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The Difference Between an Umbrella Policy and Other Forms of Insurance

Many people are under the impression that their home and auto insurance policies cover everything. However, there are certain instances where these policies will not provide coverage. That’s where an umbrella policy comes in.

At Insurance Solutions LLC, we want to make sure that our clients in Omaha, NE are fully protected.

Here’s a look at the difference between an umbrella policy and other forms of insurance:

What Is an Umbrella Policy?

An umbrella policy is extra liability insurance that provides protection beyond the limits of your homeowners, auto, or watercraft insurance policies. It kicks in when you’re sued for damages or someone is injured on your property. Umbrella insurance also covers certain defamation claims and false arrests.

Why Do I Need an Umbrella Policy?

You need an umbrella policy because it offers protection beyond the limits of your primary insurance policies. For example, let’s say you’re involved in a car accident that results in serious injuries to the other driver. If the other driver sues you, your auto insurance policy will cover some of the costs associated with the lawsuit.

However, if the damages exceed the limits of your auto insurance policy, you’ll be responsible for paying the rest out of pocket. This is where umbrella insurance comes in. It will cover the costs associated with the lawsuit up to the limit of your policy.

Umbrella policies also provide coverage for certain types of defamation claims and false arrests. If you’re ever sued for libel or slander, or if you’re falsely accused of a crime, your umbrella policy will help cover the costs associated with defending yourself in court.

How Much Coverage Do I Need?

The amount of coverage you need depends on a number of factors, including the value of your assets and how much risk you’re willing to assume. If you have significant assets, you’ll need more coverage than someone who doesn’t have any assets to protect. You should also consider how much risk you’re willing to assume. If you’re comfortable taking on a bit more risk, you can opt for a policy with lower limits.

Get Umbrella Insurance Today

At Insurance Solutions LLC in Omaha, NE, we can help you determine how much coverage you need and find a policy that fits your budget. Contact us today to get started.

What homes require flood insurance?

Residing in Omaha, NE carries a certain risk of flooding, typically caused by heavy rains that overtop levees. That might sound like coastal Louisiana, but in 2019 heavy rains washed out roads in Omaha and damaged homes. That spring, the state faced more than $1.3 billion in flood damage. Insurance Solutions LLC in Omaha, NE can help you navigate all your insurance needs, including flood coverage.

What homes require flood insurance?

Inland Nebraska carries some of the same risks as coastal areas, and for this reason, certain homes in Omaha and the surrounding areas require flood insurance under federal law. Insurance Solutions LLC wants you to understand when the federal government requires you to ensure your home against flood and when it simply makes a good idea to do so.

When You Purchase a Home

The law requires the seller to reveal that the home requires flood insurance. The Realtor typically includes this information in the listing along with the estimated cost of homeowners’ insurance.

If it doesn’t appear there, you’ll find the information in the home sales document. You should read these documents in detail before signing them so you know of any requirements. You can also look it up at your local county or city planning office.

When FEMA Re-draws Its Maps

The Federal Emergency Management Agency (FEMA) constantly researches flood areas in the US and draws and redraws its flood maps. By consistently updating its flood information, it improves the safety of the residents of an area by updating the maps and apprising them of the need to institute better flood preparations.

Flood Damages Your Home

When your home incurs flood damage, if you weren’t already required to carry the insurance, that requirement may get added. You might also have to repair your home under certain conditions, such as raising it above the highest flood level. This could mean raising it on stilts, such as the beach houses on the east coast.

Give Us A Call

Contact Insurance Solutions LLC in Omaha, NE for more information on flood insurance. Let us help you obtain the coverage your home needs to remain legal and to cover potential losses in the case of a flood.

I’m Young And Healthy–Do I Really Need Life Insurance?

No one ever wants to think about death, especially when they are young and healthy. However, the reality is that accidents happen, and illness can strike at any time. If something happens and you don’t have life insurance, your loved ones will be left with a huge financial burden.

Here’s why everyone–young or old, healthy or not–should have life insurance:

1. Life Is Unpredictable

No one knows what tomorrow will bring. Even if you are in excellent health now, that could change in an instant. If you were to suddenly pass away, your loved ones would be left with a mountain of medical bills and funeral expenses. Life insurance can give your family the financial security they need during this difficult time.

2. You Have Debts and Responsibilities

If you have any debts–such as a mortgage, student loans, or credit card debt–life insurance can help your loved ones pay them off. You may also have other responsibilities, such as taking care of an aging parent or disabled sibling. If something happens to you, life insurance can give them the financial support they need to continue living their lives.

3. It’s Cheaper When You’re Young

The younger you are when you purchase life insurance, the cheaper it will be. This is because the insurance company knows that you are less likely to die than someone who is older. As you get older, your premiums will go up because the risk of death increases. Insurance Solutions LLC in Omaha, NE can help you find the perfect life insurance policy for your needs while it’s still cheap.

4. You May Grow Old and Sick

No matter how healthy you are now, there’s a good chance you’ll grow old and sick. Chronic illnesses catch up with most people when they start growing old so, you need to be ready. If you don’t have life insurance, your loved ones will have to bear the burden of your medical bills. Life insurance can help them pay for things like in-home care, assisted living, or hospice care.

Give Us A Call

As you can see, there are many good reasons to have life insurance–regardless of your age or health. If you need help finding the right policy for you, Insurance Solutions LLC in Omaha, NE can assist you. We will take the time to understand your needs and find a policy that fits both your budget and your lifestyle.

How Much Auto Insurance Do I Need?

There’s no set amount of coverage that you should have on your auto insurance policy. It depends on your situation, your age, and the type of car you have. 

If you’re buying a car, talk to your dealer and have them run the same check. For example, if you’re unlucky enough to have a claim on a car that was insured by another company, their rates will likely go up. For inquiries in the greater Omaha, NE community, call the team at Insurance Solutions LLC. 

What to Know About the Auto Insurance 

If you live in a large city and drive very little, you may only need a minimum amount of liability coverage, such as $100,000 per person, and $300,000 per accident. If you drive a lot and live in a rural area, you may need more coverage than if you lived in a large city. 

For example, if you live in a rural area and drive 10,000 miles per year, you may need $500,000 of liability coverage per person, per year. You want to ensure that you’re covered in case of a claim, but also realize that a high liability policy will cost you more in the long run. 

Typically, the minimum amount you need depends on your age and where you live. The older you get, the more likely you are to hit the minimum — and the more you will likely pay for a policy that does not cover you. A 20-year-old low-risk driver in a low-risk geographic area can likely get by with $100 a year in liability coverage. 

Contact Us Today

The best way to determine the amount of coverage you need is to start by contacting your auto insurance provider. To ensure you purchase the right amount of coverage, it’s a good idea to start by reading your policy. Confer with Insurance Solutions LLC for expert assistance in Omaha, NE.

How Much Auto Insurance Do I Need?

There’s no set amount of coverage that you should have on your auto insurance policy. It depends on your situation, your age, and the type of car you have. 

If you’re buying a car, talk to your dealer and have them run the same check. For example, if you’re unlucky enough to have a claim on a car that was insured by another company, their rates will likely go up. For inquiries in the greater Omaha, NE community, call the team at Insurance Solutions LLC. 

What to Know About the Auto Insurance 

If you live in a large city and drive very little, you may only need a minimum amount of liability coverage, such as $100,000 per person, and $300,000 per accident. If you drive a lot and live in a rural area, you may need more coverage than if you lived in a large city. 

For example, if you live in a rural area and drive 10,000 miles per year, you may need $500,000 of liability coverage per person, per year. You want to ensure that you’re covered in case of a claim, but also realize that a high liability policy will cost you more in the long run. 

Typically, the minimum amount you need depends on your age and where you live. The older you get, the more likely you are to hit the minimum — and the more you will likely pay for a policy that does not cover you. A 20-year-old low-risk driver in a low-risk geographic area can likely get by with $100 a year in liability coverage. 

Contact Us Today

The best way to determine the amount of coverage you need is to start by contacting your auto insurance provider. To ensure you purchase the right amount of coverage, it’s a good idea to start by reading your policy. Confer with Insurance Solutions LLC for expert assistance in Omaha, NE.

Types of commercial insurance most businesses can benefit from

When you own a business you face risks every day. Having the right commercial insurance can help to provide the protection you need to survive if you are hit with a covered peril. But what type of perils does your business face? The type of business that you have determines the things that are a risk to you. That is where your independent insurance agent comes in. At Insurance Solutions LLC in Omaha, NE, we have a team of insurance experts who are able to do a risk assessment of your business and help you to create a commercial insurance plan that is perfect for you. 

Types of commercial insurance most businesses can benefit from

Workers compensation

Workers compensation insurance is required in Nebraska. All employees must be covered. It doesn’t matter if they are full or part-time, temporary or seasonal. This is not only good for your employees, it is about you and your assets. 

Commercial liability coverage

This isn’t required by the state but it should be. Your business is at risk of being sued from the minute you open your door. Having a lawyer is expensive and fighting a case against you can drain your business. Why take the risk? About one-third of all businesses are sued in any given year, which is a pretty big risk to take on. 

Commercial property insurance

You may think you don’t need this because you are a renter. You are wrong. It covers so much more than just the building itself. No matter what type of business you have, you use things to operate it. These are the things that are covered by commercial property insurance. It can make a difference when you need to get back into business after your business is damaged. 

Contact Insurance Solutions LLC in Omaha, NE when you are ready to protect your business with commercial insurance.

 

What every new homeowner should know about home insurance

Buying your first home is exciting. So many new things to worry about all at once. You don’t want your home insurance to be one of them. It may be a little confusing figuring all the information on your insurance policy out, but it is much easier with an independent agent to help you. At Insurance Solutions LLC in Omaha, NE,  you can count on us to be there for you with any questions you have and, more importantly, when you need to file a claim. 

Home insurance doesn’t cover everything

As a new homeowner, you may think that you have total protection. That isn’t quite the case, and you could be in for quite a shock if you aren’t aware of the things that your home insurance doesn’t cover. Common exclusions include:

  • Flooding
  • Earthquake
  • Sinkholes
  • Owner neglect
  • Sewer backup

What kind of content coverage to choose

You have options when it comes to content coverage. Do you want to replace everything that you own, or do you have lots of things that you wouldn’t be bothered to replace? If you want to have everything you now have, you need to have replacement cost coverage, but if not, you can do with actual value coverage, which allows for depreciation. 

How much liability insurance to have 

Liability insurance protects you against legal action taken against you. It puts your assets at risk if your coverage is not high enough. What liability level you need depends on your assets. Talk to your insurance agent about the level that is right for you. If necessary, an umbrella policy can top off the liability coverage you have. 

In Omaha, NE, Insurance Solutions LLC is here to offer you the service you require for home insurance.

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