Category: Insurance News & Updates

Happy New Year! As we start 2014 we get a chance to reflect on last year and make some much-needed changes. At Biscoe Insurance Group, Inc we always ask ourselves if our insurance policies could benefit from a few changes as well.

Insurance isn’t a set it and forget it product, but all too often people establish a policy then never look at it again until they need it. And then they may realize a little too late that they aren’t adequately covered. Anytime you have a significant life change like a having baby, getting married or buying a new home your insurance needs change. Even something on a much smaller scale like purchasing a new flat screen TV affects your insurance.

Insurance is a part of your life that grows along with you. So the New Year is a perfect time to make sure your policies reflect your current situation and where you want to go in the future.

Review Resolutions for Home Insurance

Your home is your biggest investment, and if home improvements are a part of your resolution for this year you’ll definitely want to add updating your home insurance to the project list. If you’ve already tackled remodeling and renovations in 2013, that’s all the more reason to take a look at your home insurance policy.

• If you’ve made improvements that could have increased the value of your home call your insurance agent to discuss the details.
• Flip to the Declarations Page of your policy and look over the policy and coverage limits. Pay close attention to the limits for the structure, personal property and loss of use. If it doesn’t seem like enough to replace your home as it is today and your belongings then it’s time to make adjustments.
• As far as the belongings go, check to see what all is included in your personal property coverage. Is it actual cash value or replacement coverage? Are the category limits high enough to cover you in case of a total loss? Are there high-priced items that may need individual coverage through a special rider? Are there items you had covered by a rider that you no longer own?
• Another item to check is the deductible. If your financial situation has changed you may be able to get it raised or lowered to make the deductible work better for your needs.
• Liability coverage is possibly the most overlooked aspect of home insurance, until your dog bites someone or a guest falls down the stairs. Lawyers and medical procedures are expensive these days, and without adequate liability coverage the financial well being of your family could be at stake.
• You may also be paying more than you need to for your policy. If you improved the security, added safeguards against natural disasters or improved your credit last year you could get lower home insurance rates.

Review Resolutions for Renters Insurance

If you got a few expensive Christmas presents this year or moved into a new apartment over the New Year it’s time to take another look at your renters insurance.

• As noted above, it’s important to make sure all your possessions are adequately covered by your renters insurance. If the value of your property has went up so should your coverage. When you’re renting a lot of disastrous situations are completely out of your control like a pipe bursting in the apartment above you, or a next door neighbor having a kitchen fire. But what you do control is how well you’re covered in the event of a loss.
• If you’ve recently moved take a look at your liability coverage. Does it meet requirements set by the landlord? Today, many property managers and landlords require that renters have a certain amount of liability coverage.
• Another reason to review liability coverage is if you’ve gotten a new dog. Some breeds like pit bulls could even nullify your coverage or raise the premiums because of liability reasons.

Review Resolutions for Motorcycle or Car Insurance

Unlike other types of insurance car and motorcycle insurance is a must for anyone who’s on the road. But when you set up your insurance did you go with just the bare minimum? Here are a few reasons you’ll want to review your car or motorcycle insurance and talk to an agent about making adjustments.

• You plan to get a new car or motorcycle.
• You made modifications/upgrades to your car or motorcycle.
• You’re driving less and haven’t had an accident in a very long time. Insurance companies are now starting to reward safe drivers by lowering their premiums.
• You moved to another state.
• Someone else is driving your car on a regular basis.

Review Resolutions for Life Insurance

If you’ve made a resolution to protect your family financially there’s no better way to make good on that goal than by getting life insurance. If you already have life insurance you’ll need to review your policy whenever you have a big life change.

• If you’re with another company your agent can help you review any life insurance benefits packages that are offered.
• Those that you want to be the benefactor can change if you have a child or a lose someone. Because life insurance overrides a will it’s extremely important that benefactor information is kept up to date.
• When you make the choice to live a healthier life that can have a huge affect on your life insurance. If you’ve had a health change like weight loss, quit smoking or stopped needing a prescription drug you could qualify for better rates.
• Check to see what kind of coverage there is for your spouse. Most families cover the breadwinner, but don’t take into consideration the financial burden that could be felt if the other spouse passes away.

Insurance is meant to protect you, but unless you review your policies regularly they could be stuck in the past. The New Year is the perfect time to talk to your agent about getting your policies ready for the future.

Image Source: http://commons.wikimedia.org/wiki/File:New-Year_Resolutions_list.jpg

Original Source: http://www.mybiginsurance.com/insurance-news-updates/reviewing-insurance-resolution-worth-making

New Years is a time to reflect on the past year and start fresh with a few resolutions. The first one to make before the new year even starts is that you’ll do whatever it takes to drive safe on New Years Eve.

We’ll take a look at all the ways to travel around Austin during the holiday, stats that will make anyone think twice before getting behind the wheel after celebrating and what the Austin Police Department does to keep the roads as safe as possible during New Years.

Scary Stats You Need to Know

There’s lots of celebration leading up to the first, but things can go from joyous to dangerous when drivers don’t make responsible decisions. Here are some startling statistics from 2012.

Texas

Injuries – 779 injuries

Car Accidents – 1,699

Fatalities – 33 (from December 28^th – January 1^st)

Austin

DUI Arrests – 72 (from December 28^th – January 1^st)

Fatalities – 3 (from December 29^th – December 31^st)

Annual DUI related fatalities – over one third of the 77 fatalities were found to involve alcohol

Austin Police Department New Year Enforcement

Based on actions taken last year you can bet that the Austin police department will be stepping up law enforcement during the holiday. Since the beginning of this yaer APD set out to increase the number of officers on patrol, and New Years Eve will be no different. From December 28^th through January 1^st APD will enforce a no-refusal initiative. That means the police can conduct a blood search on anyone that they believe is drinking and driving even if the person refuses to give a blood specimen.

If the blood specimen shows a blood alcohol level of 0.15 or higher there can be serious consequences. The driver will be charged with driving under the influence, which is a class A misdemeanor that can include penalties of a $4,000 fine and a year in jail.

Getting Around Austin Safely During New Years

Driving your own car is far from the only transportation option Austinites have on New Years Eve. The Austin Police Department and Capital Metro want people to know that starting at 6pm they can use any of their services for free all evening on New Years Eve and into the wee hours of the new year. That includes the Night Owl bus lines that run into downtown, 6^th street and other neighborhoods until 3am.

If one thing’s certain this New Year it’s that having your life insurance and car insurance up-to-date is a must if you hit the road.

Image Source: http://www.flickr.com/photos/joshuamellin/5311496501/

Original Source: http://www.mybiginsurance.com/insurance-news-updates/start-new-year-safely-austin-nye-driving-tips

While you’re out enjoying gift-buying excursions for the holidays someone else could be doing the exact same thing – using your information. It’s a good thing you took steps to protect your identity and keep thieves away from your credit lines. But what about your kids and your parents?

More and more criminals are targeting children and senior citizens in their identity theft schemes. The best gift you can give your family members this holiday is improved identity protection.

Protecting Your Kid’s Identity

Even if they are years away from having any kind of card in their wallet your kids can still have a credit file. Scammers know this and use it to their advantage because they know many parents aren’t thinking to check their kids’ credit reports for suspicious activity.

Safeguard your child’s identity with the best practices you use for protecting your own:

• Never give out your child’s social security number unless you completely trust the entity to keep it secure and there is a legitimate reason they need it.
• Don’t carry your kids’ social security card around with you – keep it in a safe or lock box at home.
• Check to see if your child’s social security number is connected to a credit report. Call each of the three credit reporting agencies (Equifax, TransUnion and Experian) to ask if they have a credit report for your child.
• If your child receives credit card offers or other bills this is a red flag. Contact the company right away for more information and check your kids credit report for activity.
• Teach your kids about the importance of protecting their identity online. Advise them to never give out sensitive information like their address, full name or intimate details that could contain answers to security questions.
• If your kid has a laptop or computer of their own make sure up-to-date security software is installed.

Protecting the Identity of Elderly Family Members

Unfortunately the elderly often unknowingly fall victim to scammers as well. Scammers will use bogus offers, phone calls, phony investment opportunities among other things to steal your elderly family member’s identity and their money.

•  Tell the senior family member that you’ll field all the offers that they get to make sure they’re legitimate. That way they will share the information with you before signing anything.
• Educate them on Internet safety best practices. Unlike your kids using computers isn’t second nature to older family members. You need explain the risks of giving out information online.
• Offer to help them keep track of their finances. Again, many elderly people don’t use technology to their advantage to receive the most up-to-date information on their account, or valuable tools for checking credit.
• Put their names on the National Do Not Call registry and the state registry to limit telemarketers ability to call elderly relatives.
• Show them how they can check their credit at least once a year at the three credit reporting agencies.

Above all else let your family members know that you are their support system and that if they come across anything that raises warning flags you can help them figure it out and handle any problems that make arise. Beyond taking preventative measures, the most important part is remedying an identity theft situation as soon as possible.

Image Source: http://www.flickr.com/photos/_elemenoh_/112834482/

Original Source: http://www.mybiginsurance.com/insurance-news-updates/make-sure-everyones-identity-protected-holiday-shopping-season

It’s no secret that luxury vehicles are the main target for car thieves. But a new report was just released by the National Insurance Crime Bureau (NICB) which shows that the car most likely to get boosted is a Mercedes-Benz.

Luxury Car Thefts Between 2009 and 2012

The report looks at car thefts that occurred between 2009-2012. During that time period a total of 485 Mercedes C-class models were stolen making it the number one make and model for car thieves. Not far behind the C-class models were the  E-class and S-class Mercedes.

Nationwide 4,384 luxury cars were stolen in those four years. That means that more than 1 in 10 stolen cars are Mercedes C-classes.

The top three areas where a luxury car is most likely to get stolen are: New York, Los Angeles and Miami. One thing all three cities have in common is their high percentage of high dollar rides. The top two states for car thefts are California with a total of 1,063 and Florida with a total of 674 car thefts.

What Makes Mercedes Such a Prime Target?

Experts say there are several reasons why Mercedes-Benz have a higher likelihood of getting stolen.

• There are a lot of them on the road – they’ve been around quite a while and the C-class is their best selling model.
• They are very high profile luxury cars.
• They are highly desirable.

There’s been no mention of whether a Mercedes is easier to steal and if that is a factor. But as Mercedes spokesperson Donna Boland pointed out, many of the stolen Mercedes are recovered thanks to their mbrace system, which has vehicle tracking. Of all luxury vehicles that are stolen roughly 84% are recovered.

Top Ten Cars Most Likely to Get Stolen

How likely is it that your luxury car will get stolen? If it’s on the top ten list below the odds aren’t in your favor.

#2 BMW 3 Series – 471 Stolen

#3 Infiniti G Series – 405 Stolen

#4 Mercedes E-class – 381 Stolen

#5 Cadillac CTS – 326 Stolen

#6 BMW 5 Series – 256 Stolen

#7 Lincoln MKZ – 226 Stolen

#8 Acuru TSX – 190 Stolen

#9 Lexus IS – 177 Stolen

#10 Mercedes S-class – 163 Stolen

No matter what car you own, comprehensive car insurance can protect you against a major loss should your vehicle get stolen.

Original Source: http://www.mybiginsurance.com/insurance-news-updates/mercedes-benz-number-1-luxury-car-thieves-radar
Image Source: wac.450f.edgecastcdn.net/80450F/nj1015.com/files/2012/04/mercedes-630×419.jpg

When previous Texas Insurance commissioner Eleanor Kitzman left the post amid controversy a few months ago no one was envious of the person who would be appointed to fill her shoes. Kitzman had created ill-will with consumers, the Texas Windstorm Insurance Association was facing serious debt and the hurricane season was right around the corner.

But when Gov. Perry called on Julia Rathgeber to take on the job she didn’t hesitate.

About New Commissioner Rathgeber

Julia Rathgeber is no stranger to the Texas legislature. When Rathgeber was appointed she was deputy chief of staff for Lieutenant Governor David Dewherst and had been a part of his administration for the last decade. While she doesn’t have any prior experience in the insurance industry, she does have an understanding of how the Senate operates and the people who work at the capital.

Though Rathegeber has a degree from the University of Texas School of Law she’s never practiced as a lawyer. Instead she moved right into the public sphere working in the state government as director of the Senate research councilor for then Lt. Gov. Bob Bullock.

How Insurance Commissioner Rathgeber is Stacking Up to Her Predecessor

Most would admit that Rathgeber has very little to live up to. Previous commissioner Kitzman wasn’t favored by the public, the Senate and even others working within the Texas Department of Insurance. Still, Rathgeber has been closely watched to see how she will hold up in her new position.

The all-around, general consensus with the new commissioner is so far, so good. Rathgeber has made improving transparency a top priority, something that Kitzman was known for impeding. Even Alex Winslow the executive director of Texas Watch, an insurance watchdog group, has said that Julia Rathgeber has shown a vast improvement early one over the previous leadership. Winslow has met with Rathgeber and noted that she seemed genuinely concerned about creating “a more transparent and open process.”

Other issues Rathgeber plans to meet head-on are tackling the large premiums paid by Texas consumers and businesses, as well as the internal succession challenges of replacing regulators that are getting close to retirement. At the moment she is working with the Senate to find a solution for covering the $400 million in TWIA unfunded losses.

Ms. Rathgeber is slated to hold the position at least until Feb 1, 2015 so she still has a long road ahead of her.

Image Source: mosesong.com/blog_images/12_09_28_austin48.jpg

Original Source: http://www.mybiginsurance.com/insurance-news-updates/how-texas-new-insurance-commissioner-is-stacking-up

Unless you live on the coast and have experienced hurricane wind damage you’ve probably never given the Texas Windstorm Insurance Association (TWIA) a second thought. But in light of their new financial troubles, you’ll want to become familiar with them even if you live inland.

What is the Texas Windstorm Insurance Association?

The TWIA is the non-profit Texas government entity that was once known as the Texas Catastrophe Property Insurance Association.  After decades of hurricanes, some insurance companies have decided to exclude wind and hail damage for properties located in coastal regions. The TWIA has stepped in to provide basic wind and hail insurance as last resort coverage for property owners in Texas’ 14 coastal counties and parts of Harris County that would otherwise have to go without it.

Like other TX homeowners insurance companies the TWIA enters into a contract with a property owner who then has to pay premiums and file a claim if damage occurs. In addition to premiums the TWIA also receives subsidies in the form of assessments paid by for-profit insurers in the state. The key problem here is that despite premiums and subsidies the TWIA has had serious financial trouble for years.

The TWIA’s Financial Troubles

For some time now the TWIA’s been sinking further and further into the red. There have been a series of strong hurricanes in the last decade, which cost more to cover than the TWIA had collected. This is part of the reason traditional insurers are reluctant to offer coverage.

There has also been mismanagement and a barrage of lawsuits from over 1,900 policyholders after Hurricane Ike in 2008. The association was accused of cohorting with claims adjusters and not paying on legitimate claims. These lawsuits thrust the TWIA further into debt, which as of March 2013 stood at approximately $183 million.

Add to that the Great Recession and cuts in state and federal spending and it has been a recipe for financial disaster for the TWIA. Despite an overhaul by the Texas Legislature in 2011 the financial troubles persisted.

Just this past March focus turned to finding a solution to get the TWIA out from underwater. The Texas Department of Insurance brought an idea of receivership to the TWIA board. Receivership is a lot like filing bankruptcy, but it allows the business to reorganize. This idea was rejected due to pressure from representatives in the coastal regions who were concerned that receivership would affect current legal actions and potentially delay payouts.

Another solution that has been suggested is to increase the assessments on for-profit insurance companies. Policyholders have long spoken out against the fact that the TWIA has raised their premiums on policyholders over the last few years while the assessments have remained the same since 2008. However, that idea has failed to be approved by the board, which consists of 10 members.

Since receivership has been tabled, the Legislature is back to the drawing board, considering several options for restructuring the association and improving its financial situation. Now that we are well into hurricane season and the association’s ability to handle another storm is in question, the need to figure out a plan of action has become a high priority.

Original Source: http://www.mybiginsurance.com/insurance-news-updates/the-texas-windstorm-insurance-association-faces-serious-financial-trouble