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Hey there, it's Mike Goodman with Goodman Insurance Solutions. And today, what I want to talk about is, can my insurance company cancel my insurance policy? And the answer is yes. They can do this in a couple of different ways. First way being is that they will send you a notice saying that, on this date, we will no longer be offering you coverage, meaning that, that could be in as soon as 10 days, maybe 20 days, 30 days. And [00:00:30] then, another way that they could do that is they will send what's called a non-renewal, meaning that, at the end of your policy period, whenever that ends, they will not be starting a new cycle, whether that be a six-month policy for a 12-month policy. Okay, so why does this happen? At the end of the day, if the insurance company is not being profitable, just as any other business would want to be, they're going to get off of that account. So, [00:01:00] maybe at some point in time that account was considered to be a favorable account, meaning that there is not a ton of accidents, not a ton of claims, everything was great. But at some point in time, if there was a trend that started in the wrong direction to where there was a bunch of liability claims or different types of claims, small claims even, they look at it like, okay, we're seeing this trend of claim, after claim, after claim, when is [00:01:30] there going to be the big one? And so, what they will do in those situations is they will study those things and decide, hey, are we comfortable staying on this account and taking on that risk? Or should we dismiss ourself from this policy and let someone else assume that risk? And so, a lot of times I'll see this specifically on the auto side of things, if we've got someone that's repeatedly getting different type of violations, whether [00:02:00] that be speeding, driving under the influence or anything like that. Now, a couple of speeding tickets here or there, a lot of times I'm not going to see any cancellation because of that. But again, if time, after time, after time we're seeing something that's heading in the wrong direction, I have seen them make the decision to get off of that account. And so, just wanted to cover that. That is one thing that they do have the right to do. They can non- [00:02:30] renew or cancel your policy. And that goes for, I mean, really any type of insurance that you would have. They do operate in the private sector and they have that right to do so. Obviously, there's different rules they have to follow in terms of the amount of time that they have to give you. And that's going to vary by state that you live in. And so, if you ever have any questions at all relative to your policy that you've got with us, or even if you're not a customer yet, and [00:03:00] you've got a question about anything we talked about today or any other insurance type of material, feel free to reach out. Give us a call at (620) 531-0261. We are on most social media platforms. You can check us out on our website as well at kansasinsuranceagent.com. Shoot us an email also at Mike@goodmaninsurancesolutions.com. Hope you have a great rest of your day and I'll talk to you next time.

Is my insurance policy covering the trailer I'm pulling behind me? Mike Goodman here, agency, principal Goodman Insurance Solutions. And today, I want to address the trailer. Alright, there are a couple of different ways that we can look at this scenario as far as what could happen and what are expectations as the person pulling that trailer, maybe the person that owns that trailer. All right. So if we're headed up the highway, there's one thing that stands out to me that I think could happen while you're pulling that trailer, whether it be loaded or unloaded. And that is that the trailer could come on hooked. In that situation, what could happen? There are a lot of things that could happen. One is that that trailer could strike someone else's vehicle to strike someone else, strike someone else's property. And who's going to be liable in that situation? And where does the coverage come from? If you have an active and in-force insurance policy, a lot of times, the coverage will come from what's called the power unit, the pooling unit, which is the vehicle you are driving, that is pulling that trailer. All right. So that part, most of the time, that part is taken care of if your policy is active, which will stem or extend from that power unit. Now, another way we could look at that scenario is that do we want the trailer itself to be covered for things like theft, we cover for things like collision, other comprehensive losses, like maybe got hit by an animal, maybe you got struck by some hail. If you want coverage for the trailer itself, in those scenarios, we need to schedule the trailer. A lot of times, when we scheduled the trailer or put the trailer on the policy when we're saying scheduling, that's all that means. A lot of the premium on that is pretty small, pretty insignificant. And so everyone handles this differently. You know, some people just self-insure that trailer and take that risk. But at the same time, I see many people that go ahead and schedule that trailer just to eliminate that chance of loss there. I hope I cleared up any questions you had about the trailer covered as we're pulling it; you've got further questions about this topic or anything else. Feel free to reach out to us anytime. Our number is 620-531-0261, or you can also find us on most social media platforms. Thank you for your time, and have a good day.

Regarding protecting your car, two types of coverage often come up: auto insurance policies and car warranties. But what's the difference between the two, and which one do you need? In this video, I break down the key differences between auto insurance policies and car warranties to help you make an informed decision. First, I explain what auto insurance policies cover, including liability, collision, and comprehensive coverage. Then, I discuss what a car warranty typically covers, such as mechanical breakdowns and repairs. I also talk about how the cost of these two types of coverage can vary significantly and what factors to consider when deciding which one to get. Next, I dive into some common scenarios where you might need one type of coverage over the other. For example, if you get into an accident and your car needs repairs, your auto insurance policy will likely cover the costs, while a car warranty may not. On the other hand, if your car breaks down due to a mechanical issue, a car warranty may be the more appropriate type of coverage. Finally, I offer tips for finding the right auto insurance policy or car warranty for your needs based on your budget, driving habits, and car model. So if you're trying to decide between an auto insurance policy and a car warranty or want to understand the differences, don't miss this video. Click the "play" button now to learn more!

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Will my homeowner's insurance policy pay to replace the roof on my house? Mike Goodman here, agency, principal Goodman insurance solutions. And today, I want to talk specifically about the roof, and what types of coverages that you might have. This is a question that we get quite a bit. And, you know, in terms of coverages, a lot of times what we see daily is that person will have either replacement cost coverage on our policy, or they might have actual cash value coverage on their policy, I want to talk about these two, two different coverages because they are distinctly different, they both have their advantages. And then I do want to talk about some disadvantages of one of those, okay, so if you have an insurance policy, and you have a roof on your house that is relatively new, most likely, you've got replacement cost coverage, what your replacement cost coverage is going to do is that if you have a claim, and the adjuster comes out and deems it necessary to repair your property, then what's going to happen is that the coverage is going to respond in a way that's going to replace what you have with new materials. Now, if you have a roof that either is not in great condition, or B has some age to it, a lot of times when I say age, something that is more than 20 years, all right, in terms of age, and you probably have what's called actual cash value on your coverage on your policy, I should say. And so the way that's going to work in a claim scenario is that they will take the cost to replace your roof, and then they're going to subtract the depreciation from that, and then that's going to be your settlement. And so, you know, a simple way to look at this is if you, you do have like a 30-year shingle, okay, so the manufacturer expects that shingle to last, at least up to 30 years, and you currently you're at your 20, okay, so theoretically, you've got 10 years worth of life left on that. In the actual cash value settlement, they're going to apply that depreciation that will be subtracted from the cost to replace, and that will be your settlement. The actual cash value is not the end of the world, especially on something new, you know, just say that we put a roof on today, and we've got actual cash value coverage, it's not the end of the world, it's only been one day, between yesterday and today. And so obviously not going to be a whole lot of depreciation, where we can kind of get into a little bit of trouble is that if we have a roof that has, you know, its life has kind of done, alright, then you get into a situation where there's not a whole lot that's going to probably be paid out in that scenario. So just wanted to kind of go over those things, I get that question a lot, as far as how coverage is going to work. As boring as the insurance paperwork is, I'm sure for most of you might be a good thing to look at some time. You know, if you pull out your declaration page, you should be able to find that coverage. You know, on your policy, and a lot of times I'll see folks for their insurance policy, they might have replacement cost on the house. But when you get to the part where it talks about the roof, specifically, it might say Actual Cash Value, depending on its age of it.

If you're looking for an extra layer of protection for your assets and financial future, an insurance umbrella might be just what you need. In this video, I explain how an insurance umbrella works and why it's a smart choice for many people. First, I cover the basics of an insurance umbrella and how it differs from other types of insurance. Then, I discuss common scenarios where an insurance umbrella can provide valuable coverage, such as car accidents, home liability claims, and lawsuits. I also explain how the limits and deductibles of an insurance umbrella work and how to choose the right coverage amounts based on your personal situation. Finally, I offer tips for finding a reputable insurance company to help you get the right insurance umbrella policy for your needs. So if you're looking to protect your assets and give yourself peace of mind, don't miss this video on how an insurance umbrella works. Click the "play" button now to learn more!