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Simply Explaining Insurance

Simply Explaining Insurance

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Simply Explaining Insurance #114- “Full Coverage”

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.

6mins

18 Dec 2019

Rank #1

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

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.

6mins

18 Mar 2019

Rank #2

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Simply Explaining Insurance #63 Auto Insurance Pricing

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.

11mins

26 Sep 2018

Rank #3

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Simply Explaining Insurance #105- Umbrella policies explained

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.

12mins

16 Oct 2019

Rank #4

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The auto insurance coverage you are paying for, but may not need.

There can be some confusion sometimes between what constitutes “full coverage” auto insurance and liability only.  What full coverage means, is that you have liability AND coverage to repair your vehicle in the event of an at fault claim. Other coverages are available on an auto policy, but they are optional and don’t automatically come with “full coverage”.   This episode is about one of those optional coverages.  It’s called rental reimbursement coverage and it will pay for some, or all of a rental car if you are in an at fault accident. This option isn’t for everyone. It sounds like a nice idea, and is, under the right circumstances.  Some people have no need for this coverage and I don’t believe should have it included on their policy.  For example, If you have 3 cars and two drivers, you can save some money on by not including this in your policy. Listen to the full explanation below or on iTunes. It’s all of 7 minutes. Links: My Website Simply Explaining Insurance on ITunes On Android use Podcast Addict and search for Simply Explaining Insurance. Music by Roger Clyne and the Peacemakers The post The auto insurance coverage you are paying for, but may not need. appeared first on Dietz Agency.

7mins

31 Aug 2016

Rank #5

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Simply Explaining Insurance #91- “You hit me”. “No, I didn’t”

Parking lot accidents are zero fun. I had a client go through an experience recently that was excactly that. Zero fun. My client claimed to have barely touched the other’s vehicle. There wasn’t even a mark on her car. The person she hit, claimed that she struck him so hard that it caused his car to leak oil, and it was not drivable. These are tough situations where I recommend getting claims involved. My client was willing to try and settle this without insurance which I applauded. If it was indeed a scratch and both parties agreed on the damage, handling it on their own is absolutely ok. When there is such a gaping chasm between one story and another, file a claim. Claims adjustors are trained to be able to tell how much damage was done in an accident and can tell if prior damage is present. If the kid had a leaky engine before the fender bender, the insurance wouldn’t cover that. We would buff out the scratch and that would be that. It’s best to call your agent and in cases like this, file a claim. 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 #91- “You hit me”. “No, I didn’t” appeared first on Dietz Agency.

6mins

18 Jun 2019

Rank #6

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Simply Explaining Insurance #69- Comprehensive vs. collision

If your garage door closed on your car and smashes the rear window of your car is this covered as a  Homeowners Claim? Comprehensive claim on the auto policy? 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.

6mins

20 Nov 2018

Rank #7

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Vital information on general liability insurance

Commercial insurance is a vital part of protecting your business and it isn’t something you should go out and buy like auto insurance.  You really need to know how to protect your livelihood. There are MANY different types of insurance for businesses including, general liability, workers compensation, E&O, professional liability, malpractice, EPLI and more.  Each one of these have coverages inside of them which are important to understand. In this podcast, we cover some of the very basics behind general liability coverage.  We talk about what it covers, how it is priced, and what you can add to it. Don’t take these lightly and make sure that you do your due diligence and meet with a insurance professional who has been there before. Simply Explaining Insurance on Itunes If you use Android, download Podcast Addict and search for “Simply Explaining Insurance” Music by Roger Clyne and the Peacemakers Free Audible trial! My website The post Vital information on general liability insurance appeared first on Dietz Agency.

7mins

19 Nov 2015

Rank #8

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Simply Explaining Insurance #53- Workers comp and subcontractors

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.  You can have the subcontractor provide proof of their own workers comp policy. 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.

7mins

9 May 2018

Rank #9

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What you don’t know about your Homeowners policy.

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.

7mins

6 Jan 2015

Rank #10

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Simply Explaining Insurance #49. Hired and Non owned Auto

There are two coverages inside of a commercial auto policies that you need to be aware of. Hired and non-owned auto will protect your business if you and/or your employees are in an accident. Hired auto will cover you if you are renting a car for business.  The liability from your policy will transfer over if you are in an at fault accident.  There is another coverage available in some states called, “Hired physical damage” which will cover the car itself.  It’s important to know if you have this on your policy. Non-owned auto, will cover your employees if they are driving their car for business purposes.  Their vehicle will not be covered but the liability from your business policy will transfer over to cover any medical expenses or property damage from the resulting at-fault accident your employee is in. 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 #49. Hired and Non owned Auto appeared first on Dietz Agency.

4mins

12 Mar 2018

Rank #11

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Simply explaining Insurance #120. What millennials do NOT know about life insurance

I came across an article recently that had some interesting statistics. What better way to address these than do a simple podcast episode? The article listed three things that some Millenials do not know about life insurance. 35% of millennials do not know that life insurance costs less for a healthier person. It’s true! Part of being underwritten for a life insurance application is a medical exam. They do a cholesterol screen, blood pressure, height and weight, and a drug screen. The underwriters will reward you for living a healthy lifestyle. 39% don’t know that life insurance costs less for younger people. This is true as well. The younger you are, the less expensive life insurance is. It is one of the most important factors of determining cost. My experience is that clients start seeing the price spike significantly is when they are starting their policies after they are 40 years old. 50% of millennials state they haven’t purchased because “no one has approached me”. This is a call to everyone in my industry. We need to be having this conversation with everyone and I would encourage millennials to feel comfortable starting the conversation with your current agent. 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 #120. What millennials do NOT know about life insurance appeared first on Dietz Agency.

7mins

21 Feb 2020

Rank #12

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Simply Explaining Insurance #74- Deductibles

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.

7mins

17 Jan 2019

Rank #13

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Simply Explaining Insurance #113- Coinsurance

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.

9mins

12 Dec 2019

Rank #14

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Simply Explaining Insurance #57- The #1 Life insurance mistake

.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.

8mins

9 Aug 2018

Rank #15

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Simply Explaining Insurance #89- Paying yourself back

This strategy isn’t for everybody. It takes some understanding and some discipline. If you can pull it off and start using this concept, it can be quite eye-opening. Listen to the basics of the strategy here. This episode explains what it is like when you borrow money from your permanent life insurance policy. In order to properly do this, you have to first fund it, which takes time and patience. What do I mean by patience? It can take 10 years. Once you have money in the policy to borrow, the magic happens when you start paying the debt back. When you pay a “normal” debt back, you are paying back a financial institution until the debt is paid off. What about when you pay yourself back? The payment you make then, not only lowers the debt, but it ups your cash value as well. It is lowering your debt and upping your cash at the same time. That is where the power of this strategy 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 #89- Paying yourself back appeared first on Dietz Agency.

5mins

29 May 2019

Rank #16

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Learn how to choose the right amount insurance for your house in 5 minutes.

Your home is most likely only your biggest asset and it is crucial that you insure it properly. Odds are you have no idea what your home is insured for.  Maybe your mortgage broker put it all together for you with an insurance agent.  It’s time to dust off that policy and take a look at it. There is a tool that insurance agents use to determine the proper value to rebuild your house.  It is very useful and accurate but it’s not a bad idea to call your local agent to go through it with them to make sure your home has the proper amount of coverage. I cover this in this short podcast episode.  I also cover an important coverage called extended replacement cost and if you should cover a house for the purchase price or not. 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 Learn how to choose the right amount insurance for your house in 5 minutes. appeared first on Dietz Agency.

5mins

11 Aug 2016

Rank #17

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Simply Explaining Insurance #90- Hitting your own car or house.

How does insurance work if you strike a car you own, with another car you own? How about if you accidentally run into your garage door? Or some property you own in your garage or driveway? Good news is, there will most likely be coverage for you. What you need to know about these scenarios, is that you cannot be liable to yourself. Every auto policy has a coverage called liability. Liability covers medical and property damage TO OTHERS. What this means is the liability on the auto you are driving, will not extend to property you own. As long as the vehicle you struck, has collision coverage on it, you can file a claim on vehicle number two, to repair it. If there is damage to both vehicles, it will require two claims to be filed. One claim on each auto policy. It works similarly if you damage your house or property. You would have to file two claims as well though. One on the car, if it is damaged. One on the homeowners policy. Two deductibles would need to be collected and the insurance company would pay for the rest. I suggest always consulting your agent to explain the process to you. Sometimes, if the damage is minimal, it can be better just to pay for the repairs out of pocket instead of filing a claim. 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 #90- Hitting your own car or house. appeared first on Dietz Agency.

4mins

6 Jun 2019

Rank #18

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Simply Explaining Insurance #72- Short term health insurance

The individual health insurance space is a confusing landscape to navigate.  It’s important to consult a licensed professional when discussing options and plans.  On this podcast I talk about a health plan that is available that many are unaware of.  Short term health insurance. These plans offer really nice coverage at an affordable price.  They aren’t designed to replace the plans available that are compliant with the Affordable Care Act (ACA) or Obamacare, but that isn’t stopping some families for looking at this as an option. All plans are going to differ from state to state and I can only speak to the ones that I am familiar with her in Idaho.  The short term plans available in Idaho, are good for as little as one month and as long as 10 months. The deductibles are as low as $500.  Some offer prescription coverage, and they are generally 80/20 plans. This means the insurance will pay for 80% of health expenses after deductible. The main difference between these plans and plans on the ACA, is that these do not cover pre existing conditions.  They also have a $1,000,000 lifetime max benefit. Before considering purchasing a plan like this, I urge you to consult a licensed insurance professional and go over all of the benefits of the plan. 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 #72- Short term health insurance appeared first on Dietz Agency.

8mins

12 Dec 2018

Rank #19