Kathryn Smith

Purchasing insurance can be overwhelming. Definitions, conditions, coverages, exclusions, and endorsements can definitely cause confusion and possibly give you a headache. And purchasing insurance isn’t exactly exciting or fun. But imagine your life without it. Imagine losing everything you own to a fire and not having insurance to help get your life back on track.

You’ve probably heard me say that I’m an insurance geek. When I ask people who their insurance company is, they usually answer, “I don’t know,” or they give me their local agent’s name. If there’s a loss to your home, auto, or business, the last thing you want to have to do is figure out who’s your insurance company and who’s your agent and how they help when your life’s been turned upside down.

The purpose of this blog is to share different things to consider when deciding where to place your insurance business.

1. Independent agent vs. insurance company. As I mentioned, people aren’t always sure who their insurance company is and who their agent is. West Bend’s products are sold by independent insurance agents throughout the Midwest. Not only do they sell our products, they also sell other companies’ products, too, including West Bend’s competitors. The job of the independent agent is to find an insurance company that best fits your insurance needs. This isn’t as easy as it sounds.

To learn more about the benefits of working with an independent insurance agent, check out my blog,“Benefits of an independent insurance agent.”

The insurance company (West Bend) works in partnership with independent agent before and after the policy is sold. The insurance company:

• Determines premium by reviewing suggested coverages identified by your independent agent;
• Mails you a copy of your insurance policy;
• Handles your insurance payments;
• Makes changes to your policy as recommended by your agent or because of a life style change (i.e. new teen driver);
• Provides businesses with loss prevention strategies; and lastly
• Pays claims should a loss occur.

Please note that an insurance policy is a contract. What’s covered and not covered is specified in your policy. Please be sure to read your policy and talk to your independent agent so you know how a future loss may be covered.

2. Company history/reputation. Research the insurance companies you’re interested in. By visiting their websites, you may learn:

• How long they’ve been in business;
• In which states they sell their products;
• Their mission, vision, and values;
• Company leadership;
• Community involvement;
• Types of products they sell; and
• Financial strength.
• It’s unlikely you’ll find a company with only positive reviews. If the information doesn’t answer all your questions or leaves you feeling not quite right about them, research another company. As with other purchasing decisions, you should be comfortable with your decision.

3. Understand the insurance company’s financial strength. If there’s a difficult claim situation, you don’t want to hear your insurance company can’t pay your claim because of its poor financial results. Many insurance companies work with independent rating agencies that review many factors and the financial results in order to assign a letter grade or score. Since 1971, West Bend has been rated A (Excellent) or better by A.M. Best Company which is recognized worldwide as the benchmark for assessing insurers’ financial strength.

To learn more about the independent rating agencies, check out “How to Assess the Financial Strength of an Insurance Company.”

4. Coverage. Select an insurance company that provides appropriate coverage for your personal or business needs.

5. Price. While price should be a consideration when purchasing insurance, it shouldn’t be the only one. Remember the old saying, “You get what you pay for.” There are many reasons why pricing differs between insurance carriers. A lower price may mean you have less coverage. Less coverage means more money out of your pocket when a loss occurs. A lower price may also mean that insurance carrier has entered a new market for them so it may not have the experience another insurer would. Please talk to your agent about the differences.

6. Ease of doing business. Understand how you can interact with an insurance company. Interactions may include:

• Online bill pay;
• Online claim reporting;
• 24/7 customer service;
• Social media platforms;
• Policy changes; and
• Billing questions.

7. Available discounts. Many insurance companies offer discounts. Find out what discounts apply to your situation. For example, West Bend offers discounts for:

• Protective devices;
• Newer and updated homes;
• Specialized construction materials or methods;
• Financial stability;
• Multi-car families;
• Good students; and
• Anti-lock brakes.

West Bend also offers discounts for associations, groups, or corporations participating in our innovative Association Plus® program.

8. The power of referrals. Each day we’re inundated with marketing and advertising messages that can be overwhelming. Talk to family, friends, and co-workers to learn about their experiences with an insurance company.

Source
http://www.iii.org/article/choosing-an-insurance-company

WEST BEND, Posted by Scott Stueber on Sep 13, 2016 9:30:05 AM

Earlier this year I did a brief presentation to accounting and finance students about the importance of renter’s insurance. It seems many college students or recent graduates don’t feel they have enough items of value to insure. Because of this, many do not purchase renter’s insurance and learn the true value of their items the hard way.

I shared with them that if they walked around their apartment and started adding up everything they owned they would be surprised and realize that an insurance policy is needed to protect their personal property. In addition, a renter’s policy would provide some liability coverage for them if their pet bit a friend or if someone suffered a different injury while visiting.

According to West Bend’s partner, IDT 911, millennials also have wrong assumptions about identity theft. According to a recent article “Millennials: Getting it Wrong About Identity Theft”, they aren’t doing much to safeguard their personal information.

Here are some tips to consider sharing with the millennials in your life to keep their name and their credit in good standing.

1. Use strong passwords;
2. Be careful when sharing personal information;
3. Avoid public Wi-Fi; and
4. Follow the three M’s.

To learn more about identity theft involving school-aged children, check out my blog “Tips to prevent identity theft in school aged children”.

IDT 911 and West Bend have collaborated to provide our insureds with the option to buy insurance coverage to protect against identity theft. To learn more, talk to an independent West Bend agent.

SOURCE:  WEST BEND, Posted by Scott Stueber on Sep 6, 2016 11:05:11 AM

If you’ve ever been to a college town, it’s common to see bicyclists and moped riders everywhere. Both forms of transportation make it easy and affordable for college kids to get around.

Back in my high school days, my Honda Spree moped was my main method of transportation to work in the summer and fall. The mileage was great; it cost less than a dollar to fill it up.

Some of the benefits of riding a moped include:

• Getting around campus quicker;
• Great gas mileage;
• More available parking spots;
• Affordable purchase price; and
• Great way to enjoy nice weather.

Even though there are great benefits to riding a scooter, safety should be a number-one priority. Changing weather conditions, poor roads, and the inability for other drivers to see moped riders can lead to injuries.

If your college student is heading off to college this year with a moped, here are some safety tips.

1. Respect. The moped I rode was 50CC. Today, there are more options for engine size. No matter what size you get, show respect. Respect the vehicle, pedestrians, other traffic, and laws.

When riding on a moped, you may be tempted to weave in and out of traffic, avoid stopping, riding where you shouldn’t, or popping wheelies. This type of riding can be dangerous and result in injury. Speaking from personal experience, it doesn’t feel good when your body meets the pavement.

2. Wear the appropriate gear. Today there’s no shortage of safety gear at many different price points. While you can rely on some things you already have, don’t skimp on things like a quality helmet and eye protection.

Back in the day, I thought I was too cool to wear a helmet. The moped barely made it to 35 mph. Today I religiously wear a bike helmet when I commute to work on my bicycle.

Eyewear is very important, as well. This summer my family got into bicycling. It always drove me nuts when my wife and daughter rode with no eye protection. After a ride or two, I told them we weren’t leaving until they had glasses on. At minimum glasses can keep bugs out of your eyes. Ultimately, they can protect you from severe eye damage. Everybody knows what a stone sounds like hitting your windshield. When on a moped or bike, your glasses are your windshield.

3. Consider taking a class. If you’re a new rider, a class is a good idea. A class can provide a basic introduction to a moped and share driving tips.

If you live in Wisconsin, a trip to Road America may be of interest. Road America offers a basic rider course exclusively for scooters.

To find classes in your area, visit the Motorcycle Safety Foundation.

In order to operate a moped in Wisconsin, one must possess a valid driver’s license of any class. To learn what your state requires, visit Digest of Motor Laws.

4. Pay attention to the weather. Always be aware of weather changes. Rain can make the pavement slippery. If you add leaves to the mix, pavement conditions can be extremely dangerous. Poor weather conditions can also make it difficult for other motorists to see you.

5. Sunrise and sunset. While a sunrise and sunset can be beautiful, it can make it difficult for drivers to see you. Make sure your headlight, taillight, and directionals are working properly. As a bicyclist, I’ve learned that people don’t always see me on sunny days. As a result, I use a bright headlight and taillight that can be seen during daylight hours.

SOURCE:  WEST BEND, Posted by Scott Stueber on Aug 30, 2016 11:41:39 AM

Being an insurance geek, I observe things others do not. For example, when I drive through a neighborhood, I don’t look at the front of a home, I look at the roof. When my wife says, “That house looks nice,” I respond by saying, “So does the roof.”

Another trend I’ve observed is distracted walking. Whether at a tourist destination, the county fair, or our local farmer’s market, it seems just about everybody has their heads buried in their smartphones. Whether sending a text, talking on the phone, or selecting their next song list, people have no idea what’s going on around them.

According to the National Highway Transportation Safety Administration, 4,200 pedestrian deaths and 70,000 injuries have occurred since 2010 because of pedestrians being distracted.

With kids going back to school in the next few weeks, it’s important to remind them to stay focused on their surroundings. According to Safe Kids Worldwide, a teen is injured or killed every hour of the day after being hit by a car.

Here are some walking tips to help keep your family safe.

1. Keep the volume low. With all the music available at a touch of a finger, I understand why kids enjoy walking with their headphones on. Telling them not to wear them is unrealistic. However, they can still enjoy music with the volume turned low. When I run, I listen to music all the time; however, I keep the volume low enough that I can still hear what’s going on around me.

If your kids wear headphones while biking, I would encourage them not to. When on a bike, reaction time must be faster. In addition, if they’re riding in the street, being able to see and hear is critical.

2. Put the device in your pocket. Encourage them to put their phones in their pockets and take their earbuds out when using a crosswalk. This will allow them to hear directions given by a crossing guard and allow them to focus on safely crossing.

3. Use your eyes. When crossing the street, making eye contact with drivers confirms they see you. If walking with headphones on, always scan the area around you. You may make an easy target for criminals with your eyes and ears distracted by your smartphone.

4. Don’t forget to look both ways. While this is common sense, people who are distracted tend to walk without looking. Alert drivers know they should yield or stop for pedestrians; however, a distracted driver and walker can be a deadly combination. If you’re not familiar with pedestrian laws, check out these links:

Pedestrian Crossing: 50 State Summary

State Bike Laws

5. Be aware of pavement conditions: In Wisconsin, Mother Nature can wreak havoc on our roads and sidewalks. When walking, pay attention to changes in pavement. Sidewalks can buckle and crack, resulting in uneven footing.

6. Avoid jaywalking. If possible, always cross the street at a traffic light or stop sign. This gives you a better chance of being seen by motorists. Standing in between parked cars is dangerous. Drivers aren’t expecting people to walk out in front of them. If you’re standing in front of a pickup truck or SUV, you’re even more difficult to spot.

7. Never assume a car will stop. Even if you’re at a designated crosswalk, never assume a car will stop. I ride my bike to work several days a week. The number of motorists who don’t stop for me when I’m at a crosswalk or who pull over a sidewalk when making a turn amazes me. Many times motorists are in a hurry and forget that in these situations, pedestrians have the right of way.

8. Light up at night. If you have college students walking around campus at night, suggest that they put reflective tape on their jackets or backpacks. Reflective tape is inexpensive and shouldn’t interfere with their wardrobe. A bright flashlight is also a good idea for poorly-lit neighborhoods.

Additional Resources:

AAOS Study on the Perceptions and Behaviors Associated with Distracted Walking

Pedestrian Safety Teaching Kids How to Walk Safely

Digital Deadwalkers

Fox News – Distracted walking can have deadly consequences

I love my smartphone and think it is one of the greatest inventions of all time. Nevertheless, it is not worth injuring yourself because you are addicted to it. Briefly putting it away could save your life!

Sources:
http://www.safekids.org/
http://orthoinfo.aaos.org/topic.cfm?topic=A00748

SOURCE:  WEST BEND, Posted by Scott Stueber on Aug 23, 2016 9:00:00 AM

As we recover from one of the worst national real estate markets on record, young millennials are again being enticed to buy homes. Mortgage rates remain low so data suggests it’s cheaper to buy a home than pay ever-increasing rents! But that decision isn’t always easy.

When deciding whether to buy or rent, there are many factors to consider, including, but not limited to, job stability, relocation, and relationships. When it comes to financing, costs associated with owning a home include the mortgage payment, property taxes, insurance, utilities, and maintenance – which, as many people know, can be never ending! And that’s not all. Many millennials graduate from college with thousands of dollars of debt.

With all of those expensive variables, it’s understandable that saving for a down payment isn’t a priority. So many millennials choose to rent.

One important cost that applies to both owners and renters is insurance. Yes, that’s right! Most landlords require this as part of the lease agreement. Even if it’s not in the lease, it’s in your best interest to carry insurance for your personal property, as well as for liability.

You may think you don’t have much to insure, however if you take inventory of everything you own, it adds up quickly. If you had to replace all of your personal property, including clothes, shoes, furniture, electronics, small appliances, sporting equipment, etc., it could certainly cause a significant financial setback. With a renter’s policy, minimum property coverage starts around $30,000 and, if you needed them, you could get higher limits.

Most people understand property coverages, however, personal liability, which is a much greater exposure, is often overlooked. Personal liability comes into play if your actions are responsible for someone else’s injury. Here are some examples: You leave a box on your apartment steps and someone trips on it. You’re responsible for snow removal and a passer-by slips on the icy sidewalk. You accidentally hit a child while flying your drone. A friend runs into a post while trying out your new hover-board. If an accident like this occurs and you’re responsible, you’d have to pay for medical treatments, tests, surgeries, prescriptions, plus their time off of work … all out of your own pocket. It’s frightening! A standard renter’s policy includes personal liability coverage which could help protect you if you’re found negligent and responsible for someone else’s injuries. Minimum liability limits start at $100,000 and can be purchased up to $1million.

Finally, what if a fire destroyed your apartment building and you had nowhere to live? The renter’s policy also provides coverage for additional living expenses. This covers any necessary increases in living expenses while you’re displaced because of a covered loss. You may have to stay in a hotel, eat out, board a pet, or incur increased mileage to get to work. These costs would be covered until you’re able to move back into your apartment.

A basic renter’s policy is fairly affordable. For as little as $150 a year, you’d have broad protection and peace of mind while you save for that American dream of owning a home!

This blog was written by Personal Lines underwriter Amy Justman. Amy has been with West Bend for 15 years.

SOURCE:  WEST BEND, Posted by Scott Stueber on Aug 16, 2016 9:00:00 AM

After moving your child into a dorm room, you may think your job is done. Nevertheless, as a parent you quickly realize your job is never truly done.

Last year we moved my daughter into her dorm. At the conclusion of the move I said, “Good job everyone! Time for us to go.” My wife and daughter looked at me as if I had three eyes. What I didn’t realize is that the move was only one piece of the puzzle. We now had to set up the dorm room (i.e., loft the beds and accessorize it).

Because of my experience, here are some tips you might be able to use if you’re moving your son or daughter into a dorm.

1. To loft or not to loft. Depending on the size of the room, maximizing floor space may only be accomplished by lofting the beds. The challenge arises when some roommates want to loft and others do not. As a parent, you quickly become an arbitrator to help reach a resolution.

It’s a good idea to have your child discuss room setup ahead of time. This will help avoid the arbitration stage. When lofting a bed, different supplies may be needed. The dorm resident assistant (RA) will be able to direct you where to go for these supplies.

2. Purchase a bed skirt organizer. Once you’ve completed the lofting project, your student will quickly realize that access to things may be a bit more difficult. Low ceiling clearance and trips up and down the ladder make a bed skirt organizer a must-have. While we didn’t have this on our original packing list, we did buy one.

Bed skirt organizers are a good place to store:

• Smartphone and accessories;
• Medications;
• Tissues;
• Glasses;
• Study materials; and
• The TV remote.

3. Buy collapsible chairs. My daughter and her roommates thought it would be a great idea to have a couch in their room. Even with lofting their beds, they quickly realized space was at a premium. Good ole bag chairs have come a long way and can provide comfortable seating for friends and family. Beanbags are another option.

4. Foam floating noodles can save their feet. Travelling up and down the ladder to a lofted bed can be painful on the feet. If you buy foam-floating devices, you can cut them in half, slice them partially open, and place them on the ladder rung. If they need to be secured, wrap them with duct tape.

5. What is Washi Tape? I had no idea either; however, when I asked my daughter about it, she said it works great for decorating dorm rooms. After a little research, I learned that Washi Tape is a fancy masking tape. It comes in many different patterns, is cheap, and doesn’t have damaging adhesive on the back. You can even write on it!

Use Washi Tape to:

• Hang pictures;
• Decorate common school supplies; and
• Differentiate among similar-looking phone cords and chargers.

6. Find out if extension cords are allowed. They’re not allowed at my daughter’s school. Learning about this on move-in day can throw a wrench in your plans. Power strips were allowed but are significantly more expensive and can change how you need to set up the room.

7. Bed risers create survivors. If the arbitration failed and the consensus is not to loft the beds, floor space is going to be an issue. Since these kids need to spend the school year together, it’s probably best to move on to plan B.

Bed risers can be used to raise the height of the bed, providing more storage underneath. For what they can accomplish in a small dorm room, bed risers are affordable. If you spend more money, you can get them with USB ports and outlets.

8. Clothes, clothes, and clothes. My daughter took so much clothing to school, it left me standing in the parking lot scratching my head. Thank goodness for space-saving hangers. This is another example of an item that didn’t make our original packing list. It might also help to remind your college student that a full wardrobe isn’t necessary. Many college kids spend a lot of time in sweats and t-shirts.

For more helpful dorm room tips, check out the videos below.

College Dorm Tips: Six Dorm Room Do’s and Don’ts
College Dorm Room Hacks! Organization + Storage

SOURCE:  WEST BEND, Posted by Scott Stueber on Aug 9, 2016 9:00:00 AM