What Homeowners Should Know about Umbrella Insurance

Contrary to popular belief, umbrella insurance isn’t just for those who are wealthy. Ordinary people with personal assets such as a home, savings, car, RV, etc., also run the risk of being sued if they’re found at fault for an accident at home or on the road. Auto and home liability insurance will only cover so much; once liability limits on these policies have been exhausted, you’re responsible for additional compensation out of your own pocket.

If you own a home in Columbia, MO and are interested in protecting your investment, consider what umbrella insurance from Walker-Winter Insurance has to offer.    

Additional Liability Coverage

Umbrella insurance picks up where your home and auto liability coverage leaves off. Coverage often begins at $1 million and provides protection against major liability claims and lawsuits. If you’re found at fault for an accident, umbrella insurance will pay for medical expenses or property damage sustained by others up to the limits of your policy. This saves you from having to pay these expenses out of your own pocket.  

Protection of Personal Assets

If you have assets and are found at fault for an accident, you run the risk of being sued for compensation of injuries or damages that exceed your auto or home liability limits. After all, it’s only natural for people to seek repayment for their troubles. 

Umbrella insurance gives you an extra layer of liability protection when you need it most, preserving your valuable assets. With umbrella coverage, you don’t have to worry about mortgaging your home or giving up your savings to compensate others for accidents you cause. Having umbrella coverage reduces your risk of financial loss.

For more information about umbrella insurance, policy options and costs, contact an insurance specialist at Walker-Winter Insurance, Columbia, MO.

 

Do You Need Umbrella Insurance?

By law, you obviously need car insurance, and if you own a home, you should have homeowner’s insurance. And if you rent, it’s a smart decision to have renter’s insurance. However, you may be overlooking the need for umbrella insurance. 
 
Definition of Umbrella Insurance 
Umbrella insurance takes over when you have exceeded the limits of your standard auto or homeowner’s policy. It protects you if you should find yourself being sued for an amount exceeding your policy limits. For example, if you have $100,000 in personal injury coverage, and you get into an accident that was your fault, and the accident resulted in $250,000 worth of medical bills, you’re responsible for the other $150,000. However, if you have an umbrella policy, it’ll cover you in the event you’re facing an incident that exhausts your insurance.
  
When You Should Have an Umbrella Insurance Policy 
If you own a home that has a great deal of value, you could find yourself in a situation where you could have to sell your home to cover the extra cost of the lawsuit that the insurance didn’t cover. That’s why we advise anyone who has something of value to have umbrella insurance. We advise anyone who has assets in the bank to have coverage that covers at least the amount you have in the bank along with the value of your other assets. We encourage anyone who makes over $100,000 per year to get an umbrella insurance policy. If you own a rental property, an umbrella policy becomes beneficial. Although it seems impossible that you’ll have a lawsuit that insurance doesn’t cover fully, it’s possible. This is especially the case when so many people are out to make a quick buck
 
To receive a quote for umbrella insurance from Walker-Winter Insurance, serving Columbia, MO and the surrounding area, call 1-800-516-3322. 

 

 

   
   
 

 

Different Health Insurance Policies with Walker-Winter Insurance

You can never make a mistake by deciding to buy health insurance coverage whether individual or for your family. Health insurance is an investment which offers you a financial security since no one knows what happens tomorrow.

Anything could happen for example a sudden illness that requires immediate attention. Such kinds of emergencies catch you off guard without financial preparation, and this could delay the treatment process, and could not go any worse when the patient dies.

The treatment methods are evolving with time and so is the cost of medical care. The cost is going up as the treatment technology advances. Health-Insurance is meant to assist people to undergo through such unexpected expenses at ease. Walker-Winter insurance offers Columbia, MO residents with many forms of affordable policies, and they also help them to choose the coverage that is suitable for their needs. The health insurance policies include;  

Medicare supplement insurance policy

It is tailored for the seniors and elderly who wish to participate in Medicare. The plan caters for the expenses that Medicare does not pay.

Supplement health insurance policy

It is meant to complement the core insurance coverage by providing individuals with fixed benefits. The benefits amount to any extra costs that may arise unexpectedly.

Individual medical insurance plan

If one is employed or has joined a particular organization, there is a possibility that their insurance matters are catered for. The employer or the group leader may have an insurance plan for the team. However, if this is not the case, an individual has to buy a Medicare coverage which could cover them either individually or as a family.

If you are looking for health insurance policies in Columbia, MO, contact Walker-Winter Insurance for assistance. We will be glad to help and walk with you through the journey until you find the policy that optimally caters for your needs. Our health insurance policies are designed to fit all the requirements of the state. Contact us today to discuss a quote as per your requirements.

How Risk Ratings Impact Life Insurance Rates

If you’ve been looking for life insurance in the Columbia, MO area, you may be curious about how the risk ratings impact the life insurance rates.  Who makes the rating and which things about your life are taken into consideration?  Here are a few answers:

  • The life insurance company has underwriters who give you a rating that places you in one of these risk categories: super preferred, preferred, standard, and substandard.
  • The risk categories are associated with the likelihood that a claim will be made based on data collected over time.
  • The physical characteristics considered are: age, gender, weight, height, blood pressure, cholesterol level, and medical history.
  • The lifestyle considerations are: use of alcohol, drugs, and tobacco, extreme sports, and for some, diet and exercise practices.
  • Other things you may not think about that are considered are: driving record, finances and credit score, geographic location, and family history.
  • All of the information is gathered and together equal your risk rating.  A rating of super preferred means every item considered is at the top of the scale, and life insurance rates will be the lowest.  On the other end of the scale is the substandard rating, which can be due to one or several factors together and the rates will be higher.
  • Does a risk rating stay the same?  No, it can change over time as the factors taken into account change.  These changes can raise or lower risk ratings and the cost of your life insurance.  For example, a substandard rating can improve as a health condition improves over time.

Walker-Winter Insurance

Walker-Winter Insurance in the Columbia, MO area is a one-stop shop for all of your insurance needs. Contact a Walker-Winter independent agent today to start planning for your life insurance coverage.

 

 

Homeowner Insurance 101 in Columbia, MO

Most lenders require enough home insurance to cover your mortgage. However, homeowners insurance provides insurance money to recover from a catastrophic loss related to your home or belongings. It is important to have it, even if you paid off your mortgage. It usually covers fire and smoke, and natural disasters. Natural disasters include windstorm and hail, lighting, and damage from the weight of ice and snow. Your homeowner’s insurance in Columbia, MO also often covers theft, vandalism, and damage from cars.

What is Not Covered?

It is challenging and inconvenient when you experience a loss of your home or property. Having homeowners insurance can give you peace of mind. 

Certain events usually require separate or additional coverage in Columbia, MO. You may be required to purchase flood insurance for certain vulnerable areas mapped out by the state. You can research this online or ask your Walker-Winter Insurance agent for more information and where to get a quote on flood insurance. Other events not covered include earthquakes and sewer and drain backups. You will need to consider getting additional coverage for these events. 

How Homeowner’s Insurance Helps

When you have homeowner’s insurance, the cost of replacing personal property is covered if it is damaged or stolen. Additionally, it may cover living expenses while the damage is being repaired, typically in a hotel. In the unfortunate event that someone is hurt on your property, it covers medical bills up to a maximum amount. Under certain circumstances, it includes cars parked on your property.

Your Walker-Winter Insurance agent is available to help you understand your policy and options. Call us today to understand your options.

 

Homeowner Insurance 101 in Columbia, MO

Most lenders require enough home insurance to cover your mortgage. However, homeowners insurance provides insurance money to recover from a catastrophic loss related to your home or belongings. It is important to have it, even if you paid off your mortgage. It usually covers fire and smoke, and natural disasters. Natural disasters include windstorm and hail, lighting, and damage from the weight of ice and snow. Your homeowner’s insurance in Columbia, MO also often covers theft, vandalism, and damage from cars.

What is Not Covered?

It is challenging and inconvenient when you experience a loss of your home or property. Having homeowners insurance can give you peace of mind. 

Certain events usually require separate or additional coverage in Columbia, MO. You may be required to purchase flood insurance for certain vulnerable areas mapped out by the state. You can research this online or ask your Walker-Winter Insurance agent for more information and where to get a quote on flood insurance. Other events not covered include earthquakes and sewer and drain backups. You will need to consider getting additional coverage for these events. 

How Homeowner’s Insurance Helps

When you have homeowner’s insurance, the cost of replacing personal property is covered if it is damaged or stolen. Additionally, it may cover living expenses while the damage is being repaired, typically in a hotel. In the unfortunate event that someone is hurt on your property, it covers medical bills up to a maximum amount. Under certain circumstances, it includes cars parked on your property.

Your Walker-Winter Insurance agent is available to help you understand your policy and options. Call us today to understand your options.

 

Does Commercial Insurance Cover Product Losses Caused By Damage to the Roof?

The agents of Walker-Winter Insurance are available to help business owners in the Columbia, MO area. There are several types of commercial insurance policies that can be used to help protect a business owner from loss. Loss can take many forms including shoplifting, vandalism, wind damage, as well as tornado and storm damage. When the roof of a business is damaged, it can result in potential loss of property inside the building. The cause of the damage to the roof will determine whether or not the loss will be covered by the company’s commercial policy.

If the damage to the roof is caused by general wear and tear, odds are property damage to items inside the building will not be covered. If the damage to the roof is the result of a natural disaster, the damage to property inside the building will more than likely be covered. Properly maintaining the roof will help to reduce the damage caused by storms but it will not eliminate it altogether. If you own a business in an area that is prone to strong winds and heavy storms, it is important to make sure you have enough commercial coverage to protect your business and your livelihood. Do not undermine the potential hazardous that can occur from accidents beyond your control.

In Columbia, MO, the agents of Walker-Winter Insurance are available to answer your questions about commercial insurance and what is covered when it comes to storm damage. Contact the insurance office and speak to a licensed agent to have your policy reviewed and brought up to date. A few minutes of your time can protect your business from a devastating loss.

Which types of vehicles need insurance?

It’s common knowledge that the bare minimum insurance for operating an automobile is liability coverage, but insurance requirements for other forms of personal transportation can be a bit murky. Luckily, we can clear up the Columbia, MO legal requirements for you with this short guide from Walker-Winter Insurance.

Which other vehicles have to be insured?

Recreational vehicles and motorcycles are similar enough in use to automobiles that the insurance laws are nearly the same. Both will require full coverage if financed, while RVs also need it if they count as a motor home. Otherwise, if you plan on driving down a road that’s not on your property, then you’ll need liability coverage to avoid receiving a citation.

Can other vehicles be insured?

You are not required by law to have liability coverage for a boat, but repairing even a moderate amount of damage could cost as much as an automobile would cost.

All-terrain vehicles are also exempt from coverage requirements and are less likely to need liability due to operating away from other vehicles, but the rough use they are put through absolutely warrants purchasing collision insurance to mitigate the cost of repairs – especially if you have teenagers who operate them.

These are policies beyond your regular auto insurance. At Walker-Winter Insurance, we want to provide you with the information, so you are not confused with your coverage plans.

Do I have to purchase these policies from different companies?

For residents of Columbia, MO, you can find affordable insurance for every automobile in your fleet from Walker-Winter Insurance. Just stop by our office or give us a call toll-free at 1-800-516-3322 to compare quotes on any of your auto insurance needs.

Columbia MO Insurance Tips

Smack dab in the middle of the state of Missouri, is Columbia, MO, one of the bigger city centers in the state itself. Because of the higher population and the location of Missouri itself, there are a number of insurance policies people may need based on their specific situations. Below are some basic tips for Columbia MO residents when trying to figure out what they need to insure in their lives, ideally through a local broker like Walker-Winter Insurance, who serves the greater Columbia area and knows it’s resident’s needs quite well.

PROTECTION FROM STORMS

Being in Missouri, which has a real vulnerability to storms like tornadoes throughout the year, insurance against storms if you are a home or business owner is an absolute must. There is always a chance a storm could come up in this very active region of what is known as tornado alley and drop a cyclone town to ravage a section of the town. If you don’t happen to have storm insurance when this happens, you could lose everything in minutes. Due to the location of Columbia, this is a critical policy to have in place.

COVERAGE ON THE ROADS

Due to the higher population of Columbia and the fact that it is on Interstate 70, there is a lot of traffic, meaning accidents are more common for all drivers. So auto insurance, beyond the minimum liability insurance that protects other drivers when you are at fault, is recommended. Having a policy that not only covers liability but also collision, medical care for those involved in the accident and protection against a possible lawsuit from the accident are also a good idea if you can afford it and don’t want to be financially vulnerable in the event of a bad crash. Talk to your broker about what is best for you.

Factors that Affect Policy Needs

Your auto insurance policy is as unique as you and a policy that works well for one driver may have none of the things that you seek in a policy. It is for this reason that you should understand some of the basic factors that affect how much coverage you might need for your particular policy. For those in the Columbia, MO area, the agents with Walker-Winter Insurance can help you custom make a policy that fits your individual needs.

One factor that affects your coverage needs is first and foremost the car that you are insuring. Value of the car, safety features of the car, the loan that you hold on the car, the make, model, and year, can all make a difference in the overall coverage that you need. Another factor that changes the needs of coverage are the drivers that are on your policy. Younger drivers have the potential to run up the amount of coverage that you need as do older drivers.

Another factor that might affect your coverage needs is your neighborhood. If you park on the street, live in a very populated city, live in an area where car break ins are common, or if you live in an area that is secluded or that has little traffic, these are all factors that change what coverage you need. It is important that when you are creating your policy, you take all possible factors into consideration to get the best policy possible.

A great agent will work with you to determine just what policy factors you have and what coverage is going to work best for you each and every time you have a claim. A very specific policy is the best way to go. For those that live in the Columbia, MO area, the agents with Walker-Winter Insurance can help.