Johnson and Strachan Blog

Johnson and Strachan Bloghttp://www.jsinsurance.com/blog/View Johnson and Strachan's Website Blogen-uspostmaster@www.jsinsurance.comInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:1b8f2048-c0a7-40aa-ac27-c30b756d846eurn:uuid:e8939920-3b19-45c9-8bd2-e05dcf397f93Earthquake and Flood InsuranceLast week was an interesting, exciting or scary week depending on your viewpoint, or maybe all three.  How often does one experience an earthquake and a hurricane in the same year much less the same week? With the occurrence of these two natural...Wed, 31 Aug 2011 10:28:04 -0500Last week was an interesting, exciting or scary week depending on your viewpoint, or maybe all three.  How often does one experience an earthquake and a hurricane in the same year much less the same week? With the occurrence of these two natural disasters, it's appropriate to address how coverage for earthquake and flood apply to the Homeowners Insurance Policy.  The simple answer is that there is no coverage.  Two of the main exclusions on the HO policy are from losses due to flood and earthquake. While flood insurance requires a separate policy, most HO policies are capable of being endorsed to provide coverage for damage to buildings and contents caused by an earthquake.  As a rule the deductible is based on a percentage of the replacement value of your dwelling, anywhere from 5% to 25% . The premium is not cost prohibitive for the protection it affords. Business property policies treat flood and earthquake in the same manner; coverages for these perils are excluded.  You have the option to buy coverage via endorsement to the property policy for both, and when this isn't an option, you can buy stand alone coverage. If you are interested in learning more, or have question about earthquake and flood coverage, give us or call, or e-mail gsafford@jsinsurance.com.urn:uuid:45a154d6-165e-44a4-b5a8-1783bb3d0f82Flood InsuranceYou’ve probably seen the news over the past few weeks about the flooding along the Mississippi River.  First upriver, now in Memphis, and then in Mississippi and Louisiana. Now we're seeing flash flooding in parts of the midwest....Thu, 02 Jun 2011 21:42:01 -0500You’ve probably seen the news over the past few weeks about the flooding along the Mississippi River.  First upriver, now in Memphis, and then in Mississippi and Louisiana. Now we're seeing flash flooding in parts of the midwest.    Well, you should know that flooding is not only an issue for those living near the water, but a common loss for many areas of the country.  Here are a few facts from the National Flood Insurance Program (NFIP) regarding flooding: <ul style="list-style-type: disc; margin-top: 0in;"> <li>It’s the most common and costly natural disaster in the United States.</li> <li>Flash floods, inland flooding and seasonal storms can bring flooding to almost any area.</li> <li>Over 20% of all NFIP claims come from areas that are not in high risk flood zones.</li> </ul>     So you’re probably asking, why is this a concern to me?  The answer is simple. The Homeowners’ Policy or Renters’ Policy doesn’t cover losses from flood.  The same is true of the standard property policy for commercial businesses.   So if flooding is a concern in your neighborhood, a flood policy through the National Flood Insurance Program (NFIP) might be right for you to supplement your Homeowners’ or Renters’ policy.  For businesses, it may be possible to endorse flood coverage onto your existing policy, or purchase a separate policy to provide flood coverage.    The flood maps in many areas of the country have been updated in the last few years, and areas that were on not in flood zones are now considered to be in low to moderate flood zone areas.   This applies to several areas in Fairfax County in Northern Virginia.   With the spring rains here, and hurricane season starting (which is when much of the local flooding occurs), is it time for you to consider flood insurance?  Call or write us and we can get you a quote, and explain what’s covered under the flood policy.  Charlie Venus  <a href="mailto:cvenus@jsinsurance.com">cvenus@jsinsurance.com</a>urn:uuid:5320de6f-db0d-4915-a9ab-ca208afec097Do you need a Personal Umbrella Policy?Well, it’s an easy test to see if you do.  Just answer yes or no to the following questions: Do you own a home? Do you have kids that drive? Do you have any assets, such as real estate, an investment portfolio or a retirement plan that you...Thu, 10 Mar 2011 13:02:28 -0600Well, it’s an easy test to see if you do.  Just answer yes or no to the following questions: Do you own a home? Do you have kids that drive? Do you have any assets, such as real estate, an investment portfolio or a retirement plan that you want to protect? Do you sit on the board of a non-profit organization? If you answered “yes” to any of these questions then you need an umbrella policy. The purpose of an Umbrella Policy is to protect your assets and future earnings by establishing a layer of liability coverage, over and above your auto, homeowners, and boat policy in the case of a catastrophic loss. In addition to this, should your primary policy not cover the loss, your Umbrella Policy can respond directly, subject to a deductible of your choice. While it’s true that your auto, homeowners, or boat policy may provide as much as $500,000 in liability protection, unforeseen circumstances and the litigious nature of our society may find you liable for damages well into the millions of dollars. Your dog bites a neighbor’s child; A fire on your premises spreads and damages others’ properties;  Your teenager is responsible for an accident with their friends in the car;  You have an accident while abroad on vacation;  You are sued for invasion of privacy, libel or slander, or defamation of character.  All of the above are common losses that could put you in jeopardy of exhausting the liability coverage on your homeowners and/or auto policies and where a Personal Umbrella Policy could help protect you. At Johnson & Strachan, we feel that the Personal Umbrella Policy is an important part of your personal risk management, and  we have the expertise to tailor this coverage to your unique needs.  The cost is small compared with the financial risk that you take by not having this coverage. Please feel free to call or e-mail me if you have any questions about a personal umbrella. Greg Safford, 703-352-2244, <a href="mailto:gsafford@jsinsurance.com">gsafford@jsinsurance.com</a>urn:uuid:76e0afbf-a9bd-4592-bd2b-04d8c129c30eHealth Savings AccountLooking for ways to decrease your health care costs?  A Health Savings Account (HSA) might be one way to accomplish this. What is an HSA?  A health savings account can be funded with your tax-exempt dollars, by your employer, or both,...Fri, 17 Dec 2010 12:16:05 -0600Looking for ways to decrease your health care costs?  A Health Savings Account (HSA) might be one way to accomplish this. What is an HSA?  A health savings account can be funded with your tax-exempt dollars, by your employer, or both, to help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance, and even in some cases, health insurance premiums. Who is eligible for an HSA? Anyone who is: •          Covered by a High Deductible Health Plan (HDHP); •          Not covered under another medical plan that is not an HDHP; •          Not entitled to Medicare benefits; or •          Not eligible to be claimed on another person’s tax return.   What is a High Deductible Health Plan (HDHP)? A High Deductible Health Plan is a plan with a minimum annual deductible and a maximum out-of-pocket limit as listed below. These minimums and maximums are determined annually by the Internal Revenue Service (IRS) and are subject to change. What are the pros and cons to establishing a HSA? Pros: •     Greater individual control over health care dollars •     Increased consumer decision-making, potentially leading to healthier lifestyle •     Incentives for individuals to save for health care expenses they will encounter in retirement •     Better tools for making more informed health care choices •     Debit cards and checking accounts to speed reimbursement for employees, save paperwork for employers •     Savings for employer on HDHP premiums. Companies often save enough through the higher deductible that they are able to contribute to the savings accounts. •     For employers, HDHP design preserves distance from first-dollar coverage.   Cons: •     Tremendous communication challenges in shifting costs, risks and responsibilities to employees •     Time-consuming effort for a company to implement •     Continuing administrative hassles and some state laws to be addressedurn:uuid:ed3cce0b-d09d-4fc6-a327-e0c13bd78ec9Welcome!Coming Soon...Mon, 18 Oct 2010 17:45:15 -0500Coming Soon...