Thursday, March 30, 2017

7 Tips to Get Your Family Prepared for Tornado Season

Spring brings tornado season in the Midwest, and we're already seeing some weather conditions that are favorable for tornadic activity. While technology has permitted us to be able to predict if a tornado may touch down, it's not yet possible to predict exactly when or where they'll hit, how strong they will be, or that path that they will follow. Once a tornado has formed and has been detected a warning can be issued based on the path of the storm producing the tornado, but even then, it's not a perfect science. Insure the Lake believes the best thing to do is to be prepared and to seek shelter immediately once a warning has been issued.


Here are some things you can do in advance to be prepared in the event of a tornado warning in your area.

  1. Have at least three days' worth of food and water for your entire family stored in a cellar, interior closet, or other safe place.
  2. Have a To Go Bag ready at all times.
  3. Know all the safest shelter locations, e.g. a bathtub or a closet. You may be visiting friends, out shopping, or at the park when a tornado hits. Know how to be as safe as possible wherever you are.
  4. Have flashlights, oil lamps, and other sources of light. Extra batteries are a must.
  5. Have a cell phone charger. During tornado season, always have your phone charged. In the event of a power outage, it's a good idea to invest in a portable charger and keep it fully charged at all times. 
  6. Stay informed by downloading a local TV or radio station weather alert app or subscribe to receive weather alerts via text message. Police and fire departments may also offer this service.
  7. Have family drills so everyone knows what to do and where to go. Have an occasional drill in the middle of the night. Tornadoes don't always happen during the convenient daylight hours.
By proactively preparing for inclement weather conditions with these helpful tips, you can feel more at ease that your family will be ready for the unexpected and can seek shelter quickly and calmly. Don't forget that part of being prepared for tornado season is to check with your Lake of the Ozarks insurance company to make sure your home and auto insurance coverage protects against natural disaster loss and damage. If you're unsure whether you have proper insurance coverage, contact the best insurance company at the Lake of the Ozarks to discuss your current coverage and how we can get you covered to protect your property from the worst.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


stnaught@naught-naught.com


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Thursday, March 23, 2017

Home Insurance Terms to Know to Better Understand Your Policy

Having insurance coverage at the Lake of the Ozarks is an important part of home ownership. Understanding your home insurance policy can be difficult if you're not familiar with the jargon typically used in policy contracts. Insure the Lake at Lake of the Ozarks knows not everyone is an insurance term guru. So we've put together a list of terms to help you better understand your insurance policy coverage at the Lake of the Ozarks.




Here is a list of terms you'll likely see in your policy paperwork:

Actual cash value (ACV) - The value of your property, based on the current cost to replace it minus depreciation.

Additional living expenses (ALE) - Reimburses the policyholder for the cost of temporary housing, food, and other essential living expenses, if the home is damaged by a covered peril that makes the home temporarily uninhabitable.

Adjuster - An individual employed by an insurer to evaluate losses and settle policyholder claims.

Agent - A person who sells insurance policies.

Application - A form you fill out with information about you that an insurance company will use to decide whether to issue you a policy and how much to charge.

Appraisal - An evaluation of a home insurance property claim by an authorized person to determine property value or damaged property value.

Binder - A temporary insurance contract that provides proof of coverage until you receive a permanent policy.

Cancellation - Termination of an insurance policy by the company or insured before the renewal date.

Claim - A policyholder's request for reimbursement from an insurance company under a home insurance policy for a loss to property.

Claimant - A person who makes an insurance claim.

Company profile - A summary of information about an insurance company, including its license status, financial data, complaint history, and a history of regulatory action.

Complaint - A written communication primarily expressing a grievance against an insurance company or agent.

Contract - In most cases, an insurance policy. A policy is considered to be a contract between the insurance company and the policyholder.

Declarations page - The page in a policy that shows the name and address of the insurer, the period of time a policy is in force, the amount of the premium, and the amount of coverage.

Deductible - The amount the insured must pay in a loss before any payment is due from the company.

Depreciation - Decrease in the value of property over time due to use or wear and tear.

Effective date - The date on which an insurance policy becomes effective.

Endorsement - A written agreement attached to a policy expanding or limiting the benefits otherwise payable under the policy. Also known as a "rider."

Exclusion
- A provision in an insurance policy that denies coverage for certain perils, people, property, or locations.

Expiration date - The date on which an insurance policy expires.

First-party claim - A claim filed by an insured against his or her own insurance policy.

Inflation protection - Automatically adjusts your home insurance policy limits to account for increases in the costs to repair or rebuild a property.

Insured - The policyholder - the person(s) protected in case of a loss or claim.

Insurer - The insurance company.

Lapse - The termination of an insurance policy because a renewal premium is not paid by the end of the grace period.

Liability coverage
- Covers losses that an insured is legally liable. For homeowners insurance, liability coverage protects you against financial loss if you are sued and found legally responsible for someone else's injury or property damage.

Loss - The amount an insurance company pays on a claim.

Loss of use - A provision in homeowners and renters insurance policies that reimburses policyholders for the additional costs (housing, food, and other essentials) of having to live elsewhere while the home is being restored following a disaster.

Loss history - Refers to the number of insurance claims previously filed by a policyholder. A company will consider loss history when underwriting a new policy or considering a renewal of an existing policy. Companies view loss history as an indication of the likelihood that an insured will file a claim in the future.

Market value - The current value of your home, including the price of land.

Non-renewal - A decision by an insurance company not to renew a policy.

Peril - A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy. An all-risk policy covers all causes of loss except those specifically excluded.

Personal property - All tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.

Policy
- The contract issued by the insurance company to the insured.

Policy owner - The person or party who owns an individual insurance policy. This person may be the insured, the beneficiary, or another person. The policy owner usually is the one who pays the premium and is the only person who may make changes to a policy.

Policy period - The period a policy is in force, from the beginning or effective date to the expiration date.

Premium - The amount paid by an insured to an insurance company to obtain or maintain an insurance policy.

Property damage - Physical damage to property.

Reinstatement
- The process by which a life insurance company puts a policy back in force after it lapsed because of nonpayment of renewal premiums.

Renewal - Continuation of a policy after its expiration date.

Renters insurance - A form of insurance that covers a policyholder's belongings against perils. It also provides personal liability coverage and additional living expenses. Possessions can be covered for their replacement cost or the actual cash value, which includes depreciation.

Replacement cost - Pays the dollar amount needed to replace the structure or damaged personal property without deducting for depreciation but limited by the policy's maximum dollar amount.

Surcharge - An extra charge added to your premium by an insurance company.

Third-party claim - A claim filed against another person's insurance policy.


Underwriter - The person who reviews an application for insurance and decides if the applicant is acceptable and at what premium rate.

Underwriting - The process an insurance company uses to decide whether to accept or reject an application for a policy.


Many people purchase policies without understanding what is covered, the exclusions that take away coverage, and the conditions that must be met in order for coverage to apply when a loss occurs. Reading and understanding your policy can help you avoid problems such as this with your insurance policy at the Lake of the Ozarks in the event of a loss. Now that you know and understand the terms you're likely to see in your insurance policy, you can be better prepared to work with your insurance agent at the Lake of the Ozarks to come up with a policy that will meet your coverage needs to the fullest.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


stnaught@naught-naught.com


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Thursday, March 16, 2017

Liability Only or Full Coverage - Which Auto Insurance is Best for You?

Did you know that getting just one ticket for failure to provide proof of insurance is a 4-point hit to your driving record? It only takes a total of 8-points within an 18 month period to suspend a license in the state of Missouri. All licensed drivers are required to carry state minimum liability insurance coverage in Lake of the Ozarks and are required to carry proof of insurance at all times in their vehicle. Naught-Naught Agency at Lake of the Ozarks wants to make sure you know the minimum state requirements and the difference between "Full" coverage and liability only coverage.


Missouri state law requires liability coverage. The minimum level of coverage required by state law is:
  • $25,000 per person for bodily injury
  • $50,000 per accident for bodily injury
  • $10,000 per accident for property


Liability Coverage

Liability insurance will cover property damage and bodily injury when the incident is your fault.
Liability for bodily injury covers immediate medical expenses, including emergency care. If the injured person is not able to return to work, it will cover loss of income. Bodily injury liability also covers medical expenses for long-term complications, funeral costs and lawyer defense fees for the policyholder. Property damage liability typically covers vehicle damage to others or replacement costs, and expenses for repairs to damaged buildings. It also covers repairs for other nonmoving objects such as street lights.

To cover your own vehicle regardless of fault you would need to purchase physical damage coverage for your vehicle subject to a deductible.  Some people call this "Full Coverage" as you add coverage for your vehicle to the auto liability policy.  This is a misconception as there really is no such thing as full coverage since policies always have exclusions.  In any case, the term full coverage typically refers to the fact that there is coverage for the insured's vehicle as well as liability coverage for damage to others.  

The bank may require the borrower to purchase "Full" coverage for physical damage to the vehicle they are have an interest.  This coverage can be purchased as Comprehensive Coverage and Collision Coverage.

Collision Insurance pertains to covering your auto when it is in an accident such as colliding with another vehicle or other object.  There is typically an out-of-pocket deductible for this coverage.

Comprehensive Coverage

Comprehensive Insurance will take care of damage to your vehicle, if the damage isn't collision related. For example, a comprehensive policy at Lake of the Ozarks will cover a crack in your windshield or body damage from a falling tree or hail.
It covers damages caused by storms and natural disasters, vandalism and theft, objects falling on your vehicle, fire or hitting a deer. Similar to Collision, Comprehensive coverage comes with a separate deductible, meaning you'll pay some out-of-pocket cost to fix your car and the policy will cover the rest up to the actual cash value of your car. If the damage is greater than the value of your vehicle the company may declare a total loss and pay you its book value.

Unfortunately, every year there are thousands of people in Missouri who are involved in accidents that have no coverage. Review your insurance premiums in Lake of the Ozarks and visit with a local agent about the proper coverage for your specific needs so you are not leaving yourself open to lawsuits or breaking the law.

If you're unsure if you have correct coverage contact the best insurance agent at the Lake of the Ozarks to discuss your coverage needs. Our goal is to meet with clients about their specific insurance requirements and how to best protect them.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


stnaught@naught-naught.com


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Thursday, March 9, 2017

Don't Leave Your Home Unprotected This Spring Break!

Spring break will be here before you know it! If you're planning a getaway, we know you've got enough to think about to get ready for the trip. One thing that many people don't think to plan for is the protection of their home while they're away. So while you're packing bags and checking out things to do when you get to your destination, the best insurance agency at the Lake of the Ozarks has come up with a list of things to check before taking off to ensure your home is protected from intruders while you're on vacation.

  1. Keep windows, porches, and doors visible to neighbors and passersby. Intruders are less likely to attempt a break in if they risk getting caught. Trim down any overgrown bushes or tree limbs that may offer potential hiding spots. If you have a neighbor that you trust, let them know when you're planning to travel and ask them to keep an eye on your home while you're away.
  2. Keep blinds and curtains closed while you're away to avoid "window shoppers". If someone can look straight into your living room and see your 60" flat screen TV on the entertainment stand, you're inviting intruders to shop your home. 
  3. Don't advertise new purchases. When you just set out the box for the new TV you just bought at the curb next to your trash receptacle, you're letting everyone who passes by see you've got valuables for the taking. Break the boxes down and bag them with the rest of your trash, or dispose of them somewhere other than your home garbage can. 
  4. Install motion-sensor lights. Allowing your home to sit in the dark offers plenty of opportunity for an intruder to stroll right up to your house and gain entry without anyone noticing. Another option to consider is checking with your electric company about having a dusk light installed in your yard. 
  5. Set timers for indoor lights and TVs or radios to come on while you're away. It will help to give the illusion that someone is home. Intruders are less likely to risk breaking in if they think someone is home. 
  6. Reinforce entryways. Make sure your doors are solid and of good quality. Install a deadbolt, and replace standard strike plate screws will longer industrial grade ones for added security. Check and lock all windows and doors before leaving your home.

While these things will not prohibit a break in from happening, they will help to deter potential intruders and make your a home less enticing target. For added security and peace of mind, check with your insurance policy provider at the Lake of the Ozarks to make sure your home is insured for such incidents. If don't have homeowners insurance, let us help you get the coverage you need to protect your property. Our goal is to work with our companies to find the most comprehensive insurance coverage for your home at the Lake of the Ozarks for the best price. Now get going and enjoy your spring break getaway!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


stnaught@naught-naught.com


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Wednesday, March 1, 2017

Insuring Your Home-Based Business

One of the main reasons people with home-based businesses forgo purchasing business insurance at the Lake of the Ozarks is because they already have homeowners insurance. What they don't realize is that business liabilities are not often covered by a standard homeowners policy. The best insurance company at the Lake of the Ozarks is here to make sure you have adequate coverage to meet your needs. Keep reading to learn more about insuring your home-based business with Insure the Lake

Business Liability Coverage for Your Lake of the Ozarks Home Business


A liability is something your company is legally responsible for. For instance, if someone visits you at your home office, and on their way out they slip on your slick, unsalted sidewalk, you are more than likely liable for any incurring medical treatment that may arise due to this incident. Having general liability coverage helps protect your business in the event that a lawsuit is filed. Errors and Omissions Insurance is another great way to protect your business from lawsuits that may arise from mistakes, negligence, and omissions.

If you have employees working for you, it's important to have Worker's Compensation coverage to protect you in the event of work related injuries. Another good liability coverage to consider is Employment Practices Liability Insurance. This helps protect against employee lawsuits over discrimination, wrongful termination, or unpaid benefits. There are several types of liability coverage that may be important to your home-based business.

Don't Get Caught Without Property Insurance Coverage


Compiling everything it takes to run your business is expensive enough without having to start over. In the event of a fire, weather damage, theft, or an act of vandalism, having property insurance to cover the cost of physical damage or loss for your office, equipment, supplies, computers, inventory, and other business property can save you a ton of money.

While it's important to think about your stuff, you may also want to consider the potential for lost business due to such damages. If a strong storm knocks a tree down onto your office roof or tears powerlines down, you're not going to be able to properly run your business in that environment. Business Interruption Insurance covers income loss that a business suffers after a major disaster or damage. This additional policy helps to cover income that would have been earned.

When considering coverage for your at-home business, don't just assume that your homeowners policy will cover the important stuff. Be prepared for worst-case scenarios with the best insurance policy in place that covers your business liabilities and physical property. At our Osage Beach insurance agency, we work with your business and ask detailed questions as your business is like no other. We work to make sure we offer the best coverage to solve your insurance needs. For more information on coverage for your home-based business, give us a call at 573-348-2794.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


stnaught@naught-naught.com


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