R&R Insurance Blog

Absolutely!  We will say that with CAUTION.  The State of Wisconsin has a rate change date of 10/1/13.  Our in-house Smart Comp program projects and verifies mods on a routine basis.  CAUTION:  With this 10/1/13 rate change, comes changes in the "D" ratio.  The "D" ratio is a factor used to determine the amount of expected losses for each classification that are Expected Primary Losses.  Without the rate table adjustments it is very difficult to accurately predict the overall increase or decrease of proposed split point changes on a specific employer's experience mod.

Takeaways:

•  The impact will vary by how many claims fall in the increased split point range (i.e., $5,000-$15,000)
•  If you have a credit mod (under 1.00) with few or no losses greater than $5,000 you should more than likely see a decrease
•  If you have a debit mod (over 1.00) with several claims that fall in the increased split point range you should expect to see an increase

We typically see the rate change from the State of Wisconsin come through mid-July of each year to be effective 10/1/13.  If you have a 1/1/2013 policy effective date and strictly do business in the State of Wisconsin, expect to see this split point change on 1/1/2014.  We will be actively projecting experience modifications that incorporate this change as soon as we receive the new rates!

People find it hard to envision themselves needing hands-on assistance with basic living activities like bathing, getting dressed, and eating so they avoid thinking about it altogether.  Statistics show that over 70% of people who reach age 65 will require long term care services at some point. The unknown factor is how long you will need to receive the care services. More long term care facts.

Waiting to address your long term care needs until the point at which you actually need care could have severe financial ramifications.

Consider the costs:

• 1 year of care today: $75,000
• 1 year of care in 30 years: $250,000
• 3 years of care in 30 years: $750,000

Perhaps the greatest benefit of Long Term Care Insurance is allowing your loved ones to care about you, instead of having to care for you. No one wants to be a burden to their family...hear more from Jane Shevey, Long Term care Specialist at R&R Insurance.

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Wisconsin residents, if you would like more information on Long Term Care Insurance (LTC), please contact us.

Established by the Wisconsin Department of Public Instruction to bring attention to the harmful affects of bullying in the school setting. Bullying may negatively impact a student's connection with school, their engagement with the curriculum, and their overall ability to learn. Bullying prevention is critical to building a school environment conducive to learning and where students feel safe at all times.

One of the provisions of Act 309, the fourth Wednesday of September has been declared "Annual Bullying Awareness Day" in Wisconsin. Schools should take advantage of this opportunity to emphasize a strong stance on the problem and to high light policies and procedures in place to address it. Having a single day dedicated to the problem seems reasonable and WSSCA encourages administrators to find creative ways to show their individual support of the anti-bullying efforts in place. We may not stamp out bullying in our lifetimes, but we ought to try like all heck.  Some tips to help "bully-proof" your child.

The concept of bullying in school is not a new - it has been in the news for quite some time.  In 2010, Oconomowoc students learned how to combat bullying by performing interactive drama classes.

The Insurance & Risk Management Knowledge Alliance has published a great article about children who no longer reside with their parents but still remain on their insurance policy. People wrongly assume they have coverage for their child who has moved out on their own while the parents hold the title and the child is listed on the parent's  insurance. The problem arises because the parents are the named insureds on the policy (not the child). The child becomes what's known as a "former" family member.

A child who no longer resides with their parents does not receive the same coverage as a child that lives at home.

What is covered:

• Liability while driving the parent's "covered auto"
• Medical payments while occupying the parent's "covered auto"
• Uninsured/Underinsured Motorists while occupying the parent's "covered auto"

What isn't covered:

• Liability while in an auto other than the parent’s “covered auto”
• Medical Payments while in any auto other than the parent’s “covered auto”
• Medical Payments while a pedestrian
• Uninsured Motorists while in any auto other than the parent’s “covered auto”
• Uninsured Motorists while a pedestrian

These are important coverages to have. Solution: A personal auto policy with the child as the named insured and a non-owner coverage endorsement. Too technical?  It's easy for an independent broker like R&R Insurance Services.

Also important to note: make sure that your child understands that they will need a renters policy to cover their belongings once they move out.

Wisconsin residents interested in a free insurance analysis for their personal insurance, please contact a knowledgebroker.

If you are driving a car that is no longer worth a lot of money, having collision and comprehensive coverage may not be right for you.

The cost of collision and comprehensive coverages, which repair or replace your car if you are at fault in an accident or if your car is stolen or vandalized (along with other scenarios) is largely dependent on the value of the car. 

There is no firm rule on when to drop the comprehensive and collision coverage, but these suggestions may help you decide:

• When premiums reach 10 percent or more of the potential payout of the car value if a claim were to be submitted.
• When you get to the point where you'd most likely buy a new car rather than fix the one you have. 
• Consider keeping comprehensive coverage because typically it's a small percentage of the overall premium, even if you elect to drop collision coverage. This way, if you have a claim for glass damage, the claim would be covered subject to your deductible of course!
• Maintain manageable deductibles until your car is paid off.  Once the car is paid off, build your emergency savings, and then raise your deductibles.

Wisconsin residents with questions regarding your auto and home coverage or whether you should consider changing your coverage, please contact us.

Most of us would think that a NASA Astronaut would make enough earnings to buy most anything they would want.  Not the case for Neil Armstrong. 

Prior to the departure of Apollo 11, Armstrong wanted to purchase Life Insurance to have his family financially protected should something go wrong with the mission.  In 1969 an astronaut was making roughly $17,000 annually.  Life Insurance at the time cost roughly $50,000 (over $300,000 in today's dollars).  Armstrong became creative and spent time prior to departure signing hundreds of autographs.  These autographs were then mailed out on July 16, 1969 - date stamped for the mission's success ... or failure.  These autographs are now known as "Apollo Insurance Covers".

While we cannot guarantee your autograph will make you millions of dollars, we can guarantee that we will work with you to determine the best Life Insurance policy that fits you and your family. Learn more about what Life Insurance opportunities R&R Insurance has to offer.