What is Excess Liability Coverage?

This coverage provides extra liability limits over an Umbrella policy. This coverage typically follows the terms of the first underlying insurance policy.

Higher limits may be necessary for businesses with high loss potential, high profile, sizable sales, numerous assets, large auto fleets, worldwide presence, significant public exposure.

Talk to ALLIANCES INSURANCE AGENCY, LLC today about your business operations and we can advise you what kind of liability coverage you need to protect yourself and your company. Just give us a call at (267) 614-4234 and we’ll help make sure you’re covered.

 


Umbrella Insurance

Umbrella Insurance is extra liability insurance that goes above and beyond the limits of the insured’s property, vehicle, business, or watercraft insurance. It can protect you against some lawsuits not covered by your other insurance policies. One example would be if you were sued over an accident involving a boat that you rented while vacationing in Europe. It also provides coverage for some claims that may be excluded by other liability policies including, but not limited to: false arrest, libel, slander, and liability coverage on any rental units that you may own.

The more that your assets increase or the more income that you accrue, the more likely it is that you would benefit from an umbrella insurance policy. If you are concerned about losing assets or income or being involved in a lawsuit, call or email Alliances Insurance Agency, LLC today and we can help you find the right coverage for your needs.

There are many money saving discounts that are available if you are already have other insurance policies with Alliances Insurance Agency, LLC. The cost of an umbrella policy depends on how much underlying insurance you have and the kind of risk you represent. The greater the underlying liability coverage, the less expensive the policy will be since you would be less likely to need the additional insurance. An umbrella policy is the absolute best buy in the insurance business. It can cost as little as $150 to $200 for the first $1 million of coverage, then about $100 for each additional $1 million.


What Should We Do During a Flood?

If a flood is likely in your area, quick action may be necessary to protect your family and property.

You should:

  • Get information from the radio or television.
  • Move immediately to higher ground if there is any possibility of a flash flood. Do not wait for instructions to move.
  • If you need to evacuate, secure your home and move essential items to an upper floor. Turn off utilities if instructed to do so, and disconnect electrical appliances. However, do not touch electrical equipment if you are wet or standing in water.
  • Do not walk through moving water — it can make you fall. Use a stick to check the firmness of the ground in front of you.
  • Do not drive into flooded areas. If you are caught in your vehicle in floodwater, abandon your car and move to higher ground if you can do so safely.
  • If you have evacuated your home, do not return until authorities tell you it is safe.

What Does Homeowners Insurance Cover?

Broadly speaking, insurance covers you for potential loss resulting from risks such as burglary or theft, severe storms, fire and also your personal liability.

Your home liability coverage protects you in the event that someone is injured on your premises or you are responsible for damage to someone else’s property. For example, if you failed to remove a tree known to be diseased, and it fell on your neighbor’s car, you may be held liable for the damage due to negligence. Note that liability insurance will not cover acts of violence or intentional damage.

Your liability insurance policy would also typically provide coverage if:

  • Your child throws a baseball through the neighbor’s window
  • Your dog bites a visitor to your home
  • A visitor is injured on your backyard swing set or trampoline, or by falling on your icy sidewalk

If a liability claim is filed against you, it may result in your insurance paying for property repairs, medical or funeral costs, or even a lawsuit if the injured party chooses to launch a legal process.

When evaluating the amount of liability coverage that makes the most sense for you, be sure to fully discuss your limits and deductibles with your agent. Take time to understand your risks, and determine whether you will be well covered in various circumstances. In the event of a disaster, the costs of recovering can devastate household finances. Quality home insurance can make a difficult situation bearable and help you get your life back on track.

To find out how to get the best price and value on homeowners for you, call Alliances Insurance Agency, LLC at 267.614.4234


Why Do Most Homeowners Insurances Exclude Coverage for Sewer or Drain Water Backup?

  • Water backup losses are extremely common but preventable with maintenance and preventative measures by the homeowner. Water losses from plugged up toilets and clogged up drains can be prevented or minimized when home owners are observant and promptly repair sticking toilet bowls and clogged, slow running drains.
  • Water systems require periodic maintenance or reinvestment by the homeowner. Over time, every water drainage system becomes restricted with rust, deposits and accumulated debris. Drain fields become saturated and tree roots interfere with drainage. Without preventative maintenance, slow running drains won’t handle normal water flow or plug up completely.
  • Off premises sewage backups can be prevented with the installation of drain backflow preventers that are installed on your drain line. Unfortunately, many older homes did not have these preventers installed.
  • During flooding the water table rises and first causes water backup through sewers and drains. Since “flood” is an excluded coverage, the unendorsed homeowners insurance policy has this exclusion.

Am I covered if water backs-up through my sewer or drain?

Nearly all property forms, including homeowners policies, exclude or restrict water damage caused by the backup of sewers or drains. The provisions vary from company to company but usually read like this:

Section I – Property Exclusions

“Water damage is exluded if caused by water or water-borne material which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or related equipment.

This exclusion is talking about “overflows” of water from sewers (like out of toilet bowl) and “backups” from drains (like floor drains and sinks). The source of the water or sewage may be “off premises” from a plugged public sewer system or caused by water inside the home that is left on or stuck on which overwhelms a drain system that is plugged or restricted.

Note: Coverage for sewer or drain water backup can be added by endorsement for a small additional premium.


How do I know if I have Adequate Coverage?

A recent study concluded that 69% of home owners are underinsured. Unfortunately, many home owners think they are fully protected and are stunned to find out at the time of loss that their coverage is inadequate.

These records will help you to complete the claims process more efficiently and accurately if you suffer a loss:

  • Compile an inventory of what you own, room by room.
  • Take pictures of your belongings, particularly anything of high value.
  • Keep receipts for all valuable items you purchase, including appliances.
  • Record a replacement value for each item on your inventory.
  • Go over this list with your insurance agent and determine whether you need to purchase additional coverage to be protected in the event of a loss.
  • Place your inventory list, images and receipts in a secure place such as a fire safe.

Getting the right homeowners insurance coverage for your home and belongings depends on many things. Alliances Insurance Agency, LLC can help you find the right coverage at the right price. When you buy home insurance, you are protecting your financial future. Take time to seek good advice from a knowledgeable independent agent. Call us today at 267.614.4234


Is Homeowners Insurance Mandatory?

A homeowners insurance policy is not required by law. However, if you borrow money to buy a home, your lenders will most likely require you to buy a homeowners insurance policy in order for you to qualify for a home loan. In this case, your home is collateral and the lender wants the collateral maintained. The lender requires insurance so you can afford repairs if the home suffers an insurable loss. At a minimum, your lender will want your policy to cover or exceed the amount that you owe on the loan. Most homeowners, however, want enough coverage to repair or replace the home. Alliances Insurance Agency, LLC can help you find the homeowners insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service, and fair pricing.


Flood Insurance

Almost anywhere it rains, it can flood. In the United States, floods are the number 1 natural disaster. Even if you live in an area that you think is not at risk, preparation is just as critical as it is with other types of emergencies. In fact, over 20% of all National Flood Insurance Program flood insurance claims are from people outside of mapped high-risk flood areas.

It is important to note that flood damage is typically not covered by your homeowners or renters insurance. There are specialized flood insurance programs that we at Alliances Insurance Agency, LLC can discuss with you. Call or contact us today for more information.


Renters Insurance

There are many inexpensive insurance options that make sense for renters. For a low monthly payment, you can protect all of your earthly possessions- even when you are not at home! If you have another policy, such as auto insurance, we can bundle them together for additional savings. There may also be additional discounts such as burglar alarm credits as well. Ask an Alliances Insurance Agency, LLC agent today for more information.
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