What’s Personal Umbrella Insurance?

What’s Personal Umbrella Insurance? Personal umbrella insurance is for people who would like to add extra liability coverage over and above another insurance policy. Usually, people get personal umbrella insurance for their auto and homeowners insurance.

What Does Personal Umbrella Insurance Cover?

Personal umbrella insurance is to protect people from large liability claims or judgements. Personal umbrella insurance helps when underlying liability limits have been reached. Bodily injury, personal injury, property damage and landlord liability is usually covered by personal umbrella insurance.

Personal Umbrella Insurance Policy in Action

Now, here are some examples so that you can better understand how a personal umbrella insurance policy works.

  • Car Accident

The policyholder gets in an at-fault accident that injures the other driver. Your regular auto insurance policy covers the injuries of the other driver with a limit of $250,000. The other driver is severely injured, and their medical bills are going to be approximately $700,000. You may be legally responsible for their medicals bills exceeding $250,000. If the driver decides to sue you, your personal assets could be at risk.

Your regular auto insurance policy is going to cover $250,000 of their medical bills. $450,000 is needed to cover the rest of their medical bills for their severe injuries. Once your auto insurance policy limit is reached, that’s where a personal umbrella insurance policy will pay the remaining balance of $450,000.

  • Personal Property

The policyholder has a leak underneath their shower. The policyholder needs to replace their walls and floors because of the water damage. The leak ruins the neighbor’s walls and floors, and they need to be replaced as well. A personal umbrella insurance policy won’t cover the policyholder, but the insurance company will pay for the neighbor’s below them to replace their walls and floors.

What Isn’t Generally Covered By a Personal Umbrella Insurance Policy?

  • Personal Property

Personal umbrella insurance usually only covers people who are responsible for damages to someone else’s property. Usually, it won’t cover damage to the personal property of the policyholder.

  • Business losses

If the policyholder experiences business losses, personal umbrella insurance won’t usually cover them. Even if the business is from the policyholder’s home, they still wouldn’t be covered.

  • Intentional or criminal acts or omissions

A personal umbrella policy won’t protect the policyholder for their own intentionally harmful or illegal behavior.

  • Written or oral contracts

A personal umbrella policy usually won’t cover the policyholder from liability that arises in the connection of a written or oral contract they’ve entered.

If you would like to discuss your options in regards to What’s Personal Umbrella Insurance and how it may work into your coverage options.

Please contact us here at Waittes Insurance by clicking here.


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Home Based Business Insurance and What You Need To Know!

Home Based Business Insurance and What You Need To Know!

Having your own business is a great reflection on you. This means you had a goal, worked diligently, and achieved your dream of business ownership. Many people choose to run their business out of their homes. It’s conveniently located, cuts down on overhead costs, and is a comfortable place to be. However, when operating your business out of the home, there are certain risks that need to be addressed. One issue that is often overlooked is that of business insurance for your home-based operation. While you may have your homeowner’s insurance, that will not suffice for the business.

Most people do not plan for emergencies – or even expect them, until it’s too late. Understanding home based business insurance and what you need to know! Preparing in advance for the unexpected mishaps that could occur will save you money and added misery in the end.

What if your home catches fire?

Did you know that the National Fire Protection Association reported there’s an average of 358,300 home-based fires per year? Fortunately, many fires are brought under control before people are hurt. Yet, the physical damage to the home often takes months to repair. If you have a business in your home and a fire occurs, you not only risk damage to the home, but loss of important business equipment. That’s why it’s so important to have business insurance coverage that will protect your assets in case of a fire.

What if your home gets robbed?

No one likes to think about someone robbing their home, but the Bureau of Justice claims that, on average, 3.7 million burglaries occur every year. This number is startling especially when your entire livelihood is contained in your home. We typically think of someone breaking in the home when we’re not there or at night, but theft can occur in other ways too. For example, if you have employees working for you and accessing financial data, embezzlement is a concern. Thieves may also steal equipment you have on your property such as business vehicles. Business insurance helps protect what means so much to you.

What if your home gets damaged?

Many things can potentially damage your home. Ferocious storms often cause tree limbs to fall on homes. Fierce winds or tornadoes result in damaged or lost roof shingles, and torrential rainfall sometimes causes flooding. You cannot predict the problems weather or other accidents may cause. That’s why it’s best to have business coverage before anything occurs.

In short when it comes to understanding home based business insurance and what you need to know! Accidents occur everyday but you can be prepared by investing in business insurance for your home. Don’t let your home-based business be at risk. At Waitte’s Insurance our team has written numerous home based business policies and can advise you on what type of coverage is need.

If you have a home based business and would like to discuss your insurance options please contact our agents by clicking here.

Preparing for a Hurricane in New England

Preparing for a Hurricane in New England

We are still in the midst of hurricane season and with all of the hurricane activity we have seen lately on the gulf and eastern coasts, it is an important time to prepare for a hurricane in New England. A hurricane can do lasting damage as winds whip up to over 100 miles per hour. As low-pressure meets with tropical ocean water, the conditions result in a hurricane. It surges unto land and as it travels onward, it loses its velocity. However, rain continues to fall often leading to flooding. Floods are perhaps the most deadly consequence of some hurricanes.

To help you with get your hurricane preparedness plan in place, follow these guidelines:

– Preparing for a hurricane in New England means you need a plan in place before a hurricane approaches. Make sure everyone in the family knows the plan. Test-drive the evacuation route in case you need to leave your home.

– Stock your home with essential supplies such as water, food, a first aid kit, flashlight, hand crank radio, and batteries.

– Continuously check with the national and local weather advisories and heed their warnings.

– When you hear that a hurricane is approaching, make sure your home in New England is prepared. Depending on the category rating boarding up windows or closing hurricane shutters and doors may be necessary. Especially if you are in 150 miles of the coast for a category 3 or higher level hurricane. Ensure all drain spouts are in proper working order, as well as other drains, sewers, and sump pumps.

– Check your generator to be sure it’s functional and fueled up.

– If you don’t have a generator, set your refrigerator to a colder setting in case the power goes out.

– Secure important documents that are irreplaceable.

– Check with your insurance agent to make sure your policy covers the potential damage of a hurricane. Add flood coverage if you don’t already have it.

– Cover your outdoor A/C unit with a tarp.

– Remove non-permanent outdoor equipment to a garage or basement (for example, picnic tables, patio furniture, and grills).

– Remove any loose limbs and shrubbery that is near your home.

– If the hurricane has already hit land, do not attempt to drive. Many people die in flooded waters.

Preparing for a hurricane in New England is an essential step to take now. The hurricane season doesn’t begin to die down until November. If you have any questions on hurricane preparedness or about your policy, please click here to contact us today!

Teen Driving Insurance in Connecticut

Before your newly permitted or licensed teen gets behind the wheel of their car make sure they have car insurance. Teen driving insurance in Connecticut is necessary and practical. Insurance is an expense, but there are tips to follow to help keep the price down without sacrificing coverage.

Insurance Needs for a Driver’s Permit

When your teenager secures their driver’s permit get in touch with your insurance agent to confirm whether or not they need a policy. Typically, permitted drivers are covered by the policy already in place on the vehicle they are driving. For instance, if your teen practices driving using your car with you present, they would be covered by your policy. Double check to make sure, so everything is set and everyone has the proper coverage.

Driver’s Education

Many insurance companies offer a discount to teens who have completed driver’s ed. Some insurers even offer their own advanced driving training program that may provide an additional discount, so ask. This extra training provides experience and instills responsibility while also saving money.

Choose the Right Car

Insurance premiums are based on the type and age of the car. Finding the right car takes work. Ideally, you want something new enough to be safe and dependable, but old enough to lock in a lower insurance rate. Sports cars and SUVs are often quoted higher rates, so a sedan is usually the best bet in terms of paying an affordable rate. This may not align with what your teen had in mind, but explain why this is the responsible decision.

Consider the Safety Features of a Car

Built-in safety features will give you peace of mind, but can also lower teen driving insurance in Connecticut. Cars with anti-lock brakes, daytime running lights, electronic stability control and automatic seatbelts may secure a lower insurance rate. Frontal airbags are required by law, and side airbags are now standard on most vehicles. Cars equipped with additional airbags, like rear window curtain airbags or inflatable seatbelts, may qualify for additional safety discounts.

Bundle Policies

Starting a new policy is often expensive. Adding your teen driver to your existing policy will typically be cheaper since it shows you are responsible for your teen. You may secure an additional discount by having multiple car insurance policies.

Talk to Your Agent

Check with your agent to see if there are any other discounts to be had for your child’s policy. Good student discounts may be an option to keep the cost down, and possibly incentivize your child to keep their grades up.

Secure the Best Price for Teen Driving Insurance in Connecticut

Make sure your teen is prepared for the road ahead as they take off on new adventures. Proper training and the right car are just some of the ways to get the best price possible for your teenager’s car insurance.

If you have teenagers in your homecoming to drivers age and would like to discuss Driving Insurance Options.

Please contact us by clicking here.

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