Why do I need an umbrella policy

Before you understand why you may or may not need an umbrella policy it is important that you understand what an umbrella policy is. Think about an umbrella then consider what it does, it protects you from the elements. An umbrella policy does the same thing for your assets, it adds an additional layer of liability protection above and beyond your homeowners or auto insurance policy.  The friendly agents at Hinman & Associates Insurance Reno, NV would be happy to discuss this important coverage with you.

Another name for an umbrella policy is excess liability insurance and it some ways it makes the purpose a lot clearer. In today’s world where suing seems to have become a national pastime, it kicks in when your homeowners or auto insurance limits have been reached. Typically umbrella policies give between one and five million dollars in excess coverage.

If you own a home, have savings or other assets, having an umbrella policy can protect these assets for you. You may not think that you have large enough assets to require this type of coverage but if you own a home of any size and would not like to lose that home to a lawsuit, then it is important to consider getting this coverage.

With a lawsuit, it is not only what you actually own today that is in danger but also what you may earn or own in the future. Owning some things make you more vulnerable to legal liability such as a swimming pool, trampoline or a dog. If you coach children’s sports, are a landlord or even are a volunteer for a non-profit, you can be sued for something you said, wrote or did. Why take a chance with your hard earned assets?

If you live in or near Reno, NV why not call Hinman & Associates Insurance to discuss your particular situation and whether or not an umbrella policy is something that you need to have.

 

4 Reasons Why You Should Sponsor a Whole Life Policy for Your Grandchild

As a grandparent, you want to give your loved ones everything they need to live up to their fullest potential. The right insurance strategy plays an important role in providing the things your family needs to thrive. Here are several reasons why sponsoring a whole life insurance policy from Hinman & Associates Insurance is an intelligent financial decision that grandparents can make for their grandchildren in the Reno, NV area.

  • Guarantee their education. A whole life policy accrues cash value over time. If you start a policy when your granddaughter is 8, it’s possible that she’ll have plenty of money for college when she turns 18. The best part is that she won’t have to sell or close her life insurance policy to get the cash.
  • Help them build a secure future. It’s more difficult for youngsters to get a start in life these days. Housing prices, education loans, and skyrocketing costs of living continue to push young people away from their economic dreams. The money in their whole life fund could help your grandchild avoid years of struggle.
  • Protect their parents from unforeseen circumstances. When a child passes away, grieving parents have plenty of stress on their shoulders. With a life insurance policy, they’ll at least be provided with enough funds to take care of final expenses.
  • Preserve their right to buy. As they grow older, children can develop diseases and habits that make it hard for them to qualify for high-quality policies. Buy them a policy early in their lives so they’ll never have to worry about being disqualified for premium policies.

Hinman & Associates Insurance provides life insurance policies for adults and children of all ages. Contact our representatives in the Reno, NV area for more information on life insurance.

How Does Commercial Property Insurance Protect Your Business?

Commercial property insurance in Reno, NV can help cover your building if you are responsible for it, according to your lease, or if you own it. Not only does it cover the building, but it also covers the contents of the building. This can include furniture, fixtures, machinery, and equipment. Even when property is away from the premise, you will still have coverage.

There are a number of benefits of this insurance that can protect your business such as help with recovery after a loss. The longer your business operations are slowed, then the worse your situation will be. The right policy can help you get your business up and running and help you with some of the long-term costs that come with a disaster. By limiting the downtime, you can also help your reputation with customers and make sure they come back. Policies can also help with repair costs with damaged property. If the property can’t be repaired, it can be replaced. If you have a restaurant, then your commercial property insurance can help replace any damaged kitchen equipment after a fire. You can’t always control what happens to your business. Natural disasters, such as winter storms, hail, and fires, can happen at any time and cause sudden property damage.

Even with the coverage, you still need to be aware of certain things that aren’t covered under a typical policy that you may need endorsements for. An agent at Hinman & Associates Insurance can help you find the right coverage to make sure that your business equipment is protected. Commercial autos, signs not attached to the building, and outdoor fences won’t usually be covered. If you need coverage for these items, there are additional coverage options.

Contact Hinman & Associates Insurance, serving Reno, NV, to get a quote on commercial insurance.