#1 LET THE IRS SHARE IN YOUR CASUALTY & THEFT LOSSES

Suffering a loss is never easy. The only financial solace comes if the government allows you to deduct the losses on your tax return.

A casualty is legally defined as "property damaged or destroyed from a sudden and unexpected event".

Deductible casualty losses may result from a number of different causes, including automobile accidents, explosions, fire, flood, freezing rain, ice, snow, lightning, smog, storms, vandalism, winds and tornadoes.

Gradual damage doesn't qualify. The event must be sudden and swift, not gradual or progressive. For example, the gradual erosion and damage to homes or other structures caused by weather and age does not qualify for a tax deduction. But if a burst water heater damages your carpet, floor and furnishings, your loss would qualify for the deduction.

Losses Due to Criminal Acts Qualify. A theft is the unlawful and intentional removal of money or property from its rightful owner. It includes, but is not limited to, larceny, robbery and embezzlement. If money or property is taken as a result of extortion, kidnapping for ransom or blackmail, it may also be a theft.

#2 Exposure Questionnaire:

In an effort to update your insurance exposures, SKS sends all of our insureds an Exposure Questionnaire once a year. Please feel free to print and complete the exposure questionnaire from our Forms link then mail or fax it to your agent. Your agent will then be in touch with you shortly.

#3 CREDIT SCORES

How does my credit score affect my insurance? An insurance score information from your credit report is used to predict how often you are likely to file claims, and/or how expensive those claims will be. The way you handle your credit says a lot about how responsible you are. Insurance companies want to reward responsible people by offering them better insurance products and by charging them lower rates.

What kinds of things affect my insurance score: Insurance scores are based on information like payment history, bankruptcies, collections, outstanding debt and length of credit history. For example, regular, on-time credit card and house payment affect a score positively, while late payments affect a score negatively.

Do I have any rights if I am denied insurance based on my credit history: Absolutely. If any insurance company takes an "adverse action" against you, such as denying you coverage as a result of information contained in your credit report, you may obtain a copy of your credit report free of charge from the bureau that provided the information. If you believe there are errors in the report, you should immediately notify the credit bureau and the credit bureau must promptly correct errors.

#4 IF YOU’RE SUED, ARE YOU ADEQUATELY PROTECTED?

The United States is often called the most litigious country on earth. In fact it is estimated that over 94% of the world's lawsuits are filed in this country. Fortunately you can protect yourself by purchasing a personal umbrella policy. If you are sued over injury or property damage you cause are you adequately protected?

America's love affair with lawsuits is the engine that drives a $200+ billion a year industry. It's clear that the engine shows no signs of slowing down. Ever increasing numbers of lawsuits and record jury awards are the trend. In fact it's expected that over 15 million suits will be filed during the year - enough for one lawsuit every two seconds.

If you're sued over injury or property damage you cause, are you adequately protected? Although your automobile and homeowner insurance policies may already provide substantial liability coverages, juries often award damages that far exceed basic policy limits. Should this happen, you'll have to pay out of pocket for the difference between the juries awarded damages and the basic policy limits.

If you don't already have an umbrella policy, call your SKS agent today for a quote. In today's world EVERYONE needs this additional coverage. For approximately $15 a month your agent can provide you with an additional $1,000,000 of liability coverage.