Insurance Home Life Business Independent Agency Cabot Jackso

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Please contact us if you have an insurance question or would like us to give you a quote on your Home, Auto, Life, Health, Long-Term Care, or Commercial Insurance. We are an Independent Agency and have the ability to shop your rates with the many different Carries we represent. david@guyor.com

Call 501-831-5996

Underinsured Property Values Hurts!

Ask those who lost thousands of dollars during all of our Spring Storms

I wanted to address this issue as a Consumer and not as an insurance agent because I think a lot of Arkansans do not realize that agents are not always paying attention to the “big picture”. Yes, none of us like paying for insurance because we really don’t see the value until a claim occurs. And we definitely hate to see our rates go up, especially when we did not have a claim, but what most homeowners… and business owner’s do not understand is if your agent does not keep his or her head on straight, they can be guilty of not assessing your property values adequately. This is very important because if you have a property claim, you receive the money you expect… and not short-changes like a lot of the home and business owners realized from this year’s Spring storms. What we need to learn is these two simple words… “Co-Insurance Penalty”! Not knowing what these words mean can and will cost you hundreds if not thousands of dollars in repair or rebuilding money for under assessing your property values.

Here is the formula to put your insurance coverage to the test; did/should x loss – deductable = $$$$.

Now the “did” represents how much you have the property insured for now. Example; let’s say your agent has it insured for $135,000.

The “should” is the value you should have had the property insured for. Example; your home or building is 2000 sq. ft. . For our example, let’s say it’s worth $100 per sq. ft. . That would make the value of your house or building worth $200,000!

Take the “did” and divide it by “should” and you would get; $135,000/$200,000 = 0.675.

Now the next part of our formula says multiply 0.675 by the “loss”. Let’s say you had a small fire and the adjuster summits a claim to the insurance company for $50,000 in repairs. Multiply 0.675 by $50,000 = $33,750. Subtract your deductable (let say it is $500), $500 - $33,750 = $33,250. This is the amount you would receive from the insurance company!

WOW… It is not quite the $50,000 you thought you’d receive for your loss… is it? You see, this is what the insurance company calls a… “Co-insurance penalty”. Unfortunately, this happens more often than you think and it can happen to you if your agent or you… do not know about this.

In closing… an Independent Agent is always working for YOU… “Our clients”. Without you… we don’t have a business. You see our book-of-business is based on you doing business with us… year-after-year. If we do a disservice to you, we won’t have much of a business, will we? Like they say… “Make one customer happy and they tell a few”… “Make a customer mad… they’ll tell the world”!

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Americans Support National Law on Teen Driving

Americans favor a federal law that would impose driving restrictions on teen drivers and institute a graduated driving license system.

A survey from Allstate Insurance shows that support for a national graduated driver licensing (GDL) law corresponds with low opinions about teen driving skills, which received the lowest ranking among all ages surveyed.

Currently, the Safe Teen and Novice Driver Uniform Protection (STANDUP) Act is pending in Congress as part of a broader bill known as Mariah’s Law, named after an Arkansas teen killed in a crash involving texting.

STANDUP would restrict nighttime driving, limit the number of passengers in a teen’s car, prohibit the use of cell phones while driving, and issuance of permits and licenses with specific age requirements through a gradual, multi-phased process.

When asked about the specific provisions included in the STANDUP Act, Americans said they favor the policies. Findings include:

Seventy-six percent back a minimum age of 16 to receive a learner’s permit, and 69 percent favor requiring three stages of licensing.
Seven in 10 Americans favor restricting unsupervised nighttime driving for those under age 18, and 65 percent support restricting the number of non-family passengers for drivers under 18.
When asked about the prohibition of cell phones or texting while driving for younger drivers, 81 percent are in favor.
Support for STANDUP and its individual provisions crosses all age groups, geographic regions, and political affiliation.

American drivers are highly critical of teenage drivers, giving them the lowest rating of all age groups. Eighty-one percent rate teenagers as “average” or “poor” drivers.

“Results from this survey show that Americans clearly understand that GDL laws can help save lives, and that a majority of them support a legislative solution that safely introduces teen drivers to the road,” said Bill Vainisi, senior vice president and deputy general counsel, Allstate. “What’s needed now is national leadership in the form of uniform standards for those GDL laws.”

The survey of 1,000 American adults was conducted July 13, 14, 16 and 17 via landline and cell phone and has a margin of error of +/- 3.1 percent. Of the 1,000 adults, the survey identified 848 drivers who hold a license and drive at least occasionally.

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Guyor Insurance Agency

3358 So. Second St. * Cabot * USA * 72023 Phone: (501) 831-5996 Fax (501) 843-4234 * Ark. License 355180; MO. License 8073692; TN. License 2023354