Posts made in June 2020

We get insurance to protect against loss, damage, or theft of our possessions. For many of these items, there are specific types of insurance — car insurance for vehicles and homeowners for a house, for example. Then too, there is boat insurance in Newark, DE, for those vessels you take out into the lake, river, or ocean.

There may be some crossover with different types of insurance. For instance, some home insurance policies do cover boats, but this is typically only when the crafts are small and generally valued at less than $10,000. For the most part, you’ll need more than just a homeowners’ policy to cover your craft. Getting a specific policy for boat insurance will ensure you are protected from potential damages.

When your boat is on the water, it is subject to damage from collisions, which may or may not be your fault. Boat insurance policies will cover this and damage to other people’s property, as well as bodily injuries that occurred as part of the accident. Plus, you can add comprehensive coverage that will protect you in the event your boat is vandalized, stolen, or damaged by a non-collision related event. You can also add specific protections for fishing gear, oil spills, and uninsured boaters.

In our opinion, it’s better to get specific boat insurance in Newark, DE. Work with an independent insurance agency to get coverage that is tailored to your needs at an affordable price.

Choosing the right kind and amount of auto insurance in Newark, DE, for your needs includes factors like your vehicle’s value, your driving habits and history, and the amount you could reasonably afford to pay out of your pocket after an accident.

Types of Auto Insurance Coverage

There are different types of auto insurance coverage options. Several basic components make up what is typically referred to as “full coverage” auto insurance.  Here are some coverage products and add-ons that your insurer might offer.

Liability Insurance – This covers the costs if you are liable for an accident, damaged property, or if you injure someone with your vehicle. Liability insurance will cover the legal bills and settlement costs up to your policy limits after an at-fault accident. It is required in most states.

Personal Injury Protection (PIP) – Often referred to as PIP, this auto insurance covers medical and related expenses up to your coverage limits if you or your passengers are injured in a car accident, regardless of who was at fault.

Uninsured Motorist/Underinsured Motorist Insurance (UM/UIM) – This insurance covers you if you’re in an accident caused by an uninsured driver, or a driver whose insurance can’t pay for the full extent of the damage caused.

Collision Insurance – This auto insurance covers damage to your own vehicle after an accident, no matter who was at fault. Along with comprehensive coverage, collision coverage often makes up what is commonly referred to as “full coverage” car insurance.

Comprehensive insurance – Comprehensive coverage covers the damage to your car when it’s not being driven, including damage from extreme weather, falling objects, animals, flood, fire, vandalism, and theft. It goes hand-in-hand with collision insurance.

Workers’ compensation is a type of business insurance in Newark, DE that protects not only your business from financial loss, but it is also required by law in most states if you have employees. Whether you’reestablishing a business, growing a business, or your business is already well-established and successful, it is critical that you understand why you need to buy workers’ compensation insurance as part of your business insurance coverage.

In most states, you need to buy workers’ compensation insurance as soon as you hire each new employee. If you are not in compliance with local laws, you could also face civil or criminal penalties. It’s crucial that you have coverage for all your employees before an injury or illness occurs, so you are not held financially liable. Workers’ compensation coverage typically only applies to events that occur after you purchase a policy.

Consult your business insurance broker and become familiar with your state’s workers’ comp laws. Keep in mind, if your company is headquartered in one state, but employs people in another, you probably need to buy coverage based on the laws of each state in which your employees work. Also, in some states, every business with one employee is required to carry workers’ compensation insurance, but in others, the requirements might apply only to those with two or three employees.

The top function of your rental business should be to make money for you, not give it away. One way to protect your investment and your financial health is to have proper insurances in place. Having lots of insurance is good, but having the right insurance is best. Make sure to ask your insurance broker about the details of home insurance in Newark, DE, but in general, here are a couple of insurances that you should consider.

Property Insurance

When it comes to insuring personal rental properties, having a landlord policy on each rental unit you own is important, whether that unit is paid off or not. Landlord policies have the added bonus of additional liability protection for the landlord. You will also need to check with your home insurance broker to ensure that each policy carries sufficient coverage to satisfy your mortgage lender.

Depending upon your rental’s geographic location, there are some additional property insurance policies you may want to consider. For example, in California, many people have earthquake insurance. In areas with high annual rainfall, you may want to investigate flood insurance. Your home insurance broker can advise you on the particular hazards you might wish to insure against in your area.

Umbrella Insurance

An umbrella policy acts as an umbrella over your other existing insurance policies. An example of when this coverage is relevant includes when a guest of your tenant is injured in a slip and fall on one of your rental properties. Another example is when a neighbor’s property is damaged by a tree falling on it from your property. Your landlord insurance policy will have a liability limit, but the umbrella policy covers liability after that limit is exhausted.

You probably already know that it’s common for your premium to go up if you’re involved in an auto accident. But there are other reasons your rates may be higher as well. At  Broadbent Insurance, Inc., we provide auto insurance in Newark, DE. If you need a new policy or you’re wondering if you are overpaying for your current one, our agents are here for you. Here are seven common reasons for a higher insurance rate.

1. Your Car Performed Poorly in Crash Studies – Insurance companies consider cars that sustain more damage in crash safety studies as a higher risk.
2. You Rent Instead of Own Your Home – Surprising as it may sound, whether or not you own your home factors into insurance companies’ calculations. Some companies charge renters up to 6% more.
3. Your Car Is More Likely to Be Stolen – In-demand models that are attractive to thieves are considered riskier to insure by some companies.
4. You Have a Long Work Commute – In the eyes of insurance companies, the more time you spend on the road, the more likely you are to be involved in collisions.
5. You Have a Lower Credit Score – Some insurance companies see poor credit as a sign of higher risk on their part.
6. You Live in a High-Crime Area – Insurance companies sometimes factor in the environment where the car is kept and will raise rates if there’s a higher likelihood it will be damaged or stolen.
7. You Are a Teenage Driver – Since teenage drivers are more likely to be involved in accidents, insurance companies raise their insurance rates.

Often, business owners opt to carry an umbrella policy in addition to their business insurance in Newark, DE. An umbrella policy is a secondary insurance that will take care of expenses that exceed what your regular coverage limits are. For example, if someone sues you following a slip and fall accident at your workplace, the umbrella coverage will protect your assets if the judge orders compensation in excess of your standard policy’s limits.

As your business grows and becomes more successful, having an umbrella policy becomes more important. A small business that’s just starting out may not have yet accumulated the assets that an umbrella policy is designed to protect. Umbrella insurance is a good way to safeguard your company’s forward momentum.

To determine whether it’s time for you to purchase umbrella coverage for your business, you’ll need to take a clear look at your company’s current standing. Are your insurance responsibilities growing? Is your operation becoming more profitable or acquiring more property? What is your exposure to potential liability? To help you answer these questions, the agents at Broadbent Insurance, Inc. are available for a consultation. If you need an umbrella policy, our company is ready to help you protect yours.

Life insurance allows you to provide financial security for your family (or other beneficiary) in the event of your passing. With a life insurance policy, you can have the peace of mind that comes from knowing your family will be protected. At Broadbent Insurance, Inc., we match customers with the right life insurance in Newark, DE, that suits their needs and budget. If you are ready to purchase a policy, here are some things to consider.

1. How Much Insurance Do You Need? – The amount of coverage you purchase should take into consideration how long your family will depend on the benefit for support and how much funding will be required to achieve that.
2. What’s the Right Type of Policy for You? – Life insurance is available in Term, Whole, and Universal policies, each with different benefits and price points. Convertible and combination policies are available so that your coverage can change as your needs do.
3. How Much Will Life Insurance Cost? – Life insurance is probably more affordable than you may think. Our company offers policies that are in line with a range of personal budgets. That said, there are a number of factors that will determine the price. Your age, health, amount of the benefit you need, type of policy you choose, and whether the policy has a cash value will all affect the cost.

To make sure you choose the best policy for your needs, it’s best to consult with one of our agents. Our team is here to take your call and review the options.

Boating can be relaxing and exciting – but it can also be dangerous. Thousands of boating accidents happen in the United States every year, resulting in deaths, injuries, and expensive damage. Boat insurance in Newark, DE, can provide important coverage to keep your finances safe. However, you should consider these factors before signing up for a policy.

Necessity

State law does not require you to have insurance coverage for your boat. For some boat owners, the protection provided under their homeowner’s insurance policy is sufficient for their peace of mind. However, if you have a newer model or an expensive vessel, it’s a good idea to get a separate policy to ensure you’re properly covered. Likewise, if you keep your boat in a marina, the marina may require you to get a policy.

Cost

Since boats depreciate in value quickly, the cost of boat insurance may outweigh the benefits if you have an older vessel. However, you’ll want to protect your purchase if you have a new watercraft in case something unfortunate occurs. Expect to pay around 1% to 2% of your boat’s market value as a premium.

Policy Type

Personal watercraft coverage comes in many varieties, including hull insurance, third party liability, all-risk policies, and so on. Talk to an agent to determine which policy makes the most sense for your needs.

In most states, drivers are legally required to have auto insurance, yet not everyone behind the wheel does. According to the Insurance Research Council, about 1 in 8 drivers don’t have coverage. Think about how many drivers you see on your daily commute; that’s a lot of uninsured people on the road!

So what should you do if you’re in an accident with someone who doesn’t have car insurance in Newark, DE? Follow these steps to make the claims process go smoothly:

Call the Police: Even if the damage is minor, call the police to get an official accident report. The report will make it easier to get your expenses covered.

Don’t Accept Money: An uninsured driver may offer you money to avoid legal repercussions. Don’t accept, even if it seems like a good deal; there’s no telling yet what your total costs will be.

Swap Information: While they won’t have car insurance information to offer you in return, you should still get their contact details and vehicle information. You’ll need to provide this to your insurance company so they can follow up with the driver.

Gather Details: Before leaving the scene, take note of the time and location of the accident, the name and badge number of the responding officer, and any other pertinent information. You should also take pictures of all vehicles involved, as well as the traffic signs and the direction of traffic.

If you’re like most people, you probably don’t think much about your insurance coverage until something forces you. However, the more you know about your policy – and other policies available – the easier it is to make the right choice for your wallet and peace of mind.

At Broadbent Insurance, we do spend a lot of time thinking about coverage. Here on our blog, we strive to share our knowledge with you so you can feel more confident in your decisions and make full use of your policy. Our insurance agency in Newark, DE, stays up to date on the latest industry trends so you don’t have to.

Answering Your Insurance Questions

Keep an eye on this space for posts about some of the most common inquiries we get from clients. Let us know if there are any particular topics you’d like to see covered; we welcome any and all feedback.

Insurance can be a complicated subject and sometimes an urgent concern. If you have a pressing problem or a specific question, don’t hesitate to contact our insurance agency to get the answers you need right away. Our friendly agents will address your concerns one-on-one with you. We look forward to helping you get the protection you deserve.