Farmers Insurance - Home Insurance Claim Process

Nine need-to-know facts about IRAs

As the April 15 deadline for filing 2014 tax returns approaches, now is a good time to consider where you are — and where you want to go — financially. Knowledgeable investors of all ages should consider looking into Individual Retirement Arrangements (IRAs). Whether you’re approaching retirement or just starting your first real job, here are nine facts about IRAs to help you understand what they are and what they have to offer.

1. There are two kinds of IRAs; Roth and traditional, and they each have tax benefits. Which IRA you can put money into depends on your income level.*
2. To contribute to an IRA, you must earn income — wages, salary, tips, or commissions. But if your spouse doesn’t earn an income, he or she can also contribute to an IRA as long as you’re married and file jointly.*
3. Anyone who earns reportable income can contribute to a Roth IRA, no matter their age.* That means children can start saving for retirement as soon as they get their first part-time job.
4. Naming your IRA beneficiary is very important so don’t miss this step when completing your IRA paperwork. One of the benefits of owning a IRA is the ability to transfer funds directly to beneficiaries without going through probate.
5. For plan years 2014 and 2015, an individual can contribute a maximum of $5,500 split between any number and any combination of Roth and traditional IRAs. If you’re age 50 or older, you can make an additional $1,000 catch-up contribution.*
6. Traditional IRAs require minimum distributions starting at age 70½ . You can leave money in your Roth IRA until you need it.*
7. Form 5498 is the document that confirms the amount you contributed to your IRA. Your IRA trustee or issuer — not you — is required to file this form with the IRS by May 31. You do not file it with your tax return. The copy you receive in the mail is a copy for your records.
8. You cannot borrow from your IRA. Be careful if you’re rolling over funds from one account to another — if you take money out you have to put it back in 60 days or less.*
9. In general, withdrawals from both Roth and traditional IRAs before age 59½ may be subject to a 10% tax penalty. There are exceptions.*

Farmers Life offers annuities that may be one place for your IRA rollover, inheritance and other lump sum distributions, and can accept additional contributions. Let’s talk about how a Farmers annuity might supplement your retirement portfolio. Because the more you know, the better you can plan for what’s ahead.

*See Individual Retirement Arrangements (IRAs), Publication 590-A Contributions to Individual Retirement Arrangements and Publication 590-B Distributions from Individual Retirement Arrangements.

For informational purposes only. Neither Farmers New World Life Insurance Company, its employees nor its Agents provide legal or tax advice. Always consult your own attorney, accountant or tax adviser as to the legal, financial or tax consequences and advice on any particular transaction.

Your Farmers agent may only sell policies in states in which he or she is licensed.

Farmers New World Life Insurance Company is not licensed to sell life insurance, accident and health insurance, or annuities in the state of New York.

Annuities issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.

Comprehensive VS Collision

Having what is commonly referred to as "full" coverage on one's auto insurance is carrying comprehensive coverage and collision coverage. In the event that the vehicle is damaged, there is an opportunity for assistance for repair from your insurance company when these coverages are carried.

The question is a common one when one's vehicle would be damaged, "Is this considered comprehensive damage or collision damage"?

The answer to this is extremely important for two main reasons:

1. There may be a different deductible apply if the damage is consider comprehensive or collision.
2. Your future cost of auto insurance may be affected.

It is always recommended that you speak to your Insurance Agent prior to filing a claim so that you have an idea of the situation prior to starting the process. For many insurance carriers, comprehensive claims will not cause your rates to go up. Collision claims may have an affect on your rates.

For a review of what would be considered comprehensive and collision, please watch the video below:

For more information on auto insurance and how to best structure your full coverage, contact Farmers Insurance - The Wertzberger Agency at 913-383-3276 or www.thewertzbergeragency.com

Insurance requirements of home-based businesses

Are you among the increasing numbers that are finding opportunities running a business from home? The benefits are attractive: you can be your own boss, set your own hours and don’t have to worry about getting laid off … but you need to make sure you and your valuable property are protected. So, if you’ve recently become an entrepreneur running a home-based business or sell home products like makeup or candle arrangements for extra income, getting to know the gaps that may be hiding in your insurance coverage is very important.

Home Business insurance policies and eliminating coverage gaps
Most homeowners policies limit the amount of coverage available for property on the insured premises used primarily for business purposes. However, a Home Business insurance policy may help protect you, your income and give you security and peace of mind while you grow your business.

Coverage for your home business
The coverage under most Home Business insurance policies is similar to that of most Small Business insurance policies:

• Property Coverage — Includes coverage for losses to your building and premises, business personal property and contents.
• Liability — Covers damages to your business for losses to third parties from:
• Bodily Injury — People injured on your premises or by a product you manufacture or sell.
• Personal Injury — Violations of privacy, false imprisonment, wrongful eviction, etc.
• Advertising Injury — For losses due to alleged slander, libel, or copyright infringement by you or your employees.

Telecommuters
If you telecommute or work remotely for an employer, the insurance issues for a home office may be even more complicated. For example, you may be covered under your homeowners policy for property you own, such as your desk and filing cabinets, but your employer may be covered for loss to company-owned property such as your computer or smartphone. If a delivery person slips on wet steps at your home while making a business-related delivery, your employer’s policy might cover, your homeowners policy might cover, or you could find yourself in the middle between the two carriers, both of which may initially deny the claim. Bottom line: If you work remotely, be sure to check your homeowners policy and ask your employer to confirm what the terms and conditions of its policies are, to avoid finding that neither policy covers a loss after it’s too late.

A new opportunity
Many of us are re-evaluating our lifestyles and for some of us, operating a home-based business provides a new opportunity. Let’s get together — I can help make sure you have the information you need to select coverage you feel is appropriate for your situation. Call me today to set up an appointment.

An Agency Tour

For those of our clients who haven't been to the office, now you can see what it's all about!

Bicycling safety and insurance tips

Bicycling is on the rise across the U.S. as people capitalize on the health and economic benefits of ‟active” transportation. And an increasing number of young people are embracing bicycling and forgoing drivers’ licenses to save money.¹

Whether you use your bicycle to commute to work or simply enjoy riding, it’s important to understand how to insure your bike; how to keep your bike safe; and most importantly, how to keep yourself and your family safe.

How to insure your bike

• Property coverage
  Bicycles are typically covered under the personal property section of standard homeowners and renters insurance policies. Minus your deductible, this coverage will reimburse you if your bike is stolen or damaged in a fire or other disaster listed in your policy. I can review your coverage options with you — give me a call.
• Liability protection
  Standard homeowners and renters insurance policies also typically provide liability protection for harm you may cause to someone else or their property. If you injure someone in a bicycle accident and he or she decides to sue, you will be covered up to the limits of your policy. Your homeowners or renters insurance also typically includes no-fault medical coverage in the event you injure someone.

Keep your bike safe²
Avoid theft by keeping your bike safe. Here are some simple rules:

• Always lock up your bike, no matter where it is.
• Lock up your bicycle in a visible, well-lit area.
• Buy the best locking system you can afford. Consider a system that cannot be easily cut, such as a U-shaped lock or a heavy duty lock with a strong wire cable.
• Always try to secure the bicycle’s frame and both wheels to a stationary object, such as a post or a fence.
• Do not lock up your bicycle in the same location all the time. A thief may notice the pattern and target you.
• Protect your investment by recording your bicycle’s serial number; this may help to recover your bicycle if it’s stolen.
• Register your bicycle with your local police department.
• Consider registering your bike with the National Bike Registry.

Keep yourself and your family safe³
It is even more important to keep yourself and your family safe while you are riding. The National Highway Traffic Safety Administration suggests that cyclists follow these seven rules:

1. Protect Your Head — Wear a properly fitted helmet
2. Assure Bicycle Readiness — Ensure proper size and function of bicycle
3. Ride wisely — Learn and follow “Rules of the Road”
4. Be predictable — Act like a driver of a motor vehicle
5. Be visible — See and be seen at all times
6. Share the road — “Drive with care”
7. Stay focused — Stay alert

Additional information on bicycle safety
Bicycling is a fun activity appreciated by millions. Your safety and that of everyone on the road depends on everyone knowing and following the same rules, however.
For more bicycle safety information download this brochure prepared by Farmers. Some of these tips may prevent damage to, or loss of, your bicycle. Some of these tips may even save your life.

¹http://bikeleague.org/sites/default/files/equity_report.pdf
²http://www.farmers.com/pdf/BicycleSafety.pdf
³NHTSA, Seven Smart Routes to Bicycle Safety for Adults, Sept. 2012, http://www.nhtsa.gov

What you need to know about renters insurance

 

Only 37 percent of renters had renters insurance, according to a 2014 Insurance Information Institute (I.I.I.) poll.¹

If everything you own in your apartment or rental home was destroyed or stolen, would you have the funds to replace what you need to get your life back in order? Take a look around and imagine how much it would cost to replace everything you have — your computer, TV, DVD player, iPod, digital cameras, jewelry, bike, etc. Could you afford to do that? Not many people can, and if you cannot, you may want to consider renters insurance.

Your landlord’s coverage
Most landlords have insurance to cover damage to their building but typically it doesn’t cover your personal property. It won’t pay to replace your belongings and won’t cover your relocation costs should you need to move out while repairs are made.


Cover your property
If your personal belongings are stolen, damaged, or destroyed as a result of a covered loss, renters insurance can help replace them. Start by taking a home inventory to determine an approximate value of your personal property, and help figure out what coverage limits to choose. You can estimate, or use receipts if you have them. To help you create your inventory, the I.I.I. provides free, online software at KnowYourStuff.org.

Cover your assets
What if someone is injured in your home? What if your dog bites someone? The liability coverage that is typically a part of standard renters insurance can help protect you if you are sued by a guest injured in your home and you are found liable. For example, someone comes to your home and falls down your stairs, injuring themselves seriously enough to warrant medical attention. If you are found responsible for the accident, your renters insurance liability coverage can help pay for your legal expenses and their medical bills and other damages. Liability coverage can even pay for damages caused accidentally by you or your family members. For example, if your child accidentally throws a baseball through your neighbor’s living room window, your liability insurance plan could cover the damages.

Make sure you’re covered
Let’s work together so you can determine the amount of coverage you want to purchase. Learn all you can about insurance because the more you know the better you can prepare for the unexpected. Call me today at 913-383-3273 or reach us at www.thewertzbergeragency.com.

¹http://www.iii.org/fact-statistic/renters-insurance