 As insurance rates have climbed over the past several years, it has insureds hard pruning coverages to offset those increases.
It's understandable why they're doing that, but it's like gambling with their money. Many become significantly under-insured when they do that and take on huge financial risk. It takes just one event to financially destroy them, as the following examples illustrate:  Filing a homeowners insurance claim is a necessary step when disaster strikes, but many homeowners are concerned about the potential impact of a claim on their insurance rates.
Does your insurance premium go up after filing a claim? Here's the answer, along with some clarification:  Owning or using a watercraft - whether a speedboat, jet ski, or pontoon - can be a source of great enjoyment but it comes with its own set of risks and responsibilities.
It should go without saying that understanding and having the right insurance coverage to protect yourself, your passengers, and your investment is a given. There are various types of watercraft coverage to consider including:
Then there are some key insurance considerations depending on whether you're a watercraft owner or a user:  Golf carts have seen a rise in popularity for driving on neighborhood streets.
If you're considering the practicality of using a golf cart for this type of family transportation, you need to be very clear about local laws and insurance essentials.  In the past, homeowners who rented out their properties once a year for local events often relied on their standard homeowners insurance.
But with the surge in short-term vacation rentals, insurance policies have also evolved, prompting the need for a closer look at coverage options, including these 5 areas:  Check this out: a recent survey revealed that a staggering 65% of Americans are in the dark about the full extent of their home insurance coverage.
Even more surprising, 45% have faced the harsh reality of having their insurance claim denied due to insufficient coverage. That's why it's crucial to engage in regular conversations with your local independent insurance agent. This ensures that you not only recall your existing coverage but also assess whether any adjustments are needed. To guide your discussion, ask these 8 essential questions:  Umbrella insurance serves as an added layer of protection, going beyond the confines of your existing insurance plans.
It acts as a safeguard against significant financial setbacks in situations where you may be deemed liable for damages or injuries to others including: bodily injury, property damage, personal liability, and advertising injury. Consider the following scenarios:  If you received an expensive gift for Christmas, do you know if you need to insure it or if it's covered by your existing insurance policy?
As usual, my answer is It depends - in this case, on the kind of gift it is and what its value is.  If you're one of millions who have a home-based business, do you know if your company is covered by your homeowner's policy?
Typically, no. Homeowner's insurance may include some very narrow protections like replacement of damaged electronics and other similar business property. If you have clients come to your home for business purposes or have employees, you need to have business insurance in case they are injured, their property is damaged, or they bring a lawsuit against you for other unexpected situations. There are a number of options for insuring your home-based business. To get a better idea of what you need for yours, call me at 706-726-1446. I'll be glad to help you.  Are you among the many side hustlers renting out your backyard and pool (or other property) by the hour?
In addition to bringing in some extra money, it can also create additional liability issues for you.  What does your homeowners insurance medical pay cover?
Scenario: Your friend comes over for dinner. As she was coming into the house, she trips and falls and also knocks you to the ground. Your friend was carrying a glass casserole dish, and gashed her hand. You landed squarely on your kneecap, and you felt immediate pain. As an overview, your homeowners medical pay insurance applies to expenses related to injuries of others not living in the household, regardless of fault. In the case above ... |
AuthorDennis Lam Archives
July 2024
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