Today, there are many different types of insurance products available. Understanding how these products work will be vital to getting the best protection possible. At Hinman & Associates Insurance, serving Reno, NV, and the surrounding areas, we want to help educate you on helpful insurance products such as umbrella insurance. Keep reading to find out how umbrella insurance can benefit you. 

What Is Umbrella Insurance?

Umbrella insurance is a unique type of insurance product that can help to protect you and your assets if one of your other insurance policies is exhausted. This type of policy can be added to any other kind of policy. If you have a claim event, and the policy is exhausted, and there are still expenses to be paid, the umbrella policy can kick in to cover the difference. 

Who Should Buy An Umbrella Policy?

An umbrella policy can benefit anyone who wants to make sure they are fully covered from a claim event. However, this type of policy is especially beneficial to individuals who have large amounts of assets they would like to protect. It is also incredibly beneficial for individuals who operate a business with a high level of liability. If you participate in any activities, hobbies, or ventures which could carry liability, you may want to consider purchasing an umbrella policy. 

How Much Coverage Do I Need?

The amount of coverage you should purchase with an umbrella policy will vary greatly depending on your unique risk factors. A knowledgeable insurance agent will be able to discuss amounts with you to get the policy that best fits your situation. 

If you would like to learn more about our insurance services and products, don’t hesitate to contact us at Hinman & Associates Insurance serving Reno, NV, and the surrounding areas. 

You will want to ensure that your life insurance benefits will be enough to cover all of your financial obligations once you pass away. Therefore, the best place to start is determining how much you need is to take a look at your current financial resources and expenses. Hinman & Associates Insurance of Reno, NV can also help you calculate the amount of coverage you need when purchasing your policy.

Coverage for Basic Needs

The formula for calculating basic needs is to subtract the amount of any existing assets that can be used to pay the bills once you are gone from the financial obligations that will need to be covered. The remaining amount will determine how much life insurance you may need.

The financial obligations that will need to be covered typically include:

• Income replacement
• Mortgage
• Large debt
• College tuition for children

Existing assets that you have for your family to use to pay bills after your passing may include:

• Savings, such as retirement savings like a 401K plan
• Any life insurance policies that are already in place
• A 529 account for college savings
• Burial insurance that will cover funeral expenses

The Consequences of Insufficient Coverage

If you fail to obtain enough life insurance to meet the financial needs of your family, they could be in trouble when you die. One study found that the family could be financially impacted in one to six months following the death of the primary wage earner. If you do not secure an adequate amount of coverage, your family may not be able to pay for everyday expenses when you are gone.

At Hinman & Associates Insurance of Reno, NV, we will take the time to look at all of your current expenses and assets in order to determine how much life insurance you need to purchase. Give us a call today.

If you run your own business and have a company, commercial insurance is one of the first things you need to consider. The purpose of commercial insurance that is also known as business insurance protects your company and you as a business owner from different risks and unexpected events. Here is what you need to know about this type of insurance: 

What Should You Know About Commercial Insurance?

• Standard commercial insurance protects businesses from such risks as property theft and damage, client lawsuits, unexpected events, and client or employee injury. 
• There are different types of commercial insurance serving different types of business needs. Here are the most common of them: errors and commissions insurance (also known as professional liability insurance), general liability insurance, a business owner’s policy, cyber liability insurance, commercial auto insurance, workers’ compensation insurance, and fidelity bonds. 
• There are certain factors that have an impact on the cost of commercial insurance. They are the type of business, the number of employees, whether you have commercial vehicles or not, and some others. 
• If you own vehicles that you use for commercial purposes, you need to have commercial auto insurance because standard auto insurance will not cover them. 

Hinman & Associates Insurance serving clients in Reno, NV

At Hinman & Associates Insurance serving clients in Reno, NV and other surrounding areas, we do our best to provide our clients with proper insurance policies depending on their personal needs. If you are looking for a commercial insurance policy to protect your business, we will be glad to help you. Our insurance agents will find you the perfect policy based on your budget and the type of business you own. 

If you own a classic car like a 1965 Ford Mustang, you need classic car insurance. Yes, it would help if you had this special insurance because traditional car insurance is insufficient for collectors or antique cars. Since classic vehicles appreciate, you need a unique insurance policy that protects the true value of your vehicle. 

Do you own a classic car? Or perhaps you are an enthusiast who intends to own one? Hinman & Associates Insurance of Reno, NV, shares what you need to know about classic car insurance.

Is classic car insurance mandatory?

Yes, if you drive on public roads, Nevada requires you to have liability coverage in your auto insurance. This coverage protects you when accused of bodily injury or property damage by third parties.

What does classic car insurance cover?

Classic car insurance provides similar coverage to your typical personal auto insurance. Here is a snapshot of classic car insurance coverages:

• Collision and comprehensive coverage: These coverages protect your car against physical damage from perils like accidents, falling objects, theft, fire, and other natural disasters. 
• Liability insurance: It cushions you against third-party liabilities.
• Uninsured motorist coverage: It protects you against uncovered bodily injury and property damage caused by a driver without insurance.

Besides the above coverages, there exist special coverages unique to classic cars. Some include:

• Cherished salvage coverage
• Spare parts coverage
• Vehicle under construction coverage
• Restoration coverage
• No attendance coverage
• Automobilia coverage

What’s the difference between stated value and agreed value?

What happens if your classic car is totaled? What amount do you receive from the insurer? Like mentioned, classic cars appreciate, unlike conventional vehicles. As such, you need to differentiate between the below values to protect the value of your vehicle.

• Agreed value: It’s the amount pre-agreed between the policyholder and the insurer. This is the amount you receive (less deductible) when your car is totaled. However, you can adjust this amount if your car appreciates.
• Stated value: It’s the amount you tell the insurer that your car is worth. Of course, you will have to support the value with documentation. 

If you own a classic car, the agreed value is the best option since it guarantees you to recoup your financial loss if your vehicle is written off.

Where can I buy classic car insurance?

Need classic car insurance? If you are in Reno NV, and its environs, please look no further than Hinman & Associates Insurance. We will offer you classic car insurance that protects your heritage and memories.

Hinman & Associates Insurance serves the Reno, NV community, as well as the surrounding areas. We offer our clients multiple types of insurance policies. We recognize that each of our clients has unique needs, so we strive to help them find flexible policies that evolve based on the situation. We look forward to offering you high-class customer service.

Renters Insurance Coverage Breakdown

Reno, NV is home to several appealing rental properties throughout the city. If you are staying in one of these units, consider the benefits of renters insurance. The policy covers all of your personal items if they are stolen or vandalized. Liability coverage is important because you are protected if a guest gets injured while visiting your home. Liability coverage also protects you if you accidentally damage someone else’s property.

Renters insurance is a personalized form of coverage. Your landlord will cover the interior and exterior parts of the rental property through their insurance. You can also add extra coverage to your policy. Flood insurance is another option to consider. If heavy rainfall moves through the area, your property would be covered if a drainage backup occurs and damages your personal items inside the unit. If you plan to have a lot of guests over to your property, consider umbrella insurance to protect you if a serious liability dispute arises.  If you have luxury items at the rental property, you’ll need extra coverage to fully protect those items if they are stolen or vandalized. Alternative living coverage will help you find a temporary place to stay if your rental property needs to be repaired because it sustained severe damage.

Hinman & Associates Insurance Will Help You Protect Your Assets

Visit our website to learn more information about renters insurance.

When you are looking for motorhome insurance in Nevada, you want to have every risk covered for those times when your intent is to relax. In Nevada, the minimum insurance coverage that you need for your motorhome is bodily injury liability.

If you want additional coverage, you can design a policy that includes property damage, collision and comprehensive, with a number of motorhome insurance add-ons that will protect you financially against every risk. At Hinman & Associates Insurance, we want Reno, NV residents to have every risk covered for your motorhome while you are on the road.

Standard Motorhome Insurance Coverage

The standard motorhome insurance in Nevada will cover bodily injury liability. You can add property damage coverage, collision coverage, comprehensive coverage, and uninsured motorist coverage to your policy to secure more well-rounded insurance.

Property damage coverage will cover you if any of the contents of your motorhome are destroyed or stolen. Collision coverage is there for your own damages when you have been in an accident. Comprehensive coverage protects you financially from other damages including storm, fire, or damage caused by something other than a collision.

Motorhome Insurance Add-Ons

In addition to standard coverages for motorhome insurance in Nevada, you can protect yourself a little further with add-ons to your motorhome insurance.

• Roadside Assistance – When you have a problem on the road, roadside assistance insurance is there for you if you run out of gas, have a flat tire, or need help. It can also provide trip interruption costs if you are far from home.

• Towing – Towing a motorhome takes an expertise and cost that the average tow can not provide. Add towing coverage to your policy today.

• Vacation liability – Some policies will cover you if there is an accident on the property of your motorhome if it is only a temporary residence or for pleasure.

Get a Quote

These are just a few of the different kinds of coverage that Reno, NV residents can add-on to mandatory requirements for a motorhome insurance policy. Call Hinman & Associates Insurance for a quote today.

Today, homeownership doesn’t have to come with a brick-and-mortar building. Many people are turning to RV ownership as a form of house ownership and a great way to explore the country while enjoying the convenience of a home. While RV ownership immerses you in a world of unlimited fun, please don’t forget about RV insurance from Hinman & Associates Insurance of Reno, NV. By investing in RV insurance, you will accrue the below benefits. 

Protects your asset

RVs don’t come cheap. Unfortunately, threats like accidents, fire, hail, and other perils can compromise your investment. However, when you have RV insurance, your insurer can always cover physical damage, saving you out-of-pocket expenses. 

Additionally, if you have content coverage, it protects your belongings that are lost or damaged while on your RV.

Liability protection

Just like your vehicle, sometimes you can be at fault for an accident. In the process, you might cause bodily injury and property damage to other people. Thankfully, liability insurance in your RV insurance can come to your rescue whenever you are facing accident-related third-party costs.

It covers you and your passengers’ medical costs

RV insurance gives you peace of mind, knowing that you and your passengers are covered even as you enjoy your vacation or road trip. If you have MedPay or PIP coverage in your RV insurance, your medical costs and those of your passengers are covered when involved in an accident. 

Compliance with the law

If your RV is driven (not towed), you must buy RV insurance in Nevada. Failure to carry the needed RV insurance could subject you to fines and penalties. Additionally, you will have to cover accident costs from your pocket.

While RV ownership comes with unmatched fun compared to traditional homeownership, RV insurance is one critical investment that you shouldn’t forget. In light of this, if you are in Reno, NV and its environs, please contact Hinman & Associates Insurance to buy RV insurance. 

Hinman & Associates Insurance provides coverage to the Reno, NV community, as well as the surrounding areas. We take pride in being able to assess our client’s needs and help them find the right policy. One of our core values is providing a high level of professionalism at all times.

4 Benefits Of Motorcycle Insurance

Many Reno, NV residents enjoy exploring the state on their motorcycles as a way to relax. However, it’s important to remember that motorcycles are high-risk vehicles. All it takes is one small mistake and things could turn fatal in an instant. Motorcycle insurance covers you against the dangers you face while you’re riding. Here is a look at four benefits of motorcycle insurance.

You Are Protected If There Is A Collision

During the unfortunate situation that you are involved in a collision with another rider or object, motorcycle insurance covers you. The Collision coverage in your policy takes care of the damages and any issues regarding medical treatment. If you are injured in the collision, all you have to do is focus on getting better.

Liability Coverage

Liability coverage protects you if you are ruled at the fault of any damage or injuries as a result of a collision. Sometimes mistakes happen. Maybe you took your eye off the road for a split second. Regardless, the liability coverage in your policy protects you as you figure out your next move.

You Are Covered In Emergency Situations

Perhaps you are having a great time and suddenly your motorcycle runs out of gas or suffers engine failure. Motorcycle insurance covers you in emergency situations so that you’ll receive immediate assistance if you need towing service or fuel.

You Can Customize Your Policy

At some point, you may choose to upgrade your motorcycle. You have the option to amend your policy so that your new accessories are fully covered. 

Hinman & Associates Insurance Will Help You Protect Your Asset

Visit our website to learn more information about motorcycle insurance.  

Did you know that a boat is insured differently than other land vehicles? If you own a boat, then you know that being prepared is one of the most crucial elements of having fun on the water. You need to know how your boat performs in different weather conditions and if there are any mechanical issues whatsoever. However, another fundamental aspect of boating is making sure that your insurance policy will help protect both you and your family from financial losses due to accidents or damages.

If you live in Reno, NV, and own a boat or another type of watercraft, you might need boat insurance. Your boat insurance policy depends on the level of coverage that you might need. The types of boat or watercraft that can be covered in Reno, NV include:

• Performance boats
• Sailboats
• Fishing boats
• Classic boats
• Jet skis, wave runners, and other personal watercraft

The types of coverage available for your boat or watercraft include:

• Property damage liability
• Comprehensive
• On-water towing
• Labor coverage service
• Bodily injury
• Medical payments
• Uninsured boater
• Personal effects replacement

Boat insurance is a necessity for anyone who is looking to dock their boat on the marinas or use their boat as collateral. Otherwise, Nevada does not require boat owners to have boat coverage.

Boating can be a fun and exciting activity, but when something goes wrong it can have tragic consequences. This is why many boaters choose to carry boat insurance. If you have any questions about the coverage of your vessel, please contact Hinman & Associates Insurance. We will be happy to answer your questions and assist in choosing the best insurance package for you.

The Reno, NV area is a fast-growing city that offers a lot of opportunities and recreational options. If you do live in this area of Nevada, it is important that you get the right insurance protection for your situation. A type of plan that all people should consider getting is umbrella insurance. You should get an umbrella plan for a few reasons. 

Umbrella Coverage Protects Against Major Claims

A good reason to get umbrella insurance in Reno is so you have protection against major claims. Most people here will already have a home or auto insurance plan, which does come with some liability insurance. While these plans offer some coverage, if you are ever named in a major claim with significant damages it could quickly exceed your other insurance plans. Fortunately, you also have the option of getting an umbrella insurance plan that will provide protection on top of your other policies.

Umbrella Coverage Protects Against Unexpected

It can be difficult to predict every scenario that could result in liability claims against you. Due to this, you should get a plan that offers broad coverage. With an umbrella insurance policy, you will get the additional coverage you need to mitigate a variety of liability risks that are harder to predict. This can offer you protection as well as peace of mind. 

Anyone that is looking for umbrella coverage when they are in the Reno, NV area should call Hinman & Associates Insurance. There are a lot of factors to consider when picking an umbrella plan. The team with Hinman & Associates Insurance can evaluate your options and needs and help you choose a plan accordingly. This can help ensure you remain properly covered for all of your potential liability risks going forward.