“Tornado’s can be destructive in NY” says Elmira Insurance Agent

 Don’t Let a Tornado Topple You  
      By Peter Wallin, Elmira Insurance Agent
      www.WallinInsurance.com

 

Tornadoes are one of nature’s most powerful and destructive forces; an F5, the strongest and most violent of tornadoes, can level almost any house and its occupants. Thankfully,  F5 tornadoes are rare. Most are weaker and can be survived.   We recently had a tornado spotted in Chemung County.

Now is the time to prepare for them if you haven’t already.

Tornadoes are most common from  late winter through mid-summer.

Here’s what to do before and during a tornado:

• Know where you can take shelter in
  the event of the storm. Practice a family tornado drill once a year.
• Prepare by gathering emergency supplies, including nonperishable food, water, medication, batteries and flashlights. Keep the emergency kit packed and easily accessible.
• Knowthesigns of a tornado: persistent winds, swirling dust or debris under a cloud base, loud continuous roar or rumble.
• Know the difference and help your children understand the difference between a tornado watch and a tornado warning.

1. Tornado Watch: Current weather conditions could create a tornado, so be on the lookout.
2. Tornado Warning: A tornado has been sighted in the area. Seek shelter immediately and listen to the radio for further updates. A tornado warning is much more serious than a tornado watch.

• If a tornado is likely or known, take shelter indoors, preferably in a basement or interior first-floor room or hallway.
• Avoid windows and seek additional protection under large furniture or mattresses. This will protect you from flying debris.
• After a tornado has struck, stay out of heavily damaged homes or buildings. Keep clear of downed power lines, broken glass and other debris. Avoid lighting matches and cigarettes due to possibly ruptured gas lines. Try to stay calm. Help will arrive.

And remember, be prepared financially, too, before a storm ever hits. Don’t let nature blow away what you’ve worked hard to build. If you’ve made improvements to your home or purchased large ticket items, let us know. We can ensure they are properly insured. We can also help you review your homeowners policy anytime so you’re aware of the coverage limits and can adjust them as needed. Give us a call.

Life Insurance discussion with NY Insurance Agent Peter Wallin

Protect what’s yours with Life Insurance
     By Peter Wallin, Elmira, NY Insurance Agent
     www.WallinInsurance.com

Congratulations! It’s what you hear when you:

A) get married

B) have a baby

C) get a new job 

D) buy a home

     And when you hear it, it might be a good time to evaluate or re-evaluate your life insurance needs. You can protect the lives of your loved ones, protect your legacy, protect everything most important to you with life insurance.  The best time to look at life insurance, really, is when you experience one of these big life changes.  Here are some questions to ask yourself:

Marriage: How much life insurance do you and your spouse need now that you share expenses and financial goals?  If something were to happen to you or your spouse, would your expenses be covered and would your financial goals be met? 

New baby: Children are expensive little buggers! And we’re not just talking toys and birthday parties. We’re talking daycare, clothes, food, college…would you be able to pay for those items on one salary —or no income at all?

New job: It’s only human nature to increase spending when more money is coming in. Will your family be able to maintain their lifestyle if the income stops?

New house: Could you stay in your current home if something happened to your spouse? A lot of people, unfortunately, cannot. The costs of home ownership go beyond just the mortgage. Utilities, taxes, unforeseen repairs and other maintenance costs can cause your family to be uprooted at a time when they need stability most. When you purchase homeowners insurance, make sure you ask about life insurance as well.

So next time you hear that big “Congratulations!” give us a call. We’ll help you keep you and your loved ones protected.    

Funny Insurance Claims

 FUNNY INSURANCE CLAIMS
            By Peter Wallin,  NY Insurance Agent
            www.WallinInsurance.com

 

The statements below are taken from actual insurance accident claims
forms, thank goodness they are not OUR clients!  They are real,
however (you can’t make up this kind of stuff). Read ‘em and laugh
and be glad it wasn’t you.

• No one was to blame for the accident but it would never have happened if the other driver had been alert.
• I didn’t think the speed limit applied after midnight.
• The indirect cause of the accident was a little guy in a small car with a big mouth.
• I was on the way to the doctor with rear end trouble when my universal joint gave way causing me to have an accident.
• On approach to the traffic lights the car in front suddenly broke.
• The accident was caused by me waving to the man I hit last week.
• Windshield broke. Cause unknown. Probably Voodoo.
• The accident happened when the right front door of a car came round the corner without giving a signal.
• I had been driving for forty years when I fell asleep at the wheel and had an accident.
• I left for work this morning at 7am as usual when I collided straight into a bus. The bus was 5 minutes early.
• An invisible car came out of nowhere, struck my car and vanished.
• I knew the dog was possessive about the car but I would not have asked her to drive it if I had thought there was any risk.
• The accident happened because I had one eye on the truck in front, one eye on the pedestrian, and the other on the car behind.
• I was thrown from my car as it left the road. I was later found in a ditch by some stray cows.
• The telephone pole was approaching. I was attempting to swerve out of the way when I struck the front end.
• Coming home I drove into the wrong house and collided with a tree I don’t have.
• I told the police that I was not injured, but on removing my hat found that I had a fractured skull.
• I pulled away from the side of the road, glanced at my mother-in-law and headed over the embankment.
• I thought my window was down, but I found it was up when I put my head through it.
• As I approached an intersection a sign suddenly appeared in a place where no stop sign had ever appeared before. I was unable to stop in time to avoid the accident.

Taking the Car Keys from My Dad, by Insurance Agent Peter Wallin

Taking the Car Keys from My Dad
                      by Peter Wallin, Elmira NY Insurance Agent
                      www.WallinInsurance.com

       A retired Dean from the University of Buffalo Law School, Dad was my idol and mentor in life.  He taught me all about finances, the value of a good education and how to be a good husband and father.   This past year however, his memory skills and response time have faded.  He sometimes appeared lost and confused when driving to the grocery store or coffee shop.  When asked why it took so long to return home, more often than not he couldn’t give us an acceptable answer.

       It was time to have the talk with our 83-year old dad.  Although we knew it would be difficult, my oldest sister Lisa (a nurse) and I visited with him and explained that, in the interest of safety, it may be wise for him to no longer drive.   I put a note on the refrigerator reminding him of an agreement not to drive alone.  Fortunately, Mom is still able to drive to the coffee shop and his regular medical appointments.   We hid the car keys and eventually sold one of their cars.  

       I must honestly and proudly state that Dad has been a good sport here, and rarely questioned our decision.  We now can sleep better knowing he, as well as many innocent drivers and pedestrians are safe.

Road Fitness
       Today, Seventy-eight percent of Americans 70 or older still drive, according to the Institute for Highway Safety.  That’s up from 73 percent in 1997, a trend that’s expected to continue as baby boomers age.
       Several skills, specifically vision, response time and neuromuscular control, worsen with age.  It’s also clear that driving skills can deteriorate as cognitive abilities – memory, language, perception, reasoning, and thinking – decline. 

       In April 2010, the American Academy of Neurology issued guidelines to help doctors decide when a patient should stop driving.  They offer a few indicators of decreased driving ability:  A crash in the past year to five years, a traffic citation in the past two years, or an aggressive or impulsive personality.  Other ailments that can impede driving include glaucoma, angina, arthritis, respiratory illness and neurologic conditions such as Parkinson’s disease. 
        To avoid a tragedy, family and caregivers should discuss a loved one’s recent driving history and health, and observe their driving behaviors.  Make plans for proper ways to have a frank discussion with them about their future driving and seek potential alternatives for transportation.  And don’t forget to tell them that you love them.

Elmira NY Insurance agent explains how credit is used to determine rates

By Peter Wallin, Insurance Agent
www.WallinInsurance.com

How is Credit Score Used for Insurance Purposes?

A credit score is a number that insurance companies use in developing your auto or home premium.  It also is used to help them during the underwriting process.

Many insurers will use the score as a rating variable. The better credit score you have, the better rates you could possibly have. Also, many insurers decide whether or not you are eligible for their insurance based upon your rating in combination with your driving history. A general rule of thumb is the higher the score, the better the score. A poor credit score (which could be indicative of previous payment issues) with a poor driving record could determine whether or not an insurer will provide you with insurance coverage.

 

How can I raise my score?

While you can improve your future score, it is unlikely that any single action you take will have a large impact on your score immediately. That is because your score reflects credit patterns over time. There are things you can do now to improve your score in the future, such as:

• pay your bills on time—delinquent payments and collections can have a major negative impact on your score; and

• apply for new credit sparingly. There is no single action that will raise your score. Each time a credit score is calculated, specific reasons are delivered along with the score. If you have received your score, you can ask for the reasons that came back with your score. These reasons, listed in order of importance, represent why your score was not higher.  Addressing these reasons will most likely result in an improvement in your score.

 

How long is credit information kept?

Payment in full does not remove your payment history. The length of time

information remains on your credit file is:

• credit and collection accounts—seven years from the date of last activity;

• courthouse records (judgments, liens and bankruptcies)—seven years from   the date filed; Chapters 7 and 11 remain on file for 10 years from date filed;

• satisfied judgments—five years from date filed; and

• paid collections—five years from the date of last activity with original creditor.

 

Peter Wallin CLU
Wallin Insurance Agency Inc
1364 College Ave
Elmira, NY 14901

607-734-8799

Serving Elmira, Horseheads, Big Flats, Chemung & Corning.

How to lower your car insurance rates? Watch your credit card spending

By Peter Wallin, Elmira NY Insurance Agent 

 

    I am trying to teach my kids the value of money.  Sometimes I wonder if they really understand it.  With Mike and Pete Jr. both away at college and Angela in her last year of high school – their lives are very busy.  They “Live for Today” and I am ok with that.  But along the way I want them to know that the spending decisions they are making will ultimately affect their future buying power.  I certainly don’t want to micro-manage their bank accounts, but it is important that they learn not to get into credit card debt.

     We all know that in order to get a home mortgage we have to have a good credit score.  Well, the same holds true these days for your insurance rates.  What you now pay for your Home and Auto insurance is a direct result of how well you manage your credit.  We call this an “Insurance Score.”

     In the past we all paid insurance based on where we live, how many tickets or accidents we’ve had and what kind of car we drive.   While much of this is true, the main factor now revolves around our financial score.  The better your score the lower your insurance rate.

     Here’s the takeaway:  Watch your credit card!   According to financial expert Clark Howard, consider committing to the following 3 habits:

1. Pay your bill on time every month. 
2. Know how much your available credit is and keep your spending very low.  The smaller amount you spend the better your credit score will become.  Lesson:  Don’t max out your credit.
3. Once you pay off a particular card, don’t stop using it.  Even though you may no longer carry your card in your wallet or purse anymore you should still use it two times a year to keep it active.  (and keep it paid off).  This shows the credit card companies you still need credit, and are using it responsibly.

Peter Wallin, Agent
Wallin Insurance Agency, Inc
1364 College Ave
Elmira, NY 14901
607-734-8799

www.WallinInsurance.com

 

Floods and heavy rains hit Chemung, Tioga and Broome County

                                                               By Peter Wallin, Insurance Agent
                                                                            www.WallinInsurance.com

It certainly has been devastating season for homeowners and businesses here in the Southern Tier.  We have had several claims in our office and yes, FEMA is doing a good job helping out with emergency funds. 

It will take weeks to clean up the debris that has been left behind by these recent storms.  Friends and Neighbors have come together to help each other with the clean up.  Rotary clubs and other community organizations have held fundraisers and have collected bare necessities to help the people that have been affected. 

My own family has been spared the personal tragedy, but we’ve seen the disaster first-hand.  My son Peter is a student at Binghamton University, and they opened up the entire event center for victims of the flood who were evacuated and needed a place to sleep.  And even as order is restored, we are watching people go home to homes that have been severely damaged by flood waters.  Mold and the rotten smell of contaminated water and mud are beyond measure.

Insurance – how is this handled?  If you had a flood insurance policy we are seeing the claims departments coming out to assess the damage.  In most cases they will pay for damages to the structure of the building  (not contents unless you purchased contents coverage separately).  In many cases it looks like the claims representatives are assessing the damage and creating estimates for repairs.  These estimates may increase if more damage is found in the coming weeks

We are also seeing claims paid on regular home insurance policies for SEWER AND DRAIN backup.  This is an endorsement that is added to a policy that will pay when there are power outages or drainage backups from sump pumps or drains that cannot handle the water load.  Basement floods  (a lot of homeowners remodel their basements) are being paid in some areas where the drains backed up with resulting water forming in low areas of basements.    Water that seeps in from the outside is not covered.

It is important to note that Flood insurance and Home insurance are two separate policies.  Moving forward, everyone in our community shoudl assess their own situation to determine if they should buy both policies.  It may prove to be a very wise decision.

Elmira NY Insurance Agent answers your questions: “Is it cheaper to insure a new car if I pay cash?”

As your local insurance agent, it is important for you to understand the differences if you pay cash for your new car, or finance it or lease it.
                               Peter Wallin, Insurance Agent, Elmira New York

If you finance the car, you are most likely going to be required to carry “full coverage”  which is a combination of mandated coverages like Liability, Personal Injury and Uninsured/Underinsured Motorist coverages AND Comprehensive and Collision Insurance.

Comprehensive pays for damages as a result of a deer or other animal hitting the car, as well as glass breakage.  Collision covers all other moving accidents.  Once you pay your deductible, the insurance company pays the rest.

Car Dealers want to sell you a NEW Car and finance it!

Smart Money magazine quotes the National Auto Dealers Association (NADA) as stating that the average new car purchased for cash makes the dealer very little profit.  If they can get you to finance or lease the car they make a lot more money.   So the next time the salesman says he or she would be happy to help you get into that shinny new car for little downpayment – be on the alert that this could cost you big bucks.

• Pay cash for an average new car – the dealer makes a profit of $92
• Finance the car and watch the dealer earn a profit of $775
• Lease the car and the dealer makes $1300(source:  Dave Ramsey, Total Money Makeover,  2009)Bottom line – it’s nice to be able to buy a car and pay cash.  If you cannot afford to do this, perhaps you should buy an older car that has already seen some depreciation.  The interest costs and insurance costs are certainly a lot higher when you buy new.  So take your time and make wise decisions.

Elmira NY Insurance Agent spends time “Winning” with celebrity Lou Holtz

 “Winning Every Day” with Lou Holtz 

By Peter Wallin, Elmira Insurance Agent

Last November I traveled to Florida with Erie Insurance’s Management Team to discuss marketing and the growth of our company.  At one of the evening sessions we were thrilled to meet our special guest, Lou Holtz.  Mr. Holtz is an inspirational miracle worker who guided Notre Dame to 9 football bowl games and a National Championship.
        I was honored to sit with Lou at the head table and chat with him personally about his current role as an ESPN College Football studio analyst.  For a 73-year old (5’10 and 151 lbs.) who talks with a lisp he was one of the sharpest leaders I have ever seen.   Harvey Mackay calls him “The best motivational speaker in the world.”

Here’s my take on Lou Holtz philosophy on life
        and how to create a winning team of employees:

• Your talent determines what you can do.  Your motivation determines
  how much you are willing to do.  Your attitude determines how well
  you do it.
• Winners and losers aren’t born;   they are products of how they think. 
  You never hear about mothers giving birth to lawyers, doctors, scientists or
  even insurance agents.  They give birth to sons and daughters.  What those individuals become is a matter of the choices they make.  You ultimately decide whether you succeed or not.
• What our Customers mean to us -
  - customers are the most important part of our business,
  - customers do not depend on us, we depend on them,
  - customers never interrupt our work, they are our work,
  - customers bring us their wants, we fulfill them.
  
• “I never put the names on the backs of our Notre Dame players’ uniform,” says Holtz.  “There is no ‘I’ in the word “team.”

Flood, Wind, Rain & Ice: How does my insurance handle this?

Our Elmira,  NY area has seen several weather related cases during the Summer of 2011.  Here’s a brief rundown of coverages, according to Insurance Agent Peter Wallin

Heavy winds – Microbursts.  Trees falling into yards and on houses.  YES, There is insurance to pay for the removal of trees, and subsequent damage to your home.  Talk to your agent to make sure you are comfortable with your deductible.  If you have trees that are big or old you may want to take action to remove them before the next big storm.  Also, if a neighbors’ tree falls on your property YOU are responsible for the damage you incur, not your neighbor.  This is considered and act of God and technically your neighbor is not responsible.  the same goes if your tree hits their home! 

Rain or Ice - You may have rain or ice build up and then backup on your roof or through a window gap.  The resulting damage to your property is covered.

Sewer and Drain backup – this is often an optional coverage you can add to your home or landlord property.  It will pay for backup of water through drains, toilets, tubs or a sump pump that fails to work.  We have paid many claims for clients who have this coverage, and we’ve denied them when they don’t have this endorsement

Flood – here’s the problem.  This is not a covered peril on a regular home policy.  You need to have a seperate flood insurance policy.  This is a FEMA product that can be purchased from your local insurance agent.  Once you buy the policy, coverage begins in 30 days.  Beware that banks require flood insurance if your property is located in a flood zone.  But anyone can buy it.  There is options for building coverage as well as contents.   Read your policy carefully so you understand what is and what is not considered a flood.

For more information visit www.WallinInsurance.com or Peter Wallin at Peter@WallinInsurance.com