Bicycling Can Be Good for You and the Environment, But Remember to Properly Insure Your Ride. May Is National Bike Month; I.I.I. Offers Insurance, Crime Prevention and Safety Tips

Throughout the country, many cyclists are taking advantage of bike month programs from car-free bike tours and classes on basic bike mechanics to racing clinics and group riding programs. Regardless of whether you plan to train for a century ride or simply like to cycle around the block with your children, it is important to understand the rules of the road and protect your financial investment with the proper insurance, according to the Insurance Information Institute (I.I.I).

 According to the Federal Bureau of Investigation, 183,028 bicycles were stolen in 2009 (average value $318). Bicycles are stolen most often in densely populated areas such as cities and suburbs, but university and college towns are another hot spot; in fact bicycle thefts represent over half of property crimes on campuses.

• Actual Cash Value
  Actual cash value reimburses you for what the bicycle is actually worth given its age. A 10-year-old bicycle, for example, would be valued at the cost of a comparable bicycle minus 10 years depreciation. 

• Replacement Cost Coverage
  Replacement cost coverage reimburses you for what it would cost to replace your 10-year-old bicycle with one of like kind and quality at current cost. Replacement cost coverage costs about 10 percent more than actual cash value, but it is a good investment.  

Your nuptials may not be as extravagant as the royal wedding of Prince William and Kate Middleton, but weddings in the U.S. can be extraordinarily expensive, so it is important to consider wedding insurance to financially protect your special day, according to the Insurance Information Institute (I.I.I.).

• Find out if the insurer is licensed to do business in the state where you live.
• Determine how much the policy will cost and what specifically is covered and not covered by the policy.
• Ask your agent or company representative what wedding related insurance coverage you may already have through your homeowners, renters, auto or liability policy.
• Shop around and compare different wedding insurance policies for cost and range of coverages.

A recent study found that 25.8 percent of children in the U.S. are being raised by a single parent, compared with an average of 14.9 percent across the other 17 industrialized nations studied.

Despite the fact that 35.8 percent of single parents are employed, the poverty rate among the group is high. So, it is highly unlikely that many of these parents have a life insurance policy to protect their loved ones.

Life insurance is important for dual-income families, but it’s doubly important for a single-income parent. The loss of a single parent represents a 100 percent loss of income for the child–a devastating blow to the child’s future welfare.

A single parent living paycheck-to-paycheck can afford life insurance. The Insurance Information Institute reports that a relatively healthy 40-year-old non-smoker can purchase $500,000 in term life insurance for roughly $30 per month.

If you’re a single parent who lacks life insurance, protect your family with coverage you can afford.

For property/casualty insurers and reinsurers, the impact of the terrorist attack of September 11, 2001 was substantial—producing insured losses of about $32.5 billion, or $40.02 billion in 2010 dollars. Losses were paid out across many different lines of insurance, including property, business interruption, aviation, workers compensation, life and liability. Shortly after September 11th, the government passed the Terrorism Risk Insurance Act.

The Terrorism Risk Insurance Act of 2002 was adopted by Congress to ensure the widespread availability and affordability of property and casualty insurance for terrorism risk. The act provides a temporary program, or “backstop” for incurred losses resulting from certain acts of terrorism. The Act was extended in 2005 for two years and again in 2007 for another seven years, through December 2014, under the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA). Both extensions of the Act changed some components of the program, increasing the portion of the loss insurers would pay in the event of a terrorist attack and reducing the types of commercial insurance covered by the program.

The cost of terrorism still looms large in United States history. Though the death of Osama bin Laden is something to celebrate, it does not erase the immense damage done. After close to 10 attack-free years, the $32.5 billion in losses paid out by insurers for the terrorist attack of September 11, 2001, places second in an Insurance Information Institute (I.I.I.) ranking of the most costly U.S. catastrophes—after just Hurricane Katrina (2005). Nearly a decade later, 9/11 also remains the worst terrorist act in terms of fatalities and insured property losses.

http://www.youtube.com/watch?v=TLtrntXifkY

With all of the natural disasters happening globally as well as locally it is important to have an evacuation plan in place. The Insurance Information Institute reccomends making it into a challenge for the whole family so every member knows the plan in case of an emergency.

In this video two families take the Ten Minute Challenge to see if they can evacuate their homes in just ten minutes. Erica and Jason Bish have prepared ahead of time and know what to pack and who will do it. Alex and Steve Gorman have not. The Insurance Information Institute says the key is to plan ahead. Gather insurance policies, wills and deeds, marriage licenses, home inventory and other financial documents in one place. Be sure to pack medicines, toiletries, and clothing for three days. Candysse Miller of the Insurance Information Network of California says families should ask themselves “If I had just ten minutes to get out, what would I take?”

Bucci Insurance encourages you and your family to take the Ten Minute Challenge!

We hear Capital One asking us what’s in our wallet all the time, but Bucci Insurance wants to know what’s in your house? Now this is a bit more daunting, since your house is much larger than a 2×3 rectangle (we are assuming). 

If your home is ever burglarized, or burns down, the best way to demonstrate what needs to be replaced is with a home inventory – a record of your valuables, when you purchased them, and what they cost. Your insurer needs this information to properly adjust your claim.

According to a I.I.I blogger a great way to do a home inventory is to make use of your children’s attraction to every media object being a toy. Let them roam around the house with a digital camera and take pictures of everything in sight. If you don’t have children or ones that are willing to do this, you are welcome to do it your self. Make sure these pictures are then saved somewhere outside of your home.

What if somehow these pictures are destroyed? How do we preserve our home inventory?

Thankfully, as we now say in the I-phone age, “There’s an app for that.”

Or several: The New York Times last week rounded up home inventory apps, including one for $25 that lets you scan in the bar code of items like CDs, books and DVDs – speeding the process considerably.

I.I.I.  also provides a free online home inventory service.  You sign on, upload pictures of your stuff and fill out the details. A I.I.I. video describing the service is here. And, to get you on your way, here is a good list of what sorts of items end up in most inventories.

Over 70 percent of all boating accidents are due to inattention, speeding or boating under the influence of drugs and alcohol, warns the Insurance Information Institute (I.I.I.). In fact, there were over 6,400 accidents resulting in 4,272 injuries and 681 fatalities in 2009.

According to the U.S. Coast Guard, education is the key to preventing boating accidents. Last year, 80 percent of all boating fatalities occurred on boats where the operator had not completed a boating safety course.

Although collision with another boat is the most reported type of accident – hurricanes, theft and fire also pose a significant threat to boat owners. In fact, over 40 million dollars worth of boats are stolen each year, according to the National Insurance Crime Bureau.

With private boats costing over 29 billion dollars in 2001, having the appropriate property and liability coverage is essential, warns the I.I.I.

Canoes, small sail boats, and boats equipped with motors that are less than 25mph are generally covered under a homeowners or renters insurance policy. Coverage is usually about $1000 or 10 percent of the home’s property value and it generally includes the boat, motor, and trailer combined. Liability coverage is typically not included – but it can be added as an endorsement to a homeowners policy.

Larger and faster boats, yachts, and personal watercrafts such as jet skis and wave runners require a separate boat insurance policy. For yachts, damage to the craft, including the hull, is covered. These policies also provide broader liability protection. A boat insurance policy will cover:

• Bodily injury – for injuries caused to another person.
• Property damage – for damage caused to someone else’s property.
• Guest passenger liability – for any legal expenses incurred by
  someone using the boat with the owner’s permission.
• Medical payments – for injuries to the boat owner and other passengers.
• Theft

The type of vessel, the horsepower of the engines, the value of the vessel, and the location where it is kept are all factors in determining coverage and premium.

To be a safer boater, the U.S. Coast Guard suggests that you:

• Get a free vessel safety check by calling 1-800-368-5647 or visiting http://www.vesselsafetycheck.org.
• Monitor the weather forecast and let someone know where you’re going and when to expect you.
• Check engine, fuel, electrical and steering systems, especially for exhaust-system leaks.
• Keep marine-type fire extinguishers accessible and in condition for immediate use. Make sure they are matched to the size and type of the boat.
• Equip the vessel with required navigation lights and with a whistle, horn or bell. Consider additional safety devices, such as a paddle or oars, a first-aid kit, a supply of fresh water, a tool kit and spare parts, a flashlight, flares and a radio.
• Make sure that every person on board the boat wears a life jacket and don’t permit riding on the bow, seatbacks or gunwales. Every year, 80 percent boater fatalities are attributed to a missing life jacket.
• Never boat under the influence. In 2001, alcohol was involved in more than one third of all boating fatalities.

Your credit history can work for you or against you. Your proven ability to manage your money and meet your financial obligations is an indication of your maturity and stability and can open many doors. Prospective employers, landlords, lenders and even your insurance company view a strong credit history as a positive sign that you will meet your obligations and responsibilities to them as well. A poor credit history could result in not getting that apartment or dream job, and paying more for insurance coverage and higher interest rates on your mortgage and other loans.

According to the Insurance Information Institute, insurers often generate a numerical ranking based on a person’s credit history, known as an “insurance score,” when underwriting and setting the rates for insurance policies. Actuarial studies show that how a person manages his or her financial affairs, which is what an insurance score indicates, is a good predictor of insurance claims. Insurance scores are used to help insurers differentiate between lower and higher insurance risks and thus charge a premium equal to the risk they are assuming. Statistically, people who have a poor insurance score are more likely to file a claim.

The best way to build a solid credit score is to make a habit of always paying your bills on time in full each month. Your goal should be to build a long history of reliable bill paying behavior. To maintain your good credit history, check your credit report every year. Look for errors and correct them as soon as possible. By law, you are entitled to one free credit report from each of the three reporting agencies once a year.

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies—Equifax, Experian, and TransUnion—to provide you with a free copy of your credit report, at your request, once every 12 months. For more information, go to the Federal Trade Commission’s Web site on credit.

Myth 6. If another person is driving your car, his or her auto insurance will cover them if they get in an accident.
In most states, the auto insurance policy covering the vehicle is considered the primary insurance, which means that the auto insurance company for the vehicle must pay for damages caused by an accident.

If you’re hosting a holiday party where there will be lots of young children running around, make sure your home is as safe as possible for them. Follow the link below for some tips from the Insurance Information Institute on how to child-proof your home. From Bucci Insurance, have a safe and happy holiday!

http://www2.iii.org/videos/child-proofing-your-home.html