Insurance Resolutions Are Easier Than You Think!

As you settle in to this new year it is time to reflect on what you want for the year ahead. You have a whole year to make an impact and be the best person you can. Many of us think about getting in shape and eating healthy. Both of these are sure to improve your year and the years that follow. And what can also insure 2022 will be great is to think about some insurance resolutions! Yes, these are real things…well we just made them real things!

Here are some insurance resolutions you can make to protect yourself and family in the coming year:

  • Schedule all the new valuables you received over the holidays. That beautiful new jewelry, that fantastic new camera should all be scheduled on your homeowners policy.
  • Do a home inventory.  Go through your house recording all of your property.  It will help to remember everything if there is a loss.  A video inventory is even better!
  • Make sure your limits on your auto policy are at least $100,000 per person/$300,000 per accident for item #5. The winter brings icy road and consequently more accidents.  Protect yourself accordingly.
  • If you don’t have comprehensive coverage, add it to your auto policy. Glass coverage comes with comprehensive.  During those ice and snow storms when the roads are awful and ice chunks come flying at your windshield and crack it, you can get it replaced.
  • Think about that umbrella policy. It is a lot of coverage for not a lot of money. A $1M policy usually ranges from $200-$300 for the year. What we tell our customers: You don’t need to be a millionaire to be sued for a million dollars!
  • Life Insurance!  Life Insurance! Life Insurance!  Now is the time.

Insurance resolutions are easy to keep, you just need to call us to change or add coverage. The resolutions will make you feel safe and secure for the new year. Visit us online and call us for more information Happy New Year!

Insurance for Multi-Generational Houses

It is very common these days to have many generations living under one roof. Elderly parents often need help as they age and may move into their adult child’s house with his/her family. That family could also have adult children of their own still living in their house. The market has been difficult for Millennials to get jobs, so many of them have moved back in with their parents after college or after losing a job. How does this affect home and auto insurance? Do you have the proper coverage?

multigenerational family


Auto Insurance Changes:

If your parent and/or child is living under your roof and could possibly use your car (and does not have a policy of his/her own), you need to list them on your policy

If your parent and/or child has a policy of his/her own, make sure they are listed on your policy as deferred

You can add your parent and/or child to your policy and have them drop their current policy also. The tricky part with this is if they have a bad driving record. Your premium will increase.


Home Insurance Changes:

If you build an in-law apartment in your home, have your parents get a separate renters policy

With any additions it will increase the value of your house, make sure you are insured for the actual new value.

If your loved one is just staying in a room in your house make sure to account for any valuables they bring with them, antiques should be appraised and scheduled separately on your home policy

Also, if you do not already have an umbrella policy, you should get one. As we have said before, you don’t need to be a millionaire to get sued for a million dollars! Make sure you have the proper coverage, it will pay off in the long run.

How an Umbrella Policy Can Prevent Financial Distress

umbrellaWhat is an Umbrella policy and why do you need one?
An Umbrella policy has a minimum coverage of $1M and as the name implies it goes over your auto and home/tenants policies. It provides an additional $1M (or more) of liability coverage over the underlying policies which typically carry limits of $250K per person/$500K per accident for auto and $300K for homeowners. Certain carriers require more/less limits on the underlying but these are the most common underlying coverage requirements.

Umbrella policies are not super expensive for the amount of coverage they provide. Most policies range from $200-$350 a year. The coverage not only pays for damages that occur on your property, but also damages that your family (including pets and kids) cause to someone else’s property.  The additional coverage is necessary because it provides the added protection most of us need in the litigious society in which we live. The large awards the court systems have been granting are astonishing. If someone slips and falls on your property or you get in a car accident that is your fault, an injured party could be awarded a sum that exceeds your home or auto policy limits. The umbrella policy would protect you and your assets by paying the additional money up to the policy limit.  You could easily prevent financial distress by having an Umbrella policy.

Families with dogs should seriously consider buying an Umbrella policy. Even if you have the most gentle, non-biting dog the statistics are there. The average dog bite claim has rose from $19,162 in 2003 to $29,396 in 2011. These numbers are for the average dog bite. If a visitor to your home is severely injured the cost could exceed $1M. According to the Insurance Information Institute dog bites account for a third of all homeowners claims. The statistics are alarming and definitely warrant a look into getting an Umbrella policy. Protect your family and assets.

Umbrella policies are one of the smartest ways to protect you and your family from a devastating financial loss. Call us for more information and to review your options: