How much umbrella insurance should property owners buy?

Homeowners, asset owners, and property owners require an extra layer of liability which often comes in the form of umbrella insurance. The policy helps cover lawsuits from tenants, clients, and other business people involved in your business. Being a landlord in Stamford, CT requires you to have adequate protection for your rental properties to avoid losing your investments. Allkane Insurance recommends buying commercial umbrella insurance on top of your general liability insurance as a backup. If you’re not sure how much umbrella insurance to buy. Read on to find out!

The number and size of your property

As a landlord, you probably have a vast amount of assets to protect. The higher your net worth, the costlier the lawsuit. A small slip or trip in your rental property can easily cause you to lose the entire property and sometimes other properties. We recommend calculating the value of each property and buying umbrella insurance that is equivalent to that value. Umbrella insurance is not costly as it cannot be used independently but offers a lot of cushion in case of an incident that could lead to a lawsuit.

The amount of liability in other insurance policies

For umbrella insurance to work, you must have other policies with liability coverage. When these policies are used and depleted, umbrella insurance can kick in and offset the remaining amount.  For instance, if you are sued for broken lighting on your rental property that led to several injuries, your general liability insurance will be used to pay the legal fees. If not enough, umbrella insurance will come in and pay the rest. If you don’t have enough liability in other policies, you may want to increase your umbrella insurance for additional protection. Assess how much you need and make sure your umbrella insurance reflects that amount.

Need umbrella insurance to protect your Stamford, CT properties? Allkane Insurance can help you find a policy to take care of all your liability needs. Call us today!

Important Facts to Know About Your Flood Insurance

Floods can occur at many times and impact homes in different ways. At Allkane Insurance serving Stamford, CT, we can provide the policies you need to protect your home. In addition, our experts will work with you to help educate you on various important flood insurance information. These facts are among the essential elements of finding an excellent home insurance policy for your house.

Flood Insurance is Not Home Insurance 

While your home insurance will cover many natural disasters in your area, it does not cover floods or flood-related losses. Therefore, you’ll need a specific policy designed for floods, one that makes sense for your needs and which is suitable for many situations related to various flooding types.

Flood Insurance Covers Physical Losses 

Your policy will cover any direct physical loss that a flood causes in your home. These include any damage to your home’s structure or furniture caused by rising waters or waves from the floods. It can also help pay for other types of problems that may occur throughout your house. 

Flood Insurance Covers Mold 

If a flood causes mold to spread through your home and impact your house’s safety, you need remediation services to protect yourself. Thankfully, many options are available to manage this issue, and your flood insurance can help make this process easier to handle as a person. 

Protect Your Home From Floods 

If you’re concerned about floods in your area and what policy makes sense for your needs, please reach out to us at Allkane Insurance right away to learn more. We serve the Stamford, CT area with significant policies created to cover a broad range of situations. By understanding your options, you can carefully protect yourself and minimize the dangers of mold and other issues in your home.

As a Condo Unit Owner in Michigan, What Do I Need to Insure?

Decent insurance coverage has no substitute, and Allkane Insurance works tirelessly to offer you top-notch services. If you live in Stamford, CT, and you do not know where to start with your condo insurance policy, scroll down for valuable insights. The following summary will educate you on what you need to know when purchasing your home insurance cover.

Why Is Condo Insurance Cover Essential?

Purchasing condo insurance is a trusted approach to ensure that you sleep peacefully without fear of a hurricane or fire. The policy covers you, your home, and what you own in the house. Destruction of interior surfaces must not cost you money to repair. For instance, if a situation causes damage to your plumbing system or your belongings get stolen during a break-in, the insurance provides you a shoulder to lean on.

How Does Condo Association Insurance Help Me?

 With condo association insurance cover, your property is safe, even though the policy only covers specific areas of your home. It concentrates on liability and property issues. To avoid disputes when filing for claims, read and understand the contract when buying your cover. Talk to your agent to know the extent of coverage before committing to pay for the premiums. What your standard insurance compensates determines what you need to insure with a condo policy.

Understanding What to Insure

Buy a bare walls policy to protect the structure of your building and what it contains within the walls. Additionally, the insurance covers your floor if it gets damaged during a catastrophe. Your wiring and plumbing system is also safe under this subject.  

 You also need to protect your exterior surfaces and spaces, such as the bathroom fixtures, roof, and cabinets. That way, purchasing a single entity policy is a wise idea. Most residents own this coverage on top of the standard condor insurance cover.

Talk to Allkane Insurance to cover your home in Stamford, CT, today.

Life Insurance Explained

As explained by Allkane Insurance in Stamford, CT, life insurance refers to an agreement between the policyholder and your insurance company that enables you to leave behind some cash (death benefits) for your beneficiaries when you die. The amount your leave behind supports your beneficiaries in several ways. For instance,

  • It can help them clear your debts 
  • Finance your funeral expenses
  • It can replace lost wages or
  • Sustain a family

Types of life insurance

There are different types of life insurance. They include

Term life insurance

This coverage is not only the most common type of life insurance but also the most affordable. It offers coverage for a specified duration and has fixed premiums. The policy duration can either be 10, 15, 25, or even 30. 

If you pass away within the policy duration, your beneficiaries will receive death benefits. However, if you don’t die, the contract is written off.

Whole life insurance

Also called permanent life insurance, whole life insurance differs from term life insurance because it covers your entire life as long as you pay your premiums. Besides, it has a “cash value component” that allows you to withdraw or even borrow cash against it. 

Universal life insurance

This refers to a special kind of whole life insurance that offers an “investment savings element” and features more affordable and flexible premium options. In some cases, the premiums can be scheduled fixed premiums or single lump-sum premiums. 

Who needs life insurance?

While life insurance isn’t for everyone, you need life insurance ASAP if you:

  • Own a business
  • Have dependents, such as kids, a spouse or aging parents
  • Have debts like mortgage, car loan, credit cards, or student loan
  • Want to finance your funeral costs

According to Allkane Insurance in Stamford, CT, a life insurance policy is an absolute necessity. It minimizes risks and assures you that your financial interests will be okay even when you pass on. If you would like coverage, please contact us today for a competitive quote. 

What auto insurance is required in Connecticut

Getting out on the road in Connecticut takes you to historic towns and beautiful beaches. For such a small state, Connecticut offers a very diverse environment. Traffic accidents happen even in the nicest places and making sure you are protected is important. At Allkane Insurance in Stamford, CT, we have been in business since 2009. We access many carriers which allow our customers to benefit from our personal service and knowledge.  

When it comes to personal auto insurance, the state of Connecticut mandates you carry insurance that protects other drivers from you. The limits required are $20,000 in personal injury for the first person injured in an accident where you are at fault and a total of $40,000 for each accident. You also must have $10,000 in property damage liability. For such an expensive state, these are pretty minimal limits.  

If you have assets that are more than very basic, you should probably consider getting a higher liability limit than the amount required by the state. Talk to your insurance agent about the amount of liability insurance you have. 

If you have a lease or a loan on your vehicle, you will be required to have liability and comprehensive coverage. These protect your car. If you are a person who counts on your vehicle for your everyday life, you should consider having this coverage as well. 

Having collision coverage will repair your vehicle after a deductible when you are the responsible party in an accident. Comprehensive will cover things that damage your vehicle that are beyond your control, things like theft, storms, vandalism and hail not to mention a moose in the road in front of your vehicle. This is necessary coverage if you want to have a car to drive and yours gets damaged. 

Contact Allkane Insurance in Stamford, CT when you have auto insurance needs. 

Is Commercial Insurance Required in Connecticut?

If you could predict the future, insurance would serve no purpose. But because you can’t tell what the future beholds, you need to carry insurance to protect you when the unthinkable happens. For businesses, it’s the hope that everything runs smoothly and that you have minimal liabilities to contend with. But in the dynamic and uncertain world that we live in, this utopic thinking remains just but a dream. 

With this in mind, you need to obtain commercial insurance to give your business all-around protection. But with many commercial insurance options at Allkane Insurance located in Stamford, CT, we understand why it may not be evident for you to narrow down to those that meet your needs. Thankfully, we are here to break it down for you.

Commercial insurance in Connecticut

Connecticut State requires all business to carry the below commercial insurance:

  • Commercial auto insurance: This coverage protects employees and assets from damages and accident-related injuries.
  • Workers’ compensation insurance: Whether seasonal or permanent, part-time or full-time employees, businesses are required to carry workers’ compensation insurance to cover medical expenses and lawsuits arising from work-related injuries.

Other commercial insurance options

It’s important to remember that the state’s requirements are just minimums, and therefore they don’t give optimal protection to your business. That said, talk to your agency to walk you through the following additional commercial insurance options for better coverage.

  • Business owner’s policy (BOP): Combines general liability insurance and commercial property insurance to protect your business against liabilities and damages to assets. 
  • Cyber liability insurance: Protects your business from malicious online activities.
  • Commercial umbrella insurance: Provides extra protection to your business when your typical liability coverages run dry.
  • Business loss insurance: Covers for loss of income for days when your business can’t operate because of specified interruptions. 

If you need more commercial insurance information, don’t hesitate to contact Allkane Insurance, located in Stamford, CT. Whether you are looking for business insurance for a startup or a seasoned business, we have commercial insurance solutions tailor-made for your unique needs.

 

Who should get life insurance?

Those who live in the Stamford, CT area need to assess their personal insurance needs carefully. While there are many types of insurance that you will need to get, one of the most important forms of protection to get is life insurance. There are several situations in particular when you will need to get a life insurance plan when you are in this area of Connecticut.

Those that Want to Provide Financial Protection

A key reason you should get a life insurance plan is to get financial protection for those you care about. Anyone with people who rely on their income should make sure that they provide financial coverage for their future. A life insurance plan is a great way to do that as it will provide an insurance benefit if you were to pass away during the premium period. 

Those that Want an Investment Alternative

A life insurance plan can also be a great investment alternative. A whole life insurance plan provides the same life insurance benefit and a conservative investment alternative. Each month as you make payments into the plan, some of your premium payments will start to build up in an account, and it will grow with interest. Eventually, this account can be liquidated. 

As you are looking for a Stamford, CT life insurance plan, it would be a good idea to evaluate all of your needs and options carefully. The team with Allkane Insurance can give you the support and guidance you need to choose a quality policy. Allkane Insurance can do this by fully assessing your personal insurance needs and helping you build a plan accordingly. This will ensure that you continue to provide appropriate financial protection for those that you care about. 

Why should I get renters insurance in Stamford?

If you are a resident of the Stamford, CT area, you will have many housing options. For many people who move to this area, renting a home can be a preferred option. For those that do decide to rent, getting the proper insurance is important. There are a few reasons why you should get a renters insurance plan when you are in this area of the state. 

To Get Valuable Protection

The main reason that someone should get a renters insurance plan when they are in this area is to get valuable coverage and protection. If you invest in a renters insurance plan, you will get coverage for your personal assets and liability risk. This type of insurance could be beneficial if there is ever a fire or other form of damage or an accident in your rental property that results in a liability claim. 

To Comply with Lease

Someone who will rent a home here should also get renters insurance as it will help them comply with their lease. A renters insurance plan offers great protection for the tenant, which ultimately protects the landlord as well. Due to this importance and value, most landlords will require that tenants obtain a full renters insurance plan before moving into a new home. 

If you would like to get a renters insurance plan and are in the Stamford, CT area, it would be a good idea to call Allkane Insurance. The team with Allkane Insurance understands the importance of having this insurance coverage. Our team can then give you the support you need to choose a new policy that will properly protect you and ensure you are in lease compliance. 

A Guide To Help Connecticut Residents Find Motorhome Insurance

Allkane Insurance serves the Stamford, CT community by offering residents multiple types of coverage. For over 10 years, we have helped our clients find policies that suit their individual needs. We strive to help our clients as their needs evolve.

Motorhome Insurance Options

If you enjoy traveling around Stamford, CT in your motorhome, you must protect your investment. Motorhome insurance covers your vehicle and helps give you peace of mind. Accidents can happen at any time while you are traveling. Motorhome insurance covers you if you are involved in a collision and damages occur. Comprehensive coverage protects your motorhome if it’s stolen or suffers damage due to a fire or severe weather.

Liability coverage protects you in multiple ways. You are covered if one of your passengers suffers an injury on your property. You are also covered if your motorhome causes damage to another person’s property. This helps protect your assets in the event of an emergency. Also, consider adding uninsured coverage to be protected if you are involved in a collision with someone who does not have coverage.

Motorhome Insurance also covers your personal items. You are covered if your personal items are stolen or damaged due to a natural disaster. If you have special luxury items inside your motorhome or plan to renovate the interior, you will have to amend your policy to maintain full coverage of those items.

If your motorhome breaks down, you can add emergency towing coverage to protect you. Rental coverage will help you find a replacement while your motorhome is being repaired.

Allkane Insurance Will Help You Travel Safely

To learn more information about motorhome insurance, visit our website today.

Should I get motorcycle insurance in Stamford?

When you live in the Stamford, CT area, you will need to have a mode of transportation. One option is to purchase a motorcycle, which is efficient and will also be fun for you to drive. As you are shopping for your next bike, you should spend time thinking about your insurance needs. There are several reasons that you should get motorcycle insurance when you are here.

Insurance Protects Asset

One of the key benefits of getting a motorcycle insurance policy is that you will get coverage for your asset. When you purchase a motorcycle, you will want your investment to last for as long as possible. When you get a motorcycle insurance policy, it will give the coverage needed to either repair or replace your asset. Due to this coverage, your lender will require you to have this insurance until your loan is repaid.

Insurance Offers Liability Protection

Another advantage of motorcycle insurance is that it will offer you liability protection. Anyone that operates a motorcycle could make a mistake when they are using it and cause an accident. If you do not have insurance, you will have to cover these damages out of pocket. With a motorcycle insurance policy, you are going to have the coverage needed to offset this risk. 

Picking a motorcycle insurance policy in Stamford, CT is a big decision. As you are looking for a policy, receiving professional support is always going to be helpful. A great company that you can speak with when looking for coverage is Allkane Insurance. The insurance professionals at Allkane Insurance can offer you the guidance needed to understand your options better and choose an ideal policy for your situation.