Replacement Cost vs. Actual Cash Value Home Insurance: What You Need to Know

Have you ever wondered how your insurance company determines how it will reimburse you for homeowners insurance claims? What if you had a total loss? Would you be able to rebuild? The answers to these questions depend on the type of home insurance policy you have and whether the value of your home is based on its replacement cost or its actual cash value.

Insurance companies provide coverage for your home and possessions based on either their actual cash value or their replacement cost. Actual cash value home insurance policies provide coverage for what your home is worth at the time of loss. Replacement cost policies will reimburse you for what it would cost to rebuild your home using all of the same materials at today’s prices.

It is important to remember that your home’s replacement cost is not the same as its market value, or how much you could sell it for. A home’s replacement cost for insurance purposes is based on a number of variables that determine what it would cost to rebuild your home with similar materials at today’s costs. The variables that make up your home’s replacement cost will fluctuate over time, so the number is not set in stone. You will need to review your policy at least annually to make sure that your replacement cost figure is keeping up with the times.

How should you determine your home’s proper replacement cost? Your insurance company will likely ask you a series of questions about your home and your responses will be plugged into a model that determines its replacement cost. Your job is to have some idea of whether or not the figure is accurate so you can be assured that your home is properly protected or that you are not over-insured. Consider talking to some home builders in your area as well as visiting some home improvement stores to help figure out what it would cost to replace your home’s interior and exterior finishes (including labor) at today’s prices. Together we can make sure that your home is properly insured and its replacement cost is accurate.

Don’t forget to evaluate your personal property coverage as well. Personal property coverage in a homeowners insurance policy typically starts out at a percentage of your home’s dwelling coverage, but if you feel you need more coverage because of certain valuable items, don’t be afraid to increase your personal property coverage limit or add special riders or endorsements to protect your valuables. Preparing a home inventory is extremely helpful in determining if you have sufficient coverage for the contents of your home.

Once you have settled on a replacement cost figure, remember that it will need to be re-evaluated every year to account for changes in building materials and labor as they fluctuate over time. We will work closely with you to determine the replacement cost of your home and belongings, and we can help you with auto insurance, personal umbrella insurance and any other personal insurance needs that you may have.

Have you reviewed your homeowners insurance policy lately? Are you satisfied that your replacement cost figure is accurate? Do you need to upgrade your actual cash value policy to a replacement cost policy?




Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

Boo! Halloween Safety and Insurance Coverage

Thankfully, this year Halloween falls on a Friday, which is better for most kids and parents because it is not on a school-night.  Halloween is fun, but sometimes things happen, and it is good to know you are doing everything you can to protect you and the goblins who may be visiting your home.

Take these steps to make your home safe for trick-or-treaters, so you can avoid Halloween disasters!

• Remove any objects around the outside of your house that could cause someone to trip or fall.
• Turn on your outside light, so children will know they can visit your home.
• Keep candles, jack-o-lanterns, matches and lighters in a place that children cannot reach.
• Keep pets inside and away from trick-or-treaters and lit candles, especially if they are easily frightened or become over-excited in the presence of strangers.
• If using decorative lights indoors or outdoors, use lights certified by a recognized organization such as UL (Underwriters Laboratories). Check lights for broken or cracked sockets, frayed or bare wires or loose connections. Discard damaged sets. Do not overload extension cords. 

The good news - your insurance provides coverage for many Halloween-related disasters:

• A trick-or-treater is injured on your property
  If a trick-or-treater or Halloween party guest is accidently injured in your house or apartment, you will be covered under the liability portion of your homeowners or renters insurance policy, if the injured guest should sue you.  Under most policies, there is also medical payments coverage available that the injured party could file their medical claim with your insurance company and avoid a lawsuit. Not everyone is familiar with this coverage, but it provides very important financial protection. Talk to your Trusted Choice Agent and verify you have this valuable coverage on your policy.
• You crash your car into a tree to avoid hitting a trick-or-treaterWe all plan to drive slowly and carefully, but a group of excited trick-or-treaters could dart in front of your car causing you to swerve and hit a tree, but you should be covered under a good insurance policy. Talk to your Trusted Choice Agent and verify you have this valuable coverage on your policy.  Accidents that do not involve another driver or pedestrian are covered under the optional collision portion of an auto insurance policy. If another car or person is involved in the accident, the liability portion of your auto policy would kick in.
• Your home or car is the target of mischief Standard homeowners and renters insurance policies provide coverage for vandalism. A deductible must be paid first, and if you suffer expensive damage to your home or possessions your insurance policy will help you be financially protected. If your car is damaged by trick-or-treaters, you have coverage under the comprehensive portion of your auto insurance policy, if you carry it on your policy.  Talk to your Trusted Choice Agent and verify you have this valuable coverage on your policy.
• There is a fire in your home If a Halloween candle or electrically powered decoration causes a fire, the damage will be covered under a standard homeowners and renters insurance policies. Talk to your Trusted Choice Agent and verify you have this valuable coverage on your policy.  If the fire is significant enough to make your home unlivable, you would also want to be covered for additional living expenses, such as having to check into a hotel while your home is being repaired.

Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

Whether you are insuring your home or your business, it is vital that your property insurance is sufficient to rebuild or replace your building if it is completely destroyed. Deciding how much to insure a commercial property for can be a complicated but necessary process for business owners.

Having the right amount of business property insurance will ensure that your business can continue to operate should the worst happen.

There are two types of commercial property insurance: actual cash value coverage, and replacement cost coverage.

Actual cash value coverage provides reimbursement for the depreciated value of your damaged business property, and will help you protect the investment you have made in your building. But in many cases, actual cash value coverage will not provide sufficient coverage to repair or rebuild the lost or damaged property with similar materials at today’s prices. However, it might provide suitable reimbursement that allows you to purchase a similar building at another location.

Replacement cost coverage provides reimbursement for the cost to repair or rebuild your business property with similar materials at today’s building costs. You will be able to use new materials and the value of the lost property will not include a deduction for depreciation.

As a business owner, you must decide what actions you would need to take if your business property were destroyed. Could you relocate your business? Or, is your current building and location the only one that is suitable? In order to determine the replacement cost for your building and the amount of insurance you should therefore carry, you need to determine what it would take to rebuild the building with the same materials at today’s construction costs. The market value of the building and the value of the land it sits on are not part of this calculation; the figure you come up with could be similar, more or less than what you could actually sell the property for.

Remember that your business property’s replacement cost is not static. Building costs fluctuate all the time and often skyrocket after a large-scale disaster. You need to review your replacement cost figure every year to make sure that you have sufficient coverage. You must also take into account the cost of debris removal before reconstruction can begin, inflation, and new building codes that can have a significant impact on the cost of construction.

We have helped businesses of all types and sizes determine their business property replacement cost. We will work closely with you to assess the risks you face, whether or not you would need to move or rebuild after a disaster, and any other types of business insurance you might need to protect your investment and your livelihood.

Have you reviewed your business insurance coverage lately? Now is the time! Contact South Group Insurance Services today to conduct a complete business insurance review.


Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

Home Sweet Home Insurance -- What You Should Know!

Whether you are a first time homebuyer, or you are filing a claim for the first time, most consumers have questions about their homeowners insurance.

1. Is home insurance required?

Unlike car insurance, homeowners insurance is not legally mandated. However, if you are still paying the mortgage, your lender will most likely require you to have insurance. Homes are often our biggest investments and carrying an insurance policy to protect that asset is vital.

2. How is my premium determined?

Insurance companies use several factors when calculating a home insurance premium, including: your home’s age, construction and structural materials; your home’s location and the crime rate and other elements of the area; the home’s alarm features including burglar, smoke and carbon monoxide detectors; personal choices such as whether you smoke and your credit history; and also if you have a history of home insurance claims.
 

3. How does my deductible work?

Home insurance deductibles operate differently from medical insurance deductibles. You are required to pay the entire deductible every time you file a claim. For example, if your deductible is $2,000 and you file a claim for hail damage to your roof in the spring and for fire damage the following fall, you will pay that $2,000 deductible each time you file a claim. That’s why it is so important to choose a deductible you can comfortably afford to pay.

4. What is usually excluded from home insurance coverage?

While your policy should cover damage from fire, severe weather, break-ins and a myriad of other causes, most home insurance policies do exclude certain things. Those exclusions often include coverage for animals, vehicles, watercrafts and certain valuables such as firearms, artwork and dinnerware above a specific dollar amount. Your policy also will not cover most water damage caused by flooding. You need a flood insurance policy to cover those events. It’s important to carefully review any home insurance policy to discover what is not covered.

5. What makes a good home insurance policy?

The answer to this question depends on several factors. Knowledgeable, independent agents at SouthGroup Insurance can help determine a good fit for you and your home, suggest coverage options and even assist you in filing a claim. Our experienced agents can also help locate you a number of policy quotes with a variety of coverage options with which to compare so you can choose a policy with the best choices for you at the most affordable rates. Contact a SouthGroup member agent near you who can assist you in finding the perfect home insurance policy.


Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

I don't need uninsured motorist coverage! Or do I ?????

Is mandatory auto liability insurance working?  The way liability insurance is supposed to work is that if you are in a car accident, the person who crashed into you should pay for your medical and property damages, which would be paid by their auto insurance company.  But, in some cases, especially if they are not carrying a proper level of coverage, the damages you have could end up costing a lot more than their liability insurance limits cover.  Minimum limits are NOT sufficient to protect you and your assets from the damage you may cause.

Another problem is that not everyone complies with the law. Even though you cannot afford to be without coverage, some may think that auto insurance is too high — especially in tough economic times. The Insurance Research Council estimated that roughly one out of every eight drivers is driving uninsured in 2014. That's about 13 percent of the U.S. population.

Because of this, it is prudent to include uninsured motorist (UM) and underinsured motorist (UI) coverages on your auto policy. UM will pay for your injuries when someone without car insurance causes an accident or when you're struck by a hit-and-run driver. UI will kick in when someone else causes an accident, but has insufficient limits to cover all your costs. UM/UI also pays for lost wages if you have to stay home from work due to your injury.

If you have UM/UI coverage, and you are in an accident caused by an uninsured motorist, your UM/UI coverage will pay for health care expenses, such as your deductible, before your health insurance kicks in.  This will be quite helpful since most people today have high health insurance deductibles.

But, your health insurance will not pay for lost wages if you miss work, or for pain and suffering resulting from the crash. Lost wages and pain and suffering are paid for by the at-fault driver's liability insurance. If the other driver doesn't have liability insurance, or has coverages that are too low, you're out of luck — unless you have UM/UIM coverage or want to pursue the matter in court.

Lawsuits are always costly. First, you must hire an attorney. Second, since uninsured drivers usually don’t have proper coverage, because they cannot afford the car insurance rates, it is unlikely that they can pay for your medical treatments or pain and suffering, even if you win the case.

Because the coverage is so important, Mississippi just passed a law to require extra attention to the topic, if a consumer is considering not taking the valuable UM/UI coverage.  A special disclosure form is required to be provided, and the consumer must sign to indicate that they understand the coverage is available and valuable, and that they are freely choosing to not have the insurance coverage.  So, if there is a lawsuit, and the consumer has freely chosen to decline the UM/UI coverage, the court will not reach a verdict favorable to them.

Bottom line, you need to have UM/UI coverage, for your auto and motorcycle and other toys.  Motorcycles, in particular, are victims of many unintended hit-and-runs, and without UM/UI coverage, they will be left suffering in the ditch after being clipped by a speeding vehicle.  Don’t let this be you!

Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

Business Insurance Requirements for Regulatory Compliance

Whether your business is large or small, you will face a seemingly endless barrage of local, state and federal regulations that you must comply with. Staying compliant can mean the difference between operating in good standing and facing hefty fines and penalties. Strict compliance with all kinds of regulations is vital to keeping your business up and running for the long haul, with minimal interference from state or federal agencies. While the task may seem daunting, it is best to be informed, and stay informed, to make sure that nothing gets missed.
Let’s start with the basics: business insurance requirements. Every state has regulations regarding the type of insurance that businesses must have. And keep in mind, what the state requires is usually only a minimal amount of coverage; chances are, your coverage needs are much greater than what the state of Mississippi prescribes. Regardless, you must comply with the minimum requirements or face serious consequences for your business.

Mississippi Business Insurance Requirements
Insurance in all of its forms is a safety net for individuals and businesses should some unforeseen event or disaster take place. Business insurance protects your business and your employees from financial devastation due to natural disasters, accidents, fires, storms, workplace injuries and illnesses, and lawsuits. Insurance can help you keep your doors open if you are faced with a devastating event.
Every business must carefully assess its unique risks and find the right solutions, including insurance, to help manage and mitigate those risks. No two businesses will need exactly the same amount of coverage. The state of Mississippi, however, requires that every business in the state acquire at least the following coverage:

• Commercial liability coverage: Commercial liability insurance is not required for businesses operating in Mississippi, but liability insurance is essential to protecting your business from lawsuits. The statute of limitations for personal injury lawsuits in Mississippi is three years for negligent conduct and one year for intentional conduct. In addition, the statute of limitations for product liability lawsuits in Mississippi is three years, and Mississippi has no cap on personal injury awards. For this reason, liability insurance is essential if you have business assets to protect. Mississippi businesses typically purchase from $500,000 to $1 million in liability protection, and a wide variety of basic and specialty coverage and limits are available.
• Commercial property coverage: Commercial property coverage is not required for businesses operating in Mississippi, but if you have business property that could be destroyed or damaged by some unforeseen incident, you need business property coverage to help protect you.
• Commercial vehicle insurance: All drivers in Mississippi are required to carry a minimum amount of car insurance. If you or your employees use personal vehicles for business purposes, or if your business owns or leases vehicles, you need commercial vehicle insurance that at least meets the state minimum requirements.
• Commercial flood insurance: Mississippi is highly susceptible to flooding. Commercial flood insurance is not required in Mississippi, but it is highly recommended that businesses purchase flood insurance from the National Flood Insurance Program (NFIP). Visit FloodSmart.gov for more information about flood insurance for your business.
• Workers’ compensation coverage: Mississippi employers with five or more regular full-time employees must purchase workers’ compensation coverage. Workers’ compensation insurance compensates employees for expenses related to workplace injuries and illnesses. Mississippi has a no-fault workers’ compensation system. This means that your workers’ compensation insurance will pay workers’ medical expenses and lost wages related to a workplace illness or injury, regardless of who is at fault. Businesses that employ less than five employees are not required to purchase workers’ compensation insurance, but can do so voluntarily. Domestic workers, farm laborers and non-profit employees are exempt from Mississippi workers’ compensation requirements.

In addition to business insurance compliance, Mississippi businesses must also comply with a variety of regulations related to employment, employee benefits, taxes, permits and licensing, environmental issues, workplace safety and more. We can help ensure that you are meeting your business insurance and employee benefits obligations under the law, and can help you make sure you have the right coverage to meet the unique needs of your business.

We have experience helping companies of various types and sizes calculate and evaluate their total cost of risk as part of our Risk Reduction Approach. We can help you, too. Call SouthGroup Insurance Services today to learn more about our Risk Reduction Approach and how it applies to your business.Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance #savemoney

Understanding and Calculating Your Total Cost of Risk

Few things seem quite as daunting to business owners and risk managers as taking an in-depth look at the risks your business faces and the steps you must take to truly protect against them, prepare for them, and even mitigate or eliminate them. The extent to which you can do any of these things depends on your business, your unique risks, and how carefully you plan and execute your strategy. A key element of planning and implementing an effective risk management strategy is calculating and understanding your total cost of risk.

Calculating and evaluating your total cost of risk is complex and time-consuming. It is well worth the effort; it can help you determine which risks truly pose the greatest potential threat to your business and your profitability, and can help steer you toward effective solutions.
Using your total cost of risk as a guide can help you make objective decisions, not emotional ones, and later you can consider whether your risk management strategies make sense or are having an impact. You will see that managing certain risks is relatively easy; for example, you purchase commercial property insurance to protect against losses associated with a fire or natural disaster. Protecting against or mitigating more indirect risks and their associated costs can be much more complex. Have you considered the potential for negative publicity or lost business after a lawsuit, data breach, or an industrial accident? These are very real possibilities with devastating financial consequences.

The costs associated with your risk exposures can be placed into the following categories in order to calculate your total cost of risk.

• Insurance premiums: premiums you pay to insurance company to transfer risk to another party.
• Direct Costs: losses that you retain that are directly related to an accident, mishap, etc. Direct costs can include losses beneath your insurance deductibles, above your insurance limits, or even those that have no coverage at all. In addition, direct costs can include self-insurance costs.
• Indirect Costs: costs that are not directly related to a loss incident, but result from it, such as diminished profits or productivity, payments to third parties, lost efficiency or competitiveness, increased human resources costs, and penalties that must be paid.
• Risk Management Administrative Costs: risk control costs, clerical costs, claim and administrative expenses, salaries, training, internal legal counsel, loss control costs, and brokerage and consulting fees.

A complete and thorough examination of your total cost of risk helps you avoid making assumptions, rather than concrete, data-driven decisions. You will prevent unnecessary expenses and make sure you are prepared for circumstances out of your control.

SouthGroup’s mission is to help businesses assess their risks and find the best strategies to address them. Our Risk Reduction Approach is a unique process that begins with identifying the risks that are inherent in your business. We then evaluate your exposures and recommend proactive solutions and strategies for assuming, transferring, financing and mitigating them. The Risk Reduction Approach helps you calculate and examine your total cost of risk as well as design and implement a plan that is entirely tailored to the needs of your business. In addition, we will help you track, monitor and amend the plan over time as your business grows and your needs change.
We have experience helping companies of various types and sizes calculate and evaluate their total cost of risk as part of our Risk Reduction Approach. We can help you, too. Call SouthGroup Insurance Services today to learn more about our Risk Reduction Approach and how it applies to your business.
Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance #savemoney

College Students – Are They Covered Under Their Parent’s Policies?

They have finally spread their wings are have left the nest.  Well sort of.  They have moved truckloads of stuff from their home to their dormroom or an apartment while they are attending college.  Neither of you have considered thinking about insurance!  So, is this a problem? 

Does your student have protection under the parent’s home insurance policy while they are at college?  The answer is IT DEPENDS!  You will need to review your own policy contract for your specific coverages, however, most home policies do provide coverage for an insured’s personal property that is damaged of lost due to a covered peril.  In English, this means that a dependent child away at school is still treated like a member of the household from an insurance standpoint, and their contents would be covered under their parent’s policy for theft, fire, vandalism, or any catastrophe covered under their parent’s policy, HOWEVER, (you know there has to be a HOWEVER), there will be limitations.  Most policies will provide coverage up to 10% of the parent’s limits on contents, which should be sufficient, unless your student took more than a truckload or two to school with them.  Other limits come into play if the student is not enrolled full time or is over age 24.  Again, check your policy, and get advice from your Trusted Choice Agent.  A great article was just published by Independent Agent Magazine which you may find helpful (http://www.iamagazine.com/strategies/read/2014/09/03/is-a-homeowners-policy-inadequate-to-cover-a-college-student-) .

You may also want to consider special coverage for expensive electronics and computers, and take other physical security steps such as password protection, gps locator software, and online backups for the data.

The student’s contents may be covered, but what about liability protection?
This may be one of the bigger exposures – excessive parties cause damage to the apartment or the accidental flooding of the apartment below from an overflowing tub, or inadvertent burning of popcorn in a microwave starting a small fire which smoke damages several units in the complex --- all of these scenarios and more can result in a hefty price tag for Mom and Dad.   There are limitations on liability for another premises under a home policy.  Some companies allow an endorsement for extended liability, but many apartment complexes have begun require proof of liability coverage, and the extended liability may not be acceptable.  In that situation, a very inexpensive renter’s policy is available which would provide the protection.  Check with your Trusted Advisor.

Does your student have protection to drive the roommates vehicle under the parent’s auto insurance policy while they are at school without a vehicle? 
Generally, if someone lends out their car, they are also lending out their insurance, and if your student is a regular driver of the roommate’s vehicle, there is a great chance that coverage will be denied under her roommate’s policy, and there may be a gap between your policy and the other party’s policy.  There are ways to work around the exposure by adding an endorsement to your policy, but again, check with your Trusted Choice agent to find the best solution for your situation. 

Does your student have protection to drive a parent’s vehicle while they are away at school? 
There is typically coverage for a distant student with a family vehicle.  Just be sure you let your Trusted Choice Agent know to modify the “garaging address” on your policy for the physical location of the student’s vehicle.

Lots to consider now that Junior is growing up …

Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!

#southgroup   @stateauto  @libertymutual @TRV_insurance @safecoinsurance #savemoney

4 Tips for Purchasing Business Insurance

Insurance is complicated. As a business owner, you have enough on your plate running your business —  insurance should be one less worry.  

1.  Understand Your Risk – Each industry is unique and has it’s own set of risk exposures.  Once  you consider where something can go wrong – injury, loss of income, theft, fraud, etc., then you can begin to determine how to protect your business from the exposure.  There are several ways to minimize or eliminate the risk factors.  Then you can implement strategies such as safety programs, employee training, and insurance solutions.  Your Trusted Choice Agent can assist you with your risk assessment and provide you with options for protecting yourself and your business. 
2. Consider a Business Owner’s Policy.  For a smaller business, a property/liability/auto/business interruption combination policy may be a cost-effective solution for tailoring coverages to your business.  A separate policy may be required for unique risks.
3. Find a Reputable Licensed Agent who can shop around for you.  A Trusted Choice Agent will help you identify your risk exposures and offer personalized coverages for you to consider.  Finding a good Insurance Agent is as important as finding a good Accountant or Lawyer. Choosing an inexperienced Insurance Advisor could cost you in the long run.
4. Assess Your Coverages at Least Annually.  As your business grows, your insurance needs may change.  Keep your Trusted Choice Agent informed on operational changes so that you may be well protected.  Many policies are calculated  based on estimated sales or staffing.  If you have a great year, and your sales sky-rocket, so will the cost of your insurance.  Be sure you review your sales and staffing quarterly and let you Agent know of any significant changes, so that you can avoid a major surprise at the end of the policy term.

The Small Business Administration has some helpful information at http://www.sba.gov/content/buying-insurance, and Price Waterhouse has a good paper on Risk Assessment: http://www.pwc.com/en_us/us/issues/enterprise-risk-management/assets/risk_assessment_guide.pdf   Another good resource is at ready.gov: http://www.ready.gov/risk-assessment

Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Michael Reso, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: azeringue@southgroup.net , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.

Insurance is stressful, but we make saving easy.  We help you save money on insurance!  


#Southgroup   @stateauto  @libertymutual @TRV_insurance

BANG!! Be safe with those fireworks! Safety tips for you and yours

SNAP CRACKLE POP!!!!! POP POP!!  It's 4th of July!  Since the days of John Adams, even before our Declaration of Independence was signed, the idea of celebrating with "illuminations from one end of this continent to the other from this time forward forever more" has been our goal.  4th of July is a joyous family time with BBQ, Ice Cream, swimming, games, and fireworks "red glare".


The Consumer Product Safety Commission reminds us that fireworks can cause serious burns and injuries.  No one wants to spend their "family day" in the hospital!  So please be safe!




The National Council on Fireworks Safety offers some good and common sense safety tips for using consumer fireworks that should be heeded.

• Closely supervise children and teens if they are using fireworks.
• Do not allow young children to handle or use fireworks.
• Only use Fireworks outdoors.
• Have water ready to douse any fires.
• Read the caution label on your fireworks before lighting them.
• Obey local laws. Fireworks may be illegal where you live..
• Don't drink and light fireworks at the same time --- this is a bad mixture!
• Wear safety glasses.
• Only light one firework at a time.
• Never relight a “dud” firework.  Soak it in a bucket of water to be sure it is truly extinguished.
• Never use homemade fireworks!
• Report illegal explosives, like M-80s and quarter sticks, to your local fire or police department.
• Always soak used fireworks in water before disposing of.

Have fun!!  and remember, as your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Michael Reso, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: atreutel@southgroup.net , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states. Insurance is stressful, but we make saving easy.  We help you save money on insurance!  

Hey Pay Attention!! Distracted Driving Kills!

Texting is not the only distraction while driving – I have seen people reading, eating, putting on makeup, and reaching for a child in the back seat.  Yikes! More than 3,000 people were killed in 2012, and the number is exponentially more in 2014.  According to www.distraction.gov, more than 70% of adults and teens admit that they read and text while driving.  Until our cars can drive themselves, we need to pay attention while we are driving !!

Distracted driving is anything that momentarily may take our attention away from driving our vehicle.  Because texting requires mental, visual, and muscle attention, it is an extremely alarming distraction.  Texting has been around for 20 years and about 9 BILLION text messages are being sent annually.  Young adults are the heaviest users of texting with an average daily usage of more than 80 texts sent and received each day.

www.itcanwait.com provides ideas on how to disengage from the texting distraction while driving.  If you send “#X” before you start your engine, your friends will be alerted that you are driving and that the next text can wait.  An idea is to draw an X on your thumb to remind you to “#X” before you put your vehicle in Drive.  “No text is Worth a Life”.

Many states have laws banning texting while driving, so not only is it dangerous, but it may be illegal. This is a disaster that is preventable!

Adults need to set a good example for younger drivers too.  Just because you may be an experienced driver does not mean that you can text or answer emails while you drive, even on the Interstate.  Your family loves and needs you, so PUT THE PHONE DOWN AND DRIVE!

Most importantly, as your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Michael Reso, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: atreutel@southgroup.net , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states. Insurance is stressful, but we make saving easy.  We help you save money on insurance!  

Claims Claims Claims -- How to File an Insurance Claim

Automobile Claims...
The Basics...

• Your agent's job is to help you.
• But you can also help us to help you.
• The more you can tell us about a loss, the more we can do to ensure that your claim quickly and efficiently.
• If you are in an automobile accident, first seek medical attention for anyone who has been injured. Then you can begin gathering information to help with your claim.
• Keep in mind that you are the best person to tell us what happened. So be prepared to provide as many details as possible about the accident, where it happened and how it occurred. This information can be critical in settling a claim.

Homeowners Claims...

When it comes to your home, any loss can be devastating. By working together, we can help make your recovery from a loss a lot less painful.

Property Damage Or Theft...

• Begin by making a list of everything that has been damaged or lost in the claim. The more information you can provide, the more quickly we can adjust your claim.
• List as much detail as possible including the model, place and date of purchase, and amount of all your damaged or stolen property.
• Receipts, owner's manuals, canceled checks and credit card bills are especially helpful.

Fire And Smoke Damage...
You can take other steps to minimize the impact of a loss at home.

• In case of fire and smoke damage promptly report your loss.
• Do not try to clean the damaged items as sometimes cleaning things without the proper equipment can do more harm than good.
• We can advise you how to best protect your property and review what is covered.

Water Damage...
If your home has suffered water damage...

• Move all your possessions out of the affected areas and then make sure that all the water is removed.
• A wetvac or emergency cleaning service can help with this job. If you use a cleaning service, save your receipts.

In the case of either fire or water damage, help protect the safety of your family and pets by keeping them out of the damaged areas.
If Your Home Is Uninhabitable...

• If your home is uninhabitable and you must stay elsewhere, keep the receipts for all your expenses.
• Your homeowners policy will pay for the covered expenses that exceed your normal, day-to-day living costs.
• Receipts are helpful in determining how much you should be reimbursed.
• It is also important that you provide us with a telephone number where we can reach you or a family member.

Liability Claim...
Another loss that is covered by homeowners insurance is a liability claim.

• Liability claims occur when one person feels that he or she has sustained an injury because of someone else's negligence.
• If you think you or a family member may have caused an injury to someone, or if someone is claiming that you have, please report the claim to our office immediately.
• As with any other kind of incident, the more information you can provide to us, the better we can serve you. If someone is injured on your property, begin by making sure the person receives immediate medical attention.
• Then collect full names, addresses and phone numbers for all parties involved.
• Finally, gather as much information as you can about how the injury occurred and be prepared to provide your adjuster with as clear an account of the incident as possible.

Most importantly, as your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com ,  SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Michael Reso, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: atreutel@southgroup.net , phone: 228-466-4498 fax:888-415-8922,  FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !

We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states. Insurance is stressful, but we make saving easy.  We help you save money on insurance!