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Will Flood Insurance Pay For Personal Belongings?

Posted on by admin

Floods are among the most devastating natural disasters. Once the storm subsides, families are left to deal with the aftermath, cleaning up the wreckage and sorting through water-damaged possessions to determine what can be salvaged. But will flood insurance cover items that are beyond repair?

Understanding Flood Insurance Coverage

Flood insurance is typically purchased separately since most home insurance policies specifically exclude damages from floodwaters. It’s always a good idea to consult with an experienced at South Carolina Federal Insurance Solutions to determine the gaps in your insurance policies.

The Two Components of Flood Insurance

Acquiring general flood insurance in the Carolinas doesn’t always guarantee that your personal belongings will be covered. Most flood insurance policies consist of two parts: dwelling coverage and contents coverage, each with their own deductibles.

Dwelling coverage typically covers damage to the home’s structure and the cost of water removal. However, it typically doesn’t cover mold remediation nor compensate homeowners for damage to personal belongings.

Some insurance companies offer additional flood insurance coverage, often referred to as contents or personal property coverage. This coverage helps cover the cost of replacing items that can’t be salvaged. However, content coverage has its limits, so it’s crucial to ensure you have sufficient coverage to replace high-value items, such as appliances, workout equipment, and artwork.

Important Considerations

There are a few things to keep in mind regarding flood coverage and personal belongings. Some insurance companies do not offer coverage for personal belongings. In contrast, others may provide limited coverage for items stored in basements, as these areas are often the most affected by flooding.

The type of coverage offered usually varies depending on the insurance company. At Insurance Solutions, we understand the importance of having adequate coverage. Our experienced agents will help you determine the right coverage to protect your belongings and the necessary coverage limits. Contact us today to learn more about flood insurance or for a free comprehensive review of all of your insurance policies.

Does Insurance Cover Damage from Wildfires?

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The recent surge of wildfires in the Carolinas has prompted residents and business owners to review their insurance policies to determine if they have coverage. It is important to note that most homeowners and commercial property policies will cover destruction and damages caused by fire, which includes wildfires. The licensed agents at South Carolina Federal Insurance Solutions can review your current policy to help you understand your actual coverage.

If the wildfires have impacted your property, here is some helpful information to begin the claims process:

  • First and foremost, make sure your family is safe. Do not enter a property unless you are sure it is safe and lawful to do so.
  • As soon as possible, contact your insurance company directly to report a claim. Click here for a list of websites and phone numbers. If you have trouble finding this information, give us a call at (833) 359-0725.
  • An insurance adjuster will review your insurance policy and determine what deductibles may apply and if there are any limits on what will be paid. Do not attempt to clean or repair damage before talking with an adjuster. The sooner your damages are assessed, the quicker your claim can be processed.
  • Provide video or photos of the damaged or destroyed property. Keep a list with notes for documentation along with receipts or valuation records that may be useful when determining the outcome of your claim.
  • Return any claims forms or requests for information promptly. This will help avoid possible delays in the process.

Any Questions or Concerns

If you have other questions or concerns, our experienced insurance advisors are ready to help you understand the insurance claims process. Call us at (833) 359-0725.

Understanding a Hard Insurance Market

Posted on by Robin Easterlin

We are currently in what is known as a hard market, which impacts both insurance companies and consumers in a variety of ways. As insurers work to offset growing costs, policyholders across the country are experiencing higher insurance premiums and deductibles, more stringent underwriting criteria, and are even receiving nonrenewal notices due to factors beyond their control. While a hard insurance market presents a unique set of challenges, it is important to remember that you do not have to face them alone.

Why are we in a hard market? 

Supply chain issues are a leading cause as it takes longer to repair or replace damaged property, and the costs for materials continue to increase, driving the pricing even higher. Plus, larger and more frequent catastrophic weather events put additional pressure on insurers, as we see an increase in both the quantity and cost of claims. Social inflation, the willingness of jurors to award largely unexpected sums of money at trial, is forcing insurers to settle claims they may have traditionally taken to trial. All of these factors have caused insurance rates to increase.

I have not filed any claims through my insurance. Why are my premiums increasing?

Premium increases are not only tied to a specific customer’s coverage, but to the overall insurance market. As a result of rapidly increasing catastrophic losses and larger jury awards, the cost of claims for insurers has risen. Also, there is less competition as several insurance companies have withdrawn from the market, limiting consumers’ ability to shop around. These factors contribute to rising insurance premiums. 

How long will this hard market last?

Hard markets are cyclical and we are unsure how long this one will last. They vary in length and severity based on prevailing economic challenges, inflation rates, and the types of insurance affected. A hard market will begin to “soften” as premiums rise and bring more capital back to the insurance market. While it’s difficult to predict exactly when this shift will occur, staying informed and working with your South Carolina Federal Insurance Solutions advisor can help you navigate these fluctuations.

How can my insurance advisor help me in a hard market?

Insurance Solutions advisors have the knowledge, experience, and resources to help you navigate the current market conditions. As an independent insurance agency, we work with multiple insurance companies and can provide information on all available coverage options for your unique situation.

How can I get a better rate on my policy?

It is always a good idea to review your policy with your advisor to better understand your coverage limits and deductible amounts. Sometimes, another insurance company may offer a cheaper rate. Before switching, let us review the quote to ensure that you aren’t losing coverage that you may need in the event of a large claim. Since your life changes over time, our advisors recommend an annual review of your insurance policies.

Investing in risk management strategies can reduce your exposure and make you more attractive to insurers. There are a variety of protection devices you could put into place to help mitigate claim exposures, such as a central fire and home security system, a permanently installed backup generator, a temperature monitoring system, or a water leak detection system. Installing these systems could garner additional discounts to your policy.

Our experienced insurance advisors can help you understand the current market and review your current policies. Give us a call at 833-359-0725 or email us for information.

Source: Trusted Choice Agent Toolkit: Navigating Client Communications in a Hard Market

Thinking About Starting a Business? Key Considerations to Consider First

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Starting a business can bring significant personal and financial rewards. However, before diving into the market, it’s essential to consider various factors. The goal isn’t to discourage anyone from pursuing their dreams. Instead, proper preparation can significantly increase your chance of success. Finding the right commercial insurance coverage for your situation is crucial, and you can count on South Carolina Federal Insurance Solutions for assistance.

Building a Foundation for Business Success

First, consider the market and your competitive advantages. If the market is crowded, what makes your business unique? What are you doing differently from similar companies? Why should customers choose you? Refining your competitive advantages may take time, but it is crucial.

Also, don’t overlook the importance of purchasing insurance to help protect your investment. Accurately determining all your costs is crucial to avoid surprises. The commercial insurance policies can protect your equipment, property, inventory, and more from threats like theft and weather damage. Of course, what is and isn’t covered can vary significantly based on the specific policy chosen. Also, research the insurance requirements for your state. Depending on the number of employees, some states may require you to purchase workers’ compensation insurance.

Managing finances is one of the most crucial aspects of running a business. You’ll need to set aside money to pay your rent, staff, taxes, invoices, and other expenses. When possible, it’s wise to build a cash reserve to cover unexpected costs, such as a key piece of machinery breaking down.

Our experienced insurance advisors can help you understand commercial lines coverages. We can review your current insurance program and alert you to any gaps in coverage. Contact us at 833-359-0725!!!

Homeowner Claim Checklist

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At South Carolina Federal Insurance Solutions, we are in the business of helping our clients have peace of mind when dealing with the perils of life. We understand how overwhelming circumstances can be when you have a homeowners insurance claim. Whether a severe storm has damaged your home, a barbeque grill incident has injured a guest, an intruder has broken into your home, or another unfortunate situation has occurred, you need to file an insurance claim to get things back in order. We can help guide you through this process. So, what is your responsibility to get the ball rolling and get you and your family the help you deserve?

Steps to Take When Starting a Property Claim

After an incident where a claim needs to be filed, here are some helpful steps to begin the process:

  • First and foremost, make sure your family is safe. If a crime was committed, report it to law enforcement immediately. Then, make any quick, temporary repairs that may be necessary to secure your property from further damage or theft, such as boarding up windows and doors. Save your receipts for reimbursement. Make a list of a damaged or missing items and any other details of the incident for your insurance company.
  • As soon as possible, contact your insurance company directly to report a claim. Click here for a list of websites and phone numbers. If you have trouble finding a this information, give us a call at (833) 359-0725.
  • Gather receipts or valuation records that may be useful when determining the outcome of your claim. Provide video or photos of the damage. Ask how long the process will take and if you need to get estimates for repairs in the meantime. Keep any receipts for lodging, food, fuel, or pet boarding if you were unable to stay in your residence.
  • Return any claims forms or requests for information promptly. This will help avoid possible delays in the process, which could greatly inconvenience you and your family.
  • An insurance adjuster will review your insurance policy and determine what deductibles that may apply and if there are any limits on what will be paid. Be available to talk or meet with your adjuster. The sooner your inspector can assess the damage, the quicker your claim can be processed.

Any Questions or Concerns

If you have other questions or concerns about the homeowner’s claim process, our experienced insurance advisors are ready to help. Call us at (833) 359-0725.

Freshwater versus Saltwater Boat Insurance

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Navigating the complexities of boat insurance can be as challenging as steering through a storm. At South Carolina Federal Insurance Solutions, we understand that your insurance needs vary depending on whether you’re sailing on a serene lake or navigating offshore seas. Let’s delve into the specifics of freshwater versus saltwater boat insurance.

Understanding Environmental Impact

One of the primary differences between freshwater and saltwater boating is the environmental impact on your vessel. Freshwater typically presents fewer risks of corrosion and damage. In contrast, saltwater is known for its corrosive properties, which can cause significant damage to your boat’s hull and engine over time. This difference means saltwater boat insurance often includes additional maintenance and repair coverage to combat this wear and tear.

Coverage Differences

The type of water your boat navigates influences the insurance coverage required. Freshwater boat insurance generally covers standard risks such as theft, accidents, and liability. However, saltwater insurance may need to address higher liability limits due to the increased risk of damage from environmental factors and more congested boating areas. It’s crucial to tailor your policy to cover these unique risks effectively.

Evaluating Your Needs

Choosing the right insurance involves evaluating how and where you use your boat. Are you planning frequent voyages in challenging saltwater conditions, or are you more of a weekend freshwater cruiser? At Insurance Solutions, we can help you assess these factors and tailor a policy to provide the best protection for you and your watercraft.

Make the Right Choice with Insurance Solutions

Contact one of our insurance advisors located in the Lowcountry, Midlands, or Upstate regions of South Carolina for answers on how to select the coverage most appropriate for your boating needs. Let us help you sail smoothly, no matter where the waters take you.

Reviewing Your Home and Auto Insurance Around the New Year

Posted on by Robin Easterlin

As the year comes to a close, you may be spending time reflecting on the last year and celebrating all that you have accomplished. Or perhaps you are busy setting resolutions and looking forward to new beginnings. Either way, the end of the year is an ideal time to reassess your insurance needs. Any financial changes made this year or anticipated for the next year could impact your coverage. Your South Carolina Federal Insurance Solutions advisor is here help you:

Understand policy changes

Reviewing your coverage allows you to stay up-to-date with any adjustments that might affect your coverage, deductibles, or premiums. 

Account for life events

Did you experience any major life events, such as getting married or having children? Did you complete a big home renovation or purchase a new car for yourself or someone in your household? If you answered “yes” to any of these questions, you may need to adjust your home or auto insurance policies. 

Identify coverage gaps

Over time, your insurance needs will likely change. By reviewing your policies on a regular basis, you can identify any areas where you may need to add or adjust coverage. For example, you may have insured your home for $200,000 when you first bought it. Due to recent inflation and supply chain issues, your home may cost $300,000 to rebuild. That is a $100,000 gap in coverage, which could leave you without the proper resources to rebuild in the event of a loss.

Experience peace of mind

Enter the new year with confidence, knowing that you have reviewed and updated your insurance coverage to financially protect your changing circumstances. Our team of experienced advisors at Insurance Solutions is here to help. Contact us today to schedule your complimentary insurance review.

Insurance for Businesses: The Basics

Posted on by Robin Easterlin

Business insurance, also known as commercial insurance, can protect your company from financial losses caused by unexpected events such as property damage, worker injury, data breaches, and more. Commercial insurance policies are different from personal insurance policies because they protect a business, not an individual. Whether you are just starting out or have been in operation for some time, having the right insurance coverage can help you sustain your business for years to come.  

Does my business need insurance?

Commercial insurance is not legally required for all businesses. However, certain types of coverage may be mandatory depending on specific industry and state regulations. In South Carolina, businesses with four or more employees are required to carry workers’ compensation insurance to cover medical bills for work-related injuries. In addition, all business-owned vehicles in South Carolina must be covered by commercial auto insurance. Regardless of legal requirements, business owners should strongly consider investing in commercial insurance to minimize personal liability in the event of a loss.   

For example, if you run a home-based business, your homeowners insurance policy alone may not offer adequate protection. Business assets such as equipment or product inventory may not be covered in an unexpected loss, and if someone injures themselves during a business-related visit to your home, you could be liable for their medical bills. Without the right coverage in place, you may have to pay out of pocket for these types of claims, which is not sustainable for many business owners.

What are my coverage options?  

Every business has different needs and faces unique risks, which is why there are several types of commercial insurance policies to consider.

  • Commercial general liability insurance can help cover the cost of any accidental damages as a result of the business’ operations. If a visitor is injured at your business or one of your employees damages someone else’s property, general liability coverage may help pay for the injured party’s medical expenses or property repairs. It may also help pay for legal costs if you are taken to court over an accident that occurred at your business.
  • Commercial property insurance protects your business’ physical location and other business property like tools, equipment, inventory, and furniture.  In general, commercial property insurance does not protect against damage from floods and earthquakes. If your area is at risk for these events, you may want to consider adding on a separate policy.
  • Commercial auto insurance protects you and your employees on the road while using company-owned vehicles. It can help cover the cost of property damage and medical expenses following an accident.
  • Cyber liability insurance can protect your business from risks associated with a data breach if confidential information gets lost or stolen. Cyber insurance can help cover costs to notify impacted individuals and even offer credit monitoring services.

How do I know what type of coverage I need?

The type of commercial insurance you need can depend on several factors including your business’s size, location, and industry. Working with an insurance advisor can help you determine your exposure to risk and identify policies that meet the unique needs of your business. Whether you are starting a new venture or simply want to reevaluate your options, rely on South Carolina Federal Insurance Solutions for customized commercial insurance coverage.

Avoiding Common Winter Insurance Claims

Posted on by Robin Easterlin

When it comes to protecting your property against the elements, preparation is key. As temperatures drop, it is important to take precautions against seasonal risks. Even with broad coverage, damage to your home or vehicle can lead to costly insurance claims that raise your overall premiums. The most cost-effective way to combat cold weather damage is to reduce your exposure to risk. Learn how proper maintenance can help you avoid the most common winter insurance claims.

Frozen pipes

As temperatures drop, water may freeze inside the pipes within your home. Not only can frozen pipes prevent water from flowing properly, but they can burst and cause significant damage. When the forecast predicts freezing temperatures, make sure your home is heated to at least 65 degrees and let water drip from your faucets to prevent a potential plumbing disaster. If you plan on being away from your home for an extended period during the winter months, remember to shut off your water and drain your pipes.

Falling trees

The trees on and around your property can become a hazard to you, your home, your car, and others with the onset of winter weather. Snow, wind, or ice can cause a tree that is structurally weak to fall and damage the surrounding area. Falling trees may also come into contact with power lines, which can result in entire neighborhoods losing electricity during the coldest time of the year. Keeping trees trimmed and removing dead branches from your yard can reduce the risk of damage.  

House fires

According to the National Fire Protection Association, house fires become more common in the winter months. This is because as temperatures drop and we experience fewer hours of sunlight, more people spend time indoors and increase their use of heat and electricity. At the start of the season, make sure all heating equipment is in working order and have your chimney cleaned and inspected by a qualified professional. Keep flammable materials at least three feet away from all sources of heat including holiday lights and turn off electronics when not in use.  

Auto repairs

Winter conditions can take a toll on your vehicle, so it is important to keep up with seasonal car maintenance and stay vigilant while driving. Cold weather impacts your car’s ability to start the engine, so make sure your battery is healthy and not cracked or corroded. It is also important to check that your tires are inflated properly, as low temperatures can cause air pressure in your tires to drop and reduce the traction of your vehicle on icy roads. Additionally, the heater and defroster must be in good working condition for passenger comfort, driver visibility, and pedestrian safety.

Even when you exercise caution and take steps to prepare your property for winter weather, accidents can still happen. An annual review with your South Carolina Federal Insurance Solutions advisor can help you determine if you have enough coverage to protect your home and vehicle in the event of an emergency. Contact us today to review your coverage so you can enjoy the holiday season with peace of mind.

Do You Need the Added Protection of Umbrella Insurance?

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Why Umbrella Insurance?

Umbrella insurance is liability coverage that helps pay for damage or injuries to others for which you are legally responsible. It generally takes effect once your other insurance policies have paid their maximum liability amounts. South Carolina Federal Insurance Solutions is here to help. Reaching out to one of our experience advisors can be the best way to find out about the coverage options available to you. While many people think that they don’t need an umbrella policy, having an umbrella policy adds additional protection that most people need to fully protect their financial assets from certain unforeseen events.

For instance, if you own a business, you may want to have umbrella coverage to reduce your risk of loss in the event of a claim against your business. Many homeowners also add this kind of policy to their home and auto protection. If you’re unsure whether you need additional coverage, the best way to get answers is to talk to an advisor. We can help you understand what an umbrella policy offers and whether it fits your needs.

We’ll answer your questions and show you quotes from different insurers, which can help you see the available options. Then, you can select the policy that offers the best coverage for your situation. With a better understanding of how umbrella coverage fits into your protection goals, you’ll have confidence in the policy and all it provides. Contact us anytime with additional questions about umbrella coverage or for a free review of your current insurance policies. We’re here to help!

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