Welcome to the Homer Yost Agency Herald, a quarterly publication dedicated to providing timely information and tips to insure a better life!   

Weather Extremes...

The New Norm?

 Considering the abnormally hot and dry summer we recently experienced, it is hard to imagine we could experience the other extreme - flooding. However weather extremes seem to be more common in recent years.  

In fact, according to NOAA (The National Oceanic Atmospheric Administration), more named storms (12-17) are predicted in this Atlantic hurricane season, (June 1 through November 30). Although Ohio is not on the front line of these severe weather-makers, we do have the potential to receive heavy rainfall, which can result in flooding as these storms travel inland after making landfall. Flood coverage is not included under homeowners and most other property insurance policies. Flood insurance is available through the National Flood Insurance Program, of which we have access to as independent insurance agents.

There are many misconceptions regarding flood insurance. Here are a few Flood Facts:

1. You do not need to live near water to be flooded. Floods can be caused by storms, hurricanes, melting snow, water back-up due to inadequate/overloaded drainage systems, dam failure, etc.

2. You can buy flood insurance as long as your community participates in the National Flood Insurance Program.

3. Renters as well as Homeowners can purchase flood insurance.

4. There is usually a 30 day wait before flood coverage goes into effect. Plan ahead.

5. Federal disaster assistance is only available if the President declares a disaster. Flood insurance pays even if a disaster is not declared.

Flood insurance is more affordable than you may think. Call us for a quote on your specific needs.

For additional information  see www.fema.gov/nfip  

With the enactment of the Affordable Health Care Act, significant changes to the health care and health insurance industries will be implemented over the next several years.

With the Supreme Court's ruling on June 28, 2012 to uphold the Affordable Care Act, the many provisions of the law will continue to transpire. In addition to the various benefit changes outlined in the law, there are measures included to fund them, some of which are new tax rules.  

Beginning January 1, 2013 high-income wage earners will pay an additional medicare tax of 0.9%. Only earnings above the following are subject to the tax: $200,000 Single; $250,000 Married Filing Jointly; $125,000 Married Filing Separately. Similarly, an additional 3.8% tax on net investment income (includes items such as taxable interest, dividends, annuities, rents and royalties, capital gains) will also take effect for high-income individuals.  

Additional funding provisions will be addressed in future editions of the Homer Yost Herald.  

Be Informed Before You Volunteer 

Volunteering your time to serve as a board member for churches, PTA's, booster clubs, non-profit organizations, etc. is an admirable thing to do.  However, if a decision is made by the board that turns out negatively and a volunteer board member is faced with a lawsuit - what then?

Do not depend on your Homeowners policy to respond in such a situation.  The liability covered under a homeowners policy is for bodily injury (bodily harm, sickness) and property damage  (damage to tangible property).  Claims against board members  usually do not involve bodily injury or property damage.  Instead they typically involve a poor decision that results in a financial loss to the organization.  Additionally most homeowners policies do not cover personal injury - including claims of libel, slander and false advertising.  This is also a type of claim potentially resulting from volunteer activities.   

What should you do to protect yourself as a volunteer? 

1.  Add personal injury coverage to your Homeowners policy.

2.  Purchase a personal umbrella policy.  Umbrella policies sometimes have broader liability protection than the Homeowners policy.

***3.  The best protection is to make sure the organization has a Directors and Officers Liability policy.  This type of policy is designed to provide liability protection for board members/volunteers with regard to their decision making.

Find out if the organization you plan to volunteer for carries a Directors and Officers Liability policy before you agree to serve.