Tuesday, November 25, 2014

Protect Your Condo at the Lake

Insure the Lake has you taken care of when it comes to condo insurance at the Lake of the Ozarks. The place you live is your greatest asset and we're here to help you protect it.   Every insurance policy is different and you should consult your Lake of the Ozarks insurance agent about your specific needs.  In the event of a loss, you'll want to know that you're covered.

Points for Condo Owners to Consider


Condo owners have several areas of concern to address. Even though the condominium association has a master policy, you may still be responsible for a certain portion of the building coverage.  For example, the condo by-laws may advise that you are responsible for everything “studs-in” inside your unit.  If this is the case, you will need to cover your portion of the building and improvements and betterments to your unit under your policy.

Many unit owners have a boat slip in the association’s community dock.  If there is a loss and your lift is damaged, coverage will likely need to come from your insurance policy and not the master policy. Some companies will include the hoist to your policy’s building limit while others may include this in your contents limit.  Verify you have the right amount of coverage in both of these areas with your agent.

Assessment coverage is another issue for condo owners to consider.  This will reimburse you for special assessments passed on to you from the association.  This coverage is only available when the cause of loss is covered under the association’s master policy.

While You're Away from Your Condo


While you are away on vacation or merely at work there are a few condo protection tips you should consider:
  • Turn down the ringer on your phone while you are out.
  • Turn off the water to prevent leaks. 
  • Unplug your television, toaster, lamps and any other small appliances to protect from power surges and to save power. 
  • Set automatic timers on lights for different times in different rooms.
  • Set a timer to a talk radio station so voices can be heard in the home.
  • Put a hold on your newspaper and mail when you go on vacation.
  • Alert friends and neighbors when you will be away.

The most important way to protect your condo is to have an open line of communication with your insurance agent at the Lake of the Ozarks.  The more they know about your specific situation, the better they will be able to assess your needs and make sure you have the best protection in the event of a loss. 

Delivering all of your Lake of the Ozarks Insurance needs - Insure the Lake!
We can help you with all of your Lake of the Ozarks insurance needs. You can have peace of mind.   Contact us for a FREE quote request.




Steve Naught, CIC

NAUGHT-NAUGHT AGENCY
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral

T: 573-348-2794
F: 573-348-0191
stnaught@naught-naught.com

Thursday, November 20, 2014

Health Insurance Enrollment FAQs

Understanding the Affordable Care Act 


Insure the Lake can help you with your Lake of the Ozarks health insurance needs.  Open enrollment for 2015 will be from November 15, 2014 to February 15, 2015.  For 2015, coverage can start as early as January 1, 2015.  Insurance in the Marketplace are offered by private companies and they all cover the same core set of benefits, known as essential health benefits.  No plan can turn you away or charge you more because you have an illness or medical condition, and plans can't charge women more than men.

Q: What does Marketplace health insurance cover? 


A: All private Lake of the Ozarks health insurance plans offered in the Marketplace offer the same set of essential health benefits.  These benefits include at least the following items and services:
  • Ambulatory patient services (outpatient care you get without being admitted to a hospital) 
  • Emergency services
  • Hospitalization
  • Maternity and newborn care (care before and after your baby is born) 
  • Mental health and substance use disorder services, including behavioral health treatment (this includes counseling and psychotherapy) 
  • Prescription drugs
  • Rehabilitative and habilitative services and devices (services and devices to help people with injuries, disabilities or chronic conditions gain or recover mental and physical skills)
  • Laboratory services
  • Preventative and wellness services and chronic disease management
  • Pediatric services

Q: Am I eligible for coverage in the Marketplace? 


A: Most people are eligible for health coverage through the Marketplace. To be eligible through the Marketplace, you: 
  • Must live in the United States
  • Must be a U.S. citizen or national (or be lawfully present) 
  • Can't be currently incarcerated

Q: What if I have a pre-existing health condition? 


A: Being sick doesn't keep you from getting coverage.  A Lake of the Ozarks insurance company can't turn you down or charge you more because of your condition.

Q: Will I qualify for lower costs on monthly premiums? 


A: When you get health insurance coverage in the Marketplace, you may be able to get a premium tax credit that lowers what you pay in monthly premiums. This will depend on your household size and income. When you fill out a Marketplace application, you’ll report your household size and income. If your income falls between the amounts shown below, you’ll qualify for a premium tax credit that you can apply directly to your monthly premiums. This means you’ll pay less money to your health insurance company each month.  Keep in mind that if you or your spouse have other coverage available, you may not be eligible for a subsidy.

If your income falls within the following ranges, you’ll generally qualify for a premium tax credit. The lower your income is within these ranges, the bigger your credit. (The amounts below are based on 2014 numbers and are likely to be slightly higher in 2015.)

  • $11,670 to $46,680 for individuals
  • $15,730 to $62,920 for a family of two 
  • $19,790 to $79,160 for a family of three
  • $23,850 to $95,400 for a family of four
  • $27,910 to $111,640 for a family of five
  • $31,970 to $127,880 for a family of six
  • $36,030 to $144,120 for a family of seven
  • $40,090 to $160,360 for a family of eight

Q: What is modified adjusted gross income? 


A: When you fill out the Marketplace application, a number called “modified adjusted gross income” (MAGI) will be used.  MAGI is generally your household’s adjusted gross income plus any tax-exempt Social Security (except for SSI, which is not counted), interest and foreign income you have. It’s used to determine your eligibility for lower costs on Marketplace coverage, and for Medicaid and CHIP.

Q: What if someone doesn't have health coverage? 


A: Beginning in 2014, if you don’t have health coverage, you may have to pay a fee. You may also have to pay for all of your health care. The fee is sometimes called the "penalty," "fine," "individual responsibility payment" or "individual mandate."

Q: How do I apply for health coverage? 


A: Use HealthCare.gov to apply for health coverage, compare plans and enroll online or over the phone.  You can also enroll directly through an insurance company by using an agent. If your income is too high to qualify for lower costs on coverage, you can buy health coverage outside the Marketplace, directly through an insurance company.

Delivering all of your Lake of the Ozarks Health Coverage needs - Insure the Lake!
We can help you with all of your Lake of the Ozarks insurance needs. You can have peace of mind.   Contact us for a FREE quote request.





Steve Naught, CIC

NAUGHT-NAUGHT AGENCY
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral

T: 573-348-2794
F: 573-348-0191
stnaught@naught-naught.com

Thursday, November 13, 2014

Make sure your Lake Home is protected!

Protect your Largest Tangible Asset

In many cases our homes are the largest asset we have. It is very important that we not only take care of that asset, but also protect ourselves if there were a loss.  Often a bank will require the home be covered for the cost to replace the structure; however there are many other issues that should be addressed to adequately cover your home in the event of a loss.  Every insurance policy has exclusions and endorsements that can alter coverage so it is best to talk to your Lake of the Ozarks Insurance Agent about your specific circumstance.


Homeowner Policy Coverage

Your typical Lake of the Ozarks homeowners policy covers five main areas; Dwelling, Personal Property, Other Structures, Loss of Use and Liability.

Dwelling coverage offers protection to the structure and fixtures as the result of damage due to a covered cause of loss such as fire or wind damage.  In covering the home correctly your agent will likely prepare a replacement cost estimator to make sure the structure is insured adequately.  You do not want to under insure or over insure your home and need to be aware that the replacement cost is not necessarily the same as the market value you paid for the home.  The insurance company will not insure the land the home sits on or the beautiful view that increased the purchase price.

Personal property covers the contents in your home such as furniture, clothing, wall hangings, televisions, or computers.  Most companies will include a certain percentage of the dwelling value for the contents limit.  It is a good idea to make sure the amount they automatically provide is enough to cover your needs.  You can use a home inventory checklist provided by your agent in order to get a good estimate of your personal property values.  Videotaping the inside of your house and its contents and keeping a copy of the tape and checklist at another location is also worthwhile.  These items will be very helpful in speeding up the claims process with the adjuster in the unfortunate event of a loss.

The other structures limit on the homeowners policy is also typically a percentage of the home value.  This includes coverage for detached structures such as outbuildings, detached garages, swimming pools and docks.  If this amount is inadequate and needs to be increased, your agent can endorse the extra coverage onto the policy for an additional charge.

Loss of Use coverage is available in the event you are forced from your residence due to a covered loss. This gives coverage for additional expenses you must take on above your normal expenses due to the loss and would include renting a place to stay.

Your homeowners policy should include coverage for Liability in the event you are brought into a lawsuit for damages you may cause to others.  This would include bodily injury or property damage to others and pay for litigation expenses and court decisions up to the limit on the policy.

Lake Home Topics

Often times the things that attract you to a home can add additional cost or make coverage more difficult to obtain.  There are several issues facing homeowners when they are purchasing insurance at the Lake of the Ozarks.

Most companies will insure your dock as part of your other structures limit.  The problem is that many of them will exclude coverage to a detached structure for collapse.  This is a major issue when we have a snowstorm that puts several inches of snow on your covered dock.  Some companies will include the collapse coverage automatically while others can add this by endorsement for an additional fee.  Don’t wait until you have a loss to find out if your dock is covered correctly; ask your Lake of the Ozarks insurance agent today.


There are other issues that concern dock owners. Wave action and wear and tear are not typically covered under your policy, so it is a good idea to take preventative measures in protecting and maintaining your dock.  Also, many docks have diving boards, slides and other amusement devices on them or nearby in the water.  Each company has a set of underwriting guidelines that these toys may or may not meet.  This does not necessarily mean that they will deny coverage in the event of a claim; however after a loss or upon inspection the company may recommend you remove the exposure, otherwise they may cancel the policy.

Delivering all of your Lake of the Ozarks Homeowner needs - Insure the Lake!
We can help you with all of your Lake of the Ozarks insurance needs. You can have peace of mind.   Contact us for a FREE quote request.





Steve Naught, CIC

NAUGHT-NAUGHT AGENCY
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral

T: 573-348-2794
F: 573-348-0191
stnaught@naught-naught.com

Thursday, November 6, 2014

Bailee Insurance explained!

What is Bailee Insurance?


If your business has temporary possession of someone's property, Bailee insurance covers liability for damage or destruction of that property while under your care or custody.  It this case, you are considered a "bailee" of that property.

When you have a client’s property in your possession for storage, repair or servicing, your exposure to the risk of damage is significant.  If something were to happen to your customers’ property, even if it is completely out of your control, you could be held responsible. Depending on the type of business and the techniques used to service or store property, the financial consequences of loss or damage to a customer’s property could be substantial.

You may have coverage for your business and the premises where you operate your business, but this only covers your assets and not temporary property in your possession.  It's important to have Bailee Insurance at the Lake of the Ozarks to cover the temporary property that you are in custody of or in care of!

Cleaners, repairers, warehouses, hospitality organizations and other businesses that work on or hold customers’ possessions need a Bailee Coverage Policy to protect themselves from this risk. Losses to customers’ property due to perils including fire, lightning, theft, burglary, robbery, windstorm, explosion, collision, floor, sprinkler leak, earthquake, strike, and damage or destruction in transportation can all be covered with Bailee Insurance.

Insure the Lake also offers Bailee insurance to cover other unexpected things that can go wrong. We offer several coverage options that can cover your business even if it's difficult to accurately estimate the value of the property you are caring for. This can include the following:

✔  Unlimited Bailee: By purchasing Unlimited Bailee Coverage, you will eliminate the need to accurately estimate the value of the property you would like to insure. Your risk of underestimating the value of property and paying the difference on a claim is minimal.


✔  Damage in Process: This option provides coverage for operator errors when repairing or servicing an item. An example - if you have a refrigerated warehouse, products could be stored at a temperature other than that requested causing the products to become contaminated.  In addition, goods could disappear, products could break and poor maintenance could cause damage.

✔  Mysterious Disappearance: This option provides coverage if a customer's property is misplaced
Keep in mind that Bailee insurance does not cover flood insurance. You should always carefully review your policy to ensure that you understand all exclusions. Give Insure the Lake a call and we will talk with you to determine if Bailee coverage is needed for your business, the level of insurance to make sure you are protected, and any other property or liability needs.

Delivering all of your Lake of the Ozarks Bailee Insurance needs - Insure the Lake!
We can help you with all of your Lake of the Ozarks insurance needs. You can have peace of mind.   Contact us for a FREE quote request.





Steve Naught, CIC

NAUGHT-NAUGHT AGENCY
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral

T: 573-348-2794
F: 573-348-0191
stnaught@naught-naught.com