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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.

 

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.

 

The Future of Risk

Business Insurance Trends

The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings a change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.

Business Insurance

Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers.  Also, the type of business you are in also impacts cost and coverage.  You should discuss your specific business risks and the types of insurance available for your business with us.

Future Business Insurance Risks

Intellectual Property

This is one of the fastest-growing areas of litigation. The average defense cost in 2019 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company’s operation.

Cyberattacks

Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no cover for cyber risks” although there still may be a duty to defend until such time as coverage is determined.

Social Media

Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to the business of being sued by employees and other third parties. There is a definite increased risk of defamation, libel, and slander for firms who don’t outsource the service.

Directors & Officers Liability

Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 20% of firms have been sued for directors and officers negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors.

 

How Our Agents Help Save You Money On Your Personal Insurance

Our team of agents works very hard to make sure your premiums are as competitive as possible.  There are many ways in which we help our clients keep insurance costs down.  We also believe that it is equally important to have the right kind of coverage that meets your needs at a competitive price.

Are you paying too much for your personal insurance?  If you believe you are paying too much for your current insurance coverage, then the following suggestions may help you save money:

Auto Insurance Savings Tips

Ask about discounts

Most insurance companies offer discounts.  While the availability of discounts will vary depending on your insurer, where you live, and whether you meet eligibility, make sure to ask if there are any discounts you can take advantage of.

Drive safely

OK, this one is obvious but true.  Drivers with no accidents, tickets, or insurance claims, almost always pay less for their auto insurance coverage.

Good grades

Most insurance companies offer discounts to student drivers who have good grades.

Remove or reduce coverage on older vehicles.

If your car is getting up there in age, you may want to think about dropping the collision or comprehensive coverage (or both) on your policy.

Bundle your services with one agent

Bundling your home and auto with the same agent often provides efficiencies in time and money.

 

Home Insurance Savings Tips

Raise your deductible

A deductible is the amount of money that you are responsible for paying toward an insured loss.  The higher your deductible, the more money you can save on your premium.

Make your home more secure

Invest in a home security system.  Having a smoke detector, burglar alarm or deadbolt locks on your home can earn you a 5% discount, depending on your insurer.

Bundle your insurance

Bundling auto and home insurance with the same company typically saves you 5% to 15% on your homeowners premium, according to data from the Insurance Information Institute. Again depending on your insurer.

Make improvements to your home

Updating your roof, furnace, water heater, or windows can help reduce your insurance cost.  If you’re a homeowner, your premiums could be quietly costing you more money than they should.  The good news is that insurers provide relatively easy-to-obtain discounts that can shave money off your homeowner’s insurance premium.

 

Personal Insurance for High Net-Worth Individuals

For many people, standard insurance products like home, auto, life, and personal umbrella insurance are adequate to protect their families and their assets.  However, for high net-worth individuals there is much more to consider.  There are millions of households in the U.S. with a net-worth of more than one million dollars, and almost one million of these households are in California, according to CNBC.com

People with a high net-worth need to look at insurance in a different way than others do.  No longer are they trying just to insure a home or car, but instead they should be protecting their many assets through insurance.  High net-worth individuals also have a different lifestyle that creates new risks that should be managed.  Affluent individuals have unique property and casualty insurance needs due to their exposure to risk and to the types of assets they own.  Individuals with money become targets when anything goes wrong.  It is important not only to insure your property and other tangible assets, but also to protect your financial wealth.  Here are some of the products and solutions that may help high net-worth individuals protect themselves and their assets.

Personal Umbrella Coverage

High net-worth individuals need a competitive personal umbrella insurance policy with a limit of at least one million dollars.  In some cases, depending on your wealth, you may need liability limits of up to five million dollars.  A personal umbrella is able to go over many different insurance policies, and help protect assets with defense coverage as well.

Domestic Employees Insurance

Individuals who employ cooks, housekeepers, nannies or others to work in their homes need to have insurance coverage for their employees.  Having this kind of insurance helps protect you if your employee sues you for damages.  It is also important to carry workers’ compensation insurance on your staff.  This policy may also cover certain medical expenses that may be paid to the employee, and can help to replace any wages lost.

Coverage For Wine

Many high net-worth people have wine collections.  A standard homeowner’s policy may not be adequate to respond to a loss.  Wine insurance can cover the entire dollar amount of the wine with a limit for each bottle.

Fine Art Insurance And Other Collections

Fine art insurance can cover the full market value, or appraised value, on any art you own.  Most standard homeowner’s insurance policies have limitations on the amount of coverage offered.  Fine art insurance also covers the art when it is purchased; even it is away from your home. Here are other items you may need to insure.

  • Precious jewelry
  • Fine art
  • Musical instruments
  • Rare postage stamps and coins
  • Sports memorabilia
  • Fine china and silverware
  • High-end electronics
  • Other antiques and collectibles

Property Coverage for High-End Homes

High-end homes often have unique construction that requires special property insurance coverage.  Custom construction drives the replacement cost higher.  It is very important to have full replacement coverage that addresses all the custom and unique types of property in the home.

Coverage for Home-Based Businesses

Many high net-worth individuals operate home-based businesses.  A standard homeowner’s insurance policy will not cover this risk.  A commercial insurance policy is needed to protect the risks of operating a home-based business adequately.

Serving on For-Profit and Non-Profit Boards

Many high net-worth individuals serve on for-profit and non-profit boards.  Some of these positions have indemnification and insurance included with serving on the board.  However, some do not adequately protect the individual, and a separate policy is needed.

Oakwood is involved with numerous local, state and national insurance associations and communities. The agency encourages employees to devote time to these endeavors. Oakwood’s approach is one of total risk management, encompassing the areas of property & liability insurance, automotive insurance, worker’s compensation, professional liability, individual or group accident & health insurance, life insurance, contract surety bonds, and personal insurance. Oakwood provides an in-depth range of insurance products and services to assist in securing our clients’ future. We are an agency committed to excellence, founded on the principle of integrity.

The best way to solve a problem is to first understand it. To understand a problem involves asking questions, reviewing agreements, and visiting the facility or business. We believe that a professional agent must do more that merely issue insurance on the client’s behalf. Besides determining and placing proper coverage with reputable insurance companies, we seek to educate our clients on coverage and to reduce, or transfer risk to the insuring company, and working closely with management team to protect and preserve assets.

 

What Does Your Agent Talk To You About?

When you meet with, or talk to, your insurance agent, what are the topics of conversation?  Do you only talk about your bill, or why your premium has increased?  Is the only time you hear from your agent when they try to sell you additional coverage? Some agencies even try to dissuade you from talking to your agent!

We are here to provide a different approach.  We recommend talking to your agent at least once a year—or even more if needed.  Communication is the key to all good relationships. We will reach out to you and talk to you about the following:

  1. How is your claim being processed?  Can we assist you with the process?
  2. Did you receive a copy of your policy?  Do you have any questions?
  3. Have you made any major purchases like a new car, boat, or other high-end items?
  4. I know you have a wine collection; did you purchase any new bottles that need to be insured?
  5. Your son Travis is heading off to college; we might want to review your auto coverage.
  6. How is your new job going? Do they offer life insurance, or would you like to look at some options?
  7. Have you thought more about identity theft coverage?
  8. These days, many people are driving for a ride-sharing company, is there anyone in your house doing this?

These are just some examples of what our conversations might look like. Of course, we always start our conversations with “Good day it is great to connect,” and end with “Thank you for your business, we value our relationship and love serving you.”

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.

What Keeps You up at Night?

 

Every one of us has certain things that occasionally prevent us from getting a good night’s sleep.  These concerns might be a job, kids, an illness, or other problems in life.  Our goal is to make sure that protecting your family with the right insurance is one thing that does not keep you up at night.

Here is how we help you get a good night’s sleep:

  1. We never just sell you a policy.  We ask questions and educate you so that the coverage you select is the right fit for you.
  2. Insurance is a complex transaction, so we work hard to make sure you understand how insurance works before you make a decision.
  3. Our team is licensed, and we have years of experience which helps us better educate and guide you in your insurance needs.
  4. We are here to answer any questions you may have regarding your insurance decisions.

According to an Insurance Journal article, here are the top issues that keep people up at night:

  • Floods and other natural disasters
  • Identity theft
  • End of life issues
  • Eldercare

We can provide valuable information regarding each of these concerns so that you can make the right decision for you and your family.  Our team will never push you into a hasty decision.  That is because we will only offer you an insurance solution after we fully understand your needs.

Connect with us and let us show you how we do it—and help you get a good night’s sleep.

 

Why An Personal Umbrella Policy Is Right For You

Why An Personal Umbrella Policy Is Right For You

Let’s face it, most of us have limited budgets when it comes to our insurance.  And most people feel insurance is an expensive item. Generally, auto, homeowner’s, RV, and boat insurance policies cover liability for injuries or property damage suffered by a third party. Personal insurance policies are designed to cover accidents for which the insured person may owe tens or even hundreds of thousands of dollars. However, sometimes the person may be responsible for an accident so catastrophic that the damages are $1,000,000 or more.

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.

 

Your Personal Insurance and COVID-19

Your Personal Insurance and COVID-19

As our country continues to manage through the COVID-19 crises, we thought it might be useful to take some time to remind you of the importance of your personal insurance during this time. The coronavirus pandemic won’t affect your auto or homeowner’s insurance too much, but there are a few coverages that could be impacted because of the temporary lifestyle change.

  • Do not cancel your auto insurance just because you are temporarily not driving. Auto insurance is required by law.  If you are looking for ways to save money on your auto insurance, give us a call.
  • If you are working remotely via computer, there should be no issues with your homeowners or renter’s insurance. However, this is true as long as there are no customers coming to your home.  If you are running a business from your home, you will need business insurance.  We are happy to help you with this.
  • If you have a claim, we are open, as are the insurers. Give us a call, and we will be ready to help you. Your policy has toll-free claim numbers to help you get the process going.
  • Many insurance companies are offering relaxed payment terms. We suggest you contact them directly if you feel you may miss a payment. Of course, you can always contact our office to assist you.
  • Be aware of credit card and cyber scams. Unfortunately, criminals have ramped up their efforts during this crisis. The fraud ranges from false claims of cures and treatments for the coronavirus to fake charities attempting to soliciting money to help those suffering.

As we all have so much time at home, now is a good time to complete a home inventory of your personal property.  Creating and updating an inventory of your personal possessions is one of the best ways to make the most of your homeowners or renters insurance, and it makes filing a claim easier and more efficient.

Oakwood operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals.  Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers, and our extensive knowledge of the insurance marketplace.

 

Why An Personal Umbrella Policy Is Right For You

Why An Personal Umbrella Policy Is Right For You

Let’s face it, most of us have limited budgets when it comes to our insurance.  And most people feel insurance is an expensive item. Generally, auto, homeowner’s, RV, and boat insurance policies cover liability for injuries or property damage suffered by a third party. Personal insurance policies are designed to cover accidents for which the insured person may owe tens or even hundreds of thousands of dollars. However, sometimes the person may be responsible for an accident so catastrophic that the damages are $1,000,000 or more.

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.

Our History

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.