Uninsured And Underinsured Motorist
Unfortunately, many people wrongly assume that auto and umbrella insurance policies will provide reimbursement for all aspects of an accident on the road. Instead, both of these policies cover your own liability and provide compensation to others in the event that you are responsible for an accident. However, if another driver causes an accident and doesn’t have enough insurance coverage to compensate you, your own auto or umbrella policies won’t be enough.
If another driver doesn’t have enough insurance coverage to pay for your medical bills, you could face extremely high costs or lengthy court battles. However, by purchasing stand-alone uninsured (UM) or underinsured (UIM) motorist coverage—or by adding the coverage as an endorsement to your umbrella policy—you can be fully protected on the road.
Why Isn’t There Coverage?
Auto insurance is required in most states because all drivers on the road essentially put their trust in one another to not get into an accident. As a result, your regular auto insurance policy will reimburse another driver if you are the cause of an accident. In a similar way, umbrella policies provide you with excess coverage for a number of different personal liabilities.
However, if another driver doesn’t have enough coverage to fully pay for the damage of an accident, you could be left to pay the bills yourself.
- Uninsured motorists simply don’t purchase an auto insurance policy. As a result, if they cause an accident, there isn’t a policy in place to reimburse you for medical bills. According to the Insurance Research Council, about 1 in 8 drivers in the United States are completely uninsured.
- Underinsured motorists have an insurance policy, but don’t have a high enough coverage limit to pay for all of the expenses of an accident. Some states only require a small amount of coverage, which won’t be enough to pay all of your medical expenses.
It’s also important to know that hit-and-run accidents—those in which a driver flees—fall into the same category as uninsured motorists, as there is no insurance policy in place to cover the driver’s liability.
To protect yourself from these risks, it’s important to talk to your Robertson Ryan & Associates representative about a stand-alone policy or an endorsement to your umbrella coverage.
Note – It’s also estimated that 4 out of every 10 drivers in the state of Arizona are either uninsured or underinsured.
Coverage Specifics
Without UM or UIM coverage, you’re essentially paying more for the protection of strangers than you are for yourself and your family. And, although uninsured and underinsured drivers are all too common, many people believe that they’re already covered if someone else causes an accident.
UM or UIM policies are available, as are endorsements to umbrella policies that can protect you from uninsured or underinsured drivers. In fact, in many states, you may be required to purchase UM or UIM coverage. However, just like a normal auto policy, there are some aspects of this coverage that you should consider.
Depending on the state, you may only be required to purchase a small amount of UM or UIM coverage. However, since these policies will protect you and your family in the event of an accident, it’s generally a good idea to purchase the same amount of coverage as your regular auto policy. Coverage is also inexpensive, generally costing only 5% of your regular auto insurance premiums.
Contact Us Today
Contact Charlie and his team at Robertson Ryan today at 480-886-6562 to examine your auto insurance coverage and ensure that you and your family are safe on the road.
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Sourced From: Zywave
Underground Service Line Coverage
There are a lot of property risks to keep in mind if you’re a homeowner. But have you thought about the ones that might be lurking under your property? As a homeowner, underground service lines that run from your home to the property line are your responsibility to maintain. It’s easy for an incident, or general wear and tear, to eventually result in some unforeseen expenses.
Underground service lines coverage is typically not included in a standard homeowner’s policy. However, it is available through most companies as an optional add-on for an additional premium. Utility companies may offer coverage, but these options can be costly and might only cover one utility line, as opposed to everything running under your property.
Hold the Line
Some examples of underground service and utility lines include:
- Water, sewer and drainage pipes
- Electric, telephone, internet and cable wires
- Natural gas lines
A lot can happen to utility lines underneath your property. A tree root could grow through a water pipe, causing a leak and higher bills until it is repaired. Freezing pipes, damage from animals, an artificial electric current and even just the repeated weight of vehicles pressing down on the ground can all cause thousands of dollars in damage.
Root Out Your Risk
Regardless of how the damage may occur, repairs can be costly. Fixing a water lateral is less simple than just repairing the pipe itself. As a homeowner without service line coverage, you may be responsible for expenses related to digging up your driveway, sidewalk or landscaping to reach the line, as well as repairing and replacing everything. Underground service lines coverage may also cover hotels, meals and other living expenses should you be forced to leave your home while repairs are done.
Contact Us Today
Take the necessary steps to protect your property and your wallet. Contact Charlie and his team at Robertson Ryan & Associates and ask about adding underground service lines coverage to your home.
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Condos: Bare Walls vs Walls-In vs All-In
Bare walls vs Walls-In vs All-In – As a condominium owner, it’s easily confused which property is covered by the condominium homeowner association’s (HOA) master policy, and what unit-owners are responsible for insuring themselves. There are a few different types of coverages and each step up adds additional coverage for the individual unit owner. It’s important to define a few key terms and understand where to find this information so you can make the right decision when choosing your coverage.
First things First
It’s important to first reach out to the HOA for a copy of their governing documents and/or master policy. This should contain information to clarify which party is responsible for insuring certain property within the unit. Generally, you will see three types of coverage listed: “Bare Walls”, “Walls-in”, or “All-In” coverage, all of which are explained in greater detail below:
“Bare Walls”
The definition of “Bare Walls” can be interpreted quite literally: Simply put, the HOA is insuring the inside and outside of the building up to the bare walls (ie – drywall or sub-floor) of each unit. This includes any common areas of the building used by all residents. The coverage this offers to individual unit owners is limited, and they are responsible for insuring everything inside their unit including items like built-ins, fixtures, appliances, and personal belongings.
“Walls-In”
Under the “Walls-In” style of coverage, the Association is responsible for insuring the building and each unit back to the condition of the original construction. The unit owner is responsible for any improvements of betterments that have been made to the unit since the original construction. This includes items such as new appliances, built-ins, flooring, lighting fixtures, etc. and the owner will need to carry adequate limits for these items as well as their personal belongings to be replaced.
“All-In”
An easy way to think of it is that the Association is “All-In” and is responsible for insuring the inside and outside of the building and each unit back to its pre-loss condition. This includes any additions, alterations, and improvements the owner has made to the unit. This is the most inclusive coverage, and only requires the unit owner to insure their personal contents and belongings in the unit much like an apartment complex.
Personal Property
Just as a helpful side note, it’s important to obtain adequate limits of coverage for your own personal contents and belongings as this will always be the individual unit owner’s responsibility to insure. An easy rule of thumb is if you turn the unit upside down, anything that falls out would be considered personal property.
If you’re wondering how much contents coverage you need – One way we coach clients is to take a home inventory. Walk from room to room and take video/make a list of all items, including what’s included in each cabinet, and then approximate the values for everything in each room. Add the values up, and you have a good estimation and a better comfort level with what limit you may need. This can also be incredibly helpful in a claims scenario, as it ‘s very difficult to remember what you have in each area of the home when you’re under the stress of a claim.
Contact Us
If you’re unsure of whether your policy carries sufficient limits, or just want to learn more, click the link below to set up a time to contact Charlie and our team at Robertson Ryan today. We’ll help review your association documents, estimate improvements & betterments you’ve made to the unit, and ultimately land on a coverage limit that’s right for you.
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The Importance of Loss Assessment Coverage
Loss Assessment is often overshadowed by the main coverages in a condo owner’s (HO-6) insurance contract. Though it’s easily overlooked, it fills some critical gaps in coverage that can leave you with substantial out-of-pocket costs in certain scenarios. Though not typically a point of emphasis during risk assessments, let’s review the importance of loss assessment coverage:
HOA Master Policy
Most condo communities have a governing condominium homeowners association (HOA). The HOA is equipped with an insurance policy that provides coverage for incidents that occur outside of a condo owner’s personal unit. This is commonly known as a master policy, and some condo owners wrongfully assume it is adequate enough to account for all incidents that occur in a shared area of the property or community, like lobbies, stairwells, pools and outdoor spaces.
However, in the event that damages from an incident exceed the limits of the HOA’s master policy, all condo residents may have to pay out of pocket for any losses, even if they were not at fault. To avoid this, loss assessment coverage is a critical add-on that all condo owners should consider.
What is Loss Assessment Coverage?
Loss assessment coverage is an add-on to standard condo policies. It provides much-needed protection in instances where owners of a shared property are held responsible for a significant portion of the costs associated with a covered incident. Examples of this may include the following:
1. A major hailstorm occurs and causes $550,000 worth of damage to the condo building. While the HOA has a master policy, it only covers $500,000 worth of damage, leaving all condo residents to pay for the additional $50,000 of uncovered damage out of pocket.
2. A visitor to the condo property injures themselves on the tennis court. Unfortunately, their injury bills exceed the HOA’s liability coverage, creating a major financial burden for condo residents.
3. A fire breaks out and destroys a large portion of the lobby. The HOA’s master policy isn’t adequate enough to cover all of the damages, and condo owners are forced to pay a portion of the repairs.
Simply put, loss assessment coverage provides a safety net for condo owners, ensuring they do not have to pay for incidents that occur to shared property and exceed the limits listed in the HOA’s master policy. What’s more, loss assessment coverage can apply to property damage, liability, injuries that occur on condo property or deductibles.
Note – Though this post focuses on condo owners, it’s also important for residential homeowners located in a neighborhood with a governing HOA to review their loss assessment coverage limits, as well.
How much coverage do you need?
The amount of coverage you need will depend on the limits listed in your HOA’s master policy. We always recommend obtaining a copy of the master policy to first evaluate the coverage that’s in place. From there, we can work to find a limit you’re comfortable with. Most companies will offer higher coverage limits by endorsement for a nominal additional premium.
Contact Us Today
To learn more, and to secure a policy that’s right for you, click the link below to set up a time contact Charlie and our Team at Robertson Ryan & Associates today.
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Updates to Flood Rating
The Federal Emergency Management Agency (FEMA) has made some recent updates to flood rating under their new program, “Risk Rating 2.0: Equity in Action”.
- This new rating program went into effect 10/1/21 for new business policies.
- Renewal policies between 10/1/21 and 4/1/22 may choose either the old rating method or the new rating method, whichever rate is most competitive.
- All policies that renew after 4/1/22 will be subject to the new rating method.
It’s a good time to review what’s changing and what’s staying the same for National Flood Insurance Program (NFIP) policies. Please see my previous post on Flood Insurance if you need a brief overview on NFIP Polices, coverages, and limits.
Let’s dive in to some of the differences:
What’s Changing:
New Pricing Methodology
- Flood Zones and Base Flood Elevation
- NO LONGER USED for rating purposes
- Additional data sources used to better quantify the ‘true risk’ to a structure
- Rates now calculated by using an automated algorithm
- Includes additional datasets sourced by the Federal Government
- Building Replacement Cost
- New rating element for single-family residential homes & other residential building types
- Broader range of flood frequencies
- Considers flooding sources other than just what’s listed on the Flood Insurance Rate Map
- i.e. – Urban flooding and Catastrophe modeling
- Other Rating Variables
- Including: First floor height, ground elevation, building occupancy, construction type, foundation type, prior claims, etc.
Grandfathering
- Previously, you could grandfather either your Flood Zone or Base-Flood Elevation
- Both are no longer used for rating
- You will experience either incremental increases or decreases until you reach your Property’s “true risk rate”.
What’s Staying The Same:
Mandatory Purchase Requirement
- Still applies for properties with a federally backed mortgage located in Special Flood Hazard Areas (High-Risk Areas)
- Requires property owners to purchase and maintain adequate flood insurance
- Required for Flood Zones A, AE, A1-30, AH, AO, AR, A99, V, VE, V1-30
Coverage Limits
- The max available will still be $250,000 for building / $100,000 for personal contents
Statutory caps on individual annual rate increases
- No more than 18% per year
Assignment of a policy to a new property owner
- Policies can still be assigned to new property owner
- Provides a new option to reference the old owner’s policy on a new business quote
- Allows the new owner to keep the previous owner’s annual ‘glide path’ towards the property’s “true risk rate”.
NOTE: NFIP rates do not change regardless of which carrier you use.
Additional Options
Private Flood
As properties begin on a gradual path of a premium increase/decrease towards their true risk rate, we’ll begin to see opportunities where private flood markets can become a more competitive option for some properties. With access to multiple carriers, we are able to provide a broad range of options outside of NFIP policies.
High-Net Worth Carriers
Many of our High-Net Worth carriers offer varying solutions to fit your needs. Whether you want flood coverage for the full value of your home and contents, or just something to supplement and broaden the limited NFIP coverage offering, we can work together to put the right solution in place for you.
Bottom Line
40% of flood claims nationwide come from Low-Risk areas. Just because it’s not required doesn’t mean it won’t happen.
This is the first update to FEMA’s rating in over 50 years. As we transition into the new program, there will be a lot of confusion surrounding flood rates and renewals over the next 6 months or so.
Our goal is to provide transparency around all available options to you and to make things as simple as possible so you can be sure you make the right decision.
Click below to schedule some time for a complimentary consultation.
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Additional Resources
- Risk Rating 2.0: Equity In Action
- FEMA – National Flood Insurance Program
- FloodSmart.Gov
- NFIP Flood Insurance Advocate
Adding Wine Insurance to Round out Your Collection
Whether you’re a serious collector or just enjoy the occasional glass of wine in the evenings, you may want to consider adding wine insurance to round out your collection. Given that collections are built gradually, with bottles moving in and out, it’s easy to overlook how much you’ve actually invested over time as well as what it’s worth.
A true wine enthusiast understands the rewards of owning an expansive collection, but also the time and effort invested in building it. There’s a certain amount of pride that goes into nurturing a bottle, anticipating its peak age, and then enjoying and sharing its flavors. If you get a pit in your stomach at the thought of losing your collection, or even just certain bottles, then it makes sense to insure it and protect your investment.
Broader Coverage
Most people assume they have coverage under their homeowner’s insurance, without paying attention to the exclusions and sub-limits in their policy. Without a standalone wine insurance policy, even damage to an average household collection could leave you without sufficient coverage and substantially out of pocket. We regularly work with our clients to find the right solution to fit their needs.
While perils such as fire, theft, or accidental breakage are typically included in most standard policies, wine insurance policies provide broader coverage beyond standard offerings including:
- Protection against damage while items are in transit
- Protection against mechanical breakdowns in the climate control unit that damages wine
- Protection against label damage in a fire, flood or other natural disaster. For many rare, vintage wines, the label increases the value of the wine.
- Access to vendors who ship, buy and sell wine. Vendors who store wine in another location; vendors who offer security systems for your collection and vendors offering temperature-control systems
- Guidance for how to best store your collection, especially when building or renovating your wine cellar
Coverage Options
There are two options to choose from when insuring a collection under a stand-alone valuable articles policy.
- Blanket Coverage – For those who like to enjoy their collection regularly and replace bottles often, this may be the better option. Blanket coverage provides a single dollar amount of coverage for your entire collection under one policy, and allows you the freedom of uncorking a bottle without having to regularly audit your list.
- Scheduled Coverage – This is a great option for those who keep detailed, itemized lists, or who have collections containing individual high-value bottles. This provides coverage for the value of each individual bottle in your collection.
Generally, a stand-alone wine policy costs 50 to 80 cents for every hundred dollars of wine, making coverage very affordable. Our annual risk-assessments with our clients ensure we review their collections at least once per year. Collections grow and item values change over time, so it’s critical to make changes and updates regularly to both policy limits and item schedules.
Storage Recommendations
If you house a collection in your home, consider the following risk-reduction recommendations to reduce damage to your wine:
- Store wine at 55º F. The humidity in a wine storage should also be 65 to 75 percent. Anything above or below that amount can damage the label or cork.
- Do not store wine near heaters or sunlight, or in areas that are susceptible to flooding, such as beneath a bathroom or laundry room. Also avoid placing wine in areas of the home that are beneath or next to a home theater which causes excess vibrations.
- Install an alarm that warns against theft, temperature changes and moisture. When selecting an alarm, purchase one that sends a message directly to your mobile device.
- Do not store chemicals, paint or odor-producing materials near your collection. These items can permeate through the cork and spoil the wine.
Note: If you store your collection in a professional storage warehouse, the warehouse may already have wine insurance. It is wise to go over their policy to ensure it protects against the risk of fire, flood, power outage and more.
We’re Here to Help
Wine is fragile, expensive, and there’s a lot that can go wrong. We’ve seen just about everything. Contact Charlie and his team today for a complimentary risk assessment. We’ll educate you on the proper solutions we offer and the affordable ways we can help you protect your valued collections.
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Sourced in Part From: Zywave
Classic & Collector Car Insurance
If you own a classic car, your insurance coverage should be as unique as your vehicle. Whether you purchase a muscle car or an antique vehicle, you’re best suited by getting customized classic & collector car insurance.
Whether you purchased the vehicle as a passion project or as an investment, you’ll want to insure it properly so you can rest assured that your one-of-a-kind beauty from back in the day will be protected.
We drill down and look at all usage and coverage considerations while creating a policy specifically to suit your classic cars, including:
How Will You Use Your Vehicle?
When insuring a classic car, you must consider how you will be using the vehicle:
- Will you only drive the vehicle to car shows or in a parade now and again? If so, your policy should be limited to those circumstances.
- Are you going to use your antique vehicle to go to the grocery store, hit the beach or visit a relative? Then, your policy should reflect this kind of usage.
- How many miles do you intend to drive each year?
Typical Coverage Inclusions
A typical classic car insurance policy includes the following:
- Agreed value coverage: Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible.
- Inflation guard: To compensate for how classic cars increase in value over time, the policy increases the vehicle’s value quarterly.
- Spare parts coverage: Comprehensive coverage for your vehicle’s spare parts.
- Flexible usage: Ability to drive the vehicle for up to 2,500 to 5,000 miles annually. Not limited to “parades only.”
Additional Coverage Options
Some additional options to consider adding:
- Instant new purchase coverage for newly purchased collectible cars
- Some carriers offer cherished salvage value coverage, allowing you to keep your vehicle if it’s totaled and still receive the guaranteed value minus any deductible
- Emergency towing in case of a breakdown
- Roadside assistance for items such as a flat tire, dead battery or running out of gas
- Emergency lockout / Lost key return
- Emergency travel expenses in case your classic vehicle breaks down while away from home
- Car show expenses—policy will pay for expenses associated with missing a car show due to a breakdown
- Personal effects—policy will reimburse you for items that are vandalized or stolen when reported to police
- Theft reward
Trusted Carriers Partners
While a few of our High-Net-Worth companies have programs for collector vehicles, we also represent and partner with a handful of more specialized carriers with A.M. Best ratings of A or better, including some of the most recognizable names: Hagerty, Grundy Insurance, and J.C. Taylor Insurance.
We’re Here to Help
Live in the past while protecting your vehicle for the future! Contact our team at Robertson Ryan today to learn more about all of our insurance solutions for your classics and collectibles.
We provide a complimentary assessment of your current policies, and work to provide recommendations to ensure these vehicles receive the care they deserve if something goes wrong.
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What’s the Difference between Standard and High-Net Worth Homeowner’s Contracts?
We often get asked what kinds of benefits come with moving from a standard mass-market insurance contract into a High-Value homeowner’s contract? Though there are many things that set these contracts apart, let’s start with one fundamental reason:
High-Value homes are built different than other homes, plain and simple.
Multi-Million dollar homes are simply not meant to look like other cookie-cutter homes. From each properties’ unique development and design process to the intricate, custom features that can be found throughout, each home has a personality of its own.
These homes require a specialized type of insurance product, and our High-Net-Worth Insurance companies cater specifically to successful individuals and their High-Value homes. We’ve expanded on a few key differences below:
Replacement cost
Standard vs Extended vs Guaranteed Replacement Cost
- Standard Replacement Cost
- Caps the limit of coverage at what is listed on the policy.
- This can create some costly gaps in coverage
- What if your agent and/or company didn’t correctly value your home?
- Extended Replacement Cost
- Provides a listed percentage – Anywhere from 120% to 200% of the replacement cost listed on the policy.
- What if even this amount is insufficient?
- ie – California Wildfires caused shortages in labor and materials, which caused home rebuild costs to skyrocket in some cases by 3x – 4x.
- Guaranteed Replacement Cost
- Contract will pay to repair or replace the property with like kind and quality to return the property back to its pre-loss state.
- Strongest form of replacement cost coverage, offered by all of our High-Net-Worth carriers.
- No limits, no hassles, it will get rebuilt back to where it was prior to the loss.
Risk Management
High-Value home companies go beyond just writing an insurance policy for your home. In order to ensure your home’s replacement cost is valued appropriately and your property has the right protective measures in place, they will run virtual or in-person risk management inspections for their policyholders.
These inspections focus on documenting the unique features of your home as back-up in case they do need to be repaired or replaced, but also look closely to identify ways to prevent potential claims from happening in the future. They aim to make your home more resilient to loss, which improves your overall risk profile and minimizes your total cost of risk.
Broader Contracts
Without diving into all of the nuances of contract language, not all insurance contracts are created equal. It’s extremely important to understand the two fundamental ways insurance contracts are set up:
1.) Policy provides a list of what is covered, everything else is excluded
2.) Policy provides a list of what is excluded, everything else is included
It’s important to note how much broader the coverage provided is under the second setup, which is how the High-Net-Worth contracts we offer are constructed. Weird things happen, and being in the insurance industry we can certainly attest to that. Very rarely are claims cut and dry, and the broader the coverage you can get, the better protection it can provide against unique claims scenarios.
Note: It’s important to read your policy and ask your agent how your contract is set up to know the potential gaps and limitations you may encounter.
Optional Coverages
Outside of coverage for your home and your belongings inside, there is a multitude of extra homeowner’s add-ons to navigate: Equipment Breakdown, Service Line Coverage, Increased Coverage for Mold, Loss Assessment, the list goes on and on.
Many standard companies simply do not offer the types of optional coverages available through a high-value home contract. Even if they do, the limits are far below what you can find in a High-Net-Worth contract. Better yet, what some standard companies consider ‘optional coverages’ are included in the base contracts for high-value homes for no extra charge.
Ease of Doing Business
When you have a claim, odds are you’re not having a great day. You’ve already got a full plate without adding the stress of navigating your way through an insurance claim.
High-Net-Worth carriers attract the top talent in the industry, and provide professional personnel who understand that your time is valuable. Their goal is to settle things equitably and to get your home and your life back to normal as quickly as possible to minimize the burden on you and your family.
Still Unsure? Let’s Review Together
Call us Today
We fully understand that not everyone is jumping up and down at the opportunity to read their insurance policy end-to-end. That’s where my team and I come in. We value your education above all else and want you to understand from a high level what your policy includes and how it will respond when you need it.
We take the time to run a comprehensive risk assessment on your current insurance program to identify potential gaps in coverage. We then market your policies and bring you an overview of the marketplace and recommendations to strengthen your program.
Don’t make a difficult process even harder on yourself: Give us a call to set up your no obligation review and to find out more about what company might be your perfect fit.
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Auto Insurance: Split Limits Vs. Combined Single Limit
We often find that new clients come to us having focused more on their auto policy’s annual renewal premiums rather than the actual coverage provided. I feel that’s more of an issue with industry-wide advertising being largely centered around pricing.
However – it brings up an opportunity for us to discuss coverage, which ultimately determines a significant portion of the premiums on your auto policy. When asked about their preference of split auto limits versus combined single limits, most clients aren’t even aware there was another option available.
The reality is that there most certainly is a difference not only in the dollar amounts of coverage, but also how those limits can effectively be utilized if you find yourself in an accident.
It’s critically important to understand that fully in order to choose what’s right for you:
Split Limits
Here’s an example of an auto policy with split limits: ($100,000 / $300,000 / $100,000)
Bodily Injury – $100,000 each person / $300,000 each accident
- $100,000 of total coverage for each person’s injuries / $300,000 of total coverage for injuries from each accident
Property Damage – $100,000 each accident
- $100,000 of coverage per accident for damage to others’ property
Limitations:
- If you’re in an accident and cause more than $100,000 of bodily injury to any one person, you’d be out-of-pocket to cover those excess costs
- If you’ve injured more than one person in an accident
- Policy will only pay $100,000 for any one person’s injuries
- It’s quite possible the total of all injuries could exceed the amount of coverage available per-accident, leaving you to cover the rest
- Property Damage
- Some luxury vehicles can cost well above $100,000 per car
- If you’re at-fault in an accident with the wrong vehicle, it could exceed your coverage limits leaving you out-of-pocket to cover the remainder
Combined Single Limit
Here’s an example of an auto policy with Combined Single Limits:
$500,000 Combined Single Limit Per Accident – Bodily Injury and/or Property Damage
Combined Single Limit coverage offers no specified limits per-person, per-accident, or for property damage to restrict coverage. With one combined limit of coverage, it gives you the flexibility to use your limit more effectively where it’s most needed. It’s seen as a stronger form of coverage as it gets rid of some of the potential gaps/limitations listed above that come with with carrying split-limits.
Excess Liability Coverage
Coverage from Excess Liability or Umbrella policies applies only after your limits on your primary auto policy are exhausted.
However, there’s often requirements that you hold a minimum amount of coverage on your auto policy in order to purchase excess policies (such as $250,000/$500,000/$100,000 Split Limits OR $300,000 Combined Single Limit).
The more primary coverage you carry on your auto policy, the more leeway you have before utilizing your excess limits. If you can avoid utilizing your excess coverage in a claims scenario, it will improve your claims history and greatly benefit your overall risk profile for the future making it easier to obtain coverage at the best possible rates.
Call Us Today
We’ll help you explore available options, explain key differences, and help you make the best decision possible. When it comes to auto insurance, there’s no one-size-fits-all approach, and it’s important to be aware of coverage differences when reviewing your policies or making a purchasing decision.
Reach out to our team today for a no obligation review of all your insurance policies, and let us help customize a program just for you.
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Why Choose an Independent Agent
I’m often asked, “Why choose an independent agent?”. For starters, some of the best and longest standing insurance companies offer their products exclusively through the independent agent channel.
Coincidence? Probably not…Independent agents like myself are partners you can trust and have the tools to make your life easier and ensure that your program perfectly suits your business or personal needs.
Here are just a few reasons of many to choose independent agents:
1.) You have a choice
We represent a multitude of quality companies offering a variety of coverage options and pricing. The shopping is done for you, and you don’t need to spend your time online with tedious applications. Our relationships and connections in the marketplace often bring better value than what you can find on your own. Agents work with you to customize your coverage and find the right blend of coverage, price, and service.
2.) Your agent, Your advocate
You have an advocate that’s on your side if you have a problem with billing or a claim. We are representatives of the companies, but also stewards of our clients. When it comes to difficult situations, we work with the companies on your behalf and go to bat for you to ensure you’re treated right and that claims are settled equitably for both parties.
3.) Licensed experts
There are many things that require a professional’s help. For instance: If you require drafts of legal documents, you’ll probably entrust the help of an attorney. Why not take that same approach and deal with a licensed agent? Insurance can be confusing, and we can help explain complex ideas and terminology in simple ways so you can better understand. This allows you to make the best choice for yourself, your family, and your business.
4.) Trusted Advisor
We take the time to listen to your personal needs and develop a program around those needs. It’s about more than price when putting a program together, it’s about finding the right mix for you and what you care about most. We help guide you through the process by educating you and giving you the information you need along the way.
5.) Live and work in your community
We live, work, and play in the same community as you. We know it’s important to give back, and we understand the benefits and problems facing our shared community.
6.) One-Stop Shop
We can meet all of your needs – personal or commercial – all under the same roof. We represent multiple companies and can help with any insurance needs you may have.
7.) Lifetime Consultants
We stick with you and provide coverage reviews as your life evolves and your assets grow over time. We provide the relationships and service to adapt and customize your program as your life progresses. Whether you’re moving into your first apartment, starting your own business, or buying your dream car or home, we’re with you every step of the way.
8) Intimate knowledge of your account
You’re dealing with a real person you know and trust. No 1-800 numbers, general emails, or long wait times. We know that just won’t cut it, which is why we provide you with direct contacts to turn to at our agency when you need help. You have someone to call that cares about you and values your business above all else.
Bottom Line
An independent agents, we know you’re more than just a client file. We give your account the same level of care and attention to detail as we do with our own. My team and I are here to help, reach out today to see how we can level up your insurance experience.