Huge settlements are becoming more commonplace these days, even for accidents that happen in someone’s home or as a result of an auto accident. If you are held responsible for an injury or accident and your home or auto policy does not cover the amount awarded, you could be left owing thousands or even millions of dollars to the injured party. An umbrella policy is designed to offer protection above and beyond your existing policies and to protect you in this scenario.
What is an Umbrella Liability Insurance Policy?
Umbrella insurance is an extra policy designed to protect you if something goes wrong and you are held responsible for a large claim. It can help you protect your income and assets and give you peace of mind about your financial health and future. (more…)
One of the most important things to understand about auto insurance is that minimum coverage requirements will usually vary from state to state – meaning that a policy that is perfectly acceptable in Ohio might not provide you with what you need in California, and vice versa. Having said that, there are a few types of coverage offered through a basic auto insurance policy that you can use as a stable foundation when building out the policy you need to satisfy the requirements of your own personal situation.
One of the most fundamental pillars of any basic auto insurance policy is collision insurance – meaning that you have protection in the event that you hit another vehicle, another vehicle hits you, you hit something on the road, etc. When shopping around for policies, remember that a higher deductible usually always translates to a lower premium – meaning that the less you pay for your policy per month, the more you’ll have to pay in the event of an accident before the insurance policy kicks in and takes care of the rest. (more…)
The house, the family and even the car loan can wait – it’s no secret that our generation has moved some milestones back in a big way. But what about life insurance? If you think that it is just for old people, think again. It may be terrifying to think about, but death is lurking for some of us, and insurance is not for you, it is for the people you care most about in the world. Here are three real world reasons you need life insurance if you are under 30: (more…)
Does business insurance cover floods? Not usually.
Standard Business Owners’ Policies (BOP) and other property and liability (package) policies do not cover flood unless an endorsement is added. These endorsements; however, typically are National Flood Insurance Plan (NFIP) coverage disguised as your company’s.
Difference in Conditions forms (DIC) cover flood, but again, that coverage usually is provided by NFIP through an arrangement known as reinsurance.
If your financing requires flood insurance, your agent can provide that through the NFIP. Caution: coverage does not become effective for thirty days, so do not drag your feet about obtaining a policy.
From a risk management point of view, flood insurance is troublesome. The likelihood of flood changes with external factors. Flood plains are obvious indicators of need. However, increased development with a greater area of paved surfaces changes the frequency of regional flooding, and the areas of flooding. Rivers and tributaries reach bankfull conditions quicker. (more…)
When you consider that almost 78 million dogs are owned as pets by homeowners across the United States, you also begin to get a better understanding of why dog bites are unfortunately so common. According to a study conducted by the Centers for Disease Control and Prevention, roughly 4.5 million people are bitten by dogs in the US each year. 885,000 of them require some type of medical attention as a result, and about 440,000 of them are children under the age of 18-years-old.
Nobody is telling you that you shouldn’t let man’s best friend into your home – however, it is important to make sure you understand your liability in these types of situations. This is particularly true as far as your homeowner’s insurance is concerned. (more…)