Umbrella Insurance: The Financial Protection You Need

Insurance policies, whether they are for home or auto, come with predetermined caps on what they will pay out when there is an accident. Say you have a minor fender bender with minor injuries and you are found to be at fault. Your auto policy will cover the repair costs and medical expenses of the injured party. But not all accidents are minor. Also, the injured party can sue. It’s easy to see how mounting medical costs and legal fees can quickly max out your current policy. This is where umbrella insurance helps. The team of agents at Bingham Insurance Group work with residents throughout the Braselton, GA area. They can help ensure that you have the coverage you to need to keep you safe.

Accidents happen every day. When your basic policy has reached its payout limit, umbrella insurance goes into effect to handle the excess expenses.  Without it, you will be responsible for any expenses over and above your policy cap. Umbrella policies financially protect your assets.  For example, if someone is involved in an accident on your property and you are found negligent, they have the right to sue. The legal fees and medical expenses can be large.  If your home insurance policy pays $250,000 and their expenses are $400,000, you will be responsible for the additional funds. If you have an umbrella policy, however, when the home insurance policy is exhausted, it will go into effect and cover the additional expenses. A unique feature of umbrella policies is that they will also cover libel, slander, and invasion of privacy cases. This can protect your assets during a critical period.

In the Braselton, GA area, the team at Bingham Insurance Group are ready to assist you. Come by the offices and learn more about the true value of umbrella insurance policies.

What Qualifies a Property as At Risk to Get Flood Insurance?

Of all the natural disasters, flooding is number one for insurance claims. Flooding can happen in nearly every state and for this reason, it can be a good idea to be covered. It is important to know how high risk your property may be when looking at this type of insurance. Bingham Insurance Group of Braselton, GA can work closely with you to help find out whether you live in a low or high-risk area that is more prone to flood.

Flood Zones

The most obvious way to determine the level of risk of flooding to your property is the flood zone it is in. FEMA gives lettered designations that inform this level of risk and can be helpful when talking to insurance agents about how much flood insurance you may need. While what flood zone you live in shouldn’t be the only qualifying reason for getting flood insurance, it is useful to research and know to make decisions about purchasing coverage.

Changing Factors 

Even if you do not live in a high-risk flood zone, there are other factors that can still make flooding a possibility. Over-developed areas that are improperly planned, poor drainage systems and extreme weather conditions can all contribute to the likelihood of your property flooding. If you are uncertain of these factors, researching where you live can make you better informed at your flood risk.

Most homeowners insurance policies don’t cover flooding. It is usually an additional coverage that will need to be added. Since your home is likely one of your biggest investments, it can be a wise practice to get some kind of flooding insurance. Our qualified and friendly representatives at Bingham Insurance Group of Braselton, GA will be happy to discuss your insurance needs. Stop in or give us a call to schedule an appointment today.

 

Am I Too Old for Life Insurance?

The agents of Bingham Insurance Group are often asked if there is an age requirement in life insurance. While whole life may not be the best option if you are over the age of 55, term life may provide you with the type of benefits you’re looking for. Most people who are looking for life insurance after they reach a certain age often want something affordable that their loved ones can use to pay their final expenses. If you live in Braselton, GA, discussing your options with an agent will provide you with the answers you’re looking for.

You’re Never Too Old

You’re never told to buy a term life insurance policy. Term life covers a specific span of time, usually 5,10, 15, or 20 years. Because the amount of time is fixed, the rates are more affordable. After you reach a certain age, your premiums will increase but will still be affordable enough to provide you with the coverage you need to pay off any final expenses you may have.

Choose the Right Policy

After you reach a certain age, your financial needs change. Whole life insurance is more expensive because it guarantees the full amount of the policy no matter how long you pay into it. this is the best type of policy for someone who is younger and has a family to support. A term life policy is designed to meet the needs of someone who only needs a specific amount of coverage.

Bingham Insurance Group serves residents throughout the Braselton, GA area. If you are interested in learning more about life insurance, call and talk to a licensed agent. They can provide you with the answers you need to make an informed decision.

How much auto insurance is required in Georgia?

Your ride around Braselton, GA can get complicated rather quickly if you lack the auto insurance needed to protect you from financial loss in an accident. Call the agents of Bingham Insurance Group before you find yourself in a bind. Read on to learn about Georgia auto insurance requirements!

Georgia is not a “no-fault” state

The region does not recognize the notion of both parties paying equal amounts in an accident regardless of who is to blame. In Braselton, GA and throughout the state, the driver who is 50 percent to blame is responsible for paying for all bodily injuries and property damage caused by the incident. In addition, you cannot sue someone else involved in an accident if you are majorly to blame for the collision. You, therefore, may find yourself in financial turmoil if you are in an at-fault accident while uninsured.

Georgia minimum requirements

Drivers are required to have at least $25,000 of coverage for bodily injury per person and $50,000 for the same per accident. You must also have $25,000 worth of coverage for property damage per accident.

Of course, satisfying the minimum does not mean that you are immune from lawsuits. You may still find yourself the subject of a legal battle if the damages exceed your policy’s limits. It is for this reason that you should consider buying more than the state minimum requires.

The agents at Bingham Insurance Group can work with your preferences to determine the type of auto insurance plan that works for your life. They have been in the indemnity business for many years and can explain the ins and outs of auto assurance. Contact them today to get started with a quote!

Commercial Insurance Add On to Consider

Your business is more than just your livelihood. It is the livelihood of potentially dozens of other individuals. You’ve put a considerable amount of your personal sweat into building the company up, which is exactly why you need to properly protect it with commercial insurance. While you may have basic coverage there are a number of commercial insurance add-ons you’ll need to consider. So if you live in or around Braselton, GA, Bingham Insurance Group is here to help.

Business Liability Insurance

Lawsuits can come from all corners. If you are a manufacturing business and a customer believes your product did not live up to its promise, they may attempt to file a lawsuit. If you are a contractor and the services you provided end ups causing further damage, there may be a lawsuit. Even if the lawsuit does not have concrete backing, hiring lawyers every time a suit comes about is expensive. Business Liability Insurance will help with this. 

Worker’s Compensation Insurance

If you have employees you need to consider worker’s compensation. In the event of a worker being injured on the job carrying out their daily duties, you and your business are responsible for the covering costs associated with these injuries and time away from work. Paying for this out of pocket is extremely expensive. That is why worker’s compensation insurance coverage is a valuable addition to consider

Not all commercial insurance add-ons are right for every business. The kind of protection your company needs is not always the kind of protection the next business needs. That is why to determine which coverages work best for your company you need to talk to commercial insurance experts. When living in or around Braselton, GA, the team at Bingham Insurance Group is here to help.

Factors that affect your homeowners policy

When it’s time to buy homeowners insurance, there are quite a few things that can affect the price and even your ability to get coverage. Some things are beyond your control, but others are controllable. By understanding what these factors are you can take the necessary steps to be sure that you get the coverage needed at an affordable price. Before you go into the office or call Bingham Insurance Group in Braselton, GA, it is a good idea to make sure you have addressed all the issues that could be bad for your rate.  

Factors that affect insurance

One thing that many people don’t take into account is their credit rating. It changes the rate that you pay for coverage. Take a good look at your credit report and fix any errors that may be on it. You will be glad you did.

Some of the things that make your home desirable are things that can make it expensive to buy homeowners insurance. Having a pool or spa is a liability. You can correct this by making sure that your yard or pool area is fenced making it less accessible to uninvited guests.

Making sure that your home is in good repair can save you money and keep your insurance from dropping you. Some insurance companies do unscheduled drive-by inspections, and things like missing roof shingles or tiles, loose masonry, or overhanging branches are considered hazards.

The amount of crime in your neighborhood and the location of the nearest fire hydrant are factors that underwriters take into account. You can’t do much about them, but you can offset them by choosing a higher deductible.

When you are ready to get your new homeowner’s policy, Bingham Insurance Group in Braselton, GA will be there to help you find the best coverage for your needs.