Be Prepared For The Next Storm
There is no question another wind, flood, hail, or rain storm is in our future. It is always best to do a little preparation now so that you and your family are ready. First, we recommend that you have an agent complete a personal insurance review. There are some key areas of your personal insurance that help you in the event of a storm. These are just a sample of the kinds of questions we might ask you.
- Do you have flood insurance?
- If you live in high wind areas, you may need special wind coverage.
- Are your deductibles in line with your lifestyle?
Does your homeowner’s insurance include extra expense coverage? This would provide funds to rent a second home or a hotel room in the event your home needs repairs.
- Create An Emergency Kit
- Three-day supply of food and water
- Sanitation and personal hygiene items
- Photocopies of identification and credit cards
- Solar power source for smartphone
- Dust masks for every family member
- Items for infants such as formula, diapers, bottles, and pacifiers
- First aid kit
Since your home is your most valuable asset, you need homeowner’s insurance. Homeowners insurance gives you financial protection and peace of mind if something unexpected happens to your homes like theft, fire, natural disaster, or other loss.
You’ve worked hard to earn your lifestyle. Consider adding additional liability protection to your Auto, Home, Renters or Condo policy. Personal Umbrella Liability coverage added to your other policies can protect you, your spouse and any relatives living in your home.
Umbrella Insurance Protection
Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your business insurance, personal auto and home policies.
Umbrella insurance provides broad insurance beyond traditional insurance. It provides additional liability coverage above the limits of your primary insurance policies. It can also provide coverage for claims that may be excluded by the primary policies
It is true that personal umbrella insurance may not be for business or individual, but if you are a business, wanting to protect your company’s resources, building financial resources for your future, are a professional, own your home, boat or recreation vehicle, you should consider an umbrella insurance policy. Having the added protection of an umbrella insurance policy is coverage no one should go without. Call us today, for a free review.
High Net Worth Individuals
Do you own a boat, second home or have other expensive toys? Often high net worth individuals need higher liability limits to protect personal assets. A simple rule is, the more you own the greater risk you may have of losing it. The nice thing about an umbrella policy is that it is competitively priced. Usually, it costs about $300 per year for each $1,000,000 increment of insurance that you buy, and it can bring you piece of mind.
Your Personal Assets Are At Risk
Uber, Airbnb and VRBO may increase your personal liability risk
We live in a digital world that now allows us to share everything from our car, bike, boat, apartment and even our home with total strangers. Smartphones, and the applications that can be added offer many useful tools, but some of these things create new and increased liability for you. Before you decide to jump into the sharing economy consider the following:
Do these sharing sites have the ability to protect your confidential information? Many times you are giving your credit card information to companies that may not have the ability to protect it.
If you use Airbnb to sublease your apartment, you might check your lease. Many lease agreements have “no sublease” clauses that do not allow for this kind of activity. Also, some big cities are now actually considering outlawing the Airbnb services as it reduces hotel/motel taxes.
Uber offers a taxi service where individuals can offer rides to those who subscribe. Are you confident that these individuals have had proper background checks? Are they experienced drivers? Do they have the correct insurance? Remember, even in states that have mandatory auto insurance laws, over 25% of drivers don’t have insurance.
Personal auto insurance issues should be considered if using your car for hire. There is a big difference in the auto insurance world between a carpool for work and being paid to deliver people.
If you rent your primary home to others, it may limit your personal insurance coverage. Call out office for a review.
The use of the new sharing economy will most likely continue and may be a good way to make money. However, if you have an uninsured claim, the cost may be much greater. Be aware that using these services may increase your risk of loss.
There is a certain art to getting the right combination of business insurance, coverage, price, and service. Not all business insurance companies are created equal; they offer different kinds of coverage, have different limitations, and offer different services. Our job is to match your business with the insurer that can offer you the coverage you need at the right price.
Sometimes, a business owner or manager can forget about their business insurance. This can be a big mistake. If you do not review your business insurance annually, your business may be lacking the best business insurance possible. Here are a few reasons why your business insurance may be lacking.
Has Your Business Changed? If you offer new products, have hired more staff, use subcontractors, or purchased new and/or additional equipment, your business insurance will need to be updated. It is important to update your coverage, or you may have less insurance than you need at the time of a loss.
Are You Providing a New Service? If your business offers a new service to customers, you may need a different kind of insurance. For example, if you are a contractor and now provide design services, you will need professional liability insurance.
Are There New Laws or Statutes? Often laws are passed that can affect your business. For example, new laws have been created relating to using independent contractors. Often employers may use independent contractors to get around hiring additional employees. There are standards that your business must follow.
Have You Made Changes In Ownership? If your ownership or management team has changed, it is possible you need to review certain aspects of your insurance coverage.
Changes in Revenue. Your business insurance premium is tied to revenue. One of the policies this will greatly affect is Business Interruption Insurance, as this covers you for loss of profits while your business is out of action