Month: May 2018

Homesharing – Part 1

Posted on by Brad Smith

For a variety of reasons, changing attitudes, objectives and financial situations have created interest in collaborative consumption and the growth in the sharing economy. Homesharing and ridesharing have become major components in this evolving economy. The term can be confusing and have more than one meaning.

Regarding this article, we are discussing commercial arrangements represented by services such as AirBnB. Its premise is to match supply and demand for housing related to traveling. It allows a resident of a home, condo or apartment in one location to provide short-term housing to persons traveling through or vacationing in their locale. The arrangement is facilitated through an online platform that provides the obligations of both parties to the transaction. Therefore, this discussion does not involve situations involving short-term trading or swapping of property in exchange for either similar residential space or in exchange for providing skills or services.

A wide variety of rental situations fall under homesharing, such as the following:

  • Rental of seasonally used property
  • Rental of entire premises for vacationers
  • Rental or part or entire premises for persons attending a local, large event such as racing, festivals, concerts, tournaments, sports championships, etc.
  • Providing space for a special event, such as graduations, weddings, or parties (birthday, retirement, etc.)
  • Renting a portion of a residence while the property owner or regular renter still occupies other parts of the residence

The online aspect is critical as it acts as a portal for providing information on available residences, locations of property, property features, rental costs, available amenities, contractual obligations related to property use and payment of fees, deposits, and, if necessary, damages or penalties due to misuse.

A major motivation for such homesharing arrangements is the opportunity of significant, additional income for underutilized property. However, that creates a problem. What coverage issues exist under residential insurance policies?

 

Continue to Part 2

 

COPYRIGHT: Insurance Publishing Plus, Inc. 2018

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Car Insurance Quotes Kentucky

Posted on by Brad Smith

 

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Car Insurance Quotes Kentucky

Decision making, in the most logical form, is nothing more than simple math.  A series of pluses and minuses that when summed lead to an affirmative or negative answer to the dilemma at hand.   A good example would be “why do I want to live in Kentucky?  My top five reasons would be:

Our Small Towns: For me, the small towns represent the soul of Kentucky.  Two of my personal favorites are Augusta and Danville.  On the Ohio River, about forty miles from Cincinnati you will find the small town of Augusta.  One of Kentucky’s many small-town treasures; Augusta was the childhood home of George Clooney.  Traveling just under an hour south of Lexington you will find the birthplace of Kentucky.  Danville was the first Capital of Kentucky.  The state’s first constitution was drafted and signed here.  Danville is the home of Centre College a Liberal Arts College that consistently ranks among the top fifty Colleges in the U.S.  Centre has been a site for to two recent Vice Presidential debates.  For me, the small towns are the soul of Kentucky.

Horses: Churchill Downs in Louisville and in Lexington, Keeneland; both rank among the top horse racing tracks in the world.  Many of Kentucky’s biggest stars reside in the Bluegrass Region.  Paris, Midway, Versailles, Lexington, Georgetown, Winchester and Lexington are home to the four-legged elite of Kentucky.

Basketball:                There is one thing that Kentucky residents will agree on; “Basketball is King in the Bluegrass.”  College basketball in Kentucky is a year-round spectacle and the rivalry between the University of Kentucky and the University of Louisville is second to none.

Bourbon:                           For generations Kentucky folk have been the butt of jokes, many of which have brought our intelligence into question.  Look who gets the last laugh.  The world has somehow figured out what Kentuckians have known for eons.  For those of you just discovery Kentucky Bourbon, consider yourself lucky that we have enough to share.  From Wild Turkey and Four Roses in Lawrenceburg to Bullitt Counties Jim Beam and many others scattered all across the Commonwealth, Kentucky distillers are working hard to insure that there is enough bourbon for all of us.

People:                               Cross the state line into Kentucky and it won’t take long for you see what truly sets our state apart.   It’s us, are people.  Kentuckians make Kentucky.  Total strangers greeting you like a lifelong friend.  Kentuckians are loving people that truly care about you.  You see it, you will sense it, and if you listen, you will hear it.  You will hear us ask; “How Y’all doing?”   This is followed by a question mark and is not to be confused with the more rhetorical “how are you doing.”  If it seems a bit dim-witted, then you need to hear it first-hand.  Only then will you see the compassion behind the question, “how Y’all?”   A question with purpose! A question asked with the intent to insure your well-being.

Online car insurance quote Kentucky provided in real time by TruePoint Insurance
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Although you may not hear them as often, there are also many reasons that make it less appealing to call Kentucky home.  We pay more for our insurance than most.  Don’t believe me?  Take some time to get a Kentucky car insurance quote. 

Why?  

Car Insurance in Kentucky

Auto insurance in Kentucky is expensive when compared to most other states.  In recent years people relocating to the state were quiet shocked to find that their car insurance quote in Kentucky was considerably higher than before.  For an extended period of time, a Kentucky auto insurance quote would have been one of the ten most expensive states for auto insurance.  Even today, Kentucky ranks in the twenty most expensive states for car insurance.  Car insurance in Kentucky is more expensive than Maryland, New Jersey, New York, Florida and several other states that would seem to represent a higher risk for the auto insurance companies.

Before pointing the finger at the car insurance companies, consider the following factors that are driving the Kentucky auto insurance premiums higher:

  • The number of Kentucky deaths related to auto accidents is appalling. Kentucky has the second most deaths per miles driven and is almost 150% of the national average.
  • Kentucky is one of twelve states with no-fault insurance laws. Critics suggest that this form of insurance is:
    • Leading to widespread car insurance fraud in Florida and as a result, many auto insurance companies are reducing their business there. Evidence points to similar issues that are leading to higher auto insurance quotes in Louisville.
    • These laws were adopted to prevent abuse and discourage ambulance chasers. Unfortunately, there have been serious negative consequences that revolve around, fraud and increased medical cost without a significant reduction in lawsuits.
    • New York’s no-fault auto insurance system is near the breaking point which could lead to significant changes in the near term.
  • Uninsured and Underinsured Motorist represent another issue that is putting upward pressure on Kentucky car insurance quotes. Kentucky ranks in the middle of the pack among all states regards uninsured motorist.  While this most likely has little if any impact on your car insurance quote Kentucky, it is highly likely that car insurance for Kentucky residents is higher due to the higher number of underinsured motorist.  Who is an underinsured motorist?  I am, the guy has the lowest premium auto insurance, and you.  Even Warren Buffet could be considered an underinsured driver.   Since awards for damages are ultimately in the hands of a judge or jury, it is possible that any of us are underinsured.

 

My logic is that the states with the lowest minimum mandatory auto liability coverage are the states with the greatest exposure to underinsured drivers.  Only eleven states have lower state minimum auto liability coverages than Kentucky, which is my reasoning why underinsured motorist have an upward bias when it comes to car insurance for Kentucky.

At this point, my plus/minus matrix is five to one for staying put.  I will keep paying a little extra for my car insurance because I love the people and the basketball.  Y’all have a great day, ya hear?

 

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Understanding your home insurance deductibles

Posted on by admin

Deductibles with Truepoint Insurance

For many years, deductibles have been considered to be a fundamental element of the insurance contract. It is therefore vital to understand its importance when insuring your Fisherville, KY home to reap the benefit of your insurance policy.

A deductible is an amount of money the insurance holder pays towards an insured loss. Therefore, a financial obligation by the insurance holder since it forms part of the insurance contract. On many occasions, the amount you come up with as the deductible is paid before a claim.

Insurance deductibles have basics as explained below:

How to identify the amount of your deductible

On your contract, the insurance deductible is listed under the terms and conditions section which is on the declaration page of the insurance policy. As a homeowner, you will choose the deductible amount for your home and the contents. The policyholder chooses how much the deductible will be, but the insurance company sets the minimum deductible depending on the insurance policy, but regardless, the higher the deductible, the lower the cost of insurance.

How to save money with a deductible

As an insurance holder, despite the fact that you pay the premiums, you might not have claims every year. It is, for this reason, an advantage especially in instances where you pay higher deductibles or an increased amount of deductible more than the minimum since you will be able to save a good percentage on your insurance cost.

How to identify a loyalty deductible

It is important to understand the costs for each deductible on each policy. In case a policy has a waiver, and its cost is the same as policy without a waiver, then consider it as a loyalty advantage and a pleasant characteristic of the coverage you are purchasing. If there is a cost attached, then as the policyholder, it is upon you to contemplate whether it is worthwhile to pay more.

Being one of the fastest growing insurance companies in Fisherville, KY, Truepoint Insurance offers help with home insurance policies. Contact our offices to speak with an agent and to have your questions answered. We look forward to hearing from you.

Looking for a good insurance agent

Posted on by Brad Smith
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If you don’t already have one, then it’s safe to assume your answer is yes. When it comes to insurance, we all want to know that we are entrusting the right people.

 
If you were to take a poll with the question being “Share with us the first thoughts that come to mind when you hear the word insurance.”
 
“BORING”
“Frustrating”
“I don’t need any more”
“Too expensive”
 
I am sure these and many similar thoughts would rank near the top of the list. More likely at the top. I am also comfortable that……
 
“My insurance agent is the best”
“I am already working with the top insurance agent in Louisville” “I have the best insurance agent in Kentucky”
 
…..won’t rank high in our insurance poll. Not even an agents’ mother would associate words like; best, top, great, amazing, elite or awesome to insurance agent or insurance agency.
 
However, most people realize the importance of working with a good insurance agent. But where do you begin? How do you know if your agent is one of the top insurance agents in Kentucky? Is it possible to discern if I am working with one of the best insurance agencies in Louisville?
A good insurance agent, not one that can sell ice to an eskimo
I don’t have the answer and I would be very suspect of anyone that said they did. However, I can share with you some of the things I would consider if I were looking for a great insurance agency:
 
1. Avoid the Hard Sell: The day of the hard sell has long passed. Consumers are Buyers! This leaves no room for the salesperson. I can’t think of a product or service that I want someone to sell me. Educate me. Please! Which by default means that I am looking for someone that I can trust?
 
2. Trust: For me, trust is the key. When I am buying my first move is to find someone in the know that I Trust. I get a lot of grief when I say this, but the right insurance agent is not trying to sell. A good insurance agency understands that you don’t sell insurance. Insurance should not be sold. Consumers buy insurance. They buy insurance from people that they trust. This is why I firmly believe that the best insurance agents or brokers realize that the insurance transactions occur as a result of trust. Trust cannot be sold, it must be earned.
 
3. Service: Excluding Government, I am hard pressed to come up with a business or organization that doesn’t acknowledge the importance of customer service. I did say acknowledge. While not all practice what they preach, many of us that realize that good customer service comes with more than just a smile. For me, good customer service also sends a signal that this is an organization that I can trust. As I see it, entities providing a high level of customer services, are doing more than acknowledging the role that trust plays in a business relationship. These businesses have also realized that earning your trust is only a part of the equation. Maintaining and keeping your trust is just, if not more, important.
 
Sure there is more to finding the right insurance agent. Many of the factors that drive your decision will be impacted by your unique needs. For those not interested in online insurance, the location will be a significant factor. With numerous options, finding a good insurance agent in Louisville, Lexington or most other areas of Kentucky’s other larger cities shouldn’t be a backbreaker.
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