If you have a mortgage, you've probably considered what would happen if you were to die before the loan is paid in full. Would your family be able to continue to pay the mortgage, or would they be forced to give up their home?

One way you can be sure that your loved ones will have the money they need after you're gone is through mortgage protection life insurance. You purchase coverage in an amount equal to the amount owed on your mortgage. This becomes the policy's death benefit. Your insurance company charges you a monthly premium throughout the term of the policy. As the loan balance decreases, the death benefit decreases too. If you die during the term of the policy, the mortgage will be paid off.

Mortgage protection life insurance is typically purchased when you buy your home; but it doesn't necessarily have to be. You can buy it at a later date if circumstances should warrant. However, keep in mind that your age is a consideration when the insurance company determines your premium.

While carrying mortgage life insurance it's a good idea to make extra mortgage payments. If you are able to do so, the policy's death benefit will be the amount your mortgage would have been had you only been making the required payments. This strategy will ultimately benefit your family because after the mortgage is paid off, they receive the remainder of your death benefits.

There are some additional things to consider before you purchase mortgage protection life insurance:

·   Look for an insurance company that offers a joint mortgage protection life insurance that covers both you and your spouse and pays out when either of you die.

·   Find out whether or not reissuing your policy will get you a lower premium should you refinance your mortgage.

·   Ask your life insurance company if it will extend your coverage should you default on your mortgage.

There is one final caveat to keep in mind. Don't confuse private mortgage insurance with mortgage protection life insurance. You are required to purchase private mortgage insurance if you buy a house and make less than a 20 percent down payment. However, private mortgage insurance only covers a portion of the loan if you default. You should never consider it a substitution for either life insurance or mortgage protection life insurance.

Please call to schedule a time to review your Life Insurance program today, 314-351-HALO(4256)

When most people think about earthquakes in the United States, California and Alaska are the two states that come to mind. However, earthquakes can happen in any part of the country. Many people move out of areas that are prone to earthquakes after experiencing one to escape the possibility of a repeat experience. The truth is that there is no place that is completely safe from earthquakes. They are a very real threat that everyone must consider and plan for. One of the most vital aspects of proper preparedness is having ample insurance coverage.

Earthquake damage isn't covered in the majority of homeowners policies. This is also true for business policies. Both types of policies specify that damage from earth movement is not covered. While actual damage from a quake may not be covered, property insurance may provide coverage for fires and other incidents that occur as a result of it. Policyholders should scour their policies to understand the specific exclusions. If the policy seems difficult to read, it's important to contact an agent with any questions.

Many people think they won't experience a major earthquake during their lifetime. This is especially true for those who live in areas where earthquakes happen every 100 years or less. Although many people may not experience a strong earthquake like the recent Virginia incident, there are over 5,000 incidents recorded each year by the USGS. Damage from earthquakes has been recorded in all 50 states in history. There have been reports of damage in 39 states alone since 1900. This proves that while some people may not live in areas that commonly experience earthquakes, they're still not immune to the threat.

Earthquake insurance is available as a rider, which is added to a business or personal property policy. People who have one of these types of coverage should contact their insurer to find out what coverage options are available. Since they're unpredictable and happen suddenly, it's best to be prepared for all types of disasters. Earthquake insurance is so important that it can't be stressed enough. While the majority of people assume all California homeowners have this type of coverage, research indicates that about 12% actually have this type of insurance. The nation's average is less than 12%.

Earthquake insurance costs vary by location, building type and the age of the building. It's much more expensive to insure older buildings. In addition to this, brick structures are more expensive to insure. Buildings with wood frames withstand the force of earthquakes better, so it's cheaper to insure them.

To offer an example, a home with a wood frame in Washington may cost between $1 and $3 per $1,000 of coverage. The same home may be less than $.50 per $1,000 insured on the East Coast. However, a brick home may cost between $3 and $15 per $1,000 in the Pacific Northwest. In most East Coast locations, the same home may only be between $.60 and $.90 per $1,000.

Every earthquake policy also has a deductible. This means that homeowners must pay upfront for a portion of the damages before the insurer pays the remaining amount. The deductible may be up to 20% of the structure's replacement value. The percentage depends on the insurer and the location of the structure.

There are also options for renters. There are coverage policies that protect personal property. In addition to this, they usually cover living expenses if the building becomes uninhabitable after an earthquake. It's important for renters to keep a list of belongings and their values. Major appliances, furniture, electronics and other expensive items must all be documented properly. A new way of creating a record of belongings is making a narrated video tour of the home and focusing on belongings.  It is best to contact your insurance agent at 314-351-HALO(4256) to secure the earthquake coverage that is right for your individual needs.

Property exclusions exist in Sections A and B of a homeowners insurance policy. The following are some of the most important exclusions to be aware of:
 
Collapse - If a home collapses, there is no coverage provided unless the cause is included in the list of additional coverage inclusions section.
 
Flood - This is one of the most important exclusions to be aware of. In the eyes of insurers, there is a large difference between water damage and flooding. It's important to keep in mind that flooding hasn't been covered in homeowners policies since the 1960s. In 1968, the government implemented the National Flood Insurance Program. Even those who don't reside in flood zones should have this valuable coverage. Heavy rains and hurricanes often cause flooding in areas that usually don't see it.
 
Freezing - If heating, air conditioning or plumbing systems freeze, the damage is excluded from a homeowners policy if the dwelling has been vacant or is in the process of construction.
 
Homes Under Construction - When thieves steal property or materials from an unfinished home, the loss is not covered by a homeowners policy.
 
Retaining Walls, Foundations & Nonbuilding Structures - Damage to swimming pools, fences, docks and similar structures from thawing, freezing, weight or pressure of water is not covered by a homeowners policy.
 
Mold, Wet Rot & Fungus - Damage caused by these issues is not covered if it's due to a sump pump, sump or similar equipment. It also isn't covered if it's from a gutter, roof drain, downspout or equipment that is similar.
 
Risks Of Direct Physical Loss - This is the section of a homeowners policy that lists any other exclusions. Some examples of common exclusions are smog, rodents, birds, wear and tear or owned animals. It's important to read it carefully to fully understand it. If there are any questions or concerns, contact an agent to clarify the terms.
 
Concurrent Causation Exclusions - Homeowners policies explain how loss is handled if a specific cause is covered but another is not.
 
Malicious Mischief & Vandalism - If the dwelling has been vacant for a period exceeding 30 consecutive days prior to the damage or loss, this exclusion exists.
 
Coverage sections A, B, C and D have several exclusions. Loss from any events that take place as a result of law enforcement on the property are excluded. However, endorsements are available to be added to a policy to provide this coverage. Damage or loss from earthquakes or landslides is also excluded. Power failure, neglect, water damage and war are also causes of damage that are excluded.
 
Sections E and F of a homeowners policy provide liability coverage. However, there are several exclusions in those sections to be aware of. Intentional injuries to other people are excluded. The business of an insured person is not covered by a homeowners policy. Premises held for rent, professional services, locations not listed on the homeowners policy, watercraft and motor vehicles are also not covered under a homeowners policy. Liability damages from war, owned aircraft, sexual molestation, abuse, communicable diseases and controlled substances are not covered. Coverage for home day care is very limited under the property section of the policy but is excluded under the liability section.
 
Although these exclusions exist, there are many add-on options available from insurers to provide coverage for such areas. There are also separate insurance policies for some exclusion. Flooding is one example. However, there are some exclusions that simply aren't covered under insurance policies or additional coverage purchases. Harm to others from controlled substances is an example. The best way to avoid such problems is to take the proper preventative measures to avoid being in a position to suffer loss from any exclusions.

The first step to getting coverage for exclusions is to speak with agent. An agent will be able to provide valuable information about extra coverage options and a list of ways to avoid suffering loss from issues that aren't covered by insurance.  Please call us at Halo Insurance & Benefits Group 314-351-HALO(4256).

 When a tree falls on a house, the first thing most homeowners wonder is whether their insurance will cover the damage. Fortunately, they do, and the coverage inclusions are clear. If a tree falls on a home or other insured property structure, a homeowners insurance policy provides coverage for the structure itself and the items inside of it. This type of coverage includes trees that fall due to hail, lightning or wind.

The fallen tree does not have to be owned by the policyholder for a claim to be approved. For example, if a tree owned by a neighbor falls over the property line onto a policyholder's home, the affected homeowner's policy will cover the damage. The affected homeowner must simply file a claim with his or her insurance company. Trees, branches and shrubbery have a tendency to become hazardous objects during storms, and insurance companies are aware of this fact. This is why they do not conduct extensive investigations to figure out exactly where the offending tree or shrub came from. Their duty is to assess the damage, figure out the reimbursement cost and issue a check.

In some cases, the insurance company may try to collect money from a neighbor's insurer. This process is called subrogation, and it is usually initiated when the insurer feels that the offending tree was not kept well. However, this is the insurance company's job. If the company is successful in proving the tree was poorly maintained, the policyholder affected by the damage may receive a reimbursement for his or her deductible amount.

If a tree falls on a home or insured structure, there is also coverage for the cost to remove the tree. This amount is usually between $500 and $1,000. Reimbursement numbers may vary from one insurance company to another. The amount also varies depending on the type of policy chosen. However, if a tree does not affect a home or structure, there is usually no reimbursement for damage or removal. Some insurance companies may extend special coverage for trees blocking driveways or handicapped ramps.

In addition to the previous coverage inclusions, standard homeowners insurance policies allow protection for tree damage due to theft, explosion, fire, lightning, vandalism, malicious mischief and vehicles owned by others. However, coverage is usually limited to a small percentage of the amount of insurance on the home or other property structures. As a rule, most insurers place a limit of $500 for any shrub, plant or tree. Shrubbery and trees grown for business purposes require special business insurance policies. To learn more about this type of coverage, discuss the options with an agent at 314-351-HALO(4256).

With Groundhog Day just around the corner, it’s time to start thinking about spring. (Or time to at least hope that springtime is coming, anyway.) And whether Punxsutawney Phil sees his shadow or not, we here at HALO Insurance & Benefits Group have you covered.
 
Get ready for spring
 
Although everyone thinks of cleaning when it comes to spring, there are a number of things you should do to make sure your home is ready when the weather in St. Louis changes. Below is a selection of maintenance tasks from the National Center for Healthy Housing (you can see the full list at http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_12334.pdf).
 

• Check to make sure your roof’s shingles are in good condition, and check your attic for any possible roof leaks that should be repaired.
• Look for peeling paint and repair/touch up as needed.
• Check for signs of leaks at window and door sills and use caulking or weather stripping to seal.
• Clean your dryer vent and make sure exhaust ducts are clear.
• Make sure there are no puddles or wet spots in your basement or crawlspace.
• Look for signs of rodents, roaches, termites, etc. Call an exterminator if you suspect an infestation.
• Clean your gutters and downspouts.
• Clean air conditioner coils and drain pans.
• Check/replace the batteries your home’s smoke and carbon monoxide alarms.
• Replace filters in your air conditioner and dehumidifier.
• Store winter heaters, ensuring that liquid-fuel heaters are completely emptied. These should be stored outside, if possible.

 
What? Six more weeks of winter?
 
Well, you can take solace in the fact that spring will be here eventually. In the meantime, here are some quick tips from Johns Hopkins University to avoid the “winter blues” and get through those long weeks of waiting.
 
Keep active. Exercise releases endorphins that will elevate your mood.

Eat well. High-sugar foods and large amounts of caffeine can feed depression and actually decrease your energy level. Foods such as whole grains, fresh fruits and vegetables, seafood and lean meats can help your immune system.

Go to the light. Bring as much light into your life as possible, by spending time outdoors, opening your shades so your home receives more natural light, or even get help from a “light box.”

Get your rest. Go to bed around the same time every night and wake up at the same time each morning. You’ll have more energy during the day.
 
Of course, if you have strong feelings of depression, please seek assistance from friends, family or a trusted health-care provider. There are people ready to help, whatever the season.
 
 SIDEBAR: Time for an insurance review?
 
If an annual insurance review wasn’t included in your New Year’s resolutions, why not get it done while you’re in the cleaning and organizing mood this spring? Your life changes over the course of a year — sometimes in monumental ways. That means your insurance needs can change, too.
 
At HALO Insurance & Benefits Group, we can work with you to make sure you’ve got the coverage you need, while at the same time utilizing all possible credits and discounts to make that coverage affordable. Just give us a call at 314-351-HALO (4256). We want to help you meet your goals, and make sure what’s important to you is protected!

Homeowners throughout the United States are learning that hail storms bring roofing scam artists out of the woodwork. They usually learn this when they open the door to find a brochure hanging on the doorknob. The brochure references a recent hail storm and says that the home's roof may have sustained serious damage. Also, some crooked roofers show up unannounced at the doors of homeowners to offer help with getting the insurance company to pay for a new roof.

The National Insurance Crime Bureau reported that these scams have more than tripled following hail storms over the past several years. Also, some companies employ dishonest and aggressive tactics such as not telling a homeowner that he or she has to pay a deductible upfront to get the work done. This is often true of some companies that are not soliciting but are contacted by the homeowner instead. In addition to this, they do not tell homeowners that they will lose their insurance discount and will have to pay higher premiums. Here are some important tips:

• If there was a hail storm, it usually takes hail about the size of a golf ball to cause serious damage to a roof.
• Be wary of companies using door-to-door solicitation.
• If a sales pitch starts with how homeowners are usually unaware of roof damage, avoid the contractor.
• Do not work with contractors or companies that use high-pressure sales tactics.
• Since hail usually damages roofs that are pitched in the direction of its fall, not all angles of the roof may be damaged after a storm.
• If there is no hail damage to vehicles or shrubbery, roof damage is very unlikely.
• Since unscrupulous people may use tools to cause damage to a roof, do not allow door-to-door solicitors to inspect the roof.

After a hail storm, never rush into signing a contract. Call several roofing companies for written estimates, and ask for business cards. When a company emphasizes that homeowners can be compensated by their insurer for an entire roof, never do business with that company. Always ask an insurance agent for recommendations about reputable roofing companies. If there is severe damage that requires temporary repairs, keep the receipts for all supplies or services. Research a roofing company's reputation online before signing a contractor call the Better Business Bureau to ask about them. Also, ask for references before putting down a deposit.

Legitimate roofing companies should be willing to provide the following:

• Local verifiable references for previous work.
• Their business license, roofing credentials and proof of insurance for liability and worker's compensation.
• Their written labor warranties and written manufacturer warranties.

To learn more about hail damage and roofing scams, discuss concerns with a HALO Insurance agent, 314-351-HALO (4256).

Most American retirees are overconfident about their ability to sustain their lifestyles over their life spans. 72 percent of retirees surveyed are "somewhat" or "very confident" that they will be able to maintain a comfortable lifestyle throughout their lives but only 46 percent say that they have enough savings to do so.
 
The current (median) savings level that retirees have in their various retirement accounts is $119,000. Married retirees have a median of $224,000 in retirement savings, while unmarried retirees have an average of $40,000.
 
The study also found that relatively few of today's retirees have any kind of written financial plan for their retirement years. Over half of them say they have a retirement strategy in place, but only 10 percent of them have a retirement strategy in writing.
 
Only 30 percent of today's retirees have a plan that takes into account the long-term effects of inflation, which can severely erode the purchasing power of a pension or other source of retirement income unless some level of inflation protection is built in. Only about 26 percent have an estate plan in place.
 
1)  Social Security is still the foundation of retirement security for most people. Nearly nine out of ten retirees report Social Security benefits as a part of their overall retirement income plan.

2)  Private savings and investments is the second most commonly cited retirement income source with 48 percent of current retirees receiving income, thanks to private savings. However, it's disappointing
that fewer than half of those surveyed, having reached the age of retirement, were able to cite private savings as a significant source of retirement income.

3)  Only 42 percent of current retirees report taking income from employer-funded pension plans. This number will likely fall in future years since fewer and fewer employers have been offering them, preferring instead to offer lower-cost defined contribution plans to employees.

4)  Most retirees report they retired sooner than they had planned to. Fully two thirds of retirees in their 60s and 53 percent of retirees in their 70s report that they had to retire prematurely. The reasons cited for early retirement are as follows: 

• 66 percent cite employment-related reasons for early retirement, such as layoffs or job losses.
• 52 percent of retirees in their 50s report that they retired because of poor health.
• Only 12 percent of retirees who retired early report they had done so because they had earned enough money to provide a secure retirement lifestyle for themselves.

5)  The median age at which they began taking Social Security benefits was surprisingly young - 62 years of age. This results in a significantly lower monthly benefit than waiting until one reaches full retirement age, although those who begin taking Social Security benefits as soon as they are eligible are able to collect benefits for more years.

6)  Senior citizens have a significant exposure to the risk of long term care costs. According to the 2016 Genworth Cost of Care survey, a year in an assisted living facility costs an average of $43,539 per year, nationwide, while a semi-private room in a nursing home costs an average of $82,125. 

Today's retirees are the healthiest with a longer life expectancy than any in history. Most retirees would be well served by getting a written plan in place that addresses a variety of risk, including living longer than expected, disability and the need for long-term care, inflation and market risk. Discuss your coverage options for your retirement plan with a HALO Insurance agent, 314-351-HALO (4256). 

Business insurance can get complicated. Businesses need to protect themselves against damage to their property, income they may lose if they have to shut down after their property is damaged, and the risk of lawsuits. With the risks of crime and other types of losses that separate policies cover, there can be a lot to keep track of.

It does not have to be so complicated. Small businesses can meet many insurance needs with a single product - a businessowner's policy, or "BOP," as it is commonly known.
BOP packages essential coverages into a single insurance policy. At its most basic, a BOP provides three broad coverages:

Property - insurance on the business's buildings (if it owns any) and personal property used in the business.

Business interruption - insurance on lost income resulting from a business shutdown following damage to the property or extra costs the business incurs to stay open after the damage.

Liability - insurance covering amounts the business has to pay as damages to settle some lawsuits against it, as well as the cost of mounting a legal defense against those suits.
BOPs offer some flexibility to the buyer, but not the overwhelming variety of choices that individual property and liability policies offer. Businesses can choose between insuring against a "broad" list of causes of property damage loss or "special" causes of loss. The broad form covers only the causes of loss listed in the policy; the special form covers all causes except those listed in the policy. The special form costs more because it covers more.

The business must select the amounts of insurance to purchase on the buildings and personal property. However, it is unnecessary to select an amount of insurance for business interruption coverage. The policy simply pays for the actual loss the business sustains during a necessary shutdown caused by  covered damage to the property.

BOPs typically include small amounts of coverage that would otherwise have to be purchased separately, such as:

• Loss or damage to valuable papers and records
• Debts the business cannot collect because of loss or damage to accounts receivable records
• Income lost when the business must shut down due to an interruption in computer operations
• Some types of crime losses
• Clean-up and removal of pollutants

The policy covers the business's legal liability for bodily injuries, property damage, advertising injury and some types of non-bodily personal injuries to others. Most insurers offer businesses a choice of only three or four amounts of liability insurance.

BOPs may be customized to include other types of insurance, such as for the business's liability resulting from the use of autos it hires or borrows. However, a BOP is not a substitute for an automobile insurance policy, and it does not cover Workers' Compensation benefits owed to employees.

To qualify for a BOP, a business cannot exceed a certain size, such as 100 employees or $5 million in revenue. For those businesses that qualify, a BOP is a sensible foundation for their insurance programs. To learn about your BOP eligibility, contact a HALO Insurance agent, 314-351-HALO (4256).

Anyone that has ever moved can attest that the process has a considerable impact on everything from transportation to and from work to how and where free time is spent. When considering a move, one change that's often overlooked is insurance coverage. Often a move will affect whether or not various insurance coverage policies are still adequate.

Homeowner's insurance is usually a concern when moving. For the average person, a home will be one of the largest investments they make in their lifetime. What was adequate for previous housing might not apply to the new home. The homeowner will need to carefully assess the differences in their new home versus their previous location to determine if a new policy or transferring previous coverage is best; for example, the new home may be in a flood area or otherwise high-risk area or contain more property to cover. It's always prudent to research the rates and coverage from several insurance companies.

Auto insurance is also usually impacted in moves further away or closer to employment. A move closer to employment or to a suburb may translate to a lesser risk. Safer driving conditions could mean lower rates. Conversely, a further distance equals a greater amount of driving time. And, this is an equation that insurers view as the driver being a greater risk. A drive that now involves a more congested roadway may also translate to a greater risk. In any event, when an insurer views a driver as a greater risk, higher rates soon follow. In the event that rates are increased from a move, there are a few steps that can help return the premiums to the previous level or at least lower them.The driver might consider increasing the deductible, buying multiple policies through the same insurer for a discount, or installing anti-theft hardware on the vehicle to lower the overall cost of the insurance.

After attending to homeowner's insurance and vehicle insurance, the next insurance that should be examined is life insurance coverage. How moving affects life insurance coverage might not be so obvious as homeowner's and vehicle insurance. Those that are upgrading their home or purchasing a home with a much higher price tag will most likely no longer have adequate life insurance. The coverage should ideally be adjusted to account for the increased monetary commitment of a higher mortgage and household expenses. Yes, this is an added cost, but necessary to prevent leaving loved ones unable to maintain the home.

Talk with a HALO Insurance agent to keep your policies updated, 314-351-HALO (4256).