We have great questions from customers quite often asking if the insurance they have acquired from us covers this or that etc. We do our best to answer those questions – some easy – some not! We offer some of the coverage’s that you need but there are times, we’ll refer them to other sources for specialty types of coverage’s as mentioned in this blog article. Let’s discuss some of the most asked questions from the insurance needing public:
Pet Insurance
Buy it. “It’s heartbreaking to watch families have to decide whether or not they can save their pet’s life because of finances,” says Donnell Hansen, DVM, an oral surgeon at BluePearl Veterinary Partners in Blaine, Minnesota. “Insurance gives you extra resources and helps get rid of the guilt.” Most plans pay 70 to 90 percent of the cost of procedures, which is significant when you’re facing $2,500 for a fractured tooth or upwards of $6,000 for CCL knee surgery. Research policies first, using a site like NerdWallet or ConsumersAdvocate.org. Some plans don’t include wellness visits or vaccines, and none cover preexisting conditions, so it’s best to get insurance when your furry friend is a baby, if possible, for lower rates. (we can help here at Benton White Insurance)
Renter’s Insurance
Buy it. A party in your apartment or overflowing sink can cause significant damage to a structure, which can lead to astronomical repair bills that most renters can’t cover out of their own pockets. Plus, your liability coverage often includes protection if your dog bites someone or if your housecleaner slips and gets injured. Included in the renters policy would be coverage for your personal items if stolen or destroyed. We always suggest you get FULL REPLACEMENT COVERAGE for your personal property. It’s not that much more in premium to cover your property at ‘today’s value’ versus ‘actual cash value’ which many agents offer for a little less. We have that option available but for the small difference in premium, we highly urge all of our insureds to cover their property fully – not partially! (we can help here at Benton White Insurance)
Appliance Warranty Extensions
This depends on the item. For major appliances that you want to keep for more than 10 years and cost more than $500, like refrigerators and washing machines, it might make sense, says Angie Hicks, cofounder of Angie’s List, a site that provides reviews of and info about consumer services. Skip it for TVs and other electronics whose technology changes so quickly you’d probably end up replacing instead of repairing. “As always, understand what the policy covers, if you still have to pay a service fee, and how the repair will be handled,” says Hicks. She also advises buying the extension from the manufacturer, not the store: “It’s easier to get parts that way.” (this is not one of our policy offerings at Benton White Insurance. We refer you to a specialty company)
HVAC / Utility Maintenance Plans
Buy it. “It’s really important to maintain your furnace and air conditioner, because they lose efficiency otherwise, which will hit you in your utility bill,” says Hicks. Also, you’ll often pay less for up-front service fees and will typically get first priority in the repair queue when your system inevitably goes out on the hottest or coldest day of the year. (this is not one of our policy offerings at Benton White Insurance. We refer you to a specialty company)
Home Warranty
Depends on the terms. A home warranty is separate from homeowner’s insurance and is often part of the closing deal. We don’t offer this coverage from the agency. We often refer this one to specialty companies that handle this policy. The main benefit is that it can keep you from worrying about unexpected and costly repairs, but warranties come with many restrictions, says Hicks. You don’t have a say how an item is replaced or repaired, and you’re beholden to the warranty company’s standards, schedule, and service person. The company decides if you get a replacement or (more likely) a quick fix that will last the life of the warranty. And it chooses the service provider, whose quality of work you might not be happy with, adds Hicks. Before saying yes to a home warranty, ask to see a list of service workers, estimated service fees, and the typical timeline of repairs. (this is not one of our policy offerings at Benton White Insurance. We refer you to a specialty company)
Rental Cars
Depends on your other coverage. Your auto insurance policy should cover rental car damages if you are in the continental United States. Renting abroad is a completely different situation. Credit cards offer some protection as well, but before you rent, ask your credit card company whether you need to pay for the rental car with that card, whether you need to decline the rental company’s insurance entirely, and whether the credit card company offers primary rental insurance (meaning you don’t have to file a claim with your own car insurance) or secondary rental insurance (meaning you have to file a claim with your insurance carrier first, which will likely increase your rate).
Travel Insurance
Depends on your prepaid expenses. For any trip putting a large amount of money at risk, particularly up-front costs (think group packages and booked cruises), it can be a good idea, says Damian Tysdal of the site Travel Insurance Review. You typically pay between 4 and 8 percent of the total cost of the trip; so if you’re planning a $5,000 vacation, that extra few hundred dollars can give you peace of mind, medical coverage if you’re in a foreign country, and some protection against certain weather disasters, says Fitzgerald. If you booked your trip using a credit card with travel protection or are willing to sacrifice your prepaid expenses, skip it, says Richardson. It’s especially not worth it for smaller costs, like concert tickets, or for last-minute domestic trips—airfare can typically be changed for a fee, and most hotels can be canceled within 48 hours. (we can help here at Benton White Insurance)
Cellphones
Depends on your habits, your device, and your other insurance. Homeowner’s and rental insurance policies should cover theft or accidental damage by a major disaster (like a fire), but your deductible may be higher than the cost of a new phone, and the reimbursement amount may be limited. “Phones are increasing in reliability, so the bigger concern is if it accidentally breaks,” says Daniel Bader, managing editor of Mobile Nations, an online mobile technology resource. Ask yourself, “Am I a perpetual screen shatterer? Do I work around water? Will my kids borrow my device?” If you answer yes to any of these, insurance is probably worth it. Next, consider how robust your phone, case, and screen protector are. Then do a cost analysis to determine if the extra $10 or so a month adds up to more or less than the price of a phone repair. If you purchase a plan, go through the manufacturer (if it offers one), not your carrier. Repairs done through your carrier’s insurance plan can take a few weeks, since the carrier doesn’t have in-house facilities and has less access to inventory. (we can help here at Benton White Insurance)
Jewelry Insurance
Don’t start a new policy. Instead, if your piece is worth over $1,500, provide a description and receipt to your homeowner’s or renter’s insurance company for broader protection against theft and loss. (we can help here at Benton White Insurance)
Extended Car Warranties
Many say skip it. As with a home warranty, the main benefit is not having to worry about unexpected costs, but these warranties don’t always cover all repairs and aren’t transferable if you sell your car within a few years. Also, you may lose coverage if you don’t do proper maintenance. Extended car warranties makes more sense if your brand of car is known for needing expensive and extensive repairs—but not buying that type of car is the best insurance of all. (this is not one of our policy offerings at Benton White Insurance. We refer you to a specialty company)
Contact Us
Hopefully, this answers some of your questions about coverage’s through us or available through specialty carriers. It can get confusing and we realize that. I often say that we’re as much in the insurance education business as we are in the product marketing business. But it’s what we do and we’re more than glad to help you.
Feel free to EMAIL us at info@BentonWhite.com or TEXT or CALL – 615.377.1212 if we can help you with your insurance. We’re here to help and earn your business!
[Portions of this blog come from an article written by Kathleen Murray Harris, www.realsimple.com – May 25th, 2018)
