Insurance Policies

Types of Insurance That You Need

There are several types of insurance policies that you may want to invest in. If you have any questions about your current policy, or an existing policy, make sure to contact us so we can advise you on your options.

Homeowners insurance

If you own a house, your bank will require you to have homeowners insurance. If someone loses their homeowners insurance for some reason, like a cancellation, nonpayment, or nonrenewal, then the bank is notified. They will immediately place their own insurance in it and bill the homeowner. Then they will give the homeowner a chance to get their own. The bank will not allow it to go uninsured for any length of time. Unless you have paid off your mortgage, there is really no way out of homeowners insurance.

Auto insurance

This is another must-have. In fact, it is against the law to drive without some sort of coverage. If you are caught driving without insurance, you probably will not go to jail, but your driver’s license will likely be suspended and you will be fined.

Health insurance

If you do not have health insurance, you will have to pay whichever is higher. In 2014 it was either one percent of your yearly household income or $95 per uninsured adult. In 2015, the fee was two percent of your income or $325 per person, and in 2016, it was 2.5 percent of your income or $695 per person. In 2017 and beyond, the fee will be adjusted for inflation. So make sure to look into what health insurance coverage is right for you and your family.

Umbrella insurance

Think of umbrella insurance as insurance for your insurance. It is an extra amount of liability coverage in $1 million increments that protects over and above your personal and auto liabilities if they become exhausted. Typically a family can add this policy for between $250 to $300 a year. If you need umbrella insurance, it depends on what you have to lose and how concerned you are about getting hit with a lawsuit. To review umbrella insurance or any other types of coverage, schedule an appointment with us so we can go through the options for you.

Why Health Insurance is Needed

No one plans to get sick or hurt, but most people need medical care at some point. Health insurance covers these costs and offers many other important benefits.

  • Health insurance covers essential health benefits critical to maintaining your health and treating illness and accidents
  • Health insurance protects you from unexpected, high medical costs.
  • You pay less for covered in-network health care, even before you meet your deductible.
  • You get free preventive care, like vaccines, screenings, and some check-ups, even before you meet your deductible.

If you have any questions about your current policy, or another policy, make sure to contact us. If you do not have health insurance coverage, there are some things that you will not be eligible for. Make sure to know the risks if you do not have health insurance. Consider these factors when deciding whether to buy health insurance.

You may need to pay a penalty

If you choose not to sign up for health insurance, you will need to pay an annual fine at the end of the year. It may not seem like a lot at first, but over time the penalty fee will increase.

You risk financial ruin

You may be healthy now, but the onset of a sudden or serious illness (cancer, diabetes, appendicitis) or a traumatic event (ski accident, car crash) can leave you with staggering medical bills. The inability to pay high medical bills, one of the most common reasons people file for personal bankruptcy, can ruin your credit history and set you back for years. By having health insurance, you can be covered for any accident or unexpected emergency that you or your family might have.

No access to preventive care and primary care

The law requires insurers to cover annual checkups and preventive care, including mammograms, vaccinations, colonoscopies, and prostate cancer screenings, without a co-pay. That means you are more likely to stay healthy and catch health problems early, when they’re easier and less expensive to treat. Policies also must provide a minimum standard of care known as essential health benefits in 10 categories. These include preventive and wellness services, ambulatory (outpatient) care services, emergency care, hospitalization, maternity and newborn care, pediatric care, mental health and substance use disorder services, prescription drugs and rehabilitative and habilitative services, such as specialized therapies and medical equipment to help people facing long-term disabilities.

Benefits of Having Car Insurance

When you own a vehicle, it is important to invest in car insurance. By having insurance, it will keep you from hefty fines, possible impoundment of your vehicle, suspension of your license, and even jail time that can result if you are convicted of driving without this important form of protection.

Different Types of Auto Insurance

There are several types of coverage drivers should consider. Liability car insurance is the most important part of the insurance because it protects you from the financial and legal repercussions of an accident affecting another vehicle, driver, or property. The benefits of liability car insurance will apply if find yourself responsible for damages to others, not to yourself or your own vehicle, in an accident.

Having only the minimum level of insurance means that you are leaving yourself open to a significant amount of risk if damages from the accident exceed your coverage levels. On the other hand, having too much car insurance means you might be paying excessive premiums for coverage you do not need. It is important to do your research when deciding how much liability insurance you need. We can also advise you on the correct amount you will need

Collision is the form of car insurance that will pay for damages to your own vehicle in an accident. If you owe any money on your car, you will likely be required by the bank to purchase collision insurance. Choosing the right deductible for you is an important consideration. The deductible refers to the part of any damages that you must pay yourself before your policy kicks in. Paying a higher deductible means forking over less each year in premiums because you are taking away some of the burden from the insurance company. If you choose a lower deductible, you will pay more for your policy because the insurance company is assuming more risk.

Comprehensive car insurance coverage is an extension of collision insurance that covers your vehicle when it is on the receiving end of damages from theft, weather, or fire. When your windshield is struck by a rock over the course of your travels, for example, it is comprehensive insurance that will pay to repair the crack. If you ever have a question about insurance or your current policy, make sure to contact us.

The Importance of Having Insurance

You may know it is important to have insurance, but do you know why you should have an insurance policy? Insurance is a way to help manage risks for you, your family, and your home. When you purchase insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, which is the premium.

The insurance policy will help you to own a home, drive a vehicle, maintain your current standard of living, cover health car costs, and help provide for your family in the case that something would happen.

Even if you are in good health, an unexpected illness or injury could require you to pay out-of-pocket if you do not have health insurance. If you are uninsured and unexpectedly require surgery or other emergency care, your expense will be for the full amount of the services, which could be thousands of dollars. While you may save money every week by opting out of a health insurance plan, the costs of being uninsured could be much greater in the long run.

Homeowners and renters face the risk of their property being damaged by a natural disaster or a home robbery. If you are not insured, it may be costly to replace all of your belongings. You may not think your belongings are worth the insurance premiums, but replacing electronics alone could cost thousands of dollars, depending on what you own. If you are insured, the coverage can help you replace these items.

The real benefit of insurance is to reduce the financial risk and give you the support you need when the unexpected happens. If you are not sure what insurance policy you need, make sure to contact us and we can advise you on the options you have.

Understanding Homeowners Insurance

Having insurance is important and necessary to protect your home, but do you know what is included in the insurance? If you have any questions or concerns about your insurance, or coverage you might need, make sure to contact us and we can advise you.

When you purchase insurance, make sure you are getting the right coverage you need. There are different levels of coverage, so you will want to make sure you have enough to cover what you have. You will also want to avoid paying for more than what you need. One level in the policy protects newer, well maintained homes. It can cover against accidents and disasters, except for those specifically excluded by the policy.

You should also understand the details and terms of your policy. The deductible will refer to the amount you will pay out of pocket before the insurance kicks in. The higher the deductible is, the lower the annual premium will be. You will also want to know what liability coverage is. This is the coverage that will pay for medical or legal bills if someone is hurt on your property. Personal property refers to your property such as furniture, electronics, or clothing. Replacement cost is the kind of insurance that will pay for the full cost of replacing your personal property, but only up to a maximum dollar amount. Most of the standard policies offer replacement cost, but you will want to make sure the amount is correct for your items. If you have questions about what your insurance means or covers, always make sure to contact us. We can help answer your questions, as well as advise you on the right coverage that you will need.

Why Do You Need Insurance?

Having insurance is important in order to protect yourself and what you own. You can find an insurance policy that cover almost anything imaginable, but there are only a handful of policies that you actually need. Some types of insurance can protect your possessions, income, and even provide for a loved one when you are gone.

Health insurance is a necessary policy to have. Good health allows you to work and earn money, as well as enjoy life. If you come down with an illness or have an accident without health insurance, you may find that you are unable to receive proper treatment. Many employers will provide health insurance benefits to full time and sometimes part time employees. If you do not currently have health insurance, make sure to contact us so we can set you up with the right plan.

Another insurance policy you can invest in is life insurance. This is recommended to have if you are married or have children. When you are gone, you create an income gap, which could put your spouse or children in financial trouble. This can also create more stress on the family during a difficult time. Many employers offer basic life insurance as a benefit, so make sure to check with them first. Otherwise, you can contact us and we can provide the right coverage for you.

You should also make sure you have homeowners insurance. For many people, their home is their greatest asset, so it is vital to adequately protect it. If you rent your home instead of own it, you should get renters insurance. Your possessions inside your home can add up to a significant amount of money. If there was a fire, natural disaster, or burglary, you should have a policy that will cover most of the replacement costs.

You can also invest in auto insurance. This will help protect your vehicle incase it gets damaged and you would like to repair or replace it. Most automotive policies can also cover bodily injury or death of another person in an incident that you are legally responsible for. You can also find medical payment coverage that pays for medical treatment for you and your passengers during an accident, regardless whose fault it might be. If you have any questions about your current insurance policy or any other ones, make sure to contact us so we can answer your questions.

What is an Umbrella Policy?

A personal umbrella policy can be a good option for you. It is a type of insurance that will provide liability coverage over and above the auto or homeowners policy. If the liability coverage is not enough to cover the damage of an accident you cause or and incident on your property, a personal umbrella insurance policy kicks in right where your other liability has been reached. By having an umbrella policy, you can be protected when your other insurance is not enough. An umbrella policy provides additional coverage or excess liability above the limits of your basic policies. It can protect you from bodily injury liability claims and property damage liability claims. Umbrella policies also provide a broader form of coverage and can help cover legal fees, false arrest, libel, and slander.

Your umbrella insurance can come into play if you are found liable and need to pay damages, or if you are sued and need to pay for your legal defense, even if the result is that you are not found to be responsible. An umbrella policy only pays once your basic liability limits have been exhausted or the claim is excluded from the basic liability coverage. The claim will be made against you, the policyholder, on behalf of the wronged party. Then your insurance company may pay the settlement amount up to the limits of your coverage. If the settlement amount exceeds your coverage limits, you are responsible for paying the remaining amount out of pocket.

When choosing your coverage limits, there are some things you should consider. Consider the risks that you might face. Consider risks as a homeowner or renter, the risk of causing an accident during your work commute, and any potentially dangerous activities you participate in that could put those around you at risk. Also remember to value the assets you have. These include properties, possessions, stocks, bonds, savings and retirement funds. The more assets you have to protect, the higher the umbrella policy limit you should consider. Since liability lawsuits can results in loss of both current assets and future income, consider potential loss of future income. Even if you have a few assets to protect, you may want to consider the long-term ramifications of a serious claim.

If you have any questions about your current insurance policies or other ones, make sure to contact us. We can advise you on the options you have, as well as recommend the policies that are beneficial for you.

Be Aware of Cyber Insurance

When you hear about insurance, one type that you might not be aware of is cyber insurance. By knowing what cyber insurance is, you can help to protect yourself, as well as your business. Since technology, social media, and the internet play a key role in how most organizations conduct business or reach out to potential customers, there is a greater chance that a cyber attack happens. This can happen to businesses large and small.

A cyber insurance policy, is also referred to as cyber risk insurance or cyber liability insurance coverage. This is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber related security breach or similar event. About one-third of U.S. companies currently purchase some type of cyber insurance.

Cyber insurance typically covers expenses related to first parties as well as claims by third parties. Although there is no standard for underwriting these policies, the following are common reimbursable expenses for cyber insurance. If you have any questions about your insurance policy, or cyber insurance, make sure to contact us so we can explain the options to you.

Know About Renter’s Insurance

At one point in time, most apartment renters and condo owners never considered buying homeowners-type insurance to protect their valuables. Now, however, renters insurance or condo insurance on the contents of your apartment or townhouse is a requirement that many landlords and condo associations enforce.

Know what the Insurance Risk Is

Even if you think that you are careful with your stuff and how you live, you will still need renters insurance. There are two types of risks to consider if you are renting, and that is loss and liability. While the risks are generally small, so generally are the premiums, which is the cost of insurance coverage that you pay. The loss coverage can cover anything you lose in a natural disaster. In addition to fire and flood damage, high winds, like a tornado or hurricane, can wreak havoc. If your apartment is burglarized, all your valuables could disappear. Or, you might have a wide variety of electronic equipment that needs to come in contact with only a little bit of water to become worthless. If you have neighbors with plumbing living above you, the potential for a flood always exists, especially if there’s a fire because the firefighters will spray hundreds of gallons of water that will soak the apartments several floors below where the fire was. The liability covers other accidents. If someone, especially someone you do not know well, like a painter or electrician, were to trip and fall or get injured in some other way in your apartment or condo, you could get sued and lose a great deal of money. Another costly liability can come if you have a dog, as people have successfully sued for hundreds of thousands of dollars after being bitten.

Make sure the Valuables are Inventoried

Whether or not you have insurance yet, make an inventory of all your belongings. While you’re making this list, take pictures of anything that’s valuable, including electronics like computers and flat screen TVs, jewelry, expensive china, glassware and silver, family heirlooms that have value as antiques, and collectibles because those pictures will be useful as evidence if you go ahead and get insurance. Some insurance companies have an online digital wallet where you can store these pictures, just in case the computer where you download them gets damaged or stolen. On your inventory list, include a column for what the replacement cost of each item would be. When you add it all up, you will have an idea of what you could lose were there to be a fire or flood in your apartment or building.

Apartment Insurance to be Aware of

Apartment insurance is generally low cost, unless you really have a lot of valuables or live in a high crime area. You can also get a good rate if you already have insurance, say for your car, and you bundle the policies with the same company. If you do not have a relationship with an insurance company, there are websites that will allow you to compare the costs from different companies such as renters insurance. When considering the cost of insurance payments, always think about how much it would cost you if you were to suffer property loss or get sued without being covered by insurance.

Know What an Umbrella Policy Is

A personal umbrella policy, also know as PUP, is a type of insurance that provides liability coverage over and above your automobiles or homeowner’s policy. So, if your liability coverage is not enough to cover the damages of an accident you cause or an incident on your property, a personal umbrella insurance policy kicks in right where your other liability underlying limits have been reached. An umbrella policy can protect you when your automobile or homeowners insurance isn’t enough.

How the Umbrella Policy Protects You

To better understand how a personal umbrella policy works, here is an example. If you are at fault in a car accident that injures another driver, your regular automobile insurance will cover the other driver up to the limit you selected, say $250,000. But what happens if that limit is not enough to cover the other driver’s needs? If the other driver’s injuries are severe, he may require benefits beyond the $250,000 your policy covers. In this case, he could sue you, which means your personal assets would be at stake. This could be a small amount, but imagine if that injured driver were a surgeon or another high paying professional. What if the accident you caused resulted in an injury that kept him from doing his job for six months? Suddenly, he is suing you for one million to cover the six months he is away from work. Your automobile policy covers the initial $250,000, but where would you come up with the remaining $750,000? A personal umbrella policy can cover the additional costs when your insurance is not enough. The personal umbrella policy could provide the additional coverage you need so that you do not get stuck trying to pay the remaining balance yourself. This extra policy could protect your bank account, home, and other personal property.

Contact us With Any Questions

If you ever have any questions about your insurance coverage or different plans that are out there, make sure to contact us. We can advise you on what the different insurance plans and policies are. We can also recommend what insurance you should invest in. This way you can be covered for any accident or natural disaster that might strike. You have several options to choose from for auto insurance, home owner’s insurance, and health insurance. By having the right coverage, you can plan for any situation.