Your car has two unique qualities.
Auto insurance protects your investment and guarantees you a way of coping with the expense of accidents, vandalism or theft, and your financial responsibility to the bank or other institution that holds your loan.
When you drive, you are operating a powerful machine, weighing one ton or more and capable of moving at over 100 miles per hour. You are responsible for the safety of your passengers, other drivers on the road, other people's property, pedestrians and yourself. Insurance helps you live up to these responsibilities by ensuring your ability to cover the costs of potential damages or injuries.
In most states, insurance is a prerequisite to registering your car. So at the very least, you need the coverage required by your state to register and operate a vehicle. In addition, you should consider purchasing enough coverage to protect your assets and ensure that you can be financially responsible if you injure someone in an accident. You may also want the added coverage of a Personal Umbrella Policy (Excess Liability). Because your individual needs determine what insurance coverage is right for you, contact our agency about your individual auto insurance needs.
Insurance is your protection against the uncertainties of day-to-day living. For most people, their home is their single most valuable possession -- and their biggest investment. Homeowner insurance protects your investment as well as you, the members of your family and your household possessions.
If you were to lose your home due to fire or a windstorm or have the contents damaged or stolen, you would suffer a great financial hardship. If you were to be sued for an injury or damage caused by you, the cost of defending that suit could run into tens if not hundreds of thousands of dollars in legal fees -- regardless of the outcome of the suit. While it may be unpleasant to think about fire, theft, and other "uncertainties of life," these things do happen and a proper homeowners policy can help protect you against these uncertainties.
How you choose to buy homeowner insurance depends on your own particular needs and preferences. Consult our agency to be sure that you have the right coverage for your needs.
Condo Homeowner Insurance
As an owner of a condominium, you are a member of your condo association. As you are probably aware, the association carries insurance on the basic structures and property. Chances are, though, association insurance does not cover the interior of your unit.
If your building was damaged, you'd find that everything from the framing inward -- including wall finishes, appliances and fixtures, household goods, perhaps even the plumbing and heating -- is your responsibility. Condo policies can fill in the gaps, covering personal property, building additions and alterations, physical damage to property of others and additional living expenses.
Homeowners insurance doesn't cover flood damage. A flood policy protects you from flood damage caused by the complete overflowing of inland or tidal waters onto the land, the rapid and unusual accumulation of surface waters, and damage caused by mudflows resulting from river flooding over a surface of normally dry land.
While the chance that fire will strike a home is only one percent in the life of a 30-year mortgage, the chance of a home located in a flood-prone zone being ravaged by floods is 26 percent over 30 years. According to the Federal Emergency Management Agency, floods result in over $1 billion of property damage each year, yet only one-third of Americans living in heavy flood zones have an insurance policy that protects them against flood damage.
Federal flood insurance is the only type of coverage that protects your home and belongings from damage caused by rising water associated with flooding. Coverage includes structural elements, contents and personal items.
Unfortunately, these days anyone can be sued. Million dollar judgments, once a rarity, have become all too common. Even if the court decides in your favor, you may still have to pay legal fees and court costs.
Personal umbrella plans take over where your basic automobile and homeowner policies leave off. How does a personal umbrella policy work? It's simple. Suppose someone is seriously injured on your property and wins a $750,000 lawsuit against you. Your primary insurance policy would cover the damages, but only up to the policy's maximum limits. Say that limit is $300,000. That leaves you with a hefty sum to pay out of your own pocket. A personal umbrella policy could cover the remaining $450,000. Definitely worth considering.