24 Feb
2021

Buying the Right Amount of Insurance for High-Value Homes

Homeowners understand the challenge of finding the right balance of insurance protection and risk management. It is a struggle every homeowner faces. Those who own high-value homes (typically those valued at $750,000 or greater) often have different insurance needs than homeowners with less valuable homes.

Insuring a High-Value Home

When it comes to insuring a high-value home the challenge isn’t always about insuring the home for the right amount. Sometimes it is about the additional insurance products you need to protect the value, structure, integrity, and value of your home.

After all, your home is an investment. One that most people purchase with the intention of growing value over time. Getting the right amount of homeowners insurance is only half the battle. You must also continue the following types of insurance protection to supplement your coverage and have the robust insurance protection you require. This includes the following types of insurance products:

General liability insurance. While some general liability insurance is included with your home insurance, you may wish to consider additional protection for general liability. If you have pets, swimming pools, treehouses, trampolines, or other “risky” structures on your property you will certainly benefit by considering higher general liability plan limits.
Umbrella insurance. This is a different type of liability insurance that offers protection should you exceed the limit of your general liability insurance.
Flood insurance. If the value of your home is $250,000 or more, you will want to explore private flood insurance options rather than insuring your home with the National Flood Insurance Program. The maximum value with this program is $250,000 which will be completely insufficient for your needs.
High-value item riders. If you have costly collections, art, expensive electronics, antiques, furs, and jewelry, you should also consider additional riders for these items that are high value as your “contents” or “possessions” coverage may be insufficient to repair or replace these costlier items.
Identity theft insurance. Identity theft is a growing problem. A problem homeowners need to be watchful of and protected against. Look for insurance coverage that provides some degree of protection against identity theft as well as some assistance in recovering should someone attempt to defraud you by assuming your identity.
Employment practices liability insurance. If you employ household staff or in-home employees, this is another type of insurance people who own a high-value home can’t afford to live without. It offers protection against claims of discrimination, wrongful termination, and more.

Sufficiently insuring your high-value home is about much more than getting the right dollar amount of protection for covered losses. It’s about having protection and coverage in all the right places. InsuranceHub can help you with all your homeowners’ insurance needs. Contact InsuranceHub today by calling 770.497.1200 and let us help make sure you have coverage where you need it most.

17 Feb
2021

Tax Benefits of Registering an Exotic Car in Montana

by InsuranceHub | in Auto Insurance

When most people hear the word exotic, they think of beaches, the food at an upscale restaurant, or a tropical vacation. The automobile industry also uses this term to describe highly unique cars with features typical cars do not have. Below we outline two considerations exotic car enthusiasts use when determining if a car truly meets that definition.Read More

10 Feb
2021

Transportation Company Insurance – So Much More than Trucking Insurance

by InsuranceHub | in Transportation

Transportation company insurance isn’t as simple as saying you want truck driver insurance. You’re responsible for providing vehicles, protecting cargo, and keeping the roads safe for one and all. That means you need to have the right kind of trucking insurance to protect your financial interests and those of the people you employ.Read More

03 Feb
2021

Homeowners Insurance Does Not Protect Your Home-Based Business

by InsuranceHub | in Business Insurance

Last year saw a record number of Americans lose their job due to the coronavirus pandemic. Perhaps you were one of them and decided to start your own business from home. Another possibility is that you already operated a business and recently decided to move your operations home. Whatever your situation, it is important to make sure that you have the right home-based business insurance from the start.Read More

25 Jan
2021

8 Habits of Successful Towing Businesses in 2021

by InsuranceHub | in Business Insurance, Transportation

Business success is something we all seek to achieve in the coming year. There are some moves you can make within your organization that will do more to generate success in the future than many others. If you adopt the following eight habits for your towing business, you are sure to enjoy greater business success in 2021 and future years as well.Read More

18 Jan
2021

Cyber Liability Risks for Work-from-Home Employees

by InsuranceHub | in Business Insurance

Employees are already the weakest link when they’re in the office; the vast majority of cybersecurity breaches occur due to the mistakes or negligence of employees. So, what happens when they’re working from home? Working from home can increase productivity and efficiency — as well as reducing costs. But it also introduces some cyber liability problems that do need to be addressed.Read More

11 Jan
2021

How to Properly Insure Your High-Value Car

by InsuranceHub | in Auto Insurance

Congratulations! You just rewarded yourself with the purchase or lease of a gorgeous car with a price tag over the $100,000 mark. Of course, you got car insurance, as required by your state, but if you opted for the bare minimum coverage, you could lose your new ride after a simple fender bender. That special car needs a high-value car insurance policy.

Maximize Your Auto Insurance Liability and Medical Coverage

Most states have a minimum liability requirement listed on their auto insurance regulations. While the $10,000 to $25,000 coverage will pay the bills for most traffic accidents, the fact is that your high-end vehicle is driving around with a target on its door. It is advertising that the owner likely has a deep pocket, and the other party may decide to go after you for additional expenses.

It is a good idea to talk to your agent about raising the maximum payouts for medical payments, property damage, and liability. For you, this means that if you cause an accident, you end up paying only your deductible while your insurance protects your bank account. And the other guy? They are properly compensated for their injury or losses.

Discuss an Agreed Value for Your Future Collector Car

When you are driving the only Maserati or Land Rover in town, finding a replacement after an accident can be a little more challenging compared to your Dad’s Ford. It will not depreciate at the same rate as other more common rides. For this reason, high-value and collector cars often include an Agreed Value section. Most standard car insurance policies will lower the market value of your ride as the years go by based on statistical depreciation. The Agreed Value will remain the same, protecting your investment and allowing you to replace the unique ride with a comparable one if it is lost in an accident.

Check Off the Box for Flat-Bed Towing and Premier Repairs

The transmission and suspension on your supercar will not appreciate being hooked up to a standard tow truck. Prevent additional damage resulting in an even higher repair bill when you opt for the premium tow section on your policy. You will also want to stipulate that any repairs made to your car will be completed according to factory specs and at the certified dealer or restoration shop of your choosing. Other car insurance policies often specify that parts and labor will be done at lower rates, using aftermarket parts. That kind of repair can significantly alter the value of your unique ride. Making these decisions now limits your frustration and disappointment later.

Consider Adding an Umbrella Policy to Your Insurance Portfolio

Finally, if you live in an exclusive neighborhood, you just might end up scratching the paint on other high-value rides. An Umbrella Policy provides added protection when the liability portion of your auto insurance is maxed out by a tragic or expensive accident. There is no reason to put your car, home, and savings on the line due to some bad luck.

Even if you bought the new sports car on a whim and fast-tracked the transfer of your old car insurance policy, you can still make changes now. Simply pick up your phone and have a discussion with your agent about completely protecting the new ride and your bank account today.

04 Jan
2021

The insurance risks of employees working from home

by InsuranceHub | in Business Insurance

Business owners had to scramble to adapt to a new reality in the early days of the pandemic that included having most employees work from home. Due to the sudden nature of the changes, work from home insurance may have been the last thing on their mind. Nearly a year later, some business owners are ready to rethink insurance risks for employees that work from home. If you’re one of them, we hope the information provided below about the risks of working from home will be helpful.

Cyber Risks Associated with At-Home Workers

Now that restrictions have eased and most public-facing businesses are open again, some employees who normally work at home have ventured out. With laptop in hand, they head to coffee shops, libraries, and other public places just to see other human beings. While understandable, public Wi-Fi networks expose businesses to significantly more risk than home Wi-Fi networks do. Hackers have a much easier time accessing unsecured networks to obtain private company information, including sensitive information about customers.

Employees working on their own home computers instead of a company computer also present a security risk. Although some prefer that arrangement, personal computers don’t have the same levels of security that your company computers have. You will need to decide if you will ban this practice or allow it with some strict privacy rules in place. The same is true for employees who take a company computer to a public space to work. Regardless of the policies you set, cyber liability insurance is a serious option to consider.

Safety of Employees and Clients

Employers have the obligation to ensure a safe working environment for their employees whether they work onsite, offsite, or at home. While it may be impossible to review each employee’s physical workspace, you could consider asking for a video or a remote meeting to view it that way. This gives you the chance to look for hazards the employee didn’t recognize. You also want to ensure that each employee has a comfortable workstation appropriate to their job duties and personal needs to avoid workers’ compensation claims.

Sometimes employees may meet with your company’s clients in their home. While not a common practice during the coronavirus pandemic, both you and the employee should understand liability laws if the client injures himself or herself on the property. The employee’s homeowners’ insurance policy may not cover the claim if it happened during work hours, leaving you to pick up the tab. General liability insurance for business owners can help in this case.

Other Considerations About Insurance When Employees Work From Home

Here are a few other situations that might come up with employees working from home:

The employee gets into an accident and injures someone while driving a company vehicle.
A child of the employee causes extensive damage to company computers, printers, cell phones, or other business equipment.
The employee stores company inventory at home to ship to customers, and a fire breaks out destroying it all.

A customized work at home insurance policy can save you a lot of stress and money as you continue to navigate these new work arrangements.

Contact InsuranceHub for Work at Home Policy Quotes

You’re there for your employees, and we’re here for you. Please contact us today or complete this quote request form to receive multiple competitive quotes for your business insurance needs.

22 Dec
2020

What To Do After Purchasing a New Home: A New Home Purchase Guide

by InsuranceHub | in Home Insurance

For those buying a new home, they may feel like they have recently finished a marathon. There is a lot to do if you are looking for a home. Between meeting with real estate agents, securing a home loan, and completing all of the paperwork, new homeowners are usually tired by the time they get the keys to their new home. At the same time, even if you have your keys in hand, there are still other steps you need to take to make sure that your home is ready for new occupants.

Hook Up the Utilities

There is a good chance that your home does not have any utilities hooked up when you move into it. Therefore, it is important to contact local utility companies and get everything turned on. Some of these utilities may require people to come to your home. A few utilities that you need to activate include:

Contact a local electrical company and make sure the electricity is turned on
Give a call to the local water company and make sure your home’s plumbing system is running
If your home has a gas line, you need to get the gas turned on as well
You should research local cable and internet providers to make sure that you have internet, cable, and a landline if you need one

We’re guessing that you probably do not want to live in a house without utilities. Therefore, you need to make sure that these bills are switched over to your name as soon as possible.

Change Your Locks

You do not know if the previous homeowner has made copies of the keys. Therefore, to make sure your home is safe, you may want to change your locks. You also need to make sure that you reset the security code to your garage if you have one. Finally, if your home does not already have an alarm or a security system, you may want to get one installed. This may help you qualify for discounts on home insurance premiums.

Secure Home Insurance

If you did not already get home insurance through your lender, then you need to make sure that you protect this valuable asset. Many people purchase home insurance based on the value of the home they now own; however, this is usually not enough coverage. Remember that home insurance is designed to not only protect the structure of your home but also its contents. Therefore, you may want to schedule a home insurance inspection to make sure that you get enough coverage to protect your house. Remember that your home is a valuable investment. You need to make sure that you protect it with the right home insurance policy.

Say Hi to the New Neighbors

Finally, take a few minutes to say hi to your new neighbors as well. Even though some of your neighbors might swing by and welcome you to the neighborhood, some people might be too busy to do so. Try to take a few minutes and introduce yourself to your neighbors. If you go on vacation one day and want someone to watch your house, you want to make sure you have a positive relationship with the homeowners around you. They might even give you a welcome gift after you buy a new home!

22 Dec
2020

5 Common Mistakes People Make on Homeowner’s Insurance Claims

by InsuranceHub | in Home Insurance

Having home insurance is a must, to protect your most valuable asset, your belongings and your financial future. While most people have home insurance coverage, many make costly errors when it comes to filing claims. Some of the most common home insurance claims mistakes are detailed below — along with some tips for avoiding these expensive errors.

Not understanding your policy

You should know what your policy covers, who your provider is and what your claims process is. Your policy is a long and wordy document, but it is a good idea to read it and understand what is covered.

Failing to get flood coverage: This is an incredibly costly error, and many homeowners don’t discover it until it is too late. Even though your home insurance policy covers “water” damage, it may not cover floods — you need a separate policy for that in most cases. If you live near water, in a storm-prone area or along the coast, you likely need a separate policy for flood damage just in case.

Not updating coverage

If you only looked at your homeowner’s coverage when you purchased your policy, it could be out of date. If you’re paying the bill, the coverage is still in place, but if your family has grown, you’ve made home improvements, purchased expensive items (that would be covered) or made other changes, then your coverage may not be as complete as it should. Unless you review your policy annually, you would only discover a problem after a damaging event, which is too late to add that new artwork, upgraded flooring, or expensive electronics.

Not keeping an inventory

You may be able to name the larger covered items in your home — the electronics, appliances, and other big-ticket things, but do you know their model numbers, value and other specifics? A full home inventory you update annually ensures that any upgrades are included and that you are reimbursed properly in the event of a loss. If the items in question have been destroyed, you may end up relying on your memory to list what you had. In a stressful time, this could result in a far lower claim amount than you are truly entitled to.

Failing to document damage

Extensive damage from a storm or fire could leave your home exposed to the elements – and you’ll naturally want to start cleaning and repairing the damage to your property. You should take photos and document damage before cleanup begins. Saying a tree limb fell on your roof is open to interpretation; images of that same tree in your living room after crashing through the roof clearly shows the issue and extent of the problem.

Familiarizing yourself with your policy, updating it as needed and keeping good records will all help you protect your home, your family and your belongings if you need to make a claim. Choosing the right policy for your needs and covering these details will ensure you are covered when you need it most.