When It Pours, You Need an Umbrella!

In addition to reviewing and updating your insurance program regularly, you can avoid possible gaps in your coverage by purchasing a personal umbrella policy. Once a policy used only by those owning sizeable assets, personal umbrellas are now becoming a solution for anyone who needs extra liability protection.

Since we now live in the age of the million-dollar lawsuit, the need for liability protection is quite real. A personal umbrella expands the liability coverage that you already might have through your homeowners and/or automobile insurance policies, in addition to protecting you in some odd, unforeseen circumstances.

Umbrella Provisions
Most umbrella policies provide at least one million dollars in excess liability protection. An umbrella can also cover many situations that your current policies may not. The following are some added benefits of a personal umbrella policy:

It can provide payment for legal defense expenses when primary insurance coverage does not apply.

It can protect you from risk exposures while you're traveling outside the country, because umbrella protection is usually applicable worldwide.

It can cover watercraft that's sparingly used (not more than 30 days per year), watercraft in storage, and non-owned recreational vehicles.

Umbrella Exclusions
Bear in mind that there are situations the umbrella does not cover. For instance, umbrellas usually do not apply to uninsured motorists, or to business property and professional activities.

Also, you do have to meet certain requirements to qualify for an umbrella. For instance, you may need to purchase higher liability limits on your current auto and homeowners policies, in order to satisfy the umbrella's underlying requirements. Someone who has youthful drivers listed on his or her policy, numerous traffic violations, drunk-driving convictions, owns vacation homes, or a boat, may find it difficult to obtain a personal umbrella policy.

But, it's still worth the effort. Should you ever find yourself facing a lawsuit, any holes in your current liability coverage could end up costing you an arm and a leg. A personal umbrella can help you to effectively fill in gaps in coverage. For more information on this valuable protection plan, please call us or stop by.

Finding a Good Appraiser

Accuracy is everything when it comes to an appraisal, so make sure you find a qualified person to do the job. Here are some tips:

Get References
If you can't get a recommendation from someone you know, a professional organization of appraisers can give you a list of members in your area. The American Society of Appraisers (703-478-2228) is one example.

Ask about Fees in Advance
The estimate should include research, document preparation, and photographing or videotaping if desired. Avoid appraisers whose fees are based on a percentage of the appraised value of a collection or object.

Request a Sample
When you get a sample appraisal document, make sure it states the name of the client, the date, the appraisal's purpose, a detailed description of each item, the appraised value, and the appraiser's name, address, and signature.

Check the Health of Your Homeowners Insurance

When's the last time you had a checkup? A homeowners insurance checkup, that is. For your financial health, it's important to make sure that costly coverage gaps haven't developed since you purchased your homeowners policy. Here are some tips on how to keep your insurance up to speed with changes in your home and possessions:

1. Be familiar with your homeowners policy.
Read your policy's provisions, limits, and exclusions, and please call us with any questions.

2. Have your home appraised regularly.
If you had to rebuild your home today due to a disaster, would you have enough insurance to cover the rebuilding costs? Be sure to get a regular appraisal of your home's value so you can adjust your insurance coverage for appreciation, rising construction costs, and home improvements.

3. Check community building codes.
Sometimes, a damaged home can't be reconstructed exactly as it was without violating current building codes. For instance, the home may need updated electrical wiring or special windows due to safety or energy codes. Knowing about these potential expenses in advance gives you time to obtain extra insurance protection if necessary.

4. Take a home inventory.
You can estimate how much insurance you need by documenting your possessions, both on videotape and on paper. Update this inventory yearly to include new possessions, and store copies in a safe place.

5. Evaluate your liability exposures.
Does your homeowners policy offer enough liability coverage for your needs? A personal umbrella may be a worthwhile consideration.

A regular homeowners insurance checkup is a simple preventive measure that can spare you the financial pain of being underinsured. We're always here to answer your questions, as well as to help keep your insurance plan in good health.

Auto Insurance: Money-Saving Tips

Most people recognize that auto insurance is an essential and valuable means of protection, but it's still not much fun to pay for. Unfortunately, increased repair costs, medical expenses, auto theft claim payments, and auto injury lawsuits are all adding to the cost of auto insurance. We'll do everything we can to keep your auto insurance affordable, and there are ways you can control it, as well. Here are a few suggestions for lowering your auto insurance costs:

1. Increase your deductible.
When you have a claim, your deductible is the amount you must pay before your insurance takes over. By increasing your deductible, you may be able to lower your premium and save as much as 15–20 percent.

2. Check insurance costs before buying a new vehicle.
Some vehicles are more expensive to repair or more likely to get stolen, making them more costly to insure. Please call us if you would like an insurance quote for a particular vehicle.

3. See if you are eligible for any discounts.
Some insurance companies offer policy discounts for various reasons. You may be able to take advantage of one or more of these discounts.

4. Reduce insurance coverage on older vehicles.
As your vehicle gets older, you might want to make changes in your auto insurance. Please give us a call if you would like more information.

5. Drive carefully.
Accidents and traffic violations can increase your premiums. Always drive defensively, and remember to wear your seat belt.

If you're in the market for a different vehicle, we'd be happy to take care of the insurance shopping for you. Even if you're not buying a vehicle, please stop by or call us for a review of your current auto insurance needs and a policy update if necessary.