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Insurance Myths

360-734-5204

1844 Iron Street Bellingham, WA. 98225

Insurance Myths versus Reality!

Insurance can be complex and confusing but that’s the benefit of having a local insurance agency like Bob Wallin Insurance! We welcome the opportunity to discuss your life events and what kind of coverage you need. If we don’t know what you are doing, it’s hard to advise you on various insurance coverages. Here are a few common insurance myths that can help get the conversation started!

“I only need state minimum liability limits”

Some drivers are under the impression that if they carry the lowest limits, that’s all the other person will get; this is untrue. If you cause damage or bodily injury to someone else that exceeds your auto limits, you will be personally and financially responsible for the rest! Have a conversation with your agent so you understand your limits, coverage and what the right plan is for you!

“If my personal property, business property or tools are stolen out of my vehicle, the auto policy will cover it”

Nope! Your personal property will be covered under a renters or homeowners policy, which has a deductible. You would have to have Business Personal Property coverage on a business policy for the business property that was stolen. Your tools would have to be on an equipment policy. Give us a call to discuss the best option for you!

“My policy will cover everything”

Unfortunately, no. Every single type of insurance policy has exclusions and limitations. We recommend an insurance review with one of our knowledgeable agents so you can understand your current coverages and what other coverages you might need.

“Once I get a policy, I don’t need to update my agent with any changes”

Please, please, please tell us if your business has any changes (however slight) or if you make a change to your home, the vehicle you’re driving or add a driver. The more we know about your business and your lifestyle, the better! We can make recommendations based on that information. Don’t hesitate to discussion a potential change or current change with us!

If you have any questions or want to discuss your policies with us, please give us a call, email or shoot us a text!

1844 Iron St | Bellingham, WA | 98225

Phone: 360-734-5204 | Text: 360-526-8003

Insurance@bobwallin.com| www.bobwallin.com

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Safeco Elite Agent

360-734-5204

1844 Iron Street Bellingham, WA. 98225

Safeco Insurance® honors Bob Wallin

Insurance as a Safeco® Elite Agent

Safeco Insurance has recognized Bob Wallin Insurance, as a Safeco® Elite Agent based upon outstanding performance and our commitment to serve customers as a trusted advisor!

Fewer than 10% of independent insurance agencies that sell Safeco personal lines products receive this distinguished honor. At Bob Wallin Insurance, we strive to give each

customer the best experience and are pleased to be among the top agencies in the country!

As a Safeco Elite Agent, Bob Wallin Insurance will receive access to special resources and programs that will support us in serving our customers even better with expert advice. At Bob Wallin Insurance we don’t just sell insurance, we build relationships and that is why this Safeco honor makes us proud.

Thank you to Safeco, and thank you to our amazing clients!

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Credit Score Ban

360-734-5204

1844 Iron Street Bellingham, WA. 98225

How the Commissioner's Emergency Order Could Effect Your Premium

Washington’s Insurance Commissioner issued an emergency order in March prohibiting all insurance companies from using credit history to determine premiums or coverage eligibility for personal autos, motorcycles, RVs, homes, mobile homes, condos, and renters for renewals sent out after June 20, 2021.

For the past 20 years, insurance companies have been able to use a person’s credit history as part of their individual scoring process to price policies. Credit history has proven to be a strong indicator of future claims and, thus, has been used to lower premiums for many people.

Premiums at renewal can go up or down for various reasons. Removal of the use of credit will have an impact on almost everyone’s premiums. For many people, insurance companies are able to use credit to provide an extra discount to their insurance premium. So, without the use of credit, their premiums can increase. For others, their premiums will go down as the result of this change.

The Insurance Commissioner’s emergency rule required insurance companies to take credit out of their pricing model without making any other changes. Insurance companies are now in the process of filing with the Insurance Commissioner additional changes to these pricing models to ensure they are accurate and fair. You should be aware that the price for your insurance policy will probably change again next year because of these additional adjustments.

As an independent agent, we represent numerous high quality insurance companies so we can help you find you the right policy at the right price to protect you and your family. Please feel free to reach out to us if you have any questions or concerns.

Thank you for your continued business!

The Staff at Bob Wallin Insurance

360-734-5204 | www.bobwallin.com

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Umbrella Policies: Do you really need one?

360-734-5204

1844 Iron Street Bellingham, WA. 98225

Umbrella Policies: Do you really need one?

Do you need an Umbrella policy? How do you know? Ask yourself these simple questions:

  • Do you have a job?
  • Do you have assets?
  • Own your car, home, boat…etc?
  • Do you have a retirement plan?
  • Do you have a savings or checking account?
  • Do you have a young driver?

If you answered yes to any of these questions, then listen up! Your future depends on it. Here are some real life examples of how quickly an innocent accident or mistake can turn into a potential lawsuit:

  • Son of the policy holder was at a friend’s house playing “airsoft”. The friend’s girlfriend was there playing with them but refused to wear the required protective gear. A BB hit her in the face and chipped her tooth. The girlfriend’s parents threatened to sue the parents of both boys claiming permanent damage, emotional trauma.
  • Family was hosting a high school graduation party and had a zip line in the backyard leading to their pool. A guest tried out the zipline but fell before the pool and fractures her hip. $300K reserved under the homeowners and $200K reserved on the Umbrella, case is still pending.
  • Policy holder driving on the freeway and causes an accident with a semi-truck carrying $750K of cargo.
  • A 72 year old policy holder rolls his vehicle merging onto I-5. His passenger is killed. $650,000 paid out. $300,000 on his auto policy and $350,000 on his personal umbrella policy.

It doesn’t take much anymore to be sued and medical costs quickly absorb the limits. If the judgement is more than your home or auto limits, you will be responsible for those additional costs….Unless you have an Umbrella policy.

If you have questions on whether or not you need an Umbrella or would like a comprehensive review of your insurance, give us a call to schedule a one-on-one appointment:

Ph: 360-734-5204 or toll free: 800-562-8834 or email us!

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