What Is A Personal Umbrella Liability Insurance Policy?

June 8, 2011 by Leave a comment

When watching television we see lots of lawsuits taking place which could even involve you.  These lawsuits and advertisements thereof,  pay for a lot of airtime.  You have “Henry the Hammer” telling you how much money you can get for your car accident.  Unfortunately, you have a ton of frivolous lawsuits that are going against the insurance companies at which at the end,  drives up the premium for your vehicle insurance.  Unfortunately, it is the attorneys making the most money from this.  It is not the victim that wins, it is the attorney that wins.  This is why if you have assets, your life savings, money in bank, properties, you have to make sure you are protecting yourself from these attorneys because they will go after these assets.

Let us explain how an umbrella works.  First of all, umbrellas are purchased in increments of one million.  Our agency can sell a ten million dollar umbrella, but the average is one million.  Umbrellas protect you above and beyond your auto and home insurance liability.  Do keep in mind to qualify for an umbrella, you have to maintain certain underlying limits.  The United States average for these requirements is $250,000 per person, $500,00o for the total accident, and $100,000 for property damage for auto insurance liability.  For home insurance liability, it is a $300,000 minimum, this can include your renters, homeowners, landlord, or investment property.

Examples of how an umbrella will work:

1.  An auto insurance example:  you get into an at fault accident and there is one person in the car.  That person sues you managing to get a $500,000 judgement against you including fees.  At this point your limits have been exhausted on your auto insurance policy.  But you have wisely purchased an umbrella, so the one million dollars is more than enough to cover the judgement.  If you had not purchased an umbrella, your personal assets and estate would be jeopardized.

2.  A Homeowners example:  someone comes to your home and visits, slips and falls and sues you for $700,000 including fees.  That person wins and your $300,000 homeowners policy limits are exhausted.  Again, since you have purchased an umbrella, you are protected because you have at least one million to cover the judgement.

DO I NEED AN UMBRELLA?

A simple answer is, if you have money in the bank, own stocks, are a CEO, an athlete, a business owner or make an average income, you need one.  One easy way to figure this out, “how well established in life am I right now?”  You need one, but if you are a college student and don’t have a penny in the bank, you don’t need one.  A college student is usually lucky just to buy an auto policy covering the mandatory legal liability limits.

How much is an Umbrella?

The average price of an umbrella is $260.00 per year at our agency which includes two vehicles and one home.

Our Companies Claims Process Is Excellent

We only write insurance with companies that have an excellent claims process. A claim can be complicated, but our companies will treat you fair and keep the process as simple as possible.

Personalized Service

Our agency is family based and understands insurance. You will work one-one-one with an experienced agent who will find a policy that best fits your business needs. We believe in “good old-fashioned customer service”.

Get A Free Umbrella Insurance Quote!

We offer up to 6 personal lines companies for umbrella insurance. To get a insurance quote, please use our quick form, or contact us during normal business hours at (888)-270-0995. We will counsel you into how to receive the best price, for the most coverage. We will also advise on how to maximize discounts.

Filed under Auto Insurance, Boat Insurance, Car Insurance, Condo Insurance, General Insurance, Home Insurance, Homeowners Insurance, Landlord Insurance, Renters Insurance Tagged with , , , , , ,

What Is the Progressive Insurance Snapshot Discount?

June 8, 2011 by Leave a comment

As an independent agent I get a lot of questions, asking what this is.  Its actually very simple. When you sign up for a Progressive insurance policy, you can either elect to opt in or opt out for snapshot. If you elect to do the snapshot discount, you could potentially save up to 30 percent on your next renewal with them.

How it works is they send you a device, you plug it into your vehicles on board diagnosis plug. After 30 days, you can actually monitor your driving habits online. From there, Progressive will project your savings on next renewal. If your driving habits are good, you will most likely receive a discount on your next policy period.

Criticism of the program is a lot of people think its to much “big brother”. The reason is they are monitoring your driving every second you are on the road.  Some people don’t like this idea.

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State Auto Insurance

June 6, 2011 by Leave a comment

A lot of you probably haven’t heard of State Auto Insurance, but writing business with them doesn’t get any better. Also there customer service is great along with there rates. Please keep in mind they do more then just auto insurance. They also do home insurance and business insurance.

First of all, they are only one of 2 companies that offer up to 100,000 dollars in medical payments I’ve seen in Colorado. This makes it really easy to get people enough coverage under one policy. The other company I have that offers that high of Medical Payments is Met Life Auto and Home.

Second, you can insure up to 9 vehicles on 1 policy. Most polcies is just five. This makes it really convient for people with big families and good records. You can also include up to 9 drivers.

Third, There rates are unbeatable, no one else there can be their rates. When you fit into there bubble, they can’t be beat. I have switched a lot of people over to State Auto, since I have gotten an appointment at the beginning of the year.

Forth, there pay plan is unbeatable. If you want to do EFT, they don’t charge for it. So you can set up on a monthly bill, with out being nickled and dimed installment fees. You also don’t have to worry about down payment neither. They will bill you for it!

Fifth, They have a commercial product that some of the most competitve rates that I know of. There business owners policy is one of a kind.

So pick up that phone and call us for a quote from State Auto. If your not in the Colorado area, Google a local insurance broker around you and ask if they have State Auto!

Home Other

Filed under General Insurance

Why Buy Discretionary Items When You Should Buy Insurance?

May 31, 2011 by Leave a comment

So why buy discretionary items such as books, jewelry, silverware, designer rugs or decorative art when you should buy insurance.  Let the priorities fall where they may, but one needs insurance before purchasing any discretionary products.  Being a new insurance agent,  I now understand why insurance is so important.  For those owning automobiles, having insurance provides the necessary support if involved in an accident.  For those owning a home, only the homeowner can attest to the importance of having insurance if there should be a fire.  For those owning a boat, a condo, a motorcycle or a farm, only they can attest to the importance of insurance coverage and protection.

So does a necklace or ring give us any protection if an unexpected event should occur?  Does a book give us the financial risk coverage if a fire should break out?  Does a painting on the wall support and pay for the wall of which it is hanging if a house is destroyed because of fire?  Only property and casualty insurance coverage protects one from those risks and unexpected events taking place on a daily basis.

So when you decide to purchase a product,  make sure you purchase insurance before you buy any discretionary items.  This way you will have your priorities in the right order.

Karen W. Schneider

Denvers Insurance

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What Is Sr22 Insurance?

May 15, 2011 by Leave a comment

Well lets first start out with the fact if your reading this blog and had to have it, you already know what it is and its not fun, and puts a dent in your pocket book. Also people think that all you have to do is pay an sr22 fee, on top of the insurance rate. But it also increases the overall premium.

The reason why you would need sr22 insurance is because, you got a serious moving violation, such as a DWI, DUI, driving without insurance and so on and so forth. At his point the DMV determines, that in order to maintain or reinstate your license, you must maintain sr22 insurance, for the stated time they determine.

The process is pretty simple in how it works, when you purchase a policy, the insurance company will notify the DMV, that you are maintaining auto insurance. This is all done electronically these days. In the event that your auto insurance is canceled for any reason, the DMV is notified. This could be for such reasons as not paying your insurance premium or the policy is being non-renewed. If you don’t maintain sr22 insurance the time the DMV requires, they will most likely suspend your license. From here you will have to file again, to re-instate your license.

In Colorado, the DMV will make you get sr22 insurance sometimes, even if you don’t own a vehicle. At this point you would need to purchase a non-owner policy. Pretty much it means, you have insurance, with out owning a vehicle. Also in this case its based strictly off your record.

I know this was simple short blog, but if you have any questions please contact us.

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Filed under General Insurance, SR22 Insurance Tagged with , , ,

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