Long Insurance Services of Kernersville, NC


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Why People Buy Life Insurance

Why People Buy Life Insurance

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Before you get life insurance coverage, you should understand why you need it. While there are many reasons to buy life insurance, the most common reasons include:

  1. Final expenses: Final expenses refer to any expenses related to someone’s passing. This can include a casket, funeral, preparations, memorial service, cremation and more. Life insurance for final expenses is worth considering—after all, the National Funeral Directors Association reports that the median price of a funeral with a casket is around $7,850. Families without enough funds are forced to cut back on the service or ask friends and family for donations. Some families have turned to crowdfunding to help cover the cost. A modest term life insurance policy can unburden your loved ones by taking care of these expenses.
  2. Income replacement: Your loved ones depend on your income to meet daily needs for food, medical care, utilities, car payments and much more. There are also future costs like a child’s college education or contributions you would have made toward a surviving spouse’s retirement. If you pass away without a means for replacing your income, their standard of living could be in serious jeopardy. Having a life insurance policy in place can help provide financial security and the ability to maintain your current lifestyle (especially if you stay home with young children). How much life insurance you need is based on two factors: your salary and the number of years until you retire. An insurance agent will also account for any other factors such as Social Security benefits, your partner’s income, your debt and your savings. Always aim to buy the amount you really need—but also remember that something is better than nothing when it comes to life insurance coverage. (Spoiler alert: it’s more affordable than you may think!)
  3. Paying off a mortgage: A mortgage is often the biggest single line item in a person’s budget. Could your family afford your home’s mortgage without your paycheck in the picture? If not, an already sad situation would be compounded by the family possibly losing the house they love. This could also mean your children could no longer attend a school in their current district or maintain the friendships they currently have. Life insurance can pay off an outstanding mortgage so your family can enjoy the home they love without the burden of outstanding payments.

These are the three most common reasons people purchase life insurance. Yet there are many other reasons for buying life insurance, such as building or leaving an inheritance, saving for retirement, protecting student loan co-signers and more.

Life Insurance=Love Insurance

February is Insure Your Love month and the campaign is coordinated each year by Life Happens.

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Help Your House Recover from Frost Heave

Help Your House Recover from Frost Heave

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Frost heave occurs when ice forms underneath soil. As the frozen soil switches between freezing and thawing, it can cause the very foundation of your house to shift since frozen soil has about 10 percent more volume than dry soil. This can lead to serious structural damage to your foundation.

Frost heave can happen in any place that experiences cold temperatures. Yet it is most common when a source of water feeds into poorly drained or frost-susceptible soil like loams and silts. (In general, you can tell if you have these types of soils by touch. Loams are loose and will form a ball in your hand that crumbles when you poke it. Silts are made of small particles that feel slick and sticky when wet; they also resist water, so puddles will often form on top of them when it rains.)

Wall cracks are a telltale sign of frost heave. Cracks are most common on the interior walls, but they can also occur on exterior walls. Other signs of frost heave can include cracked, tilted or displaced concrete floor slabs.

If you notice any of these signs, you’ll want to get in touch with a foundation repair specialist. Some of the long-term steps they can take to help your house recover from frost heave after eliminating any contributing water sources include:

  • Hydraway drainage systems: They direct water away from your foundation. In many ways, they are similar to French drains—but manufacturers often claim they are less prone to clogs than French drains.
  • Helical piers: They act as shafts that bear the weight of your home.
  • Helical wall anchors: They will permanently reinforce the foundation.
  • Soil stabilization: This process involves injecting polymers into the soil so it will resist water infiltration.
  • Soil replacement: This typically involves replacing poor soil with fill sand (a blend of sand, dirt and clay that compacts well) down to frost depth (this varies depending on where you live).

Heaving can also be caused by tree roots or pressure from nearby buildings. To find out what is causing damage to your house, make sure to contact a certified foundation contractor.

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Replacement Cost vs. Market Value: What’s the Difference?

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If you were asked to describe the state of the housing market over the past few years, it could be summarized in one word: unpredictable.

At the start of the COVID-19 pandemic, many experts predicted a looming housing crash. But instead of heading into a real estate meltdown, U.S. home prices increased an astounding 37 percent in the two years between March 2020 and March 2022.

In fact, a recent study from Moody’s Analytics found home prices are currently “overvalued” by nearly 25 percent. With this massive fluctuation in real estate values, you may be wondering if your homeowners insurance is still providing the right level of protection.

The answer, of course, will depend on your specific homeowners policy. But there’s one factor that can make a big difference in the event of a major claim — whether your home is insured using market value or replacement cost.

What is Market Value?

The market value of your home is based on what your house and land would sell for on the real estate market. It’s essentially an appraisal of how much your home would be worth if you had to buy it from a realtor today.

A home’s market value is based, in part, on the size and condition of the house. But it’s also influenced by a number of other factors — including your neighborhood, school district and the overall real estate market in your area.

What is Replacement Cost?

A homeowners policy based on replacement cost means your home is insured using an estimate of what it would cost to repair or rebuild your home with materials of like kind and quality in the event of a total loss. Unlike your home’s market value, the replacement cost will not vary because of where you live or what similar homes are selling for. Instead, replacement cost is calculated on factors like the cost of building materials and construction contractors.

What’s the Difference Between Market Value and Replacement Cost?

Here’s an example to help you understand how these two types of coverages would play out in the event of a claim.

Let’s say your home has a market value of $250,000. But at the current rates of construction and materials, it would cost $300,000 to rebuild it in the event of a total loss — like a fire or natural disaster.

If your home was insured using its market value, you’d be left with a $50,000 coverage gap. In this case, your options would be to build a smaller, less expensive home, or pay out-of-pocket for the difference.

What is Guaranteed Replacement Cost?

Whether the value of your homeowners policy is calculated using market value or replacement cost, the amount your home is insured for will be listed as the limit on your policy.

But sometimes, even the best estimates can come up short (like when lumber prices unexpectedly spiked in 2021). That’s why ERIE offers Guaranteed Replacement Cost1 coverage. If your homeowners policy includes Guaranteed Replacement Cost, ERIE will pay to rebuild your home with materials of like kind and quality without limiting it to the amount of coverage listed on the policy. That means if it’s a covered loss and costs run high, ERIE will pay whatever the difference is.

It’s also worth noting that this coverage requires any home improvement over $5,000 to be reported to your agent within 90 days. So be sure to tell your agent about any recent home improvement projects.

Get the Protection You Deserve

With Guaranteed Replacement Cost from ERIE, you can rest easy knowing your coverage will go the distance. Because unlike other types of homeowners policies that subtract for wear and tear or depreciation, ERIE pays the full cost of rebuilding your home back to its former glory.

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Buying a Used Car in Today’s Hot Market

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Choosing to buy a new or used car used to be straightforward. That’s changed a bit, thanks to the pandemic, particularly because of the car chip shortage. While new cars are becoming more plentiful, rising interest rates and general inflation may have you considering options you never would have before, like buying out a lease or buying from a private seller—or becoming a private seller. Also, if you need to buy a car, it might be trickier to find what you want, no matter the price range. Here’s what to know.

IF YOU LEASE, YOUR CAR MAY HAVE MORE VALUE NOW THAN IT DID TWO YEARS AGO

You may have the option to buy out your lease at a lower cost than the value of the car. That’s a rare situation, and it provides some unique options. For example, you could buy out the lease and then sell it privately, giving you extra cash to put toward a down payment on a different ride. Or you could buy your leased car and keep it, with equity. Talk to the dealership you leased it from to learn more.

NEW CARS ARE HARD TO COME BY, AND DEALS ON USED CARS MAY BE HARD TO FIND

Factory lead time on new cars can be up to three months, so give yourself time if you plan to customize a new car. Because of long wait times, more people than ever are buying used, making the market more competitive and used car prices higher than normal. It’s best to do some research online and on the lots in your local area to know your choices. You might also consider buying privately, after you’ve thoroughly reviewed the market. If you buy privately, make sure to do a background check on the vehicle using CARFAX or a similar service.

YOUR CHECKLIST FOR BUYING NEW OR USED

Step 1: Get Your Finances in Order

  • Decide if you want a monthly payment. And if so, how much do you want to pay each month. Knowing this number will help you make decisions about whether to buy or lease and how to set your price range.
  • Get pre-approved for an auto loan. Unless you are leasing or paying cash out of your savings, you’ll need an auto loan. Most dealerships offer financial assistance (or they’ll help you shop around for an auto loan), but you’ll be in a better position to negotiate if you have this step checked off before you enter the lot. Also, if you decide to buy a car from a private party, your finances will be all set.
  • Shop for the best interest rate. Lenders consider different factors when underwriting auto loans, so it’s a good idea to shop around for at least four or five options.

Step 2: Make Your Wish List

You may dream of that sporty two-seater, but will it really work for your lifestyle? Ask these questions to help guide your search:

  • What’s more important: space, comfort or sport utility?
  • How many seats do you need? Is it just you and one or two passengers? Or a whole crew? (Choosing between an SUV and a minivan alone can be quite a decision.)
  • How many miles do you plan on driving per year?
  • Do you haul anything, like a boat or camper? If so, how much weight do you often tow?
  • Do you need all-wheel drive for snowy or icy weather, or does two-wheel drive provide what you need?
  • How much are you willing to spend on gas? And what are your expectations for fuel efficiency?
  • If you’re considering an electric or hybrid model, do you have a way to charge an electric car, or are there charging stations nearby?

Step 3: Do Your Research

Step 4: Start Wheeling and Dealing

  • Reach out to private sellers you’ve connected with online or know through family and friends.
  • Talk to a dealership. Even if you don’t think you’ll buy from a dealership, you’ll learn a lot from the conversation, and you’ll have more opportunities to negotiate your options.
  • Test-drive the rides that look most interesting. Try out at least three or four.
  • Before making an offer, bump your test-drive experiences up against your wish list and your budget to make sure you’ve considered the purchase from several angles.

LAST STEP

Once you’ve made the switch to a new ride, make sure to call your ERIE agent again. They can update your policy to make sure you’re fully protected.

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How to Avoid Hitting a Deer

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As mating and hunting season kick off over the next few months, deer will be on the move more. For drivers, that means you’re more likely to encounter them − and potentially hit one − no matter how much driving you do.

Don’t fret. We’ve rounded up some information on how to avoid hitting a deer, plus what to do if you do, unfortunately, hit one despite your best efforts.

HOW TO AVOID HITTING A DEER

  1. Know where the deer are likely to be. Areas with high deer populations are normally marked with a bright yellow sign. Deer also tend to graze in wooded areas or open fields. When driving your usual route to work, be attentive to areas where you’ve seen deer in the past – they are likely to cross there again.
  2. Be alert at sunrise and sunset. Deer are more active during dawn and dusk hours.
  3. Use your high beams. When possible, use your high beams for better visibility. The extra light will help make it easier to spot a deer, or other animals, lurking alongside the road.
  4. Don’t rely on deer gadgets. Whether it’s a deer whistle, deer fence or other type of product to scare away the deer… don’t rely solely on them to keep deer away. Research isn’t exact on whether or not these products truly work. (Related: Fact or Fiction? Debunking 6 Common Myths About Deer)
  5. When you see one… you’ll probably see more. Deer travel in groups. If one comes across your path, proceed with caution in case there are more.
  6. Don’t swerve. Swerving isn’t always the safest option. Hitting a deer might often cause less damage than swerving to avoid it… and then hitting a more dangerous obstacle, like a vehicle in oncoming traffic. (Related: What’s Safer… Swerving or Staying the Course?)
  7. Wear your seat belt. If you do hit a deer, wearing a seat belt decreases your chances of injury.
  8. Spread the word. When friends or family head out on the road, let them know to be careful and alert. Even a simple reminder can help prevent deer collisions.

WHAT TO DO IF YOU HIT A DEER

Taking the above precautions can help you avoid hitting a deer… but nothing can entirely rule out the possibility. Here are steps you can take after you hit a deer.

  1. Pull over. Move your vehicle to a safe place off the road. Don’t forget to turn on your hazard lights.
  2. Stay away from the deer. An injured deer can still lash out and hurt someone.
  3. Assess the damage. When you’re out of harm’s way, examine your vehicle and take photographs of any damage to your car. Use good judgement to know if your car is safe to drive or if you’ll need to call for a tow truck. Learn how to add Emergency Roadside Service to your ERIE auto policy.
  4. Call for help. Depending on the circumstances, consider calling the police or an animal expert. While it’s not always required to file a police report, it can provide evidence if you decide to make an insurance claim. If the deer is still in the middle of the road, a trained professional from animal control, the game commission or your local fish and wildlife service can move it away for everyone’s safety.
  5. Know if you should file an insurance claim. An insurance professional like an Erie Insurance agent can help you make the decision based on the specifics of your auto insurance policy. Talking with someone you already know and who is familiar with the claims process can help put your mind more at ease.

DOES MY AUTO INSURANCE COVER HITTING A DEER?

You can’t always predict if a deer will walk into your path, but if one does, we’re here to help get you back on the road as soon as possible. At Erie Insurance, deer-vehicle collisions are covered under the comprehensive portion of your auto insurance, which is an optional coverage you can choose to add on. Learn more about how to customize your ERIE auto policy.

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Home Improvement

Quick & Easy Tips To Help Protect Your Home

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It’s impossible to prevent every accident or disaster, but there are some simple steps you can take that will go a long way to protecting your biggest investment.

  1. Know your shut-off valves. Few people know where the emergency shut-off valves are located for gas, water and electricity. Take a moment and find them, and make sure everyone in your house knows where to find them. Pro tip: give the water valve a practice twist, as these shut-offs can get jammed from years of not being used.
  2. Check your washer and dryer. Worn out rubber hoses in your washing machine can burst, spilling hundreds or even thousands of gallons of water on the floor. If your rubber hoses are more than just a few years old, swap them out for steel-belted hoses (and read this to find other ways to prevent home water damage.) When it comes to your dryer, lint can build up over time in the dryer vent and spark a fire. Luckily, a quick trip to the hardware store and some extra spring cleaning can reduce your risk of these common causes of fire and water damage.
  3. Plan ahead and find a friend. If you can’t afford a monitored security system, the next best thing is to give the appearance that someone’s home while you’re away. Install lamp timers, keep a radio turned on and tuned to a talk station, and when you’re on vacation, have a friend shovel your walkway or park their car in your driveway. Above all, keep lower-level windows and garage doors closed and all entrances locked.
  4. Smoke detection protection. Every home should have at least one smoke detector on each floor and test the batteries twice a year. Make it easy and do it right before you adjust your clocks in the fall and spring. Smoke detectors last about 10 years. Each time you get a new one, use a permanent marker to write the month and year on the back. (And don’t forget to test your house yearly for other gases like radon.)
  5. Prepare for severe weather.  Whether your part of the country is prone to flooding, hurricanes or other natural disasters, take a look around and consider upgrades and simple maintenance to help minimize damage from wind and water. In tornado-prone areas, a safe room is always a smart addition to protect you and your family from the storm. And if a renovation isn’t in your budget, consider creating a home emergency kit to keep your family safe or keeping a supply of water on hand.
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