Flood Insurance

Flood Insurance

Flood Insurance Policies

Floods can happen anywhere it rains and there are many factors that can contribute including new development and clogged drainage systems. The risk of flood in the immediate area dictates insurance premiums, but a policyholder can determine their deductible. The Federal Emergency Management Agency (FEMA) continuously conducts studies in communities that include statistical data from rivers, tides, rainfall and topography to determine the level of flood risk. The risk level of a particular area is shown at the site of the National Flood Insurance Program (NHIP) at FloodSmart.gov.

The Cost

The average insurance yearly premium costs about $650 per year paid in full. The government regulates the cost so rates stay the same between insurance companies. If the property is damaged or destroyed by flood, the homeowner must meet the deductible before receiving the cash amount required to repair the damage or up to the policy limit for the value of the home. The maximum amount of insurance a homeowner can take out to protect their property against flood is $250,000.

The Coverage

Flood insurance is not a mandatory insurance unless a mortgage lender requires it and the property is in a high-risk area. It is available for all levels of flood risk to homeowners, renters, condo owners and commercial owners and tenants. The policies vary from moderate, low or high-risk areas and can include building and contents or contents only. FEMA sets the guidelines of included coverage such as certain permanent aspects of the building, like the foundation, walls and built in appliances (refrigerators, dishwashers and stoves), to the items not covered, like porches, septic systems and swimming pools, and limited coverage for areas below the lowest elevated floor, like basements and crawl spaces.

The Benefits

According to the NHIP even a couple of inches of water can lead to tens of thousands of dollars in damages. Coastal populations are not the only areas prone to flooding. A home far from any river or coast can experience a flood lasting for weeks from heavy rain or a snowmelt. Even in a low risk area, protecting against a flood can save a home or business owner thousands of dollars in damages.

Commercial Auto Insurance

Commercial Auto Insurance

Commercial Auto Insurance Policies

The Importance Of Utilizing Commercial Auto Insurance

Whether you are a commercial vehicle driver or a business owner with a fleet of vehicles, persons who use commercial vehicles should definitely take advantage of Commercial Auto insurance. Doing so will help protect your organization from financial liability in the event that an incident causing injury and property damage takes place.

If you own operate a business that has drivers for delivery or transportation, such as a food delivery service or shuttle service, you are required to have commercial liability insurance. If you’re a commercial driver, you may also need commercial vehicle insurance to protect you from being fined or sued. If you are a business owner or a operate commercial vehicles on a weekly basis and are unsure about the coverage you may need, our advisors are here to help you learn more.

There are several types of Commercial Auto insurance policies available. These include liability, uninsured motorist, under-insured motorist, comprehensive and collision protection. You can also add other optional policies to your plan. Liability insurance pays for the damage caused by your vehicle to the other driver and vehicle.

The purpose of uninsured motorist insurance and underinsured motorist insurance is to protect you financially in the event that an accident takes place. Comprehensive insurance can cover for the cost of damages resulting from theft, natural disasters, vandalism, and weather conditions. Collision insurance pays for the repair costs for damages caused by a collision-specific accident.

Commercial Auto insurance provides several financial benefits for businesses. With this policy, your insurance company will become responsible for covering the expenses to repair damaged vehicles. Your insurance company will also pay for claims made against you by third parties. Commercial liability insurance requirements can vary by state. To learn more about the standards required in your community, contact our agency today.

Business Insurance

Business Insurance

Business Insurance Policies

Whether you own a large business or a small one, a construction company or a paper delivery service, business insurance will benefit you. Business insurance allows you to protect yourself from any kind of risk or loss that may come along during the life of your business. Through paying regular premiums to your insurance company, you are protected from potentially much larger costs.

Business insurance policies can help you cover any out-of-pocket costs that occur in the event that in incident takes place. Because there are many types of insurance for businesses, you’ll want to speak with an agent to determine the kind or kinds that are needed for you.

Some of the most frequently used forms of coverage include property, liability, workers’ compensation, business automobile, business interruption, key person loss, and employee health and life insurance. Each type protects your business from loss in that particular area of company function. Thus, it is likely not necessary to have coverage of each type.

Insurance can keep your business thriving even during a crises. Make sure you learn how to keep you business growing by obtaining coverage.

Supplemental (Voluntary) Benefits

Supplemental (Voluntary) Benefits

Supplemental Insurance Policies

Supplemental plans cover medical expenses that may not be covered under the traditional policy. These plans are designed to provide either a lump sum payment or can be paid directly toward co-pays, deductibles and co-insurance. Many people who want to avoid having to pay too much in medical expenses have supplemental plans to cover the gaps.

Much like other forms of insurance, the Supplemental insurance plan provides coverage to limit out-of-pocket expenses. If there is a serious illness or an extended hospital stay involved, the normal plan will only cover but so much of these expenses. When the policy’s coverage stops, the person must cover the out-of-pocket expenses. Supplemental insurance is designed to handle these expenses.

Supplemental policies offer cash payments for hospitalization, accidents and disability. Many of the supplemental plans allow maximum flexibility in how the funds are used. Once the coverage limits are reached on the original policy, the supplemental plan covers those medical costs. These plans make it easier to handle lower wages, medical expenses, and household expenses that result from an unexpected injury or illness. Policies are portable and can be used wherever the person moves. Maximum flexibility means that any expense resulting from loss of income or extra expenses is another advantage to supplemental coverage.

There are Medigap plans that are designed to cover the expenses that aren’t covered by Medicare policies. Supplemental hospital insurance plans cover expenses stemming from when a person is hospitalized for a serious illness or accident. These plans cover costs like childcare and transportation. Supplemental cancer insurance plans cover non-medical costs and expenses that are not completely covered by the main policy. This coverage can be used towards radiation, prescription drug medication and air travel. Accidental death plans provide payments directly to the beneficiary if the policyholder dies and can supplement an existing life insurance plan.

Getting covered with this type of policy can help reduce the amount of money to be paid out of pocket for medical expenses not covered under the traditional policy. Supplemental plans reduce health care expenses by providing a lump sum payment to policyholders to be used at their discretion.

Umbrella Insurance

Umbrella Insurance Policies

A policy type known as Umbrella insurance provides an extra level of coverage for the policyholder. An example would be adding an extra $1 million of coverage for your auto insurance and, as a matter of fact, this happens to be the most common choice made for umbrella coverage. Another common example would be a boost to one’s normal homeowners’ liability coverage.

While approximately 90% of claims originating out of umbrella insurance are due to car accidents, these kinds of policies also protect against accidents occurring at one’s home too. For example, if an individual were to fall in one’s living room or down the stairs into the basement and he or she decides to take out a lawsuit, this kind of a policy would cover such an incident. Many property owners choose umbrella policies if they have risky items on their property such as a trampoline or water slide for their pool for example. This kind of a policy alleviates one’s stress over the possibility of injuries to children or adults on one’s property.

Many would make the assumption that a million dollars worth of coverage is excessive and that an Umbrella policy would be unnecessary. However, one could be quickly disabused of that notion should one be sued for an injury in one’s home or car.

It is important to keep in mind that insurance companies mandate precise levels of coverage for the home as well as within the auto insurance policy before an umbrella policy would be approved.

Umbrella insurance adds another level of protection. Learn how it can benefit your needs today.

Landlord Insurance

Landlord Insurance

Landlord Insurance Policies

Protection You Need

Landlord insurance or rental property insurance protects landlords against certain types of property damage, including fires, lightening and specific natural disasters. The policies typically cover the main building and any attached structures, including decks and overhangs, and one or more outbuildings, including sheds and garages. It also covers any personal property of the landlord’s including furniture and lawn care tools that are located within the rental property. Landlord policies do not cover personal property belonging to tenants.

Eligible Rental Properties

Landlords can insure properties that they own and are renting or intend to rent. Covered main buildings typically include vacation rental properties, single family homes, duplexes and row homes. Older homes and homes needing minor renovations can also be covered under a landlord policy.

Landlord Insurance Policy Options

Landlords can choose various types of policies, including comprehensive, named peril and liability policy options. Comprehensive rental property insurance replaces or repairs your property if it is damaged accidentally or suddenly by fire, theft, vandalism or certain not excluded natural disasters.

Named peril coverage covers damage and properly loss from specifically listed accidents and severe weather occurrences.

Liability coverage protects the landlord if an individual gets hurt on the property, and the landlord is found to be responsible for the accident.

Rental Insurance Settlement Options

There are several settlement options available to landlords, depending on the degree of loss. Payout options include total loss and partial loss. A total loss payout occurs when the property is completely destroyed. The landlord receives a payout in the amount of the policy excluding any deductibles.

A partial loss payout occurs when the covered accident or disaster does not completely destroy the property. In this instance, the landlord receives a payout in the amount of the estimated repairs minus any deductibles and depreciation. In addition to the basic insurance policy, landlords can opt to purchase replacement cost insurance, which helps replace the destroyed property with a similar property.

Condo Insurance

Condo Insurance

Condo Insurance Policies

Just as obtaining homeowners insurance after purchasing a home, condo insurance is equally as important. If you’ve recently bought a condo, you’ll most definitely want to look into specific insurance to protect your property, as well as that of your neighbors. A condo is different than a stand-alone dwelling, such as a house. There are communal areas and shared walls. You will want to look into the benefits of condo insurance in order to save yourself time, money and frustration should an accident or unforeseen event occur.

You may think you are covered for things such as shared areas of the property, common walls or liability under the fees you pay each month to the condo association. However, it’s likely that if this were to be your sole source of insurance, you would be very much underinsured. Having your own separate plan to cover all areas of your living area complex, including your individual unit’s interior, is a small, but wise investment.

Your own insurance policy for your condo residence will cover you and your possessions in the event of an accident or other unforeseen circumstance. An insurance agent who is trained in condo insurance can help you to make sure you have the types of coverage you need and that you are adequately insured beyond what the condo association’s master plan may cover. Anyone living in a condo or townhouse complex with shared walls and other communal property should have this type of insurance. An individual, privately held policy can save you a great deal of money, frustration and time.

Building Insurance covers all of the property, including the fixtures, rugs and walls within your unit, for the whole physical building. Liability Coverage takes care of any damage caused by you or your visitors. Personal Property insurance will replace anything you own individually within your residence. Loss of Assessment and Deductibles will pay for your share of insurance claims on the master policy. Loss of Use makes sure you don’t have to pay for lodging should you be unable to stay in your home.

Your residence keeps you safe. Make sure to return the favor by keeping it protected.

Boat Insurance

Boat Insurance

Boat Insurance Policies

Thousands of people across the United States enjoy taking boating trips every year. While many boat owners believe that their Homeowner’s insurance covers their boat as well, sadly, this is often not the case. Most policies will have minimal coverage for much smaller boats, leaving their precious vessels vulnerable.

In many ways, this type of insurance is similar to car insurance. Your policy may cover bodily injury, property damage and may even offer owners the chance to cash out or get a brand new boat in cases when the boat is damaged beyond repair.

Watercraft insurance is for anyone who owns a boat, regardless of the size. As stated before, if you own a very small boat, you may be able to include it with your Homeowner’s insurance. Individuals who own larger boats should seriously consider purchasing an insurance policy.

When your boat is involved in an accident that causes bodily or property damage, your policy will cover the medical costs. This type of policy is very similar to car insurance policies.

Many insurance policies even offer assistance to owners who are stranded and need a tow. If you own a boat but haven’t purchased insurance yet, here are some of the benefits to purchasing a policy:

Coverage: Your boat is covered, regardless of whether you’re in the water or on land. If you back into somebody while your boat is attached to your car, you’re covered by car insurance. If something happens to your boat while taking it out for a spin, you’ll be covered by boat insurance.

Peace of Mind: Operating a boat can often be dangerous. This type of insurance gives you peace of mind that, if something were to happen, you would be protected from any liability.

Areas of Coverage: Boat policies often cover large areas of water. Check with your potential insurance provider to find out where you can travel with your boat.

There are many advantages to having your boat insured. Learrn how you can reap the benefits by speaking with one of our advisors.

Motorcycle Insurance

Motorcycle Insurance

Motorcycle Insurance Policies

When you operate a motorcycle, you are legally responsible for the damage you cause, and this may include medical expenses and property damage for other parties if you cause an accident as well as other related expenses. Liability coverage is available that will pay other parties for their expenses up to the specified limits, and this can minimize your out-of-pocket expenses after an accident. Collision coverage essentially will pay for repairs to your own vehicle during an accident.

Whether you are purchasing a new motorcycle or you are shopping for a more affordable policy option, you may be taking a closer look at what motorcycle coverage actually includes. This is coverage that may include benefits for liability and collision, and there are other optional coverage options available as well. Liability motorcycle insurance is generally required by law in most states, and collision coverage may be required if you have a vehicle loan in place on your motorcycle. Essentially, this is coverage that may be required as well as beneficial for anyone who owns a motorcycle.

Comprehensive coverage goes a step above this, providing for repair costs if the motorcycle was damaged in a collision, major weather event, theft or other events. It can also pay for your own medical bills and damaged personal property. It can be burdensome to pay thousands of dollars or more in repair bills after an incident, and the right coverage can keep your expenses lower. In fact, in many instances, you may only need to pay your insurance deductible.

There are also optional coverage choices available. These may include those for under-insured motorists, uninsured motorists, roadside assistance, rental car coverage and more. While these are optional, many motorcycle owners may find that the coverage they provide is beneficial. You can inquire more about these options to determine if they would benefit you.

Auto Insurance

Auto Insurance

Auto Insurance Policies

Get Your Vehicle Insured

Owning and operating a motor vehicle is a privilege, not a right. You take responsibility for your driving actions whenever you get behind the wheel. Auto insurance is part of this responsibility, and having this type of insurance protection can provide you with peace of mind while on the road.

Car insurance pays for damages to a vehicle or personal property. It may also cover medical costs for persons injured in an accident caused by a motorist. This kind of insurance is specialized in terms of coverage types, eligibility and pricing. The benefits of having this coverage greatly outweigh the drawbacks. If you do not have coverage and are involved in an accident, you could be in violation of the law, and you may be ordered by a court to pay all repair and medical bills our-of-pocket.

Liability insurance is required in some form no matter where you live. Each state has minimum amount requirements for this type of coverage. Collision insurance is another form of coverage and may not be required by law. If you cause damage to your own vehicle, you must pay for the repair costs. These repairs can be very expensive unless you take out a policy that includes collision insurance. The deductible amount varies according to the amount you wish to pay each month for your coverage.

If you need to use your own insurance coverage after an roadway accident occurs, you will need to contact your provider and provide details concerning the type of accident. You will also need to put the agency or insurance company in touch with the law enforcement service that filed the accident report, or you may send a copy to the insurance company yourself. The insurance provider will adjust the payout amount according the information on the accident report and the details of the repair bill or medical report from a doctor or clinic.

Having your vehicle insured can not only help you stay safe, it can help you remain hassle-free.