2022 Insurance Planning

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It may be imperative to evaluate your personal insurance program now that 2022 is approaching. Before buying insurance, most consumers don’t take the time to consider their exposures, options, or present financial situation. It’s critical to take stock of your own finances in order to plan for the future. Here are some ideas to get you thinking about your personal insurance. Of course, we always advise that you contact our office for additional information.

  • Make Sure That You Are Dealing With A Licensed Insurance Agent – Insurance companies and agents are both required to be licensed by the state, and their information may be found online at the state’s insurance department. Most state insurance departments have resources online to aid you in choosing the correct insurance and ensuring that the person or organization you’re dealing with is an expert in that field.
  • Examine Your Automobile Limits – If your policy limits are less than $100,000, you won’t be able to cover your medical expenditures in the event of a major accident. Anyone with any assets or income to protect should get minimum liability coverage of $500,000 to $1 million or more.
  • Look for Discounts – Many insurance firms offer a 10% or higher discount to customers who have other insurance contracts with them (such as auto or RV insurance). Consider getting an insurance quote from the same company that provides your homes insurance for other forms of insurance. You might be able to save money by bundling.
  • Recognize The Risks And Coverage You Require – Every property is unique and comes with its own set of risks. The type of insurance required will also be determined by whether the property is utilized as a primary residence, a long-term or short-term rental, or a condominium. In general, homeowner’s insurance is intended to protect against dangers beyond the owner’s control, such as rain, wind, fire, vandalism, pipe bursts, falling objects, theft caused by broken glass, and so on.
  • Keep a Home Inventory — Keeping an accurate inventory of your personal belongings will help you recover faster in the event of a loss.
  • Bundle Your Insurance – Save money by combining your vehicle, house, and umbrella policies with one insurer.
  • Choose the Right Deductible – A greater deductible lowers your premium, but you’ll be responsible for more out-of-pocket expenses in the event of an accident. If you have a clean driving record and no accidents, you might choose to take a chance and pay a higher premium. The benefit for taking this risk might be as much as a 40% discount.
  • Consider Identity Theft — One of the fastest-growing crimes in the United States is identity theft.
  • Read Your Policy – I’m not referring to the 1-2 page Declarations Page that serves solely to demonstrate coverage, but rather the 20-30 page insurance Binder or Policy that provides the specifics of the coverage and exclusions. Nobody enjoys reading insurance policies, so don’t be surprised if you don’t comprehend them.
  • Purchase from a financially stable business — Your insurance coverage is only as good as the firm that backs it up. The insurance firm should be rated “A+” or better.
  • Be willing to make changes as your lifestyle and requirements evolve.

How to Manage A Water Damage Loss

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One of the most severe risks to your home is having water where it isn’t supposed to be. Many factors can cause water damage, such as defective plumbing, leaking appliances, or just bad weather. A wise homeowner knows how to monitor for water leaks and other problems, as well as what to do if one occurs.

Problems with Water:

If you have a leak or a pipe problem in your house, it may not always be obvious. That’s why it’s a good idea to evaluate places prone to water damage on a frequent basis. Here are some places where you should conduct regular surveys:

Water can get in via openings like windows and doors if there’s an issue with the seal or the aperture itself.

  • Hoses and places for washing machines and dishwashers
  • All piping and plumbing systems
  • Ice makers
  • Frozen pipes
  • Ice dams in gutters
  • Flooring and carpeting underfoot
  • Attics, crawl spaces, basements, and any other regions that aren’t frequently used
  • Toilets, bathrooms, and shower/bathroom areas
  • Siding and roofing
  • Thermostat for hot water

At least a few times a year or more, take your time and look for leaks or water stains all over your house. In addition, after a severe storm or another weather event, you should always do a comprehensive inspection of your home.

Water Damage Prevention: Checking your home for water damage on a regular basis is a good place to start, but there are other things you can do to prevent serious damage from occurring in the first place. These are some of them:

To uncover potential problems, have your plumbing, appliances, roof, and other important areas professionally assessed. To keep your homes pipes from freezing in the cold, use insulation and other methods.

Investigate straight away if you find a leak or if your water bill is unusually high one month.

Water Damage and Insurance:

If your pipes break or something else goes wrong unexpectedly, your homeowner’s insurance may cover the damage to your home and belongings. Your insurance coverage may not apply if you haven’t taken the time to maintain your water systems, appliances, and other areas where harm could occur. Furthermore, flood damage is usually not covered by a standard homeowner’s insurance policy. If you reside in a flood-prone location, speak with your insurance agent about getting a separate flood coverage.

Make sure you know and understand what types of damage and property are covered by your insurance, what your responsibilities as a homeowner are, and that you submit any potential claims as soon as possible.

Don’t disregard water damage no matter what you do. What appears to be a minor issue may be concealing a more serious one. Even if it isn’t, leaving water damage unattended might result in a dangerous condition that will be much more difficult and costly to restore later.

Call or email our team immediately if you have any questions about home insurance.

Things That Can Void Your Homeowners Insurance

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You buy homeowners insurance to protect your important investment, provide personal liability coverage, and insure your personal property. Homeowners insurance is designed to provide protection for unknown or unforeseen events such as; fire, theft, wind damage, accidents, and more.

Most homeowner’s insurance policies may also cover

  • The dwelling
  • Personal property
  • Loss of use
  • Property away for your home
  • Personal liability
  • Fine art and other collections
  • Coverage for swimming pools

 

Your homeowner’s policy has terms and conditions that outline your and your insurer’s responsibilities. Remember your home insurance protects you and your belongings, so avoid these typical blunders that could result in your policy being canceled or a claim being denied.

  1. Running a Business Out of Your Home. Do you have a home office, work from home full-time, or run a business from your house? If this is the case, certain parts of your home-based office or business may be excluded from your normal homeowner’s insurance coverage. You will need a business insurance policy to cover your business operations. Many insurers, on the other hand, provide an endorsement (additional coverage) for home-based businesses. This will broaden your insurance coverage to include commercial activities. However, not all insurers provide this coverage, and not all business kinds are insured.
  2. Renting out rooms for income. Your policy may also have limitations when it comes to home-sharing services like Airbnb, so check with your insurer before accepting temporary visitors to be sure you’re covered if something goes wrong with your house while it’s being rented.
  3. Criminal or illegal activity. Your insurance policy may be voided if you engage in illegal activities in your home, such as cultivating or manufacturing narcotic substances.
  4. Updating your home without notifying your insurance company. Do you intend to undertake a significant home renovation project? Make sure to notify your insurance company ahead of time. Home renovations may put your insurance company at risk, and your coverage may not cover them. If you have replacement cost coverage, it is important to have the correct, true replacement value, or you may be underinsured.
  5. Not keeping up with home maintenance. Your insurance policy may be voided if you do not perform necessary repairs and upkeep on your home. For instance, if you don’t repair your roof and your ceilings incur water damage, you could not be protected. Check with your insurance to understand what your responsibilities are in terms of house maintenance. Poor care of your home and possessions might lead to undervaluation of your property or even denial of claims. If you fail to make necessary repairs, your insurer may cancel your coverage.
  6. A Vacant home. If you plan on being away from home for an extended period of time, let your agent or insurer know. There are limitations in your policy if your home is vacant or unoccupied.
  7. Change of ownership. If you sell your home to a family member without notifying your insurer, your insurance may be void. If you have added another name to the title of the property, like a spouse, life partner, child, or transferred the title into a family trust, you need to correct the policyholder named on the policy.
  8. Contract workers. Your home insurance does not cover any insurance for liability from contracted workers such as; landscapers, contractors, and home maid services.

If you have home insurance, it will protect you in the event of an accident, theft, or fire. However, failing to notify your insurer about renovations, extended trips, or a home business could result in claim denial. Never use the property for illicit purposes such as unauthorized rentals or criminal activities. Also, it would help if you never made your own modifications without first obtaining permission. It’s possible that if you start a fire, it won’t be covered. Keep your insurer informed of any modifications to your property so that you always have adequate coverage.

Review your insurance and speak with your agent or insurer if you have any questions regarding your coverage

Oakwood is involved with numerous local, state and national insurance associations and communities. The agency encourages employees to devote time to these endeavors. Oakwood’s approach is one of total risk management, encompassing the areas of property & liability insurance, automotive insurance, worker’s compensation, professional liability, individual or group accident & health insurance, life insurance, contract surety bonds, and personal insurance. Oakwood provides an in-depth range of insurance products and services to assist in securing our clients’ future. We are an agency committed to excellence, founded on the principle of integrity.

The best way to solve a problem is to first understand it. Understanding a problem involves asking questions, reviewing agreements, and visiting the facility or business. We believe that a professional agent must do more than merely issue insurance on the client’s behalf. Besides determining and placing proper coverage with reputable insurance companies, we seek to educate our clients on coverage and to reduce, or transfer risk to the insuring company, and work closely with the management team to protect and preserve assets.

 

Stop Porch Pirates This Holiday Season

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The holiday season is filled with fun, parties, food, gifts, overeating, and unfortunately some risk. One of the fasted growing risks for many people are stolen packages by porch pirates.  According to proopertycasualtiy360, over 26 million packages are stolen during the holiday season.  Need more bad news?

Your homeowners or renter’s insurance generally may not cover this loss as it tends to be under your deductible.  There could be coverage if you have personal property off-premises insurance.  Also for theft coverage to apply generally, you need proof of loss by a broker indoor, etc.

Call our office for a review of your homeowner’s insurance, as each policy is unique to your circumstances.

Things To Do

  • Delivery confirmation is a good way to prove the package was delivered.
  • Thieves will follow delivery trucks, waiting for the perfect target.
  • These thieves commonly strike during working hours as many homes are empty at that time.
  • You can insure your packages.
  • Consider having a person there when the delivery is scheduled.
  • Install a security camera.

What To Do If A Package Is Stolen

  • Track your package. Check the delivery confirmation and tracking number.
  • Make sure a neighbor did not pick it up for you.
  • Contact the seller. Different retailers have different policies and processes for handling stolen items, but usually, you are entitled to a refund or a replacement item.
  • File a claim with the shipping company.
  • Check your Credit Cards for Purchase Protection.

Call our office for a review of your homeowner’s insurance, as each policy is unique to your circumstances. We are happy to help you through your claim and help you determine the best course of action.

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.

Winter Weather Insurance Tips

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Winter is a critical season for insurance. Weather-related damage is more common during the winter months, thanks to lovely snow and ice storms, as well as less-than-pleasant hail. Insurance is one of those things that must be planned for in advance. Winter weather puts homes in a lot of danger. Property damage can be caused by snow, water, ice, and even the cold itself. To make matters worse, some of the damage isn’t covered by a standard homeowners’ policy.

Inspect Your Home Before Winter Storms Come

  • Clean gutters to prevent ice dams
  • Trim trees and bushes
  • Wrap pipes to prevent freezing
  • Check foundation
  • Check around windows and doors for air leaks
  • Inspect your furnace

Make Sure Your Homeowner’s Insurance is Up to Date

There’s a lot that may go wrong with your house, car, and other possessions when the temperature outside drops below zero. You want to make sure you have enough coverage in case of a claim. Examine your insurance policies to see what is and isn’t covered, and double-check your limits to ensure you have enough coverage.

Winterize Your Boat

If you’ve put your boat away for the winter, give it a once-over every few weeks to make sure it’s still in good shape. You’ll want to address any issues as soon as possible. Make careful to winterize your boat and drain it or use antifreeze before storing it. Check to see that your boat is still properly wrapped and protected from the weather if you wrapped it for the winter season.

Be Prepared To File A Claim

Because the claims process differs from one insurer to the next, it’s critical to have the correct information when filing. For each of your policies, you’ll need the current policy numbers and service numbers.

Make sure you understand what your policy covers before the cold weather arrives. Have a professional assess your home and do any suggested maintenance before the winter weather arrives as an added precaution.

For your protection and well-being, Oakwood Insurance Agency offers nearly every sort of personal insurance policy you may require. Please find a short but not exhaustive selection of our most frequent personal property, health, and life policies below. An Oakwood Insurance agent will explain our full range of insurance products and services during a personal consultation and create a tailored insurance plan with the right policies for your lifestyle, personal circumstances, and comfort level.

What’s In Your Policy?

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Homeowners don’t always review their policies until they have a claim. Only to discover that their coverage isn’t what they expected. That is why it is critical to understand what you are paying for. We believe it is important to understand what you are purchasing. So let’s start with this overview.

Here are a few of the coverage you need to consider. So what’s in your policy?

Are you covered for flood loss? 

Most basic homeowner’s insurance policies exclude flood coverage. A separate flood insurance policy is required, which can be acquired through the National Flood Insurance Program. Your agent can assist you.

Do you know your deductibles? 

You will be responsible for a deductible if your house and goods are harmed in a covered loss. Your agent can tell you the amount if you don’t know.

Do you have ACV or replacement cost coverage?

Actual Cash Value (ACV), which reflects depreciation, and Replacement Cost (RC), which is what it costs to replace the item today, are the two ways claims are settled. Ask your agent if you’re not sure what you have.

Have you considered a personal umbrella policy? 

Umbrella insurance is a type of personal liability insurance that covers claims in excess of regular homeowners, auto, or watercraft policy coverage. Get a quote today.

Our agents will give you great service and the products you require, whether you need to safeguard your car and home, want insurance for the contents of your apartment, or need a general umbrella policy for peace of mind. We take satisfaction in providing personal insurance coverage that safeguards your most valuable possessions. We want to make sure that your insurance coverage covers your most important people and resources.

Oakwood is involved with numerous local, state and national insurance associations and communities. The agency encourages employees to devote time to these endeavors. Oakwood’s approach is one of total risk management, encompassing the areas of property & liability insurance, automotive insurance, worker’s compensation, professional liability, individual or group accident & health insurance, life insurance, contract surety bonds, and personal insurance. Oakwood provides an in-depth range of insurance products and services to assist in securing our clients’ future. We are an agency committed to excellence, founded on the principle of integrity.

The best way to solve a problem is to first understand it. To understand a problem involves asking questions, reviewing agreements, and visiting the facility or business. We believe that a professional agent must do more that merely issue insurance on the client’s behalf. Besides determining and placing proper coverage with reputable insurance companies, we seek to educate our clients on coverage and to reduce, or transfer risk to the insuring company, and working closely with management team to protect and preserve assets.

Fall Home Safety Tips

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As we move into a new season, it is important to remember to get your home prepared for the fall.  While most people do not have to deal with crazy winters, we do need to be prepared for high wind and some level of rainfall.

  • Keep all vegetation clear from around your home to help reduce fire damage.
  • Clean gutters. Make sure water is not coming down from behind gutters and that all support brackets are securely in place.
  • Check your roof for any damage.
  • Tune up your HVAC system
  • Inspect any walkways and handrails.
  • Check smoke and carbon monoxide detectors.
  • Verify that your attic is adequately ventilated.
  • Give your deck a fresh coat of stain or sealer to protect it from the winter elements.

We are ready to help you review your personal insurance program. It may be that you do not need any additional personal insurance coverage.  On the other hand, you may only need adjustments to your limits or deductibles.  Whatever the case, we can help.  Give our team a call today.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.

How Insurance Protects Your Financial Future

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Insurance is designed to provide the financial resources you need in the event of an un-expected loos.  This could be form an auto accident, home fire, disability or even a loss of the primary bread winner.

There are many personal insurance solutions and products that can provide the protection you need to help you manage your future financial wellbeing. Your current premiums are intended to help cover you in the future. What if your home was lost in a natural disaster? Will you be able to afford substantial repairs or a full rebuild? The cost of dealing with this catastrophe will be more than you can handle, as well as more than you have charged in insurance premiums.

What Kind of Insurance Do You Need To Protect Your Future?

Life Insurance – Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone. Life insurance can provide funds to; pay off debt, un-paid medical expenses, funeral expenses, future living expenses, college, and more.

Home Insurance – Homeowners insurance is a form of insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Health insurance – Health insurance is important to have, no matter what your situation is. If you don’t have affordable health insurance through your work, you might be able to qualify for a tax credit to make it affordable on the health insurance exchange.

Auto Insurance – Car or truck insurance is needed if you drive a vehicle. Almost every state mandates some kind of insurance. However, if your vehicle is inexpensive or you are confident in your ability to replace it, you can only need liability coverage.

 

Are You Insured Correctly?

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Your home will be one of the most significant investments you will ever make, both economically and emotionally. Your family will spend countless hours there, among some of your most prized possessions. In the event of any misfortune, let us give you the peace of mind knowing that you are well protected.

Replacement Cost Coverage

You can insure your home and belongings for replacement cost, which pays the actual cost of replacing your home or possessions (no deduction for depreciation) up to the limit of your policy.

Suppose, for example, a fire destroys a 10-year-old TV set in your living room. If you have a replacement cost policy for the contents of your home, the insurance company will pay to replace the TV set with a new one. If you have an actual cash value policy, it will pay only a percentage of the cost of a new TV set.

Insuring expensive items with floaters/endorsements

There may be limits on how much coverage you get for expensive items such as jewelry, silverware and furs. Generally, there is a limit on jewelry for $1,000 to $2,000. You should ask your agent or look it up in your policy.

If the limits are too low, consider buying a special personal property floater or an endorsement. These allow you to insure these items individually or as a collection.

Additional living expenses after a disaster

This is a very important feature of a standard homeowner’s insurance policy. This pays the additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.

You should talk to your agent or company to make sure you know exactly how much coverage you have and how long the coverage will be in effect. In most cases, you can increase this coverage for an additional premium.

 

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.

Personal Umbrella Insurance

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Many people are unsure what an umbrella policy is or what it covers. When you are outside, and there is a light rain or breeze, you generally don’t need or want an umbrella. However, if it is pouring down rain with high winds, you take your umbrella. An Umbrella Insurance policy works much the same way.

Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an Umbrella Insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella Insurance can provide limits above your personal auto and home policies. Umbrella insurance is also competitively priced.

It is true that Umbrella Insurance may not be for everyone, but if you are building financial resources for your future, are a professional, own your home, boat or recreation vehicle, you should consider an Umbrella Insurance policy. Insurance offers Umbrella Insurance with very competitive rates. Having the added protection of an Umbrella Insurance policy is coverage no one should go without.

Umbrella insurance provides broad insurance beyond traditional home and auto. It provides additional liability coverage above the limits of homeowners, auto, and boat insurance policies. It can also provide coverage for claims that may be excluded by the primary policies.

When You May Need An Umbrella Policy

  • Having rental property
  • Owning a Boat, RV, or ATV
  • Have a high net worth
  • Owning a business
  • Having teen drivers
  • Own a swimming pool, trampoline, or swing-set

In addition, the umbrella may cover things like volunteer activities, statements made online, and certain business activities that a homeowner’s or auto policy might not cover.

Why Work With Our Insurance Agency?

  • We know and understand your risks
  • We are a full-service independent insurance agency
  • Our goal is to provide the best possible combination of coverage, price, and service.