Allstate helps to give new hope to children in the U.S.
With a generous $1 million donation, Allstate Insurance Company has given new hope to children in need in the United States. As part of the momentous Idol Gives Back charity event that aired in April 2007 on Fox network's American Idol television program, Allstate and Save the Children have partnered to benefit children and young people living in extreme poverty in several locations in Louisiana and Mississippi.
Save the Children will put Allstate's gift to good use through its Early Steps to School Success initiative, a cradle-to-classroom intervention program for children at high risk of struggling in school. The goals are strong foundations for parenting and school readiness, which are powerful catalysts in helping children achieve a lifetime of learning. The funds will also be used to support Save the Children's CHANGE (Creating Healthy, Active, Nurturing & Growing-up Environments) program to help rural children develop healthy lifestyles and reduce childhood obesity, a major public health concern. The Allstate Corporation is the nation's largest publicly held personal lines insurer. Save the Children is proud to partner with Allstate to create brighter futures for children in the Gulf Coast.
Monday, December 31, 2007
Sunday, December 30, 2007
New Year Resolution
NORTHBROOK, Ill. -
It's that time of the year when Americans set lofty goals to improve their lives by ditching unhealthy habits like smoking or overeating. In that spirit, a survey by Allstate suggests that people start the year off right with a savings plan that they can stick to all year.
Allstate's fifth annual "Retirement Reality Check" survey, which measures Americans attitudes about saving for retirement, gives insight on tactics that can help you achieve your resolutions.
"Our survey asked people what goal is hardest to achieve, and the clear front-runners were saving for retirement, losing weight and stopping smoking," said Casey Sylla, president, Allstate Financial, a business unit of The Allstate Corporation. "A distant fourth-place goal was staying physically fit."
The survey also asked respondents what tactic would be the best first step to achieve the goal they declared was toughest. Regardless what goal respondents cited as most difficult, having a goal or plan was the No. 1 tactic suggested. The second most-mentioned tactic was getting professional help.
Sylla said the growth of smoking-cessation and weight-loss programs demonstrates that people are willing to seek help to find a plan that works for them. Using the same tactics to work out a savings plan that suits individual needs should make it easier for people to achieve retirement goals, he said.
"So often New Year's resolutions are abandoned after only a few weeks because people can't see the light at the end of the tunnel," Sylla said. "Our survey suggests that people are more likely to succeed if they set reasonable goals. Instead of seeing the goal only as the whole piece, saving $50,000 for retirement or losing 40 pounds, doing these things in manageable steps will allow people to be more successful."
Professional advice can help people identify goals that are significant but achievable, he said. "Once people see results, it is easier to stick to a plan or even increase the goal," he added.
Seeking advice might be particularly useful in creating a savings plan because there are so many factors to consider, he said.
"When it comes to saving for retirement, people need to consider a combination of their current income and expenses as well as their long-term lifestyle goals," he said. "When you look at the big picture, it is easier to identify goals that are achievable and trade-offs you're willing to make to get, and stay, fiscally fit."
Allstate recommends that people follow 10 steps to create a retirement savings plan that addresses short- and long-term needs. Those 10 steps are:
Educate yourself on the different savings options available.
Monitor your savings and investments to determine the appropriate investment choices given the time you have left before retirement.
Discuss with your spouse how you want to spend your retirement.
Decide which savings vehicles will help you save more for retirement.
Work with a financial professional to ensure your insurance needs are adequate and keeping up with the changes in your life.
Determine how much money you need to save by the time you retire.
Determine whether you have prepared for life's unexpected events in your retirement planning.
Educate yourself on how to pay for long-term health care.
Determine how much you will spend each year on your retirement lifestyle.
Estimate how much you will receive in retirement from Social Security and your employer-sponsored retirement plan, if you have one.
People need to pay particular attention to their assumptions about Social Security benefits. The Allstate survey showed that the majority of respondents are extremely pessimistic about Social Security, with 57 percent saying they have "major concerns" that their benefits will be reduced or even eliminated. Another 27 percent cited this as a minor concern.
Only 16 percent said Social Security is not a concern at all. But at the same time, only 2 percent of respondents said that drastic changes to Social Security would prompt them to start saving more for retirement.
"It isn't logical to have a concern but then do nothing to address it," Sylla said. "This underscores why it's so important for people to take a hard, critical look at what income they truly expect to have in retirement."
Download the mini executive summary (New Year's Resolution (PDF)) of the Allstate "Retirement Reality Check" survey.
Allstate created the fifth annual "Retirement Reality Check" survey in conjunction with Mathew Greenwald & Associates. Using a random digit dialing methodology, Greenwald & Associates polled 1,601 people born between 1946 and 1978, with household incomes of $35,000 or more. Retirees were accepted with incomes of at least $20,000. The margin of error (at the 95 percent confidence level) for the total number of respondents in this study is ±2.5 percent, ±3.8 percent for information specific to Gen Xers, ±4.5 percent for Baby Boomers.
Allstate Life Insurance Company, Lincoln Benefit Life Company and American Heritage Life Insurance Company (Allstate Workplace Division) are proud members of the Insurance Marketplace Standards Association - IMSA. Our membership signifies our commitment to honesty and fairness in the sales and service of individually sold life insurance and annuity products.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 13,600 exclusive agencies and financial professionals in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate®. EncompassSM and Deerbrook® Insurance brand property and casualty products are sold exclusively through independent agents. Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.
Jim Somborovich can be reached at: js@allstate.com
It's that time of the year when Americans set lofty goals to improve their lives by ditching unhealthy habits like smoking or overeating. In that spirit, a survey by Allstate suggests that people start the year off right with a savings plan that they can stick to all year.
Allstate's fifth annual "Retirement Reality Check" survey, which measures Americans attitudes about saving for retirement, gives insight on tactics that can help you achieve your resolutions.
"Our survey asked people what goal is hardest to achieve, and the clear front-runners were saving for retirement, losing weight and stopping smoking," said Casey Sylla, president, Allstate Financial, a business unit of The Allstate Corporation. "A distant fourth-place goal was staying physically fit."
The survey also asked respondents what tactic would be the best first step to achieve the goal they declared was toughest. Regardless what goal respondents cited as most difficult, having a goal or plan was the No. 1 tactic suggested. The second most-mentioned tactic was getting professional help.
Sylla said the growth of smoking-cessation and weight-loss programs demonstrates that people are willing to seek help to find a plan that works for them. Using the same tactics to work out a savings plan that suits individual needs should make it easier for people to achieve retirement goals, he said.
"So often New Year's resolutions are abandoned after only a few weeks because people can't see the light at the end of the tunnel," Sylla said. "Our survey suggests that people are more likely to succeed if they set reasonable goals. Instead of seeing the goal only as the whole piece, saving $50,000 for retirement or losing 40 pounds, doing these things in manageable steps will allow people to be more successful."
Professional advice can help people identify goals that are significant but achievable, he said. "Once people see results, it is easier to stick to a plan or even increase the goal," he added.
Seeking advice might be particularly useful in creating a savings plan because there are so many factors to consider, he said.
"When it comes to saving for retirement, people need to consider a combination of their current income and expenses as well as their long-term lifestyle goals," he said. "When you look at the big picture, it is easier to identify goals that are achievable and trade-offs you're willing to make to get, and stay, fiscally fit."
Allstate recommends that people follow 10 steps to create a retirement savings plan that addresses short- and long-term needs. Those 10 steps are:
Educate yourself on the different savings options available.
Monitor your savings and investments to determine the appropriate investment choices given the time you have left before retirement.
Discuss with your spouse how you want to spend your retirement.
Decide which savings vehicles will help you save more for retirement.
Work with a financial professional to ensure your insurance needs are adequate and keeping up with the changes in your life.
Determine how much money you need to save by the time you retire.
Determine whether you have prepared for life's unexpected events in your retirement planning.
Educate yourself on how to pay for long-term health care.
Determine how much you will spend each year on your retirement lifestyle.
Estimate how much you will receive in retirement from Social Security and your employer-sponsored retirement plan, if you have one.
People need to pay particular attention to their assumptions about Social Security benefits. The Allstate survey showed that the majority of respondents are extremely pessimistic about Social Security, with 57 percent saying they have "major concerns" that their benefits will be reduced or even eliminated. Another 27 percent cited this as a minor concern.
Only 16 percent said Social Security is not a concern at all. But at the same time, only 2 percent of respondents said that drastic changes to Social Security would prompt them to start saving more for retirement.
"It isn't logical to have a concern but then do nothing to address it," Sylla said. "This underscores why it's so important for people to take a hard, critical look at what income they truly expect to have in retirement."
Download the mini executive summary (New Year's Resolution (PDF)) of the Allstate "Retirement Reality Check" survey.
Allstate created the fifth annual "Retirement Reality Check" survey in conjunction with Mathew Greenwald & Associates. Using a random digit dialing methodology, Greenwald & Associates polled 1,601 people born between 1946 and 1978, with household incomes of $35,000 or more. Retirees were accepted with incomes of at least $20,000. The margin of error (at the 95 percent confidence level) for the total number of respondents in this study is ±2.5 percent, ±3.8 percent for information specific to Gen Xers, ±4.5 percent for Baby Boomers.
Allstate Life Insurance Company, Lincoln Benefit Life Company and American Heritage Life Insurance Company (Allstate Workplace Division) are proud members of the Insurance Marketplace Standards Association - IMSA. Our membership signifies our commitment to honesty and fairness in the sales and service of individually sold life insurance and annuity products.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 13,600 exclusive agencies and financial professionals in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate®. EncompassSM and Deerbrook® Insurance brand property and casualty products are sold exclusively through independent agents. Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.
Jim Somborovich can be reached at: js@allstate.com
Friday, December 28, 2007
New Year's Resolution - 2008
One of the top resolutions for 2008 should be to get your financial house in order. Like most projects - it's probably a good idea to break this down into smaller tasks - and to do them one at a time - thereby building on your success and increasing your confidence in completing the job.
The list of sub-tasks could be very long or short depending on your life style. My field of expertise is in the insurance area - so let's limit my thoughts to this very important subject.
Schedule an appointment with your insurance professional to review where you are in the area of risk management. That's right - just like a business - you have to manage your assets, income, and even your risks. The insurance company provides tools to help you with this task in the form of insurance policies. Your agent can perform a fact finding audit to determine if the protections you currently purchase are suitable for your situation. Being underinsured can put your assets at risk in case of a serious accident.
Call your agent today and make an appointment - and check this one item off of your to do list!
Jim Somborovich is an Allstate agent in the Bellevue, WA area.
You can email him at js@allstate.com
The list of sub-tasks could be very long or short depending on your life style. My field of expertise is in the insurance area - so let's limit my thoughts to this very important subject.
Schedule an appointment with your insurance professional to review where you are in the area of risk management. That's right - just like a business - you have to manage your assets, income, and even your risks. The insurance company provides tools to help you with this task in the form of insurance policies. Your agent can perform a fact finding audit to determine if the protections you currently purchase are suitable for your situation. Being underinsured can put your assets at risk in case of a serious accident.
Call your agent today and make an appointment - and check this one item off of your to do list!
Jim Somborovich is an Allstate agent in the Bellevue, WA area.
You can email him at js@allstate.com
Wednesday, December 26, 2007
Reverse Mortgage Questions
5 Questions To Ask Before Considering a Reverse Mortgage
1) Do you really need a reverse mortgage? Start by assessing honestly why it is that you are interested in a reverse mortgage. If you want some cash to take that dream vacation, a reverse mortgage is an expensive way to pay for it. Taking out a pricey loan to make investments or to purchase insurance products is also not a good idea. Make sure that the needs you want to address are really worth the costs. If anyone is trying to sell you something and recommending you use a reverse mortgage to pay for it, that’s generally a good sign that you don’t need it and shouldn't be buying it.
2) Do you have less costly options? Do you have other financial resources that you could use before taking out a loan? If you could easily make the monthly repayments on a home equity loan or home equity line-of-credit, these alternatives are less costly than a reverse mortgage. Many state and local governments offer low-cost reverse mortgages that can be used to pay your property taxes or make home repairs. Have you looked into the costs and benefits of selling your home and moving to a less expensive one?
3) Can you afford a reverse mortgage? These loans are expensive, and the amount you owe grows larger at an ever increasing rate. The younger you are when you take out a reverse mortgage, the longer compound interest will grow, and the more you will owe. On the other hand, due to high up-front costs, these loans can be especially costly if you sell and move just a few years after taking one out.
4) Can you afford to start using up your home equity now? The more you use now, the less you will have later when you may need it more, for example, to pay for future emergencies, health care needs, or everyday living expenses, if your current needs grow or your income does not keep pace with inflation. Or you may need your equity to finance major home repairs or a move to assisted living. If you are not facing a financial emergency, then consider postponing a reverse mortgage. Homeowners who wait have "a reasonable expectation of securing a better product at a lower cost in the not-too-distant future," according to a report by the Fidelity Research Institute.
5) Do you fully understand how these loans work? Reverse mortgages are quite different from any other loans, and the risks to borrowers are unique. Before considering one, you need to do your homework carefully and thoroughly. Begin by clicking on each of the topics under "Reverse Mortgages," on the left side of this page: Basics, Federally Insured Loans, Other Choices, and Key Decisions.
Monday, December 24, 2007
Long Term Care Insurance
Why Long Term Care Insurance....
Without proper planning, LONG-TERM CARE can be the greatest threat to our assets today, and we're not just talking about nursing home cost, because 85% of long-term care is extended care at home or in community like assisted living or even adult day care.
The need for long-term care doesn't just affect older people. In fact, 40% of people needing it today are adults between the ages 18 and 64 who've been injured in accidents or suffer from conditions like multiple sclerosis or strokes.
Long-term care is very expensive and costs anywhere from $33,000 to $100,000 a year on up, depending on where you live, for either an eight hour shift at home or a semi-private day in a nursing home with drugs and miscellaneous supplies. This cost is going higher every year. Moreover the life expectancy of an Alzheimer's patient is from three to 20 years, and if both you and your spouse need care, you can see how these numbers explode.
Unfortunately, most long-term care expenses are paid for out of people's pockets, out of savings they have accumulated to enjoy their retirement. Why? Because long-term isn't covered by Medicare and other familiar forms of insurance like group or individual health insurance, Medicare supplements, retiree health plans, HMOs, VA plans or disability income plans. And the odds of the government helping you are so low. You have to be down to $2,000 in assets before Medicaid will help. On the top side of all this, the odds of needing long-term care are greater than 50%, much higher than being in a car accident or losing a house by fire - and often at a greater cost than losing your whole house.
Think about it: You don't look out your bedroom window and see one out of every two houses burning, and then decide not to have homeowner's insurance.
Right now your assets are your insurance policy against a risk that is very expensive, very likely to happen and will not be paid by anything else. Do you see a reason why you wouldn't want to protect yourself and your family so you can have peace of mind in case something happens to you? Plus you are making sure that you can look forward to a comfortable, worry-free retirement with financial security.
Jim Somborovich call be reached by email: js@allstate.com
Without proper planning, LONG-TERM CARE can be the greatest threat to our assets today, and we're not just talking about nursing home cost, because 85% of long-term care is extended care at home or in community like assisted living or even adult day care.
The need for long-term care doesn't just affect older people. In fact, 40% of people needing it today are adults between the ages 18 and 64 who've been injured in accidents or suffer from conditions like multiple sclerosis or strokes.
Long-term care is very expensive and costs anywhere from $33,000 to $100,000 a year on up, depending on where you live, for either an eight hour shift at home or a semi-private day in a nursing home with drugs and miscellaneous supplies. This cost is going higher every year. Moreover the life expectancy of an Alzheimer's patient is from three to 20 years, and if both you and your spouse need care, you can see how these numbers explode.
Unfortunately, most long-term care expenses are paid for out of people's pockets, out of savings they have accumulated to enjoy their retirement. Why? Because long-term isn't covered by Medicare and other familiar forms of insurance like group or individual health insurance, Medicare supplements, retiree health plans, HMOs, VA plans or disability income plans. And the odds of the government helping you are so low. You have to be down to $2,000 in assets before Medicaid will help. On the top side of all this, the odds of needing long-term care are greater than 50%, much higher than being in a car accident or losing a house by fire - and often at a greater cost than losing your whole house.
Think about it: You don't look out your bedroom window and see one out of every two houses burning, and then decide not to have homeowner's insurance.
Right now your assets are your insurance policy against a risk that is very expensive, very likely to happen and will not be paid by anything else. Do you see a reason why you wouldn't want to protect yourself and your family so you can have peace of mind in case something happens to you? Plus you are making sure that you can look forward to a comfortable, worry-free retirement with financial security.
Jim Somborovich call be reached by email: js@allstate.com
Friday, December 21, 2007
Blue Ribbon Company
Allstate named to Fortune 2007 Blue-Ribbon Companies List
Company earned honor by appearing on four Fortune lists during the yearSummary:
title
Allstate was one of a select group of companies named to Fortune magazine’s 2007 Blue-Ribbon Companies List. To be included on the list, companies must appear on at least four Fortune lists within a calendar year.
“Fortune magazine lists give us an idea of the pulse of the business world – and where we stand relative to our peers,” said Joan Walker, senior vice president for Corporate Relations. “Being named a Blue-Ribbon company is one more indication that we’re a company that is well regarded both within our industry and in the business community as a whole.”
Allstate earned the Blue-Ribbon designation by being named to four Fortune lists in 2007. It ranked No. 61 on the Fortune 500 and No. 181 on the Global 500. Within the P&C industry category, it captured the No. 5 spot on the Most Admired Companies list and the No. 6 spot on the Global Most Admired Companies list.
Microsoft and Procter & Gamble held the top spot on this year’s Blue-Ribbon list, having appeared on seven Fortune lists during 2007. Rounding out the Top 10 Blue-Ribbon companies are eight companies that each appeared on six lists this year: Apple, Cisco Systems, Citigroup, Eli Lilly, General Electric, IBM and Valero Energy.
Company earned honor by appearing on four Fortune lists during the yearSummary:
title
Allstate was one of a select group of companies named to Fortune magazine’s 2007 Blue-Ribbon Companies List. To be included on the list, companies must appear on at least four Fortune lists within a calendar year.
“Fortune magazine lists give us an idea of the pulse of the business world – and where we stand relative to our peers,” said Joan Walker, senior vice president for Corporate Relations. “Being named a Blue-Ribbon company is one more indication that we’re a company that is well regarded both within our industry and in the business community as a whole.”
Allstate earned the Blue-Ribbon designation by being named to four Fortune lists in 2007. It ranked No. 61 on the Fortune 500 and No. 181 on the Global 500. Within the P&C industry category, it captured the No. 5 spot on the Most Admired Companies list and the No. 6 spot on the Global Most Admired Companies list.
Microsoft and Procter & Gamble held the top spot on this year’s Blue-Ribbon list, having appeared on seven Fortune lists during 2007. Rounding out the Top 10 Blue-Ribbon companies are eight companies that each appeared on six lists this year: Apple, Cisco Systems, Citigroup, Eli Lilly, General Electric, IBM and Valero Energy.
Wednesday, December 12, 2007
Water
Ask Jim
Water Damage!
The person living above me flooded my apartment when the bathtub overflowed and now my personal belongings are ruined. Will the apartment management insurance cover this type of loss?
The apartment management insurance does not cover your personal property!
Things like your clothes, stereo, furniture, television, bicycle, jewelry, personal computer, artwork and other items are not covered against destruction or loss by your landlord's insurance. Your landlord may be sympathetic about the flood in your living room, but you're likely to be the one who will have to buy new furniture or a stereo system.
If you had Renters Insurance it would replace what was damaged!
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet, and pays legal defense costs if you are taken to court.
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to js@allstate.com
Water Damage!
The person living above me flooded my apartment when the bathtub overflowed and now my personal belongings are ruined. Will the apartment management insurance cover this type of loss?
The apartment management insurance does not cover your personal property!
Things like your clothes, stereo, furniture, television, bicycle, jewelry, personal computer, artwork and other items are not covered against destruction or loss by your landlord's insurance. Your landlord may be sympathetic about the flood in your living room, but you're likely to be the one who will have to buy new furniture or a stereo system.
If you had Renters Insurance it would replace what was damaged!
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet, and pays legal defense costs if you are taken to court.
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to js@allstate.com
Tuesday, December 11, 2007
Shared Expenses
Ask Jim
Shared Expenses!
My roommate & I share an apartment and each of us pays half of the expenses. We are interested in getting renters insurance but our budget is very tight. Is it possible for us to share a policy or do we have to have separate policies?
My company will allow two unrelated adults to share a renter’s insurance policy making it a very affordable way to protect your belongings!
The average renters insurance policy is usually around $147 for the year and splitting the cost would bring it down to about .20 cents a day. A very small investment for the amount of protection that is provided by the policy!
Can you afford to be without Renters Insurance?
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Renters insurance also covers your property anywhere in the world so if you are planning on taking a vacation – get renters insurance first!
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to js@allstate.com
Shared Expenses!
My roommate & I share an apartment and each of us pays half of the expenses. We are interested in getting renters insurance but our budget is very tight. Is it possible for us to share a policy or do we have to have separate policies?
My company will allow two unrelated adults to share a renter’s insurance policy making it a very affordable way to protect your belongings!
The average renters insurance policy is usually around $147 for the year and splitting the cost would bring it down to about .20 cents a day. A very small investment for the amount of protection that is provided by the policy!
Can you afford to be without Renters Insurance?
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Renters insurance also covers your property anywhere in the world so if you are planning on taking a vacation – get renters insurance first!
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to js@allstate.com
Monday, December 10, 2007
Lost Luggage
Ask Jim
Lost Luggage!
I’m leaving on a vacation next week and a friend has suggested that I get Renters Insurance before I leave – is this a good idea?
Yes, renters insurance is an excellent way to prevent a loss from ruining your trip!
The good news about renters insurance is that it protects your personal belongings at home and while traveling.
Can you afford to be without Renters Insurance?
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Renters insurance also covers your property anywhere in the world so if you are planning on taking a vacation – get renters insurance first!
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to A032399@allstate.com
Lost Luggage!
I’m leaving on a vacation next week and a friend has suggested that I get Renters Insurance before I leave – is this a good idea?
Yes, renters insurance is an excellent way to prevent a loss from ruining your trip!
The good news about renters insurance is that it protects your personal belongings at home and while traveling.
Can you afford to be without Renters Insurance?
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Renters insurance also covers your property anywhere in the world so if you are planning on taking a vacation – get renters insurance first!
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to A032399@allstate.com
Friday, December 7, 2007
Ask Jim
Loss Assessments!
Am I personally responsible for insurance related losses if my Condo Association doesn’t carry enough insurance to cover the damages?
Yes, losses that are not covered by insurance would be assessed by the Condo Association to the individual condo owners!
If one of the buildings in your condo complex started on fire and the loss totaled $2,000,000 and the insurance paid only $1,000,000, the balance would be divided by the number of condo’s and a special assessment would be made to each owner. A bigger concern would be a personal injury jury award that may produce a judgment in excess of the liability limits and it could result in a very expensive assessment.
If you have Condo Insurance, you can add a loss assessments rider to your policy to provide extra coverage!
This optional coverage pays for the special assessments for insurance losses, which the owner may be responsible for paying as a result of membership in a condo owner’s association. The maximum amount of Loss Assessments Coverage available is $50,000 and the cost of the rider is usually around $10.00 for the year!
______________________________
Jim Somborovich is an Allstate Insurance agent and can be reached at 425-562-3011 or e-mail your questions to A032399@allstate.com
Loss Assessments!
Am I personally responsible for insurance related losses if my Condo Association doesn’t carry enough insurance to cover the damages?
Yes, losses that are not covered by insurance would be assessed by the Condo Association to the individual condo owners!
If one of the buildings in your condo complex started on fire and the loss totaled $2,000,000 and the insurance paid only $1,000,000, the balance would be divided by the number of condo’s and a special assessment would be made to each owner. A bigger concern would be a personal injury jury award that may produce a judgment in excess of the liability limits and it could result in a very expensive assessment.
If you have Condo Insurance, you can add a loss assessments rider to your policy to provide extra coverage!
This optional coverage pays for the special assessments for insurance losses, which the owner may be responsible for paying as a result of membership in a condo owner’s association. The maximum amount of Loss Assessments Coverage available is $50,000 and the cost of the rider is usually around $10.00 for the year!
______________________________
Jim Somborovich is an Allstate Insurance agent and can be reached at 425-562-3011 or e-mail your questions to A032399@allstate.com
Thursday, December 6, 2007
Ask Jim
Mysterious Disappearance!
After working in the garden the other day I noticed that the diamond in my engagement ring was missing – will my renters insurance cover this type of loss?
Maybe – mysterious disappearance can be a covered type of loss if you have a rider on your policy for jewelry.
A renter’s insurance policy has limitations on certain types of personal property like cash, computers, and the theft of jewelry, watches, and furs. An expansion of the coverages requires that the insured purchase a special rider.
It’s always a good idea to review your policy in detail so that you understand what is and what is not covered.
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Adding additional coverages to take care of a loss like mysterious disappearance can expand the types of losses covered.
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to js@allstate.com
Mysterious Disappearance!
After working in the garden the other day I noticed that the diamond in my engagement ring was missing – will my renters insurance cover this type of loss?
Maybe – mysterious disappearance can be a covered type of loss if you have a rider on your policy for jewelry.
A renter’s insurance policy has limitations on certain types of personal property like cash, computers, and the theft of jewelry, watches, and furs. An expansion of the coverages requires that the insured purchase a special rider.
It’s always a good idea to review your policy in detail so that you understand what is and what is not covered.
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage. Adding additional coverages to take care of a loss like mysterious disappearance can expand the types of losses covered.
Jim Somborovich can be reached at 425-562-3011 or e-mail your questions to js@allstate.com
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