Does Umbrella Insurance Cover Property Damage?

Posted on November 29, 2021December 13, 2021 by admin

Umbrella insurance is a personal insurance policy that provides protection over and above the limits of policies such as auto, home, and other personal liability coverage you already have. The umbrella policy can help protect you from claims made against you for bodily injury or property damage resulting from an accident for which you were legally responsible.

Does An Umbrella Insurance Policy Cover Damage To Your Property?

Personal umbrella insurance does not cover damage to the insured’s property. This type of policy is meant to protect from liability claims. In no way does an umbrella policy provide coverage for the replacement or repair of anything that belongs to you, such as a car or personal belongings. You can consider it as your last line of defense if you are found liable for damage to another person’s property or injuries they have sustained.

Suppose you’re looking for insurance that covers damage to your belongings. In that case, you’ll want to look into a renters or homeowners insurance policy as your umbrella insurance will only cover the costs of legal fees and liability limits on other policies.

Umbrella insurance can also help if you’re sued for:

Slander or libel: Slander is spoken defamation, while libel is written or broadcasted defamation. The umbrella policy will help protect your personal assets if you’re sued for communicating false, malicious information about someone.

Malicious prosecution: If you’re found liable for initiating a case against someone, your umbrella policy can help protect you from their legal fees or damages to their property.

False arrest: This is when an individual has been taken into custody without proper cause or evidence. Your umbrella insurance will help cover the costs of any legal action that results from this false arrest.

It is important to know what umbrella insurance covers and doesn’t cover. It is easy to assume that your standard policy will automatically protect you in the cases mentioned above. Contact Southern Risk Associates today for more information or to purchase an umbrella insurance policy in Foley, AL.

Why basic auto insurance may not be the right choice

Posted on October 11, 2021October 3, 2021 by admin

Alabama is not one of the most populous states, but the roads are far from empty. Anytime you share the road with other drivers, there is the danger of an accident. Drivers in Alabama must have the basic insurance that is required by the state in order to drive. At Southern Risk Associates in Foley, AL, we are locally owned and operated and deal with multiple carriers so that we can offer our customers the choices they need to find just the right coverage.

The required minimum for auto insurance in Alabama is 25/50/25. You must have $25,000 for one person for bodily injury and a total for an accident of $50,000. Additionally, you must have $25,000 in property damage. In the big scheme of things, this is not a bad amount of liability coverage.

If you don’t have a lot of assets, this may be appropriate. If however, you have accumulated a reasonable amount of wealth, you might find that you need to have a higher level of coverage to feel safe. You could raise the limit on your auto policy and consider adding an umbrella policy to supplement your policy.

Basic insurance is designed to protect other people from you in the event you are the responsible party in an auto accident. If you have a vehicle with little or no value, not covering it may be the right option. If however, you count on your vehicle to get to work and run errands, you may want to consider covering your vehicle with collision and comprehensive coverage. Having to pay for repairs can be expensive and not everyone has the available cash to manage that.

If you have questions about what coverage is right for you, contact Southern Risk Associates in Foley, AL, and talk to one of our experienced agents.

Flood Insurance Explained

Posted on September 30, 2021October 3, 2021 by admin

Did you know that floods account for over 90% of US natural disasters? Yes, floods are a constant menace in America. And every time they strike, they leave a trail of destruction. And speaking of floods, Alabama is not safe. Just the other day, on 19th July 2021, flash floods hit Birmingham metropolitan area, blocking roads and causing structural damage.

Given the constant threat of floods, you are never safe without flood insurance from Southern Risk Associates of Foley, AL. But what is flood insurance? What does it cover? Here are the basics you need to know about flood insurance.

Is flood insurance mandatory?

Alabama doesn’t require homeowners to purchase flood insurance. However, homeowners living in flood-risk areas are needed to purchase this coverage if it’s a requirement by their lender. But whether flood insurance is compulsory or not, you need it.

Where do I purchase flood insurance?

If you buy flood insurance from the National Flood Insurance Program (NFIP), you will get building coverage with a limit of $250,000 and contents coverage of up to $100,000. However, when you purchase flood insurance coverage from private carriers, you can access higher limits.

What does flood insurance cover?

The buildings coverage covers your dwelling structure, including foundation, air condition system, permanent carpets, plumbing, and electrical system. The contents coverage protects personal assets like clothing, furniture, electronics, and other assets.

But isn’t floods a national disaster?

While it’s true, sometimes the president can declare floods a national disaster, but it is not always the case. And when this executive order is made, you will be given a grant that you are supposed to repay. And still, you will require flood insurance because floods can strike again!

Purchase flood insurance today!

If you have been having second thoughts about flood insurance, think again. Floods can strike anywhere in the country, and your Foley, AL isn’t safe without flood insurance. Ready for coverage? All you need to do is to contact Southern Risk Associates for an affordable quote.

It’s Summer: Does your home insurance cover HVAC breakdowns?

Posted on August 16, 2021July 23, 2021 by admin

Never fear if your Foley, AL home’s air conditioning goes out during summer. Your homeowner’s insurance just might cover the damages, says Southern Risk Associates.

The standard homeowner’s policy covers HVAC breakdowns when caused by a named peril. Named perils to include fire, tornado, hurricane, lightning strikes, hail, etc. So, if during a storm, lighting took out your HVAC or damaged it, your home policy covers that. Call your insurance agent at Southern Risk Associates.

What if wear and tear caused the problem?

For any cause besides a named peril, you need an add-on to the standard home policy to cover the damages. Your insurance agent at Southern Risk Associates can help you add this necessary coverage. Without the add-on, you would need to cover the repairs yourself which could cost thousands.

If you do have an add-on already in place, call your insurance agent to start the claims process. You may have purchased an add-on with a deductible, so you need to pay your deductible before the insurance process begins. Your agent takes care of the rest once you file a claim and submit the paperwork that you paid the deductible amount.

Your home insurance can cover HVAC problems. You can also supplement it by purchasing a home warranty. These allow a specific maintenance schedule, and they cover the maintenance visits under a flat annual fee. Once you pay for your warranty for the year, your maintenance and some repairs are completely covered.

Contact Southern Risk Associates of Foley, AL to check whether your home policy has this coverage or if you need to purchase an add-on to help make sure your insurance policy covers the important things in life like cool air during Alabama summers.

What Is the Right Amount of Coverage for My Condo?

Posted on July 23, 2021July 23, 2021 by admin

A condo insurance coverage from Southern Risk Associates is what you need, especially if you live around Foley, AL. The policy will cover your home, including your personal equipment and the improvements you make, as well as any adjustments. Condo liabilities are the least of your worries as the policy covers them too.

What Does Condo Insurance Cover?

While the property owner is responsible for damages caused in the interior surfaces, condo policy offers compensation on individual terms. It addresses issues such as cabinet repair, fixing lighting systems and walls. In addition, the policy settles the charges incurred during the assessment process, especially after a tragic loss.

Buying a condo insurance policy requires you to observe keen considerations to get decent deals. It is prudent to know what the policy covers versus what it does not cover. Evaluating the cost of building and repairing your condo is also a factor you must not overlook. With such details, it is clear whether getting insurance cover is a necessity or not.

What To Understand About Home Improvements and Modifications

Making adjustments and improvements to your home calls for additional assets that may get damaged if a catastrophe strikes. Calamities such as wind and floods are inevitable so, buying a condo insurance policy is a brilliant idea. It covers your light fixtures, floor damages, and ceilings, to mention a few.

Whatever you buy in your condo becomes your responsibility, and buying a policy is the wisest thing. Coverage C protects the contents of your home upon obtaining condo insurance. It covers valuables such as clothes and furniture. However, jewelry is not among the items that the policy covers.

Does Condo Insurance Cover Injuries?

We can all not avoid hosting guests in our homes, and injuries are inevitable. You are responsible for medical expenses if your guest gets injured in your home in Foley, AL. Get condo insurance that covers any medical expenses, lest you pay hefty bills from your pocket. Contact Southern Risk Associates today with your budget to get a decent policy.

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Does Umbrella Insurance Cover Property Damage?

Does An Umbrella Insurance Policy Cover Damage To Your Property?

Why basic auto insurance may not be the right choice

Flood Insurance Explained

It’s Summer: Does your home insurance cover HVAC breakdowns?

What Is the Right Amount of Coverage for My Condo?

What Does Condo Insurance Cover?

What To Understand About Home Improvements and Modifications

Does Condo Insurance Cover Injuries?

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