Did you know there are 74% more renters today than there were in 1960? That makes renters insurance a big business. Renters are often told by friends and family to “get some renters insurance”. Strangely enough, those same people are often unable to explain exactly why you need it or what it is.

Why Do I Need Renters Insurance?

If you are thinking that your personal property is insured under your landlord’s insurance, guess again. As a renter, you are responsible for your personal property, liable for accidents that may occur in your unit, or expenses that you may incur due to not being able to use your unit. A landlord’s insurance will normally only cover their building and possibly the unit you live in.

What Types of Things Are Covered by Renters Insurance?

A rental insurance policy can, but does not always, cover the following:

• Replacement costs for your personal property, such as household items, in the event that they are damaged, destroyed, or stolen;
• The liability you may face due to an accident in your residence. For example, if a guest is seriously injured while visiting you, your insurance may cover their medical bills or lost wages;
• If you can not live in your home due to an unforeseen event that is covered by your insurance, often your rental insurance will cover those expenses.

What Should I Look for When Purchasing an Insurance Policy? What Questions Should I Ask?

Because all insurance policies are a bit different, it is important to do your due diligence before you buy an insurance policy:

• read it, including the small print;
• have your insurance agent go over anything you don’t understand;
• ask what the deductible is (the amount you will pay before the insurance kicks in); and
• confirm exactly what is covered and what is not.

You should also keep in mind any special circumstances you may have. Just a few examples of questions you might want to ask are:

• I have a roommate, are they covered?
• What about my dog or cat?
• What does the policy say about water damage?
• Am I covered if there is a theft or fire?

These are all questions you can ask your insurance agent if they apply to you. If you have personal items that are valuable, such as expensive jewelry or art, you also may want to ask about whether these items are covered by your rental insurance policy, or if they should be insured separately.

More Americans are renting than ever before. In fact, in the fourth quarter of 2020, 42 million homes were occupied by residents who rent. If your apartment is damaged, it’s easy to be confused about whether you’ll be responsible for repairs or if your landlord should be handling them. If you carry renters’ insurance, however, your policy may cover quite a bit of the damage so that you don’t have as much stress. Let’s look at a few common situations that you could experience as a renter, and learn how insurance for renters can help.

Flooding

When you live in an apartment complex, the last thing you want is to walk in the door only to realize that your ceiling is dripping water from the apartment above you. Luckily, insurance for renters can help you handle the expenses for anything that is damaged by flooding. Depending on the type of policy you purchase and how much coverage you buy, you’ll likely be covered for any of your belongings that are damaged.

Fire

In the event of a fire, the owner of the rental will be protected by their homeowners’ insurance or property insurance, which will cover repairing the property, water remediation after the fire, and more. However, you’ll need insurance for renters to protect you. This insurance will pay to replace your belongings, pay for a rental while the repairs are done, and reimburse you for expenses. As a renter, it’s vital that you protect yourself with this type of insurance.

Break-Ins

Renters are also not typically covered by homeowners’ insurance in the event of break-ins. If you have expensive possessions like jewelry, electronics, collectibles, or art, it’s important that you protect your investment with insurance for renters. These policies are designed to protect your investments during just this type of issue. While no one wants to experience the trauma of a break-in, it will certainly be easier to deal with the aftermath if you don’t have to pay for replacements out of pocket. An insurance agent can consult with you to help you determine the amount of renters insurance coverage you’ll need to cover your possessions.

As a renter, it’s important to protect yourself financially against negative experiences like fires, floods, storm damage, break-ins, and more. Insurance for renters can help make sure that you’re covered, even during some of the worst events in life. Contact a local agent to learn more about the policies that are available for renters.

There are 30.2 million small businesses in the United States. Small business owners often work with companies that are specialized in small business insurance needs. But unfortunately, homeowners don’t have this asset. As a result, many of them end up with gaps in their insurance coverage which may be overlooked by the average homeowner. Here are five common gaps in home owners insurance that you’ll want to address when selecting your coverage.

Percentage Deductibles

Percentage deductibles are essentially a portion of your home’s assessed value, meaning they can be very high if your home has a high assessed value. It’s important to explore the various deductible options you may have, especially if your home is valued highly.

Lack of Jewelry Coverage

Many home owners policies limit jewelry to $2,500, which makes it essential to talk with your agent about any high-value items you may have. Assess the value of our collection, keep up with it over time, and call your agent any time you add a large purchase to it.

Low Liability Limits

Liability is the portion of home owners insurance that manages the expense of any damage or harm to others while they’re on your property. Often, this portion of the coverage is too low to fully cover a homeowner’s assets. Be sure to check your policy figures to be sure your coverage is more than sufficient.

Water Backup

This can be added by an endorsement to your home owners insurance policy. Generally speaking, sewage backup is the fault of the utility company, not the homeowner. But many companies will only claim responsibility up to the curb outside your home, leaving you to deal with the damage inside.

Personal Injury Exclusions

This is commonly excluded from home owners insurance policies and can also be added by an endorsement. Personal injury covers libel, defamation, and slander, and covers you the way liability covers others. In a rapidly changing and sometimes unsettled world, it’s good to have all the protection you reasonably can.

There are many budget decisions to be made when it comes to your home, but your homeowner’s policy really isn’t the place to cut costs. We hope these five common gaps in insurance coverage have helped you out and gotten you thinking about your own policy more carefully. For more information, please contact us today.

According to the National Association of Insurance Commissioners, the average U.S. auto insurance expenditure increased by 5.3% (to $935.80) in 2016 (from $889.09 in 2015). Increases like these aren’t uncommon, but do you know why your car insurance premium seems to jump up suddenly?

An insurance agency will never raise your premium without a reason, but there are several root causes as to why your car insurance premium may have gone up. Some are fairly obvious, but others may not be. Here are a few common reasons an insurance agency may have increased your premium.

Violations and Accidents

This is one of the most common reasons that an insurance agency will raise your premium. Violations such as a DUI or multiple speeding tickets tell your insurance agency that you’re at a higher risk for an accident than drivers with no violations. Likewise, an accident signals to the company that you may be more likely to have another accident, prompting an increase in your rates.

Comprehensive Claims

Filing a claim can often lead to an increase in your insurance rates — even for incidents that are out of your control, such as hail damage and other acts of nature, fire, theft, glass breakage, and vandalism. In some cases, you may not have much of a choice but to file a claim. But for less expensive fixes, you may want to consider whether a potential rate increase is worth filing a claim over.

Claims in Your Zip Code

Rates are often calculated based on insurance data available for your zip code. This means that your rates may increase if your car is registered to an area wherein a high number of claims were filed for weather-related incidents or other comprehensive claims. As unfair as this may seem, it’s simply seen as a bit riskier for companies to cover vehicles in your area.

Age

Your insurance premium is likely to increase after you turn 70. Many insurance agencies view senior drivers in much the same way they view teen drivers. That said, senior discounts may be available in your area to help keep your rates lower.

Changes to Your Credit Score

If your credit score has recently gone down, you should expect your rate to increase. Many insurance agencies use credit scores as a way to gauge the likelihood of someone filing a claim. Currently, there are only three states in which insurers are prohibited from using a client’s credit score to help determine their rate.

There are a few other possibilities as well, such as the loss of a discounted rate, or a lapse in insurance coverage, but generally, your rate increase will be covered by one of these reasons. If you’ve found that your insurance rates have increased and you want to shop around for new coverage, we’re here to help. Contact us today for a quote or for additional information.

If you need reliable and responsive motorcycle insurance, you are not the only one. You would be surprised to find out how many people struggle to find motorcycle insurance that fits their needs. This article aims to provide you with frequently asked questions about motorcycle insurance that may be beneficial for finding insurance coverage that fits all of your needs as well as your budget.

Why Is Motorcycle Insurance Required by the Law?

The simple answer is that motorcycle insurance is essential and is required by state laws because it protects everyone. When a motorcycle owner has bodily injury liability coverage alongside property damage liability coverage, they are protected from losing their assets in case of an unexpected accident. Moreover, your minimum coverage can assist with covering court costs if you are sued following an accident.

How Much Does Motorcycle Insurance Cost?

Prices for motorcycle insurance vary. As a result, independent insurance agencies compare coverage options from a myriad of companies to ensure that they find the right one to fit your affordability requirements. However, motorcycle insurance can be more expensive than motor vehicle insurance because motorcycle drivers are perceived to be high-risk drivers due to several factors. There are considerations that you take to minimize your insurance costs such as, taking a motorcycle safety course, buying a motorcycle with a smaller engine, and speaking to your insurance agent about discounts.

Does Motorcycle Insurance Cover Theft?

It depends on the type of insurance coverage that you opt for. Generally, comprehensive insurance coverage options cover motorcycle theft regardless of where it happened. Moreover, an adequate comprehensive insurance policy will cover any other items that were stolen from your motorcycle. However, to ensure that your insurer pays for theft, you need to ensure that your losses exceed your deductibles. This means that to lower your deductibles, you may be required to pay more premiums. But you can negotiate the number of your deductibles before you purchase your insurance policy.

Will My Motorcycle Insurance Cover Other Riders?

You can tailor your insurance policy option to cover other riders. However, bear in mind that this is dependent on the type of insurance and the provisions that are set out by the insurer. In some instances, other riders may not be covered and a distinction needs to be made between a passenger and a person who borrows your motorcycle. It is important to discuss this alongside the additional costs with your insurance provider.

Everyone wants to run an established and successful business venture. As much as this is your dream, it is crucial to understand the various factors that need to be considered. The knowledge you have about businesses will help you find the right avenue and make the right decisions. Having insurance coverage for your business is among the crucial factors that you need to consider. Business insurance helps your company and staff recover quickly after accidents, has a strategic risk management platform and loss reduction. It can be hectic finding the best insurance coverage for your business with limited information. However, by seeking answers to the frequently asked questions about business insurance, achieving your goals becomes easier.

How much does business insurance cost?

Your insurance needs to determine how much you will spend to cover your business. The cost of insurance also differs with the size and history of the business. Small businesses with a small budget will aim for insurance coverage at a low cost, while established businesses with higher risks will opt for higher coverage.

What kind of insurance does a small business need?

Small businesses need to hold General Liability and Property Insurance. This should also be alongside Unemployment Insurance, Disability Insurance, and Workers’ Compensation Insurance. With small businesses, mistakes made by employees can be expected. Having Professional Liability Insurance will be vital in such instances. The nature of the business and the related activities will determine how to handle your insurance needs.

Is business insurance tax-deductible?

The costs of conducting the business are deductible from your income taxes, according to the IRS. The premiums you pay for business insurance are inclusive of the general costs. It is, however, crucial to talk to your accountant or tax attorney to gain in-depth knowledge on tax and insurance needs.

How does workers’ compensation insurance help?

Worker’s Compensation Insurance is beneficial as it covers lost wages, medical bills, compensation for permanent disability after accidents on the job, legal fees, and death benefits. You should note that to cover the premiums, you as the employer have to incur the costs regardless of the policies.

Can business insurance cover cars?

With the need for businesses to have functional automobiles, buying the right one is vital. The more business owners buy cars, the higher the need for effective insurance coverage. Did you know about 6 million cars are sold annually in the United States? It is advised that the company or individual applies for specific car insurance instead of depending on business insurance coverage.

Conclusion

Business insurance opens the right path to business success, especially for startups. It is, however, essential to understand your business needs against your insurance needs and how best to benefit by answering the frequently asked questions.

Winter is over, and you are ready to take your classic car for a drive. Before you get your automobile out of storage, review your insurance agency’s policies. Antique car insurance is a unique automotive insurance coverage that only benefits collector cars. Given that most people do not understand the different auto insurance plans, it has led to many poor insurance decisions.

There is no sweeter pleasure than driving your vintage car, knowing it is protected. So, what should you know about insurance for antique cars?

1. It Is Cost-Effective

Did you know that you can get up to a 40% reduction with antique insurance, unlike regular auto insurance plans? Most vehicles 25 years and older that are properly maintained are more likely to obtain this plan. If the driver and automobile qualify, it is advisable to select this lower-cost category.

2. Replacement Value

Antique car insurance gives you actual cash value if you lose your car in an accident, fire, among others. Cash value means your vehicle’s value has depreciated over time, which is the opposite of vintage cars. The older your automobile is, the higher its worth. On the other hand, insurance for antique vehicles offers the agreed value for compensation. That means you have to discuss with your agent and decide on an estimate of how much the automobile is worth.

Professional services are fundamental if you want a fair valuation. With your documented appraisal and the experience of an expert, you will get an approximate value.

3. Optional Coverage

Classic cars have lots of coverage options that are specific to that category. Fender benders, theft, and whiplash are the most common insurance claims. Old-fashioned vehicles are more likely to break down. They are also more likely to be stolen due to their worth. Therefore, ensure your coverage includes spare parts, roadside assistance, repair, traveling coverage, and other specific options that suit your car’s condition.

Insurance for antique cars covers the requirements of owning, maintaining, and driving unique vehicles. Additionally, your automobile will be protected even when it is in storage or a shop.

4. Standard Qualifications

Collector car insurance is not for all old-fashioned cars. First of all, it should not be your everyday vehicle. The vintage car should not exceed 8,000 kilometers per year. Next, your automobile should be more than 25 years old and well-maintained. However, age restrictions vary among companies. Some consider some old vehicles that were mass-produced ineligible. Other insurance carriers allow some newer models to considered classic cars.

It is also essential to ensure your car is at least at the original factory value, if not above. Even though some factors differ, these qualifications apply to most antique insurance plans.

Standard auto insurance policies are not the best option for your vintage car. A clean driving record is necessary if your vehicle falls under the antique category. Your automobile should also be in good condition or undergoing restoration. Always consult with your insurance agency before choosing a plan. When looking for reliable insurance for antique cars in Portland, look no further than AOA West Insurance – your number one family-owned agency.

It’s one thing to get a car. It’s another matter entirely to invest in a classic car. Classic cars are more often owned by collectors than they are the average vehicle owner, and they have a specific appeal to car enthusiasts and those who want to financially invest in automobiles. While 6 million cars are sold every year in the United States, relatively few of them are classic cars. This is in part because many cars break down and are destroyed before they reach classic status, and in part because classic cars in collectible condition don’t often go up for sale. But when they do, buyers need to take their purchases seriously.

While new cars typically begin losing value as soon as they are sold, collectors’ items are entirely different matters. A classic car, if it’s considered a prized model and is in great condition, could potentially accumulate or at least retain its value over time if it’s well-maintained. This is why these cars need to be protected through not only typical car insurance, but classic car insurance that is meant for unique vehicles. But what does that mean? Let’s explore the concept below.

What Makes a Car Classic?

So, what is the difference between a typical vehicle and a classic car? Aren’t classic cars just old cars? Not quite. The exact definition of what makes a car classic varies, but generally speaking all classic cars at least 20 to 25 years old. Normally, the car will have some kind of unique feature that makes it historically interesting to car enthusiasts. This is why the car would be considered worth preserving or restoring rather than scrapping, and why it would need classic car insurance.

There are organizations that owners can refer to, like the Classic Car Club of America, that offer lists specifying different models of cars that have been designated as classic according to their standards. Classic cars, according to those standards, can be American or foreign built and must have been produced between 1915 and 1948. For cars produced after World War II, the definition of classic becomes a bit more difficult to navigate, but these cars can certainly be extremely valuable and collectible. Therefore, it’s a good idea to visit an insurance center to explore insurance options.

What Is Classic and Collector Car Insurance?

Classic car insurance differs from regular car insurance in a few significant ways, but at its basis, it also offers the same benefits that you would receive from standard car insurance obtained from an insurance agency. All vehicles in the United States must be insured with policies that meet minimum standards according to the state in which the car is registered. The reason why classic cars need additional insurance is that they often require more specialized and complex repairs if they are damaged, and they are more at risk of being stolen or vandalized than typical vehicles.

Classic car insurance will usually cover standard liability issues as well as collisions. It will also offer comprehensive coverage and the coverage of medical payments, typically. But if the car is completely lost, this form of insurance will also pay out the agreed or guaranteed replacement cost. Conversely, typical vehicle insurance will pay out the actual cash value of the vehicle, which is usually its depreciated value.

What Else Should I Know About Classic Car Insurance?

Usually, there are limitations that come with classic car insurance, which is why you should work with an agency to navigate the policy that is right for you. Most classic car insurance policies require owners to limit their use of the vehicles, as the more an older car is used the more likely it is to break down. Some will restrict the vehicle’s travel abilities. They also will typically require that the car is stored in a locked garage or storage unit. These policies are often not available to drivers with serious offenses on their records.

There is much for classic car owners to worry about, but the right policy can help abate those concerns and ensure the safety of their vehicles. If you’re interested in collecting cars, speak with a professional at an insurance center to ensure that you’re choosing a policy that works for you.

Insurance premiums are the amount you have to pay to an insurance company when you renew your policy. Most motor vehicle insurance companies have an insurance process that uses algorithms that analyze your details to determine your premiums. By understanding the factors affecting your premium rates, you stand a better chance of making informed decisions before you purchase that insurance.

1. The Type of Vehicle

The type of car you own impacts the premium rates that insurance companies will charge. For those who have classic cars and other unique vehicles, the insurer will likely charge higher rates. Additionally, the insurance process involves determining whether your type of car is prone to accidents. If it is, you will pay a higher rate.

2. Your Driving Patterns

The insurance firm has to analyze your previous insurance claims and whether you’ve received tickets. It also analyzes your accident history and whether you have personal insurance during the insurance process. Those with a tainted history are likely to pay higher car or motorcycle insurance premiums than those with a good track record.

3. Your Location

The insurance process analyzes your location to determine whether the places you frequently visit are prone to accidents, theft, or vandalism. The chances are high that insurance firms will charge higher premiums if your location is prone to such acts. Anti-theft features and your parking location will also affect insurance premiums.

4. Purpose of The Car

During the insurance assessment process, your insurance company determines whether you use the car for commercial or private purposes. The premiums will vary depending on the vehicle’s purpose, and the chances are good that you will pay higher rates for commercial vehicles than a private vehicle. Again, if the vehicle you are insuring, whether personal or commercial, is being used in high-risk situations, chances are your premiums will be higher.

5. Credit History

Your car insurance company may also refer to your credit history during the insurance process. They analyze your profile and determine your level of risk. A poor credit score might affect your insurance premium. However, with a good score, chances are you will pay lower premiums than defaulters.

6. Age of the Vehicle

Before you can be insured, the insurer will have to determine the insured declared value and your car’s depreciation. If you have a unique vehicle, the insurance assessor will have to determine the asset value resulting from wear and tear over a given duration. Old vehicles have higher depreciation. Hence, insurance companies will charge you higher premiums compared to newer vehicles.

7. Age and Driving Experience

Studies conducted in 2016 show that over 268 million vehicles had insurance coverage on U.S. roads. They also revealed that young males were more prone to accidents compared to females of similar age. The insurance process considers such demographics when determining your insurance premiums. Chances are high that young male drivers will pay higher premium rates compared to female drivers. However, most insurance companies adjust the premium rates once a driver reaches 25 years of age.

Several factors will determine your insurance premiums. It’s important to analyze different insurance providers’ policies before settling for one. When picking an insurance company, consider the availability of agents, customer service, and insurance policies.