Does Your Homeowners Insurance Cover Your VRBO?

Does Your Homeowners Insurance Cover Your VRBO?

The sharing economy is on the rise in America, with many people using their home for rental property. like homes (with Airbnb or VRBO)

More and more people are using services like VRBO and Airbnb to find vacation rentals.  As a result, many people are using their homes to develop rental income.  A standard homeowner’s policy may not cover losses incurred while your home is rented out.  You may require a more specialized insurance policy.

Key Homeowner’s Insurance Concerns With Rental Property

Homeowner’s insurance will not cover rental property.

You need insurance when you do not occupy the same residence as your tenant. You will also need special insurance if you are renting out your own home temporarily, or sharing accommodations such as your basement level, with a renter.

Consider liability coverage in the event your renter is injured on your premises.

Consult a local attorney who is knowledgeable in home rental laws in your area. Some cities have new laws that make it easier (or harder) to legally rent out part of your home if you’re not a licensed hotel or B&B.

VRBO, Airbnb and other rental sites may require proof of insurance.

There are only a few insurance carriers willing to write an Airbnb liability insurance policy.  We have experience with insurers who handle this kind of risk.  While sharing economy companies like AirBnB and VRBO offer a “master agreement” that seems to cover a lot, reviewing that with an actual insurance agent will always be in your best interest to ensure adequate coverage.

Business Insurance Coverage That You Might Be Missing

Business Insurance Coverage That You Might Be Missing

Insuring your —- building is one of the most important decisions you make as an owner. In the event of a loss, having the right kind of insurance will be critical in recovery and resuming your business operations. Over 40% of businesses that suffer a total loss never resume operations. If these businesses had purchased the right insurance they might have been able to resume operation.

No two businesses are alike. We can offer coverage options and tailor coverage specifically for your business’s unique needs. Companies frequently purchase commercial property insurance as a part of a Business Owner’s Policy.

We wanted to provide you with a few coverage options that you may not have considered.

Having enough business income and extra expense coverage. In the event of a covered loss, your commercial property insurance can provide funds for lost income, and extra expenses to help in the recovery. All too often, these are not reviewed on a regular basis.

Property managers need to make sure all tenants have provided proof of commercial insurance. Check these annually.

The increased cost of construction for building codes is often overlooked. If your commercial building is over five years old, you may have risk due to new building codes that might increase the value of your building.

Requesting your property policy to have 100% agreed amount valuation. Having an agreed amount will eliminate any coinsurance.

We specialize in providing insurance for office building owners, apartment owners, and commercial building properties. Our experienced staff understands the challenges and concerns that building owners face every day, and work with you to provide the best coverage at the best possible price with the best service.

 

Good Reasons To Call Your Insurance Agent

Home and Auto Insurance Update

Let’s face it, you buy home and auto insurance to protect you when and or if an accident happens. And when you have an accident, you want your personal insurance to respond.  If it has been a while since you updated your personal insurance coverage, you may want to call us today.

When to Call Your Agent

When you buy or sell a car

If you started a home based business

If you are thinking about putting in a pool

When you purchased any high end jewelry, guns or other items

If your home replacement value has gone up

Did you get a company car?

If you have remolded any part of your home

When you install a security system in your home

If you get married or divorced

If your commute distance has changed

When your children go away to college

Having the right auto coverage is not as easy as it sounds, and choosing the wrong coverages and limits could lead to financial disaster.  Our team is prepared to help you find the right combination of coverage, price and service.

Is Your Business Ready For 2020?

The world is changing, and we understand the issues your business faces every day. There is constant competition for your customers, there are challenges in attracting and retaining top employees, and your cost of goods keeps going up. Part of your planning should include an annual commercial insurance review. Your business changes, and so do your exposures. Here are some of the major kinds of coverage found in most commercial insurance programs.

Commercial Insurance for Businesses

Liability Insurance– Covers your business against claims of negligence that resulted in loss or injury to a customer or visitor to your business.

Worker’s Compensation– Protects your business when an employee becomes injured on the job. It is required by law.

Commercial Auto– Covers against loss for your business vehicles and any liability your business incurs as a result of an accident.

Property– Insures against loss for your buildings and equipment.

Employment Liability– Covers your business and managers from claims of harassment, discrimination and other civil rights as afforded under state and federal laws.

Cyber Liability– Protects your liability interests when data or sensitive client information is stolen or accidentally lost by your business.

Professional Liability-Protects your business when a third party accuses your business of being negligent or making a mistake in providing professional services.

An Independent Agent Who Understands Commercial Insurance

When you purchase business insurance through an independent agent you are working with a licensed professional who specializes in the products and services you need. We have access to many insurance companies and know which ones are designed just for your business. Independent agents are local business owners who employee your neighbors to serve your needs.

 

There Are Many Ways to Get Discounts on Your Auto Insurance

An Auto Insurance Update

Everyone likes to get the best possible combination of price and coverage on their auto insurance.  For the most part, your auto insurance is based on your driving record and the type of vehicle insured.  There are a few things you can control when it comes to purchasing auto insurance.  Many insurers offer a variety of discounts that can affect your auto insurance premium savings.  Discounts may vary from insurer to insurer.

Good student discount. For teen drivers, this can save hundreds of dollars. Typically, if your student maintains an A or B average, the discount will apply.

Multi-policy discounts. Most insurance providers offer discounts to customers who carry more than one line of insurance with them.

Drivers education courses. Many insurers offer discount if drivers have taken driver’s education courses.

Military discount. Many insurers offer discounts for military service.

Equipment discounts. If your vehicle has special safety equipment, you may be eligible for discounts.

Call our office for more information on how these discounts may apply to your situation.

How to Develop a Better Understanding of Business Liability Insurance

How to Develop a Better Understanding of Business Liability Insurance

A Commercial Insurance Update

Your business keeps you running from dawn to dusk. You have many decisions to make every day in order to keep your business profitable. Our job is to be your business insurance resource and to provide you with the best combination of coverage, price, and service.  A commercial liability policy can protect your company from actions by yourself and employees if a third party is damaged or injured.

Basic Questions for a Better understanding of Commercial Liability Insurance

What Does a Commercial Liability Policy Cover?  – This coverage is intended to cover your business and employees from injury or damage to third parties resulting from your negligence.  This might include damage to property or injury to others.  If your products or services cause a loss to a third party, a commercial liability policy will respond.

How Do I Determine What Limits I Need? – How much coverage you need depends on your industry and the size of your company.  We usually recommend at least $1,000,000 in coverage to start with.  If you are in construction or similar industries, we might recommend higher limits.

Is Commercial Liability Insurance Expensive? – Insurance premiums are based on a number of factors including revenues, industry, number of employees and other factors.  For a small business commercial liability premiums are not expensive.

What Is the Best Way to Obtain Commercial Liability Insurance?  –The best way to secure commercial liability insurance is to use an independent agent like us. We would combine your commercial liability along with commercial property coverage to get the best combination of coverage, price, and service.

Make Your House Safe For Trick-Or-Treaters

Make Your House Safe For Trick-Or-Treaters 

 Halloween is fast approaching. All kids love to dress up, get together with friends, and go door-to-door hoping to find the full size candy bar.

A little pre-planning can prevent unfortunate accidents that could turn out to be tragic for kids and trying for you. Here are some pointers for ensuring your house is a safe place for trick-or-treaters on Oct. 31.

Pets first. Dogs, cats, and other furry family companions get scared when oddly dressed strangers approach their door in droves. Make sure your pet is in a safe and comfortable space or take them to a secure, relaxing offsite location for the evening.

 Clean up your yard. If your yard gathers stuff – like toys, rakes and other yard tools, hoses, tree branches, you name it – take the time to clean it up. Make sure your yard is free of potential hazards and create a clutter-free walking path well before dusk falls this Halloween.

Are all your lights working? Make sure you offer a well-lit path.

Candles. Candlelit pumpkins should be placed on a sturdy table.

Turn it off. When you’re done for the night, make it obvious by turning any and all inviting lights off.

Decorations. Don’t go overboard with decorations, they can cause fires and injuries.

Safety tips for kids

Never, ever go into a house

Go with friends

Costumes should be short enough to prevent children from tripping and falling

Young children should always be accompanied by an adult or an older, responsible child

Only go to homes with a porch light on

Plan costumes that are bright and reflective

Don’t eat homemade food

Look at all wrapped candy, if it has been opened toss it out

Use a flashlight

 

 

Can You Live Without Disaster Insurance?

Can You Live Without Disaster Insurance?

Human caused disasters and natural disasters occur in every state. California has earthquakes and wildfires, Colorado has flooding and wildfires, the Northeast has winter storms and high winds, Florida has flooding and hurricanes, and the Midwest has flooding and tornados.

Insurance And Disasters

It is safe to say that most business and homeowner’s insurance policies do not cover the risks associated with disasters. The only exception would be damage caused by wildfires. Let’s look at how insurance might apply to other disasters.

Floods— Only 13% of U.S. homeowners had flood-insurance policies last year according to the Insurance Information Institute, a trade group. Flood insurance must be purchased through the National Flood Insurance Program. We can help you if you need the coverage.

Earthquake— While earthquakes occur mainly in certain areas, there are registered earthquakes in every state, every year. Earthquake insurance also must be added or purchased under a separate policy.

Tornadoes— Damage from tornadoes typically is covered, since it usually is considered wind damage.

Mudslides— A standard home insurance policy does not protect your home against damage caused by a mudslide. Mudslides are usually defined as ground movement. Heavy rains that cause a mudflow would typically be covered.

Heavy Snow and Winter Storms— Winter storms and snow damage is covered under a typical homeowner’s policy. If flooding occurs, then the flood damage would be covered.

Hail— Most homeowner’s insurance policies provide coverage for losses resulting from hail.

Wildfires— It can be safe to say that all homeowner’s insurance covers loss resulting from a fire. Wildfires are considered a fire and would be covered.

Coverage disclaimer–the information provided here is for general purposes only. It is not our intent to change or modify insurance coverage. Each insurance policy is different and your individual coverage will be determined by the terms of your insurance policy.

 

Will Your Personal Insurance Be There For You When You Need It?

A Personal Insurance Update

As we move into 2019, it is important to take stock of your personal insurance program.  Many different life events can affect your personal insurance.  Having the right kind of personal insurance can make a big difference if, and when, you ever have a claim.  Please call our office for an insurance review.

What Should Be Part of Your 2019 Personal Insurance Planning?

Should I consider a personal umbrella policy?

Is my home valued correctly?

Do I need to add or remove any drivers?

Have my life insurance needs changed?

Things That Can Affect Your Insurance

Marital status.

Children in college.

Purchase of a new vehicle, ATV, motorcycle, or boat.

Planned foreign travel.

Purchased any items of value like art, guns, or jewelry.

Starting a home-based business.

Purchasing a vacation home.

Using your home as rental income.

If you call us, one of our team members will help you find the best possible combination of coverage, price, and service.  Our agents have access to more carriers, and that means that they have more options, including multiple policy discounts and preferred premium pricing.

How to Save Money on Your Auto Insurance

 

We are always searching for ways to help our clients save money on their auto insurance. Saving money on is a relatively quick way to lower the cost of operating your car in Texas, and can be accomplished with a quick phone call to our office There are many ways to lower your auto insurance costs without eliminating needed coverage. Here are a few ideas to consider:

Use an independent agent to provide a quote. We are an independent and has access to many markets that provide competitive premiums on auto insurance.

Multi-vehicle discount (if you have more than one vehicle on the policy).

You can receive discounts if you combine your home and auto with the same carrier.

Good student discount.

Good driver discounts.

Consider raising your collision and comprehensive deductibles if your vehicles are older.

Customer loyalty- if you stay with a company for a period of time, you can receive discounts each year.

Drive safely and don’t get tickets.

Consider insurance when making your car purchase. Some vehicles are more expensive to insure.