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Antique & Classic Car Insurance

June 2nd, 2017 | No Comments | Posted in Insurance Discount Strategies

Since you have purchased a classic or antique vehicle, you’ll want to insure it properly, as it is an investment.

Coverage Inclusions

A typical classic car insurance policy includes the following:

  • Agreed value coverage: Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible.
     
  • Inflation guard: To compensate for how classic cars increase in value over time, the policy increases the vehicle’s value quarterly.
     
  • Spare parts coverage
     
  • Flexible usage: Ability to drive the vehicle up to 2,500 or 5,000 miles annually. Not limited to “parades only.”
 

Since classic and antique vehicles are all so different, your insurance coverage will be specific to your vehicle and how often you plan to use it. There are many considerations which you and Hodge, Hart & Schleifer will discuss while creating a policy to suit your classic car.

Additional Coverage Options

You can also purchase these additional coverage options for more specific protection:

  • Emergency towing in case of a breakdown.
     
  • Roadside assistance for items such as a flat tire, dead battery or running out of gas.
     
  • Emergency lockout
     
  • Lost key return
     
  • Emergency travel expenses in case your classic vehicle breaks down while away from home.
     
  • Car show expenses: Policy will pay for expenses associated with missing a car show due to a breakdown.
     
  • Theft reward
     
  • Personal effects: Policy will reimburse you for items that are vandalized or stolen when reported to police.

Live in the past while protecting your vehicle for the future! Contact Hodge, Hart & Schleifer today at 240-644-6000 to learn more about all of our insurance solutions for your automobile needs.

Market vs. Reconstruction Value

June 1st, 2017 | No Comments | Posted in Insurance Discount Strategies

Ensure that your homeowners policy limits correspond to the cost to rebuild in case of a natural disaster, whether it is a wildfire, hurricane or flood. Unlike a home’s resale value (which includes the cost of the land), the cost to rebuild is based on the amount needed to hire a contractor plus building materials and other additional costs.

Purchase Adequate Coverage

You decide how much coverage to buy for your home, but Hodge, Hart & Schleifer recommends purchasing coverage at least equal to the estimated cost of rebuilding your home.

How Does this Differ from Market Value?

The market value of your home is the amount a buyer would pay for your home, including the land, no matter how much rebuilding would cost.

What is Replacement Cost?

Replacement cost is the rebuilding cost necessary to repair or replace the entire home, including construction costs. This cost is different than the following:

  • The market value
  • The purchase price or the cost of the land
  • The amount owed on a mortgage

How do I Know Replacement Cost?

Get an estimate of the replacement cost of your home from a reputable builder. Hodge, Hart & Schleifer can help.

Home Improvements

When making a major change, let us know specifics. For example, if you’re replacing a standard bathtub with a whirlpool tub, or if your new countertops are made of marble, your home improvements could add enough value to your home to justify reexamining your coverage limits.

We’re Here to Help

Have other questions or doubts? Hodge, Hart & Schleifer is ready to assist you in the process of determining the value of your home and purchasing the right coverage to protect your investment.

Purchasing Medications Online

June 1st, 2017 | No Comments | Posted in Insurance Discount Strategies

Insurance for Your Wine Collection

June 1st, 2017 | No Comments | Posted in Misc

A true wine enthusiast understands the rewards of owning an expansive collection. The pride that goes into nurturing a bottle, anticipating its peak age and then enjoying its flavor can be gratifying.

e array of wines, it is wise to insure your collection in a stand-alone valuable articles policy. You can either insure the collection under a blanket amount, such as $50,000—or, if your collection contains individual high-value bottles, you may wish to insure each bottle separately. Generally, a stand-alone wine policy costs 50 to 80 cents for every hundred dollars of wine. Therefore, if you had a wine collection worth $100,000, your premium would be roughly $550.

Policy Inclusions

Wine insurance policies may include the following:

  • Protection against damages due to fire, theft or accidental breakage
     
  • Protection against mechanical breakdowns in the climate control unit that damages wine
     
  • Protection against label damage in a fire, flood or other natural disaster. For many rare, vintage wines, the label increases the value of the wine.
     
  • Access to vendors who ship, buy and sell wine. Vendors who store wine in another location; vendors who offer security systems for your collection and vendors offering temperature-control systems
     
  • Guidance for how to best store your collection, especially when building or renovating your wine cellar

Storage Recommendations

If you house a collection in your home, consider the following recommendations to reduce damage to your wine:

  • Do not store chemicals, paint or odor-producing materials near your collection. These items can permeate through the cork and spoil the wine.
     
  • Do not store wine near heaters or sunlight, or in areas that are susceptible to flooding, such as beneath a bathroom or laundry room. Also avoid placing wine in areas of the home that are beneath or next to a home theater which causes excess vibrations.
     
  • Store wine at 55º F. The humidity in a wine storage should also be 65 to 75 percent. Anything above or below that amount can damage the label or cork.
     
  • Install an alarm that warns against theft, temperature changes and moisture. When selecting an alarm, purchase one that sends a message directly to your mobile device.

Basics of Life Insurance Terms

June 1st, 2017 | No Comments | Posted in Personal Tips, Trips & Traps

A Helpful Glossary of Common Policy Types and Terms

Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit.

Cash value: The savings element of a permanent life insurance policy that represents the policy owner’s interest in the policy.

Contingent beneficiary: The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured. 

Convertible term insurance policy: A term life insurance policy that gives the policy owner the right to convert the policy to a permanent plan of insurance.

Dividend: A return of part of the premium.

Face amount: The amount of the death benefit payable under a life insurance policy.

Irrevocable beneficiary: A life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured’s lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary’s consent.

Insurable interest: The interest an insurance policy owner has in the risk that is insured. The owner of a life insurance policy has an insurable interest in the insured when the policy owner is likely to benefit if the insured continues to live and is likely to suffer some loss or detriment if the insured dies. 

Insured life: The person on whose life the policy is issued.

Original age conversion: A conversion of a term life insurance policy to a permanent plan of insurance at a premium rate, based on the insured’s age when the original term policy was purchased. 

Permanent life insurance: Life insurance that provides coverage throughout the insured’s lifetime and also provides a savings element.

Policy anniversary: As a general rule, the date on which coverage under an insurance policy became effective. 

Premiums: Amount paid to the insurance company to buy a policy and keep it in force.

Renewable term life insurance: A term life insurance policy that can be renewed at the end of the policy term.

Term life insurance: A life insurance policy which provides a stated benefit upon the holder’s death, provided that the death occurs within a certain specified time period. Policy does not build up a cash value.

Universal life insurance: A type of flexible permanent life insurance offering both term life insurance as well as a savings element, which is invested to provide a cash value buildup. Elements can be reviewed and altered as a policyholder’s circumstances change.

 

Tick and Tick-borne Disease

June 1st, 2017 | No Comments | Posted in Live Well, Work Well

Experts are warning that this year’s tick season could be worse and more widespread than ever due to milder winters, booming mice and deer populations, and the 2015 abundant acorn crop. Unfortunately, with the projected increase of ticks, the threat of tick-borne disease, including the most common, Lyme disease, also increases.

The best way to avoid contracting a tick-borne disease is to practice proper preventive measures, which include the following:

  • Wear light-colored clothing, including long-sleeved shirts and pants when in wooded areas, and tuck pant legs into socks or boots. Keep long hair tied back.
     
  • Wash your body and clothing after all outdoor activities.
     
  • Look periodically for ticks if you have been outdoors, especially if you have been in wooded areas or gardens.
     
  • Remove ticks within 24 hours to greatly reduce the risk of contracting disease.
     
  • Talk with your veterinarian about tick repellent for your pet.
     
  • Check your pet’s coat if it has been in a possible tick-infested area.

For more information on ticks and tick-borne disease, click here.

Rising Auto Insurance Prices

June 1st, 2017 | No Comments | Posted in Family Health & Safety, inSIGHTS

Although gas prices are low and job rates are rising, these factors are pushing auto insurance rates up. That’s because as people begin to drive more, car insurance claims and insurance payouts rise accordingly.

The National Safety Council (NSC) estimates that auto fatalities rose an estimated 8 percent last year, which is the largest increase in over 50 years. Additionally, the Insurance Research Council has found that the average cost per auto insurance payout is over $15,500—an increase of over 30 percent. As a result, many insurance providers have raised premiums, and you may see higher prices regardless of your driving record.

To save money on your auto insurance, consider raising your deductible and driving a vehicle with extra safety features. Also, be sure to contact Hodge, Hart & Schleifer today. We can work with you to find an insurance policy that best fits your unique needs.

June 2017 Festivals and Events

June 1st, 2017 | No Comments | Posted in Spotlight on the Community

The Washington, DC area and its surrounding communities in Maryland and Virginia host lots of annual festivals and special events. All dates, prices, and activities mentioned are subject to change, so please check the official website or call to confirm information. Please note that most of these events are held each year and the dates are updated as available.

Free Summer Concerts
Find concert schedules for free family entertainment throughout the month in various destinations around Washington, DC, Maryland and Virginia.

Free Outdoor Movies
Outdoor movies are getting very popular and there are a variety of venues to choose from throughout the summer. See the schedules here.

Herndon Festival
June 1-4, 2017. Downtown Herndon, Virginia. The free summer festival features live entertainment, international foods, carnival rides and games, children’s entertainment, a business exposition, 10k & 5k races, a Fitness expo, fireworks and more.

Imagination Bethesda
June 3, 2017, 10 a.m.-3 p.m. Bethesda, MD.  A children’s street festival featuring costume characters, face painters, dance troupes, theatre performances and a variety of hands-on arts activities.

Vintage Virginia Wine Festival
June 3-4, 2017. Bull Run Park, Centreville, VA. Enjoy samples by more than 50 wineries including over 250 award-winning Virginia wines, educational seminars on food pairing, fine art exhibits, children’s activities, food and live entertainment.

Washington Folk Festival
June 3-4, 2017, 12-7 p.m. Glen Echo Park. Presented by the Folklore Society of Greater Washington, the free festival features hundreds of musicians, storytellers, dancers, and craft vendors representing the rich cultural diversity of the Washington area. Audiences will enjoy American musical traditions such as bluegrass, blues, and swing as well as international traditions from across the globe.

Rain or shine.

Dupont-Kalorama Museum Walk
June 3-4, 2017. Visit museums near Dupont Circle featuring free admission and special activities for all ages.

Taste of Wheaton
June 4, 2017. Wheaton, MD. Enjoy a variety of food samples from local restaurants, live music and kids activities.

Capital Pride
June 8-11, 2017.  A street festival and parade celebrate pride in the Lesbian, Gay, Bisexual and Transgender communities in Washington, DC.

The Source Theater Festival
June 9-July 2, 2017. Source Theatre, 1835 14th Street, NW Washington, DC. See new works in theater, dance, music, visual art, film, puppetry, spoken word, poetry and hip-hop. Performances include three full-length plays, 18 10-minute plays and three Artistic Blind Dates.

Washington Nationals Baseball
The Major League Baseball’s National League East plays 81 home games each season at Nationals Park. Enjoy a fun-filled day cheering on DC’s baseball team.

Summer Theater in Washington DC
With dozens of performances around the region, here is the schedule of the top shows for the 2017 season.

Celebrate Fairfax! Festival
June 9-11, 2017. Northern Virginia’s largest annual community-wide celebration features live music, children’s activities, a community market place, a laser show and fireworks.

DC Jazz Festival
June 9-18, 2017. Enjoy more than 100 jazz performances at concert venues and clubs throughout Washington, DC.

Annapolis Arts, Crafts & Wine Festival
June 10-11, 2017. The two-day celebration of the arts in Annapolis, Maryland features the juried works of more than 150 fine artists and craftsmen, wine tastings, food, live entertainment and activities for the entire family.

Discover Strathmore
2017 Date to Be Announced. North Bethesda, MD. The annual open house features free music and dance performances, workshops, artistic presentations, food demonstrations, and more.

USAF Cycling Classic
June 10-11, 2017. Cycling event in Crystal City, VA to help members of the United States military who have sustained Traumatic Brain Injuries.

AFI DOCS Film Festival
June 14-18, 2017. Film festival, sponsored by the American Film Institute, showing free films, and special programs at several locations in the Washington DC area.

Taste of Reston
June 16-17, 2017. Reston Town Center. Enjoy a variety of food from the region’s finest eateries, live music, activities and games. Admission and parking are free. Tastings start at $1.

Columbia Heights Day
June 17, 2017. Harriet Tubman Elementary School, 11th & Kenyon Streets NW, Washington, DC. The community event includes live music, food, vendors, guest speakers, children’s activities and more.

Washington Soap Box Derby
2017 Date To Be Announced. Watch racers ages 8-17 compete in an All American Soap Box Derby on Capitol Hill.

Father’s Day
June 18, 2017. Looking for a special way to spend Father’s Day this year? Here are some ideas of ways to spend some family time with Dad on Father’s Day in Washington, DC, Maryland and Northern Virginia.

Manassas Wine and Jazz Festival
June 18, 2017.  Enjoy an afternoon of wine and live jazz in Old Town Manassas, Virginia.

UniverSoul Circus
June 22-July 23, 2017. FedEx Field, Landover, MD. Enjoy a big top showcase bursting with action-packed performances, colorful lights, pulsating music and international soul.

National Capital Barbecue Battle
June 24-25, 2017. If you love barbecue you’ll love the food samples, cooking demonstrations, interactive displays and children’s activities at this sizzling summer festival on Pennsylvania Avenue, NW between 9th & 14th Sts.

Northern Virginia Summer Brewfest
June 24-25, 2017.  Bull Run Regional Park, Centreville, VA. Enjoy a beer festival with food, live entertainment and children’s activities.

Vine on the Waterfront Food and Wine Festival
June 24, 2017. Alexandria, VA. The street festival showcases local food and wine and includes live entertainment, craft vendors and children activities.

Wolf Trap’s Children’s Theatre-in-the-Woods
Tuesdays through Saturdays, June-August 2017. Family friendly performances in music, dance, storytelling, puppetry, and theater. (recommended for children ages 5-12)

Smithsonian Folklife Festival
June 29-July 4 and July 6-9, 2017. Celebrate cultural traditions from around the world. The Festival includes daily and evening music and dance performances, crafts and cooking demonstrations, storytelling and discussions of cultural issues. This is one of Washington, DC’s most popular summer events.