Personal Archives - Page 2 of 12 - GOEBEL Insurance & Financial

My Neighbor’s Tree Fell on My Garden Shed – Whose Insurance Pays?

February 28, 2022 By Larry Goebel

Imagine you’ve been involved in a car accident. Insurance information gets exchanged and claims get filed, but how do insurance companies determine who pays for what? The simple answer is that it just depends on the circumstances.

Liability Claims

If you are involved in an accident, the other party may file a claim with your insurance asking for monetary assistance with either physical damage or medical bills. This is called a liability claim. When a claim is filed, a claims adjuster will reach out to all involved parties and take down detailed information. If there happens to be a police report, the adjuster will include this information as well. Who is at fault is determined by the circumstances of the accident. Did someone fail to yield? Did someone run a red light? There are tons of different scenarios that could occur. Typically, if one party receives a ticket from the police, this is the responsible party. The insurance company of the responsible party is most often the company that pays for physical damage to the vehicles involved. This typically holds true for medical claims as well.

No-fault States

There are 18 states that require a special policy called no-fault insurance. This usually covers things like medical expenses or even loss of income, regardless of who is at fault. If you live in a state that is not considered a no-fault state, then it is most often the insurance company of the party that is found to be at fault that pays for most everything.

Homeowner’s Insurance

Homeowner’s insurance can be tricky. There are many scenarios that may cause an insurance claim to be filed. Determining if your policy will help cover losses can be hard and working with your personal Insurance Agent is best.

Medical Bills and Disability Claims

Let’s say you hired a roofer to perform repairs at your home. The roofer falls and gets injured. Is this covered under your homeowner’s insurance or is the roofer responsible for his own expenses? In general, homeowner’s insurance will cover the expenses of anyone injured on your property, even contract workers, like the roofer. One of the few times your homeowner’s insurance policy may not cover an insurance claim is if you were negligent or careless. With that said, the roofer should also carry General Liability insurance as well as a Worker’s Compensation policy. These will cover expenses related to any damage the roofer may have done and any injuries they experience while roofing your house. So, when hiring a roofer, or any contractor, always make sure to obtain a copy of their General Liability and Worker’s Compensation policies.

Property Damage

So your neighbor’s tree fell into your yard, causing damage to your garden shed and fence. Who is the responsible party? More often than not, if it’s in your yard, it’s your responsibility. In this case, you would file an insurance claim with your homeowner’s policy, not your neighbor’s. This may be different if the tree had root damage or other conditions that caused it to be a risk and your neighbor was aware of this and chose to do nothing about it.

Subrogation

What happens when it’s not immediately clear who is at fault or what insurance company should pay for what? Insurance companies have a process called subrogation. This allows for you to file a claim with your insurance company so that you can get back to normal – get your vehicle repaired, cover medical expenses, remove a tree, etc. Your insurance company will then request reimbursement from the insurance company of the at-fault party. This is something that happens behind the scenes and is not a process you are typically involved in, other than providing any requested information.

How to Proceed

If you’ve been involved in a car accident, had someone get injured on your property, had a neighbor’s tree fall in your yard, or any of the other numerous circumstances that could cause insurance companies to get involved, the best thing you can do is to contact your Insurance Agent. Your Insurance Agent is knowledgeable and is there to guide you in the right direction.

If you are in the process of obtaining insurance, be sure to contact us for a quote. We can make sure that all of your questions are answered and that you get the insurance that best fits your individual circumstances. We are here to help.

Insuring your ATV or Side by Side

September 20, 2021 By Larry Goebel

An all-terrain vehicle is a great way to explore the great outdoors. If you have a new ATV – a new utility task vehicle or side by side – you’re no doubt eager to take it out for a drive. Before you do, however, you need to make sure you have the right insurance coverage.

In Wisconsin, we can help you make sure you’re complying with state laws and protecting your assets. Here are some of the issues to consider when shopping for ATV insurance.

ATV Coverage and Other Insurance Policies

You might be wondering if you really need ATV insurance coverage. You probably already have auto insurance and homeowners insurance – do you really need ATV insurance on top of that?

Yes.

A standard auto insurance policy won’t cover your ATV or UTV. Your homeowners insurance policy may provide some limited coverage, but this probably won’t cover the risks adequately. ATV insurance is designed specifically for your off-road vehicle, and it’s what you want.

State Laws and Insurance Requirements

ATV insurance isn’t just a good idea – it might be a legal requirement. Depending on where you live, your state may require insurance for your ATV, just like it requires insurance for your regular vehicle.

According to the Insurance Information Institute, many states require ATV insurance for any ATVs operated on state-owned land. While Wisconsin does not require liability insurance on atv’s, utv’s & side-by-sides, it is highly recommended. Your homeowners liability insurance may cover an ATV accident if another party was injured or had their property damaged. For example, if a friend was riding a UTV on your property, injured themselves, and sued you for damages, your homeowners liability insurance would typically cover the incident. Just keep in mind that some homeowners policies have limitations on their coverage, and riders may have to be a certain age or related, so it’s good to get an ATV insurance policy if you’re concerned about a gap. Please call us for more information.

What are the Licensing and Registration Requirements?

What are the age requirements? Wisconsin State law requires anyone operating an ATV between the ages of 12 and 18 must have completed a safety training course when using an ATV on public land. There may also be additional requirements based on age.

What are the safety requirements? Wisconsin requires the use of a helmet for all riders under the age of 18. Drivers and passengers who are 12 and older and traveling to fish or hunt can bypass this rule, and people riding on private property owned by an immediate family member don’t have to wear a helmet. However, helmets are a smart idea regardless of the legal requirements where you live.

Where are ATVs allowed? ATVs are off-road vehicles, and they may be banned on highways and other roadways. ATVs may also be banned from certain areas, such as beaches or protected lands. Before you take your ATV somewhere, make sure it’s allowed.

Avoid legal problems. Check the ATV laws in your state. If you take your ATV to another state, remember to check the laws there, as well.

ATV Coverage Types and Limits

Although your ATV will not be covered by your standard auto insurance policy, ATV insurance is similar to a typical car insurance policy. There are different types of coverage that provide protection against various common risks.

Bodily Injury, UI/UIM, and Property Damage Liability Insurance: What happens if you’re riding your ATV and you accidentally hit someone? The injuries could be extensive – and expensive. You’re looking at immediate medical bills, as well as the possibility of long-term medical expenses and lost wages. Without insurance, you could be sued and held personally liable, but bodily injury liability insurance coverage can shield you from this possibility up to the policy limits.
Property damage liability insurance can also cover the resulting costs if you accidentally damage another person’s vehicle or other property. Liability insurance offers important protection, and it is the coverage type most likely to be required under state laws.
Collision and Comprehensive Insurance: You probably spent at least a few thousand dollars on your ATV. You may have spent upwards of $20,000 or more on it. If you plan to get a lot of use out of it, you might consider this a good investment. But what if something happens to your ATV? You could be out a good chunk of money. Collision and comprehensive coverage protect you against this possibility. Collision insurance covers damage to your ATV arising in a crash. Comprehensive insurance covers other types of losses to your vehicle, including fire damage and theft.
Medical Costs: Bodily injury liability insurance covers medical costs if you accidentally injure a third party, but it doesn’t cover injuries that you or your passengers may experience. Medical payments coverage is part of an auto insurance policy. It may help pay your or your passengers’ medical expenses if you’re injured in a car accident, regardless of who caused the accident. This coverage is optional and not available in all states.
Additional Coverages: If you have expensive equipment or upgrades on your ATV, you may need to insure it separately.

These are some of the most common coverages, but your needs may be different. An insurance agent can make sure you have the right coverage for your unique situation. Give us a call to help you review your coverage needs.

ATV Insurance Costs and Other Considerations

Just as with car insurance, there’s going to be a lot of variation in the cost of ATV insurance. How much you pay will depend on many factors, including how much coverage you need.

If you have a high-end ATV with a lot of after-market improvements, you may need additional comprehensive and collision coverage to protect it fully. These higher limits will result in higher premium costs. Likewise, if you want to increase your liability limits to make sure your assets are well-protected in case something goes wrong, this will also increase your premiums.

Another issue to consider is the deductible you choose. The deductible is the amount you pay out-of-pocket if you file a claim. You may be able to lower your premium by selecting a high deductible. This can result in savings now, but if you have to file a claim, you will pay more at that time. It’s a tradeoff that you should consider carefully.

Not everything raises your costs, however. Some factors may lower your costs. If you qualify for an ATV insurance discount, you could save a lot on your premiums. Give us a call to see if you qualify for any ATV insurance discounts.

Your Adventure Awaits

When you own an ATV, you don’t need roads – but you do need insurance. Don’t let your off-roading adventure turn into a regrettable misadventure. Without insurance, one bad day could cost you your ATV. If you get hit with a lawsuit, it could cost you much more than that, too. Protect your investment, your assets, yourself, and your passengers with insurance coverage designed for ATV risks.

Talk to your independent insurance agency for assistance getting the coverage you need.

Your Guide to Insurance on Electric Cars in Wisconsin

June 18, 2021 By Larry Goebel

Electric cars are trending. If you’re thinking about getting one, you might be worried about the range and the prevalence of charging stations, but there are other things to consider, as well. Every car needs to be insured, and that includes electric vehicles. Here’s what you need to know about insurance on electric cars in Wisconsin.

The Future of the Electric Car

Electric cars are getting a lot of support right now.

In 2020, Governor Newsom announced that California would be phasing out gasoline-powered cars in favor of electric vehicles. By 2035, all new cars and passenger trucks sold in California will be zero-emission vehicles. Governor Newsom says, “This is the most impactful step our state can take to fight climate change.”

President Biden has also proven to be a supporter of electric vehicles. According to Car and Driver, Biden’s American Jobs Plan includes $174 billion dedicated to promoting electric vehicles and EV charging stations.

Do Insurance Companies Cover Electric Vehicles?

Before you buy an electric vehicle, it’s smart to make sure you’ll have the resources you need. In addition to scouting out the electric vehicle charging stations in your area, it makes sense to think about insurance coverage for electric cars.

The good news is that most insurance companies that insure cars in Wisconsin also insure electric cars. Finding coverage for electric versions of vehicles should not be a problem.

The Cost of Owning and Insuring Electric Cars

Electric cars are seen as expensive – for good reason. The National Resources Defense Council says that the average sticker price for an electric vehicle is about $19,000 higher than the average sticker price for a gas-powered car.

Because electric cars are expensive to own – and expensive to repair – the cost of insuring electric cars can also be expensive. According to Self, annual car insurance premiums for electric vehicles cost an average of $442 more compared to car insurance premiums for gasoline-fueled cars.

The takeaway? It’s more expensive to insure an electric car, so when purchasing an electric car, take Wisconsin insurance costs into account.

But it’s not all bad news. People who own electric cars catch a break when it comes to fuel costs. The National Resources Defense Council says the exact savings will depend on a number of factors, including the cost of gas and electricity in your area. In Washington, you can expect to save $14,480 on energy costs over a 15-year period.

Even better, the cost of electric vehicles is expected to drop in coming years as batteries become cheaper. According to Fast Company, the price of electric vehicles has fallen by 89% in the last decade. In a few more years, electric vehicles might cost the same as gasoline-powered vehicles.

What Type of Car Insurance Coverage Does Your EV Need?

Your electric vehicle can benefit from the same basic coverage types as gasoline-fueled vehicles.

Liability insurance covers losses to third parties. Coverage is available for both bodily injury liability and property damage liability.
Collision and comprehensive insurance covers losses to your own car. Collision insurance provides coverage for collisions or crashes, while comprehensive insurance provides coverage for other types of losses, such as theft, vandalism, storm damage, and animals.
Uninsured motorist coverage covers losses that you may experience if you are hit by an uninsured driver. You can also purchase underinsured motorist coverage in case you are hit by a driver with insufficient insurance limits.
Gap insurance covers the difference between the value of your vehicle and the amount you owe in the case of a total loss. Because vehicles depreciate quickly, this coverage can be a smart investment on new vehicle.

Make sure your charging station is covered, too. If you’ve installed a home charging station for your electric vehicle, talk to your insurance agent to make sure your Wisconsin homeowners insurance covers it adequately.

What Insurance Limits Do You Need for Your EV?

When selecting insurance limits for your electric vehicle, there are three important requirements to consider:

What are the insurance minimums in Wisconsin Each state establishes its own requirements for insurance coverage. In most states, liability insurance is mandated, and drivers must meet the state’s minimum amounts. Some states may also require additional types of insurance coverage, such as personal injury protection (PIP) and uninsured motorist coverage. When you purchase insurance, you will have to enter your location. Your insurance partner should make sure you are meeting your state’s legal requirements.

What does your lender require? If you have an auto loan, your lender will likely have some insurance requirements. You will probably have to maintain adequate amounts of collision and comprehensive insurance. You may also need to list your lender on your insurance policy.

How much coverage do you need to protect your assets? If you cause a crash and the losses exceed your auto insurance limits, you can be on the hook for the difference. Therefore, it can be smart to carry higher limits, especially if you have assets you want to protect, or if your state has especially low minimum requirements. You may also need additional coverage based on your vehicle use. For example, if you use your personal vehicle for commercial purposes, you may need commercial coverage and higher limits.

How to Keep Costs Down for Electric Vehicles

Many people like electric vehicles because of their sustainability – but the situation has to be sustainable for your wallet, as well. Although this might change in the future, right now, it can cost more to insure and own an electric car. If you own an electric vehicle or are thinking of buying one, take the following steps to keep the cost of insurance on electric cars down.

Look for tax rebate programs. You may qualify for tax credits or rebates if you purchase an electric car. The S. Department of Energy has information on federal tax rebates for electric vehicles.
Ask about insurance discounts. Don’t leave money on the table. You may qualify for a number of discounts, such as safe driver discounts. Your electric vehicle may also help you qualify for some insurance discounts.
Keep a clean driving record. Your car isn’t the only thing that impacts your insurance rates. Your driving history also plays a major role. Avoid crashes and claims to keep your insurance rates low.
Consider a usage based insurance (UBI) policy. If you are a consistently safe driver, a usage based insurance program (in which your driving behavior is monitored by your phone) can be a money-saving option.
Ask Goebel Insurance & Financial to shop and compare for you. Insuring an electric car doesn’t have to break the bank. Different insurance companies will give you different rates, so shop around for a good deal. As an independent insurance broker, Goebel Insurance & Financial has connections with many top auto insurers, so we can shop the market on your behalf and help you assess your options.

Home Insurance Comparison Shopping

March 10, 2021 By Larry Goebel

Are you looking for home insurance? Don’t settle on a policy until you’ve done some home insurance comparison shopping.

It can be hard to know whether you’re getting the best deal. If you only look at one option, no matter how good it is, you can’t be sure that it’s the best. That’s why it pays to shop around.

Comparison shopping is especially important when it comes to homeowners insurance. Policies can vary in big ways. You might not think the technical differences matter much – until you have to file a claim. Then you’ll realize how much it matters.

Your homeowners insurance policy protects the most important asset you have: your home. Make sure you have the best homeowners insurance policy for your unique needs by engaging in some home insurance comparison shopping.

Wisconsin Homeowners Insurance Policy Differences

If you don’t know much about homeowners insurance – and let’s face it, most people don’t – you might assume that one policy is just as good as another. As long as you have coverage, you’re good. Right?

Wrong.

The differences in home insurance policies are significant, and the small print can have a big impact. Many people make the mistake of just looking at the costs – specifically, the premium and maybe the deductible. Whiles these costs are important, they’re not all that matters. If you ever need to file a claim, you may end up learning this the hard way.

Here are four areas to focus on when comparing home insurance quotes:

Coverage: A standard Wisconsin homeowners insurance policy will typically provide coverage for the home structure, as well as personal belongings, personal liability and additional living expenses. Despite these similarities, there are differences.

First of all, not all perils, or loss causes, are covered. Some policies use a named peril system, meaning that only the perils listed in the policy are covered, while others use an all-peril system, meaning that all perils not listed as excluded are covered. There can also be variations in terms of coverage for other structures on your property, like sheds. Most policies will cover sheds and other structures, but don’t just assume you have coverage.

Limits: If your home is ever destroyed, you’ll need your insurance payout to rebuild, so securing an adequate limit is essential. But there’s more to insurance limits than this. In addition to the main limit that covers your house, you also need to think about the limits for other types of coverage under your policy.

For example, you’ll want to consider what your limits are for things like outdoor structures and personal belongings. There are also separate limits for personal liability, and these limits may be important if you’re ever sued.

For additional living expenses coverage, it’s also important to consider time limits. If your home is damaged or you are forced to evacuate, extended hotel stays can become a major expense, so this coverage is important.

Territory: Homeowners insurance protection can extend beyond your property lines. For example, personal liability coverage may apply to certain events that occur outside of your home. However, there can be limits regarding where you’re covered, so it’s important to know the territory definitions of your home insurance policy. Also, in some cases, belongings might be covered when outside of the home. For example, if your son’s laptop is stolen while he’s living in the dorm, are you covered? Find out before you have to file a claim.
Endorsements: Will your policy cover you if a sewer backup floods your home? What about if your appliances are damaged by a power surge? Will your coverage apply to losses in your home office? Homeowners insurance endorsements can provide the additional coverage you need. There are many different endorsements to choose from and selecting the right ones can make the difference between ho-hum coverage and coverage that really has your back when you need it.

You don’t want to have to worry about these things when you’re dealing with the aftermath of a fire, storm or theft. Make sure you have the right coverage BEFORE you have to file a claim.

To do this, you need to compare options from the best home insurance companies.

Unfortunately, home insurance comparison shopping isn’t always easy …

The Challenges of Finding the Best Homeowners Insurance

You want quality homeowners insurance from a reputable homeowners insurance company. Unfortunately, finding the best home insurance isn’t always straightforward. That’s because the best home insurance company for you might not be the best home insurance company for someone else.

Maybe you need endorsements to cover your Wisconsin home business, or maybe you have expensive art or jewelry and need higher limits on personal belongings. Maybe you have valuable structures other than your house on your property, or maybe you’re worried about having enough personal liability coverage.

Everyone has different insurance needs. This means no one can point to a specific insurance policy and say it’s the best home insurance for everyone.

Another problem arises when insurance companies handle things differently. One insurance carrier may offer home insurance endorsements a la cart, for example, while another may bundle them. These differences can make comparing homeowners insurance options difficult.

How to Get and Compare Home Insurance Quotes

Insurance is a complicated issue, and when it comes to home insurance, the stakes are high. This is not something you want to mess up. That’s why you need expert help.

A lot goes into finding the right home insurance coverage for your needs. You need to consider your options carefully, but getting and comparing homeowners insurance quotes can require time and expertise you don’t have.

An independent agent can get quotes from multiple homeowners insurance companies. This means you don’t have to do the legwork of completing multiple applications with multiple carriers. By working with a single insurance professional, you can get quotes from the best home insurance companies all at once.

An independent agent can also provide invaluable insight and advice, which is important. When it comes to home insurance, there’s a lot that the average person doesn’t know. Something as simple as not realizing you need a specific endorsement could end up costing you thousands out of pocket in the long run.

As independent insurance agents, we understand the ins and outs of home insurance and can help you find the best coverage for your unique situation. Ready to start comparison shopping? We’re ready to help! Contact us today.

HSA’s (Health Savings Account) Are One Of the BEST Tax-Advantaged Strategies

December 16, 2020 By Larry Goebel

Are YOU Maximizing Your Tax Savings?

HSA’s are the most under-utilized tax planning strategy available to a lot of taxpayers. In order to contribute to an HSA, you first must have an HSA HDHP (High Deductible Health Plan) qualified health insurance plan. This plan can be obtained thru a group health plan or an individual health plan. Once you have a qualified HSA HDHP plan, you can then contribute to your HSA account. Your contributions are tax-deductible up to the annual contribution limit that you qualify for. Two other reasons HSA’s are so attractive is because you don’t need to have taxable wages AND there are no earnings limitations to qualify for an HSA. The only requirement is that you need an HDHP qualified health plan!!!

So, what makes HSA’s so attractive? You get ALL three tax advantages!!

TAX DEDUCTIBILITY – TAX DEFERRED GROWTH – TAX-FREE WITHDRAWALS

In other words, if the money that you withdraw from your HSA is used to pay for qualified medical expenses – YOU NEVER PAY ANY TAXES!! NEVER!!!!

With other tax advantaged investments, you only get 2 out of 3 of these tax advantages. Deductible IRA’s – tax deductibility and tax deferred growth. ROTH IRA’s – tax-deferred growth and tax-free withdrawals. But with HSA’s you get 3 out of 3!! So why aren’t more people maximizing their HSA’s? Because they need to be properly educated and unfortunately very few advisors are taking the time to educate their clients on all of the benefits of having an HSA. Until now that is!!

How Much Can I Contribute to My HSA?

There are annual maximum contribution limits based on whether you apply for single or family coverage. Each year, these limits are increased based on inflation.

HSA Contribution Limits

Tax year 2020 Tax year 2021

Single Coverage $3550 $3600

Family Coverage $7100 $7200

• If over age 55, you can contribute an additional $1,000
• If both spouses are over age 55, the spouse not listed as primary can contribute $1,000 into a spousal HSA – this needs to be put into a separate HSA account in their name

Also note that you have until April 15^th of the following year to contribute to your HSA for the current calendar year. i.e. you have until April 15, 2021, to contribute for the tax year 2020.

If you have an HSA thru a group health plan you may qualify to contribute to your HSA thru payroll deduction which saves you an additional 7.65% in FICA payroll taxes.

Another relatively unknown fact about HSA’s is that if you are enrolled in an HSA HDHP plan on December 1^st, you can contribute the entire annual contribution limit even if you only had the plan for one month in that year.

If you are enrolled in either Medicare Parts A or B, you may NOT contribute to an HSA even if you are covered by an HSA HDHP plan. It should be noted that when you do apply for Medicare Part B, your Medicare Part A coverage effective date is backdated 6 months, so you need to stop your HSA contribution 6 months prior to when your Part B will become effective. This rule is often overlooked and you can incur significant penalties if you are not in compliance.

What Can I Use My HSA Money For?

As long as you use your HSA to pay for qualified medical expenses as listed in IRS Publication 969 – Health Savings Accounts and Other Tax-Favored Health Plans, you NEVER pay taxes!

Here are a few qualified medical expenses that you can use your HSA for:

Medical expenses
Dental & Vision
Medications
Medicare Part B premiums
OTC – Over the counter items

The 2020 Cares Act now allows OTC items to be paid from your HSA as well. Items eligible for reimbursement include cough drops, aspirin, cold & sinus medications, to name a few.

Are There Any Strategies Available to Maximize the Tax Advantages of HSA’s?

If you are looking to maximize the tax-deferred element that HSA’s offer, then you should consider setting up an Investment HSA account that can include long term growth mutual funds and/or individual stock portfolios. Most people invest their HSA’s in a savings account that earns very little interest and is simply not taking advantage of the tax deferral. To learn more about how an HSA can help you save tens or perhaps hundreds of thousands of dollars in taxes, contact GOEBEL Insurance & Financial to educate yourself on the special strategies that might be available to you.

GOEBEL Insurance & Financial specializes in pre-retirement and retirement planning, tax-saving strategies, health insurance and Medicare planning. To learn more about how you can save taxes with an HSA, contact us at (920) 921-7526 or email us at info@goebelins.com.