.

Prepare Before an Earthquake

The best time to prepare for any disaster is before it happens.

  • Practice Drop, Cover, and Hold On with family and coworkers.
  • Secure heavy items in your home like bookcases, refrigerators, televisions and objects that hang on walls. Store heavy and breakable objects on low shelves.
  • Create a family emergency communications plan that has an out-of-state contact. Plan where to meet if you get separated.
  • Make a supply kit that includes enough food and water for at least three days, a flashlight, a fire extinguisher and a whistle.
  • Consider obtaining an earthquake insurance policy. A standard homeowner’s insurance policy does not cover earthquake damage.
  • Consider making improvements to your building to fix structural issues that could cause your building to collapse during an earthquake.

Stay Safe After an Earthquake

If an earthquake has just happened, there can be serious hazards such as damage to the building, leaking gas and water lines, or downed power lines.

  • Expect aftershocks to follow the main shock of an earthquake.
  • Check yourself to see if you are hurt and help others if you have training. Learn how to be the help until help arrives.
  • If you are in a damaged building, go outside and quickly move away from the building. Do not enter damaged buildings.
  • If you are trapped, protect your mouth, nose and eyes from dust. Send a text, bang on a pipe or wall or use a whistle instead of shouting to help rescuers locate you.
  • If you are in an area that may experience tsunamis, go inland or to higher ground immediately after the shaking stops.
  • Text messages may be more reliable than phone calls.
  • Once you are safe, listen to local news reports for emergency information and instructions via battery-operated radio, TV, social media or from cell phone text alerts.
  • Be careful during post-disaster cleanup of buildings and around debris. Do not attempt to remove heavy debris by yourself. Wear protective clothing, including a long-sleeved shirt, long pants, work gloves and sturdy, thick-soled shoes during cleanup.
  • Register on the American Red Cross “Safe and Well” website so people will know you are okay.

 

Source: Department of Homeland Security, “Earthquakes” https://www.ready.gov website. Accessed July 10, 2020. https://www.ready.gov/earthquakes

© Copyright 2020. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Disaster, Home, Personal, Theme 13

July 9, 2020 By Insurance News Editor

Earthquake Insurance: Is it worth getting?

Standard homeowners, renters and business insurance policies do not cover damage from earthquakes. Coverage is available either in the form of an endorsement or as a separate policy.

Earthquake insurance provides protection from the shaking and cracking that can destroy buildings and personal possessions. Coverage for other kinds of damage that may result from earthquakes, such as fire and water damage due to burst gas and water pipes, is provided by standard home and business insurance policies. Unlike flood insurance, earthquake coverage is available from private insurance companies rather than from the government.

In California, homeowners can also get coverage from the California Earthquake Authority (CEA), a privately funded, publicly managed organization.

Is earthquake insurance worth getting?

If you live in an area prone to earthquakes, you should at least consider the pros and cons of earthquake insurance. Start by asking yourself if you could afford to rebuild your home and replace your personal belongings without insurance.

Keep in mind that the federal government’s disaster assistance is limited. Grants for home repairs are meant to cover essential repairs only, to get your house to be safe and clean, not to restore it back to its original condition. Additional financial help is often in the form of loans that have to be paid back.

Many people find earthquake insurance to be pricey, especially considering the high deductibles that they’d have to cover anyway. If your quake damage amount is less than your deductible, insurance won’t pay out. But only you can do the math on whether earthquake insurance is a smart buy in relation to the potential payout.

© Copyright 2020. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Disaster, Home, Personal, Theme 13

July 9, 2020 By Insurance News Editor

IN: Earthquakes: Standard Insurance Policies Do Not Cover You

Dear Valued Customer,

While earthquakes are most commonly associated with California, they have occurred in 39 states over the last 100 years, and have inflicted damage in all 50 states. In fact, each year there are about 5,000 earthquakes.

This issue of “————–” is focused upon understanding the risks and issues associated with insuring for earthquake loss, and the importance proper insurance coverage can have – especially when standard homeowners, renters and business insurance policies do not cover damage from earthquakes. Coverage, however, is available in the form of an endorsement to a home or business insurance policy.

We appreciate your continued business and look forward to serving you.

Kind regards,

Filed Under: Disaster, Home, Personal, Personal Protection, Theme 13

August 4, 2014 By Julian

Renters Insurance Checklist

The questionnaireRenters insurance includes three important types of financial protection:

  • Coverage for Personal Possessions
  • Liability Protection
  • Additional Living Expenses

The following checklist can help you choose the right coverage when you are shopping around for renters insurance or speaking with your insurance professional.

A. Coverage for Personal Possessions

  1. How much insurance should I buy? Make sure you have enough insurance to replace all of your personal possessions in the event of a burglary, fire or other covered disaster.The easiest way to determine the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils and even linens—is to create a home inventory. This is a detailed list of all of your personal possessions along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier. The Insurance Information Institute offers free Web-based home inventory software, available at www.knowyourstuff.org.
  2. Should I get replacement cost or actual cash value coverage? An actual cash value policy pays to replace your possessions minus a deduction for depreciation whereas a replacement cost policy will pay the cost of replacing your possessions without accounting for depreciation. The price of replacement cost coverage is about 10 percent more but can be well worth the extra expense as the value of most items tends to depreciate quickly.
  3. What disasters are—and are not—covered? Renters insurance covers you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and certain types of water damage (such as when the tenant upstairs leaves the water running in the bathtub and floods out your apartment or a burst pipe). Most renters insurance policies, however, do not cover floods. Flood coverage is available from the federal government’s National Flood Insurance Program (888-379-9531, www.floodsmart.gov) and from a few private insurers. You can get this coverage from the same agent or company representative who sold you the renters insurance policy. Earthquakes are not covered either. You can either get a separate policy or have it added as an “endorsement” to your renters policy, depending on where you live.
  4. What is my deductible, and how does it work? A deductible is an amount of money you pay out-of-pocket before the insurance coverage kicks in. Deductibles are available as a specified dollar amount, typically $500, $1000 or $2000, though higher deductibles are available. The larger the deductible, the lower the premium charged for the same amount of coverage, so if you can afford a deductible of at least $1,000, you may get as much as 25 percent off your premium. Remember though, that you will be responsible for paying the deductible each time you file a claim.
  5. What is a “floater” and do I need one? If you have expensive jewelry, furs, sports or musical equipment, or collectibles, consider adding a floater to your policy. Most standard renters policies offer only a limited dollar amount for such items; a floater is a separate policy that provides additional insurance for your valuables and covers them if they are accidentally lost. You will need to present receipts and/or appraisals for the items covered by the floater. It is important that expensive items be appraised properly as you will pay a premium based on the appraised value and in the event of a claim, be compensated for this dollar amount. You can ask your insurer to recommend a reputable appraiser. For some items, like laptop computers, a stand-alone policy may also be an option. Check your renters policy first to see whether your laptop is covered and what the deductible is.

B. Liability Protection

  1. Do I have enough liability insurance in the event someone sues me?Renters insurance provides liability protection that covers you against lawsuits for bodily injury or property damage done by you, your family members and even your pets. This coverage pays for both the cost of defending you in court and court awards—up to the limit of your policy. Most standard renters insurance policies will generally provide at least $100,000 of liability coverage, but additional amounts are available. Consider whether the amount of liability coverage provided by your policy is sufficient to protect your assets. Did you know you also have no-fault medical coverage as part of the liability protection provided by your renters policy? This coverage is only for injuries sustained by others and is not a substitute for your own health insurance. Medical payments coverage allows someone who gets injured on your property to simply submit his or her medical bills directly to your insurance company so the bills can be paid without resorting to a lawsuit. Most policies include about $1,000 to $5,000 worth of this coverage.
  2. Do I need an umbrella liability policy? If you need a large amount of liability protection, you can purchase a personal umbrella liability policy. An umbrella policy kicks in when you reach the limit on the underlying liability coverage provided by your renters or auto policy. It will also cover you for things such as libel and slander. For about $150 to $300 per year, you can buy a $1 million personal umbrella liability policy. The next million will cost about $75 and $50 for every million after that. Because the personal umbrella policy goes into effect after the underlying coverage is exhausted, there are certain limits that usually must be met in order to purchase this coverage. Most insurers will want you to have about $250,000 of liability insurance on your auto policy and $300,000 of liability insurance on your renters policy before selling you an umbrella liability policy for $1 million of additional coverage.

C. Additional Living Expenses

  1. If I can’t live in my home after a disaster, will I be covered? If your home is destroyed by a disaster that your policy covers and you need to live elsewhere, renters insurance provides additional living expenses (ALE). ALE pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt. It is important to know out how much coverage you have, and what the limits are. Some companies provide coverage for a set amount of time, while others have a financial cap.

D. Other Coverages

  1. I run a business out of my home; do I need supplemental coverage? A typical homeowners or renters policy provides only $2,500 coverage for business equipment which is generally not enough to replace all of the equipment required by even a small home business. You may also need coverage for liability and lost income. Insurance companies differ considerably in the types of business coverages they offer. Some may meet the specific needs of your business, while others may not. So it is wise to shop around for coverage options as well as price.
  2. Am I covered if I am traveling or away from home? Most renters polices include what is called off-premises coverage. This means that belongings that are outside of your home are covered against the same disasters listed in your policy. For example, property stolen from your car would be covered. However some companies may limit the amount of off-premises theft to 10 percent of the amount of personal possessions insurance. If you think you need additional off-premises theft coverage—for example if you travel a lot—shop around for a policy that has the insurance protection you need.

E. Discounts

Insurance companies often offer discounts on renters insurance if you have another policy with them for your car or business. You can also get discounts if you:

  • Have a security system
  • Use smoke detectors
  • Use deadbolt locks
  • Have good credit
  • Have multiple policies
  • Stay with the same insurer
  • Are over 55 years old

Companies offer several types of discounts, but these can vary widely by company and by state, so review your options carefully. Also, some employers and professional associations administer group insurance programs that may offer a better deal than you can get elsewhere.

Related Links: Homeowners and Renters Insurance

 

Source: Insurance Information Institute, “Renters Insurance Checklist” http://www.iii.org website. Accessed November 30, 2015. http://www.iii.org/articles/renters-insurance-checklist.html

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Home, Personal, Theme 18

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