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Do I Need Umbrella Insurance?

There are so many things in life that are uncertain, including the fact that your dog could bite a neighbor or a guest slips down by your pool or patio. Insurance coverage protects us against many incidents; however, auto and home insurance policies may not provide enough coverage in the event you are held liable for another’s injuries, emotional distress, property destruction, or legal expenses. Umbrella insurance provides coverage for claims that my be excluded by other liability policies.

To find out if you need umbrella insurance, call your trusted advisors at Insurance Solutions.

What is Umbrella Insurance? 

Personal umbrella coverage exists to protect you and your family when you’ve exceeded the limits on your existing auto and/or homeowners policy. Consider this scenario: You’re sued and found liable for $1 million in damages for an incident on your property yet your homeowners insurance policy only covers $400,000 of liability. Do you have the remaining $600,000 in your bank account? Most people cannot afford that kind of judgment. An umbrella policy would cover the remaining amount without putting your assets at risk.

Do You Need Umbrella Insurance? 

When deciding if you need an umbrella insurance policy or not, you need to look at your assets and financial situation. You can select a limit of liability that best protects your assets, usually up to $5 million. Do you own a boat, a motorcycle, or an RV. Umbrella insurance is not just for wealthy individuals. It’s for anyone who wants to protect the lifestyle they’ve worked so hard to build – including you!

For additional information about umbrella insurance in South Carolina, call Insurance Solutions today. Our advisors can review your particular situation and help you decide on the options available to safeguard your lifestyle.

2 Reasons Why Auto Insurance is Important

From making the payments to routine maintenance, owning a vehicle comes with a lot of responsibilities. If you are thinking about buying a vehicle, one of the most important things you can’t overlook is maintaining the required automobile insurance. It is common for people to think that paying their auto insurance premiums is a waste of money, a cost that they may never reap the benefits of. However, this is far from being the actual fact. Automobile insurance provides you with more benefits than you may realize. SCF Solutions has gathered two of the reasons why auto insurance is important for the residents of Charleston, SC.

It is the Law

In all 50 states, it is a legal requirement that vehicle owners carry at least the minimum amount of coverage. Liability insurance is the minimum type of coverage required by the law, which covers damages to the other party if the damage is caused by you. Although liability is the minimum required, there are other types of insurance coverages available, such as full coverage which protects you as well as passengers, injuries, damages and more. Since auto insurance is a requirement in all U. S. states if you are caught driving without it, even in a different state than your place of residence, you are at risk of being fined, arrested, having your driver’s license suspended, and/or having to pay higher insurance premiums later on.

Financial Responsibility

Other than it being a law for vehicle owners to carry automobile insurance, having coverage can relieve your financial responsibilities should you be involved in an accident that was your fault. Getting in an accident is a stressful, scary situation, and the situation can get even worse if you are found to be at fault. When at fault for an accident, you are responsible for the cost of repairing the damages to the other vehicle as well as the cost of medical expenses for the other parties involved in the accident. So, carrying automobile insurance, especially if you have comprehensive insurance will help to relieve the financial burden you may be faced with for another person’s damage or injuries.

Although the minimum requirement by law is a liability, it is extremely important that you verify this is the minimum coverage you are required to carry. For instance, if you finance your vehicle, the loan company may require you to carry full coverage insurance.

Residents of Charleston, SC that want to learn more information about auto insurance requirements or to review their current policy should contact SCF Solutions.

Commercial insurance requirements

Being a business owner is stressful. Times are tough and the risks to your business can keep you up at night. Commercial insurance is designed to help mitigate some of the risks you face. Sitting down with your independent insurance advisor to discuss your business concerns can help. At Insurance Solutions we make it our business to get to know you and your business. With that knowledge, we are able to make suggestions about the types of commercial insurance that can best protect your particular business.

We can make sure you have the correct mandated by the state at a minimum. South Carolina has two requirements for businesses: commercial auto and workers’ compensation insurance.

Commercial auto insurance

If your business owns any vehicles, you need to carry commercial auto insurance. The minimum requirement is 25/50/25 in liability coverage. Liability protects other people from you and your vehicle in the event of an accident where your vehicle is at fault. The coverage means $25,000 for one person injured in an accident with the total payout for the accident of $50,000. An additional $25,000 is allowed for damage to property/other vehicles. Needless to say, those limits are insufficient for many accidents. Our advisors can help you select affordable coverage limits that better protect your business.

If you use your personal vehicle in your business, particularly if you have signage on it, we strongly recommend commercial auto insurance to avoid possible coverage gaps in your personal auto policy. Frequently, we can find a cost-effective commercial option that serves to better protect you and your business.

Workers’ compensation

In South Carolina, you must carry workers’ compensation insurance if you have at least 4 employees. They can be full or part-time, seasonal, adults and minors. If you don’t have workers’ compensation insurance it does not take away your obligation as an employer to pay for work injuries and the reality is, it is probably financially advantageous to have insurance to pay for the medical bills and possible lost time.

While these two types of commercial insurance are required, having other types of commercial insurance makes sense. Commercial property insurance protects your building, inventory machinery, and more. Commercial liability insurance protects you from legal actions that may be taken against you.

Contact Insurance Solutions toll-free at (833) 359-0725 and let us review your current insurance policies. We can offer you peace of mind for all of your insurance needs.

5 Tips for Getting the Most of Your Home Insurance

Wouldn’t you love to know how you can get the most from your homeowners insurance? In addition to doing your own research, the Insurance Solutions team is available to help you through the process.

Understand What Your Policy Covers

Many times, a homeowner will sign up for the bare minimum and think they’re set. Unfortunately, this often doesn’t provide the coverage you need if you have valuables in your home or are concerned about flood damage. Knowing and understanding what your policy does and doesn’t cover with regard to specific perils is important. To ensure that you make an educated decision and select adequate coverages to protect you and your assets, work with an Insurance Solutions advisor.

Let Our Advisors Shop for You

As an independent insurance agency, Insurance Solutions can help you find the best policy tailored to match your individual needs. Our advisors have access to multiple carriers and and can compare available coverages and costs to help you choose the optimum solution for you and your family.

Market Value vs. Replacement Cost

It’s wise to consider the difference between market value and replacement cost in the unfortunate event that your home is seriously damaged. The market value of your home is the price you would get for your home on the real estate market, which includes the land. ¬†Replacement cost is the cost to rebuild your house in the same spot, with the same size and quality of construction, at today’s costs. What about guaranteed replacement cost, actual cash value, and specified limits? Your Insurance Solutions advisor can explain the pros and cons of the insurance terms listed on your homeowners insurance policy and how it would respond if you have a claim. After a claim occurs is not the time to find out your coverage is inadequate to put things back the way they were.

Keep Records

Keep an updated home inventory and store it in a safe location. Include receipts, appraisal documents, lists, and photographs/videos. This way, you’ll be ready should the time come to make a claim.

Bundling Can Benefit You

Consider bundling other insurance policies with the same company as your home insurance. You may be able to save money and it’s more convenient too.

Getting the assistance of a quality insurance advisor makes it easier to get a solid home insurance policy. Our advisors have the knowledge and experience to help you obtain the best protection and value for the things you cherish most. Contact the Insurance Solutions team to get started.

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