Americans are taking to the outdoors in record numbers this summer, mostly because of COVID-19 indoor restrictions and the cancellation of organized sports.
So, this summer you and/or your family and friends may be hauling a trailer. It secures your ATV, boat, a second car, camper, horses or camping gear. Before you hit the road, make sure your trailer is properly insured.
Why do you Need Trailer Insurance?
Many states accept your auto insurance coverage when you haul a trailer behind your insured vehicle. Your homeowners or renters insurance policy may cover the items you haul. However, this coverage is typically only for liability. Plus, you face several risks when you haul your trailer on the road.
- If you’re not used to hauling a trailer, your risk of causing an accident increases.
- You may turn too sharply and damage someone’s property.
- You could hit a slippery stretch of highway that causes your trailer to slide into another vehicle and damage it or push it off the road.
- While unloading or loading your trailer, you could damage it or the item you’re hauling.
These and other accidents are possible. Trailer insurance adds valuable protection that gives you peace of mind as you travel.
What Type of Coverage is Available?
The type and amount of trailer insurance you need depends on your trailer’s type and size and on the value of the items you will haul. Typical trailer insurance provides several valuable coverages.
- Liability – Cover the costs associated with bodily injuries or property damages your trailer causes to other people or their property and belongings.
- Comprehensive – Repair your trailer if it is damaged from theft, vandalism, fire or weather.
- Collision – Repair your trailer if it is damaged during a traffic collision.
- Contents Coverage – Pay to replace damaged items that are stored on or hauled in your trailer.
How do you Purchase Trailer Insurance?
Talk to your auto insurance agent about trailer insurance. He or she will review your auto insurance policy’s current types of coverage and limits to ensure it’s adequate for your trailer. Your agent will also review your homeowners or renters insurance policy and ensure it covers the items you are hauling.
If your current policies are not adequate to cover your trailer and its contents, increase your coverage types or limits or purchase a separate policy. You may need to shop around for trailer insurance if your current agent does not carry it.
With trailer insurance, you can travel this summer with confidence. If your trailer causes property damage or bodily injury or if the items you haul are damaged, you can pay for the liability or repairs. Talk to your agent before your next trip to make sure you’re properly covered.
Read more
More people are traveling to the national parks (that are open) . It helps with social distancing, but also as the weather gets warmer people want to get outdoors. The stay at home period is over and with the measured opening, relaxing of travel and economic restrictions more Americans are hitting the road with their recreational vehicles.
Your RV is your pride and joy – whether you live in it year round or just take it out a few times a year for those on-the-road getaways. It also represents a significant investment that needs protection against damage or financial risk.
Depending on your needs, you can buy coverage on your RV either as an add-on to your standard Personal Auto insurance or as a separate Recreational Vehicle policy. Either way, since the vehicle is also a home on wheels, it faces a variety of exposures:
- Damage to the vehicle from fire or collision
- Theft
- Liability for injury to third parties from an accident
- Loss of or damage to possessions inside the vehicle (for example, an expensive sound system, laptops or tablet, flat screen TV or other portable valuables). To estimate this exposure, you should take an inventory of these expensive items and list their replacement cost.
- Loss or damage to such external elements as satellite dishes or antennas (some insurers might require separate coverage “riders” on these).
Also, bear in mind that some RV policies have an annual mileage limit, which probably won’t be a concern if you only use your vehicle a few times each summer. However, if you’re on the road year round, you’ll need to consider the impact of this limitation.
If you have any questions on the amount and type of RV insurance you’ll need, feel free to get in touch with us.
Read more
June is the most popular month of the year for weddings, and you want your special day to be perfect. What happens, though, when things don’t go as planned? Purchase wedding liability insurance to cover your loss or hardship.
Who Does Wedding Liability Insurance Protect?
The average wedding costs $20,000. Traditionally, the bride’s parents paid for the wedding. Today, though, the couple usually foots at least a portion of the bill. Protect your investment with wedding liability insurance.
This coverage can protect you and the venue, including the rehearsal dinner location and reception hall. Whether you get married in a traditional church or synagogue, plan a destination wedding or choose a nontraditional venue like a museum, park, zoo or forest, you can be covered if accidents happen.
What Does Wedding Liability Insurance Cover?
Accidents and other unfortunate incidents can wreak havoc on your wedding day.
- A guest may trip and injure himself while walking down the aisle before the ceremony.
- Someone may get sick after eating the shrimp cocktail appetizers.
- A bridesmaid might knock over an expensive item in the reception hall as she tries to catch the bouquet.
- One of your guests may drink too much and fall while dancing.
These and other accidents could result in expensive lawsuits or medical liabilities for you and your loved ones.
Purchase liability insurance to protect yourself. The policy gives you peace of mind that even if something happens, you have financial coverage. It’s not a fun expense like your dress, cake or rings, but it is important as you start your marriage on solid financial footing.
What are Some Features of Wedding Liability Insurance?
When choosing liability coverage, look for a policy that meets your needs. There are several features you may wish to consider.
- It should cover you, your soon-to-be spouse and both sets of parents.
- The locations of your rehearsal dinner, ceremony and reception should be covered for one low price.
- It can be purchased up to the day of your wedding.
- The coverage may include liquor liability to protect you and the venue against alcohol-related accidents.
- If you purchase coverage online, a certificate of insurance is emailed to the venue.
- You may receive a discount if you also purchase wedding cancellation insurance.
- The limit options should be flexible to meet your needs and budget.
Your agent can discuss all these details with you as you choose the features that you want.
How do you get Wedding Liability Insurance?
We can provide you with this valuable coverage. Get in touch today about how to get a wedding liability insurance policy that protects you on your special day.
Read more
February is the month of love. Millions of couples will get engaged on Valentine’s Day or get married this month, and couples spend an average of $260 on cards, flowers, jewelry and other gifts. Those gifts could include life insurance. It’s not the first gift you think of when you consider romance, but it’s a good way to express your love to the important people in your life. In fact, you could think of life insurance as love insurance. Seventy-five percent of life insurance purchasers buy a policy because of love. This February, show your love with a life insurance policy, too.
Life Insurance for Yourself
When you buy a life insurance policy for yourself, you give your loved ones financial security and peace of mind. While life insurance benefits don’t replace you, they are a small way you can continue to provide for your loved ones after you’re gone. Your beneficiaries can use the money for miscellaneous purposes, including daily living expenses, an emergency fund for the future, debt repayment, school tuition or retirement account funding.
Life Insurance for Your Fiancé or Spouse
Maybe you won’t give your fiancé a life insurance policy along with the engagement ring, and a policy is probably not the first thing you buy together as a newly married couple. However, life insurance is an expression of your love and care. Your partner can choose the beneficiary and provide financial assistance to children or aging parents. The policy payout could also repay your partner’s outstanding debts, fund a favorite charity, cover end of life expenses or boost your retirement savings.
Life Insurance for Your Children
Kids have their whole lives in front of them, but they aren’t immune to birth defects, accidents and diseases like cancer. You can’t protect your kids from everything, but you can give them life insurance. A child’s life insurance policy can pay for medical expenses, funeral expenses and other end of life arrangements. It can also be donated in your child memory to his or her favorite charity or be used for the educational costs of surviving siblings. Whole life insurance policies also grow with your child. When they turn 21, they take over the policy and keep the same coverage or purchase additional insurance for their future.
This February, purchase life Insurance for your loved ones. A policy can cost less per day than your daily coffee, and it provides peace of mind. It’s a loving gift that keeps on giving. Discuss available policies with your insurance agent today.
Read more
Although you might not be aware of it, there are far-reaching benefits to positive thinking that can improve your health and help you with stress management. According to the Mayo Clinic, studies show that the personality traits of optimism and pessimism can have a direct impact on your well-being.
The good news is that, even if you are a pessimist by nature, you can take steps to improve positive thinking techniques in your life, and reap the resulting health and well-being benefits. Health Benefits of Positive Thinking. Over time, researchers have explored the effects of optimistic thinking on health, and have found many correlations between well being and positive thought processes. These include:
- Longer life span
- Better resistance to the common cold
- Lower rates of depression
- Reduced rates of cardiovascular disease
- Improved coping skills during times of stress and hardship
- Better physical and psychological well-being
Get on the Road to Positive Thought Processes.
There are some simple steps to take to move away from negative thinking, and create a new habit of positive self-talk. Monitor yourself: During the day, stop and take note of your thoughts. If thoughts are mainly negative, make a conscious effort to put a positive spin on things.
Be open to good humor: Give yourself permission to be happy, to smile, and to laugh, even when the chips are down. Seek humor in everyday events.
Lead a healthy lifestyle: Follow a healthy diet and exercise at least three times per week. Eating right and exercising both have positive effects on mood and stress management.
Surround yourself with people who focus on the positive: Choose to spend time with family and friends who are cheerful, supportive, and offer helpful feedback. Avoid spending time with negative people who have a “glass half empty” attitude.
Practice positive self talk: Be gentle and encouraging with yourself, and never tell yourself something that you would not say to another person. If a negative thought enters your mind, try to think about it rationally, and follow up with positive affirmations about yourself and your circumstances.
Practice Every Day!
If you have had a past tendency to have a negative outlook on life, don’t despair. While you may not become an optimist overnight, with everyday practice, you will begin to replace negativity with productive, positive thoughts.
You may find that you become, not only less critical of yourself, but more accepting of the world around you. As your general attitude improves, you will begin to reap the physical and emotional benefits of a positive outlook on life!
Read more
Your small business expenses and personal expenses should stay separate. However, it’s easy to spend business funds for personal expenses, which can affect your personal credit. Understand the business credit mistakes that put your personal credit at risk.
Start or Fund Your Business With Personal Credit Cards
To get your business of the ground, you may use your personal credit cards. Whether you charge a few hundred or a few thousand dollars, this financing option could cost you.
Open a business credit card to get your business running. As an alternative, ask for trade credit where your suppliers agree to give you 30 days to pay off the balance of your bill. These steps separate your personal and business finances and can assist you in getting financing in the future with a favorable interest rate and terms.
Use Personal Guarantees
Business financing or credit is usually only available if you give a personal guarantee that you’ll repay the money. Those guarantees will show up on your personal credit reports, though, and could affect your credit score and your ability to get credit in the future.
Make an honest effort to never borrow more than you can repay. Don’t default on business loans, either. Wise financial management now assists you in obtaining future funding.
Make Late Payments
Sometimes, you can’t pay bills until your customers pay, and if they pay late, then you pay late. Other times, you may forget to make a payment. One late payment might not be a big deal, but two can negatively impact your personal credit.
Set aside enough money to pay several months of bills on time. Also, use automatic bill pay when possible and have the payment draft from your business bank account a few days before the due date. Stay current on all payments as you protect your credit.
Max Out Your Business Credit Cards
Certain business credit card providers will report your payment history to consumer credit agencies. Late payments and maxing out your credit card will have a negative effect on your credit score.
Always leave a cushion on your credit cards and resist the temptation to charge your full credit amount. Consider making early payments and paying twice a month as you lower your balance, too. You may also want to use a business credit card that does not report to personal consumer credit agencies.
Your small business can ruin your personal credit. Reduce your risk by separating your accounts. The way you structure your business can protect you, too. Talk to your financial advisor for more information on how to protect your personal credit as you build your small business.
Read more
