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Insuring yourself against flood risk is a little different than other insurance policies. Many people mistakenly assume that they have flood coverage through their Fisherville, KY homeowners or renters policy, but they don’t. In order to protect yourself from flood risks, you need a specific flood insurance policy to cover related losses. While you can purchase federal flood insurance through an insurance agent, most flood insurance policies are administered through the National Flood Insurance Program (NFIP) and can be purchased by homeowners, businesses, and renters from an insurer who contracts with FEMA.
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What Does Federal Flood Insurance Cover?Â
The maximum flood insurance coverage amount is $100,000 for the contents of your home and $250,000 for damage to the structure. Commercial flood insurance through the NFIP provides up to $500,000 for your building’s materials and $500,000 for damage to the structure. You can also buy what is known as “excess” coverage beyond the limits offered through NFIP through private insurers. Flood insurance coverage for the contents of your home and damage to the structure is sold separately. Coverage for personal property only applies to its cash value basis, whereas buildings are covered for replacement cost.Â
Federal flood insurance will cover direct physical losses caused by flooding and losses resulting from flooding-related erosion. For flood loss coverage for cars, ask your TruePoint Insurance representative for information about optional flood coverage through the comprehensive portion of your standard automobile insurance policy.Â
Buying flood insuranceÂ
If you have a mortgage and your home is located in an area that has been identified by FEMA as a flood zone, chances are, you have been notified that you need flood insurances. If not consider review the previous link regarding who needs food insurance. If you would like additional information, one of our agents will be more than happy to assist.Â
When buying flood insurance coverage, remember that almost 100 insurance companies offer NFIP policies. It’s easy to purchase. You can purchase a Federal flood insurance policy directly from an insurance professional. However, it does require a waiting period of 30 days before the policy takes effect.Â
Flooding can occur at any time and threaten your Fisherville, KY home, so don’t wait until the last minute to purchase it. Call TruePoint Insurance today for more information about protecting yourself from the risks of flooding.Â
It depends! Finding the best business insurance for many small businesses can be a challenge. Most small business owners in Kentucky will see that they have multiple options. Generally, competition leads to lower prices for canny consumers. With that said, commercial insurance is not a commodity and finding the best value may take a little effor.
Prices paid for Kentucky business owners’ insurance may range widely. Commercial insurance rates in Georgia and South Carolina are no different. Chances are, the more unique your business is, the tougher it will be to find a great deal on commercial insurance. Ferreting through the long list of products makes it difficult.Â
Insurance Options
To find the best commercial insurance for you, start by reviewing your options. Insurance companies do not write insurance in all states. It’s not uncommon to see a company provide great rates to business in one state, but for some small businesses, you will find that they don’t have a lot of options. Auto dealerships, certain trucking classes, and roofers are good examples. Regardless, it is important to continue your search. Â
Commercial insurance premiums can be a cause of friction. Would you buy a commercial auto policy if it only provided coverage on Saturday and Sunday?
If you could buy it at 10% of the competitor’s price would you do it?
Of course, you wouldn’t! This ridicules and silly example is used to get a point across. Price is significant! But only after you have determined that the policy is suitable for your business.
Insurance coverages change from one policy to the next
Coverage
There are many insurance agents, broke, s and carriers that sell on price alone. Each of them would love for you to believe that insurance is a commodity. Business owners beware. As the business owner or manager, it is your responsibility to make sure any business insurance policy being considered has the coverages that you need. When comparing multiple policies, make sure that they are on par with each other. It is the agent’sjob to provide a quote that is comparable to your current coverages. However, it is your business that will bear the brunt.
Great insurance agents don’t sell, they inform and advise. First, they take the steps to understand the prospective business. And hopefully, an understanding of the risk aversion of the prospect. After generating quotes and putting together a proposal. The question of price can now be considered. By interacting with the insured, risk management decisions can be made incorporating both coverage and price information.
Great insurance quotes don’t use deceptive practices to alter the relative value. The following are just a few ways that we’ve seen this attempted in the past:
BEWARE: If your deductible has a % sign and not a $ sign.
• DeductibleChanging a deductible from $500 to $1,000 without consulting the client isn’t a smart thing to do. Watching your deductible and other factors, that make up your commercial insurance policy is wise.
By committing to review your insurance policy when quoting and at renewal time you will also avoid some more adverse outcomes. While the dollar-based deductible change is concerning, beware of any deductible expressed as a percentage. Anymore it’s not uncommon to see 1% or 2% deductibles, especially for the wind/hail deductibles. If the deductible were 1% of the loss, there would be no issue. But it’s not; a 1% deductible is based on the policy limit. So if you have an office with a $600,000 value or limit, the deductible is $6,000 at 1%/ $12,000 at 2%.
Assume you have a 2% wind/hail deductible. A windstorm hits that result in $8,000 in damages. At first blush, a 2% deductible on an $8,000 claim is $160??
WRONG!
Your deductible $12, 0000. You pay for all the repairs.
• Read your application. There are a lot of questions, people make mistakes, and even worse sometimes they assume. By signing the application, you are attesting to the accuracy of the information that is being provided. Down the road, supplying the insurance company with bad information may muddy things up.
• What does your General Liability say about you? Your Commercial General Liability premium is a result of what and how much you do. You should review both for accuracy. Consider the following.
You have the opportunity to be an insurance company. Today you can write a General Liability insurance to one business only. Regardless of your choice, you will receive a premium of $500. Â
Insurance starts with understanding risk
The first company you can insure is in the Tree Removal Business. They also do lawn-care, snowplowing, and building demolition. Their current policy indicates that they are in the lawn-care business. The owner argues that this is correct as 50% of their revenues come from mowing lawns.
We have great lawncare insurance options in KY, GA, SC, and IN
The second company is a Lawn Care Business? They mow lawns. Period!
Pick one. Remember, the premium will be the same regardless of your choice.
The point is you need to know what type of business your insurance policy says you are. What if you’re the first business?
Do you think he will be covered if a tree falls on a house?
How much? How much business you do is also important. Premiums for Commercial General Liability are primarily a function of what you do. What you do has multiple meanings. For example, the type of work you do, how often you do it, how many people help you, how long you’ve done it and how many losses you’ve had.
What will happen If your application states that you have a payroll of $34,000 when the truth is you have a payroll of $95,000?
Houston we have a problem!
After your policy has been in force for a full year, your insurance company will perform an audit. At this point, they will discover that your payroll is almost three times higher. What happens? They will send you a bill to offset the difference. Hold on. Things are about to get worse. After plugging your true payroll into their system, you will start receiving significantly higher bills. One last carpet bomb; you know have a policy that is costing $2,000 more per year than advertised. In hindsight, you now have to question your decision. What appeared to be a $400 savings appears to have cost much more than the policy with all the bells and whistles. Wow!
But this is not the end of the process; it is ongoing.
It doesn’t matter whether you’re trying to buy Georgia commercial insurance or South Carolina. Great insurance is a two way street between the agent and the business owner. Constant communication aimed at awareness and identification of ever-changing exposures. Feedback to this should come in the manner of risk transfer options. This should include their cost and some form of analysis. The end result gives the business owner the ability to make an educated decision.
Business Insurance that’s on target. TruePoint Insurance!
There is an answer to what is the best business insurance. Unfortunately, it isn’t as simple as the insurance company or that insurance agent. It is a function of where you live, what you do, and what you need in regards to insurance. The formula should be extended to what insurance companies you can access. The final factor may be the easiest place to get off track. It is critical that you find an agent or broker that is knowledge and transparency.
Spring is knocking at the door and with it the rising risk
of insurance claims. The number and severity of storms in Kentucky have grown
at an alarming rate. The average number of tornadoes in Kentucky over the last
five years is 28.7. The annual average going back to 1950 at 14.6 tornadoes per
year is roughly one half of the current experience.
Kentucky’s weather is so out of hand. Some have even suggested that we are now part of the infamous Tornado Alley. A 2018 report by LEX18 News said just that.
In 2018 Kentucky was hit by 604 wind and hail storms. Of these,
41 were tornadoes. That is up 43% from the previous five years and an even more
alarming 181% from the period 1950 through 2018.
US Government HARP project is commonly considered to be experimenting with weather control
While we cannot change the weather, we can reduce Kentucky
home and auto owner’s exposure to it. Insurance is not a commodity. There are
some that would like for you to think it is. Good insurance agents recognize
the importance of providing clients with the proper protection. That includes
responding to ever changing risks.
Storm Alert: Auto insurance awareness
Protecting your car from damages related to storms is
simple. Make sure you have comprehensive coverage checked. It provides coverage
for vehicles damaged by wind, hail or falling objects.
Every auto on the road must have liability insurance. But
the wheels of many high-value and antique cars may never touch the road. Do
these vehicles need liability insurance? Maybe not, and they may not need
collision coverage either. Let’s stop and think about the next move. Removing
comprehensive coverage may not be the smartest move. When insurance is dropped
on cars that are not driven, owners are still exposed to Mother Nature. Fire,
wind, hail and other risk can still damage the vehicle even when it’s garaged.
These risks are compounded during the spring.
Comprehensive coverage is relatively inexpensive. Relative to the potential loss, this coverage can be very cost effective.
Storm Alert: Home insurance Awareness
Each client’s unique needs determine the coverages required. However, there are several considerations that may have severe impact on anyone.
While tornadoes take center stage, it’s the hail storms that
lead the way when it comes to losses. While this statement may seem
insignificant it has major ramifications on insurance. Total loss or partial
loss. Tornado versus hail storm. A good insurance policy needs to work well
regardless.
What types of losses will your policy
cover? This is critical. If it is available to you, a special peril or all-risk
policy is what you want. As opposed to a basic form or broad form, the special
option provides superior protection.
You will have the option for Replacement Cost coverage or
Actual Cash Value (ACV). All other things being equal, you will receive a
higher payment if your policy pays Replacement cost.
Deductibles may seem a bit dull when compared to other
areas. You choose $500 or $1,000, big deal.
Not so fast!
Many insurance companies have been forced to alter risk
sharing practices. Beware, as some are no longer asking for a set dollar
deductible. Instead, you may find that your policy has a deductible that is 1
or 2%. At first blush, it sounds like a pretty good deal for the home team.
Again, beware! This 1 or 2% of the total and it’s not the total value of the
loss. Your deductible is based on the total value of your home. For example:
A homeowner has wind damaged roof
§
Estimates for the repair work come in at $1,500
§ The
home is valued at $600,000
§
There is a 2% wind/hail deductible
The $1,500 loss will be shared by:
§ The
homeowner paying $1,200
§ And
the insurance company $300
Spring storms bring
more than just wind and hail. Heavy rains can lead to various forms of water
damage. Be sure to discuss flood insurance and water backup coverage with your
insurance broker. Neither of these will be covered by a standard homeowner’s
policy.
Spring! It’s a wonderful season and our springs in Kentucky
are certainly hard to beat. I think about how much I loved spring as a child.
It was by far my favorite season.
As an adult the grandeur has diminished. How wonderful it
would be to experience spring through the eyes of child again.
What is keeping me from doing it?
Could it be as simple as the aided stresses of being an
adult?
If so, then we should all take the time to review our
insurance coverages before the wind starts to blow. This should go a long way
in reducing stress.
Take care of the insurance and you’re half way home. Of course the other biggie is your income taxes and there you’re on your own. Have fun!
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If you have a mortgage and your home is located in an area that has been identified by FEMA as a flood zone, chances are, you have been notified that you need flood insurances. If not consider review the previous link regarding who needs food insurance. If you would like additional information, one of our agents will be more than happy to assist. 
