Insurance Insights ~ March 2001

Shopping for a New Car?

With spring just around the corner, the thoughts of many people turn to purchasing a new car. There are plenty of options available out there, and many decisions to be made during the process. What kind of vehicle do I want? How much do I want to spend? What kind of mileage am I looking for? How about color? And safety? If you’re like most people, safety ranks high on your list of purchase considerations.

The Insurance Institute for Highway Safety has tested and evaluated more than 1000 models to provide information that can help you shop for a safer car. Testing considerations include the vehicle size, structure, and safety features such as safety belts and airbags, seating position and head restraints. These aspects of the vehicle design and crash test results are evaluated to determine which models are safer than others.

If you would like to check details on the above testing criteria or check which cars have the "good" or "bad" ratings, try the web site www.hwysafety.org. By being prepared before you visit the car lots, you will be able to make the best vehicle choice for you and your family. Here’s to safe driving!

Is Your Jewelry Insured?

Is it properly insured? Most homeowner’s policies provide coverage for jewelry lost in a fire at your home. Most even provide some coverage if your jewelry is stolen from your home. But most homeowner’s policies don’t provide any protection for that diamond falling out of its setting. To properly cover your jewelry for theft, loss or damage, have it added to your homeowner’s policy.

To get this protection, it’s necessary to purchase a "jewelry floater" endorsement on your policy. For this endorsement, you must provide us with an accurate, recent appraisal.

Any jewelry appraisal should provide the following information:

1. Each item should receive a fully detailed analysis.
2. All gemstones must be described to reflect their carat weight, clarity, color and cut. Descriptions of colored stones should also include hue, tone and saturation of color.
3. The shape, dimensions and weight will help identify the gemstones in your jewelry.
4. Descriptions of all metals should reflect their stampings, workmanship, design and weight.
5. The appraisal certificate should include the date as well as the appraiser’s signature and qualifications. The estimated retail value must be clearly stated on the certificate.

If it has been more than three years since you’ve had your jewelry appraised, you should arrange to get it re-appraised.

A recent survey of jewelry appraisals found that most appraisals lacked information crucial to the insurance company. In an appraisal for insurance purposes, a full and accurate description is actually more important than valuation. The appraisal should describe a piece of jewelry in sufficient detail to distinguish it from other pieces similar in appearance. A detailed appraisal can serve as a basis for valuation if the piece is lost.

For more information on adding this coverage to your policy, please call our office to speak to your agent, or e-mail us at info@gcwinsure.com.

Siding and/or Roofing Restoration Coverage

Like fashion, colors and styles of vinyl and aluminum siding, even roof shingles, change every few years. Until recently, if some of your home’s siding was damaged, your homeowner’s insurance would replace the damaged siding, trying to match the undamaged siding as closely as possible. You could replace the undamaged siding at your own cost or settle for mismatched siding.

Now, you have another option. An endorsement to your Erie HomeProtector policy can reimburse you for the cost of replacing undamaged siding or roofing shingles if the original siding or shingles are not available. The endorsement covers aluminum and vinyl siding, including soffit and fascia, and composite shingle roofing. Cost for the endorsement varies from $20 to $40 annually, depending on the amount of coverage purchased, and there is no additional deductible.

This coverage does not apply if identical siding or roofing is available, but does not match because the original materials have faded, weathered or suffered wear and tear. Eventually the new siding will weather and match the remaining siding.

While this endorsement gives you an option when the original siding or roofing shingles are no longer available, it’s important to remember that, even without the endorsement, your policy will still replace the damaged area -- whether or not the original material is available.

For more information about Erie’s Dwelling and Other Structure Siding and/or Roofing Restoration Coverage, please call or e-mail our office.

Weimer Agency Receives Award from Erie Insurance

In recognition of outstanding achievement in automobile insurance, the Erie Insurance Group recently awarded the 2000 Samuel P. Black Award to the Weimer Insurance Agency. This award is given annually to the top ten Erie agencies companywide in recognition of achievement in personal auto insurance production, profitability and earned premium.

Our agency was recognized as one of the top ten out of over 1,000 Erie agencies in 11 states.

INSURANCE INSIGHTS is an electronic newsletter published monthly (except for January and August) by G. C. Weimer Associates, Inc. Information contained herein is accurate to the best of our knowledge and belief as of 3/1/2001. If you have a topic of interest for a future issue, e-mail us at info@gcwinsure.com.