Should You Add an Umbrella Policy to Your Home Insurance Policy?

Home Insurance is something most of us know we need, but many do not understand exactly what it covers and for how much. This is why sometimes some insured people are left with less coverage than they expected after something happens. At Insurance & Financial Services Inc. we want to make sure that you have exactly the coverage you expect when it comes to protecting your home and assets.  We serve Baton Rouge, LA and the surrounding areas. 

Do You Need an Umbrella Policy With Your Home Insurance? 

The key thing you should look for in your current policy to tell you if you may need an umbrella policy is your policy limits. If the amount of your policy limits is less than you may lose in the event of a lawsuit, or in medical bills, or in the loss of property itself then you likely want to add umbrella coverage to increase those limits. 

In addition to the need for an increase, if you need more monetary coverage, you may need to add the umbrella if you have an increase of risk. An increase of risk would be if you worked from home and had clients on the insured property, if you are high-profile in the public eye, if you enjoy recreational vehicles, or if you have a pool or trampoline. Discuss your need for additional coverage with one of our insurance agents soon.  Also note that Flood Insurance is not covered under regular home insurance, nor an umbrella, it is a separate policy altogether. 

Contact us at Insurance & Financial Services Inc. to find out how easy it is to add umbrella insurance to your current policy and if you have the need in your life. We serve clients in and around Baton Rouge, LA. 

Is renters insurance mandatory?

Insurance is a critical investment for any homeowner. However, tenants are not always keen on purchasing the right renter’s insurance coverage to safeguard their personal belongings from perils like fire, theft, water damage, etc. Renters insurance is not mandatory in LA, but many home associations have passed laws that govern the insurance requirements for any tenants living in their properties. In such a case, renters insurance becomes mandatory in that particular home association. If you need renters insurance in Baton Rouge, LA, Insurance & Financial Services Inc. can help you get a flexible and affordable coverage.

Why is Renters Insurance Important?

Many home associations make renters insurance mandatory due to various benefits. First, renters insurance covers losses resulting from accidents or natural disasters. In the event of a covered loss, both the renter and the tenant will quickly recover from the financial losses and restore the property to its habitable state. If such losses were to be left in the hands of tenants to fund out of pocket, the losses that could build up from endless lawsuits and delayed remittances could be unbearable. Additionally, renters insurance caters for additional living expenses in case the property is rendered inhabitable after a covered disaster.

Coverage Options

Just like homeowners insurance, renters insurance is packaged in different policy options. Here they are:

Liability coverage

This policy will protect you in case someone visiting your rented property incurs injuries that are attributed to your negligence or fault. It could be as simple as a slip and fall incident that turns tragic.

Personal Properties Coverage

Natural disasters like fire or wind can easily gulp your valuables within minutes. This coverage replaces your lost properties to the limit of your coverage amount. Depending on what you prefer, you can choose a replacement cost or an actual cash value of your insured properties.

If you live in a rented home in Baton Rouge, LA, consider buying enough renters’ insurance coverage from Insurance & Financial Services Inc. Contact us today and speak to our professional agents who will guide you in choosing the right renter’s insurance policy.

 

 

 

 

Reasons Having Flood Insurance Makes Sense

Everyone has seen the news stories about floods taking place in various areas of the country, including Louisiana. No one wants to be faced with something like that. But preparedness brings peace of mind, and having flood insurance is especially important. Here are key reasons for having flood insurance, courtesy of Insurance & Financial Services Inc. serving the Baton Rouge, LA area.

Extra Coverage in Addition to Home Insurance

Many people might assume that a standard home insurance policy covers floods. That is not necessarily accurate, and getting a flood insurance policy is an added wise measure that specifically covers flooding conditions.

Not Just for Certain Storms

People typically think of floods that are of epic magnitudes, such as those that come along with hurricanes, when they think of floods. But flood conditions can also be present simply during severe thunderstorms and heavy rains. Those types of conditions can occur anywhere, although the Louisiana area can get a hurricane and tropical storm conditions too.

Being Prepared for Various Types of Weather

You never know when a flood may happen. Those weather conditions typically occur suddenly and without warning. By then, it is too late to take a look at what insurance coverage you have. So it is much better to be prepared by getting the proper flood insurance in place well in advance of storms.

As you can see, flood insurance is a wise investment and a way to have added peace of mind no matter what happens with the weather. Do you have more questions about flood insurance? Feel free to contact us at Insurance & Financial Services Inc. serving the Baton Rouge, LA area.

Make Sure You Get Health Insurance For Your Elderly Parents

Getting insurance for your Baton Rouge, LA senior is a critical way of ensuring that they are healthy and safe. Contact us at Insurance & Financial Services, Inc. to learn more about your options here. Most of the time, seniors over the age of 65 automatically qualify for Medicare but you can also get them supplemental plans or private coverage that expands their care. 

What Types of Medicare is Available

There are several types of Medicare plans available for your loved ones. These include:

  • Part A – Covers hospitalization and home health care.
  • Part B – Manages medical services, like doctor visits and x-rays.
  • Part C – Lets you buy other types of policies through private companies.
  • Part D – Covers prescription drugs.

Most seniors will automatically qualify for these types of plans and will require very minimal payments. For example, some will have only minimal yearly costs that you or your senior must pay to keep their coverage active.

When Supplemental Policies are Wise

While Medicare will typically cover most of your loved one’s needs, there is a chance that there are gaps in their coverage. In this situation, you can buy Medigap policies to help them become fully covered. For example, these policies help manage co-insurance prices and stays while at a nursing home. They are usually a cheaper alternative to simply paying for this type of coverage out of your own pocket.

We Can Protect Your Senior Loved Ones

So if you think that your Baton Rouge, LA area seniors need high-quality health insurance to protect them from serious issues, please don’t hesitate to contact us at Insurance & Financial Services, Inc. Our high-quality insurance providers can make sure that your loved ones get the full coverage that they need to be healthy.

Factors Affecting Your Home Owners Insurance

Have you ever compared notes with your neighbor and found out they paid less for the same thing you bought? It happens – grills, vehicles, or bikes for the kids. But, you can both save on your home owners insurance though by knowing what increases its costs.

Many of the items or amenities that add to your home’s value also add to its insurance, like a swimming pool. That doesn’t mean you shouldn’t have a pool. It does mean you should include protections that make it safer. It already costs enough to live in gorgeous Baton Rouge, LA. Read on to find out the things you can do to live more safely and reduce your costs in this blog from Insurance & Financial Services, Inc.

What Affects Home Insurance

Your home owners insurance protects your house and its contents, plus covers you for liability if someone gets injured on your property. Many factors affect how easy it is to obtain adequate coverage and low premiums.

Around your home, owning a pool, trampoline or other dangerous recreational equipment affects your costs. You can install a fence around your pool, spa, or trampoline to ensure no one can surprise you with an unplanned visit without your permission and supervision. You can also outfit your pool with safety devices, such as floatation devices, life jackets, and life preservers.

If your home needs remodeling, especially if it includes outdated wiring, which enhances fire hazards, your costs go up. You can remodel your home which improves its livability, your resale value, and lowers monthly premiums.

Personally, your credit score affects your costs. You or your spouse, or both of you, can take on a part-time job to earn extra income to pay down credit cards and loans. This improves your credit score which will get reflected in your insurance premiums.

Broadly, your neighborhood’s crime rate affects your home insurance. You might think there’s nothing you can do about this, but you can form a neighborhood watch. You can also work with local police to train and form and volunteer neighborhood patrol. Spotting and reporting crimes immediately result in quick arrests. A police crackdown on a neighborhood led internally by its residents results in a lower crime rate.

Finally, the amount of coverage and your deductible comprise two deciding factors in your costs. If you can afford a higher deductible, the portion you pay out of pocket if you need to make a claim, you can lower your premium costs. Adding riders or additional coverage for expensive jewelry or electronics will also result in a cost increase.

Call or visit Insurance & Financial Services, Inc. to find out more about home owners insurance and ways to live better for less in Baton Rouge, LA. We want to help you get the most out of your home and your home insurance.

Do You Need Business Insurance for a Small Home Business?

Any business you do out of your Baton Rouge, LA home should have business protection. At Insurance & Financial Services, Inc., we think it’s in your best interest to understand why you need business insurance for your small home business.

Will Your Current Home Insurance Help?

You should go over your current plan and speak to your insurer. If items you use for your business are damaged or stolen, your home insurance may not cover it since it’s business equipment.

If someone hurts themselves on your property while picking up or buying something from you, your liability coverage may not kick in. Your insurer may view that accident as a business liability problem that they don’t cover.

If you’re doing anything in or around your house specifically to profit, then it’s a business. This applies if what you’re doing is just a hobby or weekend endeavor.

Sometimes, operating a business of any type can violate your home insurance agreement. Make sure you know what’s covered. Some home insurance plans can have some built-in business coverage. Some insurers also offer home insurance add-ons to allow a home business.

What Do You Need to Cover?

All businesses come with risks. You need business insurance to cover eventualities that can come up during the course of you doing business. Basic business insurance can cover your business property, some liability, and offer you some loss of income insurance.

However, if you’re running something like a food service from your kitchen or a wood shop in your garage, you’ll need more protection. If you hire even one person, you will need more robust business insurance options.

At Insurance & Financial Services, Inc. in Baton Rouge, LA, we offer business insurance choices to accommodate any home business. If you currently have a home business or plan to start one, contact us immediately.

Renter’s Insurance Helps You Stay On Your Feet

When you are a renter in Baton Rouge, LA, it can be tempting to skip purchasing all that insurance you might think is the responsibility of your landlord. However, the agents at Insurance & Financial Services, Inc. want to remind you that renters insurance is an inexpensive way to keep your savings account intact and your future on track.

Replace Your Stuff when Disaster Strikes

If your apartment building burns down in a fire, your landlord’s insurance only replaces the building. That doesn’t help you with your furniture, wardrobe, and all the other things that cost you a bundle to buy. Renters insurance helps you replace your possessions, so you won’t be relying on emptying your savings account.

Pay for Lodging when Your Apartment is Lost

Even if your unit was spared the flames, it could become uninhabitable due to smoke, water, or fumes. What will you do while it is renovated? A hotel can cost more than you expect. You can add temporary housing to your renter’s insurance. When you know you have a safe place to sleep, you can keep working and continue on with life until your place is refurbished and ready to be occupied once again.

Cover Medical Bills after an Accident

If one of your friends trips on the front stairs, your landlord’s liability insurance will handle their medical bills. When they fall in your apartment, that’s when your renter’s insurance kicks in and will take care of the trip to the ER while making sure that your friendship remains in one piece.

If you think all this coverage has to be unaffordable, think again. Check with your knowledgeable insurance agent at Insurance & Financial Services, Inc. in Baton Rouge, LA and be pleasantly surprised that your peace of mind is entirely within your reach.

How Umbrella Insurance Works to Keep Your Protected

Umbrella insurance is excellent for someone who has amassed a number of assets throughout their lifetime. The idea behind it is to have liability protection that a policyholder can use to protect themselves against financial ruin in the event of baseless allegations or a single lawsuit. But while this insurance may be more associated with the wealthy, there are reasons why someone of more limited means may still benefit from having the right umbrella policy. 

Extra Protection 

Insurance & Financial Services, Inc. works with people in Baton Rouge, LA who may be in a targeted position. So if a small business owner is sued for discrimination, they’ll need someone to be able to handle both the legal aspect of the claims as well as the potential loss of reputation. A general commercial insurance policy will certainly help, but the owner may find that they exceed the limits of that policy far faster than they realized. Umbrella insurance is there to pick up the slack where those limits drop off. So not only is it helpful to have, sometimes it can be downright necessary for the policyholder. 

Help When You Need It 

A policyholder doesn’t have to be a millionaire to want to protect their livelihood. That’s why Insurance & Financial Services, Inc. is here to help people who want to keep themselves safe from any number of threats in Baton Rouge, LA or throughout the state. If you’re interested in learning more about our policies, give us a call to find out more. We not only take the time to answer your questions about umbrella insurance, but we can also alert you to potential issues you may not have originally considered. Having this information is the perfect way to arm yourself against a loss of assets.

Why you need flood insurance in Baton Rouge, LA.

Baton Rouge, LA is a beautiful place to live; the beautiful landscape and the friendly demeanor of the residents make the city and suburbs an ideal residential area. However, if you live here or considering moving in, you should consider taking up flood insurance from Insurance & Financial Services, Inc.

Floods aren’t a rare occurrence here, and over the years, residents have lost property to the spontaneous floods leaving them with a huge financial setback. With a flood insurance policy, you can protect yourself financially from such incidences. 

Here are other reasons why you should take up the coverage:

  • Helps you repair or rebuild your house: house repairs are among the most costly to undertake while recovering from flood damage. With flood insurance policy options, you can repair your house with ease. 
  • Helps you replace your personal belongings: Everyone has possessions and souvenirs that make our houses feel more homely. It could be your television, kitchen appliances, or clothing. Losing such items to floods is always devastating; however, with a flood insurance policy, you can replace your personal belongings. 
  • Peace of mind: Building a home is an investment that takes years of planning and sacrifice. Losing the investment to perils such floods can be difficult for anyone, financially and emotionally. A flood insurance policy is an ideal solution to such circumstances. With it in place, you can rest assured that you will always have a place to call home. 

Flood insurance solutions in Baton Rouge, LA. 

Are you looking for a reliable flood insurance coverage? Contact Insurance & Financial Services, Inc. for an ideal flood insurance solution. Our insurance agents are knowledgeable in the flood insurance niche and are at hand to advise you on the perfect policy option. Make your living space feel more like home with our flood insurance coverage. Reach out to our agents for a quote.

Family Health Insurance Versus Individual Health Insurance: What Are the Differences?

If you are looking to purchase a health insurance plan for your family, one of the questions that you may have is how a family health insurance plan differs from an individual plan. At Insurance & Financial Services, Inc., serving the greater Baton Rouge, LA area, we want you to be informed about the different options so you can make an informed choice as to which plan is best for you. Here are a few of the differences between individual and family health insurance plans. 

The Cost 

One of the differences between a family health insurance plan and an individual health insurance plan is the cost. It is typically cheaper to buy one family health insurance plan than it would be to buy individual plans for everyone in your family. 

The Deductible

Another critical difference between a family health insurance plan and an individual plan is the deductible. On an individual plan, you have one single deductible you need to meet. On a family plan, there is an individual deductible for every person and a family deductible. Whichever deductible is met first is the one that matters for a family plan. 

The Policy Limits

The last key difference between individual and family health insurance plans is the policy limits. On an individual plan, the policy limits only apply to you. On a family plan, there are family limits. This means every person who is on the family plan has their totals combined. If one person has been ill and has needed a lot of care, it may affect the amount of coverage left for everyone else on the plan. 

When you are ready to purchase a health insurance plan in the Baton Rouge, LA area, contact Insurance & Financial Services, Inc. We can help you find the right health insurance plan for your family’s needs.