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Comprehensive car insurance steps in where collision coverage ends, offering protection against a myriad of non-collision incidents. As we delve into 2024, the significance of comprehensive coverage becomes even more pronounced for drivers seeking complete protection for their vehicles.

Comprehensive coverage goes beyond the basics. It’s not just about protecting your car in case of an accident; it’s about safeguarding your investment from the unexpected, like theft, vandalism, and natural disasters. This blog aims to unfold the layers of comprehensive car insurance, helping you understand its importance, the scenarios where it becomes indispensable, and how to choose the right coverage for your needs. Whether you’re a daily commuter, a weekend adventurer, or use your vehicle for business, comprehensive coverage is an essential aspect of your auto insurance policy that should not be overlooked.

Comprehensive Coverage Demystified: What It Is and Why It Matters

Comprehensive car insurance, often misunderstood, is an essential component of auto insurance that provides coverage for a variety of incidents that aren’t collision-related. Let’s break down what it encompasses:

• Wide-Ranging Protection: Unlike collision insurance, which covers damages from accidents, comprehensive insurance covers events such as theft, vandalism, hail, fire, and animal collisions.
• Acts of Nature: It’s particularly valuable for protection against natural disasters like floods, storms, and earthquakes.
• Vandalism and Theft: Comprehensive coverage protects your vehicle against scenarios like break-ins and graffiti, which aren’t covered under collision insurance.

Comparison with Collision Insurance: 

While collision insurance is focused on car accidents, comprehensive insurance covers almost everything else that can happen to your car outside of a collision.

Comprehensive coverage fills the gaps left by collision insurance, offering an all-encompassing safety net for your vehicle. Understanding this coverage is key to ensuring you’re fully protected against a range of unpredictable events.

Navigating the Unpredictable: The Real-World Benefits of Comprehensive Coverage

Understanding when comprehensive car insurance becomes invaluable is crucial. Here are some scenarios where having this coverage can be a game-changer:

• Vehicle Theft: If your car is stolen, comprehensive coverage can cover the cost of replacing it.
• Natural Disasters: Protection against damages from floods, earthquakes, and storms is a hallmark of comprehensive coverage.
• Vandalism: Recovering costs from damages due to vandalism or malicious mischief is possible with comprehensive insurance.
• Animal Collisions: Encounters with animals like deer, which can cause significant damage, are covered under comprehensive policies.

The benefits of comprehensive coverage are substantial:

• Peace of Mind: Knowing you’re protected against a wide array of non-collision incidents offers immense relief.
• Financial Protection: It helps in mitigating financial losses from unexpected events that aren’t in your control.
• Flexibility: You can tailor the coverage to your specific needs and circumstances.

From Paper to Pavement: Comprehensive Coverage in Action 

Real-life examples bring comprehensive coverage into perspective:

• Case of a stolen vehicle: Comprehensive coverage can provide reimbursement for the car’s value.
• Damage from a severe hailstorm: The cost of repairs can be covered, saving you from out-of-pocket expenses.

These scenarios and benefits highlight the essential nature of comprehensive coverage, providing protection in many unforeseen circumstances.

Tailoring Your Policy: How to Choose the Right Comprehensive Coverage

Choosing the right comprehensive coverage is critical to ensure it aligns with your needs and lifestyle. Here’s how to make an informed decision:

• Assess Your Risk: Consider the likelihood of events like theft, vandalism, or natural disasters in your area.
• Evaluate Your Vehicle’s Value: The age and value of your car can determine whether comprehensive coverage is cost-effective.
• Understand Policy Terms: Familiarize yourself with the terms and exclusions to ensure you know what’s covered.

Tips for Tailoring Coverage:

• Shop Around: Compare rates and coverage options from multiple insurers to find the best deal.
• Consider Your Deductible: A higher deductible can lower your premiums, but make sure it’s an amount you can afford if you need to make a claim.

Balancing Protection and Cost: Selecting Your Coverage Limits and Deductibles 

Selecting the right coverage limits and deductibles is crucial in balancing protection and cost:

• Coverage Limits: Choose a limit that reflects the value of your car and your financial situation.
• Deductible Amount: Opting for a higher deductible can reduce your premium, but it means paying more out-of-pocket in the event of a claim.

Carefully choosing your comprehensive coverage ensures that you have the protection you need at a price you can afford. Tailor your policy to reflect your vehicle’s value, your personal risk, and financial capacity.

Securing Your Journey: The Road to Choosing Comprehensive Coverage

In conclusion, comprehensive car insurance is an indispensable component of a well-rounded auto insurance policy. From protecting against theft and natural disasters to covering damages from vandalism, it provides a safety net that goes beyond collision coverage. By understanding what comprehensive insurance entails, recognizing the scenarios where it’s beneficial, and carefully selecting your coverage, you can drive with confidence, knowing you’re well-protected against the unpredictable.

We encourage you to carefully consider your comprehensive coverage options and tailor them to fit your unique needs. For more information and personalized guidance, visit our homepage or contact us. We’re here to help you navigate the complexities of auto insurance and secure the coverage that’s right for you.

 

Disclaimer: This article is intended for informational purposes only and should not be taken as professional insurance advice. Coverage needs vary by individual, and it’s important to consult with an insurance professional for personalized advice. 

When it comes to protecting your home, whether it’s a cozy condo or a spacious house, understanding the intricacies of insurance can be a game-changer. Both condo insurance and homeowner insurance serve the crucial role of safeguarding your investment, but they’re not interchangeable. This article delves into the key differences between these two types of property insurance, shedding light on the distinct features, coverages, and costs. It’s not just about picking an insurance policy; it’s about making an informed choice that aligns with your specific living situation.

Understanding these differences is vital. For condo owners, the right insurance policy means you’re covered where your condo association’s insurance stops. For homeowners, it’s about ensuring every inch of your property is protected. Each type of insurance caters to the unique needs of the property it covers. This blog aims to clarify these differences, helping you navigate the sometimes confusing world of insurance. So, let’s break down the essentials and dive into what makes condo insurance and homeowner insurance distinct, ensuring you’re well-equipped to make the best decision for your home.

 

Understanding Condo Insurance

When you own a condo, your insurance needs differ significantly from those of a traditional homeowner. Condo insurance, often referred to as HO-6 insurance, is designed to fill in the gaps left by your condo association’s master policy. Understanding what’s covered—and what’s not—is crucial for every condo owner.

• Personal Property Coverage: This part of your condo insurance protects the belongings inside your condo. Think furniture, electronics, and clothing.
• Interior Structures: Your policy covers the interior of your unit—walls, floors, ceilings—against damage, separate from the condo complex’s policy.
• Liability Protection: If someone is injured in your condo, or you cause damage to another unit, this coverage comes into play.
• Loss Assessment Coverage: If your condo association levies a special assessment for a covered loss, this coverage can help pay your share.

It’s important to read the fine print. Condo insurance often has limits, especially for high-value items like jewelry or art. Plus, it might not cover flood or earthquake damage. Always tailor your policy to your specific needs.

Choosing the right condo insurance involves understanding the extent of your condo association’s coverage and where your personal policy needs to fill in the gaps. It’s not just about protecting your belongings but also about safeguarding your financial responsibility in the condo community.

 

The Comprehensive Scope of Homeowner Insurance Policies

Homeowner insurance, unlike condo insurance, is a comprehensive policy covering the entire structure of your home and the belongings within it. It’s designed for the sole responsibility you hold as the owner of the entire property, from the front lawn to the backyard fence, and everything in between.

• Dwelling Coverage: This protects the physical structure of your home, including walls, roofs, and built-in appliances.
• Other Structures: This includes coverage for structures not attached to your house, like a garage or shed.
• Personal Property: Similar to condo insurance, this covers your personal belongings, but often to a broader extent.
• Liability Protection: This extends to accidents that occur on your property, not just inside your house.
• Additional Living Expenses (ALE): If your home is uninhabitable due to a covered loss, ALE helps cover temporary living costs.

Unique Elements in Homeowner Policies 

Homeowner policies typically offer more extensive coverage options than condo insurance. For instance, they often include loss of use coverage, which is crucial if you need to temporarily relocate due to home damage. Plus, they provide broader liability coverage, considering the larger area of a standalone home.

For homeowners, insurance is about protecting your entire property and offering peace of mind. It’s about knowing that from the foundation to the furnishings, your investment is secure against unforeseen circumstances.

 

Balancing the Scales: Condo vs. Home Insurance Costs

Understanding the cost dynamics between condo and homeowner insurance is key to budgeting for your property’s protection. While several factors influence these costs, it’s essential to know why and how they differ.

• Base Premiums: Generally, condo insurance tends to be less expensive than homeowner insurance due to the smaller area covered and the shared nature of condos.
• Location and Risks: The location of your property, its size, and the risk factors (like crime rates or weather patterns) significantly impact insurance costs.
• Deductibles and Coverage Limits: Higher deductibles can lower your premiums, but they mean more out-of-pocket expenses during a claim. Similarly, your coverage limits will affect the premium.

Factors Unique to Each Policy 

For condo insurance, factors like the level of coverage provided by the condo association and the specific unit’s value play a significant role. In contrast, homeowner insurance premiums consider the entire property’s value, including land and any additional structures.

Comparing costs isn’t just about looking at numbers. It’s about understanding what you’re getting for your money and how well it aligns with your specific living situation and coverage needs.

 

Your Insurance Questions, Answered

In this section, we address the most common questions about condo and homeowner insurance, providing clear and concise answers.

1. What are the main differences between condo insurance and homeowner insurance? Condo insurance primarily covers the interior of your unit and personal belongings, while homeowner insurance covers the entire property, including the building and land.
2. How does the cost of condo insurance compare to homeowner insurance? Generally, condo insurance is less expensive than homeowner insurance due to the smaller area covered and the shared responsibility in a condo complex.
3. What specific coverages are included in condo insurance that aren’t in homeowner insurance? Condo insurance often includes specific coverages for shared areas and may have unique provisions based on the condo association’s master policy.
4. Are there any unique considerations for condo owners when choosing insurance policies? Condo owners should consider the extent of their condo association’s policy and ensure their personal policy covers the gaps, particularly for interior structures and personal liability.
5. How do insurance claims differ for condos and homes? Claims for condos often involve coordination with the condo association’s policy, especially for damages to shared spaces or the building’s exterior, while homeowner claims typically cover the entire property.

These FAQs highlight the importance of understanding the specifics of your insurance policy, whether it’s for a condo or a standalone home. Knowing these details ensures that you are adequately covered for any eventuality.

 

Wrapping It All Up: Empowering Your Insurance Choices

As we conclude, remember that the choice between condo insurance and homeowner insurance boils down to understanding your unique living situation and coverage needs. It’s about striking a balance between adequate protection and cost-effectiveness. This article has aimed to demystify the differences, helping you make an informed decision. Whether you own a condo or a house, the right insurance policy is a vital step in protecting your property and peace of mind.

For more information and personalized advice, don’t hesitate to visit our homepage or contact us. We’re here to help guide you through the nuances of property insurance.

 

Disclaimer: Please note that insurance policies vary, and it’s important to consult with an insurance professional for specific advice. The information provided in this article is for general guidance and may not be applicable to all situations.

 

When looking into insurance for your business, one coverage you will often see is general liability. Now, what makes it general liability is the vast amount of items it covers in the policy, which we will cover a bit later. To emphasize why general liability policies are recommended for businesses, both big and small, the average cost of a slip and fall claim is around $20,000! Not to mention the cost of a reputational harm lawsuit! That can cost you around $50,000 and without any general liability on your side, and that’s all cash out of pocket. Let’s review what exactly general liability covers, doesn’t cover, and who really needs it.  

 

Who Actually Needs General Liability? 

Every business owner – yes, really! As we briefly mentioned above, lawsuits and injury claims cause cost your business a pretty penny if they are served in your place of business. Now, many states don’t actually require that you carry general liability insurance, but it is always highly recommended that you have it because if you don’t, you expose your business to financial risks. If you are looking to collaborate with other businesses, they may reject the opportunity if you do not have the minimum coverage under your belt. Those who need general liability meet these criteria, among others: 

• Have a store, office or building that’s open to the public, clients or vendors 
• Handle or work near client property 
• Advertise or create marketing materials for your business 
• Use social media personally or professionally 

 

What Does It Cover? 

It’s commonplace to see liability claims during a business’ operations. As we talked about earlier, these claims can be a costly expense for your business, especially if you own a small business. Below we’ve compiled a list of coverages that are typically included in general liability.  

• Bodily Injury (Employee or Customer) 
• Property Damage 
• Advertising Injury 
• Copyright Infringement 
• Reputational Harm (Slander) 

 

What Isn’t Covered 

There are a few scenarios in which your general liability will not cover you. In these instances, you will need to purchase additional liability insurance policies for more specific situations. There are multiple other policies that you may consider adding to your current coverage: 

• Professional Liability 
• Worker’s Compensation 
• Product Liability 
• Umbrella Insurance  
• Errors and Omissions 

 

Are you in need of adding liability insurance to your list of coverages? If so, reach out to your local insurance agent to get started on protecting yourself from all the potential liabilities out there.  

Having the right home insurance policy will protect your home and belongings, and additionally, cover your liability exposure from owning a home. You are probably aware of the typical events that home insurance covers, such as vandalism, fires, fallen trees, wind damage, or even lightning strikes. However, not all natural events are covered by all home insurance policies – many policies do not cover losses in the event of an earthquake or flood, meaning the policyholder would need to seek additional insurance to be fully protected. While it is best to consult your insurance agent to see your coverage, here are five surprising things you might not know your home insurance covers. 

Identity Theft 

One surprising event that is covered by your home insurance policy is identity theft. Many home insurance policies allow reimbursement for the costs of identity theft, such as lost wages or legal fees. Please note that this type of coverage is not guaranteed in all policies, so check with your agent to see if you are covered. 

Property of College Kids 

If your children have grown up and moved off to college, their property may still be protected under your home insurance policy. Policies typically cover anyone living in your household, as well as children under the age of 24, meaning your college-aged child may still be protected. It is important to note that the liability limit for students’ property may be lower, and not all policies cover off-campus housing. If this is a major concern, consider adding renter’s insurance to guarantee total protection. 

Mandatory Home Upgrades 

If there is legislation passed that requires you to make changes or improvements to your home, the cost of those changes is typically covered by your home insurance policy. There are usually limits to this type of coverage, so check with your agent to see the specific coverage your policy offers. 

Harm Caused by Pets 

Another surprising thing that is frequently covered by home insurance is medical expenses incurred from something such as your dog biting someone. However, many policies have a limit of $300,000 for medical expenses, so talk to your agent to see if you need to supplement your policy with additional protection.  

Riots/Civil Unrest 

Many home insurance policies provide you with protection for your home and personal property in the event of civil unrest, frequently referred to in the insurance world as “civil commotion.” Events such as fire, vandalism, or even explosions are typically covered. If the damage is done during a time not officially declared as a state of emergency, it is important to obtain a police report to submit when you file your claim. 

While you might not have thought these five things would be covered by your home insurance policy, there are many other surprising events that your policy is likely to cover. To see exactly what your policy covers, or if you need supplemental insurance to fully protect yourself, contact your local insurance agent today. 

We all know that sugar is not good for our bodies, but the scary repercussions do not seem to be fully realized when we look at American culture. Many of our holidays revolve around food, and, particularly and not coincidentally, processed and refined foods such as candy. Americans love candy and purchase around twenty-four pounds of candy per person, per year, ingesting the most around Halloween.

Americans, we have a problem.

Too much sugar is poisonous for our bodies. Sugar overworks the liver and pancreas and causes inflammation. It directly and indirectly leads to a wide array of health problems, from tooth decay and obesity to heart disease and diabetes. Removing sugar from your diet can even lower your chances of suffering from the worst symptoms and conditions from Covid-19.

In a study on the effects of sugar on heart health published in 2014, “people who got 17% to 21% of their calories from added sugar had a 38% higher risk of dying from cardiovascular disease compared with those who consumed 8% of their calories as added sugar.”

So we know it is bad, but there are important questions that remain: How much is too much and how do we change?

How much is too much?

The American Academy of Pediatrics says that “on average, sugar makes up 17% of what children consume each day,” way more than what the Food Pyramid suggests. It isn’t feasible for us to track our sugar using a pyramid graph, but there are more reasonable ways we can monitor and evaluate our sugar consumption.

Nutrition labels have continuously improved over the years in containing a wealth of info that should not be ignored. The American Heart Association recommends you look to this label and keep your daily intake to under twenty-five grams (or six teaspoons) for women and under 36 grams (or nine teaspoons) for men.

What to do about it.

Of course, there’s an app for that, but we can’t expect ourselves to digitally track sugar intake for every member in our home. One of the easiest ways to monitor is to limit and even cut sugary foods in their entirety from the shopping list.

Who is in charge of the shopping and meal preparations? Start here. Limit or remove foods that contain refined sugars, such as high fructose corn syrup, listed on the labels. Replace sugary drinks, which is the main way children consume sugar, with healthier options such as milk and water. Begin this healthy overhaul before the food even enters your home.

Don’t be a total killjoy, especially around the holidays, but do be conscientious of what is going into your and your children’s bodies. Don’t leave candy lying in plain view – out of sight, out of mind, right? Impose limits on daily sugar intake that follow the guidelines for children (25 grams per day for children 2 and older) and for adults, especially if you have dietary restrictions for a health condition.

Other ways are to choose healthier options. Insider ranked almost two dozen fan-favorite candies from worst to best (Smarties are “best”). Whole fruits and low- to no-calorie sweeteners are another, healthier way to satisfy a sweet tooth.

Most importantly, be mindful of what goes into your body, and if you buy the groceries, pay mind to those who look to you for guidance on living a healthy lifestyle. There are many resources around you. Ask your doctor, dentist, and even your insurance agent about these resources to cut costs and improve your dental, health, and life insurance plans. Heeding advice now will have more rewards than a king-size candy bar can offer! Your health is invaluable – treat it that way.

Blazing trails on your ATV out in the fresh, clean, country air is an indescribable joy that can only be felt. Thinking about insurance against damages and injuries is no joy, but it is a hill that you and your agent need to charge over together so that you can continue doing what you love.

Here are six reasons you should get with your agent and discuss the proper coverage so that you can get back to your ride, worry-free:

1. LEGAL COMPLIANCE

Many states require proof of insurance when using your ATV on public land, and some states require it when in use anywhere not on your own land. You may also not be allowed by law to drive your ATV on paved roads in your state. To avoid a ticket and fines, it’s best to ask your agent about the minimum requirements for insuring your joy-ride in your home state.

2. TRAVEL

Riding dirty may not just be a challenge at home, but could also be an issue when leaving the homestead. A good tip is to check the states where you plan to ride. Many ATV enthusiasts travel to areas such as Moab, Utah, for their thrill-seeking adventures, but there are countless destinations for a fun-filled weekend with your ATV. One thing that could be a real killjoy on vacation is to find yourself noncompliant with minimum insurance requirements. Keep your travels safe and pleasant by talking to your insurance agent before crossing state lines.

3. DAMAGES

Taking the good with the bad, we know that incurring damages is a sure possibility in the rough and rugged terrain you enjoy. Averaging anywhere from $5,000 to $15,000, this “toy” is no small purchase. Protect yourself like you would with your car or truck with either liability, collision, or comprehensive coverage. Not only should you be worried about your vehicle, but other vehicles and property as well.

4. INJURY

There are about 650 deaths and over 100,000 injuries involving ATVs each and every year. Concussion, broken bones, spinal trauma, and cuts & bruises are the four most common ATV injuries. Wearing the proper gear, such as a helmet and padding, prevents many, but not all, injuries. Ask your doctor or agent about more precautions to take to avoid getting hurt, but know that the risk of injury on ATVs is fairly high, especially for children under 16 which account for about 26% of all ATV-related accidents in 2018.

The National Association of Insurance Commissioners (NAIC) says you may want to ask your agent the following questions: Are there age restrictions on who may operate my ATV? Does my policy cover other people who may operate my ATV? These are great springboard questions into protecting more than just your ATV, but your little riders as well.

5. THEFT

Due to their high value and ease of loading in a truck bed or a trailer, your ATV is an ideal item for would-be thieves. Protect it from theft as best you can by following tips from your agent, such as removing keys, using the steering lock, and blocking it in with another vehicle if you can’t keep it inside.

6. LOW COST

Consider the insurance part of the sticker price of your ATV, because without it, you’re probably just borrowing time until the inevitable happens. Insurance is there for those instances, the unexpected. The average cost of your monthly premium is only about $100 for a standard policy, but it can vary wildly depending on your age, area, amount of use, and model of ATV. The only way to know for sure is to make an appointment with your agent and get a quote.

Your time on your ATV should be worry-free and fun. Let your agent help with that in the best way they know how to protect you.

What happens when you have a lot of coverages but don’t bundle them? You end up with many confusing pieces of paperwork, and you could be spending more money than you need. Do you have different policies from different providers? Maybe you weren’t sure you wanted to bundle your policies and just never went back. Today, we will look over the importance of bundling your policies from more than just the money-saving aspect, and we understand how important that is! 

 

Let’s Save Some Money 

The biggest reason that many people have insurance bundles is the amount of money they can save. When you bundle your policies, you allow one insurance carrier to insure multiple lines under the same policy. The most popular bundle usually consists of home, life, and auto policies. Why do people lean towards bundling their policies? Bundling is typically done due to the agency offering some form of discount. These discounts are generally between 10% and 2% per policy. With this discount, you could be saving quite a bit of money every year. Money-saving isn’t the only perk to bundling your policies. 

 

Simplify the Confusion of Insurance Policies 

Simplification is the best way to help keep your life organized, and your insurance agency understands that! When you bundle your insurance policies, you can do away with the number of monthly bills you receive due to your coverages being under one entity. In addition to the convenience, if your insurance policies get done this way, it makes filing a claim more manageable if you ever need to. Life is hectic, and we all have so many things we want to do with so little time. Condensing all of your bills into one can help you save time and stress.  

 

Helps Build a Relationship with Your Agent 

Did you know that bundling your policies together can help you gain or create a better relationship with your insurance agent? When you begin working with a singular agent for all of your insurance needs, they can get to know you better and will be able to suggest insurance policies that you may need more accurately. In addition to their helpful eyes, they can help you find ways to save money on your policies. When you aren’t directly interacting with your agent, they will be on the lookout for potential risks that you need to know about. This type of personalization is hard to find when your policies get split throughout multiple agencies. Bundle up those policies to protect yourself and prepare for the unexpected with your insurance agent by your side.  

 

Are you ready to bundle up your policies? Then, contact your local insurance agency to meet with your agent today.   

Your roof is your home’s first line of defense from natural elements such as rain, hail, snow, and debris. Even a small crack can cause extensive damage, so it is a good idea to conduct routine roof checks. This helps keep your home and family safe, while also ensuring you have documentation of professional maintenance to provide your insurance policy. Here are tips to keep in mind when it comes time for your roof check. 

 

Inspect Regularly 

Plan to inspect your roof at least once a year. This allows you to stay ahead of repairs as you note possible damage. Conduct additional checks after extreme weather such as hail, snow, or thunderstorms. Depending on the weather in your climate, your roof may be subject to more possible damage from natural elements. Your home insurance policy does not cover “wear and tear” repairs or those caused by age, so it is vital to complete this maintenance as part of your homeownership.
 

Do a Visual Check First 

The first step in your inspection is to do a visual check from the ground. Walk around your home to check for any signs of possible damage. Here are a few things to look for: 

• Missing or broken shingles 
• Warped, blistered, or curled shingles 
• Asphalt shingle grit in gutters 
• Cracked caulk 
• Rust spots 
• Moss or lichen on rooftop 
• Sagging spots 
• Darkened ceilings or interior water damage 

If you spot these signs, it is time to get the problem addressed immediately. If left unrepaired, these concerns can cause major structural damage to your home. Because they were part of the wear and tear that homeowners are expected to maintain, the cost will come out of your pocket and not your insurance policy.
 

Hire a Professional 

It can be tempting to perform a “DIY” home repair and save a few dollars, but this is not worth the risk. Hire a roofing professional with experience fixing roofs and working on a ladder. They can address the concerns you identified, along with inspecting the full roof to determine if more work is needed. Confirm that the roofing repair company also has their own insurance updated, and ask what warranty they offer on their work. 

 

Understand Your Homeowner’s Insurance Policy 

If your roofing professional determines that your roof is in need of a total replacement, you may be facing an extremely high cost. In the case of damage due to age or normal wear and tear, the repairs will most likely not be covered under your homeowner’s insurance policy. However, if a tree branch has fallen onto your roof and caused a leak, this may be covered. 

 

Annual roof inspections are vital to keeping your home and family safe. Keep all your records of any updates and maintenance completed by licensed and insured professionals. For questions about your homeowner’s policy or additional roof insurance coverage, speak with your local agent today. 

If you are looking into buying a home, you may be experiencing a bit of a hard time due to the current circumstances of the housing market. Buying a fixer-upper can sometimes provide a shortcut to homeownership, whether you are a first-time homeowner or buying your next home. With the low inventory but high demand for homes, the difficulty of obtaining a home has increased, especially on a budget. This is why we are seeing a rise in people buying fixer-upper homes. But what insurance do you need if you are buying a fixer-upper instead of a traditional home? We’ve compiled a list of insurance policies that can help protect you and your new property. 

 

Insurance Options for a Fixer Upper Home 

Conventional Home Insurance 

Eligibility for conventional insurance comes down to the ability to complete any outstanding repairs within before or within 30 days of closing. What if the home has more difficult to complete repairs? What if you aren’t planning on moving in for a few months? The conventional insurance policy may be out of reach. Did you know that empty and under-construction homes are considered a high risk for insurance companies? The traditional insurance company will, more than likely, recommend that you get a different insurance policy that is specifically formulated for higher-risk situations like these. Some may even write the policy themselves while other insurance companies will refer you to a third-party insurer that specializes in these high-risk policies. 

 

Builder’s Risk 

The most common form of insurance for homeowners with a new construction or newly renovated home is builder’s risk insurance. Typically, this policy starts with lower costs and as the home gets into better conditions, the cost will rise because the home value has now increased. This policy is easier to get if there is a solid, timed plan to finish the construction or new build.  

  

Vacant Dwelling 

Will your new home be sitting vacant while repairs and work are being done on the property? Vacant dwelling insurance may be a possibility. This policy will cover most physical losses, if there are any, but it will usually not cover any form of theft from the premise. Pay attention to the location of the property and decide if theft is a huge or minor issue. This can be a real problem anywhere if the home contains valuable appliances, tools or copper wiring and piping.  

  

Need to know more about policies to protect your new fixer-upper home? Reach out to your local agent for more information on the best insurance policies that fit your situation.  

Understanding what types of insurance to offer your small business’s employees can feel like a challenge. However, this is a great problem to have! It means you as the owner have done a wonderful job growing the company and adding new staff members to your dedicated team. Health insurance benefits are a major way to attract top talent to your company.  

The Affordable Care Act changed the landscape for small businesses and now requires companies with 50 or more employees to offer an “affordable” health plan. For an employee-only policy, they cannot spend more than 9.5% of their household income for coverage. Even if your business has fewer than 50 employees, there are still major incentives such as tax credits, employee satisfaction and retention, recruiting talent, and reduced sick time. Here, we are breaking down the basics of the types of insurance coverage to keep your small business’s employees happy and healthy. 

Medical Insurance 

The first step in providing insurance benefits is to offer medical coverage. This includes preventative care like annual checkups, along with emergency support. You as the business owner have options for the types of plans and the amount of subsidizing you want to offer. A Preferred Provider Organization plan is the most common and allows employees to go to a doctor or hospital that is within a “preferred” group. This includes preventative and emergency care. Employees will pay for their monthly premium and any costs up to their deductible. To determine what amount you would like for employees to pay and what you as the business can afford to cover, speak with your local insurance agent who can help you find the best plan and pricing. 

Dental Insurance 

Unlike medical insurance, dental insurance is not required under the Affordable Care Act. However, offering this vital preventative service is typically a low-cost commitment for you as the business owner and a valuable form of care for your employees. Individual employee-sponsored dental plans can cost your small business about $14 to $30 per month per person, with family coverage being higher. Most dental issues are preventative, but they can lead to many more serious health concerns if they are left untreated. Therefore, it is important to offer your small business’s employees the opportunity to enroll in a group plan, even if you cannot subsidize a portion of the cost. A group plan that is negotiated by your insurance agent will be more cost-effective for your employees than a private plan. 

Vision Insurance 

Similar to dental insurance, you are not required to provide your small business employees with vision insurance. However, with three out of four Americans wearing corrective lenses, the cost of eye exams, glasses, and contacts are important to a majority of your employees. If you plan to cover some of the cost for your employees, this is often one of the most inexpensive types of insurance to budget for. Your expense may range from $5 to $10 per month for basic preventative care and corrective lenses. More comprehensive plans, such as those that offer a discount on LASIK surgery or other more intensive procedures, could cost you $15 to $20 per month per employee. Showing your staff that you value all aspects of their health and wellness, especially something that is often out of their control, will go a long way in creating a positive environment for your team. 

Short-Term Disability Insurance 

One final type of insurance that you may want to make available to your employees is short-term disability. While policies can range from three months to a year, each one serves to provide your employee with a portion of their income or salary if they are out of work for a short time. Reasons can include a medical illness or surgery recovery, pregnancy, or injury, but the specific list of covered disabilities will depend on the policy you select. The primary benefit is to your employee, who can hopefully avoid financial hardship while they are unable to work. However, offering this also benefits you as a small business owner. You most likely spend a lot of time and resources selecting and training your staff. By offering this benefit, you can help them maintain their lifestyle, recover safely, and return back to work at the appropriate time.  

Regardless of the size of your small business, offering a variety of insurance plans is becoming more and more important. Jobs and salaries are more competitive than ever, and employees are looking for a company that values both the work they contribute and their personal wellness. Speak with your insurance agent today to determine which group insurance plans are right for your organization.