Statewide Insurance Blog

What is making insurance more expensive & harder to find right now?

Fri, 20 Oct 2023 13:00:46 GMT

High inflation, severe weather events and broad social trends are making insurance more expensive and harder to find right now. Learn what’s behind the hard market and how we can help.

Why is my insurance bill so high?
Insurance companies are raising rates to keep pace with rising costs, so they can continue to pay out claims. They pay to repair and rebuild houses, fix cars, and cover hospital bills for people who've been hurt in accidents. These costs have skyrocketed for a bunch of reasons. Some of them you’re probably familiar with, like higher labor and materials costs and supply-chain issues.

But I didn’t have a claim — why am I affected?

Claims history is just one factor in your rates — this increase reflects industry-wide trends that are affecting all policyholders right now. Like any business, insurance companies must raise rates when their costs rise. Right now they’re dealing with inflation plus unexpected costs from more frequent and severe catastrophic weather events, increasing medical costs and legal system abuse.

Can you get me a better rate?

My job is to help you find the protection you need at a competitive rate. Right now insurance companies across the board are raising rates and being pickier about what they’ll cover. Let’s review your account to see if switching carriers makes sense — or if adjusting deductibles, coverages or discounts could give you a better overall value.

Insure Your Wedding

Tue, 30 May 2023 04:00:00 GMT

Tying the Knot? Tie up Loose Ends With Wedding Insurance

Getting married is a big step that you’re no doubt commemorating with a big celebration. And, that often comes with a (fairly) big price tag. So, have you considered insuring the whole to-do?

As with other sizeable investments, you can insure big events, such as your wedding. But, that’s not the only way insurance can play a role in your big day and the events that follow. Here are four tips for insuring your wedding, rings and more:

*Big day, big investment – protect it

Of course you want your big day to go off without a hitch. But, you also want to prepare for those pesky “what ifs.” What if the caterer backs out? What if the bride’s dress gets lost in her checked baggage? What if your venue goes out of business?

Event insurance typically covers unexpected issues with the site, weather, vendors and illness or injury, so you aren’t stuck with the tab. For example, if you need to find a new caterer the day before the wedding, your policy may help with the costs.

*Say ‘I do’ to covering your rings.

Regardless of the monetary value of your engagement and wedding rings, it’s important to protect your investment — preferably right after you purchase them. We can help. Call us from the jewelry store if you like, and we’ll schedule your new bling on your renters insurance, condo insurance or homeowners insurance.

*Cover your bases by covering your gifts.

While you’re dancing the night away, you don’t want someone walking away with your gifts. But, unfortunately, it happens. You may want to consider a policy to protect your gifts. And, of course, you’ll want to include them as part of your home inventory and personal property coverage. Some items, such as collectibles and china, may need scheduled coverage, just like your rings.

*Start your honeymoon right.

If your honeymoon costs as much as a car, it may make sense to get travel insurance. Policies can include coverage for trip cancellation or delay, and even medical insurance. Frommers.com says it should cost no more than 8 percent of your trip price.

Whether your wedding is a small family affair or the biggest event of the year, you deserve to have a stress-free day. Let Statewide Insurance help you select the insurance coverage you want for your wedding and everything that goes along with it. So, when the big day arrives, all you have to worry about is having a great time!

Car Wash-Preserving Your Car’s Value

Tue, 16 May 2023 04:00:00 GMT

Clean Your Way to a Longer-Lasting Car

Motor vehicle corrosion is a billion-dollar problem in the United States, according to the Federal Highway Administration. And, no wonder. Road salt, tree sap, mud, pollution and even dead bugs and bird poop all contribute to a year-round assault on your vehicle here in the Southeast, potentially leading to serious damage and pre-mature aging.

Safety is also an issue. Grime across your windshield and windows restricts visibility in all directions, and even a light coating of dust or pollen can impair your vision, especially at night or when driving into the sun’s glare.

That’s why we here at Statewide Insurance encourage you to visit your local car wash regularly. Washing your car removes dirt, residues and pollutants that degrade your paint finish and corrode the underlying metal. It’s like anti-aging cosmetics for your automobile!

But, is hand washing at home or visiting a commercial car wash your best bet? While both lead to a clean vehicle, you’ll cut your water usage in half by going to a commercial facility and help keep toxins and soap away from street drains, which can lead to local waterways. As a bonus, some commercial facilities recycle their water.

No matter which method you choose, these five tips will help you get the most out of your car-cleaning routine:

Wash often. The longer tree sap, dead bugs and other gunk sit atop your paint, the more damage they can cause.
Avoid abrasive soaps, cloths and sponges that can grind dirt deeper into your paint finish.
Wash the undercarriage thoroughly to help prevent rust, especially after driving on road salt in the winter.
Don’t forget the headlights. When you’re driving at night, in the rain or through an unfamiliar neighborhood, you want every lumen of illumination you can muster.
Consider eco-friendly car soaps, such as biodegradable or waterless products, to help lighten the environmental impact of washing your car more often.

And, when you’re all done? Finish up with a good waxing to give your car extra protection and shine.

Motorcycle Safety

Wed, 03 May 2023 12:39:04 GMT

Ride safe with these motorcycle tips

Motorcyclists know that riding gives them a freedom that driving a car just can’t match. But the best riders also know that motorcycles require more focus to operate and don’t provide the same protections cars do in the event of a crash. The best riders also take great care in all situations, whether they’re in heavy traffic on Hwy 74, stuck in the rain or just taking a quick ride on a perfect day.

If your habits aren’t as safe as they could be, or if you’re new to motorcycling, don’t worry! Instead, take time to improve. The quick safety tips below are a great place to start.

Want more? Check out the Motorcycle Safety Foundation (http://www.msf-usa.org) or the American Motorcyclist Association (www.americanmotorcyclist.com). And remember to give us at Statewide Insurance a call at 704/821-7630 when you need to get coverage for your bike (or your home or auto, boat or more)!

First things first

Wear proper safety gear and, most importantly, a helmet – no matter how short your trip may be.
Make sure you can be seen by other motorists. Make it easier for them by wearing reflective clothing, always using turn signals (and perhaps hand signals as well) and keeping your headlight on.
Even when taking the above precautions, stay alert and assume that other drivers don’t see you — especially at intersections and when making lane changes or passing.
Be patient. Don’t tailgate, and if someone is tailgating you, get out of their way.
Don’t ride after drinking or taking any medications that could impair your abilities.

Riding at night

Again, make sure you’re visible — particularly at dusk. Consider upgrading your headlight or adding other lights to your ride. Is your bike black? What about your clothing? Both will make you more difficult to see at night.
Your vision needs to be clear, so keep your visor or goggles clean and free from scratches. If you don’t use face or eye protection, consider it.
Carry a flashlight or other emergency gear with you so a mechanical problem doesn’t leave you stranded — and invisible — on the side of a dark road.

Bad weather?

Keep rain and cold-weather gear handy. Riding isn’t just more enjoyable when you’re warm and dry — it’s safer, too.
Use extreme caution when it first begins to rain, as the roads are most slick at that point. Pull over and wait if necessary. It’s better to be late than ride in unsafe conditions.

We wish that all of your rides could be on sunny days with wide-open roads, but we know that’s not going to happen. So think about safety every time you start up your bike!

Value of an Independent Agent

Tue, 07 Mar 2023 05:00:00 GMT

What is Umbrella Insurance?

Mon, 27 Feb 2023 13:50:16 GMT

8 Steps to Buying and Insuring Your New Home

Wed, 15 Feb 2023 05:00:00 GMT

Whether you’re in the market for your first home or you're a seasoned home buyer, one key element you need to keep in mind is insuring your new investment. Particularly for first-time home buyers, mapping out the home-buying process can help to make the experience go a little more smoothly. This includes making sure you’ve covered your homeowners insurance needs. Here’s a helpful rundown of steps along the way to help you cover all the bases.

Do Your Early House Shopping Online

Starting on the path to home ownership can be fun, especially if you choose to do it from the comfort of your couch – say, on Sunday mornings while sipping coffee and perusing online home listings. Use a few different websites for your early research. Photos of the houses for sale and information about their neighborhoods can vary between real estate websites, so using a few sources for information can help you get a rounded perspective. Be sure to check out any online tools that can help you learn more about a house that catches your eye, such as the Travelers’ Open House tool.

Contact a Real Estate Agent

You can always tap into the expertise of a local real estate agent to help with your search. A realtor might know about homes that aren't yet listed on real estate websites, or can point you toward a home that meets your needs that you may have missed in your search. You may want to begin to take note of house features that you prefer, as these will come into play during your future discussion about homeowners insurance.

Get Pre-approved for a Mortgage

Getting pre-approved¹ for a mortgage could help to make your offer more appealing to a seller when you find the right home, since a pre-approval will let the seller know you're a qualified buyer. The mortgage pre-approval process is also helpful for understanding how much you can comfortably afford. Remember, some mortgage lenders include taxes and insurance in the mortgage payments. Either way, you will need to show proof of adequate homeowners insurance coverage when you finalize the mortgage process. Real estate taxes can be high in some areas, possibly changing the affordable price range for your home.

Choose Your Home

Choosing your home is often a process of elimination. As you check out houses in person, you'll see plenty that aren't quite right for you. Compromising on features isn't uncommon, but look for a home that can meet your needs both now and for the foreseeable future. The location and individual features of the home you choose may impact the amount and type of insurance coverage you may need.

Make an Offer

Once you've found a home that's right for you, it's time to make an offer. Your real estate agent will walk you through the process. The seller can accept or reject your offer, or possibly make a counteroffer.

Get a Home Inspection

After you reach an agreed-upon offer with the seller, it's time for a home inspection. A licensed home inspector will check the home for needed repairs and structural soundness. It's a good idea to attend the inspection in person. Depending on the age and location of the home, you may also want some specialized inspections, such as a termite inspection, radon inspection or an oil tank inspection.

Get Insurance for Your (Future) New Home

The home inspection went well, and it looks like you're moving forward with your home purchase. You'll need insurance for your new home before the closing. Statewide Insurance will walk you through the simple process of obtaining homeowners coverage, explaining key coverages designed to help protect your home and belongings. Ask your agent about discounts for bundling your car and auto insurance, which could result in extra savings that could be used toward new furnishings or home improvements.

Closing on Your Home

The closing process can seem long with endless piles of papers to sign, but it's the last step in the home buying process.² You may have thought house hunting was the fun part – but turning the key to the front door of your new home after closing is the best part.

Sources
¹ https://www.consumerfinance.gov/owning-a-home/process/explore/get-prequalification-or-preapproval-letter/
² https://www.consumerfinance.gov/ask-cfpb/what-is-a-mortgage-closing-what-happens-at-the-closing-en-176/

Tips to Check Tire Tread

Tue, 07 Feb 2023 05:00:00 GMT

Tire problems are thought to be a factor in one out of 11 vehicle crashes.¹ Blowouts, tread separation, under inflation, and worn treads—the grooves in your tires that offer stability and traction—are some of the tire problems associated with these crashes.

Like a pair of sneakers that get more slippery with use, your tires lose their ability to grip the road as their treads wear down. Checking your tire treads can help keep you safer on the road. It only takes a few minutes, and some spare change.

Putting the Brakes on an Age-Old Debate About When to Replace Tires

Many people think only worn tires need to be replaced. That is certainly true. But old tires are also a concern. As tires age, they become more prone to failure, whether they have been used or not.

Replacing tires when they are between 6 and 10 years old is recommended by some manufacturers.² That goes for the spare in your trunk, too. You can use the last four digits of the Tire Identification Number (TIN) on the wall of your tire to help determine the age of your tire (e.g., 2613 means the tire was manufactured in the 26th week of 2013).³

But age is not the only factor. Tread matters too. A worn tire can be just as dangerous, or even more so, than one that is simply old. In one study, vehicles with shallower treads (less than 2/32″ deep) were 3 times more likely to experience pre-crash tire troubles than those with deeper treads.⁴

While the minimum safe tire tread depth is 2/32″, consider replacing your tires at the 4/32″ mark, especially if you drive in rainy and snowy conditions. A recent Consumer Reports study of tires worn down to half of their original tread depth (about 5/32″) found increased risk of hydroplaning, longer stop time in the rain, and reduced snow traction.⁵

Luckily, you can test your treads using spare change:

Take a penny and place it in multiple grooves around your tires. If the top of Lincoln’s head is always covered, you have more than 2/32″ of tread remaining. If you can see all of Lincoln’s head, it is time to replace your tires.⁶

For an added measure of safety, consider replacing your tires at 4/32″. The extra tread can help your tires handle water and snow more effectively. Using a quarter, your tires have more than 4/32″ tread if the top of Washington’s head is always covered.

Basic checks like these take just a few minutes and can help save lives. So put that change in your pocket to good use to help keep you safe.

Inspecting your tires only takes a few minutes and change
Check multiple grooves in your tires with a few spare coins to see if they have enough tread.

When to replace tires
If the top of Lincoln’s head is always covered on a penny, you have more than 2/32” of tread remaining. If you can see all of Lincoln’s head, it is time to replace your tires.
Tires in wet conditions
If the top of Washington’s head is always covered on a quarter, your tread level is more than 4/32”. The extra tread can help your tires handle water and snow more effectively.

Did You Know?

According to the tire industry, the average tread depth of a new tire can range from 10/32″ to 11/32″.⁷
Tires age whether they are driven on or not—be sure to check tires on recreation vehicles, trailers, collector cars, community vehicles and 15-passenger vans, too.⁸
The National Highway Traffic Safety Administration recommends checking your vehicle’s tires at least once a month.⁹

Sources:
¹http://www.nhtsa.gov/nhtsa/Safety1nNum3ers/june2013/SafteyInNumbersJune2013.html
² http://www.nhtsa.gov/nhtsa/Safety1nNum3ers/june2013/SafteyInNumbersJune2013.html
³ http://www.nhtsa.gov/nhtsa/Safety1nNum3ers/june2013/SafteyInNumbersJune2013.html
⁴ http://www-nrd.nhtsa.dot.gov/Pubs/811617.pdf
⁵ http://www.consumerreports.org/cro/2012/12/how-safe-are-worn-tires/index.htm
⁶ http://www.consumerreports.org/cro/2012/12/how-safe-are-worn-tires/index.htm
⁷ http://www.nhtsa.gov/nhtsa/Safety1nNum3ers/june2013/SafteyInNumbersJune2013.html
⁸ http://www.nhtsa.gov/nhtsa/Safety1nNum3ers/june2013/SafteyInNumbersJune2013.html
⁹ http://www.nhtsa.gov/nhtsa/Safety1nNum3ers/june2013/SafteyInNumbersJune2013.html

What to Do If You're in a Car Accident

Tue, 31 Jan 2023 05:00:00 GMT

Being involved in a car accident can be a stressful, confusing experience. If you need to file a claim, you’ll be counting on your insurance company’s knowledge and expertise to help you, with compassion and efficiency.

We all know that accidents happen. When they do, it's important to focus on making sure everyone is safe. Having the appropriate items on hand can help with safety, as well as help you to obtain the information you may need from the scene. Finally, it's also helpful to know what to do after the accident.

Here’s a rundown of how to prepare for the unexpected and what to do after an auto accident:

Being Prepared for a Car Accident: Items to Have in Your Car

Keep reflective triangles or other safety warning devices in your trunk so you can help make your car more visible on the roadside following an accident. Other items to keep in your vehicle include:

Your current insurance ID card
Your vehicle registration
A first aid kit

Finally, to document important accident information, you can use your smartphone, or keep a pen or pencil and a notepad in your car.

After a Car Accident

If you are involved in a car accident, immediately take safety measures and turn on your hazard lights. Remaining stopped on a roadway can put you and others at risk of another accident. If it’s safe to do so and the vehicle is operable, move it off the roadway, if necessary. If you have reflective triangles or other safety devices in your vehicle, use them to help alert other motorists that there’s a stopped vehicle ahead. Be aware of oncoming vehicles before you place them on the edge of the roadway.
Check on all involved in the accident, if it is safe and you are able to do so.
Get help. Call 911 for help if there are injuries, a fire, a hit-and-run accident or any situation requiring emergency assistance. If the police come to the scene, make sure to note the police department jurisdiction (state versus a town, for example) and the officer’s name to help obtain a police report later, if necessary.
Exchange information with the other driver or drivers, if it’s safe to do so. Make sure you’re in a safe location, away from the side of the road. Collect the contact information, as well as the license plate numbers, make, model and insurance companies and policy numbers of all the involved vehicles. You also may want to collect contact information of any witnesses to the accident.
Use your smartphone to take pictures of the accident scene and the involved vehicles, if it’s safe to do so. (Consider that it's probably not a good idea to post them on social media.) You may also want to take a video of the accident scene. It can be helpful to document road conditions, weather, and traffic control devices such as stop signs or lights.
Contact your insurance company. Travelers customers can file a claim on MyTravelers^®, travelers.com/claims or by calling 1.800.Claim33. Travelers has innovative digital tools including virtual inspection and virtual visit, which may be helpful during the claim process. If you’re not a Travelers customer but are seeking more information, contact your insurance agency, Statewide Insurance at 704/821-7630.

Stop. Don't leave the scene.

Even if you believe the accident is not your fault, it's important to gather key information in the event that you need to report the accident or file a claim. It may also be against the law to leave the scene.

No one likes to think about the prospect of being in a car accident, but if you think ahead and understand what steps to take, you may feel better prepared for the unexpected. It may also help to know that you can count on Travelers experienced claim professionals to honor our promise to care through science, data and heart.

Learn the Steps to Take After An Accident

Auto & Home Insurance rate increases

Thu, 26 Jan 2023 13:42:56 GMT