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How Much Umbrella Insurance Do I Need?

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Umbrella insurance is a one-of-a-kind personal liability coverage that protects your savings, income, and assets from large claims and lawsuits that are above the policy limit of your auto, homeowners, boat, landlords, renters, and boat insurance. Many Flowood, MS residents contact us at Insurance Protection Specialists to find out how much umbrella insurance they need. Here’s what to know:

How Does Umbrella Insurance Work? 

Umbrella coverage picks up liability where your homeowners, auto, and any other liability insurance you have leaves off. This policy is sold in $1 million coverage increments and can go as high as $100 million. The cost for the first $1 million umbrella coverage ranges from $150 to $350.

For example, you own a car and have auto insurance coverage with a limit of $300,000. Suppose you get into an accident that involves 10 vehicles and several people get injured and you are the at-fault driver. In that case, your liability in property damage and injuries can amount to more than $800,000. Your auto insurance will pay the $300,000 part of your liability, but you will still be left with $500,000 in liability.

If you have umbrella insurance, it will kick in and settle the remaining $500,000 in liability. If you didn’t have umbrella coverage in such a situation, you would have had to pay the $500,000 remaining liability using your savings, assets, and even future income. The remaining $500,000 of your umbrella policy would be used to settle your legal fees if there was a lawsuit.

How Much Umbrella Coverage Is Enough? 

For most people, a $1 million umbrella coverage is enough. However, if you own multiple cars, boats, rental properties, savings, and other assets adding up to more than $1 million in value, you will need more umbrella insurance. Generally, you need umbrella coverage that’s at least half of your net worth up to $100 million.

Contact Insurance Protection Specialists for more info on umbrella insurance in Flowood, MS.

Do you need to have RV insurance in Mississippi?

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Having an RV in the Flowood, MS area can be a great investment and provide you with a fun way to get around the state. When you are looking for a new RV in this area, you will also want to ensure you get the best insurance for it that you can. There are various reasons why having this type of coverage should be considered a necessity.  

Do you need to have RV insurance in Mississippi?

Cover RV and Meet Lender Requirements

A reason that many RV owners in this part of the state need to have RV insurance is so they can cover their RV and meet standards and requirements set by their lender. Taking out a loan to buy an RV is quite common and when you do, the lender will likely have specific insurance obligations. This often includes the requirement that you carry a complete collision and comprehensive plan to protect their loan collateral.

Drive the RV Legally

You also need to have an insurance plan in the state of Mississippi to drive the RV legally. Similar to when you drive other vehicles in the state, you have to carry liability coverage. With this insurance, you will have support to pay for damages that could be caused when driving. Beyond being a legal requirement, it also greatly reduces your personal liability risk.

Those in the Flowood, MS area need to ensure they have the right RV insurance support and coverage at all times. As you are looking to get a proper RV insurance plan, starting your search with the Insurance Protection Specialists is a good option. The team with the Insurance Protection Specialists can offer any guidance you need to build an insurance policy that will appropriately protect your RV and ensure you are in full compliance. 

Flood Insurance Benefits

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As the summer approaches, severe weather and flooding can threaten your home. If you live in an area prone to flooding, it’s important to have flood insurance. Here is a guide to choosing the right policy in Flowood, MS.

Flood Insurance Benefits 

Peace of Mind

Knowing you’re protected from financial devastation in the event of a flood can give you peace of mind. Over the past few years, the weather’s been more and more extreme, resulting in costly damage to homes. The worry of not being able to afford repairs or replacements can be overwhelming. With flood insurance, you’re covered financially.

Protection for Your Home

Your home is likely to be your most valuable asset. If it’s damaged or destroyed in a flood, this insurance can help cover the costs – which can be a lifesaver if you can’t afford it on your own. An agent with Insurance Protection Specialists can help you get the coverage you need.

Replacement Cost Coverage

Many homeowners’ insurance policies only cover the actual cash value of your home. With only this coverage, you’ll only receive the current market value of your home minus any depreciation. Flood insurance typically offers replacement cost coverage. This means you’ll receive the funds necessary to rebuild your home, regardless of its cost.

Less Out-of-Pocket Expenses

If you need to file a claim for flood damage, your out-of-pocket expenses will probably be reduced with flood insurance. Most homeowners’ insurance policies have a deductible for water damage. There’s usually no deductible with flood insurance, which can save you a lot of money if you need to file a claim.

These are just a few benefits of having flood insurance in Flowood, MS. If you’re interested in learning more, contact Insurance Protection Specialists. We’ll be happy to answer your questions and help you get the coverage you need.

How Does Life Insurance Work?

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Most people know what life insurance is, but few understand how it works. This article will explain the basics of life insurance and how it can be a valuable tool for protecting your loved ones. We’ll also discuss some of the different life insurance policies available and help you decide which one is right for you.

What is Life Insurance?

Life insurance is a policy that pays out money to your beneficiaries when you die. Your loved ones can use the money to cover things like funeral expenses, debts, or even college tuition. It provides peace of mind that they will have the funds if anything happens to you.

How Does Life Insurance Work?

There are two types of life insurance: term and permanent. With a term policy, you choose a period for which you want to be insured – say 25 or 30 years – at the beginning of the policy. In return, the insurer promises to pay your beneficiaries a sum of money if you die during that time. The policy expires at the end of the term, and you no longer have coverage.

With permanent life insurance, a cash value grows over time. This cash value can be taken out of the policy, but it also doubles as your death benefit. Permanent life insurance policies don’t expire. You’ll continue to pay premiums until you die or decide to cancel the policy.

What Kind of Life Insurance Should I Get?

The type of life insurance you decide on depends on your personal situation and financial goals. Your age, health, budget, and assets contribute to how much coverage you need. The younger you are when you take out a policy, the cheaper it will be because your risk of death is lower.

If you have a family to support, your need for life insurance will be greater than if you are single or retired. You’ll want to factor in debt, salary, and the costs of raising children when deciding how much coverage to get.

Need Life Insurance in Flowood, MS?

Life insurance provides financial protection for your family if something happens to you. Insurance Protection Specialists can help you decide which type of policy is right for you and guide you through the application process. Contact Insurance Protection Specialists in Flowood, MS today to get a free quote.

 

Does Auto Insurance Cover Rental Cars?

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You find yourself standing at the rental car counter having just secured a great deal on your rental car for the week. You are ready to get your family vacation started and the long line behind you is growing restless. The next thing you know, you are handed paperwork filled with confusing options for insurance. Suddenly, you are left wondering if you should sign on the dotted line.

Rental car insurance is not something that most people think about regularly. Therefore, it is easy to become confused and overwhelmed in the heat of the moment. Take the time before renting your next vehicle to learn if you really need rental car insurance in Flowood, MS or if you are covered under your existing auto insurance policy. If you need answers right away, contact Insurance Protection Specialists.

How To Determine If You Need Rental Car Insurance

A common question that insurance providers are asked in Flowood, MS is whether or not rental insurance is necessary. The first thing that you need to do is to check your current auto insurance policy. You can also call your provider to determine the type of rental car coverage that is included in your policy. If you have liability coverage and comprehensive coverage on your personal car, typically that coverage will extend to provide coverage for a rental car.

If the car that you are renting is similar in value to your everyday car on your auto insurance policy, then it is highly likely that the coverage that you already have is adequate protection for the rental. However, if you are taking the opportunity to rent a car that is usually beyond your means, like an exotic sports car, then you may want to consider investing in additional coverage.

If you are still not sure if your auto insurance policy will cover your rental, contact the experts at Insurance Protection Specialists. Give us a call today.

How Does Commercial Insurance Protect My Small Business?

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You’ve worked so hard to establish a business in the Flowood, MS area – the best thing you can do as a business owner is to ensure your hard work is protected. You need a high-quality commercial insurance plan, period. 

Insurance Protection Specialists are experts in the field of commercial insurance. We’re here to answer your questions about coverage options and which insurance plan will work best for your business. 

Commercial insurance plans allow business owners to get back to what they should be doing – running the show.

With commercial insurance, you’re not worried about any financial issues that may come from lawsuits. You don’t have to worry about dangerous weather damaging your property or inventory. If it does, your insurance policy will likely take care of it. 

Additionally, commercial insurance helps business owners scale up and plan for growth. With coverage options that are designed to grow with you, you are able to plan for a bright, successful future without worrying about whether your policy will cover that growth.

There is a certain amount of risk that comes with running a business – no reason to be shy about it. It’s what most people know when they start a business, but it’s not enough reason to not pursue your dreams. You just need a trusted insurance agency that can help you plan ahead, help you to mitigate risks, protect your inventory and employees, and think about the future as you grow. 

Insurance Protection Specialists are happy to help business owners in the Flowood, MS area with any commercial insurance needs. We’ve got experts in the field that can help you build a suitable plan for your business goals. Contact us today!  

3 Ways to Stay Safe While Driving on Icy Roads

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When the winter months start to approach Flowood, MS and other parts of the state, one of the biggest reasons for auto accidents is icy roads. When you are traveling on the icy roads this winter, make sure to keep these few tips in mind so that you are safe and accident-free. 

1. Give Yourself at Least 10 Seconds To Stop

Even with the best set of tires, trying to stop on a whim with slick roads from the ice is not safe. When you are traveling and the roads are icy. Make sure there is at least 10 seconds between you and the vehicle in front of you. Should they have to slam on brakes, you need to have enough time to stop safely. 

2. Drive Slower

Just because the road has a posted speed of 55 does not mean that is ideal for icy conditions. If you are traveling on an icy road, it is a good idea to keep your speed at least 10 miles slower than what is posted. Traveling on roads that are curvy and have black ice around the corner can make a fast traveling vehicle slide much quicker. 

3. Brake Only When You Need To

Ice and brakes do not work well together, and antilock brakes do not work in the ice. If you are traveling at slow speeds and keeping your distance between yourself and others on the highway, you will not need to use your brakes as much. If you need to slow down or find yourself sliding, stay calm and just take your foot off of the gas to avoid overcorrecting. 

Be Careful Traveling This Winter

Make sure to use these three tips when traveling on icy roads and make sure to pack your auto insurance policy from Insurance Protection Specialists today. 

Commercial Insurance Adds Stability to Your Company

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Are you looking for stability in your business? You are not alone. Many people are looking to insurance as a way to ensure that they have the utmost stability possible to protect their business. Commercial insurance is one way to help with this.

Insurance Protection Specialists understand the needs of business owners in Flowood, MS. Here’s how your commercial insurance policy can make your business more stable.

Commercial Insurance Assists With Steady Growth

One of the best things about your commercial insurance policy is that you can plan for your business to grow. You can consider your goals and the trajectory of your business as you speak with an insurance agent about your policy and coverage needs.

Commercial Insurance Helps You Plan for the Future

With your insurance policy, you can also make plans for changes. You do not have to keep the same policy for years to come. In fact, you can get a new policy with each change your business makes.

Commercial Insurance Helps With Workers’ Compensation

When you have a commercial insurance policy, you should also examine your workers’ compensation coverage as well. This will protect you if one of your employees is injured on the job.

Commercial Insurance Protects Your Assets

Finally, remember that your insurance protects you as the owner of the business. If somebody is injured at your business or as a result of a product you sell, your insurance can protect you from monetary damages.

Get Commercial Insurance Today

Are you trying to find the right commercial insurance policy for your Flowood, MS business? Insurance Protection Specialists can help. Contact our office to learn more about your options to protect your business.

The Basics of Home Insurance

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Home insurance is there is protect one of your most valuable assets financially. The Insurance Protection Specialists serving the city of Flowood, MS would like you to know the basics of homeowners insurance. Whether you are an owner or a tenant, this information is relevant to you.

The Five Facets of Homeowners Insurance

Property Damage

This part of your policy protects your home and your belongings against perils. Perils are potential events that may cause loss like hail. The policy can either be a specified perils policy, meaning you only have cover for the perils you specify in the policy, or an all-risk policy covering all perils except specifically excluded ones like floods.

Liability Cover

This portion provides financial protection from legal liability and lawsuits due to negligence resulting in bodily injury to a third party or property damage.

Medical Payments Cover

This section pays for medical bills if a guest or third party is hurt by accident on your property and requires medical attention.

Additional Living Expenses Cover

If you cannot live in your home for reasons that meet the insurance policy requirements, then this section will pay for your motel or rental bills and possibly some extra living expenses that you may incur while your property is repaired. It is usually when your home is accidentally damaged to such an extent that it is unsafe to live there.

Other Coverage

There are other coverage options for the contents of your home not covered by the perils section and for structures not attached to the main dwelling on your property.

Depending on your requirements, cover your home as little or as much as you want in line with the value. Don’t let your home be uninsured!

Speak to the Insurance Protection Specialists serving Flowood, MS today.

Questions to ask yourself when buying renters insurance for the first time

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If you rent an apartment in Flowood, MS, your landlord will likely ask you to buy renters insurance. You may probably be wondering why the landlord doesn’t cover your apartment as part of protecting their investment. The truth is, your landlord already has a policy protecting the whole building, including the walls, floor, and other parts of the building.

That means you’re responsible for what happens in your personal space, particularly personal belongings. Now, if your landlord wants you to have renters insurance, the policy is meant to cover your rented space. So, if it’s your first time buying the policy, here are three questions to ask yourself before settling on a renter’s insurance policy.

What is covered in my renter’s insurance?

This is often one of the most critical questions to ask as it helps you determine how much insurance to get. In most cases, renters insurance covers your personal belongings and additional living expenses if your apartment is rendered unlivable.

How much renters insurance should I get?

The amount of renters insurance to buy heavily depends on your needs. The value of your property renters insurance covers things inside and outside the home,  such as a work laptop that you could leave in your car or your office.  Insurance Protection Specialists recommend enquiring about different coverages in your renter’s insurance to understand your needs.

Should I take inventory of my personal belongings?

Yes. You don’t want to have trouble providing evidence that you own a specific item to your Flowood, MS insurer. Taking inventory is quite critical in determining the value and year of purchase for easier follow-up in case of damage. We recommend taking your inventory a few days or weeks before the policy purchase and updating the list every time you bring in a new item.

We can help

At Insurance Protection Specialists, we can help you understand your policy better so you can make informed decisions when buying renters insurance. If you have any questions or need further clarifications, feel free to contact our team, and we will be happy to get back to you.