What Does Personal Articles Insurance Cover?

Posted on by agentinsure

LG Insurance Group is proud to offer the residents in and around the Marietta, GA, area top-quality insurance they can count on to provide protection. If you have valuable personal items, consider a personal articles Insurance policy. We encourage you to contact us to learn more about this type of insurance or any other insurance products we offer.

Personal Articles Insurance 

If you have valuable personal belongings, you want to insure them against theft, fire, or any other loss. You’ll want to purchase a personal articles insurance policy. Examples of items typically covered by this policy include expensive jewelry for coats, art, or designer bags. If you own high-value personal items, you’ll want to take a thorough inventory, produce receipts or verification related to their value, and work with one of our insurance agents to secure the right level of coverage.

If you would like to learn more about selecting the right policy, our agents can help. They can carefully assess the value of your personal items requiring coverage. They then match you with policy options that provide the most protection for your specific situation.

Once a policy is selected, we work with you to submit the documentation of proof of value and assist with obtaining the policy quickly. We can also help you with any claims submissions or changes to the policy during its lifetime. Our goal is to provide services that make ensuring the things you care about quick and easy.

Find Out More 

Contact LG Insurance Group to schedule a consultation with one of our knowledgeable Insurance agents. You can call or stop by our office and get answers to questions or find out more details about any of the products or services we offer in and around Marietta, GA, at our location.

Why home and auto insurance rates are continuing to rise in 2023 

Posted on by Linda Grissett

Thanks to an unusual convergence of market trends, ushered in by the pandemic and followed by other disruptive events, you may see a bigger change to the cost of your home and auto insurance than usual when it comes time to renew your policies this year. Insurance rates are based on what an insurer thinks it will cost to make you whole in the event of a loss – whether it’s roof damage during a windstorm or a vehicle totaled during a traffic accident. As you’ve likely noticed, pretty much everything costs more than it did even a few years ago.  

What’s driving higher home insurance costs 
If you’ve shopped at Home Depot or Lowe’s lately, you’ve certainly seen that the price tags on building materials have gotten pretty expensive. Last year, the cost of building materials rose 4.7%, reflecting a particularly strong uptick in prices on things like asphalt shingles (16.2%), concrete blocks (18.5%) and drywall (20.4%). 

To make matters worse, the home-building industry is facing a shortfall of more than 300,000 skilled laborers, which is driving up construction-related labor costs. Combined with the high cost of construction materials and historically low housing inventory, this has been making home claims much more expensive for insurance companies.  

What’s driving higher auto insurance costs 
Ongoing supply chain issues are driving a shortage of car parts and equipment, which were 22.3% more expensive at the end of 2022 than they were two years earlier. The overall cost of maintaining and repairing vehicles increased 18.4 % over the same timeframe – exacerbated by a growing shortage of car repair technicians. 

The same issues depleted the supply of new and used cars during the COVID-19 pandemic, and inventories have not yet recovered. As a result, the average price of new cars has risen 20% since 2020, while used car prices have skyrocketed 37%.  

Rising medical costs are another key factor. While the number of injuries and fatalities from car accidents has somewhat declined from its peak in 2021, the rising cost of medical care continues to drive higher claims costs. Between 2020 and 2022, the overall cost of medical care in the U.S. increased 6.8% 

Focus on value as you explore ways to save 
Keep in mind that savings come in many forms. The value of the coverage you choose today may save you more in the long run than the lowest possible premium.  

Contact LG Insurance Group to review your current coverage. We’ll help you explore opportunities for discounts that could offset higher rates when it comes time to renew. 

Sources: Safeco Insurance, National Association of Realtors, Federal Reserve Bank of St. Louis, Home Builders Institute, CoreLogic, Consumer Price Index, TechForce Foundation 

The Difference Between an Umbrella Policy and Liability Coverage

Posted on by agentinsure

When it comes to insurance, there are two types of coverage that can be confusing: excess liability and umbrella insurance. They both offer extra protection, but they work differently. Let’s break down the key differences between them to help you understand which one might be right for you.

  1. Excess Liability Insurance

Excess liability insurance is like a backup plan for your existing insurance. It kicks in only after your regular policy’s limits are used up. It’s meant to give you extra coverage for specific situations, such as accidents or injuries. However, it doesn’t provide new types of coverage on its own and must be connected to your primary policy.

  1. Umbrella Insurance

Umbrella insurance is more comprehensive. It not only supplements your regular policies but also offers extra coverage for a wide range of risks. It can protect you from various liabilities like personal injuries, lawsuits, and accidents. It can be bought as a standalone policy, separate from your primary coverage.

Which One to Choose?

If you just want to boost your coverage for certain risks, excess liability insurance could be enough. But if you need broader protection across different areas, especially if you have a lot to protect, umbrella insurance might be the better choice.

Excess liability and umbrella coverage both provide extra protection, but they work differently. Excess liability extends your existing coverage, while umbrella insurance offers comprehensive protection across various policies. To decide which one is best for you, consider your risks and assets, and talk to your insurance agent, like LG Insurance Group, to make an informed choice. Having the right coverage ensures you’re prepared for unexpected events and gives you peace of mind.

Demystifying Co-Insurance Clause in Property Insurance Policies

Posted on by Linda Grissett

When it comes to protecting our homes, businesses, or personal belongings, property insurance is crucial. However, it’s essential to understand the different clauses and terms in your insurance policy. One such clause is the co-insurance clause, which affects how much coverage you receive in case of a loss. In this blog post, we will explain the co-insurance clause in simple terms, so high school students can grasp its significance in property insurance.

What is Co-Insurance?

Co-insurance in property insurance means sharing the risks and costs between the policyholder and the insurance company. It’s an agreement that requires the insured person to maintain coverage for a certain percentage of the property’s total value. This percentage is usually specified in the insurance policy and is known as the “co-insurance percentage.”

Understanding the Co-Insurance Clause:

The co-insurance clause ensures that you have enough coverage for your property relative to its value. It prevents underinsurance, which is when people intentionally or unintentionally undervalue their property to pay lower premiums.

How Co-Insurance Works:

To figure out the co-insurance penalty, you need to calculate the “insurance to value” ratio. This ratio compares the amount of insurance you have to the actual value of the property. Here’s the formula:

Insurance to Value Ratio = (Insurance Carried / Insurance Required) × 100

If the ratio is equal to or greater than the co-insurance percentage stated in your policy, you’ll be fully covered for any losses. However, if the ratio is less than the co-insurance percentage, a co-insurance penalty will come into play.

Co-Insurance Penalty:

When a co-insurance penalty is triggered, the insurance company won’t fully reimburse your loss. Instead, they will pay only a portion based on the co-insurance ratio. Here’s the formula to calculate the claim payment:

Claim Payment = (Actual Loss × Insurance Carried) / Insurance Required

Let’s say you have a property worth $500,000, and your co-insurance percentage is 80%. If you have insurance for only $350,000 (70% of the property’s value), then you do not meet the 80% threshold required in your policy. If you suffer a loss of $100,000, the insurance company will calculate your claim payment like this:

Claim Payment = ($100,000 × ($350,000) / $500,000) = $70,000

In this case, the insurance company will only reimburse you $70,000 instead of the full $100,000 because you didn’t meet the co-insurance requirement, less the applicable policy deductible.

Importance of Adequate Coverage:

The co-insurance clause emphasizes the importance of having enough coverage for your property. If you don’t, you could face significant financial losses when making a claim. It’s crucial to review your insurance policy regularly to ensure that the insured amount matches the current value of your property.

Tips to Avoid Co-Insurance Penalties:

  1. Get an Accurate Valuation: Have your property professionally appraised to determine its actual value. This will help you set an appropriate insured amount.
  2. Seek Advice: Consult an experienced insurance agent or broker who can explain the co-insurance clause and help you choose the right coverage limits.
  3. Review Your Policy: Periodically reassess your insurance needs to account for any changes in property value, renovations, or new acquisitions that may require adjustments to your coverage.

Conclusion:

The co-insurance clause in property insurance is a significant provision that ensures you have adequate coverage for your property’s value. By understanding this clause and taking steps to avoid co-insurance penalties, you can protect your assets effectively. Regularly reviewing your policy and seeking guidance from insurance professionals will help you make informed decisions, providing you with peace of mind, knowing your property is properly safeguarded.

Do You Need Home Insurance if Your Home is Owned Outright?

Posted on by agentinsure

If you finance or own your home, you must have home insurance to protect you against various risks. If you finance your home, you are required to have home insurance. However, if you paid your home off, you still need coverage to protect against losses. If you need excellent home insurance products, you can find them at LG Insurance Group. We serve the residents in and around the Marietta, GA, area. 

Home Insurance Coverage 

Your home insurance protects you from losses associated with covered risks such as fire and structural damage from storms. However, you may only be required to have home coverage if you own your home partially and there is no financing. Even so, you risk paying for repairs or replacement out of pocket without insurance. It would be best if you kept insurance in place to protect you and your family against hardships resulting from risks. 

Our team of experts can assess your current solutions and provide solutions that work for your specific needs. We can provide you with a summary of your needs and then offer insurance products with the best protection. 

Find Out More

If you would like to find out more about home insurance and how it can offer a blanket of protection, please call or stop by LG Insurance Group, serving Marietta, GA. Our team is knowledgeable and ready to provide assistance and information to help you make the right choice. Don’t own your home without insurance to prevent losses that can create financial hardship. Get protection that you can rely on to keep you safe all year. 

Lesser Known Ways to Prepare Your Car for a Road Trip

Posted on by agentinsure

Before heading out on a lengthy road trip, it is recommended that you get an oil change, have your fluids checked, inspect your tires, and have your belts and hoses inspected. This can help minimize your chances of being in an accident or encountering car problems. Here at LG Insurance Group, serving the greater Marietta, GA area, we want to help keep you safe when traveling this summer. Here are a few lesser-known ways to prepare your car for a road trip. 

Have Your Battery Tested

Before hitting the road, always have your battery tested. This helps to ensure that your battery has a reasonable charging capacity and is in good shape. If your battery indicates it has a low charging capacity, you should replace it before your road trip. 

Check Your Lights and Signals

Another thing that you should do before a road trip is to check your lights and signals. You want to ensure all of your lights and signals work, and if they don’t, you want to replace the bulbs so they function correctly. 

Ensure Your Spare Tire Is In Good Shape

Lastly, you should always check the condition of your spare tire before going on a lengthy road trip. You want to ensure the spare tire is properly inflated and in good, usable condition. 

If you are planning on going on a road trip this summer, you are not alone. Millions of people are expected to travel via automobile during the summer months. Preparing your car is one of the things you can do, as is ensuring you have automobile coverage that protects you and your vehicle. Here at LG Insurance Group, serving the Marietta, GA area, we can help you with all your auto insurance needs. Call or email us to learn more. 

Four rules to follow when you purchase flood insurance

Posted on by agentinsure

Choosing flood insurance coverage is a crucial decision you’ll make as a homeowner. If you’re in the market for flood insurance for your home in Marietta, GA, we can provide you with insurance at LG Insurance Group. 

Here are four essential rules to follow when purchasing flood insurance for your Georgia home. 

Get quotes from a few flood insurance providers.

You can contact different insurance providers and request policy quotes as part of doing your flood insurance research. With numerous quotes, you can compare different premium amounts and policy offerings. This will make it easier for you to make the best possible choice regarding your flood insurance coverage. 

Understand what the flood risk is in your area.

You should know your flood zone and how likely flood damage is in your area. This can help you evaluate the different quotes you can get and determine what a competitive flood insurance premium is in your area. 

Consider updates you can make that protect your home from flood damage

Numerous home improvement projects can minimize your home’s risk for flood damage. For example, you can have a sump pump installed or grade your lawn in such a way that water is less likely to flow toward your home. 

Making such updates protects you from flood damage and can bring down your flood insurance premiums costs. 

Try to get enough coverage to cover your home’s total value

You want your flood insurance to fully compensate you for your home’s value if your home is destroyed in a flood. That’s why you should get full coverage for your property if possible.  

Following these rules will give you more confidence in your flood insurance selection. When you’re looking for policy quotes, visit our website or call us at LG Insurance Group. We’re here to provide quality flood insurance to homeowners in Marietta, GA. 

The Importance of Carrying RV Insurance Even When Your RV Is Not Being Used

Posted on by agentinsure

One of the biggest misconceptions that we at LG Insurance Group, an insurance company providing RV insurance in the Marietta, GA area, have heard is that you do not need RV insurance if you are not using your RV. As such, many people drop coverage on their RV when they do not plan to travel for prolonged periods, such as during the winter. However, carrying RV insurance year-round can be beneficial even if your RV is being stored. Here are a couple of the reasons why. 

RV Insurance May Protect Your RV When It Is Being Stored

RV insurance coverage helps protect you in case your RV is damaged while being stored. If a tree limb falls on the RV, someone vandalizes the RV, or the RV floods, your RV insurance policy may help to cover the cost of the damage done to the RV. Issues can arise, even when your RV is being stored. 

RV Insurance Allows You to Travel When You Want

Another reason why you should carry RV insurance is so that you can use your RV at all times. You may not be planning a trip anytime soon, but you never know what could happen. The weather may be perfect, and you may want to take a quick trip. Having RV insurance ensures you can always operate and move your RV. 

If you do not have insurance coverage on your RV, are looking to purchase a new RV, or are interested in a new RV insurance policy, the insurance agents at LG Insurance Group, serving the greater Marietta, GA region, would love to help you get the perfect RV insurance policy. Reach out to us today to learn more.

Understanding Insurance Loss Valuation Options

Posted on by Linda Grissett

Insurance can be a confusing topic, especially when it comes to understanding the different types of coverage and their associated terms. One area that often causes confusion is the difference between actual cash value, replacement cost, stated value, and agreed value. In this blog post, we’ll break down each term to help you better understand your insurance coverage.

Actual Cash Value

Actual cash value (ACV) is the fair market value of an item at the time of loss. It takes into account the item’s age, condition, and depreciation. In the event of a covered loss, the insurance company will typically pay out the actual cash value of the item, which means you may not receive enough money to replace the item with a new one. For example, if you have a 10-year-old TV that is damaged in a covered loss, the insurance company will pay out the current market value of a 10-year-old TV, not the cost to replace it with a new one.

Replacement Cost

Replacement cost is the amount of money it would take to replace an item with a new one of like kind and quality. Unlike actual cash value, replacement cost does not take into account depreciation. In the event of a covered loss, the insurance company will typically pay out the replacement cost of the item, which means you will receive enough money to replace the item with a new one. For example, if you have a 10-year-old TV that is damaged in a covered loss and you have replacement cost coverage, the insurance company will pay out the cost to replace the TV with a new one of like kind and quality.

Stated Value

Stated value is a term used in insurance policies for items that have an agreed-upon value between the policyholder and the insurance company. For example, if you have a classic car that is worth $50,000, you and your insurance company may agree on a stated value of $50,000 for the car. In the event of a covered loss, the insurance company will pay out the stated value of the car, regardless of its actual cash value or replacement cost.

Agreed Value

Agreed value is similar to stated value in that it is an agreed-upon value between the policyholder and the insurance company. However, with agreed value coverage, the value is typically determined at the time the policy is written, and it cannot be changed during the policy term. This means that if the item’s value increases or decreases, the agreed value will not change. Agreed value coverage is often used for items that are difficult to value, such as antiques or art.

In conclusion, understanding insurance terms such as actual cash value, replacement cost, stated value, and agreed value can help you make informed decisions about your insurance coverage. It’s important to review your policy and speak with your insurance agent to ensure you have the appropriate coverage for your needs. Contact LG Insurance Group if you need assistance understanding your coverages or other available options.

Does Motorcycle Insurance Cover Other Riders?

Posted on by agentinsure

Before you let someone borrow your motorcycle in Marietta, GA, know how your policy works and what is covered. Understanding the details of your motorcycle insurance plan from LG Insurance Group can help ensure that you are adequately protected if an accident occurs while someone else is riding your bike.

What Is Covered Under Motorcycle Insurance? 

The primary purpose of motorcycle insurance is to provide financial protection in the event of an accident or other mishap. Generally speaking, your policy will cover the costs associated with these situations if you are injured while riding your bike or if your motorcycle is damaged due to an accident, theft, or vandalism. However, the coverage may change depending on various factors when it comes to other riders—particularly those who don’t have their own policy. 

In most cases, motorcycle policies will cover other riders who have permission from the owner (you) to operate the bike. This might include family members or close friends who only occasionally ride the bike for recreational purposes. However, some insurers may require additional coverage for another rider to be protected; it all depends on the terms and conditions of your particular policy. Additionally, it’s important to note that anyone operating a motorbike without permission from the owner could still be held liable for damages resulting from an accident—even if they don’t have an insurance policy. 

When deciding whether or not to add another rider to your motorcycle insurance policy in Marietta, GA, it pays to do your homework first. Contact LG Insurance Group today for more information about adding another rider and related questions regarding motorcycle insurance policies! They will happily answer any questions about insuring another driver on your bike!