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Umbrella Insurance vs. Standard Insurance: What’s the Difference?

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Understanding the differences between umbrella and standard insurance is essential for protecting your assets and financial future. Associated Insurance Agencies Inc., an insurance provider in Westerville, OH, is committed to ensuring clients are well-informed about their insurance options. Learn the critical distinctions between umbrella and standard insurance and what is important about each.

Umbrella Insurance: Broad Protection

Umbrella insurance provides an extra layer of protection beyond the limits of your standard insurance policies, such as home, auto, and boat insurance. It covers claims that may not be fully addressed by your other policies, offering:

  • Additional liability coverage
  • Legal defense costs
  • Protection against slander and libel
  • Coverage for rental units you own

Standard Insurance: Specific Coverage

Standard insurance policies are designed to cover specific assets or situations. These include:

  • Homeowners Insurance
  • Auto Insurance
  • Life Insurance
  • Health Insurance
  • Renters Insurance

Key Differences: Coverage Limits, Scope, and Flexibility

  • Coverage limits: Standard insurance policies have set limits, while umbrella insurance extends coverage beyond these limits.
  • Scope: Umbrella insurance covers a broader range of risks compared to standard insurance policies.
  • Flexibility: Umbrella insurance can be customized to fit your needs, whereas standard policies often have predetermined coverage options.

Evaluating Your Insurance Needs

As your life circumstances change, so do your insurance needs. Therefore, it’s essential to periodically review your coverage to ensure it remains adequate and relevant. When assessing your insurance requirements, consider family dynamics, career progression, and any additional assets you’ve acquired. By staying proactive and adjusting your insurance policies as needed, you can have peace of mind knowing that your financial future is well-protected.

Give Associated Insurance Agencies Inc. a Call Today!

Don’t leave your assets and financial future to chance. Contact Associated Insurance Agencies Inc. in Westerville, OH, at 800-935-2335 today to discuss your insurance options and find the right coverage for your unique needs. Together, we can help protect what matters most to you.

Are Solar Panels Covered By Your Home Insurance Policy?

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More homeowners are opting to install solar panels on their homes to help them produce clean energy. As such, people often wonder if these types of panels are covered by their home insurance policy. Here at Associated Insurance Agencies Inc., serving the greater Westerville, OH region, we want to provide you with the answer to this question. Read on to learn more. 

Does Your Home Insurance Policy cover Solar Panels? 

Most home insurance policies will cover your solar panels as long as they are installed on your home, such as mounted to your roof. If you have standalone solar panels installed, which is more common for commercial spaces and pretty rare for homeowners, your panels may not be covered. If your policy covers your panels, it is important to understand that the panels are only covered with covered events for your policy. For example, earthquake damage is typically not covered by a standard homeowners policy, so damage to your solar panels by an earthquake would not be covered. 

Do You Need to Notify Your Home Insurance Company You Installed the Panels? 

You do not need to notify your home insurance company if you install solar panels on your home. However, solar panels are pricey, so you may need to increase your home insurance policy limit after installing solar panels. 

Your home insurance policy generally covers rooftop solar panels, but many homeowners need to increase their policy limits to ensure they have enough coverage after installing solar panels. Suppose you are preparing to install solar panels and need to up your policy limit or find a new home insurance policy. In that case, Associated Insurance Agencies Inc., serving Westerville, OH, would love to help you. Contact us now to get started. 

The difference between whole and term life policies

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Whole and term life insurance policies are two of the most popular types available at Associated Insurance Agencies Inc. While both provide financial protection for surviving family members in the Westerville, OH area, they have distinct features that make them unique. 

Whole life insurance is a type of permanent life insurance policy that provides coverage for your entire lifetime as long as you continue to pay premiums. Whole life policies accumulate cash value over time, which can be used to help cover future premiums or as collateral for loans. Whole life policies also include a death benefit that pays out when you pass away.

Term life insurance provides a death benefit for a period of 10-30 years. During this period, you pay an annual premium, and your family will receive the death benefit if you die before the term ends. Unlike whole life policies, term policies do not accumulate cash value and will not pay out when the policy expires. 

The decision between whole and term life insurance depends on what coverage fits your needs best. If you need lifelong coverage with a cash value component, whole life is the way to go; if you need coverage for a fixed period, look into a term policy. Knowing the difference between these two policy types can help give you peace of mind that your family will be cared for after you pass away.

If you have additional questions about life insurance or want to find a policy that works for you, call us at Associated Insurance Agencies Inc. today. We proudly serve the Westerville, OH area.

Updating Your Car Insurance Policy After Modifications

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If you have recently made modifications to your vehicle in Westerville, OH, then it is likely time to update your car insurance policy. Associated Insurance Agencies Inc. can help you explore why you should let your insurance provider know about any modifications you make to your vehicle. 

Reasons to Update Your Policy After Making Vehicle Modifications 

The first reason you want to update your policy after making modifications is that it can change the car’s value. For example, if you add a new sound system, this could increase the value of the vehicle. As a result, the payout could be higher than your policy initially stated if something happens, like an accident or theft.

Another reason why it is important to keep your policy up-to-date after making changes is because certain modifications may require additional coverage. For instance, if you are adding an improved safety feature such as blind spot detection or lane-keeping technology, then this may need additional coverage from your provider.

In addition to increased safety features, other popular modifications can include changing out tires for better performance on different terrains or adding a turbocharger to boost performance and speed. While these modifications may seem like they don’t affect much at first glance, there are many aspects of how they impact what type of coverage you need, how much it will cost, and how much liability protection is required by law.

More Questions? Contact Associated Insurance Agencies Today

In conclusion, it is important to update your Ohio auto insurance policy whenever you modify or update your vehicle. Contact Associated Insurance Agencies Inc. today, and we can answer any questions.

Two Main Types of Life Insurance

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There are two main types of life insurance that you can get. The two types are very different, and it’s a good idea to understand them both before choosing the best policy type for you. Each comes with its own benefits as well as its drawbacks. When you need life insurance to protect your loved ones, give us a call today at Associated Insurance Agencies Inc. in Westerville, OH.

Whole Life Policies

A whole life insurance policy is a type that is popular for its many benefits. It is named the way it is because it covers you for the whole duration of your life. Even if you become quite elderly, the policy will stay in effect if you keep making the premium payments as agreed in the contract. If you do that, the company can’t cancel your policy, which will stay in place until you pass. Keeping your policy also builds a value that is there for you should you need it. This is an amount that you can borrow if you should ever have a financial problem and need the cash. 

Term Life Policies

When you have a term life policy, it has the benefit of being inexpensive. This type of policy is popular for its low price. However, it is also named for the amount of time it lasts, for a specific term. These policies have a set period that they last, and then they will expire. This can be a drawback, but many people find that it’s the only type they can afford on their budgets. 

Get Life Insurance

When you need to get a life insurance policy put in place, call us at Associated Insurance Agencies Inc. in Westerville, OH.

How much car insurance do I need? Is the state minimum enough?

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You’re driving along and minding your business when another car rear-ends you. Thankfully, you’re unharmed, but your car is totaled. Now what? Do you have enough car insurance to cover the damage? Associated Insurance Agencies Inc. is here to answer your questions.

Ohio requires all drivers to carry a minimum amount of car insurance, but is that enough to protect you financially if you’re in an accident? Unfortunately, the answer is usually no. 

The State Minimum Is Usually Not Enough 

You hit a pedestrian with your car, and they suffer severe injuries. The average hospital stay in Westerville, OH, costs about $10,000, so if your medical coverage only pays $5,000 per person and $10,000 per accident, you could be on the hook for the remaining $5,000. And that’s not even considering any lost wages or pain and suffering damages the pedestrian may be awarded. 

How Much Insurance Should You Have for Your Car? 

So, how much do you need if the state minimum isn’t enough? That depends on a few factors, such as your assets and how much risk you’re willing to take on. However, most financial experts recommend carrying at least $100,000 per person and $300,000 per accident in bodily injury liability coverage. Additionally, it’s also good to carry $50,000 in property damage liability coverage. 

The state minimum amount of car insurance is usually not enough to protect you financially if you’re involved in an accident. Associated Insurance Agencies Inc. recommends carrying a higher amount in bodily injury liability coverage and property damage liability coverage in Westerville, OH. Contact us today, and we’ll find the right amount of coverage for your needs.

What Ohio motorcycle owners need to know about liability protection

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Associated Insurance Agencies Inc. is here for the Westerville, OH motorcycle community. Motorcycle insurance can be confusing, and you may have questions about which policy suits your needs. Let us help you with any questions that you may have about your motorcycle insurance.

Important information about liability protection

Motorcycle owners who opt for basic protection when choosing their insurance policies often have gaps in coverage. One of the most common of these is the amount of liability protection they carry. Without adequate liability protection, owners can find themselves financially responsible for damage caused by accidents or mishaps involving their motorcycles. A policy that provides adequate protection is a smart move!

With a policy that provides robust liability protection, this risk can be lessened. Liability coverage can protect you and your family from unwanted expenses. If someone is injured in an accident involving your bike, many issues can arise concerning who is liable for costs related to medical expenses and property damage. Now is a great time to review your motorcycle policy in full and sit down with a local agent to address any questions or concerns you may have.

Having the right amount of liability protection in place will let you enjoy your bike with the peace of mind that comes with knowing that you have the protection you need!

We are here to help you with all of your insurance needs

Motorcycle owners in the Westerville, OH area can turn to the Associated Insurance Agencies Inc. team for all of their insurance needs. If you have questions about your motorcycle policy, we are here to help. Call or stop by our office today!

Why You May Need Umbrella Insurance

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If you already have the insurance policies you need to protect your assets, you may think you don’t need any other insurance policies. However, an umbrella insurance policy works with the insurance you already have to protect you even better. You could still be underinsured against a severe event if you have home and auto policies. If you want to be better protected with an umbrella policy, call Associated Insurance Agencies Inc in Westerville, OH.

Coverage for Home and Auto

If you’re like most people who own a home and a vehicle, you know how important it is to keep them both insured. When you have both a home and auto policy, you may think you have plenty of liability insurance in case of an accident. However, the policy you have may have very little in the way of liability coverage. If this is true, then your insurance might not be able to cover all of the medical bills that you will owe after an accident. To remedy this, there is umbrella insurance. It has more liability insurance than either your home or auto policies, and it adds it right on to both of those policies.

Paying Overages

If there has been an accident that you are liable for, the first thing that happens is that the home or auto policy steps in to pay for the medical bills of the injured party. If there isn’t enough coverage to pay for all of them, that will leave an overage. If you don’t have umbrella insurance, you are liable for paying the overage. If you do have this insurance, the policy will pay that overage. 

Get Covered Today

Call us at Associated Insurance Agencies Inc in Westerville, OH to get started with umbrella insurance.

Health insurance terms you need to understand

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Health insurance coverage is one of the most important types of insurance. That makes it so stressful to choose the one that is right for you. At Associated Insurance Agencies Inc. in Westerville, OH, our dedicated team will work with you to ensure that the insurance you purchase is the one you need. As an independent insurance agency, we provide the most choices of carriers and policies. 

Managed care

Managed care is a type of healthcare where the doctors and healthcare providers members are allowed to visit are restricted. Depending on the type of managed care you have, you may not be able to go outside the network for anything but an extreme emergency. In others, you are allowed to go outside the network but will pay more to do that. You must follow the rules of the type of plan you choose. 

Deductible

The deductible is the amount members must pay out of pocket before their health insurance begins to pay the designated amount for that service. If you have a plan with a high deductible, you may be eligible to have an HSA (health savings account), which allows you to save tax-free for medical expenses. 

Copay

The copay is the portion of the cost for any service that you pay after you have met your deductible. 

Network

The network is made up of healthcare providers who have contracted to provide services to members at a discount price. With some plans, these are the only providers you are allowed to see. 

Formulary

The formulary is the list of prescription drugs the health insurance pays for. It is listed in tiers by price. 

Contact Associated Insurance Agencies Inc. in Westerville, OH, to discuss our health insurance options. 

 

Planning for Your Funeral: A Beginners Guide For Serious Thinking

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A funeral is one of your most challenging and important decisions. The thought of planning for the inevitable can sometimes feel unbearable. But planning for it now can save your loved ones added stress and burden when your time comes. Associated Insurance Agencies Inc. understands this process is critical, so we’re here to help those in the Westerville, OH area plan for the future.

Choose Your Disposition Method.

One of the most important things to decide is what method you will use to dispose of your remains after you die. Some people donate their bodies for medical training to help future doctors, while others prefer to have a more traditional funeral. Many options allow you to select a different method of disposition to best suit your needs and preferences. If you are more earth-conscious, you can even have a green burial.

Decide How You’d Like To Be Memorialized.

This can be very personal. Do you want a religious ceremony or a small private gathering? Maybe you’d prefer a celebration of life party? It’s essential to do your research and get several estimates to better understand what you’re looking at and what your final costs will be.

Determine Your Final Resting Place.

The next step is to determine your final resting place. If you want to be buried in a cemetery, you may need to reserve your plot ahead of time. If you wish to donate your organs, you need to register for the program first. Scattering your ashes legally often requires permission from the local authorities first.

Plan Your Payment.

The next important step is to work out the costs of your funeral. Address any outstanding debt before the funeral to make sure you have the funds to pay for your funeral. It’s important to remember that if you don’t pay off any debts before your death, your loved ones may have to pay for the funeral and related costs. Make sure you have enough money saved for your funeral costs, either as a gift for your loved ones or as a separate fund.

Consider Life Insurance.

One of the final things to consider is purchasing life insurance. This insurance pays a death benefit if you die while on the active policy. The death benefit can then be used to pay for your funeral costs or to help your loved ones pay off any remaining debt. Associated Insurance Agencies Inc. of Westerville, OH can help you find the right life insurance coverage for your final plans.