Momentum News - Momentum Insurance

What's My Deductible?

Fri, 30 Aug 2024 21:07:24 GMT

A Crucial Insurance Decision

N avigating insurance claims and deductibles can be complex and frustrating for many. Understanding the intricacies and nuances of deductibles is crucial for maximizing your insurance coverage. Whether you're faced with a car accident, home repairs, or unexpected medical expenses, a solid comprehension of insurance deductibles can significantly impact your financial well-being. In this blog post, we will explore the intricate world of insurance claims and deductibles, equipping you with the knowledge and insights to manage these vital aspects of insurance coverage adeptly.

Home insurance deductibles have significantly changed in recent years, shifting from a set dollar amount to a percentage of the home's value. This shift reflects the increasing costs of natural disasters and the resulting insurance claims. In areas more prone to natural disasters, like much of Houston is, insurance companies now require higher percentage deductibles, meaning homeowners are responsible for a more significant portion of the repair or replacement costs before their insurance coverage kicks in. This change has placed a more substantial financial burden on homeowners in these high-risk areas, prompting them to carefully consider their coverage and financial preparedness for potential natural disasters.

Car insurance deductibles can provide an opportunity to save on premiums, as opting for a higher deductible typically results in lower monthly payments. However, it's crucial for individuals to carefully assess their financial situation and select a deductible amount they are comfortable paying in the event of a collision or comprehensive loss. It's important to note that car insurance policies often feature two deductibles: collision coverage and comprehensive coverage. Some insurance carriers also offer zero-dollar glass deductibles, which can benefit those concerned about windshield or glass damage and replacement costs. When choosing deductibles, it's essential to balance potential savings and ensure you can comfortably afford the deductible amount if needed.

Health insurance deductibles work similarly to other types of insurance deductibles. When you have a health insurance plan with a deductible, you are responsible for paying a certain amount of your medical expenses out of pocket before your insurance coverage kicks in. For example, if you have a $1,000 deductible, you must pay the first $1,000 of covered medical expenses. Once you've met your deductible, your insurance company will begin to cover a portion of your medical costs according to the terms of your plan. Not all medical services may be subject to the deductible, and some plans offer preventive care services without requiring you to meet the deductible first.

Understanding your insurance deductibles for home, auto, and health insurance is crucial for financial security. Whether adapting to changing home insurance deductibles, choosing car insurance deductibles for savings, or managing healthcare expenses, ensuring your deductibles is essential for peace of mind and stability. Speak with one of our amazing licensed agents today to help you save!

Raise The Roof

Wed, 31 Jul 2024 20:48:33 GMT

Lower Your Home Insurance Premium

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When It Rains, It Pours

Fri, 28 Jun 2024 21:18:30 GMT

Tips & Tricks to Keep Your Home Dry

W ater damage can result from leaks or condensation and can do more than create unsightly stains in your home. It can cause permanent structural damage and erode its strength. Check out these tips on how to save yourself thousands!

Exterior Maintenance

Don't overlook your roof's maintenance, it's crucial to keep your roof in top condition to prevent water damage caused by leaks. Factors like corrosion, wind or hail damage, and improper installation can all lead to roof leaks.

Regular inspections and maintenance are vital to avoid potential problems. Check your roof for punctures, cracks, or breaks, and promptly address any issues with a compatible patching compound. Also, make sure to clean and inspect rain gutters, downspouts, and extensions annually to detect any leaks or holes.

Remember to regularly inspect the outside walls, doors, and windows during spring and fall for any unusual wear or tear. Water and moisture can seep through these common areas if they are not maintained properly. It's important to repair or replace caulking, weather stripping, glazing, window seals, door seals, or any other exterior areas damaged by use, abuse, or normal weathering. Additionally, examine your exterior siding and replace any missing or damaged fasteners or screws, and repair or replace punctured siding.

Interior Maintenance

Keep excess moisture at bay in your well-built, well-insulated homes. Inadequate ventilation can trap moisture and lead to musty odors, rusty stains, damp floors, mildew, dripping pipes, condensation, and mold growth. Good preventive maintenance can help. Keep the air circulating with vents and fans to avoid condensation. Use exhaust fans in the bathroom and laundry area. Ensure proper ventilation around the base of your home to prevent unwanted moisture from reaching the sub-flooring. Also, make sure your dryer is vented to the outside.

It's important to be aware of potential water damage in your home. Here are some tips to help you identify and address problems before they cause serious damage:

1. Listen for any unusual hissing sounds, as it could indicate a pinhole leak in a water line within the floor or wall.

2. Regularly check the areas around your water heater, under sinks, and behind clothes washers.

3. Don't forget to inspect the ice maker lines and filters for your refrigerator.

4. Look for discolored floor coverings or subfloors, as they are typically a sign of a leak.

5. Water stains and wetness may be caused by loose or damaged plumbing fixtures or fittings.

6. If you notice moisture at the base of a toilet, it may indicate a deteriorated wax ring, which can be easily replaced.

7. If you find any interior water damage, address the problem immediately. If you're unable to make the repair yourself, hire a qualified professional.

#HurricaneSZN2024

Fri, 24 May 2024 15:48:39 GMT

Tips & Tricks for the 2024 Gulf Coast Hurricane Season

A s we near the beginning of #HurricaneSZN2024 and after enduring weeks of storms, flooding, and even tornados in the Houston Area, meteorologists and disaster preparedness experts are increasingly concerned about the potential impacts of another Harvey-level hurricane. The risk these natural disasters pose to people and property only grows, emphasizing the need for heightened awareness and readiness. The 2024 hurricane season commands our attention and preparation as we approach June 1 ^st ; acting now may save you in the event of a storm.

When preparing for storms, it is essential to take proactive measures to ensure safety and minimize potential damage. One crucial step is storing ample water, which may become scarce during and after a storm. Covering windows with storm shutters or plywood can help protect against flying debris and minimize the risk of shattered glass. Securing or bringing outdoor items indoors can prevent them from becoming hazardous projectiles in high winds. It is also important to have a well-stocked emergency kit, including non-perishable food, a first aid kit, flashlights, and batteries. Having a reliable way to stay informed about the storm's progress or to hear evacuation orders, if necessary, is a vital component of storm preparation.

One often overlooked aspect of storm preparedness is ensuring your home insurance policy provides adequate coverage in the event of a named storm loss. With the frequency and intensity of storms rising, reviewing your policy and confirming you're adequately protected is crucial. Our agency is here to help, even if you're not insured with Momentum. We can assist in ensuring your coverage covers the potential risks of severe weather events. Being prepared and having the peace of mind that you are adequately covered in the event of a storm-related loss is invaluable.

7 FAQs About Insurance You Should Know Before Renewing Your Policy

Wed, 24 Apr 2024 18:31:36 GMT

Momentum Monthly: April 2024

I nsurance is essential for our lives, providing financial protection and peace of mind in the case of unforeseen events. However, with so many different types of insurance available, it can be challenging to know which policies are right for you. In this article, we'll answer some of the most frequently asked questions about insurance to help you make informed decisions about your coverage. Whether you're new to insurance or have been a policyholder for years, learn more about how insurance works and what you need to know to protect yourself and your loved ones.

1. “What auto insurance coverage do I need? What is the difference between Liability, Comprehensive, and Collision coverage?”

Auto Insurance Coverage has three main components: liability, comprehensive, and collision. Liability insurance is required by Texas law and covers damages and injuries you may cause to others in an accident. Comprehensive insurance covers damages to your vehicle that are not caused by a collision, such as theft, fire, or weather damage. Collision insurance covers damages to your vehicle caused by a collision, regardless of who is at fault. In other words, liability insurance covers damages and injuries to others, while comprehensive and collision insurance covers damages to your vehicle. It's vital to carefully consider your coverage options and limits to select the policies that best meet your needs and budget.

2. “What is a Deductible? Why is my Deductible so high?”

Deductibles are critical to insurance policies, including home, auto, and health insurance. A deductible is the amount the policyholder is responsible for paying out-of-pocket before the insurance policy takes effect. For example, if you have a $500 deductible on your auto insurance policy and are involved in an accident that causes $2,000 in damages, you would be responsible for paying the first $500, while your insurer would cover the remaining $1,500.

The size of the deductible can vary depending on the policy and the insurance provider, and generally, a higher deductible will result in lower premiums. However, it's essential to carefully consider your deductible when selecting a policy, as a higher deductible could mean more out-of-pocket expenses in the event of a claim. Additionally, the way deductibles work can vary by policy type. For example, with health insurance, deductibles are calculated annually; for home and auto insurance, deductibles are often on a per-claim basis.

3. “I haven’t had a claim in ___ years; why are the rates on my renewal so high?”

There are many factors to consider that are affecting insurers and causing them to increase your renewal premium amount:

Inflation, labor expenses, supply chain issues, and advanced technology raise the cost of repairing homes and repairing or replacing vehicles.
New laws and regulations, such as higher coverage requirements, impact insurers' costs and necessitate rate adjustments.
Litigation costs have significantly contributed to the increase in insurance premiums, particularly in the auto insurance industry.
Natural Disasters have become more frequent and severe, leading to higher insurance claims for property damage. Storms hitting other states or parts of our state impact total losses, even if our area avoids hurricanes.
Insurance fraud, including staged accidents and identity theft, has increased insurers' expenses and contributed to premium increases.
The rise in distracted driving due to smartphones correlates with more accidents and insurance claims.
While technology improves safety, it also raises repair costs and introduces new risks like cybersecurity threats.

These factors collectively contribute to the notable increase in insurance rates, reflecting insurers' need to cover rising costs and mitigate risks.

4. “What is Uninsured/Under Insured Motorist Coverage? Do I even need that?”

Underinsured motorist and uninsured motorist coverage are essential components of auto insurance that provide financial protection in case of accidents involving drivers who do not have sufficient insurance coverage. Uninsured motorist coverage pays for damages and injuries you sustain in an accident caused by an uninsured driver; similarly, underinsured motorist coverage pays for damages and injuries that exceed the other driver's insurance coverage. These policies help ensure you are not left with significant out-of-pocket expenses in case of an accident caused by another driver who is not adequately covered. It's important to carefully evaluate your coverage needs and consult your insurance agent to determine your best coverage options.

5. “What is Actual Cash Value? What is Replacement Cost? I have a 20-year warranty for my roof, why am I on ACV?”

When discussing home insurance and specifically the roof that protects your home from the elements, Replacement Cost and Actual Cash Value are two terms that can be confusing. Replacement Cost refers to the amount of money it would take to replace a damaged or destroyed roof with a new one of similar kind and quality. On the other hand, Actual Cash Value refers to the roof's current value minus depreciation and wear and tear. Replacement Cost is typically used for newer roofs (<10 years old), while Actual Cash Value is used for older roofs (>10 years old). The calculation of Replacement Cost considers the cost of materials, labor, and other expenses needed to replace the roof. Actual Cash Value is calculated by subtracting the depreciation from the original value of the roof. Understanding the difference between these two types of coverage is critical, as it can affect your compensation in the event of a loss.

6. “What is Umbrella Insurance? Why would I need an additional policy?”

Umbrella policies are supplemental insurance policies that provide extra liability coverage beyond the limits of the insurance policies associated with your home or auto policies. They can help protect you from financial loss in a lawsuit or other unforeseen event that exceeds the limits of your existing coverage. This policy can provide an additional layer of protection against potential lawsuits and other claims that could otherwise result in significant financial loss. It's important to carefully evaluate your coverage needs and consult your insurance agent to determine your best coverage options.

7. “Do I really need flood insurance?”

Flood insurance is an essential coverage that protects your home in the event of a flood. It is particularly crucial for homeowners who live in high-risk flood zones. Flood insurance is not usually included in standard home insurance policies; in some areas, lenders mandate you have it. Flood zones are areas that FEMA has designated as prone to flooding based on historical data and trend analysis; if your home is located in one of these areas, you may be required to have flood insurance. The cost of flood insurance varies depending on the location of your home, the level of risk, and the amount of coverage you need. It is always better to be safe than sorry when it comes to flood insurance, as flood damage can be costly and devastating.

Momentum Raffle & Rewards Program

Tue, 02 Apr 2024 13:52:40 GMT

D o you know someone who needs help finding the best coverage at the lowest rate? Refer them to Momentum, and with our NEW Referral Rewards & Raffle Program, we'll thank you for your time!

Raffle Grand Prize
The Raffle's Grand Prize includes two massage passes for Massage Heights The Woodlands and a $200 gift card to Fogo De Chao, the perfect package for a date night or self-care.

Referral Rewards and Raffle Rules:

For Every *Referral* you send to info@momentum-insurance.com, we send you a raffle ticket and a $10 Starbucks Gift Card.
If the person you refer finds their new policy through Momentum, we will send you two additional raffle tickets and a $20 Starbucks Gift Card!

The Referral Raffle ends when we draw the winner on May 31st, 2024.

*Referral* – For your submission to count in the Momentum Rewards & Referral Program, your referral must be sent to info@momentum-insurance.com AND must include the full name, email address, and phone number of the person you are referring.

Spring Into Grilling: Tips and Tricks for Grill Safety

jblunt@momentum-insurance.com (Jared Blunt) — Mon, 25 Mar 2024 15:39:48 GMT

Spring has sprung, and as the weather warms up, people eagerly head outside to take advantage of the beautiful days. One particularly beloved spring activity is grilling; whether it's burgers, hot dogs, or veggies, there's just something about cooking food over an open flame outdoors with friends and family gathered.

Gas Grill Safety

A leak or break was the leading factor contributing to gas grill-related fires, according to the NFPA report.

Check the gas cylinder hose for leaks before using it for the first time each year.
Apply a light soap and water solution on gas lines to highlight any escaping gas.
If you suspect a gas leak before you ignite the grill, turn off the gas tank and grill. Once the leak stops, have a professional inspect and service your grill before using it again. Call the fire department if the leak does not stop.
If you smell gas while cooking, quickly move away from the grill before calling the fire department. Never attempt to move the grill if you suspect a gas leak.
Never turn on the gas when the grill lid is closed, as the gas may build up inside. When ignited, the lid could blow off and cause injuries or burns.
After cooking, completely close the valve on your gas grill.
Always store gas grills – and propane tanks – outside and away from your house.

Charcoal Grill Safety

According to the NFPA study, leaving or placing an object that could burn too close to the grill was the leading cause of structure fires when using charcoal grills.

Charcoal grills can remain hot for several hours after extinguishing flames. Avoid placing flammable objects near the grill or moving it while the coals are hot. Keep combustible items that may be blown by the wind away from the grill.
Check for rust damage in metal grills, which may allow charcoal to fall through onto surfaces below and cause a fire.
Purchase the proper starter fluid. Store out of reach from children and away from heat sources.
Do not add charcoal starter fluid when coals or kindling have already been ignited. Never use any other flammable or combustible liquid to start the fire.
If the fire is too low, rekindle with dry kindling and more charcoal; avoid adding additional liquid fuel, as it can cause a flash fire.
Never leave a grill unattended.

Additional Grilling Safety Tips

Choose a Safe Location for Your Grill. Keep your grill on an inflammable, level surface more than ten feet away from any house, garage, or other structure. Keep children and pets away, as well as overhanging branches. Grills should not be used on a balcony or under an overhang. Avoid placing grills too close to combustible deck rails.

Only Grill Outdoors. Never use a grill in a garage, vehicle, tent, or other enclosed space, even if ventilated, due to the risk of harmful carbon monoxide buildup.

Make Sure Kids Maintain Safe Distance. Make a “kid-free zone” of at least three feet around the grill and areas where hot food is prepared or carried. Children under five are especially vulnerable to burns from contact with a hot grill surface. Grill contact accounted for 37% of burns in emergency rooms in 2014 involving children under five.²

Remember post-grilling safety. Keep your grill clean by removing grease or fat buildup from the grills and putting it in trays below the grill. When disposing of used coals, soak them in water to fully extinguish them before placing them in a metal container. After regular use, cover the grill tightly, ensuring the vents are fully closed; this should extinguish the remaining coals and allow whatever is left to be ready for next time.

Grilling On Cold Days. During cool weather days, avoid wearing a scarf or other loose clothing that may catch on fire. Consumer Reports recommends shielding your grill from the wind, setting up and maintaining a ten-foot no-combustible zone, and keeping the lid closed to retain as much heat as possible. Allow your grill extra time to pre-heat in colder weather, and use a meat thermometer to check the temperatures of your food to ensure it is safe to eat.

Sources:
1 NPFA’s “Home Fires Involving Cooking Equipment”, November 2015. http://www.nfpa.org/research/reports-and-statistics/fire-causes/appliances-and-equipment/cooking-equipment
2 NFPA Cooking Fact Sheet, a PDF accessed from http://www.nfpa.org/research/reports-and-statistics/fire-causes/appliances-and-equipment/cooking-equipment
Additional Source: http://www.nfpa.org/safety-information/for-consumers/outdoors/grilling

Special Thanks to Traveler’s Insurance

7 Reasons to choose an Independent Insurance Agent

Mon, 28 Sep 2020 19:08:00 GMT

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5 Totally Weird Insurance Policies

Mon, 28 Sep 2020 19:06:00 GMT

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Google testing new people cards for search results

Mon, 28 Sep 2020 19:03:00 GMT

Google is testing a new user-created public profile system called “people cards,” which will let users create their own profile (including their job, links to their social media platforms, a brief bio, and more) that will appear directly in Google search results. It’s similar to how celebrities and businesses already appear. The new cards are only being tested in India in English to start.

To set up a new people card, simply search the phrase “add me to search” while logged in to your Google account. From there, Google will bring you to a new page that lets you create the card. The only mandatory fields are name, occupation, location, and an “about” bio, although you can also add information on your education, hometown, links to your website and other social media, and even your email and phone number (should you feel comfortable posting those on a publicly accessible Google search).

Obviously, with a system that allows anyone to create a result that will show up in Google search for the hundreds of millions of customers who rely on the service every day, there’s a big potential for abuse here. It’s easy to imagine trolls or harassers creating fake cards that show up every time someone searches your name or uses your people card to give out sensitive information, like your address, email, or phone number.

To that end, Google says that it has a “number of mechanisms” to prevent spam and abuse of the people card system. Each Google account is only allowed to create a single people card and has to have authenticated their account with a phone number before they’ll be allowed to create the card. Google will let you flag cards with bad information or that you think were created by an imposter, and users will be able to delete or edit their cards whenever they’d like.

Google search’s people cards are rolling out today in India; Google has yet to say if or when the feature will hit other regions.

If you have any questions or just want some advice on your insurance policies, please reach out and contact us any time, any day – we can do a free quote or quote comparison of any and all of your insurance policies. At Momentum Insurance we truly focus and embrace a client-first approach to our partnerships with individuals and businesses. We’ve been in the industry for over 30 years and have locations throughout the state of Texas and can help you and your business reach that next level.

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.

Content from The Verge

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Do You Need Umbrella Insurance?

Mon, 28 Sep 2020 19:01:00 GMT

Umbrella Insurance is a low-cost way to get significant extra liability coverage

Chances are slim that you will lose a lawsuit for a sum greater than what your existing insurance will pay – but if you ever find yourself in that situation, you could lose all of your savings. Umbrella insurance is designed to make sure you never find yourself living that nightmare. Below, we’ll take a closer look at this extra liability coverage: how an umbrella policy works, who needs it, how much it costs and what it won’t cover.

Key Takeaways

What Is Umbrella Insurance?

Umbrella insurance is a type of personal liability insurance that can be indispensable when you find yourself liable for a claim larger than your homeowner’s insurance , life insurance or auto insurance will cover. If you own a boat, umbrella insurance will also pick up where your watercraft’s liability insurance leaves off.

Umbrella insurance even covers certain liability claims those policies may not, such as libel, slander, and false imprisonment. And if you own rental property, umbrella insurance provides liability coverage beyond what your renter’s policy covers.

How Does an Umbrella Policy Work?

Here are some examples of incidents an umbrella policy could cover if your homeowner’s insurance or auto insurance wasn’t enough:

As you might have gleaned from these examples, umbrella insurance covers not just the policyholder, but also other members of their family or household. So if your teenager isn’t the best driver, you can sleep better at night knowing your umbrella policy will cover the injured parties’ medical bills if your kid is found liable for a major accident. That being said, make sure you understand how your policy defines a household member so you’ll actually have the coverage you need.

You have also noticed that, even though umbrella insurance acts as coverage above and beyond your homeowners and auto insurance, the incident doesn’t have to involve your property or your vehicle for your umbrella insurance to cover it. You’re also covered worldwide, with the exception of homes and cars you own under other countries’ laws.

Do You Need Umbrella Insurance?

There’s certainly a fear factor involved in the decision to buy umbrella insurance. Many insurance companies say you need it because of the lawsuit-happy world we live in, where anyone can sue you for anything and ruin you financially. You can find plenty of personal liability horror stories in the news, where juries awarded multimillion-dollar judgments to the victims that individuals had to pay. But how likely are you to find yourself in such a situation? Do you really need umbrella insurance?

As a general rule, you might hear you should purchase umbrella insurance if the total value of your assets, including ordinary checking and savings accounts, retirement and college savings and investment accounts, and home equity is greater than the limits of your auto or homeowners liability. The idea behind this advice is that you want to have enough liability insurance to fully cover your assets so you can’t lose them in a lawsuit.

This recommendation doesn’t quite make sense, though, because jury awards can easily exceed insurance policy limits. The real question you should ask yourself is, am I at risk of being sued? Everyone is, so in a sense, umbrella insurance makes sense for everyone . It’s a small price to pay for the extra peace of mind.

But some people are more likely to need an umbrella policy than others. If you engage in some activity that puts you at greater risk of incurring excess liability, you’re an even better candidate for an umbrella policy. Personal liability risk factors include owning property, renting it out, employing household staff, having a trampoline or hot tub, hosting large parties, and being a well-known public figure.

Having a teenage driver in the family also puts you at increased risk, as does owning a dog or owning a home with a swimming pool. Basically, the more likely you are to be sued, the more strongly you should consider purchasing umbrella insurance. But anyone who is risk-averse will sleep better at night knowing they’re protected by an umbrella policy.

An Example of How Umbrella Insurance Works

Let’s say your homeowner’s insurance has a personal liability limit of $300,000. You throw a large holiday party, and one of your guests slips and falls on your icy front steps. She ends up with a concussion and some astronomical medical bills and decides to sue you. In court, the jury sides with your party guest and awards her a judgment of $1 million. This judgment is $700,000 higher than your homeowner’s insurance liability limit.

Without a personal liability umbrella, you have to pay that $700,00 out of pocket. The money will have to come out of your retirement account, your main source of savings. The loss is devastating and means you’ll have to work 10 additional years, find a higher paying job, or drastically cut back your expenses to replenish your savings and get back on track to be able to retire.

But if you have $1 million in umbrella insurance, your umbrella policy will cover the portion of the judgment that your homeowner’s insurance doesn’t, and your retirement savings will remain intact. The umbrella policy will also cover any attorney fees and other expenses related to the lawsuit that weren’t covered by your homeowner’s policy. That coverage is in addition to the $1 million.

So if you have a $5,000 deductible on your homeowner’s insurance, you’ll pay that amount out-of-pocket. Then, your homeowner’s policy will pay the next $295,000, which gets you to the $300,000 policy limit. Your umbrella insurance doesn’t have a separate deductible in this case, because the homeowner’s policy covered part of the loss. Your umbrella policy pays the remaining $700,000 of the judgment plus legal expenses, so you’re only out-of-pocket $5,000 for the $1 million judgment.

What if you were found liable in a case where your homeowner’s or auto insurance didn’t apply? Then you’d pay an umbrella insurance deductible, called self-insured retention, before the umbrella policy kicked in.

How Much Does Umbrella Insurance Cost?

The cost of an umbrella liability policy depends on how much coverage you purchase, the state where you live (insurance rates vary by state) and the risk that insuring you presents to the insurance company. The more homes or cars you own, and the more household members your policy will cover, the more it will cost.

But umbrella insurance is quite cheap compared to other types of insurance especially considering how much coverage it provides. The Insurance Information Institute says most $1 million policies cost $150 to $300 per year. You can expect to pay about $75 more per year for $2 million in coverage, and another $50 per year for every extra $1 million in coverage beyond that. Most insurance companies’ umbrella liability policies start at $1 million in coverage, with higher limits available.

Why is umbrella insurance so cheap? It’s partly because you have to carry plenty of homeowner’s and auto insurance before an insurance company will issue you an umbrella policy. You’ll probably have to carry the maximum liability coverage available under your homeowner’s and auto policies before you can purchase an umbrella policy.

Most people already have at least $100,000 in homeowner’s coverage. Minimum auto insurance liability coverage depends on your state’s laws but typically runs $25,000 per person and $50,000 per accident. The maximum you can usually purchase is $500,000 in personal liability under your homeowner’s policy and $250,000 per person and $500,000 per accident under your auto insurance policy.

If you don’t already have this much coverage, your homeowner’s and auto insurance premiums will go up, making the umbrella policy more expensive than it might seem at first glance.

Purchasing Umbrella Insurance

If increasing your coverage and purchasing an umbrella policy is too expensive for you, as an alternative, you may be able to purchase endorsements to your auto or homeowners insurance that increases your liability limits beyond the usual maximums. You probably won’t get as much coverage as an umbrella could provide, but you’ll still be better protected than you were before.

Another possible requirement for getting umbrella insurance is that you have your auto or homeowner’s insurance with the same company that issues your umbrella policy. But even if the umbrella insurer you choose does not require you to have your homeowner’s and auto insurance policies with that company as a condition of getting umbrella insurance, it might be cheaper this way to get the insurer’s bundling discount. Also, it might be easier to have all your policies with the same company for administrative reasons.

Then again, switching insurers to have all your policies under one roof might mean higher premiums overall, if the new company’s rates are higher. So you’ll want to compare quotes carefully .

What Doesn’t Umbrella Insurance Cover?

One great thing about umbrella policies is that they provide broad coverage. They cover any incident that the policy does not specifically exclude, unlike some insurance policies, which only cover specifically named incidents. But no insurance policy covers everything. Here are some things your umbrella policy likely won’t cover:

The Bottom Line

Even the most careful person with the best intentions can end up on the hook for a huge judgment from a personal liability lawsuit. While you’re unlikely to find yourself in this situation, it’s still smart to protect yourself against such a devastating financial loss. Umbrella insurance can help you do that.

If you have any questions or just want some advice on umbrella insurance, please reach out and contact us any time, any day – we can do a free quote or quote comparison of any and all of your insurance policies. At Momentum Insurance we truly focus and embrace a client-first approach to our partnerships with individuals and businesses. We’ve been in the industry for over 30 years and have locations throughout the state of Texas and can help you and your business reach that next level.

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.

Content from Investopedia

The post Do You Need Umbrella Insurance? appeared first on Momentum Insurance .

Predictive Analytics in Insurance

Mon, 28 Sep 2020 18:59:00 GMT

More than two-thirds of insurers credit predictive analytics with reducing issues and underwriting expenses, and 60% say the data has helped increase sales and profitability.

That figure is expected to grow significantly over the next year, as the inherent value of predictive analytics in insurance is showing itself in a myriad of applications.

Predictive analytics tools can now collect data from a variety of sources – both internal and external – to better understand and predict the behavior of the insured. Property and casualty insurance companies are collecting data from telematics, agent interactions, customer interactions, smart homes, and even social media to better understand and manage their relationships, claims, and underwriting.

Another closely-related tool is predictive modeling in insurance, such as using “what-if” modeling, which allows insurers to prepare the underwriting workload, produce data for filings, and evaluate the impact of change on an insurer’s book of business. The right predictive modeling in insurance software can help define and deliver rate changes and new products more efficiently.

Using the plethora of data now available, here are 10 ways predictive analytics in P&C insurance will change the game in 2020.

Pricing & Risk Selection

This isn’t exactly a new use for predictive analytics in insurance, but pricing and risk selection will see improvement thanks to better data insights in 2020. Given the increased variety and sophistication of data sources, information collected by insurers will be more actionable.

Why do these data sets help predictive analytics improve pricing and risk selection? Because they are largely comprised of first-hand information. Data and feedback collected from social media, smart devices, and interactions between claims specialists and customers are straight from the source. Data that isn’t harvested through outside channels (such as typical demographic material used in the past, like criminal records, credit history, etc.) is more direct and can provide valuable insights for P&C insurers.

But just how much data are insurers collecting from IoT-enabled devices? Some reports estimate it’s approximately 10MB of data per household, per day, and that figure is expected to increase.

Identifying Customers at Risk of Cancellation

Predictive analytics in P&C insurance is going to help carriers identify many customers who require unique attention – for example, those likely to cancel or lower coverage. More advanced data insights will help insurers identify customers who may be unhappy with their coverage or their carrier.

Having this knowledge in hand will put carriers ahead of the game and allow them to reach out and provide personalized attention to alleviate potential issues. Without predictive analytics, insurers could miss credible warning signs and lose valuable time that could be used to remedy any issues.

Identifying Risk of Fraud

P&C insurance companies are always battling various instances of fraud, and oftentimes aren’t as successful as they would like. The Coalition of Insurance Fraud estimates that $80 billion is lost annually from fraudulent claims in the United States alone.

Additionally, fraud makes up 5-10% of claims costs for insurers in the United States and Canada.

Using predictive analytics, carriers can identify and prevent potential fraud before it happens, or retroactively pursue corrective measures. Many insurers turn to social media for signs of fraudulent behavior, using data gathered after a claim is settled to monitor the insured’s online activity for red flags.

Insurers are also relying on insurance predictive modeling for fraud detection. “Where humans fail, big data and predictive modeling can identify mismatches between the insured party, third-parties involved in the claim (e.g. repair shops), and even the insured party’s social media accounts and online activity,” according to SmartDataCollective.

Triaging Claims

Customers are always looking for fast, personalized service. In the P&C insurance industry, that can sometimes present a challenge. But with good predictive analytics systems, carriers will be able to prioritize certain claims to save time, money, and resources – not to mention retain business and increase customer satisfaction.

Predictive analytics tools can anticipate the insured’s needs, alleviating their concerns, and improving their relationship with their carrier. It can also contribute to tighter management of budgets by employing forecasted data regarding claims, giving insurers a strategic advantage.

Identifying Outlier Claims

Predictive analytics in insurance can help identify claims that unexpectedly become high-cost losses – often referred to as outlier claims. With proper analytics tools, P&C insurers can review previous claims for similarities – and send alerts to claim specialists – automatically. Advanced notice of potential losses or related complications can help insurers cut down on these outlier claims.

Predictive analytics for outlier claims doesn’t have to come into play after a claim has been filed, either; insurance companies can also use lessons learned from outlier claim data preemptively to create plans for handling similar claims in the future.

Transforming the Claims Process

With predictive analytics, insurers can use data to determine events, information, or other factors that could affect the outcome of claims. This can streamline the process – which traditionally took weeks and even months – and helps the claims department mitigate risks. This also allows insurers to analyze their claims processes based on historical data and make informed decisions to enhance efficiency.

Advancements in artificial intelligence and other analytical tools have also become increasingly important in the claims process, and are transforming how carriers do business.

Anticipating Trends

Insurance companies are always looking for ways to get ahead of their competitors, and there’s no better way to do that than by staying on top of industry trends. Just as using predictive analytics was once a new trend for carriers, predictive analytics tools themselves can help carriers plan new products, customer experiences, and technology solutions to position themselves at the forefront of emerging possibilities.

Identifying Potential Markets

Predictive analytics in insurance can help insurers identify and target potential markets. Data can reveal behavior patterns and common demographics and characteristics, so insurers know where to target their marketing efforts.

Since there are 3.2 billion people on social media around the world, these platforms have become increasingly important when it comes to identifying potential markets. It’s also influenced customer service: About 60% of Americans say that social media has made the customer service process easier when it comes to obtaining answers and resolving problems.

Focusing on Customer Loyalty

Brand loyalty is important, no matter the product, and now insurers can use predictive analytics to focus on the history and behavior of loyal customers and anticipate what their needs may be. How important is brand loyalty? About half of customers have left a company for a competitor that better suited their needs. Also, this data can help insurers modify their current process of products based on the information.

Providing a Personalized Experience

Many consumers value a customized experience – even when it comes to shopping for insurance. When insurers have access to predictive analytics in insurance, they can comb through IoT-enabled data to understand the needs, desires, and advice of their customers.

Conclusion

Going forward, more and more insurers will use predictive analytics to help forecast events and gain actionable insights into all aspects of their businesses. Doing so provides a competitive advantage that saves time, money, and resources while helping carriers more effectively plan for a future defined by change. After all, data is only a strategic asset when you can actually put it to work.

If you have any questions or just want some advice, please reach out and contact us any time, any day – we can do a free quote or quote comparison of your insurance policies.

At Momentum Insurance we truly focus and embrace a client-first approach to our partnerships with individuals and businesses. We’ve been in the industry for over 30 years and have locations throughout the state of Texas that can help you and your business reach that next level.

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.

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3 New Golf Apps to Get You in the Swing of Things

Mon, 28 Sep 2020 18:55:00 GMT

Typically, here at Momentum Insurance and Financial Services , we like to highlight a new technology every Tuesday (Momentum Tech Tuesday) that is influencing the insurance industry or related sectors. We’ve covered everything from augmented reality to machine learning , digital presence , tech solutions for mortgage brokers , and more . But this week we wanted to diverge a little and look into some technology in a different industry – sports. And since the writer of this article just played golf for the first time in over 6 years, and played it not very well – anyone who’s played golf probably knows the feeling of not performing well, and knows the slight obsession that can be the result of said bad round (maybe slight is an understatement) – we decided to look into the game of golf and a few of the apps that are available, including the links to download the apps if interested.

Sports performance technology continues to advance and gain popularity as high-tech tools are utilized to enhance player performance in all types of athletics. Golf is no exception. Technology can be used to make aspects of the popular and challenging sport less difficult and frustrating, and more rewarding and enjoyable.

For example, during the coronavirus lockdown, many golfers continue to practice their game on high-tech training equipment such as in-home golf simulators. In addition to golf training equipment, thanks to innovation there are applications for smartphones, tablets, and smartwatches to help golfers improve their game.

Here are 3 golf apps that can help golfers improve their skills, locate courses, and book tee times to enjoy their next round.

V1 Golf – Swing Analysis & Coaching

Have you ever wanted to see how your swing compares to the best in the game? By recording your swing with the V1 Golf app, you can compare yours against the pros and use a full suite of tools to analyze exactly what you need to work on.

The app equips golfers with a full range of video tools, including the ability to send your videos to your instructor and receive voice-over video lessons with evaluations from your pro. If you don’t currently have a coach, you can connect with one of several thousand pros who teach with the V1 Sports network.

Most golfers will find value in the V1 Golf App, but it will be especially valuable for players who are looking for consistent feedback from their instructors and aren’t always playing their home courses.

For younger players and aspiring pros that are on the road playing competitively in tournaments, updated instruction while away from home is a big benefit. The app also works well for those who travel often or can’t always make time for an in-person lesson with their instructor.

On the flip side, golfers who are at their home course often and have the ability to see their instructor frequently on an in-person basis won’t see much benefit from this app’s technological edge. Additionally, for players who aren’t tech-savvy, the ability to grasp and benefit from the capabilities of the app will likely not be realized.

V1 Golf is available as a free download from the App Store and Google Play . In-app purchases are offered.

GolfNow – Book Tee Times, Golf GPS

With over 5,000 courses onboard, at any time of day or night users can book a tee time at courses in the US, England, Scotland, Wales, Ireland, Bermuda, Canada, and Mexico.

Using your phone’s location services, the app shows golf courses in your area, making it an essential tool for any golfer that is always on the go, looking for nearby links.

GolfNow is currently used by over 3 million golfers and now features a free golf GPS and golf rangefinders, scorekeeping, and post-game analysis.

The “Hot Deal” search function enables users to find various discounts and savings – and to get better prices on tee times, with weather protection.

Also worth investigating is the GolfNow Rewards program, which allows you to automatically earn points on each round, and coupled with the GolfNow VIP membership, offers members additional savings and benefits.

While the GolfNow app features the ease of booking a tee time, one thing to keep in mind is that some users have reported issues trying to redeem rewards for weekend reservations – and as is the case with many promotions, other restrictions may apply.

GolfNow is available as a free download from the AppStore and Google Play .

GolfLogix GPS + Putt Line

The GolfLogix GPS + Putt Line app is a perennial worldwide leader in golf apps. Like other golf apps, it offers free GPS, scores and stats, but it also provides top-quality 3D course maps that give precise GPS distances to all hazards, layups, and greens.

Most impressive are the Approach and Putt Break views.

The Approach view lets you see the green’s contours and the areas surrounding the green from the fairway. This tool helps to avoid the frustration of hitting that perfect shot, only to see the ball drift from the hole or even off the green. As you move your target on the hole overview, the app indicates which clubs are suggested to hit that target, as well as from the target to the green.

The Putt Break view is a cool feature; although to use it there’s a need to precisely locate your ball and hole on the green map, and pull out your device after every putt, which can be distracting and time-consuming. If you (and others in your group) can tolerate that, the app’s “Putt Line” feature shows a visual read of the putt’s line to help see breaks and determine speed, so you know how to aim your shot.

Many users start off by only gauging their accuracy and speed on the putting green. The GolfLogix tech in the accuracy aspect is quite precise, but the speed gauge is less so.

For each hole, the app provides up to four different distances, with a bird’s eye view, moveable target, approach view, and putt break option.

By choosing the “Play Golf” tab you can search manually for a course or use your current location to create a list of courses nearby. There are more than 35,000 golf courses in the GolfLogix course library, with at least 12,000 that include 3D mapped greens. After making your selection, the course is quickly downloaded to your device and you’ll be ready to tee off.

This app has a score and stat tracking feature like many of the GPS apps. GolfLogix improves on this by allowing users to customize which stats to keep and which to disregard. Trackable stats include putts, greens in regulation, driving distance, fairways hits, fairway and greenside bunkers, chips, pitches, penalties, and missed putts. Whether keeping a simple score or compiling a bunch of stats on your round, inputting the data is done quickly and easily.

Finally, users can access a personal round analysis and lessons via Golf Digest and get exclusive equipment deals from GolfNow and Golfsmith.

GolfLogix GPS + Putt Line is available as a free download from the App Store and Google Play . In-app purchases are offered.

Heading In

Try these new golf apps to find out which ones suit your golfing needs – and let us know what you think in the comments section on our social media profiles.

Enjoy your next round – and remember to stay out of the bunkers (this last bit of advice is for me).

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips, and now Golf!

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The Insider on Small Business Insurance

Mon, 28 Sep 2020 18:21:00 GMT

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New technology trends in the mortgage lending experience

Mon, 28 Sep 2020 18:19:00 GMT

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3 Reasons Mortgage Brokers Need Business Insurance

Mon, 28 Sep 2020 18:17:00 GMT

As a mortgage broker, you’re the crucial link between future homeowners and the financing they need to secure their investment. You know the tricks of the trade – how to get the best rates for your clients, what to look for in a mortgage contract, and when to sign on the dotted line for a life-changing loan.

But, as we all know, the real estate market is far from static. Just look at what happened when the housing bubble burst back in 2008, and what’s happening now with the economic turmoil caused by the Coronavirus pandemic. Staying competitive in such a speculative industry means protecting yourself against a number of risks with business insurance for mortgage brokers .

Here are just 3 reasons why mortgage brokers need business insurance to operate with confidence and peace of mind.

A client claims your financial advice cost them money

The biggest variable in brokering is the professional advice you give. Let’s say that your client comes back and sues you after they go into foreclosure, alleging that you advised them to take on an unreasonable mortgage for their budget. After all, as Investopedia states , the 2008 market crash “revealed that many brokers were getting their clients into mortgages that they could not afford over time.”

Even if a client’s allegations are off-base given the situation, you could find your company tied up in costly litigation that also tarnishes the reputation you’ve worked so hard to build. Luckily, professional liability insurance covers claims of professional negligence, misrepresentation, inaccurate advice, and violation of good faith and fair dealing, per the Insurance Information Institute .

You need proof of insurance to rent a commercial space

If you’re a sole proprietor, you might start out working from home. But eventually, the spare bedroom gets cramped and you want to grow your business in a space that’s more hospitable to hosting clients and expanding your operations. After touring the perfect office space in your city, you’re ready to sign the lease ahead of the competition. But the landlord passes you over because you don’t have liability insurance. You’re back to the drawing board.

General liability insurance is the policy you need. It protects your company (and the owner of the building) against lawsuits stemming from bodily injury or property damage to others on your premises. If a client leaves their appointment only to slip on your staircase, your policy would pay their medical bills, possibly staving off a lawsuit or a hefty bill from the hospital.

Someone steals the electronics from your office

You’re having a real case of the Mondays when you arrive at your office and realize that the space looks oddly empty. That’s when it hits you – your stuff is gone! Someone must have broken into your building during the night. Not only are you down the cost of your specialty electronics, but you’ll also have to put a hold on business while you figure this mess out.

Property insurance with business interruption coverage makes it a lot easier to stay afloat during this tricky time. You can find this coverage in a Business Owners Policy (BOP) bundle along with general liability insurance . Depending on the specifics of the policy, it will cover your property and equipment in the event of a covered disaster (fire, theft, etc.) for Actual Cash Value (ACV) or Replacement Cash Value (RCV) , plus help you pay bills during resulting downtime.

Of course, a stolen computer could mean compromised client records full of sensitive personal and financial information. Cyber insurance can help you mitigate the fallout of data breaches resulting from lost or stolen equipment, malicious hacks or unauthorized access to files.

These are just 3 of the many reasons why business insurance for mortgage brokers is a must. Interested in learning more? Visit Momentum Insurance for details and to get a free quote for your company.

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.

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Will my credit rating change my insurance rates?

Mon, 28 Sep 2020 18:15:00 GMT

I was recently asked this question by one of our Momentum Insurance and Financial Services clients and thought I would share the answer here for our readers.

There are a lot of things that go into homeowners and auto insurance rates, one of them being credit. I’ve heard a lot of complaints from people who don’t like the fact that insurance companies use credit in their underwriting.

Some people have absolutely no idea that it’s used in the rate at all.

At the end of the day, there’s not much we can do about it though. Insurance companies have been using credit in their rates for decades, and that’s not likely to change.

By the way, insurance companies don’t pull your credit like a mortgage company or credit card company does. There is no negative impact on your credit as a result of an insurance company looking at it.

When I say “pull” what I mean is that the insurance company is doing what’s called a soft inquiry, which is not the same thing as having your credit pulled (hard inquiry).

When does credit play a role in insurance rates?

It’s important to understand that insurance companies don’t continuously check or monitor your credit. Usually, they only check it when you first get a quote and/or sign up with them in the very beginning.

This means that if your credit score increases (or decreases) your insurance company does not automatically know about it.

So, to my customer’s question of whether or not his increased credit score will lower his rates, the answer is not automatically.

What has to be done on our side as the agent is to contact the carrier the insurance and ask them to do what’s commonly referred to as a “re-score”. This is when the insurance company can re-run the person’s credit (soft inquiry) to see if there is any positive bearing on the rate.

This isn’t something that the insurance company is going to let the agency do every single year, so it’s not worth even asking unless there has been a significant change in your credit score, and only you as the customer would know if that was the case.

If you’d like to get a better handle on your credit rating, it could be helpful to setup credit monitoring .

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily on everything from the insurance industry to personal care tips.

Learn more about Momentum Insurance and how we help people and businesses with all of their insurance and financial needs – building longstanding and trustworthy partnerships for over 30 years. Reach out for a free quote!

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Augmented Reality in Real Estate

Mon, 28 Sep 2020 18:13:00 GMT

Augmented reality is a burgeoning industry with frequent advancements and a promising future. AR technologies have impacted nearly every industry, and real estate is no exception. The technology has gone from a futuristic maybe to a realistic way of showing a building in detail on a client’s smartphone. Many agencies have already incorporated AR technology into their everyday practices, introducing interactive demonstrations on-site and on the phone.

Augmented reality has valuable marketing implications that are only just being tapped into. AR is also a unique way of encouraging clients to make a profitable decision.

How is AR affecting Real Estate?

Most real estate agencies struggle with the presentation of their catalog at some point, facing roadblocks including unemotive text descriptions, lackluster photos, and lack of devoted time to visit each site with clients. AR tools and mobile apps can overcome most, if not all of these obstacles with the single touch of a button.

Clients can use an agency’s built-in AR capabilities to view a site from all angles, gaining a better, in-depth understanding of a property without ever leaving their homes. Agencies can set up their augmented reality applications to allow clients to browse different categories, compare various sites, and make informed decisions.

What are the benefits of AR in real estate?

Augmented reality brings a new way for clients to not only view a property but experience the property, too. In general, people enjoy technological advancements that are helpful and also entertaining. Real estate agencies can use the innate attractiveness of new technologies to bring in new clients and keep them engaged with the agency.

Real estate agencies can use AR to make interactive catalogs and advertisements and implement new ways for clients to view a property. Clients are more likely to engage with a property if there is an element of AR because visualization is better with AR than with photos, videos, and text descriptions. The more complex a property or building is, the better an AR experience serves it.

AR technologies can also make clients more interested and involved in what an agency is selling. This is likely because AR is a newer technology that most people find fascinating. With augmented reality, clients can visit a property in which they are interested on their own from their couch. This frees up time on an agent’s schedule, saving the agency time and resources overall.

Augmented Reality Applications

Augmented reality real estate applications mainly fall into three categories based on the complexity of their designs. The types include Simple, Advanced, and Enterprise AR apps. Simple applications might consist of simplistic 3D objects, while Advanced applications might consist of QR codes or interactive animations.

Augmented reality has a bright future in the smartphone application landscape. The practical uses are boundless, making it clear why AR technology has reached into most industries. Real estate agencies can tap into a new customer base by marketing their properties through AR experiences. Some agencies have already started implementing the technology, and others are quickly following. In today’s tech-happy world, not adopting Augmented Reality in real estate is not really an option.

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.

Learn more about Momentum Insurance and how we build long-lasting and trustworthy partnerships with real estate agents and brokers . Our reputation in the industry is built upon a foundation of always taking care of our clients and our partners, not to mention our incredibly solid relationships with all of the best-in-industry carriers. Reach out anytime, any day; we’re always here to help.

Content from Business Journal

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How the Coronavirus pandemic could change mortgage lending

Mon, 28 Sep 2020 18:11:00 GMT

Borrowers and lenders will face 3 new and unfamiliar ways of doing business

Extraordinary times call for extraordinary measures. Business leaders in all parts of the US economy are taking bold steps to respond to the Coronavirus pandemic. Those in the mortgage industry are implementing reforms that will be long-lasting in terms of how lenders operate and how consumers obtain financing. Here are 3 ways in which the coronavirus pandemic could change mortgage lending:

Increased Digitization

The COVID-19 pandemic has resulted in mortgage lenders revisiting and, in many cases, adopting measures to digitize the mortgage process. Many firms favor an omni-channel approach, giving consumers the option to work with loan officers in person or over the phone and online.

The current crisis has “brought forward” some of the internal conversations firms were planning to have about how to massively transform the online digitization and automated underwriting process for borrowers. That time is now, as consumers are opting to research and buy their homes online – not wanting to risk their health with in-person exchanges. One popular home listing website saw its online traffic for virtual tours increase more than 190% in March, compared to February. Another real estate brokerage experienced almost a 500% surge in requests for home video tours. Innovative realtors are even providing “drive-thru closings” in which customers and realtors exchange paperwork and keys while sitting in their own cars.

Delivering consumer relief with scale and speed

Keeping customers in their homes during strong and (especially in) weak economies must be priority No. 1 for financial institutions. We all learned from the Great Financial Crisis of 2008-09 that losing your job should not mean losing your house. Lenders aren’t just in the business of providing loans but helping consumers pay them off (and own their homes) as quickly and responsibly as possible.

As millions of Americans lose their jobs, many are facing the prospect of not being able to afford their mortgages. These homeowners are seeking what’s known as “forbearance,” a payment deferral so that borrowers can get back on their feet and return to a regular payment schedule. The coronavirus crisis so far has generated more than 3.5 million forbearance requests. Many firms have seen tens of thousands of requests from homeowners, with the most inquiries coming from homeowners with jobs in hospitality, travel, gaming, and fitness sectors. When the world (hopefully) returns to more normalcy, mortgage firms should always be on the lookout for ways to partner with customers to achieve the goal of responsible homeownership – and develop ways to help people keep their homes. Mortgage lenders should also search out mutually beneficial and productive partnerships with insurance agencies that are reliable and trustworthy, providing the homeowner with the right kind of coverage.

Leveraged technology to serve borrowers

In recent weeks, most servicing departments have experienced a surge in call volume, as customers are keen to learn what forbearance programs are available to them. The increased demand has made many rethink on how they can more efficiently and effectively serve customers.

While it’s certainly normal for some customers to call with questions, it’s clear that many borrowers – especially Millenials – prefer to interact online. Many firms are now exploring how to use artificial intelligence and chatbots to more quickly respond to requests across multiple formats such as websites, social media, and text messaging. The pandemic has certainly made the industry think through how brokers can use automation to better serve customers to get the information they need quickly.

While the pandemic didn’t create the need for digitization and automation, clearer forbearance policies, and better customer service, it certainly has made mortgage lenders prioritize these things – and the housing sector can emerge stronger and more customer-focused as a result.

Learn more about Momentum Insurance and how we build long-lasting and trustworthy partnerships with mortgage brokers . Our reputation in the industry is built upon a foundation of always taking care of our clients and our partners, not to mention our incredibly solid relationships with all of the best-in-industry carriers. Reach out anytime, any day; we’re always here to help.

Content from Market Watch

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Creating Your Company’s Digital Presence

Mon, 28 Sep 2020 18:09:00 GMT

In the last few years, customers have come to expect streamlined digital experiences from every company they do businesses with. Companies are evolving to meet these changes, adopting technology tools to reach out to customers through various digital channels. This year we’ve seen the importance of those technology tools more clearly than ever as companies have had to quickly adapt to doing business remotely. Digital transformation is no longer a far-off ideal; it’s a necessity. Read more about creating your company’s digital presence.

For more traditional companies, it may be helpful to think of your company’s interconnected technology tools in terms of the role they play in your digital “office.” Your company’s digital space can augment your physical office and extend your agency’s capabilities. It can make it easy for clients to do business with you even when they can’t come into your company’s physical office.

Websites: your digital storefronts

Your website is where many customers start their digital journey with your company. As a basic starting point, make sure your website is well-designed and easy to use – just like you would want your storefront to look clean and professional.

It’s also a good idea to test your website’s loading speed and mobile-responsiveness. Potential customers are going to bail if the pages are slow to load or if they have to pinch to zoom in to see the website on their phone.

You can test your website’s responsiveness with the Google mobile friendliness test.

Content strategy: attracting digital “foot traffic”

Once you ensure your website is solid, you can expand upon it with content strategy. You have your digital storefront, how are you going to get people to come inside?

First, ask yourself: What is your strategy as an agent? What kind of content and education will you provide on your website that will help potential customers find your company? Do you want to be all things to all people? Probably not.

Things like search engine optimization (SEO), paid search and Google ads can help you target specific types of customers. SEO and paid search will help ensure that your company shows up when people in your area research certain industry-related terms online. Google ads can let you show up in other places potential customers are visiting online (think of it like advertising in your local papers, but with a broader reach).

After you’ve established your website content strategy, you can marry that with a social media strategy. Pick one or two platforms where you can consistently post well-thought-out content and interact with customers. Social platforms such as Facebook and Instagram can let you communicate with your customers in more personal ways and give you a glimpse of things your customers are talking about.

Again, there are many helpful resources to help you plan your content strategy, invest in SEO and get started on social media. A few good places to start is Google’s SEO starter guide.

Digital communication tools: reaching clients where they are

Technology tools can help you reach out and connect with customers in the ways they want throughout every step of the customer experience lifecycle. Well-placed technology tools can give clients a streamlined, personalized experience whether they are first visiting your virtual office, making a policy change, or submitting a claim.

Ideally, your communication strategy will include a balance of hands-on and hands-off approaches.

For example, an online chat feature can serve as a digital receptionist – this could be a chatbot, a tool that plugs in to let visitors chat with one of your staff members online in real-time, or a combination of the two.

Texting with clients can also help you achieve that balance of hands-off and hands-on, giving them a personalized interaction while also letting them respond at their convenience.

The hands-off part is setting things up so customers can complete simple tasks electronically instead of having to call you or stop by your office. For example, integrating a comparative rater on your website, using eSignature to let clients sign forms electronically, or allowing clients to submit service requests through a customer portal or app.

When you marry easy digital tools with the white-glove service that only you can offer, it provides the ultimate solution well over and above what competitors can provide.

Video: virtual meetings and reviews

Your clients may not always have the time or the ability to come to an in-person meeting. Video can help you add a personal touch to digital communications.

This is a great time to start to become comfortable with things like Zoom, Skype, GoToMeeting, or other video tools. You can use these tools to meet with clients virtually and even record video proposals or reviews for clients to watch on their own time.

Plus, if you have staff working remotely, video platforms are great ways to hold staff meetings and continue strategic planning amongst your staff.

Cybersecurity: locking up your digital “office”

Digital tools can bring certain risks, especially if your staff is working remotely. Make sure to train employees on cyber risks and implement some guidelines for security precautions.

For example, set up a virtual private network (VPN) for employees to connect through when working from home. Train employees on threats such as phishing emails and have an agreement about when and how employees can use personal devices for work. This will help you protect client information and guard against “break-ins” to your virtual “office.” The FCC’s cybersecurity guide has helpful tips for protecting your company.

Sprucing up your digital strategy

A well-functioning digital “office” can help our company generate more revenue, communicate effectively with clients, and extend the capabilities of your team.

This time of rapid change can be a great opportunity to evaluate your agency’s technology systems, think through your digital strategies, and accelerate your transformation.

Learn more about Momentum Insurance and how we can help you and your business . We’re always here to help, reach out for a free review of your personal and commercial policies – anytime, any day.

Content from Safeco, Liberty Mutual, Agent For The Future

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What happens when a hurricane meets a pandemic?

Mon, 28 Sep 2020 18:07:00 GMT

An active 2020 hurricane season combined with coronavirus is likely to present unprecedented challenges for some coastal communities – what happens when a hurricane meets a pandemic?

Meteorologists have been warning for months that the 2020 Atlantic hurricane season is going to be severe, with estimates this year could produce as many as 19 named storms and 10 hurricanes. And based on early activity, there is little reason to doubt their predictions.

Even before the official start of the season on June 1, two named tropical storms had formed – Arthur, then Bertha, which made landfall near Charleston, South Carolina, on May 27.

What this means residents, businesses, and property owners from Texas to New England is that they need to be prepared for the worst.

In addition to the prospect of spending the next six months monitoring satellite images of cyclones forming over the Atlantic Ocean, they may also have to contend with the added challenge of preparing for and recovering from a catastrophic hurricane amid a global pandemic.

Double trouble

A dual catastrophe such as this will likely put a strain on storm preparations, which will be hindered by resources already stretched to the limit, and any post-event response, which will be slowed by the fear of contamination.

Some business owners who have temporarily shuttered their facilities during the coronavirus lockdown may be unable to adequately prepare their buildings to repel the damaging wind and water of an approaching storm.

Many residents will be forced to flee their homes and seek shelter while also maintaining physical distance from each other to reduce the risk of spreading the virus. Others may defy evacuation orders for dear of contamination, and emergency personnel will be called upon to safety extract them from homes badly damaged by flooding, strong winds, or storm surges.

After the skies clear, contractors and insurance professionals will need to carefully navigate a COVID-19 world that includes physical distancing and the prospect of travel restrictions and a shortage of hotel rooms.

Supply chains are already stressed by a pandemic that has reached every corner of the world. How will they respond as the demand for building materials rises in the wake of a major hurricane?

Preparation is key

While it’s difficult to predict how the coronavirus pandemic may affect daily life when a hurricane makes landfall, Mike Widdekind , Technical Director, Property, for Zurich North America Risk Engineering, says that preparation will be key.

“Things may look very different in the late summer or early fall,” he said, “So, business owners need to prepare for any contingency. They should review their hurricane plan and make sure they have the staffing to implement the plan.”

Widdekind said businesses should be careful not to neglect any mothballed facilities, which can be especially vulnerable to storm damage if no one is on-site to monitor their condition. “You’ll need to get your facilities buttoned up before you walk away, and that includes installing flood gates and storm shutters and testing sump pumps,” he said.

Finally, for those businesses returning to their shuttered facilities, it will be critical to monitor for mold and legionella, which can cause serious illness for returning employees.

After the storm

The post-hurricane environment will continue to present challenges for those directly impacted by the storm as well as those involved in the recovery. The Centers of Disease Control and Prevention have prepared guidance for evacuees on how they can remain safe in a public shelter . But emergency workers, contractors, vendors, and insurance professionals will need to coordinate with property owners and each other to avoid coming into close physical contact and potentially spreading COVID-19.

Will there be enough personal protective equipment (PPE) for everyone? Will travel restrictions prevent vendors, contractors, and insurance professionals from making the trip? Will there be enough lodging for everyone? And how will efforts to clean, repair, and rebuild damaged property be conducted?

It is likely that some damaged buildings will require a team of vendors and contractors to complete repairs, but they may need to work in alternating shifts to avoid close contact. Ultimately, this could result in delays that may impact a company’s ability to resume operations.

The good news

If there’s a silver lining to this, it’s that we’ve all experienced several months of living with a pandemic and we’ve learned a few things.

For instance, we’ve learned that while nothing replaces face-to-face contact with customers, most of us can still provide excellent service while sitting at home and working on our computers.

Todd Wiley, Vice-President of Catastrophe Operations and Vendor Management for Zurich North America, said the coronavirus crisis has, in some way, been a trial by fire, but Zurich’s efforts to focus on technology long ago have made the transition easy.

“COVID-19 had pushed us faster into the virtual world,” he said. “Our customers are now more comfortable in this virtual world, so we are now able to collaborate and communicate with them without standing side by side with them.”

Wiley said Zurich’s use of drones for aerial photographs and thermal imaging cameras inside buildings has prepared the company for the present time when physical distancing is required.

In addition, Zurich developed a Remote Collaboration app that allows its Risk Engineers to conduct virtual site visits. The app was launched in 2019, long before anyone thought a pandemic would make physical site visits a risky proposal.

All together

Hurricanes can have a devastating and wide-ranging impact on a community. Add to that the additional risks that come with a pandemic and you have the makings of an imperfect storm: a global health crisis exacerbated by a catastrophe.

Building resilience to this dual-threat requires preparation coupled with the collaborative efforts of residents, government, businesses, healthcare professionals, emergency personnel and insurance professionals.

Now, more than ever, collaboration is needed if we’re going to contain the combined dangers of hurricanes and a global pandemic.

Learn more about Momentum Insurance and how we can help you and your business during hurricane season . We’re always here to help, reach out for advice or a free review of your personal and commercial policy lines.

For storm preparation and recovery tips to help businesses protect their people and assets, visit Before and after the storm .

For tips on updating a hurricane emergency action plan, visit Guide to hurricane emergency action plans .

Article provided by Zurich – original article found here .

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Augmented Reality in Construction

Mon, 28 Sep 2020 18:04:00 GMT

Technological innovation is revolutionizing one of the oldest professions in the world. Augmented Reality has just broken onto the scene and has already been transforming civil construction. The changes are seen not only in designing and modeling but also in building. Augmented Reality benefits the entire construction team: engineers, designers, architects, project managers, and service providers.

Unlike Virtual Reality , which creates a totally new and independent environment of the real world, AR includes virtual elements that interact with what already exists. It is thus possible to combine virtual architectural designs with the reality of the construction site, increasing efficiency and accuracy, reducing the occurrence of errors, saving time, money, and resources.

Construction sites are often chaotic, noisy, and dirty spaces. Although the adoption of the BIM system reduces many of the incompatibilities and unpleasant surprises during the construction process, it is inevitable that doubts arise and errors occur during construction. And, more importantly, every mistake or redo costs a lot of money and time.

The idea is that AR applications can provide a more accurate view of what will be built, including layers of materials and installations that are often complex to understand through drawings. For this, 3D plans and even virtual model holograms are used to improve the understanding of the project and facilitate the execution of projects. And even during construction, the ability to see through walls and understand the path of the technical installations facilitates the process, reduces the possibility of errors, and even guides the construction of complex geometrics .

To fully use AR you need a device (usually goggles or glasses). Currently, several companies manufacture AR hardware, but the most popular used in construction is Microsoft HoloLens . One of the big reasons why home builders choose Microsoft HoloLens is the price and the fact that it is now certified as basic protection glasses. The company DAQRI has developed a safety helmet integrated into the glasses, to facilitate even more use by construction professionals.

Below are some Augmented Reality technologies that can revolutionize the way companies approach the construction industry:

Morpholio AR Sketchwalk

AR Sketchwalk is an augmented reality that allows designers to use augmented reality to dive into their sketches to give both their clients and themselves a truer sense of the space. Using an iPad, you position your sketch in the plan (or site) and can walk through it, growing the walls. This makes the experience of presenting a project much more interactive and clear to the customers. Check out other Morpholio apps here .

DAQRI Smart Helmet

The DAQRI Smart Helmet is a helmet capable of visualizing projects and 3D models in augmented reality as an immersive and large-scale 3D environment. Teams can compare work-in-progress with the original design and keep the work and office in sync with an all-digital workflow.

Measure Apps for iOS and Android

Now there are many available applications for measurement – iOS 12 even comes with a measurement app installed. They work like digital rulers, calculating distances in real spaces using the cell phone’s camera. With the application you can measure objects and also draw plans from a real room. AirMeasure and MeasureKit are some of the applications for this purpose, among several others.

Augment

Augment is an application that allows users to view 3D models in real-time and on the right scale, transforming a plan into a 3D model hologram, or simulating life-size products. The platform is available for smartphones and tablets and is used by product designers, sales and marketing teams for reducing prototyping costs, increasing customer appeal, and boosting sales.

Fologram

Fologram transforms 3D models into full-size construction instructions through augmented reality glasses, such as the Hololens. The program seeks to facilitate the construction of complex projects that require a series of measurements, verification and specific care through digital instructions that are virtually superimposed on the workspace, directing a step-by-step guide for masons during the construction process.

GAMMA AR

GAMMA AR is a building site monitoring application that uses augmented reality technology to overlay BIM 3D buildings via smartphones or tablets. It allows you to compare the reality of the work with the planning information contained in the project. GAMMA AR enables 3D BIM models to be viewed before and during the building process, creating an understanding of planning, avoiding errors, and reducing construction costs.

WakingApp

WakingApp, an augmented virtual reality software company, has recently released add-ons that enable Autodesk Revit and Fusion 360 users to turn their 3D designs into augmented reality and virtual reality through a smartphone or tablet.

ARki

ARki is a real-time augmented reality visualization service for architectural models. It incorporates AR technology into the architecture by providing 3D models with multiple levels of interactivity for both design and presentation purposes and can be used on any IOS/Android device.

Dalux View / Dalux Build / Dalux FM

The Danish company Dalux offers three augmented reality solutions for civil construction. The Dalux Viewer is a free application available on the iOS and Android platforms and allows users to design a 3D model and digital drawings on the actual construction site. Dalux Build combines augmented reality with other tools that make it easier to manage projects under construction, ensuring an uninterrupted flow of information across all stages of the project. On the other hand, DaluxFM offers solutions for the management of facilities, which includes planning and asset management, including contracts for outsourced and associated services, electrical maintenance, hydraulics, rent control, as well as site preservation activities.

Learn more about Momentum Insurance and how we’re leveraging technology to better serve individuals and businesses . We’re always here to help, please reach out if you have any questions or want to reevaluate your personal or commercial lines.

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How COVID-19 is changing the Insurance Industry

Mon, 28 Sep 2020 18:02:00 GMT

The COVID-19 pandemic, an unprecedented event in modern history, continues to leave its mark on societies and economies around the world and is actively changing the insurance industry. We have learned many lessons so far, the most poignant one being that we weren’t prepared for this.

The impact on the global economy has been devastating. The International Monetary Fund (IMF) says the global economy will shrink by 3%, the worst decline since the Great Depression of the 1930s. Many advanced economies, including the US, UK, Canada, France, and Germany are expected to enter a recession this year. The Dow and FTSE have suffered their worst quarterly drop since 1987. Oil prices have crashed as lockdowns have brought commuting and traveling to a standstill. In the US, the price of West Texas Intermediate (WTI) dropped below zero for the first time in history.

Amid the outbreak, businesses are trying to stay afloat, scaling down operations or shutting down altogether. The insurance industry, which supports businesses through crises and disasters, is one of the sectors at the forefront during this challenging time. And like everyone else, insurance companies are drawing lessons from the pandemic and learning to adapt.

Insuring against a pandemic is hard but not impossible

Pandemics like the coronavirus outbreak are inherently different from other natural disasters. While catastrophes such as hurricanes, earthquakes, and floods hit a specific region, pandemics have no geographical bounds. The timeframe of pandemics of highly contagious diseases such as COVID-19 is virtually unpredictable.

All this makes it harder for insurers to assess and accurately model the risks .

Like any other industry, the insurance sector has finite resources at its disposal. If a disaster hits everywhere simultaneously and for an indefinite period of time, it inevitably puts a lot of strain on insurers. Insurance firms have been managing an unprecedented level of activity in response to COVID-19 with some companies reporting a 200% rise in call volumes into their call centers. At the same time, a pandemic inevitably leads to operational challenges for all. Many insurance underwriters do provide pandemic coverage, and some companies have had the foresight to buy a specific pandemic insurance policy. One example is the Wimbledon tennis tournament , which has paid $31.7 million for pandemic insurance premiums since the SARS outbreak in 2003. The company will reportedly receive $142 million from its insurers for this year’s canceled tournament.

But, generally speaking, the uptake of pandemic insurance has been very low, partly because customers viewed the premiums as expensive and the risk distant. In general, businesses purchase interruption insurance policies that exclude pandemic coverage as standard and only cover physical damage on-premises. With so few businesses having policies that provide coverage against the coronavirus pandemic, insurers have not been able to build up reserves to pay claims in this area. But given the current circumstances, insurance companies have joined in the collective response to help support the economy. The estimated 2020 underwriting losses covered by the industry as a result of COVID-19 are approximately $107 billion. The industry is also expected to be dealing with a massive $96 billion fall in portfolio investments.

[ Read more : Tech Trends Developing Out of COVID Chaos ]

Looking toward the future

The COVID-19 pandemic has exposed the vulnerability of businesses. With viral outbreaks becoming more frequent, the market for pandemic insurance is likely to grow. But given the unprecedented scale of impact that the COVID-19 pandemic has caused, it’s not clear whether pandemics can or should be covered through an insurance model. Many experts are stressing that state involvement in such situations is inevitable.

What is clear, however, is that businesses can do much to protect their operations against the outbreak of viral diseases. Organizations are fast adopting technologies that can enable them to continue their operations while remaining compliant with social distancing rules. Many companies are transitioning to cloud servers and applications that allow their employees to work from home instead of congregating in offices. Video conferencing and online collaboration apps are replacing in-person meetings. Online shopping is replacing physical retail. Social media live streams are becoming an alternative for concert and conference venues. Insurance companies need to, and have, dedicated capital to explore medium- and long-term solutions the industry can put in place, as well as shifting existing initiatives to help fast-track the development of innovative new products and solutions to help with economic recovery and resilience. Undoubtedly, the industry must focus on leveraging new technologies to help with widespread business interruptions and working with governments and regulators to consider long-term structures that could be put in place to build resilience against global economic shocks. The experience we gain from adapting to the COVID-19 lockdown will play a key role in shaping pandemic insurance policies. In the future, insurance brokers will be able to coach businesses in adopting the right measures to continue operating in times of pandemic quarantines and reduce their risks. For now, those of us in this economic sector must continue to expand our understanding of how COVID-19 is changing the insurance industry and adapt as well as possible, for the short- and long-term. Without a doubt, we will continue to evolve and prepare ourselves for the potential of another outbreak, and hopefully, will use this experience to help us better prepare for other unforeseen and unknowable disasters in the future.

[ Read more : Technology Trends Transforming Insurance ]

Learn more about Momentum Insurance and what we’re learning about how COVID-19 is changing the insurance industry, and how we’re adapting .

Source material from BDO and Lloyds of London

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Retaining Customers During Coronavirus

Mon, 28 Sep 2020 17:59:00 GMT

Even if you need to close due to health and safety concerns, there are many ways of retaining customers during the Coronavirus pandemic. Social distancing , while good for public health, is bad for small businesses. Foot traffic has dropped steeply since the coronavirus outbreak as more and more customers stay at home and self-quarantine. Many business owners are worried that the impact of COVID-19 will be deeper and more long-lasting than anticipated. As a result, merchants in every industry are looking for ways to keep their customers during the coronavirus lockdown. Here are some tips to keep your employees and customers engaged from a distance.

Communicate proactively with your customers

The situation is evolving rapidly, and no one is quite sure what news each day will bring. Customers can empathize with merchants facing a crisis, as long as you communicate with them properly. Let your customers know if you’re closing your doors, changing your hours, and what steps you’re taking to keep your employees and work environment safe and clean. If your store is closing, notify your customers on your social media channels, through email, and on your website. If your store is staying open, describe the steps you’re taking to mitigate risk. Beyond letting customers know the logistics of your approach, give them a way to stay connected. Customers spending more time at home will still need to shop for things. Direct consumers to your e-commerce store, take orders over social media, and be prepared for more people to view your website than in previous months.

Promote your gift cards

Gift cards provide you with an immediate infusion of cash and guarantee that a customer will return to your business in the future. At restaurants, where margins are already notoriously thin, gift cards can help you stay afloat until the crisis passes. For example, customers in Seattle are going out of their way to make sure local cafes, bars, and eateries don’t go under, and gift cards provide an easy way to keep cash flow moving. Offer an e-gift card program to reduce the risk of human contact, or work with a third-party delivery partner like Uber Eats to accept their gift cards at your location.

Stream or video chat your services

Go digital with your services to continue to provide access to your customers who are sitting at home, wishing they could support your business. Tutors, personal trainers, and even therapists are making themselves available virtually. Use a free tool like Google Hangouts, Skype or Zoom to offer your services remotely. If you’re in a service vertical that doesn’t lend itself to live videos, consider starting a Vimeo channel that allows customers to pay for videos with commonly requested information. Vimeo uses a paywall to give customers access to your content for free. For instance, an accountant can post a video detailing how to start a tex return (using a free tool like Loom to record their screen) and share it to their email list. A salon owner can post a video showing how to do in-home root touch-ups for customers that dye their hair. You may not be able to charge as much as your regular services, but it at least helps with cash flow in the meantime.

Hold an event online

For some merchants, the biggest pain point has come from canceled events. Recognize that most consumers are craving entertainment while being quarantined at home. This is where Facebook Live or Instagram Live can come in handy. If you had a store opening, product launch or anniversary celebration planned, move it to one of the live streaming social media channels. It’s a great way to keep your customers engaged and build goodwill, as well as to sell your products. Offer a special discount code to the first 100 people who stream your live event, or create an “exclusive” behind the scenes look at a new product to customers on your email list. Get creative with how you can make customers still feel invested in your brand and engaged with your content from a distance.

Use discounts to your advantage

Now is a good time to entice long-term purchases with discounts. If it aligns with your business model, encourage customers to lock in a one-year membership now at a cheaper rate. Gyms can offer a discount for memberships starting after the virus has passed. If you have a retail store, consider offering free or discounted shipping for online orders. If you have a retail store, consider offering free or discounted shipping for online orders. Help other small businesses in your area by offering a 10% discount if a customer brings in a receipt from another small merchant (other than your competitors). There are many ways of retaining customers during the coronavirus pandemic; creative solutions and unique ideas may be hard to come by, but experimenting with different tactics can be inexpensive and fruitful.

Learn more about Momentum Insurance and Financial Services and how we are helping businesses and individuals with their insurance and financial needs during this worldwide emergency. We’re always here to help, please reach out if you need any advice or want to reevaluate your commercial policies.

Source material from US Chamber of Commerce

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Shield your Business During Coronavirus

Mon, 28 Sep 2020 17:56:00 GMT

If you’re a business owner you need a plan to shield your business during the coronavirus pandemic. To keep your company healthy during the coronavirus pandemic and positioned well for success when it’s over, take advantage of these contingency and business planning tips.

Put health and safety first

If you’re a sole proprietor, prioritize your health first. Limit your travel and maximize home office communication and collaboration tools.

If you have employees, keep them informed of travel restrictions, government announcements, and offer them work from home options. If that’s not feasible and your business is considered essential, take steps to minimize virus transmission risk at your place of work. This includes social distancing, splitting shifts, and frequent sanitization.

It’s also wise to establish procedures for staff to report if they are feeling unwell, are absent, or if they suspect exposure to the coronavirus or infection.

Assess the impact on operations

What will happen to your business during this crisis? To help answer that question, run best-case and worst-case scenarios and develop contingency plans for each. Include timeframes in your assessment that consider the impacts of the pandemic if it becomes a six-month, one-year problem, or more (let’s hope that’s not the case).

For example, if critical personnel became sick or had to look after family members, how will your business accommodate these changes? Try to identify others who can step in and learn key tasks such as retirees, family members, or independent contractors and freelancers.

If your customers close operations for a few weeks or months, what impact will that have on your revenue forecast and sales cycle? Likewise, if government authorities require that you cease or adjust operations – for some the 2nd or 3rd time – what adjustments could you make to protect employee, revenues, and continue to serve customers?

Telework has skyrocketed during this crisis and should be accounted for in your plan. Implement work from home policies and technologies that support collaborative and secure at-home work (home networks and devices are susceptible to security vulnerabilities). This guide from the Small Business Administration (SBA) can help you assess your cyber risk and take steps to improve your security posture.

Reach out

Develop a communication plan to reach out to your clients, partners, suppliers, investors, and other stakeholders. Keep them abreast of your business policies at this time, any changes to operations, or new ways you can serve or collaborate with them.

Be ready to adapt

COVID-19 is changing our lives in ways and at a scale we could never have imagined. The business plan you had 90-days ago isn’t what it is today. You need a plan to adapt and reconfigure your business for each stage of this crisis. If it’s a short-term problem, then cutting costs and other variable spending like marketing, new hires, and travel may help you through.

If your business has seen immediate impacts, look for ways to support your client needs or diversify your products and services during this time. For example, dog walking companies are keeping revenue flowing in creative ways. Some are helping clients in vulnerable age and health groups by doing their grocery runs. Others are finding new clients among at-risk groups or families with home-schooled kids who are suddenly in need of a dog walker.

It’s hard to look and plan too far ahead. However, if the pandemic and lockdowns continue, or escalate, then you need another contingency plan; one that looks at renegotiating fixed expenses, cutting benefits, even layoffs.

Evaluate your finances

Any emergency or contingency plan should account for financial risks and impacts. Regularly update and track your cash flow forecast and look for opportunities to reduce non-critical expenditure. Also, review your accounts receivable and assess any credit risks.

Do you have a financial safety net that you can draw on? Many business owners have savings they can draw on. Another option is to secure a business line of credit before you need it, so you can draw on funds during a disaster or pandemic.

Alternatively, consider small business financial assistance programs to help you cover business expenses such as those administered by the Small Business Administration (SBA). Under the CARES Act, SBA is providing low-interest disaster recovery loans up to $1 million to businesses impacted by the situation. These loans, funded by banks but guaranteed by the SBA, can be used to pay fixed debts, payroll, accounts payable and other bills. Longterm repayments up to a maximum of 30 years keep payments affordable.

The CARES Act also offers small business owners a $10,000 advance on an Emergency Economic Injury Disaster Loan (EIDL) that does not have to be paid back. The program provides loans up to $200,000.

In addition to SBA loans, the federal government is also offsetting paid sick and paid leave costs for employers with an employer tax credit, equal to 100% of benefits paid. Self-employed individuals will also benefit from an additional $600 in unemployment insurance for up to four months – an important safety net that they generally don’t qualify for.

Stay on top of that fast-changing compliance landscape

If you operate an LLC, keep an eye on shifting developments at the government level that directly affect your work such as filing documents and turnaround times. Many Secretary of State offices have eliminated expedited services, while others habe removed or greatly restricted counter service. Having a remote workforce can also introduce new state compliance requirements that must be considered such as state payroll and income tax filing, or the need to register to do business in a new state.

Be prepared for the light at the end of the tunnel

With your employees safe and healthy, and your operational and financial impacts mitigated as best you can, take stock and think about how you’ll successfully restore operations when the COVID pandemic is over.

This is likely to be a life-changing event that could bring a wealth of new opportunities for startups and small business owners. Look for immediate gains like renegotiating contracts with suppliers and vendors. Listen to your customers and find ways to serve them. Find ways to introduce greater efficiencies into your business, such as reducing your physical footprint by making permanent your work from home policies. And consider your financial situation. Are there measures you can take to ensure you have healthy cash flow and a safety net going forward?

None of us knows what’s coming next or if we’ll face a pandemic like this again in our lifetimes. But it pays to have a plan to shield your business during the Coronavirus pandemic and ensure it’s in a strong position for recovery once it has passed.

Source material from Wolters Kluwer

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Tech Trends Developing out of COVID Chaos

Mon, 28 Sep 2020 17:51:00 GMT

COVID-19 hasn’t just shut down huge swaths of American businesses and sent many employees scrambling to work from home – it’s also driving the acceleration of technological adoption. As people adapt to new modes of life, start-ups and small businesses that enable us to work, study, shop, and interact virtually have skyrocketed to mainstream adoption. Driving these companies are key underlying technologies that have been growing in importance slowly for years and now have become essential; maybe the tech trends developing out of the COVID chaos are a silver-lining of sorts.

“Businesses that had not only developed digital strategies but executed on them prior to the pandemic are now in a position to leapfrog their less nimble competitors,” writes consultancy BDO in a report on how COVID is accelerating the rise of the digital economy. “That isn’t to understate the COVID-19-related challenges they now face, irrespective of their current level of digital maturity. Going digital in and of itself isn’t a panacea to all that ails businesses in the current economic environment. They do, however, have significantly more tools at their disposal to not only weather the storm, but to come out the other side stronger for it, ” stated BDO.

The fact that these companies, since day one, have focused on cloud connectivity, digital marketing and distribution to consumers, and virtual rather than in-person interactions, gives this group an advantage. Many have hired new employees since the pandemic began – that’s a direct result of many of them scaling faster to meet surging demand before the coronavirus pandemic. Some of these companies report demand for their core products has more than doubled since the coronavirus crisis unleashed itself across the world. Being digital-first put many companies in a position to quickly develop and introduce new products or services to meet the challenges of the pandemic.

For many, the ability to accelerate business growth and develop new products is a result of breakthrough technologies that were core to their disruptive businesses in the first place. Machine learning and artificial intelligence are hands down the most prevalent of these technologies. C3.ai , a company that is so defined by artificial intelligence that it changed its name from C3 to IoT a few years ago, has taken a leading role in using the technology to fight COVID-19. The company teamed up with Amazon Web Services in April to create a COVID-19 “data lake,” which unifies data sets, updates them in real-time and offers researchers a clearer starting point for generating usable insights. It’s now the largest source of COVID-19 data in the world, according to C3.ai.

Artificial intelligence and machine learning are speeding up the development of medical treatments to fight the virus. Tempus built a drug discovery-and-development platform designed to be disease-agnostic. So when the pandemic hit, it was in a strong position to pivot and support efforts to slow the spread and find short-term and long-term treatments. Tempus brought a test to market in April and launched a research project examining 50,0o0 COVID-positive patients to find the most effective treatments and other insights.

Other technologies have helped companies take advantage of the forced acceleration of tech trends. Some companies are saying cloud computing is critical to their underlying businesses, helping support everything from virtual learning to telemedicine, to food delivery. Others say they rely on software-defined security, which cybersecurity companies like Sentinel One use to fight the growing number of attacks as criminals prey on new vulnerabilities created as a result of so many being forced to limit their life to online interactions, including work and school and shopping from home.

The pandemic also accelerated the adoption of disruptive trends in financial services, which is epitomized by Stripe – the online digital payment platform – reflecting the accelerated shift of so much commerce and banking to online as a result of the stay-at-home economy. The surge in e-commerce is also reflected in logistics and delivery companies, including companies like Coupang , South Korea’s largest e-commerce platform. It’s end-to-end fulfillment and logistics operation enables the company to deliver millions of items to customers within hours. Attabotics , a supply chain solution for e-commerce companies, replaces traditional warehouses with vertical storage, accessed by robots and inspired by ant colonies.

Which of these companies graduate to the public markets will depend on their ability to continue to adapt to the economic downturn and to a new set of demands as people return to work, retail and entertainment, in distanced settings. As we look forward to the future, we expect to see these same underlying technologies help address the next wave of challenges as we adapt to a world with COVID. Perhaps more important, as established public giants follow these companies’ lead and embrace digital disruption, we’ll see how these private companies fare against the incumbents investing in their own transformation for this new, increasingly digital world.

Learn more about Momentum Insurance and how we are using technology to help individuals and businesses with their insurance and financial needs.

Source material from BDO and CNBC

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Self-care tips for the COVID pandemic

Mon, 28 Sep 2020 17:46:00 GMT

The COVID-19 pandemic can feel overwhelming due to new information, long hours working from home, and caring/worrying for your family and yourself. It’s important to pause for a moment and collect your thoughts, as worldwide pandemics are taxing emotionally, physically, and financially. Remaining calm can make a world of difference, and to do that we need to take care of ourselves. So let’s talk about some self care tips for the COVID pandemic.

It’s normal to feel stressed or overwhelmed during uncertain times. Emotions in response to uncertainty may include anxiety, fear, anger, and sadness. You also could feel helpless, discouraged, and occasionally, out of control. Physical responses may include headache, muscle tension, fatigue, and sleeplessness.

Taking care of yourself is important so you are equipped to help your family through this time.

Here are a few self care tips for the COVID pandemic:

Physical health:

Mental health:

Symptoms to watch for:

If any of these things become persistent or interfere with daily functioning and are outside the norm for the COVID pandemic, contact your health provider for help and guidance:

Learn more about self care:

If there is anything we can do to help you and your families during this time, please contact us . At Momentum Insurance we truly care about your health and well-being and are available anytime.

Source material from Mayo Clinic Health System

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Ways To Lower Life Insurance Rates

Thu, 17 Sep 2020 13:44:00 GMT

The post Ways To Lower Life Insurance Rates appeared first on Momentum Insurance .

Technology Trends Transforming Insurance

Tue, 15 Sep 2020 01:38:00 GMT

The global (re)insurance market is undergoing a transformation from manually run processes to a technology-driven business model, enabling companies to tap into the full potential that data has to offer.

A surge in fast-paced innovation and the utilization of machine learning (ML) with cloud-technology has enabled automation, streamlined efficiency, and provided access to more comprehensive analytics fed by this data.

While more than two-thirds of individuals believe that the use of emerging technology trends could transform the insurance industry and increase performance in their organizations, a recent Deloitte Survey noted that less than 30% of organizations are actually deploying these tools — creating a missed opportunity for many (re)insurers.

The industry as a whole believes that these emerging technologies have the ability to unlock hidden value, especially from data, but the complexity and sophistication of these tools have made their use limited to a select few that have the adequate skills and resources.

Now, however, new advancements in ML and cloud technology are helping underwriters, actuaries and executives alike access and use the data, making it possible to achieve business growth and underwriting profitability.

These technologies provide companies with a competitive edge, but the question remains as to how long it will take for data processing automation to become the standard for property & casualty (P&C) insurers.

Looking to machine learning in the cloud

In 2018, net premiums recorded by the P&C industry totaled $618 billion , an increase from the 2017 net premium totals of $558.2 billion. The pressure to grow will continue but there will be even greater pressure to achieve underwriting profitability, especially in the current economic environment.

Companies will look to deliver underwriting profitability by applying traditional approaches like improving operational efficiency, reducing costs, improving risk selection, or any combination of the above. Many would declare a two-times lift in operational efficiency as a victory, but that will not be enough to adequately prepare for the future.

Companies need to think about improving how they operate by an order of magnitude. The challenge is that traditional approaches will not enable companies to operate 10 times more efficiently.

As an industry, we need to think bigger and re-evaluate the way companies operate along with the tools they’re using. To achieve an order of magnitude change in how companies operate, they must begin with how they think about data. Data is the lifeblood of any organization, so why isn’t it always treated as such?

More importantly, why is it so difficult for companies to provide actuaries, underwriters, and stakeholders of the business with the right information at the right time? Data analytics leaders at global insurers make significant investments in resources to process and prepare data across an organization, with some indicating that they spend up to $80 million in data analytics each year.

This mindset of spending valuable time and money to process data reveals how companies orient towards data and are aware of its importance. The question is not whether data is valued, it’s when is it considered valuable? Companies today are reactionary, spending a lot of time and money preparing data to meet external pressures and fit for purpose exercises, instead of investing in solutions that can help companies be proactive – but that perspective is shifting.

Now, it’s possible to drastically change the way companies reduce the time and costs needed to incorporate and process data earlier on in the process. By automating processes with ML, companies are gaining access across the entire organization to more robust information.

Treating data as an asset

Today, data is typically considered a cost center by most (re)insurance companies instead of a critical asset. For many classes and lines of business, the level of effort required to collect what is deemed “desired data” on all business is too costly, and existing systems simply do not have the capability or capacity to handle e additional “desired data” elements.

Because customer acquisition costs are high, companies are forced to collect critical data and information later in the process resulting in increased costs, gaps in knowledge, and missing insights and information which limits the amount of lift companies can achieve.

Treating data as an asset requires companies to start thinking about capturing the “desired data” the moment any business enters their organization. For commercial property writers to achieve this, they would need to start capturing the desired data for each and every submission – which is an order of magnitude increase over the 10 to 15 data elements they currently capture today. Many have difficulty comprehending this because it’s not possible with traditional technologies.

Achieving this magnitude of lift would fundamentally advance how companies could operate. It would change how commercial property underwriters would screen, triage, and select the business they write. Companies could proactively open more production sources and seek a business that performs well across its producers. Furthermore, it would enable pricing actuaries to create even greater product differentiation and empower underwriters with insightful information earlier on in the process.

Achieving an order of magnitude change in how a company operates and how a company thinks about data is achievable today using ML and cloud technologies. Combined, they enable companies to achieve profitability, even under the current economic conditions. The advances made in ML eliminate the need to manually screen submissions and enables companies to capture the desired data across each and every submission.

The ability to process and intake this data faster makes it possible to gain more comprehensive insights and make strategic growth decisions for the business. Utilizing ML in the cloud makes data and the insights it provides access to anyone across the organization.

Staying a step ahead in the future

With the inevitable shift, the market is poised to continue to undergo in the next five years, P&C insurers will be able to extract real-time and accurate data on the loss exposure of individual consumers. This will help them proactively respond with timely and highly personalized interventions.

These emerging technologies enable companies to increase data integrity by automating data transformation and preparation, from modeling, structuring and pricing, and performance analysis. Different stakeholders can easily access the specific information they need when they want it. Companies are able to scale and plan for the future by accessing data that is relevant and up to date.

This ultimately provides companies that adopt these emerging technologies with an edge over their competitors because they can provide themselves and their customers with options and insights.

P&C companies are starting to understand the true value and potential that data offers, and the role it plays within business growth and profitability. Accessing this desirable data can only come from making changes that provide significant lifts in operational efficiency.

Introducing ML is revolutionizing the way (re)insurers operate, making access to data easier and faster than ever before. Companies that delay the incorporation of these technologies in today’s fast-paced environment will be left behind. The time to act is now.

Source material from Property Casualty 360

The post Technology Trends Transforming Insurance appeared first on Momentum Insurance .

Directors and Officers Insurance

Tue, 15 Sep 2020 01:35:00 GMT

Looking for D&O Insurance?

Directors and officers (D&0) liability insurance is insurance coverage intended to protect individuals from personal losses if they are sued as a result of serving as a director or an officer of a business or other type of organization.

It can also cover the legal fees and other costs the organization may incur as a result of such a suit.

Who needs D&O Insurance?

Anyone who serves as a director or an officer of a for-profit business or nonprofit organization may be at risk of a personal claim as a result of that position. A directors and officers liability policy insures them against personal losses.

It can also help reimburse the business or nonprofit for the legal fees or other costs it may incur in defending those individuals against a lawsuit.

D&O policies can take different forms, depending on the nature of the organization and the risks it faces, so it’s best to seek out an insurance company with deep experience in this specialized field.

The policies are generally purchased by the organization to cover a group of individuals rather than by the individuals themselves.

Policies can be written to insure against a variety of hazards, but they generally make exclusions for fraud or other criminal activity.

How much does D&O Insurance cost in Texas?

Like any other type of insurance, D&O insurance can vary in price. It depends on many different variables, all of which we’ll discuss with you to ensure you’re paying the absolute best possible price.

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

The post Directors and Officers Insurance appeared first on Momentum Insurance .

Golf Course & Country Club Insurance

Tue, 15 Sep 2020 01:32:00 GMT

We’re the Golf Course Insurance experts

Do you own a pro-shop, golf course, or other golf facility and looking for insurance? Momentum Insurance and Financial Services has got you covered.

When most people think of a golf course, they think of relaxing fun, experienced in some of nature’s most beautiful landscapes.

Unfortunately, like any other business, golf courses are susceptible to some very large insurance claims.

This is why it’s critical to have a robust , and flexible golf insurance policy for your golf course or facility.

We have access to a wide range of comprehensive golf course insurance products, so no matter how big or small your golf course, or golf operation is, we have the products and expertise to help protect your golf business or golf course.

Call our office today to speak with one of our commercial insurance experts and we’ll be sure to take great care of you and your golf course.

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

The post Golf Course & Country Club Insurance appeared first on Momentum Insurance .

Bonds

Tue, 15 Sep 2020 01:30:00 GMT

What exactly is a bond?

A bond in layman’s terms is a way to secure a debt .

It is a way of you the consumer, being able to put up a little cost up front that says “I am letting you borrow this money so as to your agreement to pay the face value of said bond if ever needed”. In the real world, bonds can be issued by a government, municipality, corporation, federal agency and other entities.

In the insurance world a lot of times you will see bonds requested in the following ways:

Surety Bond

A surety bond is a contract between three parties. The person who is the recipient of an obligation, the primary party who will perform the contractual obligation, and the person who assures the obligation will be done.

Lost title Bond

These bonds are a type of surety bond. They provide a proof and guarantee of ownership to the Department of Motor Vehicles. When no other form of documentation is available a Lost Title Bond shows the DMV that you are the “owner” of said vehicle.

Contract Surety Bond

Contractor bonds are one of the most “popular” bonds you will see asked for in the insurance space. Contract bonds are used in the construction industry by general contractors. They are a guarantee to a project’s owner that the general contractor will adhere to the contract put in place.

License and Permit Bonds

These types of bonds function as a guarantee to a government entity that a company will comply with a statute, state law, ordinance, etc.

Some examples are but not limited to:

Our job as an independent insurance provider is to help you navigate a cumbersome system in finding the best fit for your bond requirements. We can help you find your bond needs, provide you with your bond, and help you get it to the party requesting.

Call our office today or complete the form below to get started!

The post Bonds appeared first on Momentum Insurance .

Cargo Insurance

Tue, 15 Sep 2020 01:27:00 GMT

As goods move across sea, land or international borders, tracking them becomes increasingly important and difficult. For example, with globalization resulting in greater trade with developing countries, the risk to goods in transit of theft or damage continues to rise.

Meanwhile, advances in technology are sharpening customers’ expectations in relation to manufacturing and distribution lead times.

Companies today are fully aware of the damage to their business relationships that failure to deliver can bring, so confidence in prompt, reliable delivery is a simple commercial necessity.

At Momentum Insurance and Financial Services, we have access to several insurance programs designed to provide comprehensive coverage for goods in transit for manufacturers, importers and exporters, commodity traders, logistics companies and more.

We can also provide numerous extensions to coverage such as pure domestic transit movements, warehouse, storage, exhibition, processing or consolidation risks.

The post Cargo Insurance appeared first on Momentum Insurance .

Church Insurance

Tue, 15 Sep 2020 01:24:00 GMT

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Garage Insurance

Tue, 15 Sep 2020 01:21:00 GMT

Looking for Garage Keepers Insurance?

The terms “garage liability” and “garage keepers” is an issue not only for clients, but most agents and CSRs also find it just as confusing.

Before getting into the actual contract, consider the following example:

“A customer who purchased a vehicle from you brings it back to the lot with a mechanical issue. Your mechanic takes the vehicle for a test drive to see what’s going on, and in the process, hit’s another vehicle. He totaled the other vehicle and injured its driver. He also totaled the customer’s car he was test-driving. The other vehicle and its driver are covered by the garage liability policy, the customer’s vehicle is covered by the garage keepers”.

The answer is not that simple. Start with a basic definition of garage liability. The coverage is, in a sense, the equivalent of combining a business auto form with a commercial general liability form including products and completed operations.

The “Garage Coverage Form, CA 00 05,” has been revised several times, however, the basic architecture hasn’t changed. Examine Section II (Liability) and Section III (Garage keepers).

Section II – Liability Coverage

Section II of the form is broken into two parts: garage operations other than covered autos, and garage operations covered autos.

The intent of the policy is to cover bodily injury or property damage caused by an accident arising out of garage operations. The policy defines garage operations as the ownership, maintenance or use of locations for garage business. It also includes the ownership, maintenance or use of the autos.

The types of autos covered are defined in Section I, but for an auto dealer, you typically cover all owned autos, as well as non-owned autos used in the garage business (normally vehicles being worked on or stored).

The definition broadens the scope of coverage by adding a “catch-all” phrase. It states: “Garage operations also include all operations necessary or incidental to a garage business.” This wording is often open to interpretation by insuring carriers.

Also look at the definition of auto. This definition is simpler but still broad. The policy states, “Auto means a land motor vehicle, trailer or semi-trailer.” Unlike the CGL and business auto forms, there’s no reference to the auto being licensed for use on public roads, no reference to its number of wheels, mobile equipment or anything else.

With all this ambiguity and far-reaching language, what could go wrong?

Enter the exclusions . Exclusion No. 6 is the care, custody or control exclusion. It excludes property damage involving: (d) Property in the insured’s care, custody or control. Reading that exclusion, it becomes obvious that there is a problem with the customer’s vehicles. Any vehicle left with the garage business for repair, storage or even involved on a simple test drive is not covered based on this exclusion.

Keep in mind that third-party claims caused by the customer’s vehicle are covered, the vehicle itself is not.

Section III – Garage Keepers Coverage

Garage Keepers coverage is an optional line offering protection to the garage business for loss to a customer’s auto left in the insured’s care, custody or control. The policy clarifies that by saying, “while the insured is attending, servicing, repairing, parking or storing it in your garage operations.”

All the garage keeper intends to accomplish is to buy back the coverage lost in the care, custody or control exclusion under the liability portion of the garage form.

Garage Keepers coverage offers three options:

1. Legal Liability. This is the most common. The protection applies to a customer’s vehicle damaged due to the insured’s negligence – such as the mechanic wrecked the customer’s car while test driving it or the customer’s vehicle was left unlocked and unattended after hours.

2. Direct Primary. This form covers the customer’s vehicles regardless of liability. In a loss caused by no action of the insured such as a weather loss, or a theft although the vehicle was adequately protected, the direct primary garage keeper pays.

3. Direct Excess. This is the rarest option, although it’s the best. The form affords protection to an insured for the loss to a customer’s vehicle regardless of liability, just as direct primary does. The difference is in the event of the insured having no liability, the form will only pay in excess of any other collectible insurance.

If this sounds confusing, we’ll help you understand it better. Give us a call today and we’ll go through your options with you.

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

The post Garage Insurance appeared first on Momentum Insurance .

Fitness & Gym Insurance

Tue, 15 Sep 2020 01:18:00 GMT

Do you have the proper Fitness or Gym Insurance?

Are you fitness instructor, trainer, or the owner of a gym, cross-fit, or other type of fitness operation?

At Momentum Insurance and Financial Services, we specialize in fitness and gym insurance, and can provide you with a comprehensive commercial insurance package that protects you from the worst, while not breaking the bank.

Fitness & Gym Insurance Coverages

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page. Either way, we’ll make the process simple!

The post Fitness & Gym Insurance appeared first on Momentum Insurance .

Restaurant Insurance

Tue, 15 Sep 2020 01:15:00 GMT

Looking for Restaurant Insurance?

We’ve got you covered!

Owning your own business is hard enough as it is right? Between the schedule managing, staff coming down with the mysterious sickness of the quarter, and especially unhappy customers.

We sadly can’t resolve the issues listed above but we can resolve an issue you might not even have thought of yet.

Liability Coverage for your Restaurant

Picture this, you have a customer who specifically lets you know of a food allergy that must be avoided. Your kitchen staff not paying attention accidentally contaminates their meal with said food allergy.

Not only does your customer suffer from the extreme allergic reaction but you are now wide open to a potential lawsuit.

See, things like this happen every day in our world. Although they might not happen every day in yours, our job is to make sure you are protected for the “what if”

Restaurant Liability Policy Components

There are multiple “components” that make up a solid Restaurant Insurance policy. Different companies may offer these as a “bundle” while with others they are a’ la carte.

General Liability Insurance

This coverage is going to protect you from a variety of potential claims. Some of these examples can be bodily injury, property damage, personal injury and others that can potentially come up if you are found negligent.

Workers Compensation Coverage

In most states if you have employees then this isn’t even a question of do I want this? This is a must to be able to employee staff. Workers Compensation (otherwise known as workers comp) is strictly designed to ensure payment by employers for some part of cost of injuries to an employee. Some examples of this can be things like:

In most cases an incident would need to take place while the employee is at the place of employment, however it would be best to discuss with your local independent insurance agent for more of a case by case basis.

Loss of Income Insurance

What happens in the event you are unable to open your restaurant due to a claim? This in most cases would cause a major hardship for you as a business owner. You wouldn’t be able to serve your customers which in turn means no income coming in.

This is where Loss of Income Insurance is imperative. This coverage would allow you to have a “back up” plan in the event you were unable to generate an income due to a covered loss.

Property Damage

This would allow you coverage for damage to your building, inventory, or equipment. Most policies would offer you a replacement cost coverage to these items so you would be able to repair or replace these items for today’s cost.

To make sure you have replacement cost coverage on property it is important to check with your independent insurance agent.

Crime and Vandalism Coverage

This would cover you in the event you had a claim due to a burglary, robbery, employee theft, or any vandalism to the property.

Here are a few examples of clients we work with and make sure their business are protected:

The list can go on and on.

So how do you know if a restaurant liability policy is a good fit for your business?

We always would recommend you calling a local independent insurance agent like us, and discussing your coverage options. Our agency can work with you in finding the perfect fit for your restaurant insurance needs.

How to get started

The process of getting a Restaurant Insurance quote is simple. You can either ca ll us directly or click over to our Quotes page to give us a little more information about your situation and needs.

Either way, we’ll make the process easy!

The post Restaurant Insurance appeared first on Momentum Insurance .

Farm & Crop Insurance

Tue, 15 Sep 2020 01:04:00 GMT

Looking for Farm or Crop insurance?

We’ve got you covered.

At Momentum Insurance and Financial Services we realize that farming is the backbone of our country, and no matter how large or small your farming operation is, we have the expertise to help properly insure your business.

Being independent, we have access to a wide range of farm and crop insurance companies. This is important because no two farming operations are the same.

We have the flexibility to truly find you the best possible product at the best price.

How to know when you need a new Farm Insurance Agent/Company

If you answered “No” to any of these questions, you need a new agent!

What does Farm Insurance cover?

How much does Farm Insurance cost?

The cost of farm and/or crop insurance depends greatly on the type and amount of coverages you specifically need.

Because all farming operations are different, we’ll talk with you and visit your farm to do a comprehensive needs analysis to make sure that no stone is left unturned with your coverage.

If you need assistance with your farm or crop insurance, we’re the only number you need. A good farm insurance company does much more than give you a free hat or calendar!

How to get started on your Farm or Crop quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

The post Farm & Crop Insurance appeared first on Momentum Insurance .

EPLI Insurance

Tue, 15 Sep 2020 01:02:00 GMT

Are you a business owner looking for EPLI Insurance? We can help!

EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated.

The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits.

Recognizing that smaller companies now need this kind of protection, some insurers provide this coverage as an endorsement to their Business-owners Policy (BOP). An endorsement changes the terms and conditions of the policy.

Other companies offer EPLI as a stand-alone coverage.

EPLI provides protection against many kinds of employee lawsuits, including claims of:

How much does EPLI Coverage Cost?

The cost of EPLI coverage depends on your type of business, the number of employees you have and various risk factors such as whether your company has been sued over employment practices in the past.

The policies will reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements.

The policy covers legal costs, whether your company wins or loses the suit. Policies also typically do not pay for punitive damages or civil or criminal fines.

Liabilities covered by other insurance policies such as workers compensation are excluded from EPLI policies.

To prevent employee lawsuits, educate your managers and employees so that you minimize problems in the first place:

How to get started on your EPLI quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

The post EPLI Insurance appeared first on Momentum Insurance .

Builders Risk Insurance

Tue, 15 Sep 2020 00:59:00 GMT

Looking for Builders Risk Insurance?

Builder’s Risk Insurance, which some refer to as Course of Construction Insurance, is a form of commercial property insurance which covers a building where the building or insured area is presently being constructed or heavily remodeled.

It can cover just the structure, or also the materials on-site waiting to be installed or transported to the job site.

The builder’s risk insurance policy will pay for damages up to the coverage limit in the policy. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, but not including land value).

The construction budget is the best source for determining the appropriate limit of insurance.

Builder’s Risk insurance policies can often be purchased in terms of three-months, six-months, or 12-months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.

How much does a Builder’s Risk Insurance cost?

The builders risk policy will provide coverage for damage done to the insured structure from a wide variety of events.

Damage from the following events will be covered by most policies:

You should read your course of builder’s risk insurance policy to be familiar with its limitations and exclusions. Limited coverage is provided for collapse.

Standard exclusions include:

An important exclusion which should be read in its entirety excludes coverage for damage resulting from faulty: design, planning, workmanship and materials. Earthquake and flood coverage may be purchased in some areas.

How to get started on your Builders Risk quote

You can either call our office , or start your quotes below, and submit some basic information. Either way, we’ll make the process as simple as possible!

The post Builders Risk Insurance appeared first on Momentum Insurance .

Contractors Insurance

Tue, 15 Sep 2020 00:56:00 GMT

Looking for Contractors Insurance?

Momentum Insurance and Financial Services is your local Contractors Insurance expert! We insure many different types of contractors from Landscapers, Electricians, Carpenters, and many more!

Who Needs Contractors Insurance?

There are many types of independent contractors who all need independent contractors liability insurance and other coverage to match their specific risks. Some of the professionals that need contractors insurance include:

Don’t underestimate your risk

Getting the right independent contractors liability insurance in place can protect you from lawsuits, mishaps and third party property damage that can devastate your business.

Normally, you will need a few different categories of coverage for complete liability protection:

The specific independent contractors liability insurance coverage you need will be unique to your business. By working with a knowledgeable agent, you can ensure that you don’t have critical gaps in coverage that could leave you exposed to expensive legal claims.

Do you need a Business Owners policy?

The contractors general liability coverages can often be bundled with a few other coverages to create a business owners policy, or BOP.

This serves two purposes. It expands the policy to cover risks that small business owners face, and also typically results in a discount on the cost of your insurance.

Normally, this coverage will make sense for you if you have employees. A small business is basically defined as a business that has up to 100 employees and generates about $5 million or less in annual revenues.

Some of the additional coverages that can typically be bundled with a BOP include:

Do You Need Workers Compensation Insurance?

As an independent contractor, you may or may not need to have workers compensation insurance. Workers Compensation regulations are mandated state by state. If you are in business for yourself, and you do not have employees, you are most likely not required to buy workers comp. However, in some states you need to purchase workers comp even if you don’t employ others.

If you are a contractor who employs other workers, your state will most likely require you to carry this insurance. This policy protects workers from job-related illness, injury or death. It will also reimburse workers for lost wages if they cannot go back to work. The benefit to you, as the employer, is that this coverage can help to prevent losses from employee lawsuits.

Should You Consider Professional Liability Coverage?

When you are looking for the right contractors insurance for your business, you will have many choices, including whether to buy professional liability insurance, also known as “errors and omission” insurance or “E & O.”

E & O is a liability policy that protects you if you make a mistake that causes a financial loss to a client. Similar to general liability, it will provide legal defense and claims settlements, if necessary.

You may want or need this coverage under the following circumstances:

If you utilize subcontractors, it is a good idea to make certain they are insured with professional liability as well, as they may not be covered by your policy.

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page . Either way we’ll make the process simple!

The post Contractors Insurance appeared first on Momentum Insurance .

Commercial Auto Insurance

Tue, 15 Sep 2020 00:20:00 GMT

The post Commercial Auto Insurance appeared first on Momentum Insurance .

Cyber Liability Insurance

Tue, 15 Sep 2020 00:18:00 GMT

What is cyber insurance?

Cyber insurance covers your business’ liability for a data breach that includes sensitive customer information. This could include things like Social Security numbers, credit card numbers, account numbers, driver’s license numbers and even medical records.

Why doesn’t my general liability insurance cover cyber liability?

GLI covers bodily injuries and damage to property which is a result of your products, services or operations. Be sure to check your policy because cyyber insurance is usually not included in your general liability policy.

What does cyber insurance cover?

Many well-known insurance companies offer cyber insurance policies. We work with the top carriers in the country to be sure your needs are met.

Like any business insurance, cyber insurance coverage varies by insurer and policy.

When shopping around and comparing policies among insurers, here are some things to look for and ask about:

If you’re interested in cyber insurance coverage for your business, please give our office a call or visit our quotes page today.

The post Cyber Liability Insurance appeared first on Momentum Insurance .

Business Interruption Insurance

Tue, 15 Sep 2020 00:15:00 GMT

Do you have the right Business Interruption insurance?

What would you do if you couldn’t conduct business for an extended period of time? Would you be able to survive if damage occurred and you were out of business for several weeks or months?

The answer for most small business owners is no .

Business interruption insurance can be as vital to your survival as a business owner as fire, flood, or any other type of business insurance. Most people would never consider opening a business without buying insurance to cover damage due to these types of risks.

Unfortunately, too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises to the point where they were temporarily unable to conduct business.

Business interruption insurance covers you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire.

It also covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.

How much is Business Interruption insurance?

The price of the business interruption policy is related to the risk of a fire or other disaster damaging your premises.

All other things being equal, the price would probably be higher for a restaurant than a real estate agency for example because of the greater risk of fire.

Also, a real estate agency can more easily operate out of another location.

Call our office today to discuss your options, or head over to our quotes page to get the process started!

The post Business Interruption Insurance appeared first on Momentum Insurance .

Commercial Umbrella Insurance

Tue, 15 Sep 2020 00:12:00 GMT

Commercial Umbrella coverage is critical to your business

It’s in the news. You hear more and more about massive jury awards that result in a business’ financial ruin.

Most business owners never expect to encounter a loss that exceeds the limits of the coverage they have to manage accidents, mistakes and injuries—also known as liability insurance—but unfortunately in today’s business environment, it happens too often.

A large loss could impact the business success you’ve worked so hard to achieve and destroy your hopes for a bright future.

Momentum Insurance and Financial Servicescan help you protect the assets you have today by providing added coverage where you need it most. We can help you build a tailored insurance solution that meets the specific needs of your business.

All businesses are vulnerable

No matter the size of your company or how well it’s run, your business faces the potential of a devastating claim arising from an unforeseen event. For example, let’s say you own a retail store or apartment building, and a customer trips on the carpet and hits his head, sustaining serious brain injury.

You could be potentially liable for millions of dollars in medical and other payments.

Would that entire sum be covered by your existing business liability insurance? Could your business savings and/or revenue make up for the difference in what’s not covered?

If your answer is no, that’s where Commercial Umbrella Coverage comes in. Umbrella Coverage goes above and beyond basic business liability insurance limits, offering up to $10 million of additional funds to manage situations just like this.

If you are a small business owner, you might think they can’t take what you don’t have. Think again—a court can seize the business assets you currently have and even allocate future earnings to satisfy a judgment against you.

It’s never too soon to invest in umbrella coverage.

Get the ultimate in asset protection

It’s your decision how to best spend each one of your hard-earned dollars. But if an unexpected major loss occurs that key decision may no longer be yours.

You’ll find that Commercial Umbrella Coverage offers you a way to help ensure your business assets remain yours for less than you might expect.

Do you know if your current coverage offers you the protection that you want for your business against major catastrophic events?

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page . Either way we’ll make the process simple!

The post Commercial Umbrella Insurance appeared first on Momentum Insurance .

Commercial Trucking Insurance

Tue, 15 Sep 2020 00:09:00 GMT

The post Commercial Trucking Insurance appeared first on Momentum Insurance .

Professional Liability Insurance

Mon, 14 Sep 2020 18:58:00 GMT

Looking for Professional Liability Insurance?

Momentum Insurance and Financial Services has you covered — literally .

Professional Liability Insurance (also knows as Errors & Omissions Coverage) covers a wide range of professionals who make their living from their unique professional expertise.

Who needs Professional Liability Insurance?

Lawyers , Doctors , Architects , IT Professionals , Real Estate Brokers , Consultants , and Engineers are just a some of professions who need to be properly covered by Professional Liability Insurance.

If you’re in one of those professions and/or your business relies on your professional expertise, you’re expected to have a certain level of training in your industry or field. Your services and/or advice must meet standards set by your state, industry, and/or written client contracts and agreements.

Failure to meet these standards could result in a substantial financial loss for your client(s), resulting in a significant lawsuit. This is where Professional Liability Insurance comes into play, and why Momentum Insurance and Financial Services is your go-to insurance company in Texas no matter what industry you’re in.

How does Professional Liability Insurance work? What does it cover?

Professional Liability Insurance triggers in a few different situations:

Work Mistakes

No matter how careful you are, making mistakes is a fact of life. After all, we’re human. If one of these work mistakes causes a financial loss for one of your clients, it could be problematic for your business.

Professional Liability would kick in, in the event one of your clients attempted to sue you as a result of your mistake.

Undelivered Results/Services

Sometimes the product/service you describe in your client contracts just doesn’t work the way it was represented to the client. Should that happen, and you get sued, Professional Liability Insurance would apply.

Example: A business consultant recommends you buy a high priced piece of equipment based on high income projections and those projections end up being way off, resulting in a financial loss for the client. That client can actually sue to make up those losses and cite their contract for support.

Negligent Services

Your expertise can sometimes be a double-edged sword. It can help you earn clients, but it can also set really high expectations.

Example: Architects have the skill and education to design buildings that both meet client demands and comply with building codes. But let’s say an architect makes an oversight that compromises a building’s safety. The building owner can sue for negligence (the legal standard of being unreasonably careless).

Unfortunately, negligence suits can be pricey. A court may award the client damages, but it can also monetarily punish you to deter future recklessness.

What to do next

Keep in mind that Professional Liability only covers the “economic” or financial losses suffered by clients and/or third parties, as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies, which Momentum Insurance and Financial Services can also help with.

If you’d like a personalized Professional Liability proposal for you and your business, Momentum Insurance and Financial Services is here to guide you. Call our office today, or start your quote online in a matter of seconds.

The post Professional Liability Insurance appeared first on Momentum Insurance .

Business Property Insurance

Mon, 14 Sep 2020 18:55:00 GMT

Is your Business Personal Property insurance adequate?

Are you a business owner?

Commercial property insurance is a special type of insurance that covers the company building as well as the contents owned by the company. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers.

Under the liability policy coverage, the building should be protected from damaging events such as fire, burglary and vandalism.

It may not be enough to cover just the building; the aftermath of such damage should be covered as well.

Momentum Insurance and Financial Services will help you find the best coverage possible for your business!

Call us today or head over to our quotes page to get started.

The post Business Property Insurance appeared first on Momentum Insurance .

Workers Compensation Insurance

Mon, 14 Sep 2020 18:52:00 GMT

Looking for Workers Compensation insurance?

When your employees are taken care of, your business is taken care of .

A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, Workers Compensation insurance provides you and your employees with important protection.

You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen.

A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things.

Am I required to have Workers Compensation Insurance?

Workers Compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.

In most states, work comp insurance is required.

How Much Is Workers Compensation Insurance in Texas?

Because coverage requirements vary by state, the cost of Workers Compensation depends on where your business operates. Other factors that affect your rates include…

Like all insurance, Work Comp is priced based on risk.

Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes.

Each type of work or industry has a unique code that classifies the industry and risk, and helps the insurance carrier determine a suitable rate.

One way to save money on your Workers Comp policy is to make sure you’ve classified every employee correctly. The secretary for a construction firm, for example, will have lower rates than the bricklayers.

At Momentum Insurance and Financial Services, we understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.

Call our office today and we’ll discuss your needs and options. You can also head over to our quotes p age and get started that way too.

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General Liability Insurance

Mon, 14 Sep 2020 18:49:00 GMT

Looking for General Liability Insurance?

Are you a business owner looking for General Liability Insurance? Our agency has you covered. It only takes one claim to financially cripple your business, so it’s important that you have adequate coverage from a highly rated carrier.

At it’s core, General Liability Insurance (a.k.a. CGL for Commercial General Liability) is the most basic form of commercial liability coverage. If you own a business, having General Liability coverage is not optional — it’s mandatory.

At Momentum Insurance and Financial Services, we represent a wide range of General Liability Insurance companies in Texas and can help pair your business type with the best possible provider and pricing.

What does General Liability Insurance Cover?

Business is inherently risky, but General Liability insurance protects against many known and unknown risks.

Simply put, CGL guards you, your business and your employees from claims involving bodily injury or property damage born out of your business operations. These policies cover the expense of out-of-court settlements, litigation and judgments awarded by courts. Often times CGL is paired with BPP (Business Personal Property) coverage in a BOP (Business Owners Policy).

Here are a few things you can expect General Liability Insurance to cover:

What’s involved with getting CGL Insurance?

With any type of insurance there are certain underwriting and eligibility questions that must be answered in order for the insurance company to determine what the final rating will be.

Our agency will guide you through the process and make it easy. Many times companies will require you to show them a certificate of insurance before you can do work for them.

This proves to them that you have active insurance coverage, which is typically a requirement if you’re running a business in most states.

If you’re confused by any of this don’t worry, we’ll make the process easy. Give us a call and we can help you get the process started when you’re ready.

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

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Group Insurance Benefits

Mon, 14 Sep 2020 18:46:00 GMT

We’re the Group Benefits Insurance experts.

Are you a business owner looking for a more cost-effective, or benefit rich group benefits insurance plan? We can help.

We have access to a wide range of group insurance companies, and can help pair you and your business with the best possible combination of price and coverage.

If you know anything about group insurance coverage, you know that over the past few years plans have been changed dramatically with more high deductible, HSA compatible plans replacing the traditional, HMO/PPO plans.

If you’re not familiar with the differences, you can easily make a mistake that cannot be undone for up to a year. This outcome is problematic for many reasons, but even more so if you have multiple employees relying on you to offer them the best possible coverage.

Here’s how our agency can help you:

If you need assistance in any of these areas and would like us to help, please call our office or head over to our contact page to get started. We would be happy to help!

How to get started on your Group Benefits Insurance quotes

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

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Recreational Vehicle Insurance

Mon, 14 Sep 2020 17:36:00 GMT

RV Insurance

RV insurance can protect your motorhome, travel trailer, camper and even your horse trailer. Let Momentum Insurance and Financial Services help you select the right coverage for your RV needs and get a great price at the same time.

You can even request a quote online and we’ll get back to you with quotes from multiple companies so you can compare and save!

Recreational Vehicle Insurance
RVs that are for personal, recreational use can be insured for up to 250 days per year. This gives you plenty of time to travel south and enjoy some warmer winter weather or that extended vacation.

Liability coverage provides you with bodily injury and property damage coverage, medical payments, uninsured coverage, and more. Coverage varies by state.
You may be able to choose how your Comprehensive and Collision coverage will be settled in the event of a covered total loss.

Options tailored to your needs can include:
Stated Value – market value/actual cash value of the RV
Agreed Value – the insured amount, regardless of the current market value
Replacement Cost – replace your insured RV with a new RV that is most like it

Consider Vacation Liability coverage for when you stop driving and start using your recreational vehicle as a temporary residence. Some policies can include additional coverage for physical damage in Mexico.

Personal Effect Coverage provides replacement cost for damage or loss to items normally used with your RV when physical damage coverage is selected.

Some policies include Roadside Assistance, which has you covered 24/7 in the event of a breakdown or accident. Some will even allow you to upgrade the coverage to include lodging, transportation, and meal coverage if needed.

Ask if customer assistance is available 24/7 to answer all your insurance questions. In the event you have a loss, the insurance companies we work with have skilled claims teams who will work with you to get your RV repaired and back on the road.

Other additional coverage can include: accident forgiveness, pet coverage, diminishing deductible, and more.

Discounts can lower your premium. Ask if you qualify for safe driver discounts, original owner discounts, package discounts and more.

You can save money if you insure more than one item with a single company, including your home, cars, motorcycles, classic cars, and boats.

Momentum Insurance and Financial Services is locally operated to handle your insurance needs. We offer affordable and reliable insurance choices from multiple insurance companies.

Want to find out more about your RV Insurance options?

How to get started on your RV quote

To get started on your quote, call our office or click over to our quotes page.

Either way we’ll make the process simple!

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Mobile & Manufactured Home Insurance

Mon, 14 Sep 2020 17:32:00 GMT

Do you own a mobile home?

Momentum Insurance and Financial Services can insure not just your mobile home, but the entire community!

Mobile home or manufactured home insurance not only covers your mobile home; it can also cover:

Mobile and manufactured homes are not eligible for coverage under a standard homeowners insurance policy (H0-3) so you will need a special policy built specifically for mobile homes.

How to get started on your Mobile Home quote

To get started on your quote, call our office or click over to our quotes page.

Either way, we’ll make the process simple!

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Specialty Dwelling Insurance

Mon, 14 Sep 2020 17:30:00 GMT

Looking for Rental or Vacant Property Insurance?

If you own a rental property or a home that happens to be vacant, a traditional homeowners insurance policy will not work.

You need what’s called a “Specialty Dwelling” insurance policy.

This is because traditional homeowners insurance excludes coverage for properties that are not owner-occupied.

In other words, if you don’t live in the house, it’s only covered by a specialty dwelling policy.

Momentum Insurance and Financial Services represents several carriers who can insure your rental property, or specialty use property.

Specialty Dwelling Insurance

There are multiple scenarios where specialty dwelling insurance is necessary:

Rental Properties — Specialty Dwelling insurance is the only type of policy that will work for a rental property.

There are certain coverages that you need as the owner of a non-owner occupied property that are only provided by a specialty dwelling insurance policy like for example Landlord Furnishings , and Tenant Liability .

Vacant Homes — vacant homes can present all kinds of problems which is why they can be extremely difficult to insure. Most insurance companies want nothing to do with a property that is vacant. We can help you though.

Seasonal & Vacation Homes — in many cases, in order to insure a secondary, seasonal, or vacation property, most companies require that you insure your primary residence with them as well, which isn’t always possible.

Older & Lower Value Homes — if your home is extremely old and/or the market value is considerably lower than the cost to rebuild it, many insurance companies may hesitate to cover it. Older or lower-valued properties present a number of problems, but we have access to specialty policies specifically for these types of homes.

Credit Problems — some homeowners might not have strong enough credit to qualify for a “standard” homeowners policy. When this is the case, specialty dwelling insurance is the alternative.

Homes Under Construction — in some situations your renovation, addition, or reconstruction project may require a specialty dwelling policy.

How to get started on your quote

If you live in The Woodlands and have a property that fits these parameters, give us a call and we can quote your property to see who has the best product for you.

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Travel Insurance

Mon, 14 Sep 2020 17:27:00 GMT

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Earthquake Insurance

Mon, 14 Sep 2020 17:21:00 GMT

Looking for Earthquake Insurance?

When many people think of insurance, they think of their house, their car, and maybe life insurance. What many people don’t think about though is earthquake insurance .

While earthquakes don’t strike regularly, it only takes one minor tremor to cause significant damage to your home’s foundation, resulting in tens of thousands of dollars in damage if not more.

At Momentum Insurance and Financial Services, we take protecting your house very seriously, and that means not leaving any stones un-turned.

When we talk about insurance, the entire purpose of insurance is to transfer risk to an insurance company, therefore protecting your assets should the worst happen. Being that your home is most likely your most valuable asset, it only makes sense to explore the benefits of earthquake insurance.

Homeowners insurance does not cover earthquakes

In many states, earthquake insurance is sold as a stand-alone policy , meaning that is does not come as a part of your homeowners policy. Homeowners policies don’t cover earthquakes in any way, so it’s important to understand this catastrophic exclusion that exists in your coverage.

Earthquake Insurance Coverages

Like homeowners insurance, earthquake insurance’s main duty is to protect your home. This means the most important coverage limit on your policy is the “Dwelling Coverage” limit, which is designed to cover the main structure of the home.

There may also be coverage for personal property as well.

You will also have a deductible, which can range anywhere from $1,000 up to $10,000 or possibly more. Like homeowners insurance, the higher deductible you take, the lower your premium will be.

How to get started on your Earthquake insurance quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

The post Earthquake Insurance appeared first on Momentum Insurance .

High Net Worth Insurance

Mon, 14 Sep 2020 17:18:00 GMT

Looking for High Net Worth Insurance?

Did you know that most high-net worth households are severely under-insured?

This is because many insurance consumers are unaware that there are insurance companies and products out there specifically designed for high net worth individuals and families.

Don’t just rely on any policy for your insurance needs!

The truth is, high net worth families have different needs when it comes to their insurance coverage, which is why Momentum Insurance and Financial Services offers concierge level service, and fully customizable insurance policies to meet the unique, and often demanding needs of higher net worth households.

Our high net worth coverage includes coverage for:

When it comes to replacing the lost income of high earners, traditional insurance plans are often times inadequate because the policy language is too restrictive.

If you are a high earner, don’t jeopardize your family’s financial well-being. Contact us to find out how high net worth coverage can assure that everything you’ve worked for will be protected!

High Value Homeowners Insurance

If your like most homeowners, your home is your single greatest asset. It should be insured as such.

What many homeowners don’t realize is that most standard H03 policies (fancy word for homeowners policy contract) aren’t robust enough to handle a high value home. Even policies that are referred to as “high value” policies are often times really just standard H03 policies with riders attached to beef them up.

These types of policies aren’t bad, but in most cases they are not appropriate for truly high value homes.

Insuring your home adequately is serious business. At Momentum Insurance and Financial Services we can customize a high value homeowners policy specifically for your home — no cookie cutter policies here.

High Value Homeowners Quoting Process

Quoting a high value home is different than quoting a standard home. 95% of the time, we will need to do a thorough, on-site inspection of the property to identify certain characteristics and the overall build quality of the home.

After we collect this information, we will then need to prepare the necessary documentation and applications to submit our proposal to the high value insurance carrier.

After the insurance company reviews the applications and returns their initial quote, we may need to adjust certain limits and coverages.

Once the quote is agreed upon and bound, the insurance company will often times complete their own physical survey and inspection of the home a few weeks later to ensure that the policy is 110% accurate.

Sometimes, coverages will be adjusted after the carriers inspection.

High Value Auto Insurance

Just like many standard homeowners policies are inadequate for high value homes, the same can be said for high value auto insurance. Traditional auto insurance policies are often times more restrictive than you might need if you have a high value vehicle.

At Momentum Insurance and Financial Services, we can help you whether you’re looking for high value homeowners insurance, auto, or umbrella, we will work together with you to build a custom insurance program for your specific needs.

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page .

Either way we’ll make the process simple!

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Long Term Care Insurance

Mon, 14 Sep 2020 17:15:00 GMT

Looking for Long Term Care Insurance?

Many people get overly concerned with their health insurance and/or Medicare, but it’s lack of Long Term Care coverage that often times will financially cripple you.

Long Term Care expenses are the leading cause of bankruptcy during retirement, and the statistics show that over 75% of people over the age of 65 will need some form of Long Term Care at some point during their retirement.

It’s not a matter of if you will need Long Term Care it’s when and with the cost of Long Term Care inflating at record pace, not planning ahead will result in serious financial hardship at a time when you are supposed to be living out the rest of your life in peace.

When most people think of Long Term Care insurance, they think of a traditional LTC policy, however there are several different ways to fund long term care outside of the typical LTC policy.

With more creative and flexible insurance products on the market now, it’s important to evaluate every single option you have, and thats exactly what we can help you do, so you can live the rest of your retirement knowing that you won’t be financial destroyed, or financial destroy someone else like a child or relative.

If you need assistance with any type of senior insurance product, be sure to give us a call, or head over to our contact page to begin the process.

How to get started on your LTC quote

To get started on your quote, c a ll our office or click over to our quotes page .

Either way we’ll make the process simple!

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Pet Insurance

Mon, 14 Sep 2020 17:12:00 GMT

Looking for Pet Health Insurance?

Just like everyone else in your family, pets get sick sometimes. In fact, one in three pets will need unexpected veterinary care each year. And it isn’t just older dogs and cats, either.

According to 2010 Petplan claims data, dogs under the age of one are actually 2.5 times more likely than their older brethren to have an unexpected visit to the vet. And while every parent wants to provide their pets with the best care possible, sometimes the high costs can force you to ask your vet for less expensive alternatives.

Pets bring great joy to a family, but they can also be very expensive to care for.

As pet parents, we want to provide our dogs and cats with the best possible care, no matter what. But when accidents and illnesses come up unexpectedly, the costs can quickly run in to the hundreds, and even thousands, of dollars.

Pet insurance gives you the peace of mind that, in the event that your pet becomes sick or injured, your expenses will be covered.

As technology has improved in recent years, so has the overall quality of veterinary care. However, these improvements have resulted in higher costs and tougher decisions for pet owners.

The last thing Momentum Insurance and Financial Services wants is for you to have to forgo a potentially life-saving surgery for your family pet, because you cannot afford it.

How to get started on your Pet Insurance quote

To get started on your quote, call our office or click over to our quotes page.

Either way we’ll make the process simple!

The post Pet Insurance appeared first on Momentum Insurance .

Disability Insurance

Mon, 14 Sep 2020 17:07:00 GMT

Looking for Disability Insurance?

Momentum Insurance and Financial Services has got you covered!

Throughout your working lifetime, you are three times more likely to become disabled than you are to die before age 65. Makes a convincing case for having disability insurance, right?

Why then is it that people have historically been more likely to buy life insurance, not disability insurance?

The answer is simple: insurance consumers are confused by disability insurance. There are so many terms to understand that people typically give up, and end up not purchasing coverage at all.

If that sounds like you, don’t worry. The team at Momentum Insurance and Financial Services is here to help.

Disability Insurance is critical in ensuring that your income is protected in the event you can no longer work due to an injury or illness.

If you search the internet you’ll see a ton of different results from companies and brokers claiming to offer the best policy, but it’s important that you understand this type of coverage before you make a decision.

The Two different types of Disability Insurance

There are two different types of disability coverage:

Long Term Disability

Long Term Disability (LTD policies have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life

Short Term Disability

Short Term Disability (STD) policies have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.

Important Disability Insurance Conditions

Non-cancelable

This means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.

Guaranteed renewable

This gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

More things to consider

In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

If this sounds confusing, don’t worry. The team at Momentum Insurance and Financial Services is here to walk you through your options and make sure you get the best possible coverage for your needs and budget.

How to get started on your quote

To get started on your quote, call our office or cli c k over to our quotes page. Either way we’ll make the process simple!

The post Disability Insurance appeared first on Momentum Insurance .

Condo Insurance

Mon, 14 Sep 2020 17:04:00 GMT

Looking for Condo Insurance?

Momentum Insurance and Financial Services has you covered!

Condo insurance (also referred to as an H0-6 policy ) covers your condo unit where your condo association insurance stops. Your association typically insures the physical structure/building and other common areas.

Association by-laws vary, but condo owners are generally responsible for the interior of their unit, or from the drywall in. Things like your floors, walls, cabinets and fixtures that your association’s insurance likely doesn’t cover.

Getting a copy of those by-laws is a good idea so you can understand what your responsibilities are in the event of a claim. We can help you understand the fine print.

Condo insurance for Town-homes

It’s also important to understand that some town-homes are insured like condos, and therefore require an H0-6 policy.

If you live in a town-home, be sure that you have the correct type of insurance.

Momentum Insurance and Financial Services is here to help you understand the differences between a homeowners policy and a condo policy.

How to get started on your quote

To get started on your quote, call our office or cl i ck over to our quotes page. Either way we’ll make the process simple!

The post Condo Insurance appeared first on Momentum Insurance .

Collector Car Insurance

Mon, 14 Sep 2020 16:58:00 GMT

We’re the Classic & Collector Car Insurance specialists

If you own a collector car, chances are you’ve spent countless hours, and a good deal of money taking care of it. That’s why it’s so important to carry the correct type of class car insurance on your classic car.

Classic car insurance is much like traditional auto insurance but includes special provisions, conditions, and coverages that are more appropriate for a classic or collector car.

This is why it’s important to work with an agency like us who understands the differences between traditional car insurance and collector car insurance. Even though there are similarities, they are different contracts.

At Momentum Insurance and Financial Services, we have access to multiple classic car insurance companies in The Woodlands, so we can shop and compare to find the best possible combination of price and coverage.

To get started with your classic car insurance quote, call our office or fill out our quick online quote form to get the process started.

Either way, we’ll make the process of finding your collector car insurance policy easy!

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Boat Insurance

Mon, 14 Sep 2020 16:41:00 GMT

We specialize in Boat Insurance

Boats and personal watercraft are big investments, but if you love being out on the water, you know they’re worth it.

So protect your fun investment with coverage that’s designed with the boat lover in mind, not with some standard coverage or add-on to your Homeowners Insurance.

Momentum Insurance and Financial Services can help make your time on the water relaxed and worry-free. We will find you comprehensive insurance protection that protects you, your friends, family, your watercraft, and your boating equipment.

The average boat policy costs less than a dollar a day. You’ll enjoy being on the water even more when you aren’t worried about your safety, the safety of your passengers, or your investment.

Do you know what to look for in a Boat Insurance policy? Momentum Insurance and Financial Services can help you determine the right amount of coverage to meet your specific needs. Just contact us today to get started.

The Woodlands Boat Insurance coverages

To get started, enter your details below, or call our office, and we’ll walk you through the process of getting you and your awesome boat covered.

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ATV & Powersports Insurance

Mon, 14 Sep 2020 16:38:00 GMT

Looking for ATV insurance?

Momentum Insurance and Financial Services has several ATV insurance companies to choose from.

All-Terrain Vehicles (ATV) are becoming increasingly popular, and come in a variety of different models. Most insurance companies have a different set of rules for providing coverage for ATVs, depending on the vehicle type.

ATV insurance is very similar to motorcycle insurance actually.

All-terrain vehicles are three, four or six-wheeled buggies used off-road. 4×4 insurance has the same basic coverages included in the motorcycle insurance policy, tweaked for the needs of off-road enthusiasts.

Momentum Insurance and Financial Services can help you get the specialized coverage you need for your specialized vehicles. We can help you protect your investment and let you focus on having fun.

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Umbrella Insurance

Mon, 14 Sep 2020 16:35:00 GMT

Umbrella Insurance is critical to your insurance plan

If you were found negligent or liable for someone else’s bodily injury or death, would you have enough insurance to protect your assets?

Umbrella insurance is a stand-alone liability policy that provides an additional limit of liability over and above your underlying liability limits that are already on your homeowners and auto insurance policies.

Life can be unpredictable and as much as we plan for the best, sometimes the worst can happen. This is where umbrella insurance comes into play and provides you with additional coverage that goes above and beyond to protect your assets.

Umbrella Insurance example scenario

To get a better sense of what Umbrella Insurance is and how it would work in a real life situation, it helps to think about it in action.

Say you’re held liable for causing a car accident with multiple vehicles, and the cost to cover the damages and injuries is $850,000. However, the liability limits on your Auto policy are only $300,000.

In this case, your insurance would pay only $300,000 for the entire accident, and you would be responsible for the remaining $550,000 out of your own pocket!

With an Umbrella policy, however, you could extend your liability limits beyond the maximum provided by your underlying policies. In this case, an Umbrella policy would provide liability limits above the $300,000 limit of your Auto policy, up to the limit you choose for your Umbrella policy (typically anywhere from $1 million up to $5 million in coverage).

In other words, you wouldn’t be left paying the remaining $550,000.

More examples…

How much does Umbrella insurance cost?

One of the things that makes Umbrella insurance so appealing, and almost a no-brainer in most situations, is that the cost is generally very low.

Most insurance carriers offer coverage starting at around $150 per year. The cost of your policy goes up based on the amount of cars and homes you need it to overlay, but in general the cost is pennies on the dollar, and all the risk is on the insurance company.

Even if your premium was $300/yr, the insurance company is on the hook for at least $1,000,000. That is a tremendous value, and something that everyone should think about given the litigious nature of our society.

It only takes one accident to potentially bankrupt yourself

If you don’t have enough coverage, and in a world where medical expenses are sky rocketing, it only make sense to think about purchasing Umbrella insurance.

To get started with your quote, call our office , or click over to our quotes page and our team will shop the marketplace to see who offers the best coverage.

Keep in mind that most insurance carriers require that you have at least your auto insurance policy with them in order to qualify for their umbrella.

Stand alone umbrella policies are available also for special situations.

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Renters Insurance

Mon, 14 Sep 2020 16:31:00 GMT

Looking for a better Renters Insurance Policy?

You have a lot of things that are important to you – from your clothes and furniture to your sound system, sports gear, and computer. And you want to feel confident that everything you’ve worked for is not at risk.

Let Momentum Insurance and Financial Services help you find coverage options that protect you, your family, and your personal property. Let us help make sure you’re properly covered.

What You Need to Know

Your renters policy covers your personal property against theft or damage subject to the limits and deductibles you select. The coverage applies even when you are away from home.

For a small additional premium, you can choose to carry full value coverage on your personal property, which ensures that you will be paid the full replacement cost of items that are damaged or stolen without deduction for depreciation.

Protect Yourself and Your Guests

Your renters insurance policy also protects you and your family against certain bodily injury and property damage claims for which you are liable. Legal defense is also provided in the event you are sued after a covered loss, subject to the limits you have selected.

In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available. Let us help you find the right amount of coverage to suit your insurance needs.

The Right Coverage, The Right Price

Whether you’re starting out, between homes, or downsizing, we’ll help you pick the best renters insurance coverage that best fits your needs.

Be sure to ask about available discounts including burglar alarm credits and account credits for customers who package their auto and/or umbrella policies with their renters insurance policy.

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Health Insurance

Mon, 14 Sep 2020 16:28:00 GMT

We’re the Health Insurance expert

Understanding the ins and outs of health insurance has become more and more difficult over the past several years.

Luckily, at Momentum Insurance and Financial Services, we have access to a long list of health insurance providers and can walk you through your options.

Individual & Group Health Insurance

If you are an individual or family who does not currently have insurance through a group employer plan, our agency can walk you through your individual health plan options. If you own a business and would like to compare your options for group coverage, we can help you with that also.

If you’ve ever tried to decipher health insurance plans on your own, you may have noticed that there are dozens of different plan types and multiple providers who offer them.

This leads to confusion as to which company is best, and which plan is most appropriate for your needs.

Health Insurance Plan Variables

When deciding which plan is best, there are multiple variables that impact the final cost. During our meeting or phone call, we’ll discuss things like:

If that sounds confusing, don’t worry, we’ll make it very simple.

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Life Insurance in the Woodlands

Mon, 14 Sep 2020 16:23:00 GMT

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Business Insurance

Mon, 14 Sep 2020 16:16:00 GMT

Do you need a better Business Insurance Package?

Choosing the right business or commercial insurance plan for your business can be very confusing, so we have developed many different options and programs to meet the needs of our commercial insurance clients throughout the state of Texas.

At Momentum Insurance and Financial Services, we can design a specialized package according to your property, liability, and casualty needs.

We are also proactive in identifying any factors that may increase your premiums or change your risk, and provide consulting and risk management options to protect your business.

Whether you are a retailer, wholesaler, contractor, or electrician, we can tailor a package to meet your specific needs and requirements. So give us a call today or fill out one of our free online quote forms.

Commercial Package policy vs. Business Owners Policy (BOP)

Think of a Commercial Package Policy as a stereo system where you buy each component individually. So you would buy the receiver, speakers, remote, and every other part and accessory separate from each other.

In contrast, a BOP policy is much like a stereo-in-a-box. All of the pieces you need come pre-packaged.

Business Insurance Products

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Motorcycle Insurance in Texas

Mon, 14 Sep 2020 15:57:00 GMT

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Flood Insurance

Mon, 14 Sep 2020 15:00:00 GMT

Looking for Flood Insurance?

When most people think of needing flood insurance they might think of events like Hurricane Katrina, or Hurricane Sandy. These were huge devastating storms that caused billions of dollars in damage.

In reality, most floods are caused by far less catastrophic situations. In fact, it only takes a few inches of standing water to cause tens of thousands of dollars.

If you’re looking for flood insurance we’ve got you covered. Did you know that every single house in the entire country is in a FEMA flood zone? It’s just that some flood zones are worse than others.

In most situations, you will have a 30-day waiting period when you buy flood insurance, so don’t wait until it’s too late!

Homeowners’ insurance does not cover flood damage

Regardless of where you live, flood insurance has to be purchased as a separate, stand-alone policy.

It is not covered by homeowners insurance .

Flood insurance policies also reimburse you for the work that you and other family members did to sandbag your homes, move furniture, and remove debris.

If you live in certain flood zones, your mortgage company may require that you purchase a flood insurance policy.

If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional.

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Best Homeowner Insurance in Texas

Sun, 13 Sep 2020 18:10:00 GMT

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Auto Insurance in Texas

Sun, 13 Sep 2020 17:31:00 GMT

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How to Motivate Yourself: 15 Techniques

Tue, 18 Aug 2020 22:42:00 GMT

We’re experts at knowing how to motivate ourselves. Today we’ll do 20 different things and by the end of the month, we’ll nail all those, plus one million more – sounds like a plan, right?

Truth is, it’s much easier to set goals than to actually get them done. It all comes down to motivation, and let’s be honest – we all sometimes have trouble keeping the fire lit. It’s much easier to sit back and think about all the things we’re going to do…eventually. Overcoming the emotional hurdle to get stuff done when you’d rather sit on the couch isn’t always easy.

For those of you who never procrastinate, distract yourself or drag your feet when you should be doing something important, well done! But for the rest of you (myself included), it’s good to have a library of motivational boosters to fall back on when needed.

Despite your best efforts, passion, and habits, a flow-producing environment can be hard to reach. In that case, it’s time to find whatever works to get you started. Whether you’re starting a business, trying to lose weight, or breaking a bad habit, you’ll learn how to motivate yourself with these 15 simple techniques from lifehack :

Go Back to “Why”

Focusing on a dull task doesn’t make it any more attractive. Zooming out and asking yourself why you are bothering in the first place will make it more appealing.

If you can’t figure out why then there’s a good chance you shouldn’t bother with it in the first place.

Go for Five

Start working for five minutes. Often that little push will be enough to get you going.

Move Around

Get your body moving as you would if you were extremely motivated to do something. This “faking it” approach may seem silly but it works.

Find the Next Step

If it seems impossible to work on a project for you, you can try to focus on the next immediate step.

Fighting an amorphous blob of work will only cause procrastination. Chunk it up so that it becomes manageable.

Find Your Itch

What is keeping you from working? Don’t let the itch continue without isolating it and removing the problem.

Are you unmotivated because you feel overwhelmed, tired, afraid, bored, restless, or angry? Maybe it’s because you aren’t sure you have time or delegated tasks haven’t been finished yet?

Deconstruct Your Fears

You probably don’t have a phobia about getting stuff done. But at the same time, hidden fears or anxieties can keep you from getting real work completed.

Isolate the unknowns and make yourself confident, you can handle the worst-case scenario.

Get a Partner

Find someone who will motivate you when you’re feeling lazy. Many people have a friend they go to the gym with; besides spotting weight, having a friend can help motivate you to work hard when you’d normally quit. We can also do this same technique with other parts of our lives.

Kickstart Your Day

Plan out tomorrow. Get up early and place all the important things early in the morning. Building momentum early in the day can usually carry you forward far later; having a morning routine is a good idea for you to stay motivated.

Read Books

Read not just self-help or motivational books but any book that has new ideas. New ideas get your mental gears turning and can build motivation; new ideas also put your brain into motion so it requires less time to speed up to your tasks.

Get the Right Tools

Your environment can have a profound effect on your enthusiasm. Computers that are too slow, inefficient applications, or a vehicle that breaks down constantly can kill your motivation.

Building motivation is almost as important as avoiding the traps that can stop it.

Be Careful with the Small Problems

The worst killer of motivation is facing a seemingly small problem that creates endless frustration.

Reframe little problems that must be fixed as bigger ones or they will kill any drive you have.

Develop a Mantra

Find a few statements that focus your mind and motivate you. It doesn’t matter whether they are pulled from a tacky motivational poster or just a few words to tell you what to do.

If you aren’t sure where to start, a good personal mantra is “Do it now!”

Build on Success

Success creates success. When you’ve just won, it’s easy to feel motivated about almost anything. Emotions tend not to be situation-specific, so a small win, whether it’s a compliment from a colleague or finishing two-thirds of your tasks before noon can turn you into a juggernaut.

There are many ways you can place small successes earlier on to spur motivation later. Structuring your t0-do lists, placing straightforward tasks such as exercising early in the day, or giving yourself an affirmation can do the trick.

Bonus: Staying Motivated Forever

The best way to motivate yourself is to organize your life so you don’t have to. If work is a constant battle for you, perhaps it is time to start thinking about a new job. The idea is that explicit motivational techniques should be a backup, not your regular routine.

Here are some other things to consider to help work move more naturally:

Passion

Do things you have a passion for. We all have to do things we don’t want to. But if life has become a chronic source of dull chores, you’ve got a big problem that needs fixing.

Habits

You can’t put everything on autopilot. I’ve found putting a few core habits in place creates a structure for the day.

Waking up at the same time, working at the same time, and having a similar productive routine makes it easier to do the next day.

Flow

Flow is the state where your mind is completely focused on the task at hand. While there are many factors that go into producing this state, having the right challenge level is a big part.

Find ways to tweak our tasks so they hover in that sweet spot between boredom and maddening frustration.

Final Thoughts

Hopefully, with these tips, you now have some motivation techniques in your back pocket.

Find your passion and develop a positive mantra so when the next time negativity hits you, you know how to stay positive and motivated.

If you have any questions or just want some advice, please reach out and contact us any time, any day – we can do a free quote or quote comparison of your insurance policies At Momentum Insurance we truly focus and embrace a client-first approach to our partnerships with individuals and businesses. We’ve been in the industry for over 30 years and have locations throughout the state of Texas and can help you and your business reach that next level.

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.

Content from Lifehack and Greatist

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Do You Need Umbrella Insurance?

Tue, 18 Aug 2020 22:10:00 GMT

Umbrella Insurance is a low-cost way to get significant extra liability coverage

Key Takeaways

What Is Umbrella Insurance?

How Does an Umbrella Policy Work?

Here are some examples of incidents an umbrella policy could cover if your homeowner’s insurance or auto insurance wasn’t enough:

Do You Need Umbrella Insurance?

Having a teenage driver in the family also puts you at increased risk, as does own a dog or owning a home with a swimming pool. Basically, the more likely you are to be sued, the more strongly you should consider purchasing umbrella insurance. But anyone who is risk-averse will sleep better at night knowing they’re protected by an umbrella policy.

An Example of How Umbrella Insurance Works

Without a personal liability umbrella, you have to pay that $700,00 out of pocket. The money will have to come out of your retirement account, your main source of savings. The loss is devastating and means you’ll have to work 10 additional years, find a higher-paying job, or drastically cut back your expenses to replenish your savings and get back on track to be able to retire.

But if you have $1 million in umbrella insurance, your umbrella policy will cover the portion of the judgment that your homeowner’s insurance doesn’t, and your retirement savings will remain intact. The umbrella policy will also cover any attorney fees and other expenses related to the lawsuit that wasn’t covered by your homeowner’s policy. That coverage is in addition to the $1 million.

What if you were found liable in a case where your homeowner’s or auto insurance didn’t apply? Then you’d pay an umbrella insurance deductible, called self-insured retention before the umbrella policy kicked in.

How Much Does Umbrella Insurance Cost?

But umbrella insurance is quite cheap compared to other types of insurance especially considering how much coverage it provides. The Insurance Information Institute says most $1 million policies cost $150 to $300 per year. You can expect to pay about $75 more per year for $2 million in coverage, and another $50 per year for every extra $1 million in coverage beyond that. Most insurance companies umbrella liability policies start at $1 million in coverage, with higher limits available.

If you don’t already have this much coverage, your homeowner’s and auto insurance premiums will go up, making the umbrella policy more expensive than it might seem at first glance.

Purchasing Umbrella Insurance

If increasing your coverage and purchasing an umbrella policy is too expensive for you, as an alternative, you may be able to purchase endorsements to your auto or homeowners insurance that increase your liability limits beyond the usual maximums. You probably won’t get as much coverage as an umbrella could provide, but you’ll still be better protected than you were before.

Then again, switching insurers to have all your policies under one roof might mean higher premiums overall, if the new company’s rates are higher. So you’ll want to compare quotes carefully .

What Doesn’t Umbrella Insurance Cover?

The Bottom Line

If you have any questions or just want some advice on umbrella insurance, please reach out and contact us any time, any day – we can do a free quote or quote comparison of any and all of your insurance policies. At Momentum Insurance we truly focus on and embrace a client-first approach to our partnerships with individuals and businesses. We’ve been in the industry for over 30 years and have locations throughout the state of Texas and can help you and your business reach that next level.

We hope this was helpful! As always, follow us on Facebook , Instagram , and LinkedIn – and check out our blog for new content daily discussing topics on everything from the insurance industry to personal care tips.

Content from Investopedia

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