Info Center
We know that Insurance can be a tricky thing. That is why we want to give you as much information as possible to help you make good decisions. We will continue to add helpful information to this section, so check back often. If there is something you are looking for and can’t find it here, let us know and we’ll look at adding it.
Did You Know?
- 64 percent of renters have no renters insurance.
This staggering figure when you realize that 60% of residences are broken into during the course of their existence. Depending on where you live, you could be at an even higher risk. Renters insurance is one of the most economical options in insurance, and is one of the smartest buys.
Independent Insurance Agents & Brokers of America
Molly's Musings
This is an insurance policy hopefully you will never need to use but when you need it you REALLY REALLY need it. I know this doesn’t make the case for purchasing one because generally people don’t buy things they don’t need unless it’s sitting on the shelves of a Wal Mart supercenter.
An umbrella insurance policy is an excess liability policy. If the liability limits on your primary insurance policies are exceeded (auto, home, boat, motorcycle, atv, segway…) the umbrella insurance will fly in like Superman and save the day.
Umbrella insurance can be purchased up to $10,000,000 or even more if you are super rich like me. (Namely because I sell so many umbrella insurance policies) Generally limits are purchased in the amount of $1,000,000 to $2,000,000. Say for instance you’re in a tragic car accident and you maim ten people because you’re on the phone texting to your twitter account stating how awesome your day is going. You are going to get sued big time and the liability limits on your auto insurance are not going to cover the damages of all 10 injured people and the guy on the side of the street selling flowers that wasn’t injured but suffered “emotional” damages. If you have an umbrella policy the umbrella policy would kick in covering you for up to the limits stated on your insurance policy.
Another example would be a liability claim on your homeowners insurance policy. Say you are on par with my golfing abilities and you hit fifteen people on the head with a ricocheting golf ball. These fifteen people sue you for more than your homeowners insurance liability limits. Guess what insurance policy is going to be the ray of sunshine in your dark, dark, existence?…That’s right your umbrella policy.
I’m of the opinion that everyone should purchase an umbrella policy considering the litigious nature of our society and to the sad state of my checking account. You need to consider not just the amount of money and assets you have now but what you will be worth in the future. Umbrella insurance is cheap. An approximate rate for one vehicle and a primary home or renters policy is $130 a year. That’s merely 35 cents a day on earth. On Mars you’re looking at 18 cents a day so some of you, including myself are going to get a great deal!
Term Dictionary
- Employee Dishonesty Coverage
Covers direct losses and damage to businesses resulting from the dishonest acts of employees.
FAQS
- Why do insurance companies use my credit score to determine my premium?
Everything in insurance is based on statistics. Several years ago, two insurance companies scored their book and looked at the claims experience based on the credit score. The results indicated a strong correlation between your score and your likelihood of having a claim. People with high scores had fewer and smaller claims. People with lower scores had more frequent and larger claims.