by amanda | Jun 17, 2020 | Home Insurance
It is likely that you know someone firsthand who has experienced flooding in their basement. Many times, this is due to the sump pump failing. During the spring and summer months in Wisconsin, this is a very common occurrence. Sump pumps are designed to pump away water from your basement foundation, if it fails or the power goes out, trouble occurs. Water then has the potential to back up into your basement and damage carpets, drywall, personal belongings, etc. If a basement is finished, the damage can be quite extensive. Is this situation covered by your homeowners insurance?
You are able to purchase an additional coverage called water sewer backup that is added to your homeowners insurance to address this concern. Without this additional coverage, your basic homeowner’s policy will not provide coverage. This is typically a very inexpensive coverage and costs about $50 per year for $5,000 in coverage. If your basement is finished, it is a good idea to purchase a higher limit. Many insurance companies will offer up to $50,000 in coverage.
Another added layer of protection you can purchase is a battery back up sump pump. Then, if the power were to go out, the battery powered sump pump will kick in and a disaster will be avoided. Battery powered sump pumps are easily installed and can be purchased at a local hardware store.
Do you want more information on water sewer back-up and how this coverage can help protect your home? Call the insurance experts at American Advantage – Petersen Group in New Berlin, Wisconsin today!
by amanda | Jun 17, 2020 | Personal Insurance
If you have insurance, you have mostly heard your agent talk about an umbrella policy. While it may not seem like a “big deal”, an umbrella policy is critical to have. A personal umbrella policy is a liability insurance policy with high limits of protection starting at $1,000,000. They are designed to add a layer of protection added above the liability on your auto, home or boat insurance policy. If you own a business, you can also purchase an umbrella policy to extend over your current liability limits. An umbrella is meant to protect you should you be deemed legally responsible for injury to persons or property. This does not just include personal injury, but also includes non-physical injury such as libel or slander.
In today’s society, law suits and court awards can be extremely high. These judgements include punitive damages and special compensatory judgments for loss of consortium, pain and suffering and other intangible losses. Liability insurance will pay expenses such as medical bills, rehabilitative therapy, and lost wages to other parties due to the negligence of the policy holder. In the case of a large law suit, an umbrella provides the increased liability coverage if the limits on your existing policy are exhausted. It is meant to protect you, your assets and current and future income from such awards.
For the coverage you gain from having an umbrella policy, they are fairly inexpensive. Most insurance companies umbrella policies range from $125 – $300 a year.
Want to learn more about umbrella policies and why there are so critical to have? Contact the insurance experts of American Advantage – Petersen Group in New Berlin, Wisconsin today!
by amanda | Jun 17, 2020 | Auto Insurance
Distracted driving is becoming more and more common today. Distracted driving as defined by NHTSA is, “any activity that diverts attention from driving”. In 2016 alone, distracted driving claimed the lives of 3,450 people. Social media and texting are huge parts of our every day lives, and the way we communicate with one another has shifted. It seems as if teens are in constant communication with their friends via text message, or scrolling through social media apps on their smartphones. These activities have become so normalized and simple in the minds of teens. A recent study has shown that 77% of teens believe that they can easily and safely send a text message while driving and according to Lookout Security, 75% of teen drivers admit to texting while driving. One of the first lessons we learn in driver’s education is to not take your eyes off the road, but reading or responding to a text message means taking your eyes off of the road for a minimum of 5 seconds. If you are going 55 mph, that is like driving the length of a football field with your eyes shut.
During the day there are approximately 481,000 drivers that use their cell phones while driving. Teens were the largest age group that were reported as distracted at the time of fatal crashes. The easiest way to avoid an accident due to distracted driving, is to simply not participate in the activities that cause distracted driving. We know, that’s easier said than done. How can parents help teens avoid distracted driving? Parents can discuss the dangers of distracted driving with their children and try to instill safe driving practices in their mind from the beginning of their driving journey. There are a variety of smartphone apps to download that can help with distracted driving by eliminating the use of texting while in a moving vehicle or only allowing hands free calling. Parents also have the ability to lead by example. If children and teens see their parents partaking in activities such as texting or social media use while driving, they may believe it is okay. Instead, demonstrate safe driving habits that will not only keep you and your passengers safe while driving, but also show your children how to engage in safe behaviors behind the wheel.
by amanda | Jun 17, 2020 | Tips
Mother’s Day is right around the corner and we know Mom deserves the best gift out there. Sometimes, we can’t quite put our finger on what that perfect gift is. Don’t overthink it, here are some easy and fun gift ideas from the insurance experts at American Advantage – Petersen group in New Berlin, Wisconsin to “insure” that you WOW Mom this Mother’s Day!
Gift Ideas for Mom:
- Hanging Flower Basket – Now that it is finally Spring, a hanging flower basket is the perfect addition to her yard to add some color.
- Spa Gift Card – We know how much Mom does for us, so treat her to the gift of pampering! She’ll be sure to appreciate a little rest & relaxation.
- Wine – This one is self-explanatory, because who doesn’t love wine?!
- Jewelry – We don’t want to sound too cliche, but jewelry is a gift Mom can love forever! A trendy watch or pretty necklace will remind her how appreciated she is every time she wears it.
- A Good Book & Coffee – The two work together so well. Pair this gift along with a coffee mug and you’ve got yourself the perfect gift basket!!
- Time Together – While gifts are great, what Mom really wants this year is to spend time with her family. So regardless of how busy life can get, make time to show your Mom how incredible she is this Mother’s Day and all year long!
While we can’t do the gift shopping for you, you can be certain we can do the insurance shopping for you!! Want to give Mom a gift that lasts all year long? Send her to American Advantage – Petersen group so she can save money on all her insurance needs.
by amanda | Jun 17, 2020 | Personal Insurance
Another year has passed, you have not gotten in any accidents and you have not filed any home claims. You get your insurance renewal in the mail and your rates have increased? Why is it that without any losses, your rates still seem to be going up? The insurance professionals of American Advantage – Petersen Group in New Berlin, Wisconsin explain what causes rates increases:
Shared Risk: The foundation of insurance is that risks are shared among a large group of people. Premiums are distributed among many as well losses. Although, you may not have had a loss, others do. This is a major factor to general rate increases.
Changes in Credit Score: Insurance prices rely heavily on credit score. If there has been a significant decrease in credit score, you will see an increase in your premiums.
Record Storms: Natural disasters and storms are hitting record levels and losses are becoming more and more severe. This leads to insurance companies paying out more in claims, and due to shared risk, premiums increase among all.
Lawsuits: It seems as if you cannot turn the TV on without seeing a personal injury attorney commercial. Lawsuits are becoming more severe and increasing drastically in payout from insurance companies.
Cost of Materials: With how sophisticated vehicles have become with sensors and other features, the cost to replace them have significantly increased. In the past to repair a bumper it cost approximately $1,000, but today it is upwards of $4,000. The rise in the cost of materials is one of the main factors for rising auto insurance rates. The same goes for home building materials.
Age: The age of your roof plays a factor in your insurance premium. If your roof hits 20 years or over, there will be a rise in premium. Also, many people do not realize but once a person reaches 70 years old, there will be an increase in price.
Right now, insurance premiums are trending to increase by 5-10% each year. To keep insurance premiums low, work with an independent insurance agent like those at American Advantage – Petersen Group in New Berlin, Wisconsin. An independent insurance agent works with multiple, reputable insurance companies to find you the best coverage at a competitive price!
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