When to Consider Umbrella Insurance

Umbrella insurance is a type of insurance that a lot of people do not know much about. It is not one that is often talked about when people of insurance but it can be a very helpful type of insurance. It is not a type of insurance that is ideal for everyone but there are specific situations where considering it would be best. Here at Alcorn Insurance Agency, serving Centralia, IL, these are some of the most common reasons why we see people getting umbrella insurance. 

  • If your home or auto insurance is maxed out but does not cover the full value of your home or vehicle, you can get umbrella insurance to cover the rest of the value. 
  • If you have a lot of parties at your home where people come frequently, you may want to get umbrella insurance to give you more liability coverage in case there are any accidents at your home. 
  • If you are well known in the community or are even considered to be a semi-celebrity in your area, you may want to have umbrella insurance to protect you not only from any lawsuits that people may bring to you but also from libel or slander so you can help protect your reputation. 
  • If you simply want to have coverage that will pick up where other insurance coverages end. This is a good policy because it can cover all of the areas that other policies may not cover. 

If you think that umbrella insurance would be an ideal fit for your needs, be sure to reach out to us here at Alcorn Insurance Agency, serving Centralia, IL. We can help you find the right policy for you that will meet all of your needs while still staying within your budget. 

Why Retirement Doesn’t Mean Drop Life Insurance

When one thinks about life insurance in Centralia, IL or elsewhere, it’s generally in light of protecting one’s family and loved ones. However, as the kids move out and go to college and the home becomes an empty nest, that world to protect becomes smaller and smaller. Eventually, it’s just the spouse and the protector who, if they planned well, have put away enough assets to ensure retirement is taken care of. So why in the world would life insurance still be needed? It’s a question a lot of folks answer too quickly, getting rid of their policy and then finding out the hard way why it was a mistake.

The fact is, life remains generally unpredictable. We make go through life entirely fine only to suddenly get a fast-moving medical condition in old age. We may be in an accident no one expects. We could travel and get hurt completely randomly in a way no one ever anticipated. The point is, life happens, and people still leave this plane of existence earlier than they planned to, leaving loved ones behind with everything else that has to be taken care of. And that can be extremely expensive. According to cases seen in Centralia, IL alone by the staff at Alcorn Insurance Agency, funeral costs could reach as much as $25,000, taxes still have to be addressed on property transfer, bills have to be paid even if expected income no longer occurs, and in this day and age seniors may still have a mortgage on a home. All of those issues require ready cash available to avoid further problems after the passing of a loved one. But there are real-time, practical life insurance solutions, and Alcorn Insurance Agency can help. Give them a call to find out more today.

How to Determine the Right Amount of Home Insurance for Your Home

Here at Alcorn Insurance Agency, serving Centralia, IL, we know how important it is to have home insurance on your home. Even if you are not required to have an insurance policy to cover your home by your mortgage company, it is still one of the best things that you can do to protect your largest investment. If you know that you are wanting to have a home insurance policy, you need to make sure that you get the right coverage amounts. Use these tips to make sure you do exactly that.

  • Have enough coverage equal to the value of your home. This is the first thing to consider when you are looking at policies. If you do not have a policy that would cover the entire value of your home and your home is destroyed in some kind of accident, you will have to pay for any gaps in coverage in order to get your home rebuilt.
  • Check the value every few years. It is not enough to cover the value of your home when you first get insurance but you also need to take into account any increased value that comes over time. You should think about increasing coverage anytime there is a marked increase in your area or simply every 5 years.

Now that you know how much home insurance you really need to have, it is time to start looking at policies. You want to make sure that your home is insured as soon as possible. If you would like to get a free quote, be sure to reach out to us here at Alcorn Insurance Agency, serving Centralia, IL. We will make sure you get exactly what you need with a policy that meets your budget.

3 Ways Commercial Insurance Can Protect Your Business

According to a recent report, youths are now more interested in starting their own business rather than work as an employee. Unfortunately, many new startups die off within the first year because of some inevitable challenges.

If you are about to start a new business or you have an existing business in Centralia, IL, you should contact Alcorn Insurance Agency or any other reliable insurance company to know how commercial insurance can protect your business. However, here are three ways by which commercial insurance can protect your business in Centralia, IL.

1. Provision of general liability insurance

This is the most common form of commercial insurance offered by Alcorn Insurance Agency. A client or customer can suffer bodily injury for using any of your products or services. His properties can also get damaged as a result of using your product or service. While you can prevent this, you may not be able to prevent the case of customer or client tripping and falling within your premises.

This is where general liability insurance comes in. It protects your business from any of the situations listed above. Being a startup that is still struggling financially, one lawsuit can nail the coffin of your business for good.

2. Provision of business property insurance

If any of your office furniture, inventory, and electronics get damaged or stolen, this insurance coverage will give you monetary compensation. Remember that the cases of hurricanes and wildfire are not uncommon in many parts of the United States. A natural disaster could damage your office equipment and fittings. Without this insurance coverage, the blow will be too devastating. If you had set everything up with a loan, it will be double trouble for you. So, you can simply prevent that with commercial insurance.

3. Provision of commercial auto insurance

When other people sustain bodily injury or property damage from an automobile accident caused by your own employee, this coverage protects you from the cost of treating the injured parties and fixing the property damages.

In conclusion, there are several other reasons you need commercial insurance to start any business. The ones discussed above are just a few of them. Starting any business without this commercial insurance coverage is simply suicidal.

 

When Can You Claim Boat Insurance?

A boat insurance policy is designed to cover you in the event of damage to or loss of your boat in Centralia, IL and beyond. A boat insurance policy from Alcorn Insurance Agency covers fishing boats, paddle boats, yachts, leisure boats, and even personal watercraft. A boat insurance policy covers property damage, liability, collision, and bodily injury liability.

However, if you purchase a comprehensive policy, then you will be reimbursed if your boat is stolen, vandalized, or damaged as a result of an incident that isn’t a collision. Although most boat owners purchase a boat insurance policy, they don’t know when they can file a claim on their coverage. Read on to find out when you can file a boat insurance claim.

When Should You File a Claim?

The most appropriate time to file a boat insurance claim varies depending on the type of policy, coverage, and of course, the event that occurred. Some decisions are straightforward and easy to make. For instance, you should file a claim if your boat is either involved in an accident, sinks or if it burns. You should also file a claim if a guest slips and falls in your boat resulting in bodily injury.

The most commonly used coverage of a boat insurance policy is the property damage coverage since it covers all form of damage to the boat itself. If your boat engines fail and you discover that it will cost you a lot of money to repair it, don’t be afraid to file a claim.

You should also file a claim if any form of injury occurs on your vessel. The medical payment coverage is meant to settle the hospital bills arising from such cases. The policy covers your guests in Centralia, IL and beyond. The liability coverage is designed to protect you against expensive lawsuits that may be filed against you.

Are you looking for a standard or comprehensive boat insurance policy? Contact Alcorn Insurance Agency today for quality service.

Is Umbrella Insurance Right for You?

Umbrella insurance is optional coverage you can get in Centralia, IL in order to protect yourself from personal liability and give you extra coverage on your home and auto insurance. When you owe more for a claim that your standard insurance covers, umbrella insurance will kick in.

There are a few reasons why it makes financial sense to buy an umbrella insurance policy. If you have wealth or are starting to build assets, then it makes sense to have an umbrella policy. There are also some common things that make people more likely to be sued. If you have dangerous items in your home, like a swimming pool or trampoline, have teenagers on your auto insurance or regularly host people in your home, then umbrella insurance may help protect your assets.

Think about anything that could cause you to pay for damages to your home or if people could get injured in your home. Owning a waterfront home or traveling a lot could lead you to have more damage to your home. Having young children whose friends come over often could lead you to face potential lawsuits.

Regardless if you have your policies with Alcorn Insurance Agency, in order to get an umbrella policy you will already have to have the minimum levels of liability coverage on your home and auto policies. You won’t be able to buy an umbrella policy on its own. When purchasing umbrella insurance, you will want to get a policy that covers 50% or more of your overall assets. This will make sure you protect your assets, which is the point of the policy. Also, make sure the policy lines up with your home and auto insurance so there aren’t any gaps in coverage.

Contact Alcorn Insurance Agency serving Centralia, IL to find an umbrella insurance policy to suit your needs.

Is It Smart to Own a Business Without Commercial Insurance?

There is much that goes into owning your own business. From time and effort to money, all three of these are crucial to the overall success of your company. And while you may be tempted to operate your business without any type of commercial insurance, one of the smartest decisions you can make is to invest in a policy that is customized to your preferences and needs. 

It is not smart to own a business without commercial insurance. Depending on how many employees you have, you may be required to invest in this type of insurance. You want to make sure that your assets and income are protected, and with commercial insurance, you can rest easy knowing your business can stay afloat if a disaster was to occur. Take for example your business is destroyed by a fire. How will you stay afloat since you won’t be selling any products? With commercial insurance, you can take advantage of asset reimbursement and income protection. 

Without commercial insurance protection, you run the risk of losing everything. And if you think it is not important to be protected these days, you need to think again. You need an insurance policy that protects you from everything like disasters to libel and slander. You never know when a person might try to sue your company, but with proper insurance coverage, you can rest easy knowing your assets are protected. 

If you would like to learn more about owning your own company and the benefits of having commercial insurance coverage, please don’t hesitate to reach out to Alcorn Insurance Agency serving the Centralia, IL area. 

Terms of homeowners insurance

For most people, there isn’t anything more valuable than your home.  That is why you should check with the Alcorn Insurance Agency in Centralia, IL to make sure you have the correct coverage. There are a lot of things that can change your coverage depending on your situation. It is a good idea to know some of the terms used in the industry. Here are some words you should know when it comes to homeowners insurance.

Actual cash value: This is what it would cost to replace a covered item.  If you have a 10-year old couch you paid $1,000 for, you must realize it is not worth that much today. You would get what it costs to replace a 10-year-old couch instead of a new one.

Market value: This is similar to actual cash value, which is the price something would bring at the current time based on its age and condition.

Liability: This is a policy that pays for damages that are your fault, though not intentional. This could be like someone slipping on your sidewalk.

Replacement cost: What it costs to restore your property.  This would mean a new couch, from the above example.  This could also apply to an older house with masonry done by hand, which would be very expensive today. If you wanted that replaced exactly has it was, the policy would cost more.

Depreciation: This is the decrease in value of property, due to time, wear and tear.

Floater: A floater policy covers items that may be moved out of your house, and is not part of a typical policy. This can be things like furs, jewelry or cameras.

These are just a few of the terms you need to know when buying home insurance. Visit the Alcorn Insurance Agency in Centralia, IL to make sure you have the coverage you need, and that you correctly understand the terminology involved.

 

 

When should A Business Consider Fleet Insurance?

Business owners who live in or near the Centralia, IL area may need to think their commercial insurance policy, especially if they have purchased any vehicles for company use. The agents of Alcorn Insurance Agency can explain the benefits of fleet insurance and help you determine whether or not it would be beneficial for your business.

What Is Fleet Insurance?

Fleet insurance is a policy that covers vehicles that are used for business purposes. This can include delivery trucks, limousines, company cars, and semi-tractor/trailers. Vehicles covered by this type of policy are normally only used for purposes related to the operations of the business. A company car that an employee drives to and from work may be covered under fleet insurance, but accidents that occur during personal use may not be. The employee’s personal policy will have to be applied.

When Should You Consider Adding It to Your Commercial Policy?

Fleet insurance should be considered if your business owns or maintains two or more vehicles used for business purposes. The more vehicles the business owns, the higher the risk of liability. Purchasing fleet insurance is the best way to protect your company from financial disaster if an accident occurs involving a vehicle that is owned by the business. 

At Alcorn Insurance Agency, highly trained agents are always available to evaluate your existing commercial insurance policy. They can go over any changes that you have made over the last few years and find a policy that best suits your needs. Contact their office today if you have added vehicles to your inventory and want to learn more about affordable fleet insurance. 

 

How Does Boat Insurance Protect Me in International Waters? Alcorn Insurance Agency – Blog Order – October 2017

Boating is a popular pastime throughout the year. Individuals who avidly pursue boating, sailing and watercraft need to understand that they are protected in a variety of situations. Policies for boats and yachts are different than the coverage that you will have for your home or auto. The staff at Alcorn Insurance Agency helps boat owners in Illinois and Missouri get the coverage that they need. Many new boat owners believe that their homeowner’s insurance will also cover their boat.  In some cases, with small boats this may be true. It is important for you to discuss your situation with your agent to ensure that you are covered. For larger boats that travel into international waters, it becomes more important to make sure that the appropriate coverage is in place.

Basic marine insurance will provide liability and physical damage coverage. Liability protects the boat owner should anyone be injured on the boat or there is an accident resulting in property damage. The best physical damage policies are “all risk” and cover damage to the boat and its mechanical components. The policy may also provide coverage for events such as wind damage and vandalism.  Many insurers recommend that you keep the policy in place even when the boat is stored or tailored. These policies will offer two options:  agreed value and actual cash value. Agreed value means that you will be reimbursed based on an agreed amount in the policy. The actual cash value calculates the value of the boat based on depreciation. Additional policies can cover medical expenses, uninsured boats and personal possessions on board. The team at Alcorn Insurance Agency knows that boaters in Illinois and Missouri have questions. They are here to help!