Steinhauser Agency Inc

Information may not be reliable

The Steinhauser Agency Welcomes VIP Insurance Services. The Steinhauser Agency would like to extend a welcome to all of the clients of VIP Insurance Services. VIP was a full service insurance agency in Mahoning County providing for home and auto insurance since 2006 . On August 1st The Steinhauser Agency acquired VIP. Elaine Schuller of VIP has joined the Steinhauser staff and continues to provide the services to all of VIP's clients as they were accustomed to. Clients of VIP will enjoy expanded office hours with greater access as well as more products, services and companies to choose from. Call Elaine or send her an email at elaine.s@steinhauseragency.com.

Ohio Insurance in Review as Presented by the National Unerwriter Online News Service, July 19, 3:50 p.m. EDT
Though they still pay less than the national average, Ohioans paid more for homeowners and automobile insurance in 2009, and the trend is expected to continue, according to the Ohio Department of Insurance.
Homeowners rates increased an average of 9.7 percent, and auto rates jumped 2.9 percent in 2009, the Insurance Department said.
The Ohio insurance industry had one of its worst weather-related years in 2008, with insured losses of more than $1.4 billiona primary reason for the increases in 2009, according to the department.
Insurers have also dealt with weather losses in 2010. Severe weather, including a strong tornado in early June, caused at least $22.1 million in damages, according to estimates from the Ohio Insurance Institute (OII), a state trade association.

A series of storms in early May caused at least $31.4 million in damages, the OII said.
Ohio residents still pay less than the average for homeowners insurance. The Insurance Information Institute projected a nationwide average policy premium of $879 in 2010, while the OII estimated an average premium in Ohio of $653.
Columbus, Ohio-based Nationwide Group increased rates 14.3 percent. Nationwide is the states third-largest writer of homeowners behind Allstate, which raised rates 7.2 percent, and State Farm, with increased rates of 12.1 percent. Westfield Insurance Group led the states top 10 writers with a 15.9 percent hike in homeowners rates.
NU Online News Service, July 19, 3:50 p.m. EDT

Homeowners Rates to Rise in Campbell, Ohio -
Budget cutbacks in local governments continue to take their toll. In Campbell the safety forces ability to provide fire protection was reassessed by the Insurance Services Office. The survey concludes that response to a fire will be hampered by the reduction in the amount of firemen and their training. The Insurance Services Office immediately recategorized the city as one more at risk. As a direct result many insurance companies will have to raise their rates to reflect the new protection classification of the city. The city's situation may be reevaluated in 6 months to alleviate the problem. (See Vindicator Article 10 Jul 22)

Scams On Rise In Wake of Health Care Law
State insurance commissioners and attorneys general are warning consumers about a new wave of scams that are exploiting uncertainties about the new health care law.

Con artists may call, email or show up at your door saying that under the law your must have health insurance or go to jail. They may even identify themselves as government officials and describe the policies they're selling as "ObamaCare" insurance.

"People are terribly confused and in some cases frightened" about the new law, says Kim Holland, Oklahoma's insurance commissioner and vice chair of the antifraud task force of the National Association of Insurance Commissioners. "And that's something a scammer is going to look for-the opportunity to take advantage of someone who doesn't know better."

For the record: The requirement to have health insurance doesn't begin until 2014, and even then you can't be jailed for not having it. No real government official sells insurance, no "limited enrollment periods" exist, and there's no such thing as ObamaCare coverage.

Are You Losing Your Benefits? Don't Lose Your Coverages. If you are scheduled to lose your benefits or have lost your benefits under the restructuring plan or job layoff please call us, we can help. Keep your hospitalization and/or medicare supplements in place with one of our many companies. Act Now and Don't Lose Sleep! 330-782-5621 or support@steinhauseragency.com

RENTAL VEHICLE COVERAGE
Most personal auto policies extend whatever coverage you have on your own vehicle to a short-term rental vehicle if the rental vehicle is a private passenger car, pickup truck, van or trailer. However, with regard to damage to the rental auto, the rental car company might be able to charge fees for losses or damages to the vehicle that might not be covered by your insurance policy, such as loss of use when the auto is withdrawn from service for repair, or diminished value upon resell. Therefore, it is often a wise idea to purchase the rental company's "collision damage waiver" (CDW). - - PIA

Identity Theft continues to be a growing problem (see article from Market Watch). Here are some simple things you can do to protect yourself

Buy a shredding machine and shred any paperwork that contains account numbers or social security numbers.
Review your credit report from any of the credit report companies. Annual Credit Report.com is the best place to obtain your credit report.
Avoid using ATM machines at locations other than your bank or a nationally recognized bank

Have your social security number removed from your drivers license (this is optional in some states)
Purchase identity theft coverage on your homeowner's policy! Identity theft coverage can be very inexpensive when compared to the alternatives in modern day living. Call us at 330-782-5621 or email us at support@steinhauseragency.com for more information.

You've put so much into your weddingyour heart, your time, and your money. But what if the bridal salon loses your dress? Or your caterer backs out? Or severe weather rolls in? Wedding insurance can protect your special day.
For more details go to Travelers then give us a call.

Do You Have The Right Business Plan?
Regardless of the size of your business, or whether it is a sole proprietorship, partnership, LLC, or a corporation, there are several types of retirement plans to choose from that can reduce your tax liability and increase the retirement savings of you and your employees.
The benefits a business can derive from sponsoring a retirement plan include:

Attracting experienced employees in today's competitive environment;
Helping employees save for their future since Social Security retirement benefits alone may not be an adequate source of income for most retirees.

Through proper design, you can eliminate additional unseen costs in the administration of your 401k plan. For a quote to match your current plan and costs, please give our financial services department a call at 330-782-5621 or e mail us at andy@steinhauseragency.com.

High Cost of Drugs Getting to You? How About $4 per prescription? There has been much discussion throughout our country about the high cost of drugs. Many pharmaceutical companies offer discounts through proprietary programs to qualified applicants. Even Wal-mart and Target have started their own programs to reduce the costs to the public by offering certain drugs for only $4. For a list of those drugs refer to our Customer Services page.

L&H Trends Ins and Outs of Beneficiary Designations
Most people dont pay a lot of attention to their life insurance or retirement plans beneficiary designations. Singles generally name a family member such as a mother or father as the primary beneficiary and then name a sibling as a contingent beneficiary. Married insureds (or retirement plan participants) typically name their spouse as the primary beneficiary and their children as contingent beneficiaries. Sounds simple, right?

Not quite. Most people fail to update their beneficiary designations as events in their personal lives change; others fail to understand that naming minor children as beneficiaries will create problems in the event of their deaths. This also applies to an employers group term life insurance benefits.

Turning to the basics, a big advantage of life insurance contracts and 401(k) plan accounts is that the proceeds are immediately paid to the named beneficiaries. This means that the proceeds will not be subject to probate unless the deceaseds estate is named as the beneficiary, saving time and expense. However, it can be a two-edged sword if the deceased persons beneficiary designation was outdated. For example, if an individual named his sister the beneficiary of his 401(k) plan balance and then failed to update the beneficiary designation after he got married, the proceeds will be payable to the sister and not the spouse.

Another common problem is a divorced person wanting to name his/her minor children as the primary beneficiaries. Depending on the state of residence, minor children cannot directly receive the proceeds of a life insurance policy, annuity or retirement plan if they are named beneficiaries. To remedy this, name a guardian to receive the proceeds for the childs benefit, or set up a trust for the child that will be named as beneficiary. Upon the insureds death, the trustee will become the legal owner of the proceeds and since the child will be the trusts beneficiary, they will receive the trusts proceeds. Examples of the beneficiary designation in this case include: Trustees of the John Smith Trust Agreement dated 01/01/00, Trustee of the John Smith Irrevocable Trust dated 01/01/00 or John Smith for the benefit of Jane Smith and John Smith.

More issues can arise if several children are named as beneficiaries and some of them have children. In the event one of the adult offspring predeceases the insured parent, the insured must decide how such grandchildren will share in the proceeds with their other living children, with the question being whether everything will be divided equally or whether the grandchildren will split what would have been their parents share.

The issue can be solved by understanding the methods of distributing property to family members and heirs: per stirpes (branches of the family) and per capita (by heads). For example, say there are three adult children and one of the three dies having two children of their own. Under a per stirpes distribution, the two children of the deceased parent will each receive one-half of their deceased parents one-third share of the proceeds. Under a per capita distribution, the two children of the deceased parent will receive one-quarter of the proceeds along with the two adult children who would also receive one-quarter shares each. The same problem regarding having minor children named as per capita beneficiaries would remain if they are minor and legal guardians had not been named and/or a trust had not been set up.

Its important for independent agents to raise this issue with their customers during annual reviews. Remember to consult a customers attorney when it comes to estate planning, especially if it involves trusts documents. And, independent agents are well advised to review their own beneficiary designations.

THE RIGHT LIFE INSURANCE---Many people are unsure about their life insurance purchase(s). Is term insurance the proper fit for my needs? Should I take a chance on the flexibility of universal life insurance? Is whole life insurance right for me? Those questions can be answered by knowing what you want out of your policy. Do you have a short-term need for coverage or a specific problem? Is premium amount a major concern? Yes answers to these questions would lead you toward a Term policy.
Do you have a long term need but your budget will not allow a large or consistent premium? Do you want the ability to save money when money is more available? Do you want to tie your investment planning to your insurance program? Yes answers here might lead you toward universal life.
Do you need a forced savings plan? Can you budget more money now for future benefits? Do you want your final planning to begin today? Do you want guarantees through out your entire life? These yes answers may lead you toward a whole life contract.
These questions may help you determine what type of insurance you should consider; they are only a starting place to decide your life insurance program. Give us a call at 330-782-5621 or send an email to support@steinhauseragency.com to discuss the various plans or combinations of plans that best suits your needs.