Simply Explaining Insurance

There are some situations where a claim has been filed on your homeowners policy that shouldn’t have been. Since claims have a direct effect on your premiums, it’s important to know how to have these removed. Every claim is reported to a master claims database that other insurance companies and other entities have access to. […] The post Simply Explaining Insurance #103- Removing...

This episode explains the difference between a claims-made and an occurrence made policy. It is very important to understand the difference between these two policies. Insurance companies may provide two different types of liability coverage—occurrence or claims-made—and each comes with its own set of advantages and disadvantages. The limitations associated with each type of policy […] The p...

I get this question once in awhile in my agency and I think it’s a very valid question. Every coverage in your auto policy comes with a price. The way it works is that the cost to cover your vehicle as it ages, actually does decrease. It is the liability portion of the policy that […] The post Simply Explaining Insurance #101- Why does my insurance go up as my car gets older? appeared...

I have had a few instances of clients who have had damage to their homes or separate structures and went through with the repairs without filing the claim first. This would not be our recommendation. The specific issue that I address in this podcast is that there was no proof that anything was damaged. The […] The post Simply Explaining Insurance #100- Take Pictures of damage! appeared first...

Workers compensation is a policy that offers coverage for W2 employees who are injured while on the clock. The policy is designed to pay for medical expenses that accrue for the injury. It will also cover lost wages if the employee missed work. There is a waiting period for lost wages. This waiting period varies […] The post Simply Explaining Insurance #99- Workers Comp waiting period appear...

In Idaho, we are having an influx of people moving here from out of state. Many of them are renting Uhauls to transport their belongings to their new home. Do they need to buy the coverage from the rental truck facility when the pick up the truck? My best and simplest answer to that is […] The post Simply Explaining Insurance #98- Coverage for a Uhaul appeared first on Dietz Agency . The pos...

It continues to amaze me how after 15 years, I am still running into situations that are new. I have actually been asked this question in the past but never had a client go through it. In episode 70, we talked about this happening and almost a year later, it did. I had a client […] The post Simply Explaining Insurance #97- Neighbors tree Vs. Roof appeared first on Dietz Agency . The post Sim...

I had a client call in this week and inform me that they put a new roof on their house and I am glad they did. This allowed me to update the information of their home in our system and it actually lowered their premium. If you have made any major changes or upgrades to […] The post Simply Explaining Insurance #96- Have you upgraded your house? appeared first on Dietz Agency . The post Simply...

This episode is sort of a mashup of what kind of things are covered on a homeowners policy when things are damaged or people are hurt due to animals. I had a few questions this week about damage that was sustained by a hornets nest in a wall of a house. Also, there was an […] The post Simply Explaining Insurance #94- Bees and dogs and mice and horses appeared first on Dietz Agency . The post...

This is exciting! This will also undo some of the information from earlier episodes. There are always exclusions to homeowners policies. Wear and tear is one of them. Also neglect and faulty instillation are two other big ones. Slow leaks were not covered on most homeowners policies either. It seems as though slow leaks might […] The post Simply Explaining Insurance #92- Slow Leaks appeared...

Parking lot accidents are zero fun. I had a client go through an experience recently that was excactly that. Zero fun. My client claimed to have barely touched the other’s vehicle. There wasn’t even a mark on her car. The person she hit, claimed that she struck him so hard that it caused his car […] The post Simply Explaining Insurance #91- “You hit me”. “No, I...

How does insurance work if you strike a car you own, with another car you own? How about if you accidentally run into your garage door? Or some property you own in your garage or driveway? Good news is, there will most likely be coverage for you. What you need to know about these scenarios, […] The post Simply Explaining Insurance #90- Hitting your own car or house. appeared first on Dietz A...

This strategy isn’t for everybody. It takes some understanding and some discipline. If you can pull it off and start using this concept, it can be quite eye-opening. Listen to the basics of the strategy here. This episode explains what it is like when you borrow money from your permanent life insurance policy. In order […] The post Simply Explaining Insurance #89- Paying yourself back...

This episode explains how insurance companies see vacant properties. Always consult your insurance agent or company as policies differ from company to company and state to state. Let’s say a property is vacant for more than 30 days, many insurance companies will exclude coverage for theft and vandalism. If you are trying to insure a […] The post Simply Explaining Insurance #88- Vacant...

This episode is about a little trick you can do if you are planning on selling your car and canceling your insurance. If you do this and will be purchasing auto insurance in the future, you will be losing an important discount (for lack of a better term) called “prior insurance” Prior insurance is a […] The post Simply Explaining Insurance #87- Nonowner auto insurance appeared fi...

There is a particular way to make sure your jewelry is covered properly on your insurance policy. If you have a small amount, many times it is covered in the base home policy. For example, the policy I offer can come with $5000 total, up to $1500 per piece. Anything over that amount, you want […] The post Simply Explaining Insurance #86- Agreed Upon Value appeared first on Dietz Agency . The...

There is a coverage that is available as an endorsement on your homeowners policy called, “Sewer and Drain”. What does it cover? Honestly, it’s a deceptively named endorsement. This will help cover any damage done by a backup or overflow, into your house from a blockage that is off premises. So if there is a […] The post Simply Explaining Insurance #85- Sewer and Drain appe...

I had two conversations with clients last week regarding the difference between 1099 contractors and W2 employees when it comes to insurance. This is an important distinction to get right for a number of reasons. Many new business owners want to hire 1099 contractors for one main reason. It’s cheaper. They don’t have to pay […] The post Simply Explaining Insurance #84- W2 vs. 109...

If you are a business owner and you have a partner, a buy sell agreement should be an important part of your business plan. A buy-sell agreement in its simplest terms is a life insurance policy that the business owns in the event of the untimely death of one of the partners. When a business […] The post Simply Explaining Insurance #83- Buy Sell Agreements appeared first on Dietz Agency . The...

The carrier that I work for just added two exciting endorsements to our latest homeowners policy. If there was ever such a thing as an exciting endorsement to a homeowners policy, this is it. This first one is a service line endorsement. It covers things like, the main water line running to the house from […] The post Simply Explaining Insurance #82- Service lines and Equip. Breakdown appear...

Are you are in the business of flipping houses? It is important for you to understand how to insure this risk. A house that is being purchased, remodeled and resold, requires a different policy than you average homeowners policy or landlord policy. It’s a completely different risk. You may have to write a vacant property […] The post Simply Explaining Insurance #81- Flips appeared firs...

The world has changed a great deal in the last 10 years. The iphone launched, apps were invented and almost everything we do, is different. You want a taxi? Order one up on your phone. You want a place to stay in Manhattan? Select a place on your phone and book it. This has also […] The post Simply Explaining insurance #80- Shared Economy appeared first on Dietz Agency . The post Simply Expl...

“I’m an excellent driver”. I hear this all the time. Now, you can prove it and pay less for your insurance. Driver tracking technology isn’t new and it has been around for a decade or so. It is getting more sophisticated though. The tech that I am familiar with is called the Signal App and […] The post Simply Explaining Insurance #79- Driver Tracking tech appeared fir...

Let’s say that you were involved in an auto accident and your vehicle sustained a substantial amount of damage. To repair that damage, it would cost more than the vehicle is worth. What are your options. You have 2 options. Your first option is to give the car to the insurance company. They will salvage […] The post Simply Explaining Insurance #78- Total Loss appeared first on Dietz Ag...

Claims can tough. I get calls every week from clients telling me that there is damage somewhere and asking if there is coverage. Unfortunately, that question is never easily answered. What I help a client with, is determining the source of loss. If there is water damage, where did the water come from? Was it […] The post Simply Explaining Insurance #77-Source of Damage appeared first on Diet...