The problem with pipes and plumbing is you never know when one might burst, freeze or leak. Even a small drip or slow leak can soak your floors, seep through your ceiling, or wreak havoc on your walls, causing serious damage to your home and your possessions over time.

What’s worse, some leaks turn into an ankle deep pool of water in a relatively short time – leaving you with a catastrophic repair bill and a giant mess to clean up.

Preventing Water Damage

You wouldn’t skip your routine health checkup right? Well your house needs checkups too. So, make sure to schedule a home inspection, every year, to make sure everything’s in working order.

Regularly examining your plumbing, appliances, sewer lines, heating/cooling units, and drains can not only help you spot leaks early, but also stop them from becoming bigger, costlier problems down the line.

Also, there are some proactive steps you can take to prevent water damage like:

• 1) Swap out your washing machine’s supply hose: Believe it or not, washing machine breakdowns are a leading cause of water damage every year. Replace your washing machine’s hose, periodically, before it has a chance to give out. Also, consider replacing the rubber hose with a steel-braided one. It’s usually more durable and less susceptible to leaks.
• 2) Unclog your rain gutters and clear out debris: Overflowing gutters can do more damage than you think, forcing water into your foundation, or sending it gushing down into your basement.
• 3) Keep your roof in top notch condition: Age, wear and tear, and hail can all deteriorate your shingles to such an extent that water will eventually finds its way inside, if you’re not careful about maintaining your roof.

Water Detection Technology

Cracked flooring, moldy growths, stained ceilings, blistered walls, damp odors…they’re all telltale signs of water damage. But not all leaks are obvious, or easy to detect. That’s where flood detection technology can help fill gaps in our lives.

Some options include:

• Wireless leak sensors: These high-tech flood sensors raise an alarm when they sense a leak. Well-placed sensors in flood-prone areas like your basement, laundry room or bathroom, can be critical in notifying you before any real damage is done. These sensors connect to your wireless network and communicate with a central device or hub. They can even send a notification on your smartphone if you’re away.
• Smart water valves: No one wants to come home to find their furniture drowning in water or their carpeting soaked. Smart water valves act as an intelligent backup, so if a pipe bursts in your absence, they automatically turn off the main water supply right away.

Installed an automatic shut off valve in your home lately? Farmers offers a homeowners insurance discount for doing so. Talk to your Farmers agent to learn more.

Some common culprits of water damage around your home include:

• An overflowing toilet
• A leaky roof
• A broken washing machine
• Water heater failure
• Plumbing issues
• Bad weather

Keep in mind though that your typical homeowners insurance policy doesn’t cover flooding caused by a weather catastrophe like a storm or hurricane. That could be a major coverage gap, and could end up costing you thousands out of pocket in damages. Talk to your Farmers agent to make sure you’re covered the way you want against water damage.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

Whether it’s your laptop filled with precious family photos or a necklace passed down to your mother from her mother — your belongings are worth more than just what you paid for them.

That’s why it’s incredibly important to protect your valuables from theft…so you never have to risk losing your precious possessions. Unfortunately, we have lives, and we can’t spend them just watching over our valuables.

So, consider these tactics to fill gaps in your life, and to help prevent your stuff from finding its way into the wrong hands, at home or on vacation.

At Home

1. Keep your documents in a safe: With identity theft on the rise, your personal information is just as likely to be stolen as your ring or your flat screen TV.

Consumer reports* suggests that you stash important documents like passports, birth certificates, tax returns, and insurance policies in a fireproof safe.

But why? Safes are heavy to lift, and can be bolted to the ground, making them a difficult target for thieves looking for a quick getaway.

2. Invest in a security system: Granted, a home security system doesn’t come cheap, and has none of the personality of a four-legged canine. But a recent study found that homes equipped with a burglar alarm are less likely to be robbed.**

Nowadays though technology has advanced beyond your traditional burglar alarm, and it can help fill a gap in your home security.

Smart home security systems have turned into all-in-one hubs that come with HD cameras, motion sensors, sirens and more. So, with such a system, you should get an alert on your smartphone if a thief tries to smash open a window or door and dash away with your valuables.

3. Avoid “hiding” your spare house keys: Keeping your spare key under the doormat or in a planter may be convenient, but they’re predictable hiding spots that thieves know to check in the first place. Instead, consider giving a spare set to someone you trust, such as a close neighbor, or using keyless smart lock, which lets you use a personalized code to enter your home.

On the Go

1. Use a money belt: Money belts are a must-have to thwart pickpockets while traveling. Keep your passport, cash, and credit cards out of sight and under your clothing, rather than in your back pocket or handbag, so they can’t be easily swiped.

2. Hotel room safety: It’s no secret that things get stolen from hotel rooms. Yet, travelers make the mistake of leaving jewelry, cash, and other valuables lying around in the hotel room or in their luggage all the time. It’s much smarter to use an in-room safe or a hotel safety deposit box, if there’s one available.

3. Leave expensive items behind: Leave valuables like laptops, cameras, watches, and jewelry off your packing list. They could cost thousands to replace, and you don’t want to spend your entire trip worrying about losing them.

No matter how careful you are, or how many precautions you take, you can’t always outsmart thieves. And, sometimes belongings tend to get misplaced. It happens!

Unfortunately, the limits on your homeowners policy may not be enough to cover the full cost of replacing your belongings. Typically, homeowners insurance covers valuable items up to a certain amount. But what if you lose an expensive item that’s worth more than the limits on your policy?

That’s a major gap in your valuables coverage! To make sure your expensive stuff is covered the way you want and to close that gap, talk to a Farmers agent.

*http://www.consumerreports.org/cro/2011/01/choosing-and-using-a-home-safe/index.htm

**http://news.rutgers.edu/news-releases/2009/02/rutgers-study-finds-20090205

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

…But Not My Drowned Furniture

In 2013, water damage and freezing caused over 26% of homeowner losses. These days, about one in every 55 homes has a water related claim every year!*

Unfortunately, Farmers employee, Rebecca Sullivan was one of them. Two years ago, her sump pump failed and her entire finished basement flooded.

Her Story

“I was working from home on a rainy day, and noticed the Wi-Fi had stopped. It was in the basement, so I opened the door to check it out,” She said. “My jaw dropped when I saw about two to four inches of water sloshing on the basement floor. It was much more than just a wet carpet.”

The water had soaked the wood in her basement furniture, gotten into the walls, ruined electronics on the ground, and killed their refrigerator.

Luckily, Mrs. Sullivan’s homeowners insurance was there to cover the damages.

“We had sump pump failure coverage as part of our homeowners insurance,” She explained. “We knew it was on our policy, but I honestly didn’t know the specifics.”

In other words, she had no idea that her sump pump coverage had restrictions. So when she went to file the claim, she was in for a serious surprise.

“All the cleanup and restoration were covered, but not all the electronics and furniture.” She said. “So good-bye iPod!”

Water Damage Gaps

Generally, if your pipes burst or your washing machine floods, your homeowners insurance can provide coverage for those types of water damage situations. There are restrictions though, and spotting these water damage gaps can save you time, money, and a serious headache.

For instance, like Mrs. Sullivan found out, your existing coverage limits or options may not be sufficient to cover everything from structural damage to your possessions. In this case, increasing her coverage limits could have provided coverage for her electronics and furniture.

Also, your homeowners insurance policy may not even cover certain types of water damage in the first place! Rising water from neglected pipes, hurricanes, serious rain storms, and alike can cause water damage, which may not covered under your homeowners policy.

That’s why it’s smart to speak to a Farmers Agent about your coverage, to review your policies and make sure you’re covered the way you want.

If you are in a flood area, you may also consider discussing Flood insurance with your Farmers agent to help cover your assets and fill potential gaps in your coverage.

According to the National Flood Insurance Program (NFIP), in the past 5 years, all 50 states have experienced a flood. On top of that, only about 13% of homeowners have a Flood insurance policy.*

“Overall it was a good claims experience,” Sullivan explained. “But it was also a wakeup call about making sure I know what is covered.”

To make sure you know you’re covered, talk to a Farmers agent today.

Together, you can:

• Review your coverage and your insurance needs
• Identify potential gaps
• Find coverages and options to help fill them
• That way, the more you know, the better you can plan ahead.

* http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

The 3 Insurance Gaps Every Business Owner Should Know

Starting a home-based business can be one of life’s most liberating decisions, adventurous career moves, and riskiest ventures.

There’s a lot to consider, and plenty of planning to do. However, as business savvy as you may be, too often, owners overlook how a home business may affect aspects of their existing home insurance…and the potential coverage gaps it may open up.

With help from a Farmers agent, though, you can help spot and fill coverage gaps like:

1) Risks are everywhere! Make sure you have the appropriate type of coverage.

Liability risks are all around us, and home businesses are no exception. Let’s say you’ve ordered a couple of new computers to fill out the home office, and when they arrive, the delivery person slips on a step and gets hurt. Now you’re at risk of a lawsuit!

Under normal circumstances, your homeowners and/or umbrella policy can cover these types of losses. Opening a home business means you’ll spend more time at home though, and that may expose you to greater liability risks or liability coverage gaps. If that’s your plan, it’s smart to consider reviewing your existing policies with a Farmers agent, because your homeowners and your personal umbrella policy would likely not cover you in a business-related liability issue.

To prevent any potentially costly coverage gaps, talk to a Farmers agent about your insurance needs before you start your home business.

2) Building a home office? Make sure your insurance will cover it.

Thinking about doing some renovations on your home, to make it easier to do business? Do you want to build a home office or an addition to work from?

Renovations can do wonders for your life and your home’s value, but it’s important to know they can also create gaps in your homeowners insurance.

A home remodeling project, big or small, can change your home’s reconstruction costs (what it would take to rebuild your home after a loss). Since that’s what homeowners insurance covers, it’s crucial to update your limits to reflect the cost to rebuild your home after the remodel.

If the limits are not updated, there could be a glaring difference between what you’re covered for and what it could actually cost to rebuild your house…leaving you to foot the bill in the event of a disaster.

3) Protect your family, spouse, and employees. Review your Life insurance.

According to a recent study by the US Department of Labor, in 2014, 57% of private businesses offered employees a life insurance plan, with an average of 97% employee enrollment.* That means a huge percentage of working people have life insurance through their job. If that’s your case as well, then leaving your existing job and starting a home business may lead to a life insurance gap.

No longer can you rely on work to provide life insurance, or even supplement your life insurance. As a small business owner, that’s your responsibility now.

If you’ll be the company’s only employee, consider talking to a Farmers Agent about reviewing your personal life insurance policy needs to make sure you’re covered the way you want to be.1 If you have, or plan on having employees though, it’s also smart to talk to your Farmers Agent about life insurance options related to your employees.

Major life changes, like starting a small business, can alter your coverage needs as well. Without taking the time to review your policies, you could expose yourself and your business to a variety of insurance gaps.

Thankfully, no one is better suited to help you spot gaps like a Farmers agent. Talk to an agent near you today, to help you find gaps that may be hiding in your coverage.

*http://www.bls.gov/news.release/ebs2.t05.htm

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

1 Life insurance, annuities and accidental death insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.
Products & features may not be available in all states & may vary by state.

* Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd. Bldg. 1 Agoura Hills, CA 91301. Member FINRA & SIPC.
* Products and Services/Auto or Home/Questions you may have about Risk Assessment Indicators

Do you know how much stuff you have? If you had to put a price on all your possessions, do you think you could ball park it?

Well, when it comes to insuring your belongings and picking coverage limits, that’s exactly what you need to do.

Whether you rent or own, your renters, condo, and/or home insurance is there to cover your stuff (among other things). Without an accurate idea of your personal possessions and their worth though, you could be carrying too much or too little insurance. That could mean costly gaps in your coverage!

That’s why it’s so crucial to take a home inventory and understand:

• What belongings you have
• How much your stuff is worth
• What limits to carry to full cover your belongings

Taking a home inventory can, admittedly, be an arduous process, even if you think you don’t own too much. Thankfully, some smart people have developed apps to make home inventories easier!

Home Inventory Made Easy

Before fancy technology came along, home inventories were just folders, packed with sheets of paper, receipts, and pictures. Thankfully, we don’t live in that primitive world anymore.

The latest home inventory apps, like those built by the Insurance Information Institute and others, turn all that paperwork into a clean, organized, digital workspace. This makes it easy to keep a running list of your possessions and manage and edit your inventory whenever you like, right from your smartphone, tablet, or computer. You can:

1. Build your home in a digital app, adding rooms and labeling them
2. Populate each room with a list of your stuff (advanced apps even incorporate barcode scanners, to add items even faster)
3. Take and add pictures for easy visual reference
4. Add valuable details, like price, purchase date, serial number, and description, for each item
5. Scan receipts and documents for more detail
6. Upload warranty information, so you know if a damaged or destroyed item is under warranty
7. Sort items by room, name, description, purchase date, value, etc.
8. Quickly total your personal possession value, for a better view of your coverage needs
9. Spot under-insured items, like valuables, jewelry, and antiques. (Discuss those with your Farmers Agent, to learn about coverages for valuables.)
10. Store, backup, and password protect your inventory for full peace of mind

A home inventory is an incredibly helpful thing to have and maintain over the years. A comprehensive list of your belongings and their values can:

• Help you determine appropriate coverage limits
• Speed up the claims process
• Help verify losses to your income tax return

Whether or not you use any of these helpful apps, it’s important to take a home inventory, whatever way works for you. Once you have an idea of your coverage needs though, speak to a Farmers Agent about updating your home, condo, or renters insurance.

No technology or app is better at helping you spot and fill gaps that may be hiding in your coverage, than a Farmers Agent.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

Home renovation projects can completely change your house, make it more enjoyable, and increase the value of your home.

In fact, the resale value of the most popular remodeling projects has risen dramatically since 2012, according to Remodeling Magazine. This upward trend shows that, for many projects, homeowners are seeing a greater return on their investment when it’s time to sell their house.

However, as home values continue to rise from the ashes of the housing market crisis, and more homeowners are investing in renovations, another problem is surfacing: homeowners are failing to update their Homeowners insurance after remodeling to reflect changing home values, leaving them at serious risk.

Home Value vs. Home Insurance Coverage

Homeowners insurance covers your property, and can help cover the costs to rebuild after a partial or total loss (like a natural disaster, fire, or other covered damage). To get the most out of your insurance policy though, it’s important to choose coverage limits that accurately reflect the current characteristics of your home, and the true cost to reconstruct it.

Insurance agents do this by running a “Home Replacement Cost Estimator.” They ask you a series of questions about your property, and use industry information to provide an estimated cost to rebuild your house. This can give you a better idea of how much coverage you may want.

Renovations Alter Your Home’s Value

Renovations have been consistently shown to change the value of a home, usually giving homeowners a return on their remodeling investment when they sell the house. Currently, the most popular remodeling projects with the highest return on investment* are:

• Replacing the Front Door with a new Steel Door – 96.9%
• Adding a wood Deck – 87.4%
• Replacing older Siding with fiber-cement Siding – 87%
• Building an Attic bedroom – 84.3%
• Replacing old Garage Door with a new Garage Door – 83.7%

*Resale value as a percentage of construction cost.
Courtesy of Remodeling Magazine.

Changes like these in a home’s characteristics can mean a change in its market value (giving you that return on investment). However, renovations also affect a home’s reconstruction costs. This is why the last step in any renovation is to cover your new investment.

Talk to your insurance agent, or inform your provider before the renovation begins. This will help in:

• Filling any gaps in your coverage that the renovation process creates.
• Reassessing your home’s value and replacement costs after the renovation.
• Updating your Homeowners insurance to cover the new home value the way you want.
• Possibly protecting materials and workers in your home.
• Determining your eligibility for Homeowners insurance discounts associated with renovations such as new electrical systems, plumbing, roofing, and adding security features.

It’s important to make sure your Homeowners insurance continues to provide the home replacement coverage you want. To fill gaps in your insurance after a renovation, talk to your insurance agent or provider.

The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

Like any home, you fill your rented place with all kinds of stuff, from furniture and appliances, to photos and outfits. You spend your time and money making it your own and making it comfortable…but did you make sure it’s covered?

Many renters think their landlord’s insurance covers their stuff if there was a break in, a little water damage, or a fire…but that’s not the case. Landlord insurance only covers the property and the landlord’s interests. Your personal property is your responsibility, and without proper coverage you could be left with the bill replacing things after a loss.

So what?

Homeowners across the country buy Homeowners insurance to cover their personal property from damage, theft, and all kinds of losses. As a renter, you might not think you own as much as they do, but does that make your stuff any less valuable or less important to you? What if the pilot light on your stove malfunctioned and started a fire while you were at work, destroying your TV, your furniture, your clothes…everything. Do you have enough saved up to replace it all?

That’s a major coverage gap!

Question: As a renter, how do you cover your personal property from loss?

Answer: Renters insurance

There are great reasons to get Renters insurance…mostly because it does so much for so little money (between $15 and $30 a month)!

Designed just for renters, it covers your personal property in the event of a covered loss (up to your coverage limit). Renters Insurance can also cover your personal property even if it’s not in your apartment. For instance, if you left your laptop in your car overnight and it was stolen, it’d still be covered (something your Auto insurance probably can’t do).

To get a better idea of the limits you’d want, take a home inventory and see how much stuff you really have. If you have any expensive valuables, collectibles, or unique items, don’t leave those out!

Then talk to a Farmers agent or get a Renters insurance quote today, and see how a Renters policy could fill gaps in your coverage.

The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

Owning a condo is a solid investment and a great way to build equity. With a condo association looking out for you, there’s almost nothing else to worry about…unless you want to protect your stuff too.

Many condo owners look at their condo association’s insurance as a catch all, built to cover your condo and everything in it. But typically, that coverage has limitations, and does not include your personal property, and might not include anything else you’ve added that wasn’t there before.

So what?

Your condo is your home, and you spend your hard earned money and time making it your own. Maybe you’ve filled it with furniture, appliances, artwork, and electronics. Maybe you’ve made some structural improvements like renovating your kitchen. What would happen though, if a fire or a break-in left you with lost, stolen or damaged property? Do you have enough money saved up to get you back to normal? Your condo association insurance policy won’t cover your personal possessions or renovations.

That’s a major coverage gap!

Question: As a condo owner, how do you cover your personal property?

Answer: Condo insurance

Condo insurance is an affordable way to cover your personal property and your liability, to make sure you’re not left exposed to risk if something were to happen.

Designed just for condo owners, it works to cover:

• Personal property. Coverage even extends beyond the walls of your condo, covering your stuff if it’s in your car, or anywhere outside your home (up to your coverage limits). Unique valuables, like jewelry, artwork, and musical equipment might need extra coverage…so make sure to cover that gap too.
• Personal liability. If someone gets hurt due to a negligent act, you could be responsible…and they could sue. Liability coverage helps protect your financial assets if that ever happens.

To get a better idea of the limits you’d want, take a home inventory and see how much stuff you really have. Then talk to a Farmers agent and see how Condo insurance could fill gaps in your coverage.

The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

Cover Yourself from the Unstoppable

Most of us have seen the awe-inspiring fury of tornadoes on TV, in the news, or in Hollywood blockbusters. Unless you’ve been through one though, dug through broken property, seen neighbors left with nothing…it’s hard to understand their true devastating power.

Like earthquakes, tornadoes are life changing natural events that are just as catastrophic as they are hard to predict.
The good news is, the more prepared you are, the safer you’ll be, and the sooner you’ll be on the road to recovery after a tornado hits. Here are some smart steps you can take:

1) Create a home inventory list now

When the tornado warnings go off, taking shelter is top priority. On the other hand, taking inventory of your belongings is probably the last thing on anyone’s mind.

That’s why it’s vital to create a home inventory ahead of time. Having a detailed list ready to hand off to a claims adjuster after a natural disaster can make the process so much easier (and is one way to ensure you’ll get adequately reimbursed!).

Creating a home inventory doesn’t have to be complicated. Do a room by room walkthrough, and create an itemized list of what you have. Don’t forget to include copies of receipts, if you have them.

You can even supplement your list with pictures and video recordings to create a catalog of what you have.

Keeping your inventory out of harm’s way is equally important! Back up your photos and videos to the cloud, or keep your records secure in a safety deposit box.

2) Find out if your belongings are fully-covered

At Farmers, we know that losing your meaningful possessions can be heartbreaking.

Unfortunately, while we can’t salvage your priceless family photos, our home insurance plans can help you replace your other possessions in case a tornado hits.

That’s because our home policies cover more than just damage to your home – they also cover the cost of belongings lost or damaged in a storm.

Keep in mind:

• Your possessions are covered up to a certain amount. For expensive or unique items like electronics, jewelry, or fine art, it’s probably a good idea to talk to your Farmers agent about increasing the limits in your policy.
• Consider Contents Replacement Cost coverage, which compensates you for a lost or damaged item based on its replacement cost value (With a typical homeowners policy, you would be reimbursed based on your items’ depreciated value.)

3) Be proactive

Once the storm has passed and you’ve checked in with friends and family, there are proactive steps you can take to recover your losses and start the rebuilding process:

1. Contact your insurance agent right away to report any property damage. You can also count on Farmers for best in class disaster recovery. With our advanced Mobile Claims Centers, we’re typically first on the scene after a disaster, ready with claims adjusters, support, and supplies for survivors.
2. Make small, emergency repairs (only if it’s safe to do so!) to prevent further damage – even if your insurance agent hasn’t seen it yet. This could include boarding up windows, putting a tarp on the roof, and salvaging undamaged items.
3. Take photos or video of the damage to provide further documentation to support your claim. If possible, keep damaged items until the claim adjuster has visited your home.
4. Shut off utilities. Turn electricity off if the house has been flooded. Report downed power lines or gas leaks to the utility company.
5. Ask your agent about additional living expenses. You don’t have to pay out of pocket to live somewhere else while your home is being repaired or rebuilt. . Most home insurance includes coverage for additional living expenses, or loss of use, which pays for extra costs to live while your house is uninhabitable. Those expenses can include rent, hotel stays, restaurant meals, storage fees and more.

Let’s face it: there’s no surefire strategy for surviving a twister. Your best option it to plan ahead so you’ll get back on your feet quickly after disaster strikes.

Putting an emergency response plan in place can also make a big difference. In addition, talk to your Farmers agent to make sure you’re financially protected when natural calamities occur.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

According to a 2012 FBI report, every 43 seconds a car is stolen in the United States.*

Joe Thompson never thought his car would make that list, until it disappeared one night.

His Story

“I took my family to dinner and parked across the street. I figured that I had nothing to worry about as it’s a popular neighborhood spot,” he said. “But we were in for a shock after we came out of the restaurant. The car had vanished. My first thought was that it had been towed!”

Actually, thieves had made off with Thompson’s car right from the heart of the busy area.

After filing a police report, Thompson also filed a claim with his insurance company. To his disbelief, his claim was denied.

“Unless you carry comprehensive coverage as part of your auto policy, you’re not covered for car theft,” he said. “I learned that the hard way.”

For Thompson, the gap in his auto coverage dealt a huge financial blow. Without comprehensive coverage, he had to dip into his savings to replace the car.

Car Theft Gap

When he first bought his car, Joe only purchased the legally required liability insurance, opting not to include comprehensive coverage.

“I honestly didn’t think I’d need it, and figured I’d save the money,” he said.

Unfortunately, what many people don’t realize is that liability coverage only covers damage you cause to others if you get into an accident.

Car theft, on the other hand, is a loss to your vehicle, which isn’t covered by liability insurance. If your car is stolen, without comprehensive coverage you have to pay out of pocket 100% to replace it. That’s a potentially huge coverage gap!

That’s why it’s smart to not only protect your car from theft, but also look into purchasing comprehensive and collision coverage, which can help fill gaps in your auto coverage and help cover you against theft and other scenarios like:

• Your car is carjacked or broken into
• You’re caught in a hailstorm and your car is damaged
• You accidentally hit a deer and your windshield shatters
• You damage your car backing into the garage door

Don’t wait until it’s too late and you’re stuck with an unexpected expense like Mr. Thompson was. Talk to a Farmers agent to help you develop a plan so you can make sure you’re covered the way you want. Together, you can spot gaps in your auto coverage and help prevent any regrets down the line.

* http://www.fbi.gov/about-us/cjis/ucr/crime-in-the-u.s/2012/crime-in-the-u.s.-2012/offenses-known-to-law-enforcement/national-data

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

An Expensive Lesson

If you drive an older car, you may have decided to skip Comprehensive and Collision coverage on your auto policy. First of all, they’re usually not legally required. Secondly, many people think that insurance won’t pay much when something happens to an older car. Unfortunately though, that’s not always the case. As Farmers employee, Karen Hansen found out a few years ago, not having Comprehensive and Collision can create a big, and expensive, gap in your auto coverage.

Like most mothers, Karen always wants the best for her children. But when it came to buying her daughter’s first car, she and her husband agreed it didn’t seem necessary to fully insure the high mileage, seven-year old Ford Escape they bought.

“With it being an older car, [we] decided to save a few bucks and insure it for Liability only, skipping comprehensive and collision, and towing coverage while we were at it.” She said.

Unfortunately, when a rainy day and slippery road left her daughter fine, but the car totaled, Karen learned an expensive lesson about car insurance gaps.

Her Story

“I was out of town for work that January when I got a call from my husband telling me to sit down…he had some news,” Hansen said. “It was raining at home, and [our daughter] had slid in a canyon, flipping the car.”

A first responder called Karen’s husband, and thankfully, their daughter was safe in an ambulance and on the way to the hospital.

“The good news is that there was nothing broken – just a few weeks of aches and pains in the aftermath. The car was another story,” Hansen continued. “It was totaled just three months after we made the short-sighted decision to skip Collision coverage.”

Comprehensive and Collision coverage can help pay for damages you cause to it in an accident, in addition to damages caused by weather, theft, riots, etc. Without Collision coverage, the Hansens were fully responsible for covering the damages or replacing the Ford.

“What’s more, we were on the hook for more than $1,000 in towing costs for the emergency tow that the Highway Patrol had called in to remove her overturned car from the roadway.”

Comprehensive and Collision Gaps

Liability insurance works to cover you if you cause damage to someone else’s property. But if you hit something, or your car is damaged in a hail storm (or something similar) Comprehensive and Collision insurances can be there to cover your vehicle. Unfortunately, without this coverage, you’re 100% on the line to pay out of pocket. That’s potentially an incredibly costly gap!

“When we decided to skip the collision coverage it seemed like the right choice. The cost we’d save on the insurance would more than pay for itself in the long run, we thought. Wrong,” Hansen said. “And when it came to the towing, I had never even considered the coverage my policy would bring to an emergency traffic situation. I still kick myself about it three years later.”

To prevent issues like the one Karen and her daughter experienced, it’s important to make sure you’re covered. Talk to a Farmers agent today, and together you can:

• Review your current coverage and insurance needs
• Identify potential gaps
• Find coverages and options to help you fill them

That way, the more you know, the better you can plan ahead for what’s ahead.

“One thing that stood out to me was that the entire car was about three inches shorter than it had been pre-accident. That car had indeed turned out to be the ideal car for her – it had taken the brunt of that rollover and saved my baby’s life, and for that I will be forever grateful.”

* http://www.fbi.gov/about-us/cjis/ucr/crime-in-the-u.s/2012/crime-in-the-u.s.-2012/offenses-known-to-law-enforcement/national-data

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

When you take the wheel with friends or co-workers in your car, you also take responsibility for protecting them, morally and legally.

Your auto liability insurance covers damages and injuries you’re legally responsible for after an accident, but it also cover injuries to other people in your car. That means the more co-workers or friends you drive with, the greater the risk to you personally to have to cover them.

So what?

Do you carpool to work, drive friends to the mall, or take the entire soccer team to games (and ice cream afterwards)? For many people, it’s a regular occurrence to have a car packed with people. What if, though, you were at fault in an accident on your carpool day, and some of your co-workers were injured? Would you have enough liability insurance to cover the other driver, damages to their car, their injuries, and the injuries to your passengers?

That’s a major coverage gap!

Question: If you were legally responsible for injuries to your passengers, do you have enough coverage?

Answer: Perhaps, consider additional liability coverage or even Personal Injury Protection, or Medical Payments coverage.

When you first purchased liability coverage, you may not have thought about a time you’d actually have to use it, or even what limits you’d need if you did.

The problem is, costs after an at-fault accident can stack up quickly. Covering damages to the other party’s car, injuries, or property that you’re responsible for can be staggering enough. With friends, or co-workers in your car, covering their injuries only adds to the costs.

Without appropriate liability limits, you could end up putting your own financial assets at risk!

Other types of insurance can also help to cover you and your passengers from injuries in an at-fault accident:

Medical payments coverage goes into effect after an auto accident, and can help cover injuries to yourself, your passengers, or any family hurt in an accident with your car. Typically, medical payments coverage can cover things directly associated with medical care (up to the specified coverage limits), like:

• Hospital stays
• Doctor visits
• Ambulance fees
• X-rays
• Surgery

Personal Injury Protection (PIP) is another type of medical coverage that’s actually mandatory in some states. Depending on the state, PIP can cover most injured parties in an accident, including any passengers or pedestrians involved. Typically, PIP goes into effect regardless of who’s deemed “at fault” in order to help the injured parties immediately. Up to the specified coverage limits, generally, PIP can cover:

• Medical expenses
• Funeral costs
• Lost wages

If you’re regularly driving other people, or part of a daily carpool, consider the extra risk when deciding on liability limits and coverage options, and talk to a Farmers agent today about your insurance needs.

The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

Flooding from burst pipes, leaky appliances or torrential rainfall wreaks havoc on homes and belongings every year — leaving homeowners in distress and causing thousands of dollars in damages.

Sometimes, it only takes a leak to turn your home upside down. Unfortunately, Farmers employee Harmony Apel experienced that first-hand when she returned home to find her second floor condo unit submerged in water.

Her Story

“The kitchen floor was flooded, there was water all over the counters, and the dry wall behind the sink was damp,” she said. “My upstairs neighbors had a leak in the water purifier on their sink. It leaked down into my unit and the unit below me.”

The upstairs neighbor was reluctant to cooperate though. He denied he was at fault and refused to call his insurance to make a claim. So, Harmony and her husband had to handle the claim completely through their own insurance.

Luckily, their homeowners insurance covered most of the damages.

“We ended up having to pay a $1000 deductible though,” she said. “Our condo complex has a rule that prevented our insurance company from recovering the damages from our neighbor even though he was at-fault.”

Water Damage and Homeowners Insurance Gaps

Statistically speaking, about one in 55 insured homes has a property damage claim caused by water damage or freezing each year.*

Generally, water damage caused by common plumbing failures like a broken washing machine hose or a burst pipe are covered by homeowners insurance.

But, what if a tropical storm passed through your town causing the lake to overflow and flood your home? Is that covered by homeowners insurance?

The answer is no. Typically, floods caused by weather catastrophes aren’t covered by standard homeowners insurance policies, which is why it’s smart to consider purchasing separate flood insurance.

Now, let’s say a pipe burst in your home or condo causing water damage. Even though this is a type of cause that would be covered, keep in mind that there are usually set coverage limits.

That’s why, before you find yourself caught with costly water damage, talk to your Farmers agent to help you spot potential gaps in your coverage early, and learn about:

• What type of water damage is covered?
• What are the coverage limits on your policy?
• What does flood insurance cover?

* http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

In 2012, the average dollar loss per burglary, in the US, was $2,230, according to the FBI.*

However, when Linda Smith’s home was broken into last year, thieves made away with expensive crystal worth much more than that.

Her Story

Like most mothers, Linda, a stay-at-home mom, worries about her kids constantly and plans meticulously for their future. To such an extent, that she even purchased life insurance to help cover the cost of hiring a full-time nanny in case something were to happen to her and her husband were left with the kids.

So, when she inherited a significant amount of valuable crystal from her grandmother, she carefully stored the collection away in boxes and planned to pass those on to her daughters one day.

However, she overlooked one critical detail. She didn’t update her homeowners insurance, thinking that the crystal would be completely covered under her existing policy.

Unfortunately, her house was broken into and all the boxes disappeared, along with plenty of other valuables.

That’s when Linda found out that her homeowners insurance coverage was not sufficient to pay for her inherited crystal. Even though coverage was enough for most of her other stolen property, her crystal was valued far higher than her available policy limits.

The Gap

Typically, homeowners insurance provides coverage for your valuables (up to your policy limits). However, if you own expensive or unique stuff like jewelry, furs, coins, fine arts (or in this case, crystal), their value is probably higher than the limits stated on your policy.

And, if like Linda, your valuables are lost or stolen, you may be in for a nasty surprise when you discover that your insurance policy doesn’t fully cover the cost of replacing your high-value belongings, and you have to pay out of pocket.

This is not a completely new concept to some homeowners, who may carry personal article floaters to help cover the cost of their valuables. But while it may be easier to remember to cover the new diamond bracelet your husband purchased for you last year, it may slip your mind (understandably so) to cover something handed down from a relative who passes away.

Remember though, that if you inherit something, it’s just as important to get it appraised and to consider purchasing a personal articles floater.
Otherwise, imagine if an art collection you inherited from Aunt Edna worth $10,000 was stolen, but your policy only covers up to $2,000 against theft?

That’s a major gap in your valuables coverage, and one that you can help fill by purchasing a personal articles floater.

Talk to your local Farmers agent, who can help you identify gaps in your coverage.

With insurance options you can tailor to your particular needs, including personal article floaters for your policy.

*https://www.fbi.gov/about-us/cjis/ucr/crime-in-the-u.s/2012/crime-in-the-u.s.-2012/property-crime/burglary

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

If you’ve watched any home makeover shows, you may think major renovations are no big thing. Talented designers effortlessly transform the dullest of houses into unbelievable construction masterpieces within weeks (with a few predictable hiccups along the way!)

In real-life though, remodeling your home can be an expensive and time-consuming task.

For many, it can be worth the investment. But, if you’re a first-time home buyer or undertaking a project for the first time, you’re bound to make some common remodeling mistakes that may end up costing you even more time and money like:

• Failing to create a realistic budget
• Not doing your due diligence before hiring contractors
• Forgetting to review your insurance policy

Remember, if you plan to remodel your home, take the time to update your insurance coverage, too! But why? Well, a major home renovation may create costly gaps in your coverage:

Renovations and Home Insurance Gaps

Planning a bathroom makeover? How about adding a brand new deck? Giving your kitchen a facelift?

That’s great! Home renovation projects not only add appeal to your home, they can drive up your home’s resale value too.

Before you start a project though, talk to your insurance agent and dust off your homeowners insurance policy. That’s because after you’re done remodeling, you may need increased coverage because:

• The market value of your home may be substantially higher than it was before the renovation.
• Your existing policy may not have the appropriate type or amount of coverage to pay for the cost to rebuild your home in case of loss.

Renovations and Liability Gaps

Also, keep in mind that mishaps happen all the time during the construction process!

Let’s say you hired a construction crew and someone gets injured on the job and files a lawsuit against you? Usually, there’s nothing to worry about as a reputable contractor will carry workers’ compensation coverage.

But some people may decide to act as their own general contractor and instead hire subcontractors, friends or relatives to do the work. That’s a risky situation (one we don’t recommend) because if any of those people don’t have adequate coverage, or any coverage, while working in your home, you run the risk of a lawsuit and liability exposure.

That’s why it’s important to make sure you have liability coverage in place for this type of exposure to help protect you against the unexpected.

Contact your Farmers agent before the project begins so you’re not left paying out of pocket if your home or building supplies get damaged or destroyed, or someone gets into an accident! Your agent can help you:

• Identify gaps in your coverage; and
• Provide the type of insurance and the limits you may want to reflect the changes in your home.

*http://www.remodeling.hw.net/cost-vs-value/2015/

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

Finally found the home you’ve always dreamed of? Bought a condo by the water? Moving to a different city for a new job and renting an apartment?

Well, that’s exciting! But now comes the hard part: planning the big move.

Between sorting through years of accumulated stuff, squeezing all that stuff into boxes, hiring movers to haul it, and unpacking everything in your new place, it’s all too easy to have the things you really care about get lost or stolen in the shuffle.

Here’s how to keep your most prized possessions safe when you move.

1) Keep the important stuff close at hand

No matter how reputable your moving company is, ask yourself: would you leave your mother’s wedding ring or a decade’s worth of family photos in the hands of a stranger?

Probably not… right?

Take extra care of the personal belongings that are hard to replace, keep them close where you can see them, and transport them yourself. Some items include:

• Expensive jewelry and watches
• Electronics like laptops, computer hard drives, digital cameras etc.
• Family heirlooms and photos
• Coin and stamp collections and other collectibles
• Passports, birth certificates, driver’s licenses, social security cards, insurance policies, and other important documents

2) Take inventory

You’ve heard enough moving horror stories at this point to know that a lot can go wrong between point A and point B. You don’t want to arrive at your destination to find your precious china set misplaced or your treasured collection of sports memorabilia gone missing.

That’s why moving is the perfect time to take inventory of all your belongings so you can to keep track of everything you own to quickly pinpoint what’s missing when you unpack. While you pack, take photos and videos of your valuables and write down a description, so you have detailed documentation and photographic evidence to back up your claim in case you need it.

3) Pack paintings properly

You may have bought an expensive piece of art on your travels or own an old photograph that has been passed down through generations. If it’s framed, make a big “X” with masking tape over the glass – it can help keep glass from shattering.

4) Ensure you have the right coverage

Before you move, it’s a good idea to revisit your homeowners insurance policy to size up your personal property coverage.

Typically, homeowners insurance covers belongings up to a certain limit. But when it comes to expensive or unique valuables, those limits may not be enough to fully cover the cost of replacing them.

Imagine if a cherished necklace from Grandma Rose worth $5000 was stolen during a move, but your policy only covers jewelry for $2,000 against theft?

That’s a major coverage gap!

Start by evaluating how much your belongings are actually worth (Consider having your more expensive stuff professionally appraised to know their current market value) and then speak to a Farmers agent to find out:

• Is your move covered under your current homeowners insurance policy?
• Does your homeowners policy provide enough personal property coverage to fully reimburse you for the cost of items that are lost or stolen during a move?
• Do you need to increase the limits on your policy or purchase a
• Personal Articles Floater to cover high-value items such as jewelry or art?

Before the big move, talk to a Farmers agent, who can conduct a free Farmers Friendly Review of your current coverage. Together, you can help spot gaps in your coverage, and possibly prevent problems before they become costly claims.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

If the reports, news stories, and modern prognosticators are right, self-driving cars are just a few years (or decades, depending on who you ask) away.

Thankfully, we’re not obsolete yet. People are still in the driver’s seat, and it’s still our responsibility to do it safely. That doesn’t mean we can’t get a little help from car computers here and there, though.

By alerting us to dangers, giving us more information, and sometimes even taking the wheel (if only for a moment), the latest technological advancements in car safety and crash avoidance are helping us fill gaps in our driving lives:

1) Front Crash Prevention

Human reaction time is good, but it’s nothing compared to a computer’s. So, car manufacturers have developed technologies that can “see” the road ahead and help you make faster decisions, reducing the risk of accidents or avoiding them completely.

• Seeing the road – sensors, cameras, radar, and even night vision on modern cars help “see” the road ahead, and detect when we get too close to an object (like another car) or pedestrians in our path.
• Preventing collisions –These sensors are coupled with automatic reaction systems. So, when your car sees that pedestrian walk into your path, it can automatically hit the brakes if you don’t. Other systems can protect you if an accident is imminent, pretensioning safety belts, closing windows, adjusting seat positions, and moving head restraints.

2) Adaptive Cruise Control

This advanced technology isn’t too dissimilar from the cruise control you’ve used for years. The modern twist is that now, a computer can adjust your speed, apply the brakes, and even give you back control of the car as traffic conditions change. With sensors and cameras in the car, computers can judge the distance between you and the car ahead, increasing your speed when the space is greater, reducing it if the car gets closer, or even hitting the brakes if traffic comes to a stop.

It’s not completely “self-driving” yet, but it’s an interesting next step!

3) Lane Departure Warning and Prevention

Not only can car sensors and cameras detect things around you, they also know which lane you’re in! The latest camera and sensor technology actually tracks your car’s position in a lane, and alerts you if you start to drift across the lines. Some cars give you a simple audio or visual warning, while others can actually stiffen the steering wheel or automatically guide you back to your lane. While this doesn’t mean you can doze off on long car rides or early morning commutes, it is a great safety feature to have.

4) Blind Spot Detection

It happens to the safest drivers: you’re about to switch lanes, thinking you’re in the clear, and a car comes out of nowhere. To expand your abilities, protect you, and help keep your eyes on the road, new technology helps watch your blind spots for you. Newer cars feature sensors and lights, usually on your rearview mirrors, that light up when a car’s in your blind spot. More advanced features can even prevent you from changing lanes if you signal while a car’s in your blind spot.

5) Parking Assist

Other new driving technologies watch out for us while we park. Rearview cameras, radar, and sensors give us a clear view of what’s behind and around the car. Traffic monitors tell us if a car is in our path while we’re parallel parking. The latest and greatest parking technologies are actually starting to parallel park for us too!

6) Adaptive Headlights

A seemingly simple concept, but absolutely incredible to behold (especially on winding roads) are adaptive headlights. These suckers pivot left and right as you turn the wheel, illuminating the road as you drive around curves and bends, providing better visibility at night.

All of these modern in-car systems help to fill gaps that our human errors cause on the road. They expand our sight, reaction time, and other abilities to make us safer every day.

But even with advanced technologies, accidents are going to happen (even if you don’t cause them). That’s why we’ll still need car insurance to cover us out there. Unfortunately, gadgets and sensors can’t fill gaps in your car insurance, caused by:

• Accidents with uninsured drivers
• Liability claims against you
• Weather damage and theft
• And more…

Thankfully, when it comes to helping you spot and fill those gaps in your auto coverage, no technology holds a candle to a Farmers Agent.

Talk to a Farmers Agent today, to help you spot gaps that may be hiding in your car insurance.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

A new study from the Insurance Research Council (IRC) finds that in 2012, the average car accident claim totaled over $17,000 (including property damage and bodily injury claims).

Typically, after an accident, the at-fault driver’s Car insurance pays these claims, helping victims repair their property, cover medical bills, and get them back to normal. However, studies show that nearly 1 in 8 drivers are completely uninsured!

Statistics also claim that uninsured motorists caused 14% of vehicle accidents in 2012. That means in the 5.5 million car accidents in 2012, about 785,000 of the victims couldn’t file a claim. Since the other driver was completely uninsured, there was no insurance to recoup money for repairs, medical expenses, property damage, and more.

Without adequate property and liability coverage, the victim has no choice but to sue the uninsured at-fault driver for compensation. For the victim, on top of any property or injury claims, this adds a host of legal costs, time, and frustration to an already frustrating situation.

All this poses a serious financial risk to even the most seasoned and insured drivers among us.

Covering Yourself from Uninsured Drivers

You may think your Car insurance completely covers you behind the wheel, but the risks posed by uninsured motorists can expose gaps in your coverage. To fill these gaps, insurance companies offer Uninsured/Underinsured Motorists coverage. As the name would imply, this can cover your damages caused by an uninsured driver.

Uninsured/Underinsured Motorists coverage can apply to bodily injuries and property damages. Your insurance company covers you, so you don’t have to personally seek compensation from an at-fault uninsured motorist, wasting time and money in the legal process.

With Uninsured/Underinsured Motorists insurance for bodily injury and property damage, you’re covered (up to your limits) against:

• Damages to your car
• Damages to other covered property
• Medical expenses
• Lost wages
• Emotional distress
• Pain and suffering
• And more

Currently, 22 states including Washington D.C. legally require drivers to carry Uninsured/Underinsured Motorists coverage, while many other states offer it as an option for mandatory liability insurance.

To make sure it’s a part of your Auto insurance policy, or if you’d like to add Uninsured/Underinsured Motorists coverage to fill gaps in your insurance, talk to your insurance agent or provider.

The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

The 3 Insurance Gaps Every Couple Should Know

Tying the knot? Getting hitched? Taking the plunge?

Whatever you call it, marriage is an amazing, transcendent, and beautiful thing…with a whole lot of implications.

If you’re preparing to walk down the aisle, or even if you’ve recently thrown the bouquet, it’s important to remember a few key pieces of business to take care of, between planning the seating arrangements (remember Uncle Joe cannot sit next to Cousin Steve!) and trying wedding cakes.

1) Make sure to cover the ring

If you already have homeowners, renters, or condo insurance, it’ll typically cover your personal possessions (up to the specified limit). But that’s not usually the case with rare or valuable items, like say, your gorgeous engagement and wedding rings.

Imagine if something happened to them? Besides the massive monetary loss, think of how much trouble you’d be in! Without proper coverage, you might be sleeping on the couch for the rest of your life.

That’s where insurance floaters come in. For example, a personal article insurance floater is used to insure certain scheduled personal property such as your unique or valuable items, beyond what’s provided in your underlying homeowners, renters, or condo insurance. They’re perfect for wedding and engagement rings, and are great at filling gaps in your coverage.

2) It might be time for Life insurance (or more Life insurance)

Marriage means you can always rely on each other. But your spouse is probably relying on you for more than just love and affection. Maybe you’re sharing expenses, maybe you’ve bought a home together. Whatever the case, most likely, you’re relying on each other for financial security too.

That’s why life insurance becomes so much more important after you get married. It’s crucial to protect your family from financial hardships, should anything happen to you. Especially if you start a family, without enough life insurance, your lost income could dramatically affect their future.

Even if you already have life insurance through work, or a personal life policy, your existing limits might not be enough for you, now that you’ve tied the knot. It’s a good idea to review your changing needs with a Farmers Agent to prevent any possible life insurance gaps.1

3) Buying a home together? Make sure it’s fully covered

Almost as big a decision as getting married, deciding to buy a home together is another game changer. Not only is it a major investment, but it comes with a host of extras to consider…including homeowners insurance.

When deciding on homeowners limits, one factor to consider is the true cost to rebuild your home, not just the price you paid for it. This is a common misconception, which may lead to a homeowners insurance gap.

With love comes marriage, and with marriage can come a slew of life changes. So before the big day, speak to a Farmers agent to help you identify and possibly fill some of marriage’s biggest insurance gaps.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

1 Life insurance, annuities and accidental death insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.
* Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd. Bldg. 1 Agoura Hills, CA 91301. Member FINRA & SIPC.
* Products and Services/Auto or Home/Questions you may have about Risk Assessment Indicators

Auto Liability insurance (the type of coverage you typically needed to drive legally) works to cover you and pay for damages you may cause if you’re ever at fault in an accident.

The thing is, liability coverage doesn’t do anything for your car. If you’re at fault, your busted bumper, broken headlight, or dented door is 100% your responsibility if you’ve only purchased liability coverage.

So what?

Let’s say you’re driving to work and reach to change the radio station. The van driving ahead of you suddenly stops short, and you rear end them.

Now, if you’re at fault in the accident, your liability insurance should cover damages to the van and its passengers, but your car is damaged, too. Who’s going to pay to fix your car?

That’s a major coverage gap!

Question: If you hit something and damage your car, what insurance do you need to cover your damages?

Answer: Comprehensive and Collision coverage

Comprehensive and Collision coverage is only for you and your vehicle.

• Comprehensive insurance covers damages from things outside your control, like fire, theft, vandalism, hail, floods, earthquakes, or contact with animals.
• Collision coverage is basically what it sounds like. Hit something like a guard rail or another car? Collision insurance covers the damage resulting from the collision.

Talk to your Farmers Agent today about adding Comprehensive and Collision coverage to your policy.

FYI: If you lease or finance your car, you may be required to hold Comprehensive and Collision coverage. So talk to your Famers Agent and schedule a Farmers Friendly Review to make sure you have the coverage you want.

The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

In 2014, 57% of private businesses offered their employees Life insurance plans, and a whopping 97% of employees enrolled.

That’s not surprising, since LIMRA’s 2013 Insurance Barometer Study found that 85% of consumers think most people need Life insurance. Even so, 1/3 of all consumers still don’t believe they have enough Life insurance.

Are they right?

How Employer-Provided Life Insurance Works

Employer-provided or group Life insurance can be a powerful and affordable benefit. Generally, a company will pay for Life insurance for their employees (and families) for a small cost taken from their paychecks, all without a medical exam. This makes employer-provided coverage an affordable option, even for those in less-than-perfect health.

To keep costs down though, and deliver benefits to everyone, company-provided Life insurance may have limitations and:

• Restrict your coverage and additional options to small amounts (typically up to 2X your salary).
• Not travel with you if you leave your job.
• End suddenly if your company discontinues the policy.

While these plans do benefit employees and help families in tough times, far too many households rely on them as their sole source of Life insurance. That means employees are typically not carrying enough coverage (especially in single-income households) and leaving their loved ones exposed between jobs.

It also means 30% of consumers are right…they are underinsured. That’s especially true as most financial experts recommend having Life insurance for at least 5X-7X your annual salary.

Personal Life Insurance vs. Employer-Provided Coverage

Personal Life insurance plans are another coverage option that you can purchase directly from an insurance provider, outside of your employer.

These policies don’t have the same drawbacks and restrictions as employer-provided plans. They may also supplement and fill gaps in your employer’s coverage by:

1) Allowing you to choose the insurance provider

Personal Life policies are a direct relationship between you and an insurer you choose. That means you choose the company, and you buy the policy.

2) Providing consistent coverage

Unlike employer-provided Life insurance policies, personal Life plans aren’t tethered to your job. Continue to pay the premiums and your policy continues to cover you and your family (subject to policy provisions).

3) Delivering expanded limits and coverage options

Personal Life policies offer a wider variety of options and limits to choose from, and aren’t as restricted as an employer-provided policy might be. Take some time and evaluate what limits you might need to cover the mortgage, your kids’ educations, any special needs they may have, and any other expenses, the way you want.

4) Locking in rates and saving money in the long term

Personal plans may be more expensive than the cheap and sometimes free benefits provided by your employer. However, with the restrictions and coverage gaps, you may find employer-provided plans more costly in the long run if they’re your only Life insurance. This is especially true if a medical condition forces you to leave your job, or you become ill between jobs. With personal Life insurance though, if you obtain coverage when you’re young and healthy, you have a better chance of locking in a good rate, and remaining covered when you actually need it.

Do You Have Enough?

If your employer provides a Life insurance policy benefit, this is a great place to begin. After all, when it comes to Life insurance, some coverage is always better than no coverage. For some, like a single person without dependents, or those in multi-income households, this affordable limited coverage may be enough.

However, if you have children, dependents, or rely on a single income, limited, non-transferable Group Life insurance may not provide the coverage you want. Consider a personal Life insurance policy to help fill the gaps in your coverage, and protect your family when they need it most.

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The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

1 Life insurance, annuities and accidental death insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.
Products & features may not be available in all states & may vary by state.
* Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd. Bldg. 1 Agoura Hills, CA 91301. Member FINRA & SIPC.
* Products and Services/Auto or Home/Questions you may have about Risk Assessment Indicators

After a lifetime of hard work, you’re finally ready to retire. It’s time to relax, pursue your passions, and do the things you’ve always dreamed about – whether that means traveling the world or buying a vacation home on the beach.

However, freedom from the alarm clock doesn’t mean freedom from all financial responsibility. As you enter the sunset years, your lifestyle undergoes enormous changes, and those may create costly gaps in your insurance coverage:

Retirement and Home Insurance Gaps

You probably purchased homeowners insurance when you first bought your home, and now your policy is collecting dust in a file cabinet somewhere. If you haven’t reviewed your insurance coverage in years (or even decades!) retirement is the perfect time to re-evaluate your coverage with your agent.

It’s especially important to pay attention to your personal property coverage, a part of homeowners insurance. Ask yourself: Have you collected expensive possessions like antiques, collectibles, art, jewelry, or furniture over the years? If the answer is yes, then ask yourself if you have the coverage you want for these valuables? It may be worth your while to increase the limits on your policy, or add additional endorsements to cover your valuables.

Typically, homeowners insurance covers belongings up to a certain limit. But those limits may not be enough to fully cover the cost of replacing them, if they’re lost or damaged. That’s a major coverage gap for your valuables!

Retirement and Liability Gaps

Once you reach retirement, you may have accumulated substantial assets. In fact, liquidating your assets may be part of your retirement planning. So, now it’s more important than ever for you to take steps to help protect those assets from negative results of lawsuits.

Typically, homeowners and auto insurance provide liability coverage, but only up to a certain limit.

Now, let’s say you loaned your vacation home to a friend for a weekend and someone slipped and fell and sued you. Or, you were driving and caused an accident that injured someone, and a lawsuit was filed against you.

The liability limits on your home or auto policy may inadequately cover the claim, leaving your personal assets at risk.

That’s a major liability coverage gap, and one that purchasing an Umbrella policy, may help fill.

Umbrella insurance provides extra liability coverage and helps pay for damages when the liability limits of your homeowner’s or auto policies are exhausted.

Talk to a Farmers agent to discuss your potential risk exposure and help find ways to make sure everything you’ve worked so hard to build is covered the way you want.

Retirement and Life Insurance Gaps

“Not having any life insurance that is personally owned when you retire can create a gap in your coverage,” says Angela Johnson, a Farmers agent and owner of Angela Johnson Insurance Agency.

“When someone retires they can lose their life insurance, it may get reduced, the premium may increase and/or the face amount may get reduced at a certain age. And their health usually makes them uninsurable by the time they retire,” Johnson says.

That’s why it’s smart for you to plan ahead before you retire and take steps so that your spouse and your kids are financially secure after your passing. Consider working with your Farmers agent to discuss your life insurance needs and to help you make sure your policy is current.1

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

1 Life insurance, annuities and accidental death insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.
Products & features may not be available in all states & may vary by state.
* Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd. Bldg. 1 Agoura Hills, CA 91301. Member FINRA & SIPC.
* Products and Services/Auto or Home/Questions you may have about Risk Assessment Indicators