One of the most important insurance policies you can buy is the personal umbrella policy, but many people are unaware they need one. This policy provides high limits of liability to protect you against a catastrophic liability loss. It pays after your homeowners or personal auto policies’ limits have been exhausted. For example, a major car accident in which you severely injure several persons can result in damages easily exceeding your personal auto policy’s liability limits. Losses that result in injuries to numerous people, head injuries, and death are often covered by a personal umbrella policy. In addition to providing higher limits, this policy normally pays for some losses not covered by the underlying policy, such as legitimate allegations concerning libel or slander.

Personal umbrella policies are growing in popularity. In the past, only wealthy individuals and families purchased this coverage. Today, middle-income families also may procure this policy for protection in our society’s increasingly litigious climate. As the tendency to sue for damages rises and awards granted by the courts grow, the personal umbrella policy is increasingly seen as an insurance necessity, rather than a luxury. It is especially attractive because of its relatively low cost.

In particular, you should consider purchasing a personal umbrella policy if you have certain
characteristics or engage in certain activities, including the following.

●        Your total assets are greater than your underlying liability limits.

●        You are financially responsible for the actions of a young, inexperienced driver.

●        You live in an exclusive and affluent neighborhood.

You have a high profile career or high income.

●        You frequently host guests on your property.

●        Your residence includes a swimming pool.

●        You own waterfront property, a farm, or a ranch.

●        You own watercraft or aircraft.

●        You own numerous rental properties.

●        You engage in extensive international travel for pleasure.

As if slippery sidewalks and snow-covered cars weren’t bad enough during the winter, you face another potential head-ache: ruined carpets and water damage to your ceilings and walls from leaks caused by ice dams or bursting pipes. You can avoid the resulting aggravation and expense by taking several basic steps right now to prevent this kind of damage.

 An ice dam is an accumulation of ice at the lower edge of a sloped roof, usually at the gutter. When interior heat melts the snow on the roof, the water will run down and refreeze at the roof’s edge, where temperatures are much cooler. Eventually, the ice builds up and blocks water from draining off of the roof. This, in turn, forces the water under the roof covering and into your attic or down the inside walls of your house. Once an ice dam forms, the potential damage can be serious. Takethese steps now to avoid trouble later:

• Keep the attic well ventilated. The colder the attic, the less melting and refreezing on the roof.

• Keep the attic floor well insulated to minimize the amount of heat rising through the attic from within the house. This two-step approach decreases the likelihood that ice dams will form or, at least, reduces their size. As an extra precaution against roof leaks in case ice dams do form when you re-roof, install a water-repellent Membrane under your roof covering. Talk with your local building official about minimum code requirements for ice dam protection. Unfortunately, ice dams may be unavoidable if your home has recessed lighting near the roof. Heat generated from these lights melts snow, which then contributes to ice dam buildup. The only sure way to avoid this problem is to eliminate recessed light fixtures near the roof.

Freezing Pipes

Frozen water in pipes can cause water pressure buildup between the ice blockage and the closed faucet at the end of a pipe, which leads to pipes bursting at their weakest point. Pipes in attics, crawl spaces and outside walls are particularly vulnerable to freezing in extremely cold weather, where holes in your house’s outside wall for television, cable or telephone lines allow cold air to reach them.

To keep water in pipes from freezing, take the following steps:

• Fit exposed pipes with insulation sleeves or wrapping to slow the heat transfer. The more insulation the better.

• Seal cracks and holes in outside walls and foundations near water pipes with caulking.

• Keep cabinet doors open during cold spells to allow warm air to circulate around pipes (particularly in the kitchen and bathroom).

• Keep a slow trickle of water flowing through faucets connected to pipes that run through an unheated or unprotected space. Or drain the water system, especially if your house will be unattended during cold periods.

Snow can overload a roof-A heavy snowfall brings with it the danger of roof collapses. The age of the building is a major factor in the snow load risk. Light metal buildings will typically have less capacity to handle a high snow load. For flat roofs, the step-down area between roof sections is a potential source of overload because of the tendency for ice and snow collection. The best source for determining how much snow load a building can handle is the design plan. Most roof designs can handle at least 20 lbs per square foot. These designs can range from 10 to 20 lbs per square foot in Mid-Atlantic states, and 40 to 70 lbs per square foot in New England. For safe removal that won’t endanger you or damage your roof, consult a roofing contractor. Follow these guidelines to help estimate the weight of snow on a roof:

• Fresh snow: 10 to 12 inches of new snow is equal to one inch of water, or about 5 lbs per square foot of roof space. Anything more than 4 feet of new snow can put the roof at risk.

• Packed snow: 3 to 5 inches of old snow is equal to one inch of water, or about 5 lbs per square foot of roof space. Anything more than 2 feet of old snow could be dangerous.

• Fresh and packed snow: The combined weight of two feet of old snow and two feet of new snow could be as high as 60 lbs per square foot of roof space. This will test the limits of even the best designed roof.

• Ice: One inch of ice equals about a foot of fresh snow, so keep in mind this added weight when calculating how much a roof design can handle.

Close to 3,500 Wisconsinites Reported Identity Theft in 2010

You know about Black Friday, Cyber Monday, the coupons and all the extended shopping hours being offered by retailers…but do you know how to keep your identity safe from potential thieves?

“Criminals are lurking during the biggest shopping season of the year, waiting for an opportunity to take advantage of stressed and distracted shoppers—and identity theft is becoming a more lucrative crime,” says Cindy Steinbach, CIC, CISR, owner of Mayville Insurance Agency. According to the Wisconsin Office of Privacy Protection; close to 3,500 Wisconsinites reported being victims of identity theft in 2010. ―The number of unreported thefts in certainly much higher, notes Steinbach.

According to the Federal Bureau of Investigation (FBI), identity theft affects ten million victims each year, costing individuals and businesses $52 billion. And that number is expected to increase as identity thieves become more sophisticated.

“The good news is that there are ways to keep identity thieves from stealing your credit card information and other personal data – you just need to be vigilant and be aware of any red flags or warning signs. If you think something is fishy, it probably is,” Steinbach notes.

• When shopping at the mall or neighborhood stores; carry your wallet or purse securely. Also, purge your wallet or purse of unneeded credit cards. And be sure to leave your social security card and check book at home.
• Write “Check Photo ID” in permanent ink on your credit card, near your signature. This will remind cashiers to check your identity before processing your card.
• Be aware of people standing near you when making purchases. Identity thieves have been known to take pictures of cards on cell phone cameras.
• Before buying anything online, make sure the site is secure. Secure sites will have “https” instead of “http” in the web address.
• Use different passwords for different websites. If a thieve learns a single password, he or she will attempt to use it at many sites…and since many consumers save their credit card information on shopping sites, thieves can easily run up thousands of dollars in charges.
• Always review your credit card statements carefully to be sure that the charges listed are correct. Credit card companies only give consumers 60 days to dispute charges and they must be disputed in writing.
•  Be aware of phishing schemes or fundraising scams. “Unscrupulous thieves are very good at making emails look like they are coming from legitimate charities and other institutions, says Steinbach . “Don’t click on a link in the email, type in the website address so you know you are being taken to the proper and legitimate website.”
•  Give to organizations your family has an existing relationship with or those that speak to a cause you believe in.

Many insurance companies are offering identity theft insurance. Coverage typically costs from $20 to $100 a year as a rider to a basic homeowner’s policy or as a stand-alone purchase.

“This insurance can be helpful to reimburse consumers for long-distance phone calls, legal expenses and more,” says Steinbach. ―”Your professional independent insurance agent can discuss the benefits and costs of identity theft insurance so you can determine whether it’s right for you.”

For more information contact Mayville Insurance Agency at (920) 387-2140.

Don’t Veer for Deer…Swerving Into Traffic Could be Much Worse Than Hitting a Deer
Plus Tips for How to Protect Yourself and Your Passengers

Every year in the U.S. approximately 1.5 million car-deer collisions kill about 150 people and cause about $1 billion in vehicle damage.

In 2010, Wisconsin drivers reported 16,947 motor vehicle-deer collisions with 14 fatalities and numerous injuries. Approximately 70% of the fatalities involve deer-motorcycle crashes.

During the same time period, the Department of Natural Resources removed 26,595 deer carcasses from Wisconsin’s roadway system, indicating that only about half of all deer encounters with motor vehicles are reported.

October and November are typically peak months for deer crashes. The incidents are most likely to occur between 5 a.m. and 7 a.m. and between 5 p.m. and midnight.

“The number of persons injured or killed in deer crashes in our state has increased since the late 1970’s and drivers need to be especially alert now when deer are active and searching for mates,” said Cindy Steinbach, CIC, CISR, Owner of Mayville Insurance Agency, Inc.

Deer Crashes

“In most cases its best not to veer out of your lane to avoid hitting a deer. Often hitting a deer does less damage to your car than might be caused by swerving into a lane of oncoming traffic or leaving the road and ending up in a ditch,” Steinbach added.

Here are a few tips from the PIAW for drivers traveling the highways of Wisconsin this fall.

•  Deer move in groups. If you see one, there are probably more deer close by.
•   Be especially alert during the peak deer movement hours: twilight and early morning.
• If you ride a motorcycle, consider driving only during daylight hours as deer-motorcycle crashes have a significantly higher rate of fatalities. If you must drive during twilight and early morning, slow down and be especially alert.
• When you see a deer, slow down and blow your horn with one long blast. Brake firmly, but stay in your lane…don’t veer or swerve into another lane.
•  Do not rely on devices such as deer whistles, which have not been proven to reduce crashes.
•  If you hit a deer, pull well off the road and turn on your emergency flashers. Even if you are uninjured and your car is drivable, notify the police.

“If you’re involved in a crash with a deer, report the incident to your insurance agent,” said Cindy Steinbach. “Damage to motor vehicles is typically covered by the comprehensive portion of your auto insurance policy.”

The designation of Certified Insurance Service Representative (CISR) has been conferred upon Michele Schultz of Mayville Insurance Agency, Inc. in Mayville, after her successful completion of five, one-day courses covering all areas of insurance risks and exposures, followed by extensive examination.

          The CISR Program, available to insurance professionals in all 50 states and Puerto Rico, is distinguished from other programs of its kind by an annual continuing education requirement, which ensures that designees stay current on the important policy changes and trends within the industry.

          Michele Schultz is to be commended on her dedication to professionalism as evidenced by the completion of the CISR designation and her commitment to continuing education.

          The CISR designation is awarded by the Society of CISR, a non-profit organization and member of The National Alliance for Insurance Education & Research, the nation’s premier provider of insurance and risk management education. This year, the Society of CISR celebrates its 25^th anniversary with over 77,500 participants in the Program and more than 28,000 individuals holding the CISR designation.

          Mayville Insurance Agency is an independent agency representing many companies and has been in business over 60 years.  Michele has been with the agency for over three years specializing in personal insurance needs.

It may seem counterintuitive that “empty nesters” need life insurance after the kids have left home. But some retirees still have dependents, such as disabled adult children. Many empty nesters also still have financial obligations, such as the mortgage on a home or second home, that could become burdensome if a spouse dies or becomes disabled.

More importantly, if you died today, your spouse could outlive you by 10, 20 or even 30 years. Would your spouse have to make drastic lifestyle changes to make ends meet? Your death could reduce the Social Security benefits your spouse had been counting on. It also could bring on unplanned medical and funeral expenses and other costs. Life insurance coverage can preserve the retirement plan you worked so hard to put in place.

Life insurance also can ensure your estate will be passed on, intact, to your survivors. A policy’s death benefit can help foot the estate tax bill from Uncle Sam. It also can provide a legacy for your children and grandchildren even if you use up most of your assets during your lifetime. For all these reasons, if you’ve been thinking about dropping your coverage, you may want to reconsider.

But what if your retired or nearing retirement and you don’t have life insurance? You may think that you’ll no longer qualify due to your age or health conditions you may have. That’s not necessarily the case. Americans age 60 and older is among the fastest growing markets for life insurance purchases.

Even if you’re considerably older or coping with serious health challenges, there still may be an option for you. Final expense insurance is a form of life insurance that requires little or no underwriting, which means almost anyone can qualify. Policies are available in face amounts typically ranging from several thousands of dollars up to a maximum of $50,000 or $75,000 – much less than a standard life insurance policy. That’s because these policies are only intended to cover final expenses and not longer-range expenses like ongoing living costs or college or retirement funding.

 Final expense insurance typically comes in two varieties. Immediate full benefit policies, which pay the full face value upon your death, are generally available to people with no serious health concerns. Graded benefit policies provide limited benefits during the first few years and are available to people with serious health concerns. These policies can provide the peace of mind of knowing that your survivors won’t struggle to pay for your funeral or be saddled with outstanding medical bills and other debts.

 Long-term care insurance usually takes effect when you cannot perform at least two activities of daily living, such as bathing, eating or dressing. The cost of this insurance rises as you grow older. But if you do not have it and can afford it, you should consider it. The cost of home health care aid, an assisted living facility or a nursing home can quickly deplete your life’s savings. Medicaid, a government program, only kicks in once your assets are significantly depleted, and you may not get exactly the care you want through Medicaid.

 On the other hand, long-term care insurance isn’t right for everyone. If you have substantial assets and won’t be adversely impacted by the cost of long-term care, you won’t need the insurance. Or, if your assets are modest (less than $80,000 if you’re married, or $30,000 if you’re single) it’s probably not cost effective.

‘Tis the season for holiday get-togethers with food, friendship, fun and alcohol. If you do consume alcoholic beverages, make sure you have a designated driver. Even in low doses (one to two drinks), alcohol lowers inhibitions, impairs concentration, slows reflexes, impairs reaction time and reduces coordination.

According to the National Commission Against Drunk Driving (NCADD), over 17,000 Americans die each year in alcohol-related traffic crashes; that averages out to about one person every 30 minutes. Even if you are not involved in an alcohol related crash, you can still be pulled over and convicted of driving under the influence (DUI). State laws and punishments vary for a DUI conviction, but consequences with your insurance company are pretty standard.

“When your insurer finds out about a DUI conviction, they will most likely increase your rates and might even cancel or not renew your policy,” says Cindy Steinbach, Mayville Insurance Agency. “You will be labeled a high-risk driver and most likely have to file proof of insurance or financial responsibility for three to five years with your state’s department of motor vehicles.”

Steinbach continues, “If your insurer cancels your insurance mid-term or terminates the policy at the end of the term, you will have to purchase insurance from another company. This can be difficult to do once you have a cancellation in your history. However, many insurers don’t use the DUI as the only criteria for raising your rates or cancelling your policy. Some will also consider your claim history before making a decision. But your fate is in the insurer’s hands.”

“The best way to protect yourself is to never drink and drive,” says Steinbach. “Always use a designated driver and you won’t have to deal with any of the unpleasant consequences of a DUI or worse yet, a crash.”

When purchasing life insurance, there are many variables to consider including which type of life insurance is right for you: term or whole life. Term insurance can protect your family’s finances; providing money for college and/or living expenses for minor children. Some financial planners recommend you buy term life insurance for the cheaper premium, and then invest the money left over in mutual funds or other investments. Others advocate whole life insurance policies with cash value components because they force you to save money.

“When you purchase a whole life policy, the money you invest is then re-invested in stocks, bonds, and mutual funds that increase or decrease in value based on their performance,” says Paul Backhaus, Mayville Insurance Agency. “Any partial withdrawals or loans will reduce your death benefit. Each year you own the policy, more of your premium goes to insuring you and less goes toward the investment.”

Backhaus continues, “Term life insurance covers you for a set period of time. The term can be as short as one year or as long as 30 years. Term life insurance protects loved ones by covering specific debt and protecting family finances. Insurance companies usually require a basic medical exam that covers your height, weight, medical history, and blood and urine testing before issuing life insurance. The results of the tests could affect your premium, or even your ability to buy a policy.”

Those with preexisting medical conditions or that engage in risky activities, such as smoking or drag racing, will pay a higher premium. Older individuals also pay higher premiums because the likelihood they will die sooner increases with age. Those having difficulty finding life insurance due to illness or medical history can purchase guaranteed issue life insurance, which requires no medical exam, but typically has higher premiums and yearly fees.

If you know how to shop for insurance, you could save hundreds of dollars on premiums. Here are ways you can save money on your next life insurance purchase:

• Have your professional independent agent shop around to find the best rate to fit your needs.

• Improve your health. Eat right, exercise and quit activities like smoking. If you do have a preexisting medical condition, such as diabetes, show that you take your medication regularly and act responsibly about your health.

 • If you need more life insurance, a “rider” may let you expand your coverage without sacrificing the built-up cash value of a whole life policy.

 • Don’t buy a guaranteed issue policy if you are healthy.

 • Buy life insurance early in life. You’re annual premiums will be lower.

 • Maintain good credit. If there are problems with your credit, you could be denied coverage or be placed in a higher risk class.

 • Save money by the way you’re billed. Some insurers charge less if you pay annually and more if you pay monthly.

 To determine how much life insurance to buy or if your needs have changed since purchasing a policy, meet with your professional independent agent at least once a year. They will be able to find the best rate on the coverage you need and will be able to answer any questions you may have about your policy.

• more than half of homeowners polled think damage from a break in the water line on their property supplying their home is covered

•over a third of home owners think sewer-line breaks, earthquakes and mold are covered, and

•over 30 percent think damage from termites or other infestation is covered.

“It is important for homeowners to fully understand the policy they are buying,” says Cindy Steinbach, Mayville Insurance Agency. “Typical exclusions from homeowners policies include earth movement, water damage, neglect, war, nuclear action and mold. If you aren’t sure if you are covered in a specific scenario, explain it to your professional independent agent. They will be able to tell you whether or not you are covered.”

Steinbach continues, “A typical homeowners policy will cover fire, theft, liability, vandalism and smoke damage. Damage from some natural disasters like windstorms, hail, and lightning also may be covered. With the summer storm season approaching, this is a great time to review your policy with your professional independent agent. They can help you determine whether or not your current level of coverage is adequate.”

According to the American Council of Life Insurers, one third of all Americans between the ages 35 and 65 will become disabled for more than 90 days. 46 percent of all mortgage foreclosures in the U.S. are caused by disability, according to the U.S. Department of Housing and Urban Development. Although people tend to associate “accidents” with disability, you can become disabled through a disease such as cancer or other long-term illnesses.

So why do only 15 percent of U.S. workers carry disability insurance? Many consider disability insurance to be too expensive or assume they won’t need it because “it won’t happen to them.” This is a dangerous assumption.

“Disability insurance replaces a portion of your income if you become disabled and are no longer able to work,” says Paul Backhaus, Mayville Insurance Agency. “Many employers provide disability insurance in the form of a group plan. A typical group plan replaces up to 60% of your regular salary and has limits on the amount of time it will pay benefits.”

“You can also choose to purchase an individual plan, either as your primary disability insurance if your employer doesn’t offer a group plan or to supplement another policy,” says Backhaus. “An individual plan will allow you to insure another 10% to 20% of your income and the amount that you receive is not offset by any other benefits you may receive, such as Social Security.”

There are two types of disability insurance: short term disability and long term disability. Short-term disability insurance starts soon after you’re unable to work due to an illness, injury or the birth of a child. Many employers provide some type of coverage, ranging from just a few days to as much as one year. Long-term disability insurance begins once your short-term disability benefits run out.

“Purchasing disability insurance can be confusing,” says Backhaus. “Pricing varies based on your age, gender, amount of coverage, health status and even your occupation. Your professional independent agent can help you decide what type and amount of coverage will best protect you and your family.”