Month: October 2012

Water and Sewer Back up Coverage 101

Chris

As fall approaches northeast Wisconsin, everyone needs to be aware of the risks and dangers that present themselves during our most colorful season.  Since September is a notoriously wet month, one of the most frequent insurance claims that we experience are the back of up sewer or drains.  These events may not happen often; however, almost every homeowner has experienced this mini disaster during their ownership experience.

Frequently, heavy rains may cause either drains to back up or cause a power outage – which may cause the sump pump to stop working.  That’s right – they stop working right when we rely on them the most!

Do you want to have coverage for this situation?! Be sure to check your homeowners insurance polciy for water and sewer back up coverage!

Did you know a standard homeowner’s policy specifically excludes coverage for this event?!  That leaves you responsible for any cleanup costs in addition to any damage caused by the water.  Damage is usually quite costly and many times, water or sewage usually destroys most things it comes in contact with. If you use your basement for storage or have a partially finished basement, it is imperative that you have this coverage.

Coverage limits can be purchased incrementally and usually starts at $2500 – which may not even be enough to cover the cost of removing the water or sewage from your home (but is better than not having any coverage!).  A separate deductible generally applies as well.  The additional cost varies depending on your risk factors; however, it is generally quite reasonable and is well worth the peace of mind!

As always, talk to your agent about your risk factors to determine the amount of coverage that is appropriate for you.  Also, feel free to contact us with any questions you may have.  Always read policy forms for exact coverage.

Personal Umbrella Policies – what you need to know!

Chris

At some point or another, almost everyone who has shopped their insurance has been asked if they would like an umbrella policy.  The large majority of customers or prospects that we talk to over the course of a day have no idea what a personal umbrella policy does or the coverage it provides.  However, as is the case with many of the prospects and clients we speak with, many insured’s are not taking proper measures to protect themselves and their assets.

First things first – what is a personal umbrella policy?  A personal umbrella policy provides an additional amount of liability – usually starting at $1 million – over and above what your current policies provide.  That’s right; these umbrella policies usually extend over the underlying liability limits of your other personal insurance policies – some which may include:  homeowners, autos, motorcycles, boats, rental dwellings, recreational vehicles, etc.

The first rejection that is common among our customer base is:  “Why would I need $1 million of liability coverage!?”  Many of us have much more liability exposure than we realize.  For a quick 15 question quiz to determine your liability exposure, visit www.whatsmyliability.com .  In addition to paying any damages that you may be liable for (injury, damage to property, pain and suffering, lost wages, etc.), an insurance company will also pay for to defend you in a court of law!

Secondly, a true umbrella policy will also provide coverage that may not be available in the underlying coverage.  Normally, the insured must pay a type of deductible called a self-insured retention before this coverage will apply.

Personal umbrella policies can insure your assets and your dreams!

Umbrella policies are usually very affordable, especially when packaged with existing policies.  You may be eligible to apply discounts to your existing policies when an umbrella policy is written as well!  Most importantly, umbrella policies protect you, your family, assets, and future income!

As always, contact your local agent if you have any questions and read the policy form for exact coverage.  Usually, the underlying coverage must be maintained during the policy period in order for coverage under an umbrella policy will apply

Welcome!

Chris

Welcome to the blog of American Advantage Insurance, ADSI!  We are excited you are here!  Whether you are a valued customer, a prospective client, or anyone who wants to learn more about the insurance industry – you’ll find a collection of entries that pertain to you!

A little bit about us:  American Advantage Insurance, ADSI was founded in 1994 with a single goal in mind – to provide comprehensive, individualized risk management programs.  Luckily, as an independent agent we represent a wide array of insurance companies which allow that vision to be a reality.  Our agency represents over 20 insurance companies, which gives us the capability to write policies that protect your individual needs at the most competitive price.

We are a fully licensed insurance agency that is able to serve all your personal, commercial, life and health insurance needs.  We’re happy you found us and hope that you enjoy the material you’ll find in this blog.  Feel free to share any thoughts or comments below.