—- Liability Limits —-
The line of protection you place between a mistake you may make and the guy you have injured who now thinks he deserves to take everything you own!

Your liability limits on your auto insurance look something like this: 15/30/5, or 50/100/25, or 100/300/50.  Sometimes they’re listed like this:

LIABILITY LIMITS:
$50,000 injury per occurrence
$100,000 injury per accident
$50,000 property damage

However they’re listed, it’s important to understand and periodically review your limits.  Auto insurance liability coverage generally pays for the damage you do to another party when the accident is your fault.  Consult your policy or your agent for specifics, but “injury” usually applies to things like hospital and doctor bills, lost time from work, pain and suffering, chiropractor and rehab treatment, and any other loss the party has suffered as a result of the accident.  Coverage has limitations and exclusions, but it can be fairly broad in it’s application.

The limits define the maximum amount amount of money the company will pay out on your behalf.  Here’s how those three numbers play out.  The first number is the limit that the company will pay for the injuries to an individual.  The second is the limit that the company will pay for the injuries in the entire accident.  (remember “injuries” can include all those other things I listed above)  The final number is the limit that the company will pay any property damage you do as a result of the accident. This can include the other guy’s car, house, street lamp, store front or whatever you happen to hit.

You can be held liable for the entire dollar amount of damage you caused in the accident whether your insurance pays it all or not. This means that if you wipe out a Mercedes Benz worth $55,000 and you have only a $5,000, $10,000 or $25,000 limit for property damage, you could end up paying the difference out of your own pocket… or out of your future wages if you don’t have enough cash to cover the bill! (Please read that last sentence again!)

I always recommend a minimum of 100/300/100 coverage to my policyholders.  I don’t know who is going to wipe somebody out next month.  And yes, accidents happen in my agency every week!  Most are minor; some are not so minor!

For just a few dollars a month you can increase your coverage from the state minimum of 15/30/5 (in California) to 100/300/100.

In addition to increasing your limits you should also consider a LIABILITY UMBRELLA that will cover you even beyond the limits you select.

Please take just a few minutes this week to review your liability limits.  Call your agent, call me, or just at least take a look at what you have.  Carrying limits that are too low can put your entire life savings and net worth at risk.  It’s not worth saving just a few dollars a month to take that kind of risk!

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

Electrical receptacle outlets in walls and floors may present shock and electrical fire hazards to consumers. The U.S. Consumer Product Safety Commission estimates that 3,900 injuries associated with electrical receptacle outlets are treated in hospital emergency rooms each year. Approximately a third of these injuries occur when young children insert metal objects, such as hair pins and keys, into the outlet, resulting in electric shock or burn injuries to the hand or finger. CPSC also estimates that electric receptacles are involved in 5,300 fires annually which claim 40 lives and injured 110 consumers.

Older homes may have receptacles which are damaged or which, otherwise, may have deteriorated over the years. In one case of a damaged receptacle, a woman suffered severe burns to her hand as she was plugging in a floor lamp. Part of the plastic faceplate of the outlet had broken away, allowing the prongs of the plug to bridge from the electrical contacts to the grounded strap, resulting in intense electrical arcing. Outlets also deteriorate from repeated use, from plugging-in and unplugging appliances as is often done in kitchens and bathrooms. As a result, when plugs fit loosely into receptacles, especially the two-prong ungrounded type, they may slip partially or completely out of the receptable with only slight movement of the attached cord. Receptacles in this condition may overheat and pose a serious fire hazard; if covered by a curtain or drape, the fire hazard is even greater.

Consumers should have a qualified person replace deteriorated and damaged receptacles and, at the same time, upgrade their home electrical system to present safety standards. The simplest and most effective method to protect against electrocution is through the installation of ground- fault circuit interrupters (GFCIs) (as shown in FIGURE 3). If you wish to receive a copy of the Commission’s fact sheet on GFCls, send a postcard to “Ground-Fault Circuit Interrupters, Washington, D.C. 20207,” and a copy will be sent promptly.

Another method of protection in the home is to install 3-wire receptacles which will accept either 2- or 3-prong plugs (as shown in FIGURE 2). This method, however, requires a grounding conductor which may or may not be available in the outlet box. The least acceptable method is installing another 2-wire receptacle that requires the use of an adapter for accepting 3-wire plugs (as shown in FIGURE 1). Even thought the tab on the adapter may be properly connected to the cover-plate screw, the grounding path may not be adequate to protect against ground faults.

Outlets with poor internal contacts or loose wire terminals may become overheated and emit sparks. Even a receptacle with nothing plugged into it may run hot if it is passing current through to other outlets on the same circuit. To prevent damage to receptacles, appliances should be switched-off before unplugging from a receptacle.

• Have a qualified electrician replace damaged receptacles or those which feel hot, emit smoke or sparks, those with loose fiffing plugs or those where plugged-in lamps flicker or fail to light.
• Do not unplug appliances by pulling on the cord at an angle. The brittle plastic face of the recepacle may crack nd break away, leaving live parts of the receptacle exposed.

To protect young children, parents should consider some precautions:

• Insert plastic safety caps into unused outlets within reach of young children.
• Be sure that plugs are inserted completely into receptacles so that no part of the prongs are exposed.

Reprinted from the Consumer Product Safety Commission

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

Welcome to the San Diego Insurance Blog. This is a place to connect with our community and discuss the (sometimes) complicated role of insurance in our lives today.

Now I know that insurance is not a sexy subject, for sure!  But it is necessary these days and you can lose (or SAVE) a lot of money.  Insurance is sometimes required by law, required by lending institutions, and sometimes its just good common sense to have some.  Sometimes is DOESN’T make any sense to have some.

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

To keep your granite countertops clean, use a microfiber cloth to dust off countertop surfaces. Wipe down the granite countertops daily and as needed using water. Once a week wipe down with a damp cloth and a stone cleaner formulated with a neutral pH. Never use harsh chemicals or abrasive cleaners. They can scratch, pit, and etch the surface of the stone.

Regular Maintenance of Granite Countertops:

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

Just Slow Down

Have you noticed that especially here in San Diego, people don’t seem to notice that its raining when they’re driving.  People tail-gate just as much if not more (because some people actually slow down to allow for the wet conditions.)  They drive at breakneck speeds seemingly oblivious to the deteriorated visibility and wet roads.  No wonder we have more accidents than most cities when it rains.

SO here’s what the “experts” say.  WOW… look at the first item!!!

• First and foremost: slow down! It takes longer to stop or adjust in wet weather.
• Stay toward the middle lanes – water tends to pool in the outside lanes.
• Maintain proper following distance (3 Second Rule). This needs to be increased in wet weather.
• Drive in the tracks of a car ahead of you.
• Don’t follow large trucks or busses too closely. The spray created by their large tires reduces your vision. Take care when passing them as well; if you must pass, do so quickly and safely.
• Be more alert when driving in wet or slippery conditions. Watch out for brake lights in front of you.
• Avoid using your brakes; if possible, take your foot off the accelerator to slow down.
• Turn your headlights on even in a light rain, or in gloomy, foggy or overcast conditions. Not only do they help you see the road, but they’ll help other drivers see you. If your car has daytime running lights you still should put them on, so vehicles behind you can see you better.
• Before it starts to rain, replace old or brittle wipers.
• Avoid off-road driving: it’s hard to judge the actual depth of puddles and you can easily become stuck, even in an SUV.
• Never drive beyond the limits of visibility. At night rainy roads become especially treacherous. The glare of oncoming lights, amplified by the rain on your windscreen, can cause temporary loss of visibility while substantially increasing driver fatigue. In rainy conditions pedestrians, livestock, and wildlife are extremely hard to spot and even harder to avoid.
• Never drive through moving water if you can’t see the ground through it; your car could be swept off the road.
• When driving through a puddle of uncertain depth, go slow. If it’s deeper than the bottom of your doors, turn around and find another route. Deep water can cause serious damage to a modern car’s electrical system.
• Avoid splashing pedestrians.
• If possible, stay off the road during heavy thunderstorms. Large flashes of lightning can temporarily blind and disorient drivers, and the accompanying high winds and heavy rain can create deadly driving conditions.

Slow down! This should be obvious but it also very important. People are so used to driving certain speeds on certain roads that sometimes they forget the need to slow down when inclement weather presents itself.

Before you go - Wet-weather driving demands gentle use of all the main controls – steering, clutch, brake and accelerator – and a larger allowance for errors and emergencies. When you begin a journey in rain, your shoes will be wet and liable to slip off the pedals. Scuff the soles on the rubber matting or carpeting of the car before you start the engine. All motorists should regularly check that their headlights, tail lights, brake lights and turn signals are working properly.

How are your tires? - Check your tires on a regular basis. Bald tires significantly reduce your traction on wet roadways, and offer little resistance to hydroplaning. When your tires run over water, the water is displaced and it needs somewhere to go quickly. The best place is between the treads of your tires. If your tires are bald, the water has no place to go and you end up riding on a layer of water, like a boat. (See Hydroplaning, below.)

Turn on your wipers - Replace your wipers regularly, at least once a year. Wiper blades in bad condition don’t clear water from the windshield very well and distort your view. Older vehicles may need to have the whole wiper arm replaced. The arms bend over time and sometimes can’t keep enough downward pressure to clear the windscreen, even with new blades installed. Wipers will often clear light rain from the windscreen with a few sweeps, then run on an almost-dry screen and leave smears of drying dirt. Don’t be afraid to use the windscreen washers liberally: the fluid is cheap (99 cents a gallon) and the safety benefit is high. Carry extra during the winter.

Don’t follow large trucks or busses closely. Splash and spray from these vehicles can obscure your vision, creating a potentially disastrous driving situation. Keep your distance, and your windshield wipers on, when other traffic is in front of you.

Turn on your lights - Whenever visibility is poor or it rains, headlights are a good way to let other drivers know where you are. It’s both helpful to other travelers and makes you more safe. Remember, you are not the only one affected by poor visibility. You may be able to see cars without their headlights on but others may not have vision or windshield wipers as good as yours. Many states require headlights to be turned on when it is raining or when visibility is reduced to less than 500 feet.

Heavy rain - Heavy rain can overload the wiper blades, allowing an almost continuous sheet of water to flow over the screen. When visibility is so limited that the edges of the road or other vehicles cannot be seen at a safe distance, it is time to pull over and wait for the rain to ease up. It is best to stop at rest areas or other protected areas. If the roadside is your only option, pull off as far as possible, preferably past the end of a guard rail, and wait until the storm passes, seldom more than a few minutes. Keep your headlights on and turn on emergency flashers to alert other drivers.

Foggy windows - Rain or high humidity can quickly cause windows to mist up inside the car. In a car equipped with air conditioning, turn up the heat and direct the airflow to your defrosters with the AC switch engaged. (Many cars automatically engage the AC when switched to the defrost mode.) In a car without AC the procedure is the same, but you may need to open your side windows to get the air moving. Most modern cars have a built-in rear window defroster that easily clears a misted rear windscreen by heating up electrodes embedded in the glass. If you don’t have one, put your defroster on high and its hot air will eventually follow the inside of the roof down to the rear window. If the car has swiveling dashboard vents, adjust them so that the air flow strikes the upper edge of the side windows. The airflow will clear the side windows first, finally traveling to the rear of the car. If all else fails, a rag or article of clothing will work as well; you’ll just need to clear the window more often. Drivers should regularly clean their windshield and windows, both on the inside and outside, to help them see in good and bad weather. Smokers need to take extra care to make sure their interior windows are clear of a buildup of smoke residue.

Handling a skid - Losing control of your car on wet pavement is a frightening experience. You can prevent skids by driving slowly and carefully, especially on curves. Brake before entering the curves. Steer and brake with a light touch. If you find yourself in a skid, remain calm, ease your foot off the gas, and carefully steer in the direction you want the front of the car to go. This procedure, known as “steering into the skid,” will bring the back end of your car in line with the front. For cars without anti-lock brakes, avoid using your brakes. If your car has ABS, brake firmly as you “steer into the skid.”

Expressway driving - Leave lots of space between you and the car in front because it takes longer to stop. You’re supposed to leave a few seconds between cars in dry weather. Make sure you add space in wet weather because if you have to hit the brakes hard, your tires will lock up, you will hydroplane and you will most likely hit the car in front of you. If available, drive in the fast lane, where there are fewer cars and less oil deposited on the road. Also, because of the built-in slope of the road, water drains towards the slower lanes. Avoid lane changes, as water tends to build up between the tire ruts in the lanes.

Oily deposits - Watch for intersections because of the oil spots in the road. Rain is most dangerous when it falls after a long, dry spell on to roads that have become polished and smooth: the rain blends with oil and rubber-dust deposits on the road surface to form a highly dangerous skid mixture. That mixture builds up at intersections, where cars stop and start frequently. Be extra careful immediately after it starts raining because it takes a while for the worst of the dirt and oil to get washed off the road.

Driving Through Water - Where water has flooded onto the road, drive very slowly and cautiously. Never drive through moving water if you can’t see the ground through it: you and your car could be swept off the road, possibly finishing you both. Stop the car before entering the flooded area and check the water level ahead. Generally, if the water is deeper than the bottom of your doors or the bottom third of your wheels, it is inadvisable to attempt driving through it. Seek a detour rather than braving the flood and risking damage to your electronic control systems. Attempting to go through deep water can ruin any of these systems, creating a repair bill in the thousands of dollars.

At night it’s much harder to see water hazards. You’ll need good road observational skills to notice the difference between a wet road surface and flood water. Watch the contours not only of the road but also of fences, trees, hedges and buildings at the side of the road ahead. If they appear to be unnaturally low, slow down at once as the road is probably flooded. If you don’t slow down and hit flood water at speed, the effect is almost like hitting a wall: you will first lose control, then come to a violent stop, possibly injuring your passengers as well. Watch out for places where floodwater collects, particularly low-lying roads adjacent to streams, and dips under rail or highway bridges.

If you determine it’s safe to go on, proceed slowly and avoid making large waves in the water. If you have a manual transmission, engage first gear and keep the engine running fast by releasing the clutch just enough to partially engage gear and giving more acceleration than usual. This keeps the exhaust gases moving, helping to prevent water from entering your tailpipe. Vehicles with automatic transmissions should place the car in first gear and feather your brake, slowing the vehicle while at the same time keeping your revs up. Doing this for longer than a few seconds can seriously damage your vehicle and is not recommended. If you’re submerged too deeply, your engine will stall and water might enter your engine through your air intake, causing a condition known engine hydro-lock, forcing you to replace it.

What to do if you stall in deep water - If possible, have someone pull your vehicle out using a tow rope or cable winch. It may be possible to drive a manual transmission car out using the starter motor. You can make the job easier by removing your spark-plugs, thereby lowering your compression and making your starter turn more easily. Take great care not to let water enter the cylinders, as it will hydro-lock your engine, ruining it. This is a last resort for rescuing a flooded vehicle and is not recommended.

Check your brakes - If you successfully pass through a deep water hazard, test your brakes. They may be saturated, and only driving very slowly and braking lightly at the same time will generate enough heat to dry them out. Be sure they are pulling evenly on all wheels before building up speed again.

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

With the coming of the “rain season” here in San Diego, now might be a good time to take a look at your roof.

Here’s a few tips on what to look for and I’ve included a video at the end to give you a visual for some of these.

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

Electrical outlets are usually installed at a height at or near a child’s eye level, and a child’s curiosity can draw them to explore, making electrical outlets a source of worry for many parents.

The chance of electrocution is small, but the results can be devastating. According to a 1994 estimate of electrocutions released by the Consumer Product Safety Commission (CPSC), there were 890 deaths in 1984, decreasing to 560 in 1994. (These figures include all age groups and count only fatalities and not shocks and injuries.)

In another study conducted in 1997, the CPSC found:

• 86 percent of reported injuries involved children 1 to 4 years old
• The highest frequency of home electrical injuries occurred at mealtimes
• The most commonly used foreign objects inserted into outlets were keys and hairpins

This indicates that many home electrocution and shock injuries involve unsupervised children. There are simple measures that can be taken to avoid injury or death to a child.

Plastic outlet protectors

Most of us are familiar with plastic outlet protectors. The prongs fit directly into the outlet holes, preventing the insertion of foreign objects. But many parents say they feel a little uneasy about the effectiveness of these devices. A study of 37 children conducted in 1997 by the Biokinetics Research Laboratory of Temple University seems to confirm their reservations:

• 47 percent of 4-year-olds and 31 percent of 2-year-olds could remove protectors with a round, flat face and two prongs
• 47 percent of 4-year-olds and 18 percent of 2-year-olds could remove protectors with a 3/16-inch thick oval face and a tapered side
• 100 percent of 2- and 4-year-olds could remove protectors with a 1/16-inch thick oval face and a flat side

Child tamper-resistant outlets

A few electrical device manufacturers make electrical outlets that are intended to prevent a child from inserting something into the outlet holes. They look just like any other outlet, but behind the face of the receptacle are plastic shutters.

These shutters are designed to remain closed until a plug is inserted. When something is inserted into both vertical outlet holes at the same time, the interior plastic shutters open. Its safety is premised on the fact that most young children will not try to stick two objects into the two vertical outlet holes at the same time.

These outlets cost $4 to $6 each, as compared to $1 to $3 each for a typical electrical outlet receptacle. They require no additional labor to install than typical outlet receptacles. These outlets are available through your local electrical supply store or your electrician.

Child tamper-resistant outlet face covers

Electrical outlet receptacle covers have faces that swivel or slide over the outlet holes. Some are intended as replacement face covers; others install over existing outlet face covers.

The electrical outlet face covers cost anywhere from $3 to $6 each. Those that replace the existing outlet face cover can be bought from your local electrical supply store or your electrician. The after-market faceplate that fits over the existing outlet faceplate is sold through baby product magazines, discount stores and building supply stores.

I believe the information contained in the Disaster Survival House is reliable and accurate.  I cannot, however, guarantee the performance of all items demonstrated or described in all situations. Always consult an experienced contractor or other expert to determine the best application of these ideas or products in your home.

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

Whenever you’ve been in involved in an accident that is NOT your fault, you have the option to run the claim through your own insurance company or through the insurance company of the party at fault for the accident.

You might say, “Well, of course I’ll use the other insurance company!  The accident wasn’t my fault.”  And that makes perfect sense.  But let’s look at the pros and cons of that decision.

Using Your Own Insurance Company

There’s some advantages here.  You’re on “home turf.”  As long as you have collision coverage, your insurance company will simply fix your car for the fair market estimate of the repairs.  You will pay your deductible to the shop when you pick up your car.  Remember you’re using your collision coverage to fix your car and there’s always a deductible applied.  Not to worry though…

After the claim is closed, your insurance company will present the bill to the insurance company of the at-fault driver.  They will reimburse your company including your deductible.  Your insurance company will then cut a check to you for the amount of your deductible that you paid.

This route is usually a little faster and easier.  There’s no need to determine or agree on who’s at fault because your collision coverage pays to fix your car regardless of fault.

Using The Other Insurance Company

There’s some advantages here as well.  The main one is that you won’t have to pay your deductible.  Once fault for the accident is agreed upon and the other company accepts liability for the accident, they will arrange to pay for the damages to your car and for any rental car you might need.  This process might take a little longer.  They will have to get a statement from their driver and/or a copy of the police report for the accident.  They may ask for a statement from you.  Once all that information is in, they can make a determination of fault.  The process can take a couple of weeks or more depending on how quickly everything comes together.

There’s No Right Answer

The best answer is the one that you like the best.

YOUR COMPANY:  Quicker, but you have to fess up your deductible.
THEIR COMPANY: Slower, but you don’t have to pay out of pocket.

You can always start with the other company and if it gets bogged down or you just want to be done with it, you can always go back to your company and take that route.

Call me if you have any questions.  I’m always happy to help.

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

Adopting an overall higher deductible philosophy can save you tons of money over the years.  Spell that $M$O$N$E$Y$ in your pocket!  Let me show you how it works.

Yesterday a client of mine called me to tell me about a water loss he’d had over the weekend.  We’ll call him, Henry.  Henry went on to explain how the ice maker line went out in the middle of the night and he woke up to that dreaded SLOSH, SLOSH as he walked through his kitchen.

Henry is a pretty handy guy so he sopped up all the water, pulled up the carpeting, cut out some drywall and had fans going when he called me.  “So what’s my deductible, Dennis?  I know it’s up there.”

“Looks like five grand, Henry”

“Ouch”, he said.

We went on to review his Higher Deductible Philosophy. I reviewed the numbers for him.  In addition to his house, Henry has 3 cars, a motorcycle, a boat and a motorhome insured with me.  His smallest deductible on anything is $1000.   He raised them about 10 years ago from the typical $250 or $500 deductible philosophy with which most people are comfortable.  I did some quick calculations for him.

On all of his policies, Henry saves about $780 a year with a Higher Deductible Philosophy.

I mentioned that he’s been in this kind of profile for over 10 years.  He’s put over $7800 in his pocket in premium savings.

This little water loss is going to cost him about $2000 by the time his kitchen is put back together.  It’s only the second claim he’s had in 10 years.  The first one was $400 windshield he had to pay for completely because his deductible at that time on the car was $1000.

He’s STILL over $5000 ahead.

Call your agent today and see what your savings could be by raising deductibles on all your policies.

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>

According to Financial Planning Magazine, March 2010, nearly two-thirds of Americans don’t have a will. When that occurs, the person dies in a condition that’s called intestate — dying without a valid will.  This leaves it up to a judge and the laws of the state to determine the distribution of their assets and belongings.

Avoiding important estate planning decisions could eventually mean that someone else has to make them for you. The results may not bein the best interests of your family and could even fail to meet their future needs. A thoughtful estate plan takes your priorities into account, protects your heirs, and establishes your legacy.

Document Your Decisions

A Last Will and Testament provides for the care of minor children by establishing guardianship and dictates how you want your remaining assets divided among your heirs. An executor is named to oversee the distribution of assets and pay any taxes, debts or other obligations that are due.

An Advance Healthcare Directive is a Living Will (which expresses your preferences concerning life-sustaining procedures) or a Healthcare Power of Attorney (which allows an individual to make healthcare decisions on your behalf) or both.

A living trust, or inter vivos trust (inter vivos is Latin for “between the living”), is a trust  created during a person’s lifetime to either save money on taxes or set up long term property management. All living trusts are designed to avoid probate proceedings and may in addition be used to reduce taxes, safeguard financial privacy, and to regulate the use of assets if the owner becomes incapacitated, and for other purposes.

These powerful estate planning tools are designed to express your desires clearly and to provide guidance to your family and/or representatives during a difficult time when you would be unable to do so yourself.

Legal documents are binding once they are prepared and filed, and estate tax laws are complex and change frequently. For these reasons, you may want to consult an experienced legal professional who can guide you through the difficult decisions and carry out your wishes.  Keep in mind that estate planning is a lifelong process that calls for regular adjustments as the law or your personal financial situation changes. Certain life events in particular (such as marriage, divorce, the birth of a child, death of a loved one, a move to another state or retirement) prompt the need to review and update your plan along with the associated documents as soon as possible.

Don’t Delay This Important Planning

I’ve seen the results of unexpected death without any prior planning.  It can cause great financial hardships on the family, create huge legal and tax expenses that drain the assets of the estate, and can cause cause divisive tension and infighting among family members.  All of this is so simple to avoid with just a little planning and documentation.  Wills are NOT expensive and can provide great peace of mind for both the person creating the will and the family.

Nobody has a lease on life that’s guaranteed to last into your 90′s.  Any of us can be taken out of this world at any time.  Please take the time TODAY to start your planning process with a will or a living trust.  I can refer you to wonderful people here in San Diego that can draw these documents up for you at a very reasonable price.  Call me!

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10791 Jamacha Bl, Suite 1
Spring Valley, CA 91978
OFFICE: 619-670-1000
    eMail:Dennis@DennisVolzInsurance.com
    Websites: Company Site: DennisVolzInsurance.com

All posts on The San Diego Insurance Blog contain only a general description of coverages and is not your insurance contract. Details of coverage or limits will vary. All coverages are determined by the terms, provisions, exclusions and conditions of your policy along with any endorsements.]]>