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Umbrella Insurance 101: What Is It?

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Do you have enough insurance to protect yourself, your family, or your business? If not, you may want to consider purchasing umbrella insurance. Umbrella insurance is a type of supplemental insurance that provides additional protection if your regular policies are not enough. Consult with Steiner Insurance Group in Nashville, NC  for expert insurance advice. Here we discuss what umbrella insurance is and how it can benefit you.

Some tips on how to choose the right policy for your needs:

What Is Umbrella Insurance?

Umbrella insurance is a type of insurance that provides additional coverage if damages exceed the limits of other policies. For example, if you have homeowners insurance and someone slips and falls on your property, your homeowner’s policy will likely cover the damages up to a certain amount. However, if the damages exceed that amount, umbrella insurance will provide additional coverage.

Umbrella insurance is not mandatory, but it’s a great idea to purchase a policy if you have assets and investments that may be at risk in the event of a lawsuit. For example, if you own a home or have a significant amount of savings, umbrella insurance can help protect those assets if you are sued.

How Can Umbrella Insurance Benefit You?

Imagine this scenario: you’re driving home from work one evening, when you get into a horrific car accident. The other motorist is at fault, but they don’t have enough coverage to pay for the damages. As a result, you’re left with a huge medical bill and a long road to recovery. If you had umbrella insurance, however, you would be protected against this type of financial disaster.

Umbrella insurance is a crucial safety net to have in place in case of an accident or other catastrophic event. It can help you avoid financial ruin and provide peace of mind in knowing that you and your assets are protected.

Tips for Choosing an Umbrella Insurance Policy

Now that we’ve answered the question, "What is umbrella insurance?" let’s look at some tips on choosing the right policy for your needs. When choosing an umbrella insurance policy, it’s essential to consider the following:

  • The amount of coverage you need: How much coverage do you need? This will depend on the value of your assets, as well as your risk exposure.
  • The type of coverage you need: There are two types of umbrella insurance policies: personal and commercial. Personal umbrella insurance policies are designed for individuals, while commercial umbrella insurance policies are designed for businesses.
  • The deductible: Most umbrella insurance policies have a deductible, which is the total amount you’ll need to pay from your own pocket before the coverage kicks in. Be sure to choose a policy with a deductible you can afford in the event of an accident.
  • The premium: This is the amount you’ll pay for the policy. Premiums can vary depending on the insurer, the amount of coverage, and the deductible. Be sure to shop around and compare rates before choosing a policy.

Are You Ready to Purchase an Umbrella Insurance Policy?

Now that you know what umbrella insurance is and how it can help you, it’s time to start shopping for a policy. Steiner Insurance Group in Nashville, NC can help you find the right umbrella insurance policy for your needs. We’re here to answer any questions you have and help you get the coverage you need for both your family and business. Contact us today, and we will help you get started!

Which Type Of Life Insurance Is Best For Me?

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According to research, most people don’t have nearly enough life insurance. About 65% of American adults say they would feel the financial pinch if they lost a primary wage earner (source). If you’re among the majority of people who need more life insurance, the next step is to decide which type is best for you.

Here’s a rundown of the most common types of life insurance policies to help you make the right decision for your needs:

Term Life Insurance

Term life insurance is the most basic and straightforward type of policy. It provides coverage for a specific period, typically between five and 30 years. If you die during that term, your beneficiaries will receive a death benefit. If you’re still alive when the term expires, the policy will end, and you won’t get anything back.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that remains in force for your entire life, provided you continue to pay the premiums. It also generally has a savings component that builds cash value over time. You can use that cash value to help pay premiums or for other purposes, such as supplemental retirement income.

Universal Life Insurance

Universal life insurance is another type of permanent life insurance. Like whole life, it remains in force for your entire life as long as you continue to pay the premiums. But universal life has more flexibility than whole life, allowing you to adjust your premium payments and death benefit up or down as your needs change.

Variable Life Insurance

Variable life insurance is a type of permanent life insurance that offers death benefit protection and a savings component with investment options. When you get this type of policy from Steiner Insurance Group in Nashville, NC the cash value of your policy can go up or down depending on how the investments perform.

Give Us A Call

No one type of life insurance is best for everyone. The best policy for you’ll depend on your specific needs and circumstances. Steiner Insurance Group can help you evaluate your options and choose the right life insurance policy for you. Contact our office in Nashville, NC to get started.

Make sure your auto policy provides enough medical expense coverage

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Knowing the type and amount of auto insurance coverage you need can seem like a mystery. That’s where the team at Steiner Insurance Group comes into play. We are here to give the residents of the greater Nashville, NC area the information they need to make good decisions when it comes to insurance. If you have questions, we can help.

Choosing an auto policy that provides adequate medical expense coverage

When it comes to medical expense coverage, it can be difficult to know how much coverage you need. Fortunately, when you work with a local agent, the process becomes a lot less of a guessing game. Medical expense provides protection in a number of different ways. It will protect you, your passengers, and any other people who are injured in an accident in which you are involved. When you have the right protection included in your auto policy, it is less likely that you will be held financially responsible for any medical expenses.

Auto accidents can be traumatizing, especially when they cause serious injuries. When you have adequate coverage in place, you can worry less about medical expenses and focus on healing and recovering. No one wants to be involved in a serious accident, and when they cause physical injury the effects can be felt for a long time after the injuries heal. Protect your physical and financial health by having the medical expense protection you need.

We look forward to working with you!

Steiner Insurance Group is here to help the greater Nashville, NC community with all of its insurance needs. We have answers to all of the insurance questions that you may have. If you need help with your insurance, give us a call or stop by today.

Commercial insurance that most businesses can benefit from

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Commercial insurance may be something you think your business can do without. But some types of commercial insurance are required by law in North Carolina. Other types of commercial insurance may not be mandated but can help save your business from a variety of perils. At Steiner Insurance Group in Nashville, NC, we are here to help business owners to assess their risks and to choose the right commercial insurance for their business.  

Commercial insurance that most businesses can benefit from

Commercial liability insurance

Your business needs to have commercial liability to save it from a lawsuit against it. Lawsuits are common and you can get sued by a variety of people. You may have a dissatisfied customer, or someone could have a slip and fall at your business location. If they have injuries, you could have to pay for pain and suffering. It can even be a disgruntled employee who decides to sue you. But the end result will be the same; you will have legal expenses and, if you lose, a settlement. Without commercial liability insurance, it could kill your business.

Commercial property insurance

If you own a building, the benefit of property insurance is obvious, but what about if you are a renter or have a home-based business?  Commercial property insurance covers much more than just the physical building, it covers the things you need to do business. Depending on the type of business you have, it could be machinery, tools, display units, raw materials, office equipment, electronics, or inventory. If you don’t have these, you can’t do business. 

Worker compensation insurance

In North Carolina, if your business has three or more employees, you must protect them with workers’ compensation insurance. It is good for businesses and employees. 

Contact Steiner Insurance Group in Nashville, NC to get your questions about commercial insurance answered. As an independent insurance agency, we will offer you our full attention. 

Common Misconceptions About Classic Car Insurance

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If you’re like most people, when you think of classic car insurance, you probably think of a policy that’s expensive and hard to get. You may even believe that only the wealthy can afford it. But that’s not always the case. In fact, there are several misconceptions about classic car insurance that many people believe. Steiner Insurance Group in Nashville, NC offers a look at a few of the most common ones. 

Common Misconceptions About Classic Car Insurance

1. It’s Similar to Regular Auto Insurance

One of the most common misconceptions about classic car insurance is that it’s similar to a regular auto insurance policy. The truth is, there are some key differences between the two. For instance, while classic car insurance typically covers vehicles that are at least 25 years old, regular auto insurance policies can cover almost any vehicle. Additionally, classic car insurance will consider the use of your vehicle when determining whether to classify it as a "classic." This means that if you only use your vehicle for special occasions, such as car shows or club meetings, you may be eligible for a classic car insurance policy.

2. It’s Only for the Wealthy

Another common misconception about classic car insurance is that it’s only for the wealthy. While it’s true that some high-end classic cars may be more expensive to insure, that doesn’t mean that all classic car insurance policies are out of reach for the average person.

3. It’s Difficult to Get

Another common misconception about classic car insurance is that it’s difficult to obtain. The truth is, classic car insurance is actually quite easy to get if you know where to look. There are a number of insurers that offer classic car insurance policies, and many of them can be found online.

Do you own a classic car? Steiner Insurance Group in Nashville, NC offers classic car insurance policies that are tailored to your needs. Contact us today to learn more about our coverage options and how we can help you protect your investment.

 

Benefits of RV Insurance

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You love traveling in your RV, but did you know you need insurance for your RV in Nashville, NC –  like you need insurance for your car? Many people are unaware of the benefits of RV insurance and how it can protect them on the road.

Benefits of RV Insurance 

What is RV Insurance?

RV insurance is insurance that covers your recreational vehicle, just like auto insurance covers your car. This type of insurance helps pay for damages to your RV or someone else’s property if you have an accident while driving your recreational vehicle. It also provides liability coverage if they sued you for damages from an accident.

A Steiner Insurance Group representative can help you find the right policy to protect your investment on the open road.

Why Do You Need RV Insurance?

Just like you need to have auto insurance to drive your car, you need RV coverage to drive your recreational vehicle. There are a few reasons you may need RV insurance. The first reason is that most states require it, including North Carolina.

Another reason to have motorhome insurance is for the protection it provides. This can include damages to the other vehicle, property damage, and medical expenses. If you cause an accident, your RV policy can help pay for the damages.

Your motorhome insurance can also provide liability coverage if someone gets injured or killed in an accident you caused. This policy can help protect your assets if someone sues you for damages.

RV insurance is a must for those who love to travel in their recreational vehicle in Nashville, NC. For more information about the different policies, contact Steiner Insurance Group.

Can I Use My Auto Insurance For A Motorcycle?

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Many people mistake that their car insurance policies will automatically cover their motorcycle; however, this is generally not true. If you already have an existing auto insurance policy, you may be able to ask your insurance provider for a motorcycle endorsement, which is simply an extension of your policy that includes coverage for your bike. Alternatively, you can also purchase a separate motorcycle insurance policy. Similar to auto insurance, the basic tenets of a motorcycle insurance policy include liability, comprehensive, and collision coverage. Specifically, in North Carolina, motorcyclists are required to carry a minimum level of liability insurance that protects the policyholder from the damage they cause to third parties and their property. In North Carolina, the minimum requirements are as follows:

  • Bodily Injury Liability: $30,000 per person/$60,000 per accident
  • Property Damage Liability: $25,000

Bear in mind that these figures are only the minimum requirement and are unlikely to provide complete financial protection if you are at fault in a motorcycle accident. In addition to motorcycle insurance requirements, North Carolina also requires that all motorcycle owners have a learner’s permit or endorsement on their regular driver’s license, which can be obtained via passing a motorcycle knowledge test, a road sign identification test, and a vision test. Additionally, you and any passengers are required to wear a helmet that signifies compliance with DOT requirements via a sticker stuck permanently to the back. 

At Steiner Insurance Group in Nashville, NC, we can help you navigate the complexities of motorcycle insurance to ensure that you have adequate coverage and are not running afoul of state laws and regulations. Give us a call today to schedule a no-obligation consultation.

How To Know If You Need Umbrella Insurance

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You have home insurance, auto insurance, health insurance, and life insurance. Do you really need more insurance? The insurance coverage that you have is a strategic plan put in place by you and your provider to protect you, your family, and your assets. As your financial situation becomes more complex, your net worth continues to increase. At this point, it is time to start considering umbrella insurance from Steiner Insurance Group to provide additional coverage on top of your other insurance policies.

Who Needs Umbrella Insurance?

Umbrella insurance is optional and not required by law, but is often purchased by people with considerable assets to protect or at a high risk of being sued. There are several situations where you may consider this type of insurance to protect you in Nashville, NC.

It is important to protect your assets as they grow. The cost of umbrella insurance is minimal when you have significant assets or savings that you need to protect.

If you have things on your property that could lead to the injury of visitors, you may want more coverage. This could be anything from a pool or trampoline to an ATV or an aggressive dog.

When you are responsible for other people, you are at a greater risk of legal action being taken against you. If you are a landlord, serve on the board of a nonprofit, or coach kids, then you are in a vulnerable position. With the right umbrella coverage in place, you will be protected against any major expenses that you may incur due to your profession.

Once you have determined that you fall into the category of someone in Nashville, NC that requires protection from additional insurance coverage, the next step is to determine how much coverage you need. The trusted agents at Steiner Insurance Group are here to help. Give us a call.

Life Insurance with Savings or Investment Account

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Life Insurance with Savings or Investment Account

When you consider purchasing life insurance from Steiner Insurance Group serving Nashville, NC, you have many choices beyond the typical whole life or term life insurance policy. You might consider a policy with a cash value account in addition to the death benefit.

What is a cash value account life insurance policy?

The term life insurance with a cash value account refers to a life insurance policy that provides both a death benefit to the purchaser’s beneficiary and a savings account that ties to either an investment account or a money market account. It can be either a whole life policy or a term life policy, although the whole life option proves more common.

Each month, when you pay your premiums, a portion of the premium goes into your savings after your policy premium gets paid. This amount is pre-tax, so you don’t pay taxes on it. It remains untaxed until you withdraw from the account, or you pass away.

Benefits of Cash Value Account

This helps you save money while you save money. When you die, if you have money remaining in the cash value account and the policy type pays it to the beneficiary, they will pay taxes on it only if your total estate exceeds the amount deemed taxable by the Internal Revenue Service. They’ll pay estate tax on their inheritance if your total estate value exceeds $11.58 million.

Some cash value savings accounts give you the option of investing the funds, sometimes with a guaranteed minimum payout, other times, tied to an index fund. Either way, you save pre-tax and earn money from your savings.

Contact Steiner Insurance Group serving Nashville, NC to learn more about this valuable life insurance policy. Let us help you protect your family’s financial future with life insurance.

How Does Classic Car Insurance Work?

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If you own a classic car, it has its own concerns that later-model cars don’t have. Owners of classic cars need to have specialized insurance for classic cars in order to have good protection against risks that these cars come with. When you live in North Carolina and you need classic car insurance, give us a call today at Steiner Insurance Group in Nashville, NC to find out more. 

Classic Car Coverage

The basic model of classic car insurance is the same as that of regular vehicles. Onto this is added the types of coverage only needed by classic cars. When your car is a classic, it’s always best to get classic car insurance instead of regular auto insurance. A classic car policy will have the same basic coverages as regular auto insurance, including bodily injury liability for the injured caused to other people, and property damage liability for damage your car does to someone else’s property. It is also a good idea to get coverage for uninsured motorists as well as collision insurance to pay for your own vehicle’s damage after an accident that you cause. 

Classic Car Additions

Classic car insurance also includes some aspects that are unique to this type of insurance. One of these is agreed value coverage. This is protection that covers your classic car for a specific value of the car instead of simply figuring out a value based on its model and year. Classic car insurance also has a flexible usage allowance. This allows you to insure the car based on how often you use it. Some classic car owners have a vehicle that they don’t often drive, while others drive theirs every day. Your insurance will reflect the frequency of usage. Classic car insurance also includes roadside assistance 24/7 in emergencies. 

Get Your Classic Car Covered

For classic car insurance, call us at Steiner Insurance Group in Nashville, NC.

Partner Carriers

  • american-modern
  • cna
  • encompass
  • foremost
  • hagerty
  • kemper
  • mdow
  • mercury
  • northstar
  • progressive
  • safeco
  • statewide-general
  • travelers