How Does Umbrella Insurance Protect My Home and Car?

Your home and vehicle are important assets that you protect with appropriate amounts of insurance coverage. The team at Ramsey Insurance, serves the Annapolis, MD area so they understand the needs that you have. They will take the time to get to know you so that they can recommend policies that best serve you and your family, including an umbrella policy. The additional liability coverage of an umbrella policy may seem unnecessary until you understand the coverage it can provide. The agents are ready to answer any questions you may have.

Umbrella policies provide additional liability coverage above the policies you already have in place. If you are shown to be responsible for an accident that caused injury to another person or their property, you will be held accountable for the associated costs. Should the injured party sue, you would be liable not only for the medical expenses and mental anguish but also the legal fees. With costs mounting, you may find that your policy has a cap of $350,000. Should the total cost rise above that amount, your personal assets, such as savings accounts, will be used to cover the difference. With an umbrella policy, when expenses reach the policy cap, the umbrella policy provides additional funds, in some cases up to $1 million, to cover the additional amount. Having this type of coverage in place provides much needed assistance when an accident occurs.

The Ramsey Insurance agents are ready to talk with you about your insurance needs. They will take the time to answer any questions about umbrella insurance and the coverage it provides. For residents in the Annapolis, MD area, protecting their assets from a variety of risks is vital. Call and get started today!

What Is Flood Insurance and What Does It Cover?

Flood insurance can be defined by as the insurance coverage against property damage caused by flooding. A flood denotes the covering of normally dry land by water that has escaped from a lake, river, creek, dam, canal or reservoir regardless of whether it has been altered.

Flood insurance covers for your home structure and its contents. It, however, excludes the land that your home sits on. The distinction is made because there are limits that define each. Structures of your home include the foundation, carpeting on the floor, electrical, plumbing, refrigerators, cooking stoves and appliances, water heaters, and even the central air systems. The contents covered include your furniture, electronics, clothing, dishwashers, microwaves, clothing washers, and dryers.

Ramsey Insurance, which is based in Annapolis, MD, advises clients to closely go through the list of contents that their policy protects. You may have valuable belongings such as art and fur coats that may go way beyond the limit of the categories and may not be properly reimbursed.

Most Flood Insurance Policies exclude some things from their policies. For instance, policies do not cover for precious metals and any valuable paperwork. Additionally, the part of your home that is on the first floor gets limited insurance. The basement, for instance, gets structure insurance for only its foundation, drywall, staircases, electrical outlets, and switches. The property that is stored in these structures is also not covered.

A homeowner needs flood insurance regardless of whether they consider the Annapolis, MD area they are living in is susceptible to flooding or not. If you are not sure of the risk under which your home is exposed to, Ramsey Insurance provides a risk map to make the process easier to understand. The company also gives advice regarding the necessary policy that you need to have, if any other is required, besides the standard one that you have.

 

Life Insurance Tips for Newlyweds

Newly married couples have a lot to think about when it comes to their future. You’ll have to get insurance for your house, car, and health. You will also need to purchase some for your life. Build your lives on a solid foundation with life insurance. At Ramsey Insurance, you can get set up with the insurance programs you’ll need in Annapolis, MD.

Reasons Newlyweds Need Life Insurance

  1. Income Replacement. Usually, when you get married, you combine your income. You purchase or rent a larger home and possibly even a more expensive vehicle. Life insurance is an important part of replacing income after you’re gone. Your spouse will need to continue to pay the mortgage, auto, and other payments, which they wouldn’t be able to afford on a single salary.
  2. Repay Loans and Other Debts. You may be responsible for your spouse’s debts or loans after their death. Life insurance gives you the opportunity to help alleviate some of those burdens.
  3. Higher Rates Later. In some instances, life insurance can be less expensive when you’re young and healthy. The rates change as you age, so it’s better to get a policy sooner rather than later.

Types of Life Insurance

  • Term Life – is used for a variety of purposes and set for a certain number of years, or terms. Terms are determined by you. They can be 5, 10, 15, or more years, but once the term is over you’ll need to start a new policy.
  • Whole Life – lasts your whole life. This type of policy builds in value over time. The premiums remain the same throughout the life of the policy.

The next time you’re in Annapolis, MD, the independent agents at Ramsey Insurance can help you sort out your life insurance policy.  

Backyard Fun – Be Safe

Are you planning on building a tree house in the backyard this summer? Or maybe installing playground equipment for the kids? How about putting in a swimming pool? These are all things that are fun; however, they increase risks as well. Make sure you learn how to secure the dangerous areas, like swimming pools, from unsupervised access by children and install playground equipment so that there is less risk of injury to the children if they fall.

Also, summertime is a great time for an annual review of your home insurance coverage with your agent at Ramsey Insurance in Annapolis, MD. You can see if your home insurance coverage is adequate and add coverage as necessary for the things you will build or install in your backyard.

Sometimes backyard improvements become part of the home, such as when you install an outdoor patio connected to your house, or put in an outdoor kitchen. Another common improvement that makes a house more valuable is the installation of a sunroom. Any of these improvements cause the need for an adjustment in your homeowner’s insurance.

If you are making plans for outdoor backyard improvements, take the extra step to talk with your agent at Ramsey Insurance in Annapolis,0 MD to make sure your insurance coverage is in place, in advance of making the improvements.  Imagine the unfortunate situation that some emergency happens while the construction is in progress and this causes major damages and a significant potential financial loss. This is why it is important to be proactive in having insurance in place in advance of need. You want your insurance coverage to be there when you need it and it is too late to put insurance coverage in place after a catastrophe occurs.

It is easy to be sure that you have adequate coverage, just simply reach out to your agent at Ramsey Insurance in Annapolis, MD. Let them know what your plans are, and a review of the insurance coverage will include suggestions of what can be changed or added in response to your future plans.

Running a Home Business and Insurance Coverage

Lots of folks are running businesses from their home these days, using a spare bedroom as a converted office and bringing in additional income doing so. And, like many micro or small businesses, these folks in Annapolis, MD and elsewhere frequently assume their homeowners insurance is more than enough coverage for what may be contained in that home office. The problem is, however, that most homeowners insurance policies are specific to private property and assets, not those associated with a business. And that can be a rude, shocking surprise if something happens to the house and office, and there is no real recovery available realized after the fact.

According to Ramsey Insurance, homeowners insurance policies are intended for and written in terms specific to a private residence. And that’s an important distinction. Read literally, assets and materials associated with a business will not automatically fall within the definition of a private residence. So an insurance provider could very well limit its coverage agreed to without doing anything wrong by denying a claim with thousands dollars associated with the home office since that function of the house is not existing as a private residence per se.

Fortunately, however, Annapolis, MD home businesses can solve the above problem with some minor changes. Ramsey Insurance can help recraft or update homeowner coverage with an add-on policy addition or a separate, specific business policy, both being written specifically for protecting the home office. If you’re realizing you may need some additional help insuring your home office and protecting your business assets, give Ramsey Insurance a call to discuss the details. Their expertise will be invaluable and helpful; you won’t be disappointed making the connection.

Home Upgrades That Reduce Auto Insurance

Looking for a new home upgrade? Why not consider something that reduces your auto insurance costs? Yes, it is possible to save on your auto insurance by what you do with your home. At Ramsey Insurance, we know how important both your home and vehicles are. That is why we want to help you both protect your investments and save money with Annapolis, MD insurance. 

Garage

Where you park your vehicle most often does play a big role in your auto insurance costs. If you don’t have a garage, park on the street or only have an overhang, all of these options leave your vehicle susceptible to possible theft or weather damage. Consider installing a garage instead of having your vehicle exposed. Even a small, non-finished garage without insulation can cut down on auto insurance costs.

Security System

A home security system monitors not just the house but the property. This means if someone tries to break into the vehicle or the garage on the property you’ll know about it (as will the police). As home security systems reduce the chance of auto theft (or a smash and grab), you may just save on auto insurance as well. 

Fence

Fencing in your property helps establish the property lines. It also protects what is inside the line as well. By using a full fence (including a driveway gate) you’ll lock in your vehicle when it’s not in use, increasing its level of protection.

By taking advantage of these home upgrades, you’ll not only improve the property value of the house but reduce the costs of auto insurance as well. It’s a win-win. At Ramsey Insurance, we are here to help point out the best ways to protect your investments while saving on insurance in Annapolis, MD. 

Insurance options in Annapolis, MD

The small town of Annapolis, MD is an idyllic place for people who want to get away from the big city but are still a short commute away to live. However, despite the fact that the Maryland rural and suburban lifestyle has less risk than living in a big city, people in Annapolis will still need insurance policies to protect them in the event of the unexpected. Below are some insurance options worth considering in a place like Monroe, through a local insurance broker like Ramsey Insurance, who can tailor a policy for their local customers.

HOME INSURANCE

Most people who live in Annapolis, MD own a home and will need some form of home insurance to keep their homestead safe and able to rebuild in the event something unpredictably terrible occurs. These events can include fire in the area, burst pipes in very cold winter weather that often settles in Annapolis, MD or even the tail end of a powerful storm that rolls up the East Coast, as tends to happen more and more often these days in the United States of America. Local insurance agents will best advise you on what you will need on the home insurance front in Monroe when you are trying to insure your property.

AUTO INSURANCE

If you are going to plan on legally driving in Annapolis, MD, you will need auto insurance of some kind, namely liability insurance at the very minimum. This will protect you from incurring insane amounts of cost for damage that is found to be your fault in the event of a collision. It will also protect against lawsuits from other vehicles involved in that collision, as well as medical bills and property damages. Other larger policies will be able to cover your vehicle as well, though a local broker will be able to help you with the details of that. 

Important Auto Insurance Adjustments Many People Overlook

If you live in Annapolis, MD you will most likely need a car for easy transportation around the area, namely from a local broker like Ramsey Insurance who serves the Annapolis area. However, depending on your driving record, how much you drive and what type of vehicle you drive, these policies can be quite expensive. However, there are some important insurance adjustments that most people overlook that may save you a lot of money on your policy. A few of the very best ones are listed below.

SAFE DRIVING

With a clean record, an insurance company deems you to be much less of a risk and therefore will give you a lower insurance policy overall. So the safer you drive, the fewer accidents you have and the fewer tickets you receive for moving violations, the cost of your insurance will obviously drop. Ideally, you have no accidents or moving violations at all, and it stays low for an extended period.

AGE

If you are over 50, you can join the AARP program and get discounts on your insurance that way as well. There are other programs out there based on older age that will make you insurance much cheaper on a monthly basis.

TRACKING DEVICES

While some people don’t want tracking devices put on their vehicles, doing this will cause insurance companies to reduce rates noticeably, because it allows them to find the vehicle if it is stolen. The cost of installing these will save you money on insurance in the long run.

ADD PEOPLE TO YOUR POLICY

The more good drivers you put on your policy, the cheaper it will get for everyone. Most of the time this is only family, with very few exceptions.

Three Ways Your Home May be Underinsured

Mortgage lenders require homeowners to have insurance that protects the bank’s investment in case of a loss. The State of Maryland doesn’t force people to carry insurance, but it’s in your best interest to have protection. The challenges that property owners face is understanding how much and what type of policy they need. At Ramsey Insurance, our professionals are available to help members of the Annapolis, MD; community gets the detailed coverage that can provide thorough security. We’ll work closely with you to avoid common misconceptions that cause some homeowners to be underinsured.

High Rebuilding costs

Many homeowners gauge their replacement costs based on the value of the home. That seems to make logical sense on the surface. But the difference between rebuilding a home at today’s materials and labor costs can be vastly different than the value of a home. Some properties depreciate, and the Real Estate market fluctuates. Today’s home construction costs can run about $150 per square foot and that may not include demolition work and removing damage. Add on the costs of permits, inspections and other hidden items, and you could very well be taking money out of pocket if there is a total loss.   

Natural Disasters and Floods

Many people aren’t aware that floods and other natural disasters are not a standard part of homeowners insurance. In fact, you will likely need to have flood insurance added to your policy. Considering that the Annapolis MD community has Seven River on one side and South River on the other, protection of rising waters may be prudent.

New Building Codes

People that own older homes are commonly tripped up by the expense of changing building and fire codes. Existing homes are not subject to updated safety codes. However, if you suffer damage that requires new construction, that work must meet today’s inspection standards. This is an important aspect to consider when you decide how much coverage to carry. The last thing you want is to pay out of pocket.

Choosing a homeowners policy or upgrading and existing one means making a number of informed chooses. At Ramsey Insurance, we take pride in serving members of the Annapolis, MD community. Our professionals are available to discuss a detailed policy that will provide you with a sense of home security.

Items to Include in Your Home Emergency Kit

No one every expects an emergency to happen in their town or in their home. However, even in Annapolis, MD, anything can happen. To prepare for the unexpected, you should have a home emergency ready at all times. If you have never created a home emergency kit before, use this list to ensure you have the necessities:

  • Food. You will definitely need food if you are stranded at your home during an emergency. You should have enough food for all of the people in your home for at least three days. Consider getting non-perishable food as well as food you can eat without cooking it in case you lose power. 
  • Water. Water is another item you need to have in your home at all times. You should have at least a gallon for every person to drink per day. 
  • Flashlights, batteries, candles, and matches. If you do end up losing power during an emergency, you will need a way to see around your home in the dark and these are the best items you can have on hand. 
  • A first aid kit. You can get one of these from a local store but make sure it is fully stocked in case you need it. This is a great way to take care of minor injuries if you are stranded at home.
  • A portable charger. If you need your phone and you do not have power, you will thank yourself for having this on hand.

Creating a home insurance kit is not the only thing you can use to protect yourself and your home. You should also have a great home insurance policy from Ramsey Insurance. For more information on home insurance policies and to get a free quote, be sure to contact Ramsey Insurance serving Annapolis, MD today.