Insurance

Homeowner Insurance: The Untold Truths You Need to Know

Homeowner Insurance: The Untold Truths You Need to Know

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Homeowner Insurance | Start A Quote Today!

When it comes to protecting your home, homeowner insurance is a must-have. It provides coverage for property damage, liability, and even personal belongings. However, many homeowners are unaware of the limitations and exclusions that come with their insurance policy. In this blog post, we will explore what is not covered by your homeowner insurance policy, so you can be better prepared and avoid any surprises in the event of a claim.

What Homeowner Insurance Does NOT Cover

1. Earthquakes and Floods: Most standard homeowner insurance policies do not cover damage caused by earthquakes or floods. If you live in an area prone to these natural disasters, it is important to consider purchasing separate coverage to protect your home.

2. Sewer Backup: If your sewer backs up and causes damage to your home, it may not be covered by your homeowner insurance policy. This is another coverage that you may need to add as an endorsement to your policy.

3. Mold and Mildew: While some policies may cover mold and mildew damage, it is often limited and may only be covered if it is a result of a covered peril, such as a burst pipe. It is important to review your policy to understand the extent of coverage for mold and mildew.

4. Wear and Tear: Homeowner insurance is designed to protect against sudden and accidental damage, not normal wear and tear. If your roof is old and starts leaking, it may not be covered by your policy. Regular maintenance and repairs are your responsibility as a homeowner.

5. Termites and Pests: Damage caused by termites, rodents, or other pests is typically not covered by homeowner insurance. It is important to take preventative measures and address any pest issues promptly to avoid costly repairs.

6. Business-related Losses: If you run a business from your home, it is important to note that homeowner insurance typically does not cover business-related losses. You may need to purchase separate business insurance to protect your assets and liability.

7. High-Value Items: While homeowner insurance provides coverage for personal belongings, there are often limits on high-value items such as jewelry, artwork, or collectibles. If you own valuable items, you may need to purchase additional coverage or a separate policy to adequately protect them.

Understanding Homeowner Insurance Policy Limitations

In addition to exclusions, homeowner insurance policies also have limitations that can affect your coverage. It is important to be aware of these limitations to ensure you have adequate protection for your home.

1. Actual Cash Value vs. Replacement Cost: When it comes to property damage, homeowner insurance policies may provide coverage based on either the actual cash value (ACV) or the replacement cost. ACV takes into account depreciation, while replacement cost provides coverage for the full cost of replacing the damaged item. It is important to understand which type of coverage your policy offers.

2. Liability Coverage Limits: Liability coverage protects you in the event that someone is injured on your property and sues you. However, there are limits to how much coverage your policy provides. It is important to review your liability coverage limits and consider purchasing additional coverage if necessary.

3. Deductibles: Homeowner insurance policies often have deductibles, which are the amount you are responsible for paying out of pocket before your insurance coverage kicks in. It is important to understand your deductible and ensure you have enough savings to cover it in the event of a claim.

4. Vacant or Unoccupied Homes: If your home is vacant or unoccupied for an extended period of time, your homeowner insurance policy may have limitations or exclusions. It is important to notify your insurance company if your home will be vacant or unoccupied for an extended period of time to ensure you have the proper coverage.

Avoiding Home Insurance Coverage Gaps

To avoid coverage gaps and ensure you have adequate protection for your home, it is important to review your homeowner insurance policy regularly and consider the following tips:

1. Read the Fine Print: Take the time to read and understand your insurance policy, including the exclusions, limitations, and coverage details. If you have any questions, reach out to your insurance agent for clarification.

2. Review and Update: Regularly review your policy to ensure it still meets your needs. If you have made any significant changes to your home or belongings, such as renovations or purchasing high-value items, update your policy accordingly.

3. Consider Additional Coverage: If you live in an area prone to natural disasters or have valuable items, consider purchasing additional coverage or separate policies to adequately protect your home and belongings.

4. Document Your Belongings: Keep an inventory of your personal belongings, including receipts, photos, and appraisals. This will make the claims process smoother in the event of a loss.

5. Shop Around: Insurance policies and coverage options can vary greatly between insurance companies. Take the time to shop around and compare quotes to ensure you are getting the best coverage at the best price

Shield Insurance Agency represents over 40 insurance companies. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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The Truth About Coinsurance and Your Health Insurance: Don't Miss Out!

The Truth About Coinsurance and Your Health Insurance: Don’t Miss Out!

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Coinsurance | Health Insurance | Contact Bri!

NOTE: Coinsurance may also be called “eligible expense,” “payment allowance,” or “negotiated rate.”

Health insurance can be a complex topic, with various terms and concepts that can confuse policyholders. One such term is “coinsurance.” Understanding what coinsurance is and how it affects your health insurance is crucial for making informed decisions about your coverage. In this blog post, we will delve into the intricacies of coinsurance and its impact on your healthcare costs.

Understanding Coinsurance:

Coinsurance is a cost-sharing arrangement between the policyholder and the insurance company. It is the percentage of the covered medical expenses that the policyholder is responsible for paying after the deductible has been met. For example, if your payment allowance is 20%, you will be responsible for paying 20% of the covered medical expenses, while the insurance company will cover the remaining 80%.

Negotiated Rate and Deductible:

Coinsurance and deductible are two separate components of health insurance. The deductible is the amount you must pay out of pocket before your insurance coverage kicks in. Once you have met your deductible, eligible expenses comes into play. It is important to note that the deductible and payment allowance are not the same, and you may have to pay both depending on your insurance plan.

Coinsurance and Healthcare Costs:

Coinsurance plays a significant role in determining your healthcare costs. The percentage of payment allowance you have will directly impact the amount you have to pay for medical services. If your eligible expense percentage is higher, you will be responsible for a larger portion of the medical expenses. On the other hand, a lower payment allowance percentage means the insurance company will cover a larger portion of the costs.

Negotiated Rate Health Coverage:

Coinsurance is a crucial factor in determining the extent of your health coverage. Higher coinsurance percentages can limit your coverage, as you will have to pay a larger portion of the medical expenses out of pocket. It is essential to carefully review your insurance plan and understand the negotiated rate percentage to ensure it aligns with your healthcare needs and budget.

Insurance Plans:

Different insurance plans offer varying payment allowance percentages. Some plans may have fixed percentages, while others may offer different options for policyholders to choose from. When selecting an insurance plan, it is important to consider your healthcare needs and financial situation to determine the most suitable negotiated rate percentage for you.

Medical Expenses:

Payment allowance applies to covered medical expenses, which can include doctor visits, hospital stays, surgeries, prescription medications, and more. It is important to review your insurance policy to understand which medical expenses are covered and how the negotiated rate percentage applies to each category. This knowledge will help you estimate your out-of-pocket costs accurately.

Out-of-Pocket Costs:

Coinsurance is a significant factor in determining your out-of-pocket costs. Along with deductibles and copayments, payment allowance contributes to the total amount you have to pay for medical services. It is crucial to budget for these costs and understand how this affects your financial responsibility.

Coinsurance Health Insurance:

Payment allowance is a common feature in health insurance plans. It helps insurance companies share the cost of medical expenses with policyholders, ensuring that the burden is not solely on the individual. By understanding how payment allowance works, you can make informed decisions about your health insurance coverage and manage your healthcare costs effectively.

Payment allowance Percentage:

The insurance percentage is the portion of the covered medical expenses that you are responsible for paying. It can range from 0% to 50% or more, depending on your insurance plan. Higher payment allowance percentages mean higher out-of-pocket costs, while lower percentages provide more coverage from the insurance company.

Coinsurance vs Copay:

While coinsurance and copayments are both cost-sharing arrangements, they differ in how they are calculated. Coinsurance is a percentage of the covered medical expenses, while a negotiated rate is a fixed amount you pay for specific services. For example, you may have a $20 copayment for a doctor’s visit, regardless of the total cost of the visit. Understanding the difference between negotiated rate and copayments is essential for managing your healthcare expenses.

Coinsurance is a critical aspect of health insurance that affects your out-of-pocket costs and coverage. By understanding how negotiated rate works and reviewing your insurance plan, you can make informed decisions about your healthcare and budget effectively. Shield Insurance Agency represents over 45 insurance companies and can assist in all your insurance needs. Start a Quote Today!

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Online Shopping?🌐 Stay One Step Ahead of Cybercriminals with These Personal Security Measures

Online Shopping?🌐 Stay One Step Ahead of Cybercriminals with These Personal Security Measures

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Online Shopping | Cyber Insurance | Contact Shield

The holiday season is upon us, and with it comes the convenience of online shopping. However, it’s important to remember that cybercriminals are also gearing up for this time of year. Protecting your personal information and ensuring secure online transactions should be a top priority. In this blog post, we will discuss essential cybersecurity measures to take when holiday shopping online. By following these precautions, you can safeguard yourself against identity theft, online fraud, and other online scams.

Understand the Importance of Cybersecurity

Cybersecurity is crucial in today’s digital world. With the increasing number of online transactions during the holiday season, it’s essential to be aware of potential risks. Cybercriminals are constantly evolving their tactics to exploit unsuspecting shoppers. By understanding the importance of cybersecurity, you can take proactive steps to protect yourself and your personal information.

Use Secure Websites for Online Shopping

When holiday shopping online, always ensure that you are using secure websites. Look for the padlock symbol in the address bar and check if the website’s URL starts with “https” instead of “http.” This indicates that the website has an SSL certificate, encrypting your data and making it difficult for hackers to intercept. Avoid making purchases from unfamiliar or suspicious websites, as they may be fraudulent.

Strengthen Your Passwords for Online Shopping

One of the simplest yet most effective cybersecurity measures is to use strong passwords. Avoid using common phrases or easily guessable information. Instead, create unique passwords that include a combination of uppercase and lowercase letters, numbers, and special characters. Additionally, consider using a password manager to securely store and generate complex passwords for your online accounts.

Be Wary of Phishing Attempts

Phishing is a common tactic used by cybercriminals to trick individuals into revealing their personal information. Be cautious of emails, messages, or pop-ups that ask for sensitive data or direct you to unfamiliar websites. Legitimate companies will never ask for your password or financial information via email. If you receive a suspicious message, contact the company directly through their official website or customer service hotline to verify its authenticity.

Update Your Devices and Software

Regularly updating your devices and software is crucial for maintaining online security. These updates often include important security patches that address vulnerabilities in your operating system or applications. By keeping your devices and software up to date, you can minimize the risk of falling victim to cyberattacks.

Utilize Two-Factor Authentication

Two-factor authentication (2FA) adds an extra layer of security to your online accounts. It requires you to provide a second form of verification, such as a unique code sent to your mobile device, in addition to your password. Enable 2FA whenever possible, as it significantly reduces the chances of unauthorized access to your accounts.

Consider Cyber Insurance when Online Shopping

In addition to taking preventive measures, consider protecting yourself with a cyber insurance policy. Cyber insurance provides coverage for financial losses resulting from cyberattacks, identity theft, and other online risks. Shield Insurance Agency represents over 40 insurance companies and can help you find the right cyber insurance policy to suit your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK, and an agent will be in touch soon.

As you embark on your holiday shopping journey, remember to prioritize your personal security. By implementing these cybersecurity measures, you can enjoy the convenience of online shopping while minimizing the risks of identity theft, online fraud, and scams. Stay vigilant, use secure websites, strengthen your passwords, be cautious of phishing attempts, update your devices and software, and consider cyber insurance for added protection. With these precautions in place, you can shop online with confidence and peace of mind. Happy and secure holiday shopping!

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100 Funny Thanksgiving Jokes 😂 to Tell Once Everyone Is Gathered 'Round

100 Funny Thanksgiving Jokes 😂 to Tell Once Everyone Is Gathered ‘Round

Posted on by Shield Insurance Agency

The Pioneer Woman | Oct 23, 2023 | Thanksgiving | ShieldAgency.com

What do you call a baker who only makes pies? The Pie-oneer Woman.

Being around family during Thanksgiving should consist of a lot of love and laughter. Emphasis on the laughter! We know that it’s hard to escape the stress of planning a menu. Not to mention, you may have an itinerary full of activities. But once everyone is finally gathered around the table, it’s time to sit back, relax, and bring on the laughs—and there’s no better way to do that than by telling these hilarious jokes!

If your family is anywhere as goofy as the Drummonds, cracking a couple of silly puns will be a welcome addition to your holiday traditions. With dozens of jokes for kids and adults ahead, you and your loved ones will be gobblin’ all night long. After all, laughter is the best medicine—and the gravy on top of a special holiday! With this collection of humor including turkey puns, food-related one-liners, and pilgrim jokes, you’ll be on a casse-roll all evening. These family-friendly jokes will have every stuffed mouth chucklin’. And who knows—maybe these will give you some inspiration for clever Turkey Instagram captions or fall captions to make your online friends and family laugh out loud, too. What are you waiting for? Go ahead and find out why the turkey crossed the road!

  • What do you call a baker who only makes pies? The Pie-oneer Woman.
  • What did one pumpkin pie say to the other? “You wanna piece of me?”
  • Why should you never tell secrets in a cornfield? Because the corn has ears.
  • What did Dad say when he was asked to say grace? “Grace.”
  • How’d the Thanksgiving cheese plate go over? Everyone was grateful.
  • What do sweet potatoes wear to bed? Yammies.
  • What did the Thanksgiving turkey say to the Christmas ham? Nice to meat you.
  • Why don’t side dishes tell jokes? They’re too corny.
  • What do you call a sad cranberry? A blueberry.
  • What do you need to make Thanksgiving s’mores? Pil-grahams.
  • Do you know where you can get turkey stock in bulk? The stock market.
  • What do you tell your jokester cousin on Thanksgiving? You’re on a casse-roll!
  • What did the president say when presented with a poorly cooked turkey? “Is it too late for a pardon?”
  • What does grandma say when you burn the holiday meal? Oh, good gravy!
  • How did you find grandma’s turkey this year? I just looked next to the gravy.
  • Why did the cranberries turn red? Because they saw the turkey dressing.
  • What side dish do you bring for Thanksgiving dinner when you accidentally sat on the sweet potatoes? Squash casserole.
  • Why should you never set the turkey next to the dessert? Because he will gobble, gobble it up!
  • What is a turkey’s favorite dessert? Peach gobbler!
  • Why was the Thanksgiving soup so expensive? It had 24 carrots.
  • What role do green beans play in Thanksgiving dinner? The casse-role.
  • How did the salt and pepper welcome all the guests? By saying, “Seasoning’s greetings!”
  • What vegetables would you like with your Thanksgiving dinner? Beets me!
  • Why did the policeman stop you on your way home last Thanksgiving? Because you far exceeded your feed limit.

Turkey Thanksgiving Jokes

More funny Thanksgiving Jokes

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Unlock the power of escrow for seamless homeowners insurance payments!

Unlock the power of escrow for seamless homeowners insurance payments!

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Escrow | Homeowners Insurance | Start A Quote Today!

When it comes to homeowners insurance, there are many aspects to consider. One important factor is how your insurance payments are handled. This is where it comes into play. In this blog post, we will explore the ins and outs of escrow and how it works with your homeowners insurance payments.

Understanding escrow for insurance

Escrow is a financial arrangement where a third party holds and manages funds on behalf of two parties involved in a transaction. In the case of homeowners insurance, the third party is usually a mortgage lender or a bank. The purpose is to ensure that the necessary funds are available to pay for insurance premiums and other related expenses.

Escrow process for homeowners insurance

The process for homeowners insurance typically starts when you purchase a home and obtain a mortgage. As part of the mortgage agreement, your lender may require you to set up an account separate from your regular bank account and is used solely for the purpose of managing your insurance payments.

Homeowners insurance and escrow explained

Once your fund account is set up, a portion of your monthly mortgage payment will be allocated to cover your homeowners insurance premiums. This amount is determined based on the estimated annual cost of your insurance coverage. The lender will then collect this portion of your payment and hold it until the insurance premium is due.

Escrow basics for homeowners insurance

To better understand how this works with homeowners insurance, let’s break down the basics:

  • Escrow account: This is a separate account set up by your lender to hold funds for your insurance payments.
  • Insurance premiums: The amount you pay for your homeowners insurance coverage.
  • Monthly payments: A portion of your monthly mortgage payment is allocated to cover your insurance premiums.
  • Budgeting: Escrow helps you budget for your insurance payments by spreading the cost over the course of the year.
  • Financial management: Escrow simplifies the management of your insurance payments, ensuring they are paid on time.

Managing homeowners insurance

Managing your homeowners insurance through escrow is a straightforward process. Once your bond account is set up, your lender will handle the payment of your insurance premiums on your behalf. This eliminates the need for you to remember due dates and make separate payments.

Escrow can also help you manage your overall financial situation. By spreading the cost of your insurance premiums over the course of the year, you can budget more effectively and avoid any financial strain.

Insurance claims

In the event of an insurance claim, the process remains the same whether you have an bond account or not. You will still need to contact your insurance company and file a claim. The difference is that if your claim is approved, the insurance company will issue the payment to you or your mortgage lender, depending on the terms of your escrow agreement.

Escrow is a valuable tool for managing your homeowners insurance payments. By setting up an bondaccount, you can simplify the process and ensure that your insurance premiums are paid on time. This provides peace of mind and financial stability, allowing you to focus on enjoying your home without worrying about insurance payments.

If you’re in need of homeowners insurance, Shield Insurance Agency represents over 40 insurance companies and can provide you with a free quote. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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Shield Insurance office has been a collection site for Toys For Tots for several decades, stop on my with a toy and we will add it to the Big Box we fill up every year!

Toys for Tots Program and the U.S. Marine Corps

Posted on by Shield Insurance Agency

Toys For Tots.org | Shield Insurance Agency serves as a Collection Site for Toys for Tots

Shield Insurance office has been a Toys for Tots collection site for several decades, stop by with a toy and we will add it to the Big Box we fill up every year!

TOYS FOR TOTS MISSION

The basic mission of the Marine Toys Program is to collect new unwrapped toys and distribute those toys to less fortunate children at Christmas.

GOAL: The primary goal of Marine Toys is, through the gift of a new toy, to help bring the joy of Christmas and send a message of hope to America’s less fortunate children.

OVERVIEW: In order to better execute the Program, in 1991 the Marine Toys for Tots Foundation was created at the behest of the Marine Corps.

TOYS FOR TOTS OVERVIEW

The Foundation is an IRS-recognized 501(c)(3) not-for-profit public charity that was created at the behest of the U. S. Marine Corps in 1991.

FOUNDATION GOVERNANCE: The Marine Toys for Tots Foundation is governed by a board of directors, all of whom are veteran Marines and successful business leaders from throughout the nation. The Foundation’s professional staff is headquartered in the Cooper Center, which is located just outside the Main Gate of Marine Corps Base, Quantico, about 35 miles south of Washington, DC.

FOUNDATION MISSION: The mission of the Foundation is to assist the U. S. Marine Corps in providing a tangible sign of hope to economically disadvantaged children at Christmas. This assistance includes providing day-to-day leadership and oversight of the Program, raising funds to provide toys to supplement the collections of local Toys to provide promotional and support material, and defraying the costs of conducting annual Toys Campaigns. Other Foundation support includes providing administrative, advisory, financial, logistic, and promotional support to local Toys for Tots Coordinators; managing funds raised and monies donated based on the use of Toys for Tots name or logo; providing other support the Marine Corps, as a federal agency, cannot provide; and conducting public education and information programs about Toys for Tots that call the general public to action in support of this patriotic community action program.

FOUNDATION OBJECTIVES: The objectives of the Foundation are to help less fortunate children throughout the United States experience the joy of Christmas; to play an active role in the development of one of our nation’s most valuable resources – our children; to unite all members of local communities in a common cause for three months each year during the annual toy collection and distribution campaign; and to contribute to improving communities in the future.

FOUNDATION ACTIVITIES: The Foundation engages in two categories of activities: Program Services and Support Services.

Toys for Tots Program Services

Click here for the whole story…

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Homeowner Insurance: The Ultimate Guide to Getting it Just Right!

Homeowner Insurance: The Ultimate Guide to Getting it Just Right!

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Homeowner Insurance | Start A Quote Today!

Homeowner insurance is a crucial aspect of protecting your property and belongings. However, determining the right coverage amount can be a daunting task. In this blog post, we will provide you with valuable insights, insurance recommendations, and guidelines to help you make an informed decision. Whether you are a first-time homeowner or looking to update your existing policy, understanding the factors, considerations, and coverage options will ensure you have the right level of protection. Read on to discover the key aspects of homeowner insurance and how to choose the right coverage amount.

Understanding Homeowner Insurance

Homeowner insurance, also known as home insurance, is a policy that provides financial protection against damages to your property and personal belongings. It also offers liability coverage in case someone gets injured on your property. The coverage amount you choose should be based on the value of your property, the cost of rebuilding or repairing it, and the value of your personal belongings.

Homeowner Insurance Factors to Consider

Several factors influence the amount of homeowner insurance you should have. These include the value of your property, the cost of rebuilding or repairing it, the value of your personal belongings, and the level of liability coverage you desire. Additionally, consider the location of your property, the risk of natural disasters, and the crime rate in your area. These factors will help you determine the appropriate coverage amount.

Insurance Recommendations

  1. Assess the value of your property: Hire a professional appraiser to determine the current value of your property. This will help you understand the replacement cost and the coverage amount you need.
  2. Evaluate personal belongings: Take inventory of your personal belongings and estimate their value. This will help you determine the amount of personal belongings coverage you require.
  3. Consider liability coverage: Liability coverage protects you in case someone gets injured on your property. Evaluate your assets and choose a liability coverage amount that adequately protects your financial interests.
  4. Understand coverage limits: Familiarize yourself with the coverage limits of your policy. Ensure that the limits are sufficient to cover potential damages or losses.
  5. Review your policy annually: Regularly review your homeowner insurance policy to ensure it aligns with your current needs. Update the coverage amount if necessary.
  6. Seek professional advice: Consult an insurance agent or broker who can provide personalized recommendations based on your specific circumstances. Shield Insurance Agency represents over 40 insurance companies and can assist you in finding the right policy.

Determining the right amount of homeowner insurance is crucial for protecting your property, personal belongings, and financial interests. By considering factors such as property value, personal belongings, liability coverage, and other relevant aspects, you can make an informed decision. Remember to review your policy annually and seek professional advice when necessary. Shield Insurance Agency is ready to assist you in finding the perfect policy that meets your needs. Contact them at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK. Ensure your home is adequately protected with the right homeowner insurance coverage.

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Attention Jewelry Lovers! Learn How to Safeguard Your Precious Gems from Theft!

Attention Jewelry Lovers! Learn How to Safeguard Your Precious Gems from Theft!

Posted on by Shield Insurance Agency

Shield Insurance Blog | Jewelry | Homeowners Insurance | Start A Quote Today!

Jewelry holds a special place in our hearts. Whether it’s a family heirloom passed down through generations or a stunning piece we bought to celebrate a milestone, our jewelry is more than just an accessory – it’s a reflection of our personal style and cherished memories. That’s why it’s crucial to protect these valuable possessions from theft. But what insurance covers your precious stones in case of theft? Let’s dive into the world of jewelry insurance and explore your coverage options.

Insurance policies are designed to provide financial protection in the event of unexpected events, and jewelry insurance is no exception. While your homeowners or renters insurance policy may offer some coverage for personal property, it’s important to understand the limitations when it comes to valuable items like jewelry.

Jewelry Coverage Options

Coverage options for jewelry insurance can vary depending on the insurance company and policy you choose. Some policies offer specific coverage for gems, while others may require you to add a rider or endorsement to your existing policy. It’s essential to review your policy and speak with your insurance agent to ensure you have the right coverage in place.

When it comes to protecting your baubles, there are a few key factors to consider. First, you’ll want to determine the value of your jewelry. This can be done through a professional appraisal or by providing receipts and documentation of purchase. Knowing the value of your jewelry will help you determine the appropriate coverage limits for your policy.

Next, you’ll want to consider the security measures you have in place to protect your jewelry. Insurance companies often require certain security measures, such as a home security system or a safe, to qualify for coverage. These measures not only provide added protection for your precious stones but can also help lower your insurance premiums.

It’s also important to understand the coverage limits and deductibles associated with your jewelry insurance policy. Coverage limits refer to the maximum amount the insurance company will pay in the event of a claim. Deductibles, on the other hand, are the out-of-pocket expenses you’ll need to pay before your insurance coverage kicks in. Understanding these terms will help you make informed decisions about your coverage and ensure you’re adequately protected.

Precious Stone Insurance Claim

When it comes to filing an insurance claim for theft, it’s crucial to have proper documentation in place. This includes photographs of your jewelry, appraisals, receipts, and any other relevant documentation. Keeping these records in a safe place, such as a safety deposit box or a digital cloud storage, will make the claims process smoother and more efficient.

Now that we’ve covered the basics of jewelry insurance, let’s talk about Shield Insurance Agency. With over 40 insurance companies represented, Shield Insurance Agency is your go-to resource for all your insurance needs. Whether you’re looking for homeowners insurance, renters insurance, or jewelry insurance, their team of experienced agents can help you find the right coverage at the best possible price.

To get started, simply contact Shield Insurance Agency at (616) 896-4600 for a free quote today. You can also visit their website and start the quoting process by clicking on the provided link. An agent will be in touch soon to discuss your insurance needs and provide personalized recommendations.

In conclusion, protecting your jewels from theft is essential, and having the right insurance coverage in place is crucial. By understanding your coverage options, reviewing your policy, and working with a trusted insurance agency like Shield Insurance Agency, you can have peace of mind knowing that your valuable possessions are protected. Don’t wait until it’s too late – take the necessary steps to safeguard your precious stones today.

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Unlock the Secrets of Coinsurance and Protect Your Building Insurance

Unlock the Secrets of Coinsurance and Protect Your Building Insurance

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Coinsurance | Business Insurance | Start A Quote Today!

When it comes to building insurance, there are many terms and concepts that can be confusing. One such term is coinsurance. If you’re not familiar with this term, don’t worry, you’re not alone. Many people are unsure of what coinsurance is and how it affects their building insurance. In this blog post, we will explain what it is and why it is important to understand it when it comes to your insurance protection.

Coinsurance is a term used in insurance policies to describe the percentage of the covered loss that the policyholder is responsible for paying. It is a way for insurance companies to share the risk with the policyholder. In simple terms, its the amount of money you agree to pay out of pocket for a covered loss, while the insurance company pays the remaining percentage.

So, how does coinsurance affect your building insurance? Let’s break it down.

Insurance Coverage Limits and Coinsurance

When you purchase building insurance, you will have a coverage limit. This is the maximum amount that the insurance company will pay for a covered loss. For example, if your building has a replacement cost of $500,000 and you have a coverage limit of $400,000, the insurance company will only pay up to $400,000 for a covered loss.

Now, here’s where it comes into play. If your building insurance policy has a coinsurance clause, you will be required to insure your building for a certain percentage of its replacement cost. This is typically 80% or 90%. If you fail to meet this requirement, you may be subject to a penalty.

The Penalty

The coinsurance penalty is a financial penalty that is applied when the policyholder fails to meet the requirement. The penalty is calculated based on the difference between the amount of insurance you carried and the amount you should have carried. This means that if you have a covered loss and you did not meet the coinsurance requirement, you may be responsible for a larger portion of the loss than you anticipated.

To avoid the coinsurance penalty, it is important to accurately assess the replacement cost of your building and insure it for the required percentage. This can be done by working with an insurance agent who can help you determine the appropriate coverage limits for your building.

Coinsurance Formula

To calculate the coinsurance penalty, you will need to use the coinsurance formula. The formula is as follows:

(Insurance carried / Insurance required) x Loss = Insurance Settlement

Let’s break it down with an example. Say you have a building with a replacement cost of $500,000 and a coinsurance requirement of 80%. You insure your building for $300,000. If you have a covered loss of $100,000, the coinsurance formula would look like this:

($300,000 / $400,000) x $100,000 = $75,000

In this example, you would be responsible for paying $75,000 out of pocket, while the insurance company would pay the remaining $25,000.

Understanding the formula and meeting the coinsurance requirement is crucial to ensure that you are adequately protected in the event of a covered loss.

Insurance Valuation and Building Replacement Cost

To accurately determine the replacement cost of your building, it is important to have an insurance valuation done. An insurance valuation is an assessment of the cost to replace your building in the event of a total loss. This includes the cost of materials, labor, and any other factors that may affect the cost of rebuilding.

Working with an insurance agent who specializes in building insurance can help ensure that your building is properly valued and insured. They can also help you understand the coinsurance requirement and how it affects your policy.

Contact Shield Insurance Agency for a Free Quote

If you’re in need of building insurance or have questions about coinsurance, contact Shield Insurance Agency. They represent over 40 insurance companies and can provide you with a free quote tailored to your specific needs. You can reach them at (616) 896-4600 or start the quoting process by visiting this LINK. An agent will be in touch soon to assist you.

In conclusion, coinsurance is an important concept to understand when it comes to building insurance. It affects the amount you are responsible for paying in the event of a covered loss and can have financial implications if not properly understood. By working with an insurance agent and accurately assessing the replacement cost of your building, you can ensure that you are adequately protected and avoid any potential penalties.

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14-Year-Old Innovator Wins Prestigious Science Award For Skin Cancer Soap

Teen’s Revolutionary Skin Cancer Soap Goes Viral – See the Amazing Results

Posted on by Shield Insurance Agency

SunnySkyz | October 26, 2023 | Skin Cancer | Health Insurance

An aspiring young scientist hailing from Annandale, Virginia, has secured the coveted title of “America’s Top Young Scientist” for his groundbreaking creation – a bar of soap designed to combat skin cancer.

Skin Cancer Treating Soap

At just 14 years old, Heman Bekele emerged as the victor of the 2023 3M Young Scientist Challenge, standing out among nine other finalists with his innovative creation known as the Skin Cancer Treating Soap (SCTS). In recognition of his exceptional achievement, this ninth-grade prodigy is set to receive a substantial cash award of $25,000.

Bekele’s revolutionary concept, presented through a concise two-minute video submission, centers on the development of a soap that is not only affordable, priced at less than $10 per bar, but also has the potential to reactivate dendritic cells – the body’s natural defenders of the skin – to combat skin cancer.

In Bekele’s own words, “Curing cancer, one bar of soap at a time.” His passion for biology and technology was the driving force behind this ingenious creation, and the 3M Young Scientist Challenge provided him with the perfect platform to showcase his visionary ideas.

Reflecting on his inspiration, Bekele shared that his childhood in Ethiopia played a significant role in shaping his innovative thinking. Having witnessed people toil tirelessly under the scorching sun, he couldn’t help but wonder how many were aware of the risks associated with prolonged sun exposure

“I wanted to make my idea not only scientifically exceptional but also accessible to a broad audience,” Bekele expressed during an interview with The Washington Post. To aid him in realizing his ambitious plans, he received invaluable mentorship from Deborah Isabelle, a product engineering specialist at 3M, who connected him with other scientists. Ultimately, the path forward for Bekele’s creation includes obtaining FDA approval.

During his presentation at the 3M global headquarters in Saint Paul, Minnesota, Bekele passionately articulated his vision of turning the soap into a “symbol of hope, accessibility, and a world where skin cancer treatment is within reach for all.”

Over the coming five years, Bekele aspires to perfect his invention and establish a nonprofit organization dedicated to distributing his innovative creation to underserved communities, offering hope and a practical solution in the fight against skin cancer.

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