Insurance Blog
What is Umbrella Insurance?
 

Umbrellas

From IIABA’s Trusted Choice website
 

Umbrella Insurance Policies Provide Extra Protection

A rain umbrella protects you from getting wet, but doesn’t stop the raindrops from falling. Umbrella liability insurance is similar in that it cannot prevent accidents or mishaps, but can make those things less devastating financially.

Your primary insurance coverage, like your homeowners and auto policies, includes liability coverage up to a certain limit. Liability is your legal responsibility to pay for damage to a person or to a person’s property. An umbrella policy increases your liability coverage substantially—more types of claims are covered and at a higher limit.

To get all the information you need about umbrella liability insurance, contact one of our Baldwin or Welsh & Parker Trusted Choice® agents. We are here in your area and ready to discuss your needs.


Who Can Benefit from Umbrella Insurance?

  • Anyone with assets to protect
  • Everyone who drives a vehicle, including a car, motorcycle, boat or ATV
  • Everyone who owns or rents a home

In our litigious society, we must protect our assets from lawsuits. The primary reason for carrying umbrella insurance is that you never know what you may be responsible for. Accidents happen, and when they do, you may be held legally responsible for resulting bodily injury and property damage as well as legal fees, all of which can quickly escalate to hundreds of thousands of dollars.

If you cause an accident, the legal system makes a judgment that, between you and the injured person, you should be the one to shoulder the financial repercussions. The person who suffered damage is then entitled to collect what is owed by claiming insurance proceeds. If the money provided by the insurance company is inadequate, a claim may be made on your income, assets and savings.

Adequate liability insurance protects you from these financial consequences. Pain and suffering, lost wages, medical bills and property damage are some of the items you may be sued for that are covered by umbrella liability insurance.



What Does Umbrella Insurance Cover?

A personal umbrella insurance policy provides additional protection by increasing coverage for liability in two ways:

  • Increases the dollar limit of liability coverage for primary policies
    Example: Assume the coverage limit on the liability portion of your auto insurance totals $300,000. If you purchase an umbrella policy of $1 million, and you cause an accident that exceeds your the $300,000 limit on your auto policy, your umbrella insurance can cover the remainder, up to $1 million dollars (a total of $1.3 million total liability coverage, in this case)
  • Covers claims excluded by primary policies
    Example: Typical liability policies may not cover damage claims resulting from false arrest, libel, slander, or defamation of character. If you are held liable for damages caused by these types of claims, the umbrella policy can help you cover costs.

The $300,000 liability limit in the prior examples may seem like a lot of coverage in the abstract, but can easily be exceeded in serious accidents.



How Much Umbrella Insurance Do You Need?

The right amount of liability insurance for any individual, family or business depends upon a number of factors. These include the risks you face and the assets you want to protect. For example, if you have a passion for speed boating, you have an increased risk over someone who only takes a dinghy out on the occasional fishing excursion. And if you have a high income, you are more likely to be sued in the event that you are at fault for injury to others.

Some professionals recommend that you add up all of your assets and then double that figure to determine the amount of liability coverage needed. Others look to the costs of medical payments and legal fees, which can vary considerably by region.

To figure out the right amount of liability insurance for you, talk to a knowledgeable agent. Independent agents in the Trusted Choice network will discuss what kind and amount of liability coverage you should purchase. These agents work with multiple insurance companies and they advocate for you, the consumer, not any one company. They can compare rates and options on your behalf.



Umbrella Liability Claim Examples:

  • Accident: Despite your careful driving and best intentions, you cause a serious accident. Your umbrella policy kicks in when the property damage exceeds the $300,000 liability coverage limit on your auto policy.
  • Dog Bites: Your dog escapes the yard and attacks a neighbor, resulting in extensive medical costs. The umbrella policy covers the excess costs of hospitalization, care and rehabilitation after your homeowners liability coverage is used up.
  • Trampoline: Your son’s school buddies are playing on the trampoline in your yard and one of the boys flies off, suffering a spinal cord injury. Your umbrella liability manages the excess costs after you you exceed the limits on your homeowners or renters liability policy.

You hope these situations never occur, but statistically they sometimes do. You can limit the consequences with an umbrella insurance policy.



Do You Need More Liability Coverage?

You may want to give special consideration to an investment in umbrella insurance in the following circumstances:

  • You are at greater risk for liability if you own a pool or trampoline or ride a powerful motorcycle. Statistics indicate that these activities and others are more likely to lead to expensive liability claims.
  • If you have assets at risk, including retirement savings, business income, college funds, and other assets with total values that exceed the liability maximum on your home or auto policy.
  • One of the best reasons to own an umbrella policy is the attractive price for peace of mind. The premium you pay for the maximum claim payout tends to be low. In other words, relative to the protection afforded, umbrella insurance can be a great deal.

Get a free quote from one of our Baldwin / Welsh & Parker independent Trusted Choice member agents and get all of your questions answered. Your agent can give you information on the kinds of liability risks and costs associated with your particular situation. Contact us today for an umbrella insurance quote.

Published in Insurance Tips

wedding season liability

It's not surprising that February is National Weddings Month. In time, you will have picked out the table linen, found your dream venue, and figured out a way to seat all of your family members in one room without them strangling one another—it must be time for your wedding! Family conflicts included, as much as you plan, you can never predict everything that may or may not happen on the “big day”. It is important to consider the many different ways you can protect your big day from being ruined by illness, a late vendor, or bad weather. It is best to contact your Baldwin / Welsh & Parker Trusted Choice® independent insurance agent as soon as you make the decision to be married (jewelry insurance anyone?), because your agent can walk you through the steps of obtaining wedding insurance as well. Every wedding is different so you also have options to add a “rider” or additional protections for the following: 

  • Military service—if you or your “soon-to-be” is suddenly called to duty.
  • Gowns and tuxedos—if the dress is damaged when you pick it up or the store suddenly goes out of business.
  • Gifts—if gifts are not covered by your homeowners or renters insurance, provides protection against theft or damage of gifts.
  • Honeymoon—in case you need to cancel your trip due to illness, bad weather or other circumstances.

Keep in mind that venues usually have their own insurance policies, so it is important to do your research to avoid paying double the cost. If you get married at your home or at a private property, you will need an additional stipulation to your policy to protect your event. 

Be sure to talk to us at Baldwin / Welsh & Parker before making major decisions like paying deposits for venues and limos. May your wedding day be filled with security, happiness, and plenty of wedding cake! 

Here's a terrific infographic to share:

Wedding Infographic

 

 

Published in Insurance Tips

Make Sure Your Stuff Is Protected When You Move

Moving generally indicates an exciting time of transition and life change- whether it’s moving from the parents' basement to a first apartment or parents downsizing because the kids have all moved out. Whether you’re handling the move yourself with the help of friends and family or whether you hire professional movers, moving can be as stressful as it is exciting, and one way to relieve some of that stress is knowing that your possessions are protected during the transition. Whether your move is across the street or across the country it’s important that you discuss your move with one of our Baldwin / Welsh & Parker (BWP) Trusted Choice ® independent insurance agents.

 

Insuring Your New Place (And Your Stuff)

First of all, your belongings are protected by your homeowners or renters insurance policy against damage and loss. But it’s important to know that when you move from an apartment to a house or house to house or apartment to apartment or condo to… well, you get the idea… your homeowners or renters insurance won’t follow you and your property to the new place. Moving to a new home means that the risks to your property change, and as your risks change, so should your insurance.

Since you have coverage for the contents of your home under a standard homeowners or renter’s insurance policy, the best option to protect those is to make sure that there is no gap of time between the expiration or cancellation of your policy on the home you’re moving out of and the effective start date for the policy for the home you’re moving into- one way to do this is to have the new policy start the day you are planning on moving. Not only would this help provide coverage for your contents, but it would also provide you with personal liability coverage during the time of the move. If you’re moving out of state, ask your BWP insurance agent about underwriting your new policy or a referral in your new hometown.

 

Protect Your Stuff During the Move

Now what about your contents in transit? If you’re renting a truck or a van for the move, the rental company may offer you additional insurance coverage. If you use a professional moving company, under federal law interstate movers are liable for the replacement value of lost or damaged items, so if you’re moving from Manhattan, KS to New York City, the moving company is liable for your stuff. However, they may present you with different options for coverage, including Full Value or Released Value. According to the US Department of Transportation, Full Value is more comprehensive coverage but it may cost more out of pocket, whereas Released Value is offered at no additional cost, but may only cover your belongings up to 60 cents on the dollar. If you opt for the Full Value, make sure you have an up-to-date estimated value for the belongings you’ll be moving. If you have an accurate and comprehensive home inventory, this shouldn’t be too difficult of a task.

One argument for taking the coverage from a rental company or a moving company (even for in state moves) is that if something does go wrong and can be covered by that policy you could avoid filing a claim with your own homeowners/renters insurance company and having to cover costs out of pocket to meet your deductible. Just be sure though that the coverage offered by a moving or rental company is enough to replace or repair damaged or lost items. Talk with your Trusted Choice agent about your coverage and deductible so you can figure out a plan to protect your belongings that works for you.

 

What If I’m Putting Some of My Stuff in Storage?

If you’ll be temporarily storing property at a storage unit during your move, you should know that some insurance policies will only insure items in a self-storage facility to 10% of your personal property limit, which may not be adequate to cover your stored furniture, rugs, etc. You should be able to raise that coverage with what’s known as an endorsement to the policy, so make sure you tell your BWP Trusted Choice agent if you’re storing anything at a self-storage facility as part of the move.

We have the ability to work with multiple insurance companies, to help you find the coverage that’s right for your new place and for getting you and your stuff there.

Published in Homeowners
Tuesday, 01 March 2016 18:40

What is Umbrella Insurance?

Umbrellas

From IIABA’s Trusted Choice website

Umbrella Insurance Policies Provide Extra Protection

A rain umbrella protects you from getting wet, but doesn’t stop the raindrops from falling. Umbrella liability insurance is similar in that it cannot prevent accidents or mishaps, but can make those things less devastating financially.

Your primary insurance coverage, like your homeowners and auto policies, includes liability coverage up to a certain limit. Liability is your legal responsibility to pay for damage to a person or to a person’s property. An umbrella policy increases your liability coverage substantially—more types of claims are covered and at a higher limit.

To get all the information you need about umbrella liability insurance, contact one of our Baldwin or Welsh & Parker Trusted Choice® agents. We are here in your area and ready to discuss your needs.


Who Can Benefit from Umbrella Insurance?

  • Anyone with assets to protect
  • Everyone who drives a vehicle, including a car, motorcycle, boat or ATV
  • Everyone who owns or rents a home

In our litigious society, we must protect our assets from lawsuits. The primary reason for carrying umbrella insurance is that you never know what you may be responsible for. Accidents happen, and when they do, you may be held legally responsible for resulting bodily injury and property damage as well as legal fees, all of which can quickly escalate to hundreds of thousands of dollars.

If you cause an accident, the legal system makes a judgment that, between you and the injured person, you should be the one to shoulder the financial repercussions. The person who suffered damage is then entitled to collect what is owed by claiming insurance proceeds. If the money provided by the insurance company is inadequate, a claim may be made on your income, assets and savings.

Adequate liability insurance protects you from these financial consequences. Pain and suffering, lost wages, medical bills and property damage are some of the items you may be sued for that are covered by umbrella liability insurance.


What Does Umbrella Insurance Cover?

A personal umbrella insurance policy provides additional protection by increasing coverage for liability in two ways:

  • Increases the dollar limit of liability coverage for primary policies
    Example: Assume the coverage limit on the liability portion of your auto insurance totals $300,000. If you purchase an umbrella policy of $1 million, and you cause an accident that exceeds your the $300,000 limit on your auto policy, your umbrella insurance can cover the remainder, up to $1 million dollars (a total of $1.3 million total liability coverage, in this case)
  • Covers claims excluded by primary policies
    Example: Typical liability policies may not cover damage claims resulting from false arrest, libel, slander, or defamation of character. If you are held liable for damages caused by these types of claims, the umbrella policy can help you cover costs.

The $300,000 liability limit in the prior examples may seem like a lot of coverage in the abstract, but can easily be exceeded in serious accidents.


How Much Umbrella Insurance Do You Need?

The right amount of liability insurance for any individual, family or business depends upon a number of factors. These include the risks you face and the assets you want to protect. For example, if you have a passion for speed boating, you have an increased risk over someone who only takes a dinghy out on the occasional fishing excursion. And if you have a high income, you are more likely to be sued in the event that you are at fault for injury to others.

Some professionals recommend that you add up all of your assets and then double that figure to determine the amount of liability coverage needed. Others look to the costs of medical payments and legal fees, which can vary considerably by region.

To figure out the right amount of liability insurance for you, talk to a knowledgeable agent. Independent agents in the Trusted Choice network will discuss what kind and amount of liability coverage you should purchase. These agents work with multiple insurance companies and they advocate for you, the consumer, not any one company. They can compare rates and options on your behalf.


Umbrella Liability Claim Examples:

  • Accident: Despite your careful driving and best intentions, you cause a serious accident. Your umbrella policy kicks in when the property damage exceeds the $300,000 liability coverage limit on your auto policy.
  • Dog Bites: Your dog escapes the yard and attacks a neighbor, resulting in extensive medical costs. The umbrella policy covers the excess costs of hospitalization, care and rehabilitation after your homeowners liability coverage is used up.
  • Trampoline: Your son’s school buddies are playing on the trampoline in your yard and one of the boys flies off, suffering a spinal cord injury. Your umbrella liability manages the excess costs after you you exceed the limits on your homeowners or renters liability policy.

You hope these situations never occur, but statistically they sometimes do. You can limit the consequences with an umbrella insurance policy.


Do You Need More Liability Coverage?

You may want to give special consideration to an investment in umbrella insurance in the following circumstances:

  • You are at greater risk for liability if you own a pool or trampoline or ride a powerful motorcycle. Statistics indicate that these activities and others are more likely to lead to expensive liability claims.
  • If you have assets at risk, including retirement savings, business income, college funds, and other assets with total values that exceed the liability maximum on your home or auto policy.
  • One of the best reasons to own an umbrella policy is the attractive price for peace of mind. The premium you pay for the maximum claim payout tends to be low. In other words, relative to the protection afforded, umbrella insurance can be a great deal.

Get a free quotefrom an one of our Baldwin / Welsh & Parker independent Trusted Choice member agents and get all of your questions answered. Your agent can give you information on the kinds of liability risks and costs associated with your particular situation. Contact us today for an umbrella insurance quote.

Published in Insurance Tips
Tuesday, 08 March 2016 18:15

Women’s Guide to Insurance

March is Women’s History Month! We are taking this opportunity to focus attention on insurance issues and are happy to share this special Women’s Guide in Insurance from IIABA’s Trusted Choice website in honor the month.

The environment in which women now live, work and care for their families is much different from previous eras. Women juggle many roles: career, marriage, motherhood, caregiver to aging parents. And, even in dual income families, women still handle major responsibility for household management. Regardless of our stage in life, educational background, economic situation, marital status, or number of dependent children, women make–or strongly influence–decisions affecting our financial well-being and that of our families. Women must be prepared to act as advocates and financial decision makers for ourselves and on behalf of our spouses and families. They also must be able to plan effectively for our futures to ensure financial security.

The Women’s Guide to Insurance was created by our friends over at IIABA’s Trusted Choice® to help you plan for and achieve your financial security goals. We have provided information regarding the different types of insurance available and suggested when various forms of insurance are most appropriate. Our goal is to assist you in making sound, informed decisions to meet your specific needs. 

Baldwin / Welsh & Parker (BWP) Insurance Agency is a Trusted Choice® independent insurance agency. We belong to this special association to bring value to clients by offering the best combination of coverage, service and price. BWP represents many insurance companies and, as a result, can “shop” for policies that best meet our client needs. Because we are not tied to a specific insurer, we also serve as advocates of their clients’ interests.

Your life will most likely differ greatly from your mother’s, just as her life differed from your grandmother’s. Happily, the role of today’s women in family and business finances is broader than previous generations ever could have imagined. BWP agents are here to help you meet each new financial challenge, helping to ensure your success and your financial security.

Women continue to emerge as an increasingly powerful economic force in today’s society:

 

Why Insurance?

Whatever form, insurance addresses risks and how to effectively control your exposure to loss. Insurance is a means to an end; a way to help ensure that you have sufficient resources to survive the financial crisis that could be caused by fire, auto accident, successful lawsuit, health problem or loss of an income provider. By covering your exposure to risk, you minimize the financial damage you might suffer.

Insurance works by spreading the risks of an individual–you–among many individuals. The chances that everyone in the group would experience a crisis at the same time are statistically very small. Insurance premiums are collected from everyone in the insurance pool and paid only to those who suffer a loss. The cost of your insurance policy is determined by the likelihood that you will file a claim. That’s why, for example, an individual or family with several speeding tickets or car accidents will pay more for insurance than those with clean driving records.

To protect your financial security, independent insurance agents recommend that you carry auto, homeowners/renters, life, disability and health insurance in amounts appropriate to your situation and needs. Agents also suggest that you revisit your insurance coverage as changes in your life alter your financial security needs.

Lifestage Defines Need

Various factors significantly impact the types and comprehensiveness of insurance you and your family or business require. For example, a single woman just beginning a career may not be interested in or able to afford the broad coverage that is required by a more mature worker with dependents. Similarly, a woman approaching retirement age will have different financial security requirements.

Your marital status influences your needs. A married woman who is a full-time homemaker may rely on the insurance benefits provided by her spouse’s employer. Divorce or the death of your spouse may change the scope and nature of the health, disability and life insurance coverage you carry. Becoming a parent also impacts your insurance needs.

Employment status is another factor. If you receive adequate health and life insurance from your employer, you may not need supplemental coverage. However, if you are a full-time homemaker, self-employed or receive inadequate employee-related benefits, you may have insurance gaps. And, if you are self-employed–with a business in your home or other location–you need to secure business insurance to protect your business and yourself.

Each time your lifestage changes, it is important to reassess personal, family and business insurance needs. This evaluation can be done with the assistance of our area BWP Trusted Choice® independent insurance agent representing a wide range of insurance providers. Ultimately, your insurance choices will be determined by your individual situation and the needs of your family.

Your stage in life often determines the type of insurance and amount of coverage you need. Lifestage is defined by:

  • Age
  • Single, married, widowed or divorced
  • Parent or childless
  • Own or rent a home or other major property
  • Employed or unemployed
  • Work in traditional setting or at home
  • Own business or employed by others

Insurance Types

You essentially have three avenues to purchase personal and business insurance: telemarketing companies (who use sales people via 800 numbers), captive agent companies (who employ agents to represent only their insurance company), and independent insurance agents. For you, BWP Trusted Choice® independent agents mean access to numerous options that lead to the best combination of coverage, service and price.

Property/Liability Insurance–Provides protection for your home, automobile and household or other possessions, and from claims against you for something you did or failed to do which resulted in physical or financial loss to the person filing the complaint.

Life Insurance–Pays money to the person(s) or organization(s) named as a beneficiary by the policyholder if the policyholder dies. Some life insurance policies also function as investment vehicles by accruing value as premiums are paid or by replacing estate assets depleted by inheritance taxes. Your employer may provide basic life insurance for employees during their tenure with the company. Often, employees are advised to maintain some level of separate coverage if their employer’s coverage is not adequate. A personal policy also is good insurance in the event that you are laid off and, due to health problems, would not be able to get coverage for a new life insurance policy.

Health Insurance–Covers costs related to your health and your family’s health, such as doctor visits, hospital expenses and diagnostic tests. While many employers provide some level of health insurance, you may need to supplement the coverage or, when self-employed, secure health insurance for you and your family.

Disability Insurance–Pays the individual(s) covered for income lost due to a disabling injury or illness. It enables your earning power to continue even if your earnings do not. Again, some employers offer basic disability insurance that covers extended illnesses, but you need to determine if the coverage is long or short-term to adequately meet your needs.

Long Term Care Insurance–Provides coverage for skilled and custodial care in a nursing home. Some policies also may cover home health care expenses. You can purchase coverage for yourself, your spouse and your parents to offset the costly expense of nursing home care, which most people pay out of their savings. Policy costs are determined by the age and health of the individual, type of care and other factors.

Government Benefits–The government offers several types of supplemental insurance to the elderly, retirees, disabled and disadvantaged individuals. Programs include health care, disability, and compensation to laid-off or injured workers. This insurance provides only minimal base coverage. Individuals receiving government benefits should consult their independent insurance agent to determine proper coverage to meet their needs.

Your BWP agent can offer more information regarding the limits and types of coverage required by you, your family and business.

Driving Coverage For Your Automobile

Automobile insurance protects you, your family and your vehicle in the event of injury or damage resulting from an array of occurrences. Your policy will cover the cost of repairs or replacement and furnishes protection against personal liabilities. Your BWP agent can tailor a policy that meets your needs and provides several types of insurance coverage, including:

Liability–Covers injuries and damage you cause to other people or their property while operating an automobile.

Collision–Covers damage to your vehicle in an accident.

Comprehensive–Covers damage to your vehicle from fire, break-ins, vandalism, theft and natural disasters.

Medical Payments–Covers emergency and related medical payments for you and your passengers, regardless of who is at fault.

Uninsured Motorists and Underinsured Motorists–Protects you and your passengers in an accident with drivers carrying insufficient or no liability coverage.

Additional Coverages–Pays for expenses such as towing, labor, “no-fault” coverage, etc.

Protecting Your Personal Property

Homeowners insurance provides coverage for damage to structures and personal property. Coverage includes protection from damage caused by:

  • Fire or lightning
  • Windstorm or hail
  • Explosions
  • Riot or civil commotion
  • Aircraft and other vehicles
  • Smoke
  • Weight of ice, snow or sleet
  • Freezing of plumbing, heating, air conditioning or other household system
  • Theft or vandalism
  • Falling objects

This insurance covers the repair/ replacement of your property and furnishes protection against personal liabilities. Because your home likely is your most valuable asset, it is critical to insure it properly. For example, if you live in a geographic area prone to certain weather problems–such as floods, earthquakes or hurricanes–you need special policies to protect your investment.

In addition, you should be aware of monetary limits on groups of items, including jewelry, artwork, some furnishings, etc. You can purchase additional insurance, usually by endorsement, by listing items that fall outside the limits. Based on the value of your property, the cost of the endorsement is often minimal and outweighs the risk of leaving family heirlooms, equipment and prized possessions underinsured.

You also have the option to insure your personal property for the actual cash value or the replacement cost, which determines the amount of compensation you receive. Replacement value enables you to replace property at the current market price, regardless of its age or condition; whereas, under actual cash value coverage, depreciation for age or condition is deducted from the replacement cost, reducing your compensation.

Renters insurance provides coverage for your personal property when you pay to live in a building owned by someone else. Personal property includes all of your household possessions. You are protected from disaster by a policy tailored to meet your needs and based on the value of your belongings. Similar to homeowners insurance, there are monetary limits on groups of items, coverage can be supplemented with endorsements and you have compensation options.

Whether you own or rent your home, your policy should include liability coverage. This important coverage protects you against claims of bodily injury or property damage that result from your negligence and may prompt a lawsuit. These claims can be caused by any non-auto incident that occurs on or off your premises, such as a dog bite or slippery sidewalk. Coverage also includes medical payments for the injured person, such as first aid or emergency room treatment. You need to consider a limit of liability sufficient to protect you for the cost of a lawsuit and today’s high medical bills.

Backing Your Business

Commercial or business insurance offers property and liability coverage whether you operate from your home or another location. While homeowners insurance may cover business property within specified limits, it typically is insufficient and does not protect against lawsuits related to your business activities. Selecting the right insurance is just as important as the choices you make for company stationery, equipment or services. Your Trusted Choice® independent insurance agent can help you review your options and tailor coverage that best meets your needs.

Ensure Your Financial Protection

Insurance is an important component of your financial planning. It is the safeguard to protect you, your family, your home and other possessions, and your business from financial disaster in the event of a catastrophe. As your life changes, so do your insurance needs. A BWP agent can assist you in matching insurance protection to your specific situation. Personal service–based on an understanding of your needs and your goals–is the hallmark of our BWP Trusted Choice® independent agents. For you, it means protection and peace of mind.

Various factors significantly impact the types and comprehensiveness of insurance you and your family or business require. –Pays money to the person(s) or organization(s) named as a beneficiary by the policyholder if the policyholder dies. Some life insurance policies also function as investment vehicles by accruing value as premiums are paid or by replacing estate assets depleted by inheritance taxes. Your employer may provide basic life insurance for employees during their tenure with the company. Often, employees are advised to maintain some level of separate coverage if their employer’s coverage is not adequate. A personal policy also is good insurance in the event that you are laid off and, due to health problems, would not be able to get coverage for a new life insurance policy. –Covers costs related to your health and your family’s health, such as doctor visits, hospital expenses and diagnostic tests. While many employers provide some level of health insurance, you may need to supplement the coverage or, when self-employed, secure health insurance for you and your family. –Pays the individual(s) covered for income lost due to a disabling injury or illness. It enables your earning power to continue even if your earnings do not. Again, some employers offer basic disability insurance that covers extended illnesses, but you need to determine if the coverage is long or short-term to adequately meet your needs. –Provides coverage for skilled and custodial care in a nursing home. Some policies also may cover home health care expenses. You can purchase coverage for yourself, your spouse and your parents to offset the costly expense of nursing home care, which most people pay out of their savings. Policy costs are determined by the age and health of the individual, type of care and other factors. –The government offers several types of supplemental insurance to the elderly, retirees, disabled and disadvantaged individuals. Programs include health care, disability, and compensation to laid-off or injured workers. This insurance provides only minimal base coverage. Individuals receiving government benefits should consult their independent insurance agent to determine proper coverage to meet their needs. –Covers injuries and damage you cause to other people or their property while operating an automobile; –Covers damage to your vehicle in an accident; –Covers damage to your vehicle from fire, break-ins, vandalism, theft and natural disasters; –Covers emergency and related medical payments for you and your passengers, regardless of who is at fault; –Protects you and your passengers in an accident with drivers carrying insufficient or no liability coverage; and –Pays for expenses such as towing, labor, “no-fault” coverage, etc.

Call us for your consultation. We are here to help and have four offices to serve you and provide personalized service!  Click here for our phone numbers.

Published in Insurance Tips

As Spring’s ‘April showers’ conclude a record-breaking winter, the potential for damage to your home or car grows. Here are four insurance tips to help provide you with peace of mind and more protection as shared by Baldwin / Welsh & Parker Insurance, a Trusted Choice® Independent Insurance Agency.

 

 

  1. Review Your Level of Insurance Protection. Contact your agent and review your level of insurance protection now. Make sure that both your home and auto insurance are up-to-date and offer the protection best for your needs. Share any changes, renovations, large purchases, additions or specific concerns, and ask your agent about the best options regarding replacement value.
  2. Consider Scheduled Coverage for Special Items. It is important to understand that most insurance policies have separate coverage sub-limits for high-value items or collectibles – like that new Valentine’s jewelry—or your electronics, art, or sporting equipment. Ask about insuring these items separately for maximum coverage.
  3. Keep a Comprehensive Home Inventory. Comprehensive and accurate records help you replace belongings after a loss during the claim process. And there are now easy ways to create a home inventory. For example, “Know Your Stuff®,”is a top-rated free online application provided by the Insurance Information Institute. Using these computer or smart-phone apps (many of which even allow you to upload photos of your home inventory) is a great way to finally get this off of your to-do list!
  4. Find and Fix Gaps in Coverage. One of the worst experiences you can have when filing a claim after a loss is being told that you don’t have the right coverage. While your Winthrop Welsh & Parker insurance agent will work with you to try and eliminate those scenarios, there are also times when your circumstances change, and if you don’t update your insurance coverage accordingly, you might find yourself with a gap in coverage. If you have certain high value items such as jewelry or collectibles, they may not be fully covered under a homeowners policy, despite coverage being available elsewhere under an add-on called a “personal articles floater.” Similarly, in the wake of storms with intense flooding, many homeowners find that their homeowners insurance doesn’t cover flood losses. Even if your mortgage company doesn’t require it, a flood insurance policy can be an important piece of protection you should investigate.

Speaking with one of our Trusted Choice agents can help you identify where there may be potential gaps and obtain the coverage to fill them.

In summary, review insurance needs and coverage with your agent and update. Make sure you understand the limits to your current coverage. Complete or update your current comprehensive home inventory. Find and fix any gaps in your insurance policies while considering flood or other specialized insurance to help mitigate against losses.

Committing yourself to these four tips will help provide you with peace of mind and the right amount of protection.

Baldwin / Welsh & Parker Insurance Agencies are a local Trusted Choice® agency as well as a national “Best Practices Agency” that represent multiple insurance companies, so they offer you a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs. Call us for any of your insurance questions or needs.

Published in Insurance Tips

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