When it comes to protecting your assets, you may have heard about umbrella insurance policies but aren’t quite sure what they entail. In this blog post, we’ll break down the essentials of umbrella insurance, why you might need it, and how to determine if it’s right for you.

What is Umbrella Insurance?

Umbrella insurance is a type of liability insurance that provides an extra layer of protection beyond your existing policies, such as homeowners, auto, or boat insurance. It kicks in when the liability limits of those policies have been reached, helping to cover costs associated with legal claims, medical expenses, and damages.

Why You Might Need Umbrella Insurance

1. Increased Liability Risks: If you have significant assets to protect, such as a home, savings, or investments, umbrella insurance can safeguard against large claims that could jeopardize your financial security.

2. High-Value Assets: If you own valuable property or assets, like expensive jewelry, collectibles, or multiple vehicles, an umbrella policy can provide additional coverage.

3. Public Exposure: Individuals who have a public presence or engage in activities that could increase their risk of being sued—like coaching sports, owning a rental property, or hosting events—might benefit from the extra protection.

4. Peace of Mind: Umbrella insurance offers peace of mind, knowing that you have a financial safety net in case of unforeseen circumstances that could lead to substantial liability claims.

What Umbrella Insurance Covers

Umbrella insurance generally covers:

• Bodily Injury: If someone is injured on your property or as a result of your actions, umbrella insurance can help cover medical bills and lost wages.

• Property Damage: If you accidentally damage someone else’s property, this policy can cover repair or replacement costs.

• Legal Defense Costs: Umbrella insurance often covers legal fees associated with defending against lawsuits, which can be significant even if you are not found liable.

• Other Claims: This can include personal liability claims, like false arrest, slander, or libel.

What Umbrella Insurance Doesn’t Cover

While umbrella insurance provides broad protection, it does have limitations:

• Intentional Acts: If you intentionally cause harm or damage, those claims are typically not covered.

• Business Liabilities: If you run a business, you’ll need separate business liability insurance; umbrella policies usually don’t cover business-related claims.

• Certain Personal Liabilities: Claims arising from certain situations, like auto accidents involving uninsured or underinsured motorists, may require additional coverage.

How Much Umbrella Insurance Do You Need?

Determining the right amount of coverage depends on your assets and risk exposure. A common recommendation is to have enough coverage to protect your total net worth. Here’s a step-by-step approach:

1. Assess Your Assets: Calculate the value of your home, savings, investments, and other significant assets.

2. Consider Future Earnings: Think about potential future earnings and any liabilities that could arise from your profession.

3. Evaluate Risks: Consider your lifestyle, activities, and any public exposure that could increase your liability.

A typical umbrella policy starts at $1 million in coverage, but many individuals choose higher limits for extra security.

How to Get an Umbrella Insurance Policy

1. Review Existing Policies: Check your current homeowners and auto insurance policies for existing liability coverage.

2. Shop Around: Compare quotes from various insurance providers to find the best coverage at an affordable price.

3. Consult an Agent: Speak with an insurance agent who can help assess your needs and recommend appropriate coverage levels.

Conclusion

Umbrella insurance is an invaluable tool for safeguarding your financial future against unexpected liability claims. By understanding what it covers, why you might need it, and how to choose the right policy, you can make informed decisions to protect yourself and your assets. If you haven’t considered an umbrella policy yet, now may be the perfect time to explore your options!

You can experience the benefits of being a part of a full-service Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Blog post written by: Ryland Hochstetler

Auto insurance can be a significant monthly expense, but the good news is there are plenty of ways to lower your premiums—if you know where to look. Many insurance companies offer various discounts, and by understanding how to take advantage of them, you can keep more money in your pocket. In this blog post, we’ll guide you through some of the most common auto insurance discounts and share tips on how to maximize your savings.

1. Bundling Discounts

One of the easiest ways to save on auto insurance is by bundling it with other types of insurance. Many insurance providers offer discounts when you combine your car insurance with other policies like home, renters, or life insurance. By consolidating your policies with one provider, you can often score a significant discount on your premiums.

Tip: Always ask your insurer about bundling options and compare the prices to make sure you’re getting the best deal.

2. Safe Driver Discounts

If you have a clean driving record, you may qualify for a safe driver discount. Insurance companies reward drivers who haven’t been in accidents or received traffic violations in recent years. If you’ve been driving accident-free for a long time, make sure to mention it to your insurer to see if you qualify for this discount.

Tip: Even if you’ve been in an accident, some insurers offer discounts for taking safe driving courses or defensive driving classes. Look for those opportunities to improve your record and save.

3. Good Student Discounts

If you have a young driver in your household, a good student discount could be a great way to save. Many insurers offer discounts to students who maintain good grades (typically a B average or higher).

 

This discount can apply to both young drivers and students away at college.

Tip: Encourage your teen to focus on their studies and keep a copy of their report card to show proof of good grades to your insurer.

4. Safety Feature Discounts

Cars equipped with advanced safety features like anti-lock brakes, airbags, or automatic emergency braking systems can earn you discounts on your auto insurance. These features lower the risk of accidents, which makes you less of a liability to the insurer.

Tip: When purchasing a new car, consider the safety features that are offered and ask your insurance provider about discounts for those features. If you’ve recently installed safety devices in your current vehicle, inform your insurer to see if you qualify for a discount.

5. Paying Your Premium Upfront

Some insurers offer discounts if you pay your premium for the entire year upfront, rather than monthly. While this requires a larger upfront payment, it can help you save over time as many insurers offer a discount for the convenience and reduced administrative costs.

Tip: If possible, plan ahead and pay your annual premium in full to earn a discount.

6. Loyalty Discounts

If you’ve been with the same insurer for several years, you might be eligible for a loyalty discount. Many insurance companies reward long-term customers with lower premiums as a thank-you for staying with them.

Tip: Don’t be afraid to ask about loyalty discounts, and compare your current policy with others to ensure you’re still getting the best deal.

7. Pay-Per-Mile Insurance

For drivers who don’t use their car often, pay-per-mile insurance can be a great way to save. With this type of coverage, you only pay for the miles you actually drive, which can drastically reduce your monthly premium.

Tip: If your driving habits are more occasional or you work from home, look into pay-per-mile insurance options to see if they might work for you.

8. College Student Away from Home

If your child is away at college and doesn’t drive their car while living there, you could qualify for a discount. Insurers often offer a reduced rate for students who live away from home and don’t have access to their vehicle most of the time.

Tip: Make sure to inform your insurer if your child is no longer driving the car regularly or is living at school without access to the car. This can significantly reduce your premiums.

Conclusion

Maximizing your auto insurance savings is about more than just picking the lowest premium—it’s about being proactive in finding and using discounts. From bundling policies to taking advantage of low-mileage and good driver discounts, there are plenty of ways to reduce the cost of your auto insurance. Don’t forget to regularly review your policy, update your coverage as needed, and explore new discounts as your circumstances change. With these tips, you’ll be on your way to keeping more money in your pocket while still enjoying the coverage you need.

You can experience the benefits of being a part of a full-service Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Nonprofits have unique insurance needs to protect their operations, employees, volunteers, and assets. Here’s a quick overview of key coverage options:

1. General Liability Insurance: Protects against accidents, injuries, or damage at events or on nonprofit premises.
2. Professional Liability Insurance: Covers mistakes or negligence in services provided, like advice or counseling.
3. Directors & Officers (D&O) Insurance: Protects nonprofit leaders from personal liability for decisions made on behalf of the organization.
4. Workers’ Compensation: Covers employee injuries or illnesses while working.
5. Volunteer Insurance: Covers injuries to volunteers while they’re working for the nonprofit.
6. Property Insurance: Protects buildings, equipment, and supplies from damage or theft.
7. Commercial Auto Insurance: Covers vehicles used for nonprofit work, such as transporting supplies or people.
8. Event Insurance: Protects against risks associated with events, such as cancellations or accidents.
9. Cyber Liability Insurance: Covers data breaches or cyberattacks affecting sensitive information.
10. Crime Insurance: Protects against theft or fraud by employees or volunteers.
11. Business Interruption Insurance: Helps with lost income if the nonprofit must temporarily shut down due to an emergency.

Nonprofits should work with an insurance agent to ensure they have the right coverage for their specific needs.

Special Considerations for Nonprofits:

• Grant Requirements: Some grants or funding sources may require nonprofits to have specific types of insurance before funding is approved. It’s essential to check with funders to make sure you’re covered.
• State Laws: Requirements for insurance can vary significantly by state. Be sure to check local laws to ensure compliance.
• Mission-Specific Coverage: Depending on the nature of your nonprofit (e.g., a nonprofit offering healthcare services, or a child welfare organization), additional specialized coverage may be necessary to meet specific risks associated with your work.

Conclusion:

Nonprofit organizations need a tailored approach to insurance, addressing the unique risks they face. Having the right coverage not only protects the nonprofit but also ensures it can continue to serve its community and carry out its mission with peace of mind. It’s recommended to work with an insurance broker or agent who understands nonprofit operations to ensure all bases are covered.

 

You can experience the benefits of being a part of a full-service Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Blog post written by: Sarah Hlebasko

Meeting with an insurance agent can feel a little overwhelming, especially if you’re unsure about what types of coverage you need or what questions to ask. Whether you’re looking to purchase a new policy, renew an existing one, or simply evaluate your options, being well-prepared can help you make informed decisions and ensure you’re getting the best deal for your needs.

Here’s a comprehensive guide to help you prepare for your upcoming meeting with an insurance agent:

1. Understand Your Needs

Before you even schedule a meeting, take a moment to assess what kind of coverage you’re seeking. Different insurance products serve different purposes, and knowing which one aligns with your life goals and circumstances will set the stage for a more productive conversation. Some common types of insurance include:

• Auto Insurance: Do you have a car, motorcycle, or RV that requires coverage?
• Homeowners or Renters Insurance: Are you protecting your home or belongings against damage or theft?
• Life Insurance: Are you considering a policy to provide financial security for your loved ones?
• Disability Insurance: Are you interested in a policy that provides income protection if you become disabled?

Tip: Make a list of your most important insurance needs so you can focus on relevant options during the meeting.

2. Gather Personal Information

Insurance agents typically ask for details about your personal and financial situation to recommend appropriate coverage. Having this information on hand will streamline the process. Be prepared to share:

• Personal Information: Full name, date of birth, address, and Social Security number (if required for certain types of coverage).
• Asset Information: For auto insurance, the make and model of your car, or for home insurance, details about your property (e.g., square footage, age, and condition).
• Income and Employment Details: This is especially relevant for life or disability insurance, where income replacement might be a consideration.

3. Do Your Research

While your agent is there to provide expert advice, it’s still important to come with a general understanding of your options. Research different types of policies, coverage limits, and premiums so you can engage in a meaningful conversation.

• Premiums: Understand the cost ranges for different types of coverage. Insurance agents can explain how premiums are calculated, but having a ballpark figure in mind helps you evaluate your budget.
• Policy Features: Familiarize yourself with common policy features like deductibles, exclusions, and claim processes so you can ask insightful questions.
• Comparing Providers: Check out reviews of the insurer you’re meeting with or explore competitors to get a sense of the market. Being knowledgeable about the insurer’s reputation can help you assess if it’s the right fit for you.

Tip: Many insurance providers offer online calculators to help you estimate premiums. This is a great tool for comparing costs before your meeting.

4. Prepare a List of Questions

To ensure you’re getting the coverage you need, come with a list of specific questions to ask your insurance agent. Some important ones might include:

• What types of coverage do I really need?
• What’s the difference between these two policies?
• How much coverage do I need for my assets?
• Are there any discounts available?
• What are the policy’s exclusions?
• How does the claims process work?
• How often can I update my policy?

Don’t be afraid to ask for clarification on any points you don’t understand — insurance jargon can be complicated, and your agent is there to help!

5. Review Your Current Policies (If Applicable)

If you’re renewing a policy or making changes to an existing one, it’s crucial to review your current coverage beforehand. Take a look at your current premiums, deductibles, coverage limits, and any endorsements or riders you’ve added. This will help you identify areas where your policy may need to be adjusted to better suit your current needs.

If you’re looking to switch insurers, it’s helpful to bring in your current policy documents to discuss what’s working for you and what isn’t.

6. Set a Budget

Insurance is an investment, and it’s essential to determine what you can afford. Set a budget for the coverage you’re seeking and be upfront with the agent about your financial constraints. There are usually a variety of policy options available, ranging from basic to comprehensive coverage, so understanding your budget can help guide the conversation.

7. Be Ready to Discuss Your Risk Tolerance

Insurance is all about balancing risk and coverage. Your agent may ask you about your comfort level with taking on risk, such as choosing a higher deductible to lower your premium. Think about how much risk you’re willing to accept and where you’d like to play it safe.

Tip: It’s helpful to remember that lower premiums often come with higher deductibles or less coverage, so finding the right balance for your needs is key.

Conclusion

Preparing for an insurance agent meeting may seem like a daunting task, but with a little planning, you can ensure that the meeting goes smoothly, and you get the best possible coverage for your needs. By understanding your needs, gathering the right information, doing your research, and asking the right questions, you can confidently navigate the process and walk away with a policy that protects you and your assets.

Remember, your agent is there to help you, and it’s their job to explain the ins and outs of the insurance world in a way that makes sense to you. So don’t hesitate to take notes, ask for clarification, and take your time making important decisions!

 

You can experience the benefits of being a part of a full-service Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Insurance fraud is a serious issue that leads to higher premiums and financial losses for both individuals and insurers. It occurs when false information is provided to gain an unfair payout. Knowing how to spot and avoid fraud can protect you from being involved in fraudulent activities—either intentionally or unintentionally.

What Is Insurance Fraud?

Insurance fraud can involve exaggerating damages, staging accidents, or providing false information about the cause of a loss. There are two types of fraud:

• Hard Fraud: Deliberately staging an incident to file a false claim (e.g., causing an accident).
• Soft Fraud: Lying or exaggerating details in a claim (e.g., inflating the value of stolen items).

Both types can be tricky to detect, but knowing the warning signs can help.

Red Flags to Watch For

When filing a claim, keep an eye out for these signs of potential fraud:

1. Inconsistent or Unclear Details
   If the details of the incident change or seem inconsistent, it may indicate fraud.
2. Pressure to Settle Quickly
   Fraudulent claimants may try to rush the settlement process or pressure you to accept a low payout.
3. Suspiciously High or Unverifiable Claims
   Over-inflating damages or claiming items that can’t be verified with receipts or proof of ownership should raise a red flag.
4. Unusual Behavior
   Fraudsters may refuse to cooperate with investigations or act suspiciously when asked for clarification.
5. Frequent Claims
   Multiple claims in a short period, especially for similar types of damage, could indicate fraud.
6. Unusual Medical Claims
   In health insurance, look for claims involving unnecessary procedures, medications, or discrepancies in medical records.

How to Avoid Insurance Fraud

To avoid being involved in fraud, follow these tips:

1. Be Honest
   Always provide accurate information when filing a claim. Exaggeration or lying can have serious legal consequences.
2. Document Everything
   Take photos of damage, keep receipts, and maintain detailed records of the incident. Good documentation protects you and helps prevent fraud.
3. Report Suspicious Activity
   If you suspect fraud, report it to your insurance company. Many insurers have fraud hotlines for anonymous tips.
4. Work with Professionals
   Insurance adjusters and legal professionals can help you navigate the claims process and ensure everything is legitimate.
5. Stay Informed
   Be aware of common scams in your area or industry and be cautious when someone offers a deal that seems too good to be true.

What Happens If You’re Caught in Insurance Fraud?

The consequences of insurance fraud can include:

• Fines and legal fees.
• Jail time for more severe fraud.
• Policy cancellation and difficulty obtaining future coverage.

Even if you’re unknowingly involved in fraud, failing to report it can have serious consequences.

Conclusion

Insurance fraud hurts everyone, raising premiums and complicating claims. By recognizing the warning signs and following best practices, you can ensure your claims are legitimate and avoid becoming involved in fraudulent activity. Stay honest, stay vigilant, and always document everything to protect yourself and the integrity of the insurance system.

You can experience the benefits of being a part of a full-service Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Blog post written by: Ryland Hochstetler