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We are a locally owned and operated independent insurance agency with two locations in Union County, NC (Monroe and Indian Trail).  We have a staff of 7 licensed agents with over 100 years of experience providing North Carolina residents with peace of mind.  We specialize in home and auto coverage but also offer all lines of insurance including specialty vehicles, commercial, life, and health.

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Benji Riggins

Drivers are getting a little good news: Auto insurance rates are not going up this year.

This is the second year in a row that the state’s auto insurers have not sought a rate increase.

The claims data just didn’t support an increase, said Ray Evans, general manager of the N.C. Rate Bureau, which represents 142 insurance companies that write auto policies in North Carolina

Evans said the frequency and severity of accidents has been stable over the past few years. He credited people driving less frequently, improved car safety and more active law enforcement – particularly the ticketing of people who text while driving.

“Those things have an impact, and we’re seeing the graduated driver license training continue to have an effect. … The fatality rate has dropped dramatically,” he said. “The end result is that with things stable there does not appear to be any need for an increase.”

That doesn’t mean some people won’t see an increase. Some companies may not be charging the maximum allowed and will be able to raise rates.

The average annual premium in North Carolina was $595 in 2008, the most recent data available from the Insurance Information Institute.

The Rate Bureau does not get the last word. That belongs to Insurance Commissioner Wayne Goodwin. And no state insurance commissioner has approved an auto insurance rate increase in 15 years, according to the Department of Insurance.

The DOI staff will review the Rate Bureau’s filing and could conclude that a rate decrease is needed. If that happens, the two sides will negotiate to reach a settlement.

That happened in 2009. Insurers had requested a 1.4 percent increase. But Goodwin ordered a rate decrease of one-half percent. Insurers appealed that decision, and in the meantime, as they are allowed to do, implemented a rate increase. After the settlement, insurers had to refund more than $50 million.

By Mary Cornatzer
mcornatzer@newsobserver.com

Read more here: http://www.charlotteobserver.com/2012/02/03/2980841/auto-insurers-seek-no-increase.html#storylink=cpy

The luxury SUV, which starts at more than $63,000, is the most likely vehicle to be targeted by crooks, according to a new study by the Highway Loss Data Institute.

The study, based on insurance claims made for model year 2008 through 2010 vehicles, showed that the Escalade is six times more likely to be hit by thieves than the average vehicle, and its overall theft losses are more than 10 times as large.

The rankings are based on vehicles that were stolen, had parts such as stereo systems taken, or had other property inside the car snatched.

Matt Moore, a vice president at the institute, says the Escalade gets hit more often because “It’s so wildly popular as far as pop culture goes. Watching the TV you see professional athletes coming in and out of them and other celebrities too. It’s a status symbol.”

HLDI, which is part of the Arlington, Va.-based Insurance Institute for Highway Safety, calculated the rankings based on the number of thefts per insured vehicle on the road.

The data doesn’t include uninsured vehicles or those covered by the 20 percent of insurance companies that don’t report their numbers to the institute.

A total of 10.8 claims were filed for every 1,000 insured Escalades, resulting in average loss payments of $10,555 per claim by insurance companies to the affected drivers, the study said.

The Escalade’s ranking isn’t anything new. When combined, the four versions of the SUV have ranked at the top of the list for several years, the group says.

Pickup trucks are also a favorite of thieves, taking the next four spots in the rankings, including the Ford F-250 crew cab four-wheel drive, the Chevrolet Silverado 1500 crew cab, the Ford F-450 crew cab four-wheel drive and the GMC Sierra 1500 crew cab. Crew cabs are pickups with a second row of seats.

Moore thinks that many of the pickup theft claims resulted from equipment or other items being stolen from truck beds while the vehicles were parked at work sites.

The Chrysler 300 sedan was the sixth most likely vehicle to be targeted and the only car on the list, with 7.1 claims filed for every 1,000 insured cars and an average loss payment of $5,509, the group said.

The vehicle least likely to be hit by thieves was the Audi A6 four-wheel drive, a luxury sedan. But its average loss payment per claim was $16,882. That’s 60 percent higher than that of the Escalade, according to the study.

The A6 was followed by the Mercury Mariner, a small SUV, and the Chevrolet Equinox, a midsize SUV.

The average vehicle in the study had 1.7 claims reported per 1,000 insured vehicles and an average loss payment per claim of $6,767, the study said.

By Bree Fowler, AP Auto Writer

The insurer compiled the information with help from the local police department, which went on a month-long crackdown in September on distracted driving. Police estimate they issued more than 3,500 tickets.

Motorists getting distracted by holding a cellphone in one hand and making or receiving calls while driving is also a common problem in the United States.

Since the first law was passed in New York in 2001 banning handheld cellphone use while driving, there has been debate as to the degree of hazard, according to the New York-based Insurance Information Institute.

A survey conducted by State Farm in November 2010 found that 74 percent reported making or receiving calls at least once a week while driving.

Here are the top 10 excuses the Insurance Corporation of British Columbia compiled of local drivers who were caught using handheld phone devices while driving:

1. This is a bogus law.

2. It was my boss on the phone – I had to answer it.

3. I wasn’t using it – I just like to hold it.

4. Sorry officer, I didn’t see you trying to pull me over because I was on my phone.

5. But it was an emergency call to my wedding planner.

6. My Bluetooth died.

7. Driver: I’m using my speakerphone. Police officer: No, you’re holding your phone in one hand and steering with the other.

8. I’m not driving; I was stopped at a red light.

9. I wasn’t talking, I was checking my messages.

10. I was just checking the time.

A recent national 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.

People outside of high-risk flood areas receive one-third of disaster assistance for flooding and file more than 20 percent of flood insurance claims, the National Flood Insurance Program says. Floods happen in all 50 states — not just hurricane-prone coastal areas — and are the most common natural disaster in the United States.

“Maybe if you lived on top of a mountain along the Continental Divide, maybe then you wouldn’t need flood insurance, but that’s about the only place you don’t need it,” says J. Fletcher Willey Jr., president of The Willey Agency in Nags Head, N.C.

Yet flood insurance is one of the most misunderstood types of insurance coverage. Here are eight facts to clear up some of the most common misconceptions about coverage through the National Flood Insurance Program:

1. No flood coverage under home insurance

Many people still assume standard renters and home insurance covers floods, says Larry Case, executive vice president of the Missouri Association of Insurance Agents. But you must purchase a separate flood insurance policy to protect your home and belongings from flood damage.

Most flood insurance is provided through the National Flood Insurance Program, administered by the Federal Emergency Management Agency. You can buy federal flood insurance from companies and agents certified to sell it if your community participates in the National Flood Insurance Program.

2. Flood insurance has caps

The amount of coverage you can buy through the NFIP is capped at $250,000 for a home’s structure and $100,000 for contents.

If you want more coverage, you have to buy excess flood insurance, which is sold by private insurance companies. The excess policy covers the cost of flood damage over and above the $250,000/$100,000 caps.

3. Coverage limited in basements

The distinctions can be tricky, so read the policy for details. Some structural elements in the basement are covered, such as central air conditioners, foundation walls, electrical outlets, furnaces and hot water heaters. However, carpeting and floor tile are not covered.

Some appliances in the basement are covered, such as washers and dryers, portable air conditioners and freezers. But refrigerators are not covered. Most personal belongings–including furniture, clothing and electronic equipment–are not covered when they’re in the basement.

4. Building and contents insurance required

A standard home insurance policy automatically covers personal belongings up to a certain percentage of the home’s insured value. With flood insurance, you must purchase contents coverage as well as building coverage to get both.

5. No additional living expenses provided

If your home is destroyed by fire, homeowner insurance pays for the cost to rent comparable living quarters until the house is rebuilt. But flood insurance does not include coverage for additional living expenses. You foot the bill to rent a place to live while your home is being repaired after a flood.

6. No replacement cost coverage for personal belongings

Unlike standard home insurance, which lets you purchase replacement cost coverage for personal belongings, flood insurance features only actual cash value coverage for possessions.

Replacement cost coverage reimburses you for the cost to buy a new item to replace a destroyed belonging. Actual cash value coverage takes depreciation into account and reimburses you for the value of the item at the time it was destroyed. So if a flood destroys your 3-year-old television, flood insurance reimburses you for the value of a used TV–not for the cost to buy a new one.

To qualify for replacement cost coverage to rebuild part of a destroyed building, the home must be your principal residence, and you must have insured it for at least 80 percent of the cost to rebuild or up to the $250,000 cap. Otherwise, reimbursement for rebuilding is based on the actual cash value.

7. Limited coverage on valuables

The coverage for valuables, such as furs and fine art, is limited to $2,500. Currency, precious metals and valuable papers, such as stock certificates, are not covered at all.

8. No flood coverage for hot tubs and swimming pools

Flood insurance doesn’t cover property and belongings outside the home. That includes hot tubs, swimming pools, decks, patios, fences, landscaping, walks, wells and septic systems.

Likewise, flood insurance pays for removal of debris in or on the home’s structure, but not in the yard, Willey says.

Finally, don’t wait until water is lapping at the front door to purchase a policy. Flood insurance has a 30-day waiting period from the date of purchase until the time it goes into effect. The only exceptions are if you’re buying additional insurance when renewing a policy or as a result of a map revision, or if a lender requires flood insurance for a home loan.

Read more: http://www.foxbusiness.com/personal-finance/2011/11/01/flood-insurance-misconceptions-8-facts-should-know/#ixzz1ckCWMw4n

By Barbara Marquand

The National Highway Traffic Safety Administration does an annual survey that watches drivers’ behavior at selected intersections. The latest study caught less than 1 percent texting or manipulating hand-held devices. But it shows that activity increased to 0.9 percent last year, up from 0.6 percent the year before.

The share of drivers speaking in headsets also increased, although hand-held cellphone use remained flat.

The increase in texting while driving came despite bans on the practice in many states. Last month, Pennsylvania became the 35th state to impose a ban.

North Carolina Farm Bureau Executive Vice President Steve Carroll recently told state lawmakers that the insurer may have to cancel the policies in order to reduce its exposure and make its homeowners’ book of business profitable.

He said that the insurer needs more leeway to enact higher rates, especially given the rising cost of reinsurance, which he said is expected to double as a result of the losses incurred from Hurricane Irene and the spate of tornadoes that touched down in the state last spring.

Carroll estimated that 40 percent of the insurer’s premiums will go towards purchasing reinsurance next year.

“To continue to write property insurance the way we have in North Carolina, we have to have higher rates,” said Carroll.

The North Carolina Rating Bureau negotiates rates on behalf of the 621 property insurers in the state. The proposed rates are then approved, disapproved or modified by the insurance commissioner.

Speaking before a joint legislative Committee on Property Insurance Rate Making, Farm Bureau’s Carroll said the current regulatory structure is workable. However, he said, more emphasis needs to be placed on reinsurance costs and the use of computer models when developing loss estimates.

The Raleigh, North Carolina based-insurer is already making other underwriting changes that could leave an additional 28,000 homeowners scrambling for coverage elsewhere.

Effective January 1, the insurer is following the trend of other carriers to cancel homeowners if they insure their automobiles through another company. The insurer is also canceling homeowners who filed a claim within the last five years.

If the insurer follows through and drops the 70,000 homeowners in addition to the 28,000 policies it is already non-renewing, it would lose about 20 percent of its homeowners’ book of business.

According to the department of insurance, the North Carolina Farm Bureau is the third largest homeowners’ insurer in the state with a 13.9 percent market share.

By Michael Adams | December 29, 2011

North Carolina Insurance Commissioner Wayne Goodwin has ordered a statewide average 7.3 percent reduction in the state’s dwelling and fire policies, which are offered to non-owner occupied residences including rental properties, investment properties, and places not occupied full-time by the property owner. A dwelling fire policy typically does not include liability coverage.

Goodwin also denied a request from the state North Carolina Rate Bureau, which sought a statewide average 36.1 percent increase in extended coverage. The extended coverage policies generally cover physical damage due to wind, hail, fire, smoke, riot, civil commotion, aircraft, and vehicle damage.

After holding several public hearings, Goodwin said he was comfortable with his decisions.

“I found that that the requested increase in extended coverage rates for properties is not warranted and I disapproved the request because it would have led to excessive and unfairly discriminatory rates,” Goodwin said. “Additionally, dwelling policyholders will have the benefit of decreased fire rates.”

By Michael Adams |