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When you buy homeowner’s insurance, your biggest question should always be “what does it cover?” After all, nobody needs their insurance until they REALLY need their insurance. At that point, there’s no time to make necessary changes. You’re not even allowed because a claim already happened! You can only adapt for the future. So, taking the time now, with a licensed insurance agent, to figure out what you need and under which circumstances coverage will apply can save you a lot of confusion and suffering.
Before we dive into claims scenarios, let’s talk about the major parts of the homeowner’s policy.
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Dwelling coverage provides coverage up to a certain amount to replace as much as the entire home if a catastrophe occurs. The coverage amount should be based on what it would take to rebuild the entire structure from the ground up using materials of the same like, kind, or quality. Therefore, over-insuring your home will not result in better material or bigger square footage, just a higher annual premium. However, under-insuring your home could leave you short in the event of a large loss. Dwelling coverage also includes detached structures, such as sheds. This coverage is almost always set at 10% (but can be increased) of what the house itself is insured for.
Home is where the heart is, but when you’ve seen some or all your worldly possessions stolen or destroyed, you just want everything to go back to the way it was. Consider all your appliances, clothes, furniture, electronics, jewelry, etc. It adds up! Personal property coverage is based on what you feel your possessions are worth, however in a standard homeowner’s policy that amount usually cannot be less than 70-75% of the dwelling coverage. A good rule to remember is to keep all receipts for the items you know need to be replaced. If you don’t have receipts, dated pictures showing the items in the home can usually act as proof as well.
Loss of use coverage is either a set dollar amount or an unlimited amount for a set period of time that will provide money for housing, clothing, essentials, food, etc. if there is a claim that displaces you from your home.
Liability can protect you financially from lawsuits or other people’s medical bills if someone is hurt in your home. As a homeowner, you may be responsible for unfortunate consequences, even if they are accidents. An injured party guest hurt or a pedestrian who trips on your part of the sidewalk can result in a claim Liability coverage is a set limit for which an insurance company will pay if you are held responsible for someone else’s medical bills or if you are being sued.
Medical payments to others is a smaller limit of liability, payable for smaller medical claims, typically $1,000 – $10,000. This coverage applies to smaller injuries without regard to fault. Injuries that exceed this limit may be covered under the liability part of your policy, but typically only if you are at fault for their injury.,.
These are the five biggest elements of a homeowner’s policy where the majority of claims will fall under.
Yes, your homeowner’s insurance will provide coverage for this acquaintance’s x-rays, treatments, and other medical bills related to this incident. If it exceeds the threshold set for medical payments to others, it may still be covered under the larger liability coverage.
No, unfortunately, this is not going to be covered. The broken plate, the food cleanup, and any damage done to the kitchen will have to be handled out of pocket by you. Why? Because insurance does not provide coverage for things done intentionally and without using common sense. While your teenager might never have thought the plate would explode, they still intentionally created an unsafe condition. Insurance is for unforeseen catastrophes, not incidents such as this.
Yes, this falls under vandalism (spray paint) and malicious mischief (eggs/toilet paper). What’s the difference? Malicious mischief is, in simple, the intent to cause trouble or an inconvenience without doing lasting harm. Eggs can be power washed off and toilet paper can be taken down. However, spray paint falls under vandalism because its damage is longer lasting. It might not come off easily or completely, resulting in the house needing to be repainted. Either way, a standard homeowner’s policy will respond to this claim.
Claims happen all the time. But the more you understand your policy and your coverage, the better you can tailor your policy to fit your needs. And that’s important to us at InsureYourHome.com. We help others with their insurance whether we’re the agent or not. Why? Because we’re not looking at you as a customer we’re trying to get something from. You’re a human being with a family, a life, and responsibilities. One of our responsibilities is to make sure you have the peace of mind to take care of the more important stuff. And the best way to do that is with the assistance of a licensed insurance agent. If you want your policy reviewed and explained to you, contact us at info@insureyourcompany.com or 888-242-4675!
**this blog is for educational purposes only and coverage depends on the actual policy wording**
One of the many reasons people start their businesses is to provide a better lifestyle for their families. Most business owners are both financially and professionally risk-takers by nature. Although entrepreneurs need to spend most of their time preparing for the rewarding business meetings and elevator speeches, only a handful give equal importance to the concerned families & start to think about life insurance.
A business owner must plan for contingencies, especially when there is a family to look after. For an entrepreneur, the entire business setup is like their baby and needs protective backing of its own. This is where life insurance policies come into the mix.
Life insurance for a business owner is desirable because it is a protected asset in case of bankruptcy. So, why is life insurance important for business owners?
A life insurance policy is often the cornerstone of a business’s succession plan. When a company uses life insurance as the funding vehicle of a buy-sell agreement, the death benefits purchase a deceased partner’s share of the business from their estate.
This can help reduce conflict between all parties involved and allow the company to keep running smoothly. When used to fund a one-way buy-sell agreement, the chosen successor can also use the policy’s accumulated cash value as a source of funding to purchase the company at the owner’s retirement.
When an insurance company issues a policy, they do so because it is determined that the policy owner will incur a financial loss when the insured passes away. A business owner may incur a financial loss if a key employee dies. Insurance companies generally let business owners have an insurable interest in their employees.
This gives business owners a unique way to use business life insurance as an employee benefit. Instead of paying an “employer match” into a 401k plan, employers may open life insurance policies on their employees. The business owner receives a tax benefit for paying the insurance premium.
If your family relies on your income, they’ll need money to care for themselves after you’re gone. The death benefit can cover your salary and your other contributions to the household, like childcare. When you’re trying to decide how much life insurance you need to replace your income, think of all of your debts and expenses.
A business owner who has a life insurance policy can borrow against the accumulated cash value for various work-related purposes. Life insurance enjoys favorable tax treatment. Cash value withdrawals are treated on a first-in-first-out (FIFO) basis. Therefore, cash value withdrawals up to the total premiums paid are generally income-tax-free.
If a business owner or executive who is very important to the business dies, the company will receive the death benefit of the key person. The tax-free benefit can be used in a variety of ways. It can help make up for company sales as well as lost earnings. The life insurance death benefit can provide liquidity quickly so the business can provide ongoing financial demands.
It can help with estate planning and the management and distribution of your assets. Passing on an estate can involve numerous issues, depending on your circumstances and the amount of investment at hand. What if there are multiple heirs to an estate, but properties aren’t that easily split up? In instances like this, life insurance in an estate plan can fill the gap and equalize an estate inheritance among heirs.
Business owners need insurance for similar reasons: income replacement and to protect the future of the company. Make sure you have the right policies to cover all of the people who depend on you. If you want to make sure that your new business is protected, contact us today. We will be glad to talk to you about your options to make sure that you and your business are protected.
The success of your business comes down to your leadership skills. You are responsible for motivating the staff, setting attainable goals, and embodying the culture of the organization. However, becoming a successful leader in the business world isn’t as simple as it seems. It means possessing unique qualities that can help drive your business forward.
However, it’s never too late to start sharpening your leadership skills. Today, we take a comprehensive look at tips to becoming a successful business leader. Harnessing the skills below will ensure you safeguard your bottom line and reach your organizational goals.
Working with your staff helps you better understand them, thus making it easier to lead. Ensure you do the work they do periodically, if not always. For example, help your employees produce content or answer customer service requests.
It will also help to speak to your employees about their thoughts on the company. Have an open line of communication that allows workers to share their opinions. Let them tell you what they love (and what they don’t love) about working in your organization. Doing this will help you maintain company spirit and culture.
All great leaders have their own customized leadership style that works for them. Usually, it’s a combination of different qualities – including motivation, empathy, creativity, and so much more. However, the style you choose will come down to your personality.
A successful leader should adapt to different situations in the workplace. Using a diverse set of skills and qualities, you should find it easier to navigate different challenges. Ensure you start by understanding your leadership type to help you have a better understanding of your weaknesses and strengths.
Having a clear vision for your organization is the number one priority for all business leaders. It will help to focus on fulfilling certain objectives, thus pushing you towards success. Ask yourself why you started your business and why it is important to attain your goals.
A mission statement encompasses your organizational core values that act as guiding principles for product development and company culture. It will also help you design a positive and welcoming work environment that inspires productivity.
Start by asking yourself why everyone needs to follow you. Your employees shouldn’t follow you because you said so or because they fear you. Instead, they need to believe in your vision and mission to move the company forward.
An excellent leader inspires people to work towards a similar goal. Therefore, you have to clearly state your mission and ensure the entire team is on board. Your actions should also inspire people to fulfill company objectives.
For starters, you don’t need to enroll in business school to become a successful leader. It is about trusting yourself and figuring it out along the way. Therefore, you shouldn’t wait until you have everything figured out to implement your big idea.
We are all learning something new every day, and leadership is no different. Even the most influential leaders of this century started with doubts and insecurities about their leadership skills. However, the best way to learn is through making mistakes. It will also help to keep a positive attitude to prepare you for any downfalls.
An excellent leader does everything to protect their business from all existing risks. Therefore, it will help to hire a licensed insurance broker today. At InsureYourCompany.com, we are here to help you safeguard your business and bottom line. Ensure you reach out today for a customized insurance quote.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.
