How Umbrella Insurance Protects Your Assets

Your business is booming, your stocks are on the rise, your Longmont, CO custom home is almost paid off, and your daughter has received a full scholarship to an Ivy League School. Life is good. It’s too bad someone had an accident in your pool during your daughter’s graduation party. After the resulting lawsuit is settled, you find you’ve been wiped out financially and now your assents are gone and your net worth looks the national debt. How can you avoid financial ruin? One of the most effective ways to protect your assets from a costly settlement is by purchasing an umbrella insurance policy.

There are endless ways you can end up on the losing end of a catastrophic lawsuit. While these aren’t common events, they do happen often enough that if you have more to lose above and beyond your basic home or auto liability limits, you should take steps to protect yourself against large lawsuits. Here’s an overview from 1st American Insurance Agency to help you learn the basics.

What Is Umbrella Insurance?

An umbrella policy is a higher dollar insurance policy you can purchase in million dollar multiples. It is structured to kick in when home, automobile, or boat’s primary coverage is used up and gone beyond their policy limits. The policy’s sole function is to protect you against large lawsuits that result from events that lead to personal injury, bodily injury, or property damage. Additionally, most umbrella policies will also cover lawyer’s fees and other legal expenses.

Prime Risk Factors

There are some factors that are a good indication you should consider purchasing umbrella insurance, including:

  • You have a pool or frequently entertain at your home.
  • You allow people to stay at your vacation home without supervision.
  • There is a driving teenager in your home.
  • You frequently conduct business from home.
  • You have a family dog.
  • Boats, motorcycles, ATVs and other adult toys are on the property.
  • You own rental properties.

Working with a property casualty specialist is the best way to determine what the appropriate umbrella coverage is for your unique situation. In today’s litigious society you could find yourself on the bad end of a lawsuit for a variety of reasons. Call 1st American Insurance Agency today to find out how an umbrella policy can give you some peace of mind.

 

The Advantages of Commercial Insurance

It is necessary for any business that has employees to have some insurance coverage as it is a requirement by law. Companies normally just get the bare minimum coverage such as unemployment and workers’ compensation insurance. It is prudent, however, for enterprises to have additional covers so that they can guarantee the safety of various aspects of your business. Different types of insurance coverage that can safeguard your company from financial losses, accidents, damages, negligence and malpractice claims, general liability, professional liability, product liability, and commercial property insurance are among those additional packages that provide these services individually or as part of the business owner’s policy bundle.

Our obligation as the 1st American Insurance Agency is to provide residents of Longmont, CO with all their insurance requirements and information as is suitable for your business.

Accidents happen. Insurance coverage, even if it may not prevent misfortunes,  gives a certain reassurance to business and property owners. Our company offers Commercial insurance that protects the earnings and assets in your business in case of a disaster. It is especially necessary and beneficial to small businesses owners because they may be a direct source of income and a means to support their families. There are slight variations of commercial insurance in our agency. We can offer you the all-encompassing policy, or you can opt for covers with specifications. 

Specific packages at 1st American Insurance Agency include commercial property insurance that protects you against property damages and loss from fire, severe weather conditions, theft, and vandalism. You can also get coverage for general liability insurance from lawsuits occurring after an accident. Moreover, company vehicles and drivers can also enjoy the commercial auto insurance as protection against automobile accidents, property damage, and liability. 

Considering the expenses you can get a policy tailored to the potential risks associated with your property and its value. Besides the benefits mentioned in the covers above, additional benefits are available depending on the custom covers you choose. Our property cover is tax deductible. You may also pick a cover with higher deductibles from monthly payments, but it would be prudent to set aside the deductible amount. The cover replaces resources, money, and damaged property, lower the risk of conducting business and shield you against litigation claims. Visit our offices at Longmont, Colorado. For more information, contact us.

 

Is It Time to Update Your Home Insurance Policy?

If you have owned your Longmont, CO home for more than 10 years, it might be time to review your home insurance policy with your agent at 1st American Insurance Agency.  While your policy met all the requirements of your bank back when you moved in, does it really protect your most valuable investment now?

Are Your Home Improvements Covered?

Long-term homeowners often will add an extra room, install an in-ground pool, or erect a garage at some point.  If your home has not been reassessed since you’ve completed such projects, it may not be sufficiently covered by your home insurance policy. In a case of total loss, your policy should allow you to rebuild your home exactly as it stands today, not 15 years ago.

Could You Rebuild in the Current Market?

Since the housing crash nearly a decade ago, many real estate markets have fully recovered.  If you have paid off your mortgage, there’s a good chance that your existing policy only has your home assessed at pre-crash values.  It’s time to sit down with your agent and make sure that the structure and possessions have sufficient coverage to protect all your investments, ensuring that your home continues to provide for you for years to come.

Is Your Liability Up to Snuff?

As time goes by you might start a new business and begin to enjoy all the benefits of a good life.  However, if your liability portion of your home insurance policy only meets minimum requirements, your lifestyle can come under fire if somebody suffers an accident on your property.  Make sure that your Longmont, CO home insurance policy is able to cover most medical expenses in an accident by reviewing it with 1st American Insurance Agency today.

Summer Vehicle Maintenance Tips

This summer will be all the more fun if your car is looking great and well maintained. When the weather becomes warmer, there are certain things you can do to keep your car running with ease. The Longmont, CO agents at 1st American Insurance Agency have information regarding summer vehicle maintenance.

Air Conditioning and Coolant Systems

One of the most important things to do during the summer is to stay cool. You are not the only one who needs to hydrate; your vehicle needs water too. Make sure the fluids in your coolant system are at the right levels and that any hoses are free of leaks. Your vehicle will go longer distances and keep you cooler throughout the summer if your air and coolant systems are maintained.

Windshield Wipers

During the summer, the dry dusty air can hamper your vision. Dirty windshield wipers leave streaks and could make things worse when it starts to rain. When you wash your vehicle, make sure that you clean your windshield wiper blades. If they continue to produce streaks even after they’ve been cleaned, replace them with new ones. You can find replacement blades at your local auto parts store. You will just need the year, make, and model of your vehicle to get you started with the right size wiper blades.

Tire Pressure and Safety

Your tires are what keep you on the road. You may even spend more time on the road in the summer time. Tires can take a beating and you should check the pressure regularly. Low pressure can lead to rapid tire damage. Many contemporary vehicles have a Tire Pressure Monitoring System (TPMS) on the dashboard to alert you to a low tire pressure.

Your insurance partners at 1st American Insurance Agency in Longmont, CO are waiting to get you set up with auto insurance.

What Exactly Is Umbrella Insurance

When looking through different forms of insurance coverage, you may stumble upon umbrella insurance. While not designed for rain prevention, umbrella insurance has many other benefits you’ll likely find more beneficial. At 1st American Insurance Agency, we want to make sure you are fully educated on what umbrella insurance is, regardless of if you live in Longmont, CO or somewhere else. 

What is Umbrella Insurance?

Umbrella insurance provides you with additional liability protection over what your current insurance already covers. This helps protect you from extreme claims, such as lawsuits and it will protect your assets. This kind of insurance can be applied to everything from boat insurance to auto and homeowners. You may also want to include it if you own a business. 

Added Coverage

Depending on the kind of coverage you already have, there usually is a set limit for how much you can expect. In some major claims or lawsuits, you may find the potential financial cost of these claims far outweighs the cost of what your regular insurance is able to cover. With the added umbrella insurance, you’ll protect yourself in these instances. 

What Does Umbrella Insurance Cover

There are several variables at play, but umbrella insurance typically covers varying lawsuits, property damage, injuries and a large number of personal liability situations. Your insurance provider can help you determine if umbrella coverage is right for you. 

Umbrella insurance can prove especially beneficial when it comes to protecting what you own. While there are different variables at play, a skilled insurance agent is able to help you identify the best insurance options for your needs. At 1st American Insurance Agency, we want to do what we can to educate you and inform you on available umbrella insurance policies, regardless of if you live in Longmont, CO or in the surrounding area. 

How States Differ with Minimum Recreational Vehicle Insurance Liability

You may be surprised to learn that each state has unique requirements when it comes to recreational vehicle insurance. One of the major differences among many states is that of liability. Each state will have a minimum liability that you will have to claim on your automobile insurance. This may be confusing for you, so your best bet would be to contact a company like the 1st American Insurance Agency for immediate assistance on this matter. 

The one thing that you can know for sure, is that no matter the state where you reside, you will have to get recreational vehicle insurance. This can be a hassle to sort out all of the terms and figure out what you need, but in the long-run it is well worth it. 

How to Know What You Need in Each State

Whether you are in Longmont, CO or somewhere else entirely, you can speak to an insurance agent to help you figure out the particulars about the insurance that you need. Since recreational vehicles face more risk than other automobiles, the coverage likely will be for a greater amount. Something that is important to note is that the insurance will be at a higher rate if you live somewhere in which there are more thefts and accidents occurring. 

Another aspect that impacts your insurance are the local laws and regulations. Some states will have elements of the insurance coverage that are mandatory, such as Personal Injury Protection. If this is the case where you live, it is best to know before you sign off on an insurance policy. 

If you are in the Longmont, CO area and wish to start the process of getting your recreational vehicle insurance, contact a professional at 1st American Insurance Agency today.

5 Tips to a Successful Motorcycle Road Trip

Riding your bike to and from work in Longmont, CO is one thing – going on an extended road trip is another. If you’re planning to explore Colorado on your bike this summer, the following tips can be helpful in making your road trip a success. 1st American Insurance Agency has a few tips for making your next motorcycle road trip more comfortable. 

Start with a Comfortable Bike

A comfortable bike is a must for long distance riding. If your bike needs modifications to enhance comfort, get them done before taking off on the road. A change in handlebar, more comfortable seating or improved headlights can make a big difference in how you enjoy your travels.

Use Proper Riding Attire

The proper clothes, i.e. well-fitting riding pants, jacket, ankle boots and a full-face helmet, will protect you from the elements and unforeseen accidents on the road. Safety is of utmost importance when traveling far from home.

Pack Light

The less you pack, the less bulk and weight you have to carry. Be selective in your choice of clothing- you can always wash and reuse them during your travels. Bring travel size personal hygiene products that take up little space and a compact first aid kit for minor emergencies that may arise. If you plan to make road trips a regular part of your life, invest in proper motorcycle luggage for greater ease in packing and traveling.

Plan Your Trip

Plan your trip in advance. Mark your routes, check out weather forecasts and book hotels, if any, where you plan to stay. Stop and rest as often as needed, drink plenty of water and take time to enjoy the views.  

Review Your Motorcycle Insurance Coverage

Make sure you have adequate motorcycle insurance from 1st American Insurance Agency in Longmont, CO for protection against accidents. To learn more about coverage options and costs, contact an agent from 1st American Insurance Agency, Longmont, CO today. 

Do Independent Contractors Need Commercial Insurance?

With Commercial Insurance The Answer Will Never Be Black and White

It depends on what your business is. This is why a professional insurance agent who is well-versed in commercial insurance is necessary to discuss what your particular liabilities are and how best you can be protected.

The State of Colorado Recognizes These Types of Insurances For Your Business:

  • Workers Compensation Insurance – is required in Colorado if you have one or more hired employees
  • Professional Liability Insurance – is required for only those professions where someone can be hurt by negligence or improper actions of the staff of the company. This insurance also covers measures to protect the reputation of the company and its officers. In Colorado, it is recommended for some professions and required for others.
  • Business Liability Insurance – is required by most businesses if any liability can be assumed by any person who could be harmed by any of the products’ performance. It also protects the business owner from being sued personally or services of the business. This is more of the generalized insurance product that is required by all of the businesses that operate in Colorado. 

Commercial insurance is what we do at 1st American Insurance Agency. Though it is not the only product we specialize in, we make certain to maintain high standards of service delivery for our commercial insurance and all of our clients. We know you are busy running your business, let us handle your insurance.

Serving the Longmont, CO and the surrounding areas we know the insurance regulatory laws of this state and are well-equipped to let you know what your business needs are regarding commercial insurance. Call, fax, email or come in to see us today to ascertain how we can help you protect your wealth and business revenue. 

What are the available add-ons for a homeowners policy?

In Longmont, CO, as well as the rest of the United States, a homeowners insurance policy is vital to cover emergency issues, such as theft or natural disasters. But what if you experience a sewage backup, as many unfortunately do? Most policies do not have this coverage, so owners end up paying thousands out of pocket to clean up the mess! The add-on for coverage of sewage backup is often only in the ballpark of $50 per year. 

It is essential that you speak to an agent at 1st American Insurance Agency, serving the needs of Longmont, CO, in order to discuss a plan that works for you. Basic homeowners insurance policies cover possessions (like art and jewelry), damage to the physical structure from certain disasters (fire, for example, but not floods), and the medical expenses and/or lawsuits against you caused by someone’s injury within your dwelling. Again, individual policies differ, so talking to an agent at 1st American Insurance Agency is vital.

If you own pieces that are very valuable, consider special coverage for them, whether individually or as a collection, which drops the deductible and adds additional coverage like theft from the premises or breakage. 

If you live in an area that is more prone to disasters such as earthquakes or floods, separate plans are necessary, as they are not covered by a standard policy. 

If you own recreational or watercraft vehicles and store them at your house, chances are they won’t be covered by your basic policy, either. A rider to cover the cost of these apparatuses must be purchased.

Additionally, if you have a home-based business, your homeowner’s policy will exclude it from coverage. If you are going to have a business, be sure to get an add-on just in case there is damage to electronic equipment, computers, etc.

Keeping Auto Insurance Costs Down in Longmont

The best way to keep your auto insurance costs down may have nothing to do with calling a variety of insurance company and comparing rates side-by-side. The more you know about how insurance cost rates are calculated, the more likely it is you will find ways to keep them down. Let 1st American Insurance Agency give you a few tips about what to do if you live in Longmont, CO, and want to tighten up your budget.

Brushing Up Your Skills 

No matter how many years you’ve been driving, there are always ways to get better. Becoming more mindful of what’s on the road all starts with practice. Whether you tend to get heated up under the collar when a driver cuts you off or you just find yourself bored on the road, there are ways to become a better defensive driver. The fewer speeding tickets you get, the fewer accidents you cause, and the fewer near-misses you see on the road all add up to better insurance rates. Breathing techniques, schedule changes, and even just learning more about what defensive driving looks like can really help. Sometimes all it takes is avoiding the times when traffic is at its worse to become safer on the road.

Finding Help 

If you live in Longmont, CO, then now is the time to call 1st American Insurance Agency to find out more about how you can plan for the next few years. Let our agents answer any questions you may have. We know just how much it matters to take a few deep breaths before you find yourself in a situation that could have been avoided. Give us a call now if you’re gathering information about rates, and let us work out the right policy for you!