Being Prepared Keeps Families Safe

By: Edward L. Blais, JD, CIC

In 2012, approximately 365,000 fires occurred in homes throughout the U.S., resulting in almost 3,000 deaths and over 12,500 injuries.  Though the rates of these instances have been declining over the past decade, Blais Insurance wants you and your family to be fully prepared in case of an emergency.

As fires spread rapidly through your home, they leave you with as little as two minutes to escape.  This is why it is necessary to take full precautionary measures and be ready at a moment’s notice.  According to the National Fire Protection Association, here are some essential tips to ensure your family’s safety:

•    Walk through your home and inspect all possible exits and escape routes.

•    Draw a floor plan of your home and mark two ways out of each room, including windows and doors.  Mark the location of each smoke alarm.

•    Practice your escape routes with your family members to be sure everyone knows all possible routes and memorizes their options.

•    Plan routes from each floor in case the fire begins from lower levels of the home and make it impossible to leave from the bottom floor.

•    Designate an outside meeting place (i.e. a mailbox, neighbors driveway) that is a safe distance from your home for everyone to meet back at after they have escaped.

•    Inform guests about your family’s escape plan, especially those who are staying overnight.

•    Perform monthly fire drills, and have your family practice getting low in case of toxic smoke on their escape out of the home.

Remember in tall buildings to never use the elevator in the event of a fire, and to talk to your building manager about posting evacuation routes for each floor. When searching for an apartment or high-rise home, be sure to look for one with an automatic sprinkler system, as these can extinguish a home fire in less time than it takes for the fire department to arrive. 

- If you have an elderly resident living in your home, various other precautions should be taken to ensure their safety as they may require more assistance in case of an emergency.  The U.S. Fire Administration has created an entire packet for these instances and can be accessed here: http://www.usfa.fema.gov/downloads/pdf/publications/fa-300.pdf

- For more fire safety tips and access to printable lists for your home, visit http://www.nfpa.org/safety-information/for-consumers/escape-planning.

At Blais Insurance, your safety and security is our top priority.  For a complimentary review of your current policies, call us at (401) 725 - 0070.

Department of Business Regulation Issues Alert on Ride-Sharing

By: Edward L. Blais, JD, CIC

This past week, the Rhode Island Department of Business Regulation, Insurance Division, issued their Consumer Alert 2014-4: Participation in Ride-Sharing Programs/Potential Insurance Implications. This document outlines the insurance implications for those who engage their vehicle in ride-sharing, and the potential gaps that could affect them in the future.


Ride-sharing is the fast-growing system of offering your vehicle for personal transportation services. These types of operations involve pre-arranged services using an online-enabled application to connect with potential passengers.  Companies such as Lyft, UberX, and Sidecar are some familiar examples of these types of programs.

As this type of transportation is becoming vastly popular in urban areas, these potential insurance implications are important to be informed about, so below are the general summaries of each that are highlighted in the document:

-       Operators/drivers who intend to offer for hire transportation services must be licensed by the Division of Public Utilities and Carriers (DPUC) and maintain a minimum of $1.5 million commercial liability insurance

-       Such drivers much also obtain a Hackney Operator’s License issued by the DPUC prior to offering their services.

-       R.I. Gen. Laws require these services be provided in vehicles bearing “Public Registration License Plates.”

The document also covers the potential gaps in Personal Auto policies that one should talk to their agent about immediately prior to engaging in ride-sharing:

-       Liability Coverage: exclusions of this type of coverage for the ownership or operation of a vehicle as being used to public or livery conveyance.

-       Medical Payments Coverage: most policies exclude this coverage for any insured for bodiy injury if occurred while vehicle is being used for public or livery conveyance.

-       Coverage for Damage to your Auto: your policy will not pay for loss to your covered auto or any non-owned auto while being used as a public or livery conveyance.

The consumer alert clarifies that ride-sharing should not be confused with a ‘share-the-expense’ car pool, as those gaps in policies will not apply during such instances.

We encourage you to read more about this new alert here. If you are considering using your vehicle to participate in these types of services, please contact Blais Insurance at 725.0070 and we would welcome the opportunity to review your options to make certain you are fully protected.

Life Insurance Can Help Families Cope With The Unexpected

By: Edward L. Blais, JD, CIC

Preparedness goes a long way toward coping with the curveballs life throws at us. It’s not necessary for us to report for spring training to be ready for the unexpected, but a consultation with our insurance agents could help whip us into solid financial shape.

    

Your agent can show you how families can leverage life insurance to replace income when a breadwinner passes or when a relative such as a grandparent wants to help out with college or wedding expenses. 

Studies show that when the income of a principal earner is lost, it takes families several years to recover financially. It’s possible to alleviate some or all of such a burden with life insurance, which can pay for funerals and burials; credit card debt; loans; legal fees; estate taxes; immediate household expenses; long-term obligations; or future costs. I am confident you want to ensure that your family will not lose its home, medical expenses will be covered or your children will be able to pursue their educational goals.  

Life insurance coverage can also be used to replace retirement savings a family was anticipating. With the appropriate coverage, a spouse or domestic partner will still have a stable and comfortable retirement even if his or her significant other has passed away.

Ask your agent if a select term or whole life insurance policy that covers one or two income producers is best for you and your family. Also, inquire about what policy riders, some of which might remain level for 30 years, are suitable. In addition, you might be able purchase a children’s term rider that you can convert at the time of expiration to provide lifetime coverage for each child.

Because grandparents are considered to be extended caregivers of children, they can purchase life insurance in a grandchild's name. Such policies are an excellent tool families can utilize to provide financial protection for their most precious “possessions.” If a child is under the age of 14 ½, parents must sign the policy.

We would be happy to sit down with you to review your options and design a plan customized to your specific needs and budget. To schedule a complimentary policy review, call Blais Insurance at 725.0070.

Important New Year’s Resolutions

By: Edward L. Blais, JD, CIC

Many things can change over the course of a year. Since January marks the beginning of a new year, it’s important we take the time to complete some essential tasks. As you’re making resolutions to eat healthier you should also consider accomplishing some of the following tasks in 2014:

Review your current insurance polices. Often times your needs for insurance change—reviewing your policies can ensure that you are receiving the right amount of coverage. If you have made improvements to your home, you may need to increase your coverage. If your teenage son receives his driver’s license you will need to add him to your auto insurance. Every year you should make an appointment with your agent to review your insurance policies. You may uncover potential gaps in coverage and perhaps even discover new ways to save money.

Change the batteries in your smoke detectors and carbon monoxide (CO) alarms. You need to change your batteries in every smoke detector and CO alarm once a year and you should test each alarm once a month to ensure it is working properly. According to the National Fire Protection Association, 73% of smoke alarm failures are due to missing or dead batteries.

Replace heating, ventilation, and air conditioning (HVAC) filters. Changing a filter is inexpensive and will cut down on energy costs. It is recommended you continue to replace them every 3 months.

Insulate your pipes. Insulating your pipes can prevent them from freezing and save you from costly water damage in the future.

Put together an emergency kit. The wintertime in New England can mean big snowstorms that could leave you stranded. You should always make sure you have the essentials in case of emergency: fire extinguisher, first aid kit, battery powered flashlight and radio, water and nonperishable food items, and a game plan. Make sure everyone in your family knows what to do in an emergency.

Update your inventory list. You'll need an accurate list of your possessions if you ever have to make a home insurance claim. After receiving gifts for the holidays, you probably have some additional items in your home. Make sure you have an up-to-date inventory and consider a special rider to cover expensive items that may exceed the limits of your homeowners policy.

We would be happy to sit down with you to review your options and design a plan customized to your specific needs and budget. To schedule a complimentary policy review, call Blais Insurance at 725.0070.

What does the Affordable Care Act mean for you?

By: Edward L. Blais, JD, CIC

With valuable contributions by Hannah Wojcik of Brewster & Shuster

With all the political rhetoric and confusing amendments to the Affordable Care Act, citizens are becoming bogged down and frustrated.  At Blais Insurance, we work hard to ensure that your customers remain informed on important issues affecting their everyday life and are always available to answer any questions you may have.

In an attempt to clarify the basics of Obamacare, we offer the following information:

What Is Currently in Affect Under the ACA?

• Young adults are covered under parents' plans until age 26
• Free coverage is available for preventative services
• Small business tax credits of up to 50% of employer's contribution towards premiums
• Enrollment in Rhode Island's health benefit exchange, HealthSource RI, has begun

What is HealthSource RI?

• A new way that Rhode Islanders and small employers can find and compare health insurance plans, and purchase the coverage that best fits their needs
• All plans cover essential health benefits (doctors visits, prescriptions, hospital stays)
• October 2013: Enrollment began
• January 2014: Coverage takes effect
• Participating carriers are Blue Cross Blue Shield, United Healthcare, and Neighborhood Health Plan
• Only place where small employers can receive tax credits
• Broker-friendly for existing clients
• More information is available by visiting healthsourceri.com or by contacting 1-855-840-4774.

What Will Happen in 2014?

• The individual mandate will take begin, requiring all US citizens to have health insurance coverage or pay a penalty
• Exceptions would include individuals with low income, members of certain religious groups, Native Americans
• In 2014, the penalty will be the greater of $95 or 1% of the individual's taxable income
• No coverage discrimination will be allowed due to pre-existing conditions or gender
• Elimination of annual and lifetime coverage limits
• Small employers, those with less than 50 employees, are not mandated to offer health coverage
• In 2015, large employers, those with more than 50 employees, will be mandated to offer health coverage to employees or else face substantial penalties

For more information on how health care reform and the ACA will affect YOU or your business personally, please contact Blais Insurance at 725.0070 or Hannah Wojcik of Brewster & Shuster Associates at 401-274-8770 or by email at hwojcik@brewstershuster.com.

Mortgage Payoff Insurance vs. Stand Alone Life Insurance 

Which option is best for you?

By: Edward L. Blais, JD, CIC

With valuable contributions by Hannah Wojcik of Brewster & Shuster

At Blais Insurance, we are often asked by customers to help make sense of the many options that are available to protect their loved ones in the future. One of the most common questions is:

Should I buy the mortgage payoff insurance offered with the mortgage? Or, is a stand alone, personal life insurance policy, which can fund a mortgage payoff in the event of my demise, a better option?

While both options may appear to offer similar benefits, there are many ways in which they differ. To see which choice might be best for you, please consider the following:

A typical bank mortgage insurance policy:

• Is a group policy, therefore you may not receive the most competitive rate
• Is equal to the outstanding mortgage amount and decreases over time
• Pays the money directly to the bank, which acts as the beneficiary
• Can be cancelled by the bank
• May not list you as the owner of the policy

A typical life insurance policy:

• Can only be cancelled by you
• Can be converted to a permanent plan
• Pays the money out to whomever you designate as a beneficiary
• Lets you shop for the most competitive plan and price
• Allows you to choose the amount of coverage and duration of the policy
• Lists you as the owner

We would be happy to sit down with you to review your options and design a plan customized to your specific needs and budget.  To schedule a complimentary consultation today, please call Blais Insurance at 725.0070.

Insuring Your College Student

By: Edward L. Blais, JD, CIC

If you have children away at college, it may be wise to take a second look at what kind of insurance coverage they have for their car and any expensive items they have at school.

Many parents jump at the opportunity to lower their auto insurance rates by taking their child off their auto insurance while they are away at school without their car. However, this may not be the wisest move. Consider the risk if your child borrows a friend’s car while at school. Blais Insurance suggests you leave your college driver on your insurance policy to avoid uncovered liability claims. If you tell your insurer that your child is away at school and does not have access to their car to drive, then your insurer may reduce your rate because your college driver doesn’t have immediate access to the car and is now a lower risk.

Not only should you consider keeping your college student on your auto insurance, but you should also think about all the expensive items such as phones, iPods, laptops, TVs and cameras that accompany most college students to school. If any one of these items were stolen or damaged, it could be very costly to replace it. You have a couple of options when it comes to insuring your child’s belongings. You should review your homeowner’s policy before your son or daughter goes off to college to be sure it extends to coverage for items in your child’s dorm.

If you are interested in discussing these options for your soon-to-be college student, contact Blais Insurance at 401-725-0070 to learn more.