Consumers have lots of choices when it comes to looking for insurance:

• Online do-it-yourself (no agent);
  
• Direct company agents (represent only one company); and
  
• Independent Agents (represent multiple insurance companies).
  

So, what are the benefits of working with an Independent Agent? Studies show buyers appreciate how Independent Agents…

• Respond quickly when you have a question or need
• Ensure the most comprehensive coverage for a good price
• Share knowledge and expertise
• Identify and offer important policy options buyers may not be aware of
• Save buyers time from having to research and compare options
• Assist with processing a claim, if there is one

The biggest advantage to using an independent agent is they get to know you and your needs. As you grow your family, make life or professional changes, or have questions, your independent agent is there to help you.

Contact Connecticut Insurance Exchange today to put the value of an Independent Agent to work for you!.

Not all auto insurance policies are the same. Types of coverage vary. So does the amount of coverage.

Ask yourself — Do I have the right coverage? That’s why it’s important to understand what is available and how much of it you need in order to get you back to where you were before your auto accident.

Here’s a breakdown of the five parts of an auto policy
Coverage for the other party:
1. Liability — provides coverage for the other party if you are responsible for the accident.

Coverage for you:
2. Other Than Collision (OTC) or Comprehensive — provides payment for the loss or damage to the policyholder’s vehicle caused by something other than collision such as:

• Fire
• Damage caused by severe weather events such as hailstorms, hurricanes, lightening, tornadoes, etc.
• Animal collision
• Flood
• Vandalism or riots
• Stolen vehicles

 
Although optional, Comprehensive Coverage is most likely mandatory by your lender if your vehicle is leased or still financed.

3. Collision — provides coverage for your insured vehicle if it is physically damaged due to colliding with another vehicle or object, or if the vehicle is overturned.

4. Uninsured/Underinsured Motorist — reimburses the policyholder, covered family member or your passengers for bodily injury if they are the victim of an accident caused by a hit-and-run. It also covers the same if a driver who doesn’t have any insurance (uninsured motorist) or a driver who doesn’t have high enough limits to cover the damages or injuries (under insured motorist).

5. Medical Payments — Covers costs for the treatment of injuries to the driver, passengers or struck pedestrians/bicyclists of the policyholder’s vehicle no matter who is at fault, up to the limit of coverage. It also covers ambulance transportation, which is NOT covered under an auto policy.

The takeaway
Choose coverage(s) based on your circumstances, the vehicle use and its age. Then, choose your deductible, which is the amount you pay before the policy reimburses you for your claim.
Ask a Connecticut Insurance Exchange licensed agent to help you choose the best options for your situation. They're here to help and it won't cost you a penny more for their expertise!

Auto Policy Tips

• The higher the deductible, the lower the premium
• Review your auto policy coverage when circumstances change such as buying a new car, adding a new driver, or buying a new home

You should also consider adding a personal umbrella policy to cover your assets when your auto policy coverage reaches its limits.

An umbrella policy works like this:
Let’s say you're at fault in a car accident that injures another driver. The other driver’s injuries are severe and cost $450,000. Your automobile insurance will cover the other driver up to the limit of your policy (let’s say that amount is $300,000), minus your deductible. Without an umbrella policy, you would be liable to pay the $150,000 difference out of your own pocket, but the umbrella policy would cover you for the difference up to the limits of its policy (usually $1,000,000).

Why would you want to risk all your assets if you were found at fault for a claim?
When you hear the term "umbrella policy," do you have a deer-in-the-headlights moment? You're not alone! However, it's vital to understand how an umbrella policy can protect your assets and future earnings because that's what's at stake in the event you were found at fault for a claim.

TRUE-LIFE EXAMPLES:
Client A allowed their guests to use their ATV around their property. The guest's teenage son hit a tree leaving him paralyzed from the neck down. 

Client B had a party in their backyard. A guest jumped out of their second-story window aiming for their trampoline. The guest missed, suffering from major back injuries.

Client C (a high school student) was driving his girlfriend's car and had an accident where the other party sustained major injuries. The girlfriend's family did not have high enough policy limits, so the injured party also sued the driver's family even though it wasn't his car.
 
It’s not uncommon to hear of $1-million, $2-million, and even $10-million liability judgments against individuals. If someone is injured on your property, in your pool, or from a vehicle accident, you could be subjected to such a judgment whether or not the accident results in death.

Know this — accidents and injuries are not predictable. Nobody expects to be the subject of a lawsuit. But once you are the target of a liability lawsuit, it's too late to get coverage.

Ask yourself this question: How will you or your family support themselves if your finances are suddenly hit by a tragic accident in which you were held responsible for damages or bodily injuries?

Situations change. Time to ask yourself, 'do I have enough coverage?'
Everyone is more than busy these days. However, it's a good idea to stop and re-assess your insurance coverage on a regular basis. That’s because coverage may very well need to be updated or changed to accommodate any life changes to fully protect you, your loved ones and your property.

Consider this — if you aren't covered properly, the cost of a claim may come out of YOUR POCKET. That's why DIY, online insurance sites may seem to save you money. But in actuality can COST YOU MORE in claims... A LOT more... if you don't have high enough limits.

Here's an actual case straight out of the "penny-wise-pound-foolish" department:
In 1984, while he was a captain in the U.S. Army, Charles Cohan purchased an automobile insurance policy from USAA with a $100,000 per-person liability limit. He kept the same coverage limits through 2011. He married Lisa Cohan in 1995 and added her to the auto policy as an “operator,” but never increased the liability limit.
In 2002, the Cohans purchased land and built a new home. They purchased homeowner's insurance with liability coverage in the amount of $1 million per occurrence but did not purchase an umbrella policy.
Lisa Cohan, while driving a Cohan vehicle, collided with another vehicle, killing the driver. A wrongful death suit was brought against the Cohans. The insurance company defended the action on Lisa's behalf. The matter settled for $300,000 but the insurance company paid only the policy limits of $100,000. The Cohans were responsible for paying the remainder of the settlement amount — $200,000!

Got questions about policy limits?
Don't be penny wise and pound foolish. Know your limits. Protect yourself, your loved ones, and your assets. Contact Connecticut Insurance Exchange at 860 666-5443 or [email protected] for more information. We're always here to help!

There's a lot more to a home remodeling project than the price of the job. If you’re planning to do the work yourself or hire a general contractor (GC) or subcontractors, your FIRST CALL should be to your insurance agent to make sure you are adequately insured during the renovation and after it is completed.

Here are five 'what ifs' you may need to know BEFORE you begin…
1. What if the project can't be finished? After you’ve selected a GC — but before you sign a contract for the project — be sure the GC is licensed and bonded. If they can’t finish the job for some reason (such as illness or bankruptcy), the bond is intended to provide coverage for financial losses you may incur in getting the job finished. Your contract with the GC also should agree all work that is to be done is in accordance with current building codes and all permits will be obtained.
    Request a copy of your contractor's Certificate of Insurance. Check its effective and expiration dates to see if the coverage will be in force the entire time work is being done. Contact the insurance agency that issued the certificate if you have questions about coverage.
2. What if materials or equipment are stolen from my project? In general, building materials and equipment belong to the GC or subcontractors are NOT protected from theft by your homeowner's policy. A Builder's Risk Policy can be tailored to cover any of the contractor's equipment or materials that are left on your property to be installed. EXAMPLE: with the high cost of copper, thieves target construction sites looking for copper plumbing pipe.
    You should consider the purchase of a Builders Risk Policy for the length of YOUR renovation project. Be prepared. Determining the proper coverage and policy may require several conversations with your insurance agent as well as lenders, but is well worth the effort.
3. What if a subcontractor gets injured at my home? Confirm if your subcontractors carry Workers’ Compensation coverage of their own or are covered under the GC’s policy. If not and a subcontractor is injured on the job at your home, YOU could liable for injuries!
4. What if policy limits are inadequate? General Liability limits vary, but most GCs carry a $1 million limit. This amount may not be enough to cover damages. As the homeowner, you should consider adding additional limits with the purchase of an umbrella policy.
5. How much more is your home worth AFTER the renovation? Remember to speak with your insurance agent about increasing coverage for the NEW value of your property after it’s been remodeled.

Got questions about your upcoming home renovation project? We're here to help!
Connecticut Insurance Exchange offers a full line of insurance products, including Builder's Risk and Umbrella policies. Contact us at 860 666-5443 or [email protected] to see how we may be able to assist you.