Author: Meredith Smith

What is it?

A wind/hail deductible refers to the amount a policyholder must pay out-of-pocket for a covered claim resulting from wind, hail, rain, or similar events, as defined by the insurer. This deductible is separate from any other applicable deductibles.

Why do Wind/Hail Deductibles Exist?

Due to the increasing frequency and severity of weather-related damage claims, insurance providers are introducing specific wind/hail deductibles on property to help manage costs and maintain financial stability. A higher deductible can also help in lowering premiums, as the business is taking on more risk.

Types of Deductibles

Understanding the types of deductibles applicable to wind and hail damage is important for commercial property owners.

• Dollar-based Deductibles: A fixed dollar amount that you pay out-of-pocket for a covered insurance claim before your insurance company pays the rest. For example, a $5,000 deductible means $5,000 is the insured’s responsibility of a covered claim.
• Percentage-based Deductibles: Wind/Hail deductibles are often a percentage of your property’s insured value. For example, a 3% deductible on a $250,000 policy would require you to pay $7,500 before insurance covers the remaining repair costs. The percentage typically ranges from %1 to %5, but can be higher in high-risk areas. A minimum deductible may also apply.

Many policyholders mistakenly believe that percentage-based wind/hail deductibles are calculated from the total loss amount. In reality, they are typically based on the insured value of the property. The method used to determine this value can vary depending on the specific insurance policy.

These deductibles may be applied in different ways, including:

• Per-building: A separate percentage is applies to each building.
• Per-location: A single percentage is applied to the total value of all buildings at a specific address.
• Per-occurrence: The percentage applies to each qualifying weather event.

Managing Large Wind/Hail Deductibles

If a high wind/hail deductible is a significant financial risk for your business, you can inquire about the following option:

• Deductible buyback policy: A separate insurance policy that allows you to reduce your high percentage deductible to a more manageable amount for an additional premium.

As a business owner, it’s essential to safeguard your physical assets and ensure operational continuity during a loss. Gaining understanding of wind/hail deductibles can help you plan ahead, minimize disruptions, and be financially prepared to meet deductible obligations.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Halloween celebrations can come with a range of fun activities and lead to lasting memories for your children. However, these festivities can also carry serious safety risks. That’s why it’s important to have precautions in place to protect your kids from the risk of Halloween-related injuries or accidents. Keep reading for an outline of Halloween safety tips for your kids.

Costume Precautions

• Do not let children wear baggy or long costumes, as they are difficult to walk in and can be tripping hazards.
• Purchase wigs, costumes, and accessories that are fire-retardant.
• Select face makeup and paint that is labeled as non-toxic and approved by the U.S. Food and Drug Administration to prevent allergic reactions.
• Place reflective tape on your children’s costumes and candy buckets if they are going trick-or-treating at night.

Trick-or-Treating Safety

• Remind children to stay on the sidewalk and look both ways before crossing the street.
• Do not allow children under 12 years old to go trick-or-treating by themselves.
• Remind children to never approach or get into a car with a stranger offering them candy.
• Once your children get home, inspect their candy to ensure it’s safe to eat.

Pumpkin Carving Tips

• Only carve pumpkins on a flat surface with adequate lighting, such as a kitchen table.
• Use a pumpkin-carving kit that includes tools appropriate for the task.
• Place lit jack-o’-lanterns away from flammable objects, such as sheets and curtains.

Trick-or-Treating in Busy Areas

In addition to these tips, make sure you take extra precautions when your children go trick-or-treating in busy areas. If you live near busy roads, consider only allowing your children to trick-or-treating during the day, or accompany children of all ages to keep them safe among fast-moving motorists.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Farming is a complex business that extends beyond planting crops or raising livestock. Farmers face daily challenges such as unpredictable weather, shifting markets, and equipment issues. Farm insurance serves as both a safety net and a tool to maintain operational strength.

However, simply having a policy is not enough. Understanding your coverage is essential. Client education and risk management ensure your insurance supports your daily, not only during a crisis.

Why Client Education Matters

Many farmers carry insurance, but few truly understand the details of their policies. This can lead to gaps in coverage or missed opportunities for better protection. For instance, are you covered for loss of income due to prolonged power outage? What happens if a worker gets injured off-site? Do you have coverage for cyber threats—yes, even farms are being targeted? Does your policy cover the rental of machinery if yours is damaged in a claim? Do you have coverage for your crops if combustion causes a field fire in the middle of harvest?

Insurance literacy means maintaining open communication with your provider and asking informed questions. Well-informed clients make better decisions, which can determine how quickly you recover from setbacks.

Your provider should offer regular policy reviews, updates on changes in the industry, and breakdowns of coverage options in plain language.

The Role of Risk Management

Insurance is reactive and helps after a loss, but effective risk management can reduce the likelihood of needing to file a claim.

For example, implementing proper equipment maintenance schedules can reduce the risk of breakdowns. Installing security systems or lighting around barns can deter theft. Even something as simple as training seasonal workers on safe machinery use can prevent costly accidents.

Making the Most of Your Insurance

To protect your farm, treat insurance as an integral part of your operational strategy, not just an annual requirement. Consider these steps:

• Schedule a policy review with your agent at least once a year.
• Ask questions about exclusions, emerging risks, and specialty coverage options.
• Request a risk assessment to identify areas of vulnerability.
• Stay informed about changes in the agricultural industry that might affect your coverage needs.

The more informed you are, the better prepared you will be. Choosing an agency committed to ongoing education and guidance is essential.

Conclusion

Farm insurance is evolving, and your approach should evolve as well. With the right education and a strong risk management plan, you are not only protecting your farm, but also investing in its future.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Coastal properties face unique challenges due to their proximity to the sea. Harsh weather conditions and saltwater corrosion can impact the longevity and safety of coastal homes. Since home insurance typically excludes damage due to negligence or normal wear and tear, proactively addressing these issues is crucial.

Wind Damage

Coastal areas are prone to powerful winds. To mitigate potential win damage to your home, consider installing impact-resistant windows and doors to help prevent breakage during storms. Ensure your roof is securely anchored and consider hurricane shutters for additional protection from flying debris.

Saltwater Corrosion

Salt air can accelerate the corrosion of metals and other vulnerable building materials. Choose fiberglass, vinyl or PVC for siding, trim and windows, as these materials are generally less susceptible to saltwater damage. Use stainless steel where possible. Consider applying protective coatings to guard against rust and corrosion.

Humidity and Mold

High humidity levels can foster mold growth, posing health risks and damaging your home. Use dehumidifiers and air conditioning systems to maintain optimal interior humidity levels. Reduce indoor moisture by fixing plumbing and roof leaks, as they can increase indoor moisture levels.

Termite Infestation

Termites can cause severe structural damage over time. Look for signs of termite activity, such as small holes in wood or visible droppings. Hire a reputable pest control company to conduct routine inspections and provide treatment.

Choose Durable Finishes

Traditional paint may not withstand coastal conditions. Choose natural finishes, such as stone cladding or stained wood for better weather resistance.

Landscaping

Selective native plants can help simplify maintenance while supporting your local ecosystem. Native plants may require less upkeep and are typically adapted to the local climate, reducing water and pest control needs.

Secure Appropriate Home Insurance Coverage

Ensure you have flood insurance, as standard homeowners’ policies exclude this crucial coverage. You may also need windstorm insurance to provide appropriate protection against common perils in your area. Contact your agent for personalized home insurance quotes, including additional policies and endorsements.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Schools are more than just buildings—they’re the heart of every community. Each school, not matter if it’s a large, public district, private academy, or small, rural school, has complex risks of far more than just fire and theft. For the institutions of education and the families and staff involved, commercial insurance is extremely important. Ranging from the playgrounds to the payroll of the faculty and staff, here’s why the right insurance helps schools be smarter and safer.

Risks in Education: It’s More Than Property

Education is always changing. Schools face risks because of technology, the political climate, safety priorities, mental health awareness, and so much more. Sensitive student data is now targeted by cybercriminals, and the fear of active shooter incidents that have unfortunately become more frequent, has forced districts to rethink what they will do and their liability when a crisis happens. On another hand, old and poorly maintained school buildings combined with tight budgets put maintenance and risk management under pressure.

That’s why a strong insurance program tailored to the education sector is more important than ever. Property coverage alone doesn’t cut it. Schools need a policy portfolio that includes general liability, educators’ legal liability, abuse and molestation coverage, cyber liability, workers’ comp, and even student accident coverage.

Coverage Options Make the Difference

Not every school is the same. A rural district that’s old and run down might need to think more about the property and equipment breakdown coverage, while an urban charter school might be more concerned about EPLI and cyber coverage. Policies should cover the everyday risks like slip-and-falls and transportation incidents, but they also need to protect against high impact and often rare events that could ruin a school’s reputation or finances. One area that is often neglected is volunteer liability. Schools depend on parent and community volunteers, but are they covered? There are countless things that need to be taken into consideration when it comes to places such as schools.

Partnership and Prevention Go Hand-in-Hand

Insurance should not be perceived only as the “what if.” The most effective programs for school insurance focus on bringing losses to an end. This is done through the provision of educations-specific risk control resources like:

• Staff training
• Facility inspection checklists
• Abuse prevention procedures
• Cybersecurity guidelines
• Crisis communication plans

A great broker will sell more than just policies, they provide school leaders with risk management plans that create safer environments while preventing claims. These strategies encourage loss control and foster a safer environment. Trust, expertise, and proactive planning are the foundations of this partnership.

Conclusion: The Business of Education Deserves Business-Savvy Protection

Even if schools are meant for teaching, they are still subject to the same exposures as everyone else, with the added responsibility for taking care of kids. Well-planned commercial insurance is a necessity when it comes to the coverage of their students, staff, property, and the overall trust between the community they serve.

When school executives can collaborate with an insurance expert who acknowledges all of the institution’s needs, they can concentrate on what they do best: fostering a safer environment where kids flourish and have a positive educational experience.

Call a Dimond Bros. Sales Executive today to discuss your options. We’re ready and waiting to provide you with the best options available.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

In today’s economy, rising health insurance costs can be a significant burden for employers. However, there are strategic approaches employers can take to effectively manage these expenses while continuing to support employee well-being. Here are some actionable strategies:

Explore Different Plan Options:

• Consider offering high-deductible health plans (HDHPs) or Health Savings Accounts (HSAs) that may lower overall costs while providing more flexibility for employees.

Encourage Preventative Care:

• Promote preventative care screenings and wellness programs. By focusing on preventative care, you can potentially reduce the number of high-cost claims down the line.

Utilize Telehealth Services:

• Implement telehealth options, which often have lower out-of-pocket costs for both employers and employees while increasing access to care.

Wellness Incentives:

• Offer incentives for employees to engage in healthy behaviors, such as gym memberships or smoking cessation programs, reducing risk factors that lead to increased claims.

Negotiate with Providers:

• Build strong relationships and negotiate better rates with healthcare providers and insurance companies.

Educate Employees:

• Provide resources and education on how to best utilize their health benefits, emphasizing the importance of cost-effective healthcare decisions.

By being proactive and employing a multi-faceted approach, employers can control health insurance costs and foster a healthier, more engaged workforce. Let’s prioritize health without breaking the bank!

For more information about your healthcare strategies, contact Mike Holley, Vice President of Life & Health, Dimond Bros. Insurance.

Mike.holley@dimondbros.com

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.