In This Issue
Insurance Fraud - Terminology
Happy Memorial Day!
Is Your Sump Pump Ready for Action?
Ask Anne
Insurance Fraud
Terminology

We are all aware that insurance fraud contributes to the cost of insurance.  However, it is alarming to learn that according to the FBI, the total annual cost of non-health insurance fraud is estimated to be more than $40 billion.  Insurance fraud takes on a variety of schemes and scenarios and, in fact, there are specific terms to describe categories of insurance fraud.

Hard Fraud - The staging of an accident or claim that is intentional and frequently well-planned.

Soft Fraud - Is more opportunistic, and includes padding a legitimate claim, burying a deductible, or running up medical bills to inflate pain and suffering awards. 

Stay tuned for additional interesting information on this topic in future HYA Herald editions.

* Information courtesy of www.propertycasualty360.com
 
Happy Memorial Day!

This Memorial Day we honor the men and women who courageously gave their lives to protect our freedom, and we salute those who continue to protect our nation by serving in our Armed Forces. 
God Bless America! 

Homer Yost Agency Logo

Homer Yost Agency
421 N. Market Street
Wooster, Ohio  44691

Tel: (330) 264-6603     
Toll Free: (855) 301-6603
Issue #11                                               May, 2015

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

Is Your Sump Pump  

Ready For Action?  

 

Spring has finally arrived, and summer is just around the corner.  Along with the pleasant warm temperatures and sunshine, these seasons can also bring heavy rains and storms.  Many homes have sump pumps installed in case an abnormal amount of rainfall causes flooding.  If you have a sump pump, follow these maintenance tips to ensure your pump is ready when you need it.

 

Every 3-4 Months:

 1. Clean the pump inlet screen.
2.  Make sure the power cord is connected to power.
3.  Dump a bucket of water into the sump to raise the
      float and make sure the pump turns on.

Once A Year: 
1.  Remove the pump; clean and inspect it.
2.  Clean out the sump.
3.  Check the owner's manual to see if the pump
      bearings require grease or oil.
4.  Replace the pump in the sump.
 
Information courtesy of Central Insurance Companies.  

Ask Anne

Your Frequently Asked  

Insurance Questions

      

Q. What is the penalty fee for not having health insurance in 2015 ?

     
A.  As you may be aware, the Affordable Care Act requires people to carry health insurance (unless they qualify for an exemption).   
 
The fee for failing to have health insurance increases in 2015 to the higher of these two amounts: 
  • 2% of your annual household income, with the maximum penalty being no more than the national average premium for a bronze coverage plan.
  • $325 per person ($162.50 per child under 18), with a maximum penalty per family of $975.
Visit www.healthcare.gov for additional information. 
Watercraft 
Rental 
Beware
 
If renting watercraft is part of your plans for summer fun, there are some insurance concerns you need to be aware of before you take part in this popular recreational activity.  If you plan to rent a jet ski, most homeowner's policies limit the liability coverage available for rented jet skis to those with 50 HP or less, so this limitation may exclude coverage for many rented jet skis.  Liability coverage for most non-motorized watercraft, such as canoes, rowboats, rafts and kayaks is usually covered.

Besides the liability coverage for renting these vessels, you also need to take into account the physical damage coverage.  Imagine the cost to replace a jet ski or other vessel if the marina found you liable for damage.  Read rental agreements carefully to know exactly what you are responsible for, and check with your agent prior to renting to see what your policy will cover under this type of scenario.

Information courtesy of Central Insurance Companies.