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.

What is Life Insurance?

Understanding your insurance policy is important. If you ever have any questions about your current plan or another plan, make sure to contact us. We can answer any questions and advise you on the options you have for a plan. A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage.

Term Life Insurance

Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is generally less expensive than permanent life insurance.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Another common use is long term income replacement, where the need extends beyond working years.

Not matter what coverage you have, make sure to contact us with any questions that you might have. This way you know what your coverage will cover for you and your family.

Enjoy Your Summer With Proper Insurance Coverage

Summer is Here

During the summer, many look forward to activities that they can only enjoy during warmer months. Summer is also a time for family vacations and relaxing. Typical summer plans may include outdoor activities, entertainment, and traveling. While these are all great ways to make the most of the warm months, it is important to evaluate additional insurance needs. Accidents are bound to happen, but if they do, these simple insurance tips can help you to enjoy summer with peace of mind.

Remember that although trampolines and pools provide plenty of fun for kids during the summer, they also pose major hazards. Many people are severely injured in accidents involving pools and trampolines each summer. Insurance companies have strict rules for these hazards. Homeowners with built-in pools or even inflatable pools should contact their agents for information about pool coverage and rules for securing the pools. If you are not sure if your policy covers a pool or trampoline, make sure to contact us and we can advise you on the options you have.

You might even want to consider having insurance for your boat. Large boats are usually not covered at all, and separate boat insurance is needed to provide protection in the event that someone is injured on the boat. Jet skis and other personal watercraft items also require separate policies. Sometimes a supplemental insurance policy is needed.
While traveling on a trip or weekend getaway, it is important to be protected. Know what a home insurance policy covers before leaving for the trip. Not all policies cover personal belongings a traveler takes along for the trip if they are stolen. While some items may be covered, there is still a deductible to think about. It is recommended that you contact us so we can advise you on the best insurance policies for you and your family.

Enjoy The Summer With Proper Insurance

Having the right insurance policies for you and your family are important. There are different insurance needs for different people while in different stages of life. If you are not sure what type of policy you need, make sure to contact us. We can recommend the policies that are best for you, your family, and your possessions.

Homeowner’s/Renter’s

If a fire, tornado, or other disaster damages your home or your possessions, this insurance will cover your house and material belongings. It is a good idea to log your possessions in case you need to make a claim. If you do have homeowner’s insurance, make sure that you have guaranteed replacement cost.

Auto

Liability is insurance that covers anything that you caused in an accident, from damage to the car to the health of the humans on the other end. Another popular type of coverage is collision, which pays for your car if it is damaged or destroyed in a wreck. To save money, you can drop your collision or raise your deductible.

Health

If you do not have health insurance and need to go to the hospital, you will be paying those medical bills for years, maybe even decades. Depending on your health concern, you could be talking about hundreds of thousands of dollars here. Contact us and we can help determine which one best fits you and your family.

Disability

Many companies offer rates on long-term disability insurance to their employees. Some suggest choosing a policy where sixty five percent of your current income is covered and try to buy insurance that pays if you cannot perform the job that is required of you. You will still need to be fed and cared for, but you will not be able to generate an income.

Life

You will need to invest in a life insurance policy. Always go with term life because it is affordable for just about anyone and doesn’t include a bunch of rip-off fees. Plus, you can let the policy expire after you build up your retirement savings rather than being stuck with it forever. Unfortunately, about 39% of adults do not have life insurance. If you are not sure what type of insurance is right for you, make sure to contact us and we can advise you on the policies.

Type of Automotive Insurance

When looking for automotive insurance, there are several options you will need to consider. If you are not sure of what auto insurance to have, or have questions, make sure to contact us. We can advise you on the options, and recommend a plan that is right for you.

Liability

Liability car insurance is an important element 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. It is important to assess the exact amount of liability insurance you should purchase in order to derive maximum benefits. Most states require a minimum level of liability insurance, so we can advise you on the coverage needed. Having on 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 don’t need. It is important to do your research when deciding how much liability insurance you need.

Collision

This form of car insurance 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. You will also need to choose a deductible that is right for you. This refers to the part of any damages that you must pay yourself before your policy kicks in. Paying a higher deductible means handing 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.

If you own an older car, you will have the option to consider whether collision insurance is the wisest option. Some financial planners suggest that you should decline collision coverage if your premium comes out to less than 10% of what you will receive when your car is totaled. If you pay a premium of $250 per year on collision coverage, for example, as well as a $500 deductible, the $2,500 you will receive for your totaled vehicle may not justify your costs.

Comprehensive Coverage

Comprehensive car insurance coverage is an extension of collision insurance that covers the 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, it is the comprehensive insurance that will pay to repair the crack. If you are not sure what the best policy would be, make sure to contact us and we can explain the policies for you.

Being Aware Of What Life Insurance Is

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Usually, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage.

Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. This can provide a safety net for your beneficiaries and can also help ensure the family’s financial goals will still be met.

Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term.

Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Whole life can be used as an estate-planning tool to help preserve the wealth you plan to transfer to your beneficiaries. If you have any questions about your insurance plan, or even different plan options, make sure to contact us. We can advise you on the best option for you and your family.

Understanding Umbrella Policies

When you have an insurance policy, you will want to choose an option that is best for you, your family, and the possessions. Make sure to contact us and we can advise you on the right insurance policy to invest in. We can also advise you if an umbrella policy can be beneficial.

If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for your attorney’s fees, up to a limit set in the policy. However, you may want to have an extra layer of liability protection. That is what a personal umbrella liability policy provides.

An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander. For about $150 to $300 per year you can buy a $1 million personal umbrella liability policy. The next million will cost about $75, and $50 for every million after that.

Since the personal umbrella policy goes into effect after the underlying coverage is exhausted, there are certain limits that usually must be met in order to purchase this coverage. If you are unsure how much is covered with the umbrella policy, make sure to contact us and we can advise you on the options you have. No matter if you have a question or concern about auto, life, health, or home owner’s insurance, it is recommended to talk to us so we can recommend what the best policies are for you and your family.