Renting an apartment or a home? Do you have renters insurance?
You can't always control what your neighbors do and sometimes people have accidents, even you. If you find yourself displaced from your apartment or home you are renting, I hope you have a renters policy.
A renters policy will help you in a number of ways. Here's how you benefit.
1. Your "stuff" is protected in the event it is stolen, damaged in a fire, water damage, vandalism and more. I suggest you insure it to replacement value, meaning that the insurance company will provide coverage to buy new instead of deducting depreciation. Don't over insure yourself, be realistic. Go through each room and get a estimate of the value of each room, add up the total and insure yourself for that amount. Update coverage as you accumulate things.
2. You have loss of use coverage. This provides funds for hotels or temporary housing in the event your home is damaged to a point where you can no longer stay there. Picture an apartment fire where multiple units are damaged and people are panicking looking for a place to stay. You can go straight to a hotel. Keep your receipt, you'll be reimbursed.
3. Medical coverage. If you have guests to your home and someone is injured. This pays for first aid to the injured guest up to the limit chosen by you. I recommend at least $5,000. You can go higher or lower. This is not a significant expense to the policy, don't go lower.
4. Liability coverage. If a guest is injured and you are found negligent this gives you coverage. For example, if you are having guests over and someone slips on an icy sidewalk and receives severe or lasting injuries and sues you. This provides you with an attorney and settlement money up to the policy limit. Often the limit is $500,000. You can also purchase an umbrella policy to give you extra coverage of $1,000,000 or more. One great feature about liability coverage is that it follows you, except in the car or at work.
For an example where renters insurance was used, click here.
Owning a small business is a dream and a reality for many people. You've found a passion you can earn a good living doing and you've found partners that can help you succeed. When you have partners each person has their strengths and those strengths are what keeps the business successful and profitable. What would happen if one of those partners were to die? Not only would you lose a friend and crucial member of the business, but now you have the issue of dealing with that person's estate. After all, they did own part of the business, right? Typically the spouse or family members of the person that passed away don't have an interest in day to day operations of the business and would rather just sell the estate's portion of the business back to the other partners. That's where key person life insurance comes in. Each partner buys life insurance on the other partner(s) and the business pays for it. If one partner were to pass away, then the other partner(s) now have enough funds to buy out the interest the deceased person had in the company. This way the remaining partners can choose how to continue running the business. For more information and an example where key person insurance was used, follow this link from Life Happens.
Homeowners insurance covers many parts of your home. If you experience a tornado, fire or hail, you can expect the insurance company to cover your claim minus your deductible. But what about your personal property? Most personal property is covered under a blanket limit. There is no need to schedule things like furniture, clothes or personal electronics. However, jewelry is one item you should consider adding special coverage for. If you read through the actual language of a homeowners insurance policy you will see that jewelry is one of the items that has a limit. Typically the insurance company will cover you around $1000 per item (this will depend on the company). If you have jewelry that exceeds this amount you should contact your agent to see how much coverage you have. You can add special coverage to make sure you are covered to the full value of your jewelry. The average cost of the endorsement is around $10 per thousand per year. So a $10,000 wedding ring will be around $100 per year for coverage. You can start by getting an appraisal of the item(s) and contacting your agent. If you recently purchased the item(s) you may be able to use the sales receipt. As always, it's a good idea to review your policy with your agent each year or two.
A captive agent offers insurance from only one company. An independent insurance agent can offer insurance from more than one company, often many more. At Oak Tree Insurance we can offer insurance from more than 50 different companies. Isn't it always better when you have a large selection?
This morning I was quoting insurance for a client that had 2 nice autos and an upscale home. Their bundled insurance package ranged from $3008 per year to $5568 per year. What if my only choice was from the higher priced company? We chose a company that offered a great policy with great coverage. Do you know what else? It wasn't the cheapest company. We elected to go with a policy that offered better coverage, better features and a better claims service history. Cheapest isn't always the best choice, we went for better quality. But it's your choice, because after all, "It's all about choices."
I am one of the more competitive daycare insurance providers around. Here are a couple things you should consider. First, if you would like a policy with minimum coverage we can go as low as $300,000/$600,000 for liability limits. Very basic policy, doesn't cover as much as other policies but if a child is injured in your daycare you'll have some coverage. Depending on how many kids you have, the premium can be as low as $400 per year. Second, since a daycare is your business there are endorsements you should consider. One of the main ones is loss of income. If you have a fire in your home, you're not only losing your home for a while, you're also losing your place of business and business income. Consider getting a better policy to help you temporarily relocate your business until your home is ready for the kids again. You could still be under $700 per year and have a top notch policy. Payments can be anywhere from paid monthly to paid in full once a year.
I helped a client recently add his new car to his policy. He had traded in old car and owed a little more on it than the trade-in was worth. In car lingo this means we was "upside down" on his trade. The car he purchased was $18,900 on the car lot. His new loan ended up being close to $23,000. In the event he were to total his car out, he could end up owing $4000 or so after the insurance paid the bank. Not good! But, we added an endorsement called loan/lease gap coverage. Now if he totals out the car, the endorsement will pay for the difference. Much better than owing on a car you no longer own. And it was only about $5 per month and he can take it off when he's no longer "upside down".
Who is Oak Tree Insurance?
Oak Tree Insurance was founded by Corey Stich in 2013. Corey started in financial services in 2001 as a licensed banker for a major bank. After a successful career as a banker he earned his securities licenses and began offering retirement planning to his bank clients as a financial consultant. In 2011 he began offering auto, home, business, and life insurance with a captive insurance agency. He soon realized the advantage of being an independent agent and is now a partner with Atlas Insurance Brokers. He operates as Oak Tree Insurance and has the ability to offer solutions through more than 50 different insurance companies. He is also the VP of Risk Management and Insurance Services for Diversified Wealth Management, a regional financial planning firm for individuals and small businesses. His passion for managing risk provides advantages for his clients both short term and long term.
Department of Commerce general insurance license for Property and Casualty, Life (term, whole, universal and variable), Accident and Health, Annuities (fixed and variable) Long-term care, Disability, Group Benefits.
Series 7 NASD - License for general securities (stocks, bonds, mutual funds), Series 6 NASD - License for mutual funds / variable insurance / annuities, Series 63 NASAA - License for federal and state securities regulations