How Do I Know When It’s Time to Reevaluate My Life Insurance?

Signs that it’s time for a life insurance review.

Life insurance is not something that you can allow to simply sit idle.  Like all other forms of insurance, you need to regularly review and update your life insurance coverage to ensure that it meets your needs.  Outside of annual reviews, you should also be sure to review your life insurance policy when you experience major life changes.  Here are some of the events that indicate that it’s time to reevaluate your life insurance coverage.

1) Your Family Has Grown

If you’ve gotten married or had children since you first secured your life insurance policy, then you need to review your coverage to ensure that it will protect your growing family.  Oftentimes, policyholders will have to increase their coverage to take care of their loved ones’ financial future.

2) You Have New Financial Responsibilities

Finally, if you have purchased a home, started a business, or taken on another long-term financial obligation, then you need to reevaluate your life insurance.  You will likely need to increase your policy’s coverage limits to ensure that your financial obligations are taken care of in the event of your unexpected death.

3) You Have Experienced Career and Income Changes

If you’ve made a career change, then you need to discuss the implications of this new job on your life insurance.  This is because your new position could mean a change in the amount of risk that you face.  Additionally, the position could result in a significant salary increase.  Your life insurance coverage should increase alongside your income to ensure that your policy will cover your lost wages.

These are some of the life changes that signal that it’s time to review and update your life insurance policy.  Do you need help securing or managing your life insurance coverage?  If so, then contact the experts at Stromsoe Insurance Agency in Murrieta, California for assistance today.

Should I Secure Commercial Umbrella Coverage?

Find out what commercial umbrella insurance can do for you.

Liability claims are among the most serious and costly that a business can face.  This is why it’s incredibly important for business owners to secure the right commercial liability policies.  Unfortunately, even if you have all the standard commercial liability coverages in place, this still may not be enough to keep your company safe.  All forms of insurance are subject to certain limits, and commercial liability policies are no exception.  Fortunately, business owners have to ability to address the dangerous coverage gaps in their existing policies by securing commercial umbrella insurance.  Here’s what umbrella insurance can do for your business.

  • What Is Commercial Umbrella Insurance?

Commercial umbrella insurance provides excess liability coverage for businesses.  When your business faces an extensive liability claim that your standard liability policy cannot cover, then your umbrella policy will kick in and offer the coverage that your business needs.  To see commercial umbrella insurance at work, imagine that a customer injures themselves while on your business’s property.  Chances are that this will turn into a major liability issue for your business.  If the cost of the claim exceeds the coverage limits on your standard liability policy, then your umbrella policy will step in.  Your umbrella insurance will cover the remaining cost of the claim and ensure that your business’s assets are not compromised.

  • Does My Business Really Need This Coverage?

While commercial umbrella insurance isn’t a mandatory coverage, many business owners see it as an essential type of policy to have.  This is because investing in a commercial umbrella policy is the best way to fill your business’s liability coverage gaps and get your business the comprehensive insurance protections that it needs to stay safe.

This is what business owners should know about commercial umbrella insurance.  Do you have further questions regarding your business’s insurance needs?  If so, then contact us at Stromsoe Insurance Agency in Murrieta, California.  We are ready to assist you with all your commercial coverage needs today.

Who’s The Next WINNER In The Inspired by Happiness in 2019 Referral Rewards Program

 

Mike Stromsoe – the Insurance Doc and our newest Teammate Jennifer Rasmussen are ready to draw the next WINNER in the Inspired by Happiness in 2019 Referral Rewards Drawing … And The Winner IS…

If you know someone who could benefit from our insurance programs, please have them call 951-600-5751 or email insure@siaonline.com and make sure they mention YOUR NAME!

YOUR Total Protection Team would like to thank all of our awesome Clients and friends for your kind referrals to our team – Grateful for YOU!!

Don’t Overspend on Your Teen’s Auto Insurance

Avoid these costly mistakes when insuring your teen driver.

If your teen is ready to set out on the open road, then it’s time to secure them the auto insurance coverage that they need.  Unfortunately, because teens are less experienced drivers and have a bad reputation for being reckless, auto insurers tend to charge more for their coverage.  However, many parents make other mistakes that can drive up the cost of their teen’s insurance even more.  If you do not want to overspend on your teen’s car coverage, then make sure you avoid making these mistakes.

  • Getting a Separate Policy

When securing insurance for your teen driver, you have the option to secure them their own policy or add them to your existing auto policy.  While getting them a separate policy will ensure that the premiums on your existing policy will not increase, insurance policies for young drivers carry high premiums because insurers consider teens more likely to get into an accident.  While your rates will increase when you add your teen to your policy, this move will actually end up saving you money in the long run.  Generally, the premium increase you experience will be less than the cost of securing a totally separate policy for your teen.  Additionally, adding your teen to your policy will allow you to access multi-vehicle discounts.  So, if you want to save on your teen driver’s coverage, your best option is to add them to your existing auto policy.

  • Failing to Use Discounts

Many parents do not realize that their teens can access special insurance discounts.  For instance, many insurers offer discounts for getting good grades, driving a car with driver and passenger airbags, driving a car with automatic seatbelts, driving safely for a specific period of time, and taking a driver’s education class.  When securing car coverage for your teen, speak to your insurance provider to learn about all the discounts you could qualify for and make sure that you take advantage of them.

These are some of the mistakes that you should avoid when insuring your teen driver.  Do you need help securing the right auto insurance to meet your needs and your budget?  If so, then contact the experts at Stromsoe Insurance Agency in Murrieta, California.  We are ready to assist you with all your car coverage needs today.

When to Give Your Home Insurer a Call

Instances when you should file a home insurance claim.

If you have homeowners insurance in place, then you probably know to use your coverage in the event of major property damage.  However, many homeowners do not know the other situations in which they should access their insurance coverage.  If you ever find yourself in these situations, then it’s time to give your home insurer a call.

You’ve Been Robbed or Vandalized

If your home has been broken into or vandalized, then the first call that you should make is to the police.  After you’ve reported the incident and the police are on the way, you should call your home insurer.  The property portion of your coverage will help you address any damages to your home, and your personal property coverage will help you replace the belongings that were stolen during the incident.

A Guest Injures Themselves in Your Home

While you don’t need to call your insurance provider for every stubbed toe and paper cut that takes place in your home, you should get in touch with your agent if a guest sustains a more serious injury.  This is because your homeowners insurance offers coverage for medical expenses.  By calling your insurer, you can access this coverage, ensure that your guest gets the immediate medical attention that they need, and make your claims process proceed more smoothly.

These are some of the situations in which you should contact your home insurer as soon as possible.  Do you have more questions about your homeowners insurance coverage?  If so, then contact the experts at Stromsoe Insurance Agency in Murrieta, California.  Our dedicated team is eager to assist you with all your coverage needs today.