What additional information do you have about Automobile Insurance?
You can view a list of information about auto insurance here.
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What additional information do you have about home insurance?
You can view great information about home insurance here.
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Do you have information about umbrella liability?
Why have it? What is it? Who needs it?
Skyrocketing court settlements and medical costs can cause uneasy feelings about the adequacy of insurance protection. Liability insurance pays for injuries to others due to negligent acts by you or another covered person on your policy. Although the liability insurance provided under a home or auto insurance policy is adequate for most situations, in a few instances large lawsuit settlements do approach or exceed the limits of these policies.
An umbrella liability policy is designed to give you peace of mind from this concern. It adds one million dollars (or multiples of $1 million) of protection to the liability limits of your home and auto insurance policy. * Should a judgment against you exceed the limits of that policy, the umbrella picks up the unpaid portion up to the umbrella policy limit.
Persons most likely to purchase an umbrella policy are:
- "Likely "targets" for a large lawsuit--professionals, business owners, property owners, higher income individuals, etc.
- Those who want greater peace of mind knowing that their life savings will be protected from a financially devastating lawsuit.
Coverage cost varies, but it is generally $140 to $200 per year for a $1 million limit. If you would like more information on this topic, please call us. We will be happy to discuss it with you.
*The umbrella can also increase the liability limit for your boat, rental property, motor home, recreational vehicle, motorcycle, vacation home and others.
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What is insurance fraud?
Fraudulent insurance claims cost us all money. Toll-free numbers are available for reporting information concerning fraudulent insurance claims. The caller's identity is kept confidential and an individual may talk with a trained investigator or leave information anonymously on a telephone answering machine.
Funds spent on fraud detection are a good investment. According to the National Insurance Crime Bureau, the property/casualty industry is recovering $3.50 for every $1.00 it invests in detecting fraud.
If you want to report insurance fraud, please call our office. You can also contact the National Insurance Crime Bureau at the number shown below. Be a fraud buster. We can all help fight insurance fraud.
NICB Fraud Hot-Line: 1-800-TEL NICB
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What is long term care?
With costs approaching and frequently exceeding $30,000 annually, this is an area of concern to all, especially those who have been successful in accumulating significant assets.
Extensive planning is often done to conserve these assets and protect them from high estate taxes. It is equally important to consider the effect a long-term stay in a nursing home can have on an estate. Death taxes and a long-term illness can exhaust accumulated assets. To avoid having to "spend down" assets before government programs (Medicaid) will pay for long-term care, a long-term plan may be purchased that will provide the dollars necessary for care. As with most types of health insurance plans, the premium increases as we age and the risk increases.
Optional benefits such as home health care are available for an additional premium. As in any estate planning situation, with long-term care the earlier one starts in planning the solution, the lower the cost.
Individuals who have been successful in accumulating an estate should be careful in planning for estate taxes and long term care costs. We would be happy to talk with you about the need, the benefits and the costs as they would apply to your situation. Please give us a call.
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