Cover image of Simply Explaining Insurance
(67)
Business
Careers
Investing

Simply Explaining Insurance

Updated 13 days ago

Business
Careers
Investing
Read more

Simply Explaining Insurance

Read more

Simply Explaining Insurance

iTunes Ratings

67 Ratings
Average Ratings
55
7
2
3
0

Insurance is Tricky. Matt makes it simple and relevant.

By DeeLuxeD - Apr 19 2020
Read more
New agents will truly benefit!!

Very Informative

By bsno10 - Mar 11 2020
Read more
Great way to get educated!

iTunes Ratings

67 Ratings
Average Ratings
55
7
2
3
0

Insurance is Tricky. Matt makes it simple and relevant.

By DeeLuxeD - Apr 19 2020
Read more
New agents will truly benefit!!

Very Informative

By bsno10 - Mar 11 2020
Read more
Great way to get educated!
Cover image of Simply Explaining Insurance

Simply Explaining Insurance

Latest release on May 18, 2020

The Best Episodes Ranked Using User Listens

Updated by OwlTail 13 days ago

Rank #1: Simply Explaining Insurance #114- “Full Coverage”

Podcast cover
Read more

What does the term “full coverage” mean to you? It’s a term that is now creating confusion in the auto insurance industry. It used to be the simplest way to tell someone that they had liability AND coverage for their car (comprehensive and collision).

The thing is, there are more coverages on an auto policy than just liability and comp and collision. There are more optional coverages that one can select on their policy. Coverage like towing and roadside, rental reimbursement, gap coverage, uninsured and underinsured motorists, medical and more.

The term full coverage should no longer be used. It is confusing to the consumer. Some consumers believe that full coverage means they have ALL of the optional coverages. There may be a situation where an agent says that they have full coverage but it doesn’t have towing. This would create an issue when the client needs a tow and believes they have towing coverage.

Or some clients believe that full coverage means an unlimited amount of liability coverage. There is no such thing. Liability coverage has policy limits.

As a client, it is up to you to know what coverage you have and what limits you have. I would recommend reviewing your policy with your agent to clarify what your policy actually covers.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #114- “Full Coverage” appeared first on Dietz Agency.

Dec 18 2019

6mins

Play

Rank #2: Simply Explaining Insurance #122- Business Income

Podcast cover
Read more

Business income is a coverage you can find on a commercial policy that will pay you income lost due to a business shut down due to a covered loss. The last two words of that sentence are probably the most important.

I have been involved in a number of conversations with clients recently asking if this coverage will kick in. I was asked today if this coverage would kick in due to shutdown because of the coronavirus. I’ve been asked if this would cover if income dropped due to road construction. I have also been asked if it would cover if business shut down because of smoke from forest fires. The answer to all three is “no”.

Fear is not a covered loss. Neither is construction or environmental factors. The most common loss when this would kick in is a fire or water claim. If your business cannot operate due to a fire, you will receive your average monthly receipts while you are down. Same with a covered water loss such as a burst pipe.

There may be a waiting period before this coverage is available. It is not uncommon for that to be 72 hours. Sometimes this coverage will max out at 6 months and some policies will extend as far as 18 months. As always, it’s best to consult your agent about the details of coverage on your policy.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #122- Business Income appeared first on Dietz Agency.

Mar 06 2020

5mins

Play

Rank #3: Term Vs. Perm- What you need to know in 8 minutes

Podcast cover
Read more

Greetings!  In this episode, you will learn the difference between term, and permanent insurance.  Life insurance is the most important product I offer and it is crucial that you know how to protect your family.

https://itunes.apple.com/us/podcast/simply-explaining-insurance/id940721252

music by Roger Clyne and the Peacemakers

www.azpeacemakers.com

The post Term Vs. Perm- What you need to know in 8 minutes appeared first on Dietz Agency.

Nov 26 2014

8mins

Play

Rank #4: Simply Explaining Insurance #113- Coinsurance

Podcast cover
Read more

This episode includes two of my favorite things. Insurance and math! I talk about coinsurance and what that means on a commercial property policy. This is not to be confused with coninsurance on a health insurance policy as these are different.

Coninsurance essentially is an agreement between the insured and the insurance company agreeing that the insured will cover their property or building to at least 80% (or 90% or 100%) of its value.

If it isn’t covered to at least that amount and there is a claim, the claim will pay out only a percentage of what the loss is. Let me show you an example.

Example

Suppose that “80% coinsurance” appears in the declarations of your commercial property policy. The following example demonstrates what this means.

You own a building that will cost $1 million to replace. Because the coinsurance percentage is 80, you must insure your building for at least $800,000 (80% of $1 million) to avoid a penalty. You want to save money on insurance premiums so you insure your building for only $700,000. Your policy has a $5000 deductible.

A fire breaks out in your building and causes damage that costs $200,000 to repair. At the time of the loss, your limit of insurance was $700,000. To satisfy the 80% coinsurance requirement, you needed to purchase at least $800,000. The ratio of the amount you carried divided by the amount that was required (700,000 / 800,000) is .875. While your loss was $200,000, your insurer will pay you only $175,000 (200,000 X .875) minus the $5,000 deductible or $170,000. Your coinsurance penalty is $25,000.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #113- Coinsurance appeared first on Dietz Agency.

Dec 12 2019

9mins

Play

Rank #5: Simply Explaining Insurance #105- Umbrella policies explained

Podcast cover
Read more

Umbrella policies are generally very affordable and becoming more and more important as the cost of medical costs increase and lawyers find new ways to file lawsuits (social media slander) Get in to learn more.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #105- Umbrella policies explained appeared first on Dietz Agency.

Oct 16 2019

12mins

Play

Rank #6: What you don’t know about your Homeowners policy.

Podcast cover
Read more

Your homeowners policy is a complicated document and it is sometimes confusing to understand how it works.  This episode it to explain what is and what isn’t covered (generally) on your homeowners policy.

https://itunes.apple.com/us/podcast/simply-explaining-insurance/id940721252?mt=2&i=328031518

Music by- Roger Clyne and the Peacemakers

www.azpeacemakers.com

The post What you don’t know about your Homeowners policy. appeared first on Dietz Agency.

Jan 06 2015

7mins

Play

Rank #7: How much life insurance do I need?

Podcast cover
Read more

The answer to this question.  x/.05.  There you have it.  The explanation lies inside the podcast.

This is the most important insurance you have and you don’t want to get it wrong.  Life insurance is all about easing the financial burden after losing a primary wage earner.  If you get it wrong, you can put your surviving spouse in a very difficult financial situation moving forward.

People buy life insurance because they love someone.  They buy it to take care of them if something happens before it should.  My agency helps people find out how much they need, what they can afford and make those numbers work.

My Website

Simply Explaining Insurance on iTunes

On Android- Download Podcast Addict and search for “Matt Dietz”

Music by Roger Clyne and the Peacemakers

The post How much life insurance do I need? appeared first on Dietz Agency.

Jul 07 2015

10mins

Play

Rank #8: The five awesome ways a renters insurance policy protects you.

Podcast cover
Read more

Renters insurance is very important, and it is very inexpensive.  I sell policies for as little as $12 month and that is BEFORE any discount it triggers on your auto policy.

Listen to this and you will know all you need to know about renters in only 5:46!

www.farmersagent.com/mdietz– Get a quote on renters insurance here!

https://itunes.apple.com/us/podcast/simply-explaining-insurance/id940721252– the Podcast!

Thanks to Roger Clyne for music!

www.azpeacemakers.com

The post The five awesome ways a renters insurance policy protects you. appeared first on Dietz Agency.

Dec 23 2014

5mins

Play

Rank #9: You don’t have to be a millionaire to be sued like one.

Podcast cover
Read more

This is a nice short 5 minute podcast on umbrella policies.  Most people have heard about them, but don’t know what they are or how they can help you out.

Find the podcast at: https://itunes.apple.com/us/podcast/simply-explaining-insurance/id940721252

music by Roger Clyne and the Peacemakers

www.azpeacemakers.com

The post You don’t have to be a millionaire to be sued like one. appeared first on Dietz Agency.

Dec 05 2014

5mins

Play

Rank #10: Simply Explaining Insurance #69- Comprehensive vs. collision

Podcast cover
Read more

If your garage door closed on your car and smashes the rear window of your car is this covered as a

  1.  Homeowners Claim?
  2. Comprehensive claim on the auto policy?
  3. Collision claim on the auto policy?

Ill bet you’re wrong.  Find the answer in the podcast or audio embedded in the blog below.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #69- Comprehensive vs. collision appeared first on Dietz Agency.

Nov 20 2018

6mins

Play

Rank #11: Simply Explaining Insurance #74- Deductibles

Podcast cover
Read more

Deductibles are a part of just about every type of insurance policy. It is what you will pay in the event of a claim and the higher your deductible, the lower your premium.

I think it’s smart to look at your options and run the numbers. In some cases, raising a deductible on your auto from $500 to $1500 could save hundreds of dollars per year on your insurance.

You could carry a very high deductible on your home. I had a conversation with a client who wanted me to run some different deductible options on her house. We have a ton of options. $500, $1000, $1500, $2500, $5000, $7500, $10000. We also have percent deductibles. You can pick a 1%-5% deductible. This means your deductible would be 1% of the building coverage of your home.

If your house is covered for $500,000 and carried a 1% deductible, you would have $5000 deductible. You could carry a 5% deductible which would make it a $25,000 deductible. This could lower your premium 70%.

You can also carry split deductibles. For example, $1000 deductible but $2500 for wind and hail. All kinds of fun options are available for you out there!

It’s a good idea to talk to your agent and calculate which package is right for you!

The post Simply Explaining Insurance #74- Deductibles appeared first on Dietz Agency.

Jan 17 2019

7mins

Play

Rank #12: Simply Explaining Insurance #121- Billing

Podcast cover
Read more

Billing within insurance policies can be confusing. The billing systems that we use aren’t the most user friendly. It’s helpful to have a conversation with your agent if you have any questions if your bill looks off.

The issue we see most is when a change is made to an auto policy after a bill has been generated. After a bill has been generated, our billing doesn’t change for THAT bill.

If a new vehicle is added onto a policy and you don’t pay anything for it, you will owe extra. You may think that whatever is owed, will show up on the next bill. Sometimes that is the case. Sometimes, they take what is owed, and spread it over the remaining months of the policy period.

This makes it look like you are paying more for the policy that you were initially told, but the reality is, you are paying the proper amount. I always say, our billing is confusing, but it is rarely wrong.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #121- Billing appeared first on Dietz Agency.

Feb 28 2020

9mins

Play

Rank #13: Simply Explaining Insurance #61 Medical vs Liability

Podcast cover
Read more

Many of your insurance policies have two lines of coverage called “medical” and “liability”.  The coverage offered inside of these are similar, but they are triggered in different ways.

In this podcast I discuss the difference between the two.  With medical, generally, fault does not come into play.  With liability someone has to be liable.

I had a client recently who had her sister over and she fell and hurt her hip while in his house.  Medical coverage would be available to her regardless of how she hurt herself.  Liability would be available only if the homeowner was liable for her fall.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #61 Medical vs Liability appeared first on Dietz Agency.

Sep 05 2018

5mins

Play

Rank #14: Simply Explaining Insurance #82- Service lines and Equip. Breakdown

Podcast cover
Read more

The carrier that I work for just added two exciting endorsements to our latest homeowners policy. If there was ever such a thing as an exciting endorsement to a homeowners policy, this is it.

This first one is a service line endorsement. It covers things like, the main water line running to the house from the street. If that sucker springs a leak, this endorsement will cover the excavation and repair of said pipe. Many homeowners policies do not have this coverage. You can add this on our policy for a whopping $25 month.

We are also adding an equipment breakdown coverage which covers what I call the “guts” of your house. Things like your HVAC system, your water heater, appliances, etc. This is close to an aftermarket home warranty program. If your furnace goes down, there may be coverage. If a power short affects your appliances and they are damaged, there is coverage. This is all for $35 year.

I have had instances in the past where clients have called up and asked about specific scenarios that did not end up being covered on their homeowner policy. A main water line leak and a power surge. I had to tell my clients that I was sorry there is no coverage. Now there is!

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #82- Service lines and Equip. Breakdown appeared first on Dietz Agency.

Mar 18 2019

6mins

Play

Rank #15: Simply Explaining Insurance #102- Occurrence made Vs. Claims made

Podcast cover
Read more

This episode explains the difference between a claims-made and an occurrence made policy. It is very important to understand the difference between these two policies.

Insurance companies may provide two different types of liability coverage—occurrence or claims-made—and each comes with its own set of advantages and disadvantages.

The limitations associated with each type of policy are largely dependent on two factors:

  1. When an incident occurs
  2. When a claim is filed

Occurrence Policy: An occurrence policy protects a business from any covered incident that happens during the policy period, regardless of when a claim is reported. This type of policy will cover a business even if the claim comes in after the policy is canceled, so long as the incident occurred within the time frame enforced by the initial policy.

Example: Bob the business owner purchased an occurrence policy in 2010 but switched to a new form of coverage or insurance supplier in 2015. Bob gets sued in 2018 for an incident that occurred in 2012. In this instance, Bob is still covered by his original occurrence policy, because it was active at the time of the incident.

Claims-Made Policy: A claims-made policy provides coverage for claims that occur, and are reported, within the specific time period set forth by the policy. This means that if a policy is canceled, or a premium isn’t paid, any claim that comes through will not be covered, even if the incident occurred during the period when the policy was active.

Example: Bob the businessman purchases a claims-made policy in 2010 and continues coverage through 2012, then cancels. He does not purchase any extension (tail coverage) on the policy’s original limits. In 2013, Bob is sued for an incident that occurred in 2011. Since the claims-made policy is no longer in effect, and he did not purchase tail coverage, Bob is the liable party obligated to pay for damages—not his old insurance carrier.

Tail Coverage, or, officially, an extended reporting period (ERP)is an additive option that becomes available only after a policy has been terminated. In effect, a ‘tail’ endorsement extends the limits of claims-made coverage indefinitely. For a claims-made policy to cover claims made after the expiration date, a tail can be purchased to protect the policyholder from past incidents, despite a claim being made post-policy cancellation.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #102- Occurrence made Vs. Claims made appeared first on Dietz Agency.

Sep 19 2019

7mins

Play

Rank #16: Simply Explaining Insurance #53- Workers comp and subcontractors

Podcast cover
Read more

This is an area where business owners have some confusion.  How to handle workers compensation when you hire a 1099 subcontractor.  There has to be workers comp in force whenever you are exchanging money for labor.

Employers can hire workers as an employee, or as a subcontractor. I would encourage you to consult an accountant when deciding how to pay for your labor.  There are very specific qualification that need to be met if you are going to sub out work.

If you do hire a subcontractor, it’s your responsibility as a business owner to ensure there is workers comp in force at the time of a job.  There are two ways to satisfy this.

  1.  You can have the subcontractor provide proof of their own workers comp policy.
  2. You can provide the coverage for them

If you hire a sub, and they don’t have workers comp in force, this will be flushed out in your annual payroll audit.  A question on the audit is, “Did you hire subcontractors”.  If you say “yes”, you have to provide proof through certificates of insurance.  If you can’t provide them, you will end up being charged for their payroll on your audit.  This can be a heavy expense depending on your business and how much you paid them.

Make sure you get this one right. It’s a pricey lesson to learn if you misstep.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #53- Workers comp and subcontractors appeared first on Dietz Agency.

May 09 2018

7mins

Play

Rank #17: Simply Explaining Insurance #112- Workers Compensation Class codes

Podcast cover
Read more

Not the sexiest topic but an important one. This podcast is for businesses that have employees doing more than one type of job and how to properly set up your workers compensation policy as well as do the payroll audit properly.

The most important thing the business owner has to do in cases where there are multiple jobs being done is to be able to prove how much work is done in each class. And by how much work, I mean how much payroll.

For example, I insure a company and they are a residential window cleaning company. There are two class codes for this risk. One for ground floor and one for above ground floor. As you would imagine, the above-ground floor code is significantly more expensive (3x as much) as the ground floor code.

When the payroll audit comes around, the business owner needs to prove how much payroll is done per class code. The best way to do this is via your bookkeeper or accountant and it should show on their paystubs. It should segment out how much payroll is done per job.

If the business owner is unable to prove this, ALL of the payroll will go to the highest class code. This can result in a serious charge on your workers compensation policy.

The other topic this podcast covers how clerical work is defined. There are some very strict rules when it comes to this classification. It is important to know these rules and regulations to manage your policy properly. As always consult with your agent in regards to questions with setting up your policies properly.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #112- Workers Compensation Class codes appeared first on Dietz Agency.

Dec 03 2019

9mins

Play

Rank #18: Simply Explaining Insurance #57- The #1 Life insurance mistake

Podcast cover
Read more

.I have had some uncomfortable conversations with some clients regarding their life insurance.  It has come from clients I have absorbed over time from other agencies. These clients weren’t counseled properly on how to fund their permanent life insurance policy.

Permanent life policies are a different animal and they require a small amount of constant work.  What ends up happening, is the client funds this policy, but they underfund it.  You can start these policies with a small monthly amount but over time, the cost of insurance in some of these (mainly universal policies) will increase.

These policies have a separate account for cash.  That cash can grow over time.  When the policy is funded properly, it can grow ALOT.  If it is underfunded and you are just essentially taking care of the cost of insurance, it will never do what it is intended to do.  If this is your strategy, term life insurance is the best way to go.

The best course of action, is to overfund these polices from the start so that the cash grows.  As the cash grows, the magic of compounding interest kicks in, and the interest and earnings will greatly outpace the increase in insurance costs later in life.  It is highly recommended that you get with your insurance agent regularly, to make sure that these polices are on pace to perform properly for you.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #57- The #1 Life insurance mistake appeared first on Dietz Agency.

Aug 09 2018

8mins

Play

Rank #19: Simply Explaining Insurance #63 Auto Insurance Pricing

Podcast cover
Read more

I get calls in my office once in awhile from clients who want to know how their pricing on auto insurance is determined.  This simple question does not have an easy answer.  There are dozens and dozens and dozens of factors that are taken into place to price a policy.

You know many of them.  The age of the driver, the year make and model of vehicle, claims history, and driving record are ones that most people know about.  There are many more that you undoubtedly don’t know about.

Credit is the one that people are becoming more accustomed to.  Prior insurance is another you may not know about.  Did you know your prior insurance limits play a role when you are shopping for a new policy?  Whatever your liability limits were on your old policy, play a role in pricing a new policy.

Two other ones that affect premium are prior severe damage to a vehicle and salvaged titles.  Vehicles that have been severely damaged statistically end up in more claims and costing the insurance companies more money.

Links:

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #63 Auto Insurance Pricing appeared first on Dietz Agency.

Sep 26 2018

11mins

Play

Rank #20: Simply Explaining Insurance #84- W2 vs. 1099

Podcast cover
Read more

I had two conversations with clients last week regarding the difference between 1099 contractors and W2 employees when it comes to insurance. This is an important distinction to get right for a number of reasons.

Many new business owners want to hire 1099 contractors for one main reason. It’s cheaper. They don’t have to pay payroll taxes, and they don’t need a workers comp policy. This is absolutely true. The issue is, not everyone can be a 1099 contractor.

In order for someone to qualify to be 1099, the business owner cannot train them on how to do their job. They also cannot when to do their job or them how to do their job. There are more qualifications, but these are the big three that most people would fail on. Here is what the IRS says on it.

The other thing is, when someone is hired to do a job, there needs to be some sort of workers compensation coverage in place. If you are a business owners with W2 employees, by law you need a workers comp policy to protect these employees if they get hurt on the job. If you hire a 1099 contractor, you are not obligated to have a WC policy, but the contractor is and you have to collect proof of that to have on file.

Links

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #84- W2 vs. 1099 appeared first on Dietz Agency.

Apr 11 2019

7mins

Play