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Summer,
2002
In
This Issue:
Personal
Liability
Your
homeowner's policy includes a special kind of coverage
that has saved many individuals and families from
financial ruin. Called "Personal Liability Coverage,"
this protection pays for damage or injury you accidentally
cause to others and for which you're legally responsible
for paying.
Typically, the standard coverage limit for personal
liability is $100,000 to reflect the normal degree
of risk. You should give special and serious attention
to this limit because, in today's "you'll hear
from my lawyer" atmosphere, it is not uncommon
for courts to award millions of dollars for injuries
and supposed injuries to others, especially when it
comes to easing their "pain and suffering"
If someone simply slips and falls on your sidewalk
or driveway,. you could be sued for far more than
you ever would have imagined.
Depending on your personal lifestyle, your risk of
hurting others greatly increases. For instance, if
you are an avid skier, hunter, boater, fisher, youth
coach, own a dog or swimming pool, you will also have
an increased exposure to lawsuits.
New
Survey:
The Costs of Long-Term Care; Public Perceptions
Versus Reality
 The
March-April 2002 issue of Modern Maturity, the magazine
of the American Association of Retired Persons (AARP),
reports on this new survey.
The
AARP concludes that most of us are not "blissfully-ignorant"
about the cost of long-term care and how those bills
get paid. The survey polled 1,800 Americans who are
45 years of age or older. Some of the misconceptions
are:
- Medicare
pays for nursing home care.
55% of those surveyed thought this was correct. In
reality, Medicare does not cover long-term care in
a nursing home. The definition of long-term care is
"more than three months of regular care for a
chronic condition." Medicare does pay for the
first 20 days in a skilled nursing facility after
hospitalization. For the next 80 days there is a co-pay
requirement of about $100 a day, with various other
restrictions.
- Medicaid
pays for nursing home care.
51% of respondents think so. This is partly true.
Medicaid pays, but first you have to contribute most
of any income, and spend down most of your assets.
The amount varies somewhat from state to state and
also depends on your marital status.
- Many
people are covered for nursing home or in-home care.
About 33% of respondents thought they had such coverage.
Fact: only about 6% of people are estimated to have
long-term care.
- All
nursing homes are extremely expensive.
Only 15% of those surveyed had an accurate idea of
actual nursing home costs. The national average monthly
cost is $4,654.
- Medicare
covers some of the costs for an assisted-living facility.
r
Wrong! Medicare doesn't cover any assisted-living
costs.
- Medicare
pays for in-home visits by a skilled nurse. 5
57% of respondents thought this was true. Yes, Medicare
does pay for skilled care and home health aides, but
only if the patient is home-bound and meets other
stringent conditions.
How
clear are you about long-term care, it's costs and
what may or may not be paid for by Medicare or Medicaid?
According to the AARP, most of us don't know much,
and a lot of what we think we know is simply wrong.
We all need to know more about long-term care, and
it is essential for those of us who are nearing
retirement. Making mistakes about our coverage,
whether it is through Medicare, Medicaid or private
companies, can have potentially tragic consequences.
Contact
Ellen Cooper to obtain a proposal for this valuable
and essential coverage.
Proof
of Insurance
If
you receive a notice asking for proof of insurance
from the BMV, please bring it in or fax it to our
office so we may complete it for you. It states on
the form that you may submit a copy of your insurance
card; however this is not sufficient and they request
an Agent's signature on the form. We have received
telephone calls from many insured's confused because
the insured responded to the first notice with a copy
of their Insurance Card and then received a second
notice.
If
you receive any correspondence from your Mortgagee/Loss
Payee asking for proof of insurance, please bring
it in or fax it to us immediately. We will then process
an Endorsement and will fax a copy of your policy
and Endorsement to your Mortgagee/Loss Payee.
If
you pay off a mortgage or loan, please notify us as
soon as possible to remove them. Often, the Mortgagee/Loss
Payee does not notify us of this.
If
you refinance your home, please remember to call and
let us know. Your new lender will call and ask for
us to change the Mortgagee on your policy; however,
our office policy is to not make any changes without
the consent of our insured. By calling us, it will
expedite the Endorsement process.
Vacation
Season
 With
vacation season just around the corner,
here is some information that may be useful, concerning
car rentals.
Q.
If I rent a car do I need to purchase the coverage
for the car from the rental company?
A. If you carry comprehensive and collision
coverage on any auto on your policy you will have
that same coverage on your rental car subject to
the same deductible!
If
you have only liability coverage for your autos, then
you should purchase physical damage coverage for the
rental company.
We
often have questions concerning U-hauls and motor
homes being rented on a short-term basis. In most
policies, the liability is covered as an extension
of your auto hut any physical damage coverage has
to be purchased. If you are renting either of these,
give us a call to get the coverage needed!
Auto
Lease Gap Coverage
Auto
lease Gap Coverage: The auto lease coverage endorsement,
is an endorsement meant to address a potential gap
in coverage that many insureds might face. For example,
if an insured was leasing a vehicle and suffered a
total loss to the auto through a collision, that insured
would be liable to the leasing company for any amount
equal to the difference between the amount due under
the lease and the actual cash value of the auto at
the time of the loss.
Gap
Coverage states that, in the event of such a total
loss, the insurer will pay any unpaid amount due on
the lease for the covered auto less certain specified
items. The list of specified items includes the amount
paid under part D of the personal auto policy, any
overdue lease payments at the time of loss, financial
penalties imposed under the lease for excessive use
or abnormal wear and tear, security deposits not refunded
by a lessor, costs for extended warranties or life
or health insurance purchased with the lease, and
carry-over balances from previous leases.
About
Lodi
Jerry
Davis
from Westfield Group, Claims Department is pictured
above, presenting the staff at Padgett-Young an Outstanding
Customer Service Award. Each year The Westfield Group
recognizes these agencies that have met several requirements
for customer service.
Chris
and Cookie Betts are grand parents again!
Phillip Charles Betts was born February 3, 2002. 20"
long and was 6 lbs. 15ozs.
Baby and parents, Ryan and Charlene are doing fine.
Grand parents are a little shaken, but doing fine
as well!
Additional
congratulations to proud parents, John and Missy
Henderson.
Their son, John is the Lodi Spelling Bee winner!
Further
congratulations to Dick Edington of Westfield
Center, who has had his photo slide "Autumn in
Vermont" picked from over 200 entries in the
Westfield Group 2003 Calendar Photography contest.
It is scheduled as the September 2003 selection.
About
Wadsworth
Ron
Roach:
Ron has three children. Daughter Carrie, graduated this
year from Kent State with a degree in criminal justice.
Son, Brian is graduating June 7th from Ohio University
with a degree in marketing and daughter, Stacie will
be starting her Sophomore year at Ohio University majoring
in the medical field.
Julie
Ruckman: Julies' daughter and son-in-law, Geri and
Aaron Burnham moved back to Wadsworth after living in
California for twelve years. They have a Son, Alexander,
who is one year old. Daughter, Teri lives in Fairlawn
and has three boys and one girl. This totals five grandchildren
for Julie now!
Cheryl
Humble: Cheryls' son, Kyle is in the Reserves and
is graduating in July. He will return to Wadsworth to
finish his college education at The University of Akron.
Cheryls' daughter, Stacy is teaching English abroad.
She taught in Japan and is now teaching at the University
of London, in Dublin, Ireland.
Common
Types of Identity Theft
The
most common types of identity theft reported to the
FTC's Identity Theft Hotline are:
 Credit
Card Fraud:
About 50% of the callers reported that a credit card
was opened in their name or that unauthorized charges
were made to an existing credit card.- Unauthorized
Phone or Utility Services:
Approximately 25% reported that an identity thief
had established a new telephone, cellular or other
utility service in their name or accessed their existing
account.
- Bank
Fraud:
Sixteen percent reported that a new bank account
had been opened in their name, fraudulent checks had
been written or unauthorized withdrawals had been
made from their account.
- Fraudulent
Loans:
Nine percent reported that a loan had been taken
out in their name.
- Government
Documents or Benefits:
Eight percent reported that an identity thief
had obtained or forged a government document such
as a driver's license, filed a fraudulent document
such as a tax return or obtained government benefits
in their name.
Victimized?
Act Immediately
A.
Contact the three major credit agencies:
Equifax: 800-525-6285
Experian: 888-397-3742
TransUnion: 800-680-7289
Ask
each to place a "fraud alert" on your file
and request a credit report.
B.
then, report the fraud to the FTC's Identity Theft Hotline
at
877-IDTHEFT (438-4338)
C.
Once you receive your credit reports, thoroughly review
each for unauthorized activity and contact every company
affected by the fraud.
D.
File a police report.
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