High Value & Personal Articles Insurance

Have you been gifted a precious family heirloom or a batch of gadgets during occasions like Christmas? It’s imperative to know that the standard home insurance, in most cases, does not safeguard these expensive and precious items against impending calamities like theft. These high-value items include jewelry, electronics, antiques, silverware, and sporting equipment.

Are you a seasoned collector or just a starter in Marietta, GA? Please get in touch with us at LG Insurance Group today, and our agents will provide you with the necessary information to ensure that your high-value articles are safe.

What Are High-Value and Personal Articles Insurance?

When you procure home insurance from reputable insurance, part of the policy is responsible for safeguarding the personal belongings you have stored in your dwelling. Unfortunately, this coverage is a percentage of your homeowners’ insurance value, encompassing exclusions and deductibles, particularly when high value and personal articles like jewelry are involved.

A valuable insurance policy covers high-value and personal articles such as art, antiques, jewelry, collectibles, guns, wine, and spirits, among others, against calamities like theft, whose value is not included in standard personal property insurance.

What Do High-Value and Personal Articles Insurance Cover?

High-value articles that are covered by this type of insurance include a range of coverage but are not limited to:

  • Worldwide coverage: This protects the jewelry you and your family have inherited, irrespective of where you travel globally.
  • All-risk coverage: This coverage covers an expansive list of risks but doesn’t have any deductibles. These policies impose few limitations, but they are considered more accommodative than personal property insurance.
  • Mysterious disappearance coverage: There are instances when your high-value article can get lost without any knowledge or detection. This policy covers your items when they get misplaced, lost, or stolen.
  • Blanket or scheduled items: It provides a platform in which all your items are protected in one collection but bears a few limitations. There is also a choice of selecting scheduled items and ensuring that each collection is covered separately.
  • Breakage or damage: It provides coverage for your items when they suffer breakage or damage from smoke or fire.

Do you own high-value and personal articles in Marietta, GA, seeking their protection from impending calamities? Please call or visit us at LG Insurance Group today and get more information on safeguarding your high-value and personal articles with reliable coverage.

How Much Umbrella Insurance Should I Carry?

If you’ve ever faced someone suing your business "for everything you’ve got," you know they do not have to win for the case to devastate you. At LG Insurance Group of Marietta, GA, we know that your homeowners’, auto, or business policies may not provide all the coverage you need for a high-value business, even if you carry the maximum protection available in that category.

What Is Umbrella Insurance?

Umbrella insurance provides additional liability protection. For example, when the value of your assets exceeds policy limits, an umbrella policy shields you from damage claims.

What Does Umbrella Insurance Cover?

Having umbrella insurance offers peace of mind by covering the difference between the total available protection in your other policies and the full value of all your assets, including your reputation. The typical policy costs $300 per $1 million. For example, a single accidental death lawsuit could cost several million dollars because Georgia allows the surviving spouse, children, or parents to sue for the tangible and intangible value of the dead person’s life. If you carry the Georgia state minimum auto policy, you would still owe everything above the $50,000/$25.000 limit.

Do Umbrella Policies Have Exceptions and Exclusions? 

Yes. Umbrella policies do not cover damages to you or your property, nor do they pay for intentional or criminal acts, 

How Do I Document My Assets?

Receipts, Bills of Sale, Titles, and Deeds help document your assets. When possible, engrave or etch items with your two-letter state abbreviation, followed by your driver’s license or state ID number. For example, if you live in Mississippi, use MS123456. If engraving might reduce the item’s value, use photos or videos instead.

Call our LG Insurance Group agents at (678)-671-8480, email us, or stop by our Marietta, GA office for a free review of your insurance. 

How Home Insurance Protects You

When people own a home, there are a lot of important responsibilities that are needed to take care of it. One of these is to get a home insurance policy on the home and to keep it for as long as you own it. If you are buying a home or already own one and need a home insurance policy, call us now at LG Insurance Group in Marietta, GA.

Coverage for the House

Part of the coverage you get from home insurance is coverage for the actual structure. This coverage can pay for repairs or rebuilding after an incident causes damage. These repairs can be costly, so it’s vital to have house coverage. Don’t risk something happening to your home that you can’t afford to repair. 

Protection for Items Inside

Another form of protection you get from these policies is protection for your items inside the house. This protection can be just as valuable as the protection for your house. When all the items you have in your home are added up, the amount it would cost to replace them all is considerable. This protection is highly valuable in case a covered incident ruins your items. 

Liability Protection

When you have home insurance, it also protects you in case of an accident that happens on your property. It can be expensive to pay for the medical bills that result, but it may be required of you. When you have home insurance, it will pay those medical bills and other expenses that you may be liable for. 

Get Your Home Covered

It’s never a good idea to go without home insurance. Contact us at LG Insurance Group in Marietta, GA if you need a policy for your home.

Is Basic Auto Insurance Sufficient?

Most motorists know that car insurance is a worthy investment that can save you when things get tricky. However, most are likely to stick to the state-required car insurance to save money. While this might look like a well-thought-out saving plan, you will regret it when faced with a significant accident.

So, should I stick to basic auto insurance? LG Insurance Group of Marietta, GA explains why it’s risky to go this path.

Why minimum auto insurance is never enough

To expound on why basic car insurance is never enough, let’s look at the auto insurance requirements for Georgia. Motorists are required to have a car insurance policy that satisfies the following requirements:

  • Bodily injury liability of at least $25,000/$50,000
  • Property damage liability with a minimum of $25,000
  • Uninsured motorist property damage of at least $25,000 with certain deductibles

When you look at these insurance limits, you might think they are enough, but you will find they are inadequate when faced with a significant auto accident. For instance, assume you are responsible for an accident that causes property damage of $20,000 and bodily injury of $100,000 to multiple persons. Your state-required liability insurance will cover these liability claims up to $75,000. As for the balance of $45,000, you will cover it from your pocket unless you have enough liability coverage to foot the entire third-party bill. See why basic insurance is never a good idea? It can easily land you in a financial mess.

What we tell our clients

Since basic insurance is never enough, we usually advise our clients to increase the coverage limits. For motorists who want super-high liability coverage, we recommend considering umbrella insurance.

Secondly, we advise our clients to consider other insurance policies. Examples include:

  • Collision coverage
  • Comprehensive coverage
  • Personal injury protection (PIP)
  • Roadside assistance, and so on

Want a sound car insurance policy in Marietta, GA? Please get in touch with LG Insurance Group for a quote.

Why home and auto insurance rates are rising in 2022

Rising Insurance Costs

Thanks to an unusual convergence of market trends, ushered in by the pandemic and 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 risen dramatically. Last year alone, the cost of building materials rose 14.1%, with lumber playing an outsized role in that trend, more than tripling in price since March 2020.

To make matters worse, the home-building industry is facing a shortfall of at least 200,000 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

An ongoing shortage of microchips and other critical parts like wiring harnesses, plastics and glass is making it more costly to repair or replace a vehicle after an accident.

Supply chain issues are rapidly depleting inventories of new and used cars. Inventories have reached a critical low-point, falling 87% between 2020 and 2022. As a result, the average price of new cars has risen 14% over the same period, while used car prices have skyrocketed 55%.

At the same time, accidents have become more frequent and severe, increasing the number and cost of auto claims. In the first six months of 2021, nearly 2.5 million people sustained injuries requiring consultation with a medical professional. Accident fatalities in Jan. 2022 were 14% higher than in Jan. 2020.

Focus on value as you explore ways to save

Keep in mind that savings comes 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 us to review your current coverage. Click here to get an online quote, Compare Quotes | LG Insurance Group (lg-ig.com). We will help you explore opportunities for discounts that could offset higher rates when it comes time to renew your coverage.

Common Flood Insurance Exclusions

Since flood damage isn’t covered by home insurance, most homeowners in Marietta, GA invest in flood insurance to ensure they are protected when the worst strikes. While flood insurance from LG Insurance Group covers your building and its contents, it has exclusions like other coverages. In light of this, typical flood insurance doesn’t cover the below risks:

Sewer backup

When the sewer lines are blocked or malfunctioning, causing flooding in your house, flood insurance won’t cover the damage unless the cause of the sewer backup is flooding. Similarly, flood insurance won’t cover in-house flooding. For instance, if broken pipes cause flooding in your house, the resulting damage will be covered by home insurance.

Earth movement

Any damage caused by earth movement won’t be covered by flood insurance, even if floods cause the movement. For such damage, you have to use your earth movement coverage.

Mold

Typical flood insurance may cover mold damage resulting from floods. However, flood insurance doesn’t cover any moisture-related mold not caused by flooding.

Detached properties

Apart from the garage, any detached structure is usually excluded from your flood insurance policy. So, home insurance doesn’t cover patios, fences, yards, lawns, and other outdoor properties.

Movable properties

A typical flood insurance policy doesn’t cover your vehicle and other movable properties. Check your auto insurance policy to see whether it covers flooding.

Additional living expenses

Should floods make your house unlivable, typical flood insurance won’t cover the additional living expenses you incur as your home is undergoing repairs. Typically, home insurance covers "loss of use" but excludes floods.

Learn more about flood insurance

Need more insights about flood insurance? If you are in Marietta, GA, or the surrounding area, you can never go wrong with LG Insurance Group. Contact us to learn more about flood insurance. We will help you secure affordable coverage, too.

 

Side Hustles & Entrepreneurism Risks: Are You Covered?

After businesses shuttered and U.S. workers were sent home at the height of the pandemic in 2020, a report from Dollar Sprout revealed that more that 27% of those with a side hustle rely on that income to pay their bills. They might be doing anything from tutoring, freelance writing, offering professional consulting services, walking dogs or delivering groceries, to name a few.

The Dollar Sprout report also revealed that:
• Of those with a side hustle, 18% expect to turn it into a full-time source of income.
• Although 23% lost side-hustle income because of COVID-19, 42% remain hopeful about their prospects.

While the pandemic reshaped the workplace, the prevalence of home-based businesses had already given rise to ETSY, the fourth largest U.S. ecommerce site by monthly visits, where people sell everything from crafts and antiques to handmade toys and items for weddings, among other things.

The community of freelancers is increasing steadily. The Freelancers Union, established in 1995, says:
• There were 57 million U.S. freelancers in 2020.
• Americans rack up more than 1 billion freelance hours each week.
• Freelancers contribute more than $1 trillion annually to the U.S. economy.

New models of work create different insurance requirements. As individuals take on side hustles to generate more income or out of a desire to operate their own businesses, they also take on risks. If you have a side hustle, you need to insure yourself accordingly.

Liability insurance tops the list. Your Trusted Choice Independent Insurance Agent® can help you evaluate your side business, assess your existing coverages, and determine if you need a professional or business liability policy in addition to personal insurance. As a highly trained professional, your Trusted Choice agent can advise you of the specific or often overlooked coverages you should consider, and then assemble competitive product choices for you from the insurance marketplace.

Why is this so important? Even the most benign gig could destroy an individual financially in the absence of appropriate insurance coverage. Imagine a child takes a nasty tumble in your home while there for a piano lesson or a client accuses you of plagiarism: You will be liable. Or consider the costs you would be responsible for if the dog you’re walking breaks loose and attacks a pedestrian. The right policy can protect you.

Cyber insurance is also a growing consideration. If you set up an online store to sell crafts or homemade baked goods and a hacker steals your customers’ credit card data, what would be the cost to you? Would you be able to recoup your losses? Cyber insurance can protect you in the event of a breech whether your computer is hacked or your phone containing private information is stolen.

Auto insurance. Some automotive policies are for personal use only. Others may cover a business-related accident, but with limited coverage. If your side hustle involves driving and you get into an accident, do you know whether your insurance will cover you? If not, check with your Trusted Choice agent before an accident occurs.

Even if you are employed as a delivery driver, you need to know whether the company’s insurance covers you and what the limits are for collision, liability and medical. Talk with your independent agent, so you’ll know if you need a commercial policy for adequate protection.

Fire insurance. You probably have a homeowners or renters policy that provides coverage for losses incurred in a fire. But what happens if you operate a home business and spent thousands of dollars on office equipment? Will the insurance extend beyond your personal belongings to cover that equipment? Or, for that matter, will it cover the materials you purchased to make the items that you sell, or the business inventory you store at home?

Find answers before you need to make a claim, and avoid potentially devastating surprises. Your Trusted Choice agent can explain where your personal coverage ends, and where the gaps are in your business coverage.

As your business grows, be sure to inform your Trusted Choice agent so they can work with you to adjust your coverages and ensure the policies keep pace with your needs — especially if you hire workers or engage a contractor. Your agent can advise you about workers’ compensation insurance and employment practices liability insurance. Your agent also can review your contractor’s proof of insurance to determine if it meets your business’s needs.

Think of your Trusted Choice agent as a business partner who has your interests at heart. Your agent will work with you every step of the way as you grow your side hustle and reap the fruits of your efforts. Contact LG Insurance Group today if you have any questions regarding your insurance needs.

RV Insurance: What You Need to Know

When it comes to recreational vehicles, there are a lot of things to take into consideration. Insurance is one of them. Here we will outline what you need to know about RV insurance so that you can make the best decision for your needs.

1. There are Different Types of Coverage to Choose From

When it comes to your recreational vehicle, you will want to ensure that you have the proper coverage. There are different types of RV insurance that people usually choose from.

Liability: This is one of the most important policy options to choose from. This option can provide coverage for damages you cause to other people’s property if it’s the result of an accident caused by you.

Medical Payments: Medical payments coverage can pay for the cost of injuries to yourself or others in your RV at the time of an accident.

Uninsured/Underinsured Motorist: This coverage can cover expenses for injuries to you or others in your RV due to an accident caused by another person who does not have liability insurance.  

Comprehensive: If your RV is vandalized or damaged by causes other than a collision, you will be covered with Comprehensive coverage. Even damage caused by animals can be covered in some policies.

Collision: With this type of policy, your RV will be covered for losses resulting from a collision with another vehicle or object.

2. Your RV Needs to Be Covered for Specific Situations

Your RV should be covered for circumstances that you deem to be very important. For example, if you have pets or equipment in your RV, this needs to be considered when it comes to the types of coverage you need.

3. You Should Read Your Policy Thoroughly

Your RV insurance policy has a lot of details about your coverage. This information is important to understand to know what types of damages are included if you need to file a claim. So, it would be best if you took the time to read through your contract carefully.

You need to ensure that you have the proper insurance coverage for your RV. This will ensure that you are protected if something happens with your vehicle. Contact LG Insurance Group in Marietta, GA, for more information.