How Insurance Protects Your Financial Future

Insurance is designed to provide the financial resources you need in the event of an un-expected loos.  This could be form an auto accident, home fire, disability or even a loss of the primary bread winner.

There are many personal insurance solutions and products that can provide the protection you need to help you manage your future financial wellbeing. Your current premiums are intended to help cover you in the future. What if your home was lost in a natural disaster? Will you be able to afford substantial repairs or a full rebuild? The cost of dealing with this catastrophe will be more than you can handle, as well as more than you have charged in insurance premiums.

What Kind of Insurance Do You Need To Protect Your Future?

Life Insurance – Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone. Life insurance can provide funds to; pay off debt, un-paid medical expenses, funeral expenses, future living expenses, college, and more.

Home Insurance – Homeowners insurance is a form of insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Health insurance – Health insurance is important to have, no matter what your situation is. If you don’t have affordable health insurance through your work, you might be able to qualify for a tax credit to make it affordable on the health insurance exchange.

Auto Insurance – Car or truck insurance is needed if you drive a vehicle. Almost every state mandates some kind of insurance. However, if your vehicle is inexpensive or you are confident in your ability to replace it, you can only need liability coverage.

 

Are You Insured Correctly?

Your home will be one of the most significant investments you will ever make, both economically and emotionally. Your family will spend countless hours there, among some of your most prized possessions. In the event of any misfortune, let us give you the peace of mind knowing that you are well protected.

Replacement Cost Coverage

You can insure your home and belongings for replacement cost, which pays the actual cost of replacing your home or possessions (no deduction for depreciation) up to the limit of your policy.

Suppose, for example, a fire destroys a 10-year-old TV set in your living room. If you have a replacement cost policy for the contents of your home, the insurance company will pay to replace the TV set with a new one. If you have an actual cash value policy, it will pay only a percentage of the cost of a new TV set.

Insuring expensive items with floaters/endorsements

There may be limits on how much coverage you get for expensive items such as jewelry, silverware and furs. Generally, there is a limit on jewelry for $1,000 to $2,000. You should ask your agent or look it up in your policy.

If the limits are too low, consider buying a special personal property floater or an endorsement. These allow you to insure these items individually or as a collection.

Additional living expenses after a disaster

This is a very important feature of a standard homeowner’s insurance policy. This pays the additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.

You should talk to your agent or company to make sure you know exactly how much coverage you have and how long the coverage will be in effect. In most cases, you can increase this coverage for an additional premium.

 

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.

Personal Umbrella Insurance

Many people are unsure what an umbrella policy is or what it covers. When you are outside, and there is a light rain or breeze, you generally don’t need or want an umbrella. However, if it is pouring down rain with high winds, you take your umbrella. An Umbrella Insurance policy works much the same way.

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 personal auto and home policies. Umbrella insurance is also competitively priced.

It is true that Umbrella Insurance may not be for everyone, but if you are building financial resources for your future, are a professional, own your home, boat or recreation vehicle, you should consider an Umbrella Insurance policy. Insurance offers Umbrella Insurance with very competitive rates. Having the added protection of an Umbrella Insurance policy is coverage no one should go without.

Umbrella insurance provides broad insurance beyond traditional home and auto. It provides additional liability coverage above the limits of homeowners, auto, and boat insurance policies. It can also provide coverage for claims that may be excluded by the primary policies.

When You May Need An Umbrella Policy

  • Having rental property
  • Owning a Boat, RV, or ATV
  • Have a high net worth
  • Owning a business
  • Having teen drivers
  • Own a swimming pool, trampoline, or swing-set

In addition, the umbrella may cover things like volunteer activities, statements made online, and certain business activities that a homeowner’s or auto policy might not cover.

Why Work With Our Insurance Agency?

  • We know and understand your risks
  • We are a full-service independent insurance agency
  • Our goal is to provide the best possible combination of coverage, price, and service.

 

The Best Ways To Insure Your Recreational Toys

As summer approaches, many people are moving outdoors. This includes using ATVs, boats, RVs, golf carts, and more. All these vehicles need insurance to protect you against damage and liability. It is important to have the right insurance for your recreational vehicles. Most of these are not automatically covered under your home or auto policies.

If you don’t want to insure physical damage on your recreational vehicles, that is an option, but you still need liability insurance. If you have loans on these vehicles, you may be required to insure them.

RV Insurance

RV insurance rates differ from company to company, so it pays to have us shop for your insurance. Some markets offer better rates for trucks, RVs, and campers, while others can offer better rates for motorcycles. To properly insure your RV, you may need liability, collision, comprehensive, uninsured motorist, medical payment, and towing coverage.

Boat/Watercraft Insurance

It would help if you considered watercraft/boat insurance for liability and damage to the hull and personal property. Boat insurance can include physical damage coverage, medical payments, liability, and trailer coverage.

ATV and Golf Cart Insurance

A standard auto insurance policy doesn’t cover ATVs. Even if you are not required to carry physical damage insurance on your ATV, it is still important to protect yourself from liability claims if you injure a third party.

 

How To Avoid Contractor Insurance Scams

As a homeowner, you carry homeowner’s insurance to protect yourself in case of damage to your home. A devastating storm can leave flooding waters, property damage, and personal injuries in its wake. Perhaps one of the least expected dangers that follow a storm is fraudulent contractors. Most contractors are honest and work hard, but some will follow disasters and try to take advantage of you.

After recent storms and major disasters, a few unscrupulous contractors use a trick to defraud homeowners every year – convincing them to sign away their rights through an Assignment of Benefits (AOB) form.

A contractor or repair company representative will often tell you that an Assignment of Benefits or “AOB” form is necessary for them to do work on your home. They may promise it will make the process easier for you as it will allow them to “handle everything.” They might even offer to lower or eliminate your deductible if you sign the form immediately.

Don’t allow contractors to start work before the damage is assessed by your insurer. Most importantly, don’t sign an AOB form. We are here for you and can help you navigate the claims process and avoid contractor abuse and fraud.

  • Use well know contractors
  • Ask for a written contract
  • Ask to see proof of insurance and licensing from the contractor
  • Make sure your agent and insurance company is involved.
  • Have your claims adjuster inspect all damage?

Five Things People Should Know About Insurance

For many people, insurance can be difficult to understand.  Most people know that insurance is needed, but often they do not fully understand what they are buying or if they are properly covered.  That is why it is important to have an insurance agent on your side.  A good agent will help you determine what your insurance needs are, educate you about your options, and help you understand the specifics of the insurance you are buying.

Here are five things that you need to know as you consider your insurance options.

  • You cannot add coverage for a claim that has already occurred. For example, if there is flooding in your area, you cannot buy flood insurance during an event.
  • Coverage gaps can be costly. Having a gap or lapse in coverage can be costly. Always pay your premiums on time, or ask for a grace period from your insurer.  You will end up paying more if you have lapses in your policy.
  • Insurance is not intended to cover everything. Insurance is designed to provide financial recovery after an accident or unforeseen loss. Every policy has exclusions which are important to understand. Remember, insurance is not intended to cover regular maintenance.
  • An agent can be a valuable resource. A licensed agent can help you find the best possible combination of coverage, price, and service that fits your individual needs. A good agent will be willing to answer any questions you may have and be there for you when a claim occurs.
  • Do not skimp on liability insurance. The cost of litigation these days underscores the need for everyone to have an adequate amount of liability insurance.  The greater your assets are, the greater your need is to have your assets covered.  To protect yourself and your family financially, buy enough liability insurance on your auto and home insurance policies to cover above your net worth.  We can help you determine how much coverage your individual needs require.

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.

Five Things People Should Know About Insurance

For many people, insurance can be difficult to understand.  Most people know that insurance is needed, but often they do not fully understand what they are buying or if they are properly covered.  That is why it is important to have an insurance agent on your side.  A good agent will help you determine what your insurance needs are, educate you about your options, and help you understand the specifics of the insurance you are buying.

Here are five things that you need to know as you consider your insurance options.

  1. You cannot add coverage for a claim that has already occurred. For example, if there is flooding in your area, you cannot buy flood insurance during an event.
  1. Coverage gaps can be costly. Having a gap or lapse in coverage can be costly. Always pay your premiums on time, or ask for a grace period from your insurer.  You will end up paying more if you have lapses in your policy.
  1. Insurance is not intended to cover everything. Insurance is designed to provide financial recovery after an accident or unforeseen loss. Every policy has exclusions which are important to understand. Remember, insurance is not intended to cover regular maintenance.
  1. An agent can be a valuable resource. A licensed agent can help you find the best possible combination of coverage, price, and service that fits your individual needs. A good agent will be willing to answer any questions you may have and be there for you when a claim occurs.
  1. Do not skimp on liability insurance. The cost of litigation these days underscores the need for everyone to have an adequate amount of liability insurance.  The greater your assets are, the greater your need is to have your assets covered.  To protect yourself and your family financially, buy enough liability insurance on your auto and home insurance policies to cover above your net worth.  We can help you determine how much coverage your individual needs require.

 

Are You Starting A Home Business?

Do you want to start a home-based business? Having a home business of your own is a good way to make a living. Keep in mind that if there are risks involved. Most home-based businesses do not have the same risks as other businesses, including buildings, employees, production machinery, and a fleet of vehicles.

However, home-based businesses do have many risks that need to be considered.

Do Some Pre Planning

  • Check with your local zoning to see if home-based businesses are allowed
  • If you are planning on having customers visit your home, you may need special permits.

Home Based Business Risks Can Include

  • Product liability
  • Professional Liability
  • Injury or damage to customers
  • Auto accidents
  • Disability
  • Cyber breach
  • Property loss and damage
  • Crime and dishonesty
  • Cyber liability
  • Web page copyright liability
  • Employees or contractor’s issues

The key is to understand what these risks are so you can take the necessary actions to make sure that your business is protected. It’s important to carry the right commercial insurance to protect your business in case of an unforeseen event. Hire a reputable insurance provider to help you assess the potential risks and determine which types of policies meet your business needs.

As an independent insurance agency we are affiliated with multiple industry-leading companies. It is these partnerships that allow us to provide our clients with better coverage at a competitive price. Our staff is knowledgeable and committed to providing a quality customer service experience to our valued clients.

 

Never Sign Away Your Rights

As a homeowner, you carry homeowner’s insurance to protect yourself in case of damage to your home. Horrifically, unscrupulous contractors use an insidious trick to defraud thousands of Florida homeowners every year – convincing them to sign away their rights through an Assignment of Benefits (AOB) form.

 

What is an “AOB” form?

A contractor or repair company representative will often tell you that an Assignment of Benefits or “AOB” form is necessary for them to do work on your home. They may promise it will make the process easier for you as it will allow them to “handle everything.” They might even offer to lower or eliminate your deductible if you sign the form immediately.

This tactic is often used by roofing contractors after storms, or by water restoration companies if you have water damage caused by a leak in your home. However, signing an AOB form efficiently turns over your rights under your insurance policy. If someone can gain access to the roof or the interior of your home before your insurance adjuster arrives, they may intentionally cause extra damage so they can inflate repair costs

Don’t allow roofing contractors up on your roof to “investigate,” or water restoration companies to start work before the damage is assessed. Most importantly, don’t sign an AOB form. We are here for you and can help you navigate the claims process and avoid contractor abuse and fraud.

You can help stop AOB contractor fraud by knowing your rights (including the right to cancel a contract, including a signed AOB form, within three days) and you can also help others avoid a nightmare like Barbara’s by sharing this information with friends, family, and neighbors. Together, we can put an end to contractor abuse and AOB contractor fraud.

Most contractors are very professional, but there are a few that follow disasters and try to take advantage of you.

 

How To Make Your Insurance Work For You

Every year people make resolutions to improve their financial position. Part of that process means looking at your business and personal insurance program and determining if it still works for you. We pride ourselves on attempting to provide the best quality insurance for all of our clients. But the truth is, proper insurance coverage and healthy financial habitats are in large part due to the actions of the clients. Here are a few lessons we have learned to help you make your insurance work for you.

Personal Insurance Tips

  1. Make a home inventory of all your personal property and place a replacement value on it.
  2. Replace your hot water heater if it is old.
  3. Clean our gutters annually.
  4. Meet with your agent to have an annual insurance review. As your life changes, so should your insurance.
  5. Have your roof checked on a regular basis.
  6. Make sure to check washing machine hoses and dishwasher hoses in case they need to be replaced.

Commercial Insurance Tips

  1. Check your workers’ compensation rates and classifications.
  2. Make sure you have written agreements with all contractors.
  3. If you rent or lease equipment, let your agent know.
  4. As your business changes, it is essential to communicate with your agent so proper coverage can be reviewed.

We Believe…

  • in the dignity and importance of people.
  • that every person and business should have the best insurance protection they can afford.
  • that the Independent Agency system will offer the best selection for all people with their various needs in the changing world we live in.
  • in responsive customer service and ongoing education for our agents. This allows them to best serve the customer with the proper protection and appropriate amounts of insurance.