What Is Business Interruption Insurance? (Chesterland, OH)

So there are a broad range of business insurance options that cover a wide variety of risks, right? And I gotta say many business owners are unclear on the function of business interruption insurance. So to put it simply uh business interruption insurance basically replaces income that you would have earned if something prevents you from being able to engage in normal business operations. So in other words, if a tornado say destroys your storefront, oh, that’d be terrible. But if that happens and as a result, you’re unable to sell goods and generate income, then business interruption insurance will replace some or all of that income. So there are two things to keep in mind here. First, uh the coverage will only replace income up to the total coverage amount on the policies. So a $200,000 policy will pay up to that amount and no more. Second, uh business interruption insurance only triggers if the cause of the interruption such as a fire is covered by the policy, it’s got to be covered. So if you want your coverage to be sound, the best thing you can do is sit down with your insurance agent. And make sure all potential causes of interruption are included in your policy before you sign it.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Will Homeowners Insurance Cover Floods? (Chesterland, OH)

Floods are one of the most common natural disasters in the United States and they can cause billions of dollars in damage. Homeowners insurance typically does not cover floods because floods are considered natural disasters. And most homes policies exclude natural disasters from coverage. However, there are some ways to protect yourself from financial ruin if a flood damages your home. One option is to purchase a separate flood insurance policy. Another option is to get a rider on your homeowners insurance policy that covers floods. Riders are typically available for an additional premium and can help cover some of the costs associated with flooded homes. Finally, you can try to negotiate with your mortgage lender to have them cover the cost of repairs. If a flood damages, your home, floods are unpredictable and can happen anywhere. So it’s essential to prepare financially in case your home becomes flooded by understanding your options and being proactive. You can help to protect yourself from financial ruin in the event of a flood.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Are Annuities A Good Investment? (Chesterland, OH)

Many folks we talked to that are looking to secure their financial future, want to know whether annuities are a good investment or if they should be just completely avoided altogether. The answer is that annuities like many investments are not good and they are not bad. They’re just kind of in the middle. So whether they are right for you or not, depends on your financial situation. All annuities work in essentially the same way you pay a large amount of cash upfront and then you receive a fixed stream of come over time. Now, if you’re thinking ahead about retirement, then a fixed income annuity that supplements Social Security might be really attractive to you uh for people who want to be a little bit more speculative, um annuities might seem a little bit too conservative. So as part of a comprehensive portfolio annuities can provide a level of stability that may not be possible with more market based investments, like say uh mutual funds, for example. So before making a final decision on whether or not an annuity is right for you and your family, what I suggest is you set aside some time to speak with your financial advisor. They’re gonna help you out.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Do I Need A License To Get Business Insurance? (Chesterland, OH)

So many business owners want to know whether or not a business license is required before they can purchase business insurance coverage. As a rule, you don’t need a business license to purchase business liability insurance. But there are certain kinds of industry specific insurance that might require a license or certification. If you’re a sole proprietor or a contractor, for example, you can almost always acquire business liability insurance without a license. Similarly, if you just open your business and your licensing isn’t complete yet, you should still be able to pick up a business liability policy. Here’s a good way of looking at it, think of it like this. If you’re facing risk, you’ll likely be able to buy insurance for that risk. Now, if you want to ensure that all your bases are covered, then make sure you speak with your insurance professional before making your final decision on how to cover your business.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

When Are Annuities A Good Idea? (Chesterland, OH)

A common question we receive from policyholders is when are annuities a good idea. The truth is there is no perfect time to buy an annuity. It is best. However, to understand uh what an annuity will provide you with financially before you decide on buying one, an annuity is not in investments. It is insurance and you must approach the purchase of annuities with this mindset. Annuities are insurance contracts that give you guaranteed income with long term tax deferred growth for the rest of your life. There are many different types of annuities but they all have one thing in common. They provide a stream of payments that can last for the rest of your life that makes them an ideal way to create a guaranteed income in retirement. The right annuities within the right financial plan are very often good ideas, especially if you like the financial security and the peace and happiness that comes with it in your retirement years.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Can My Homeowners Insurance Be Paid Monthly? (Chesterland, OH)

I have to say pretty often home insurance policies are quoted from carriers for an entire year. This leaves so many homeowners wondering if they can pay their premiums monthly. I’ll tell you the answer is usually yes. With most home insurance policies, you can choose to pay premiums on a monthly basis rather than paying for the whole year. There can be complications when it comes to a mortgage though. That’s because a lot of banks pay home insurance automatically from an escrow account. Also, I want you to note that many carriers will offer a lower overall price on home insurance if you pay the entire year upfront rather than monthly. As always, if you have questions about how to handle your home insurance, set aside some time to talk it over with your insurance agent.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Are Annuities Safe? (Chesterland, OH)

Many investors want to know if annuities are safe or if they’re on par with other forms of investments like uh mutual funds or bonds, for example. But before I answer this question, I’ve got to remind you that all forms of investment carry some level of risk and there is no such thing as a perfectly safe uh risk free investment. Sorry. Now, that being said, annuities are generally considered to be a safer form of investment because of the income uh that they produce is guaranteed. However, this guarantee is only as safe as the company backing it up and no companies are entirely immune to shifts in the marketplace. It’s definitely uh a smart move to carefully consider the performance and the stability of the companies that you do business with, especially when it comes to your family’s investments. Oh, and remember before you commit yourself to uh an annuity of any kind, it is definitely best to schedule an appointment with your financial advisor to review your options.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Will Homeowners Insurance Cover A Civil Lawsuit? (Chesterland, OH)

With lawsuits becoming more frequent. Over recent years, many homeowners want to know if a home insurance policy provides protection against being sued in a civil proceeding. Now, the answer to this question really depends entirely on the details of your particular insurance policy. While many general home insurance plans offer some amount of liability coverage, the amount of coverage can vary. And it is worth noting that if you’re still paying off your mortgage, your bank may require you to have a certain amount of liability coverage in your policy to make sure that you are fully protected from litigation. It is definitely wise to include at least some liability coverage in your home insurance policy and it’s also a good idea to consider an umbrella policy which will further increase the coverage limits for additional details on how to ensure your home insurance policy provides proper liability protection for you and your family, speak with your insurance agent before making any final policy choices.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Can Medicare Cover Spouse? (Chesterland, OH)

I’ll be honest here. Medicare coverage can be confusing and one common question people ask is whether or not their spouse can be covered under their Medicare plan. So the short answer is no, a person qualifies for Medicare once they reach 65 or if they have a specific disability, um your Medicare plan is for you and it’s for you alone also, since it’s pretty unlikely that you and your spouse were both born in the same month of the same year, one of you will qualify for Medicare before the other. However, you can purchase uh Medigap and Medicare Advantage plans to cover both you and your spouse and also help pay for some things that Medicare might not cover. Now, I just want to remind you though that before making any choice on either a meta gap or Medicare Advantage plan, make sure that you sit down with your insurance agent and review all of the facts.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Are Auto Insurance Rates Negotiable? (Chesterland, OH)

Are auto insurance rates negotiable. Well, the short answer is no auto insurance rates are generally not negotiable. However, there is more to this question than my short answer that I just gave you. So in truth, uh what most people want to know is how they can lower their auto insurance rates. Now, while the premiums, a carrier offers aren’t negotiated, there are actually other ways that you can knock that rate down. Auto insurance carriers determine their fees based on this really complex set of variables that include, you know, uh your driving record and um, your age where you live, uh, how many miles you drive in a month, things like that, which means if you want, uh lower insurance rates, then there are several things that you can do. Uh, for starters, you can drive fewer miles, which might mean, you know, carpooling or taking public transportation. And let’s see what else? Um Another great idea that you could do to, um, lower those rates is to improve your driving record by going to driving school. As a matter of fact, some carriers will encourage you to take a defensive driving class in exchange for lower premiums, I gotta say, uh a knowledgeable insurance agent can help you find ways to lower your premiums. So even though rates aren’t directly negotiable, there are definitely plenty of ways to save money on auto insurance.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.