Author: agentinsure

When Your Auto Insurance Policy Needs Gap Coverage

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Most auto insurance policies include comprehensive coverage and collision coverage to protect your vehicle from damage. However, these may not cover the full amount you owe on a car loan or lease. That’s where gap coverage comes in.

Understanding Comprehensive, Collision, and Gap Coverages

The two main coverages that protect against vehicle damage are comprehensive and collision. Comprehensive coverage is generally for incidents not involving another vehicle (e.g., animal strikes, falling trees, burglaries, etc.), and collision coverage is generally for accidents with other vehicles.

Each of these protections usually provides coverage up to your vehicle’s fair market value at the time of the incident. That amount isn’t necessarily equal to what you owe on a car loan or lease, however. In many cases, the value of a vehicle is less than what’s owed.

Gap coverage is so-named because it can fill in this gap—the difference between what you owe and what your car is worth. If your vehicle is totaled in either a comprehensive or collision claim, it’s gap coverage that may help pay off the remaining loan or lease.

When Gap Coverage is Needed

Gap coverage is typically required if you have a vehicle loan or lease and your outstanding obligation is more than the vehicle’s value. There are several reasons why this is often the case:

  • Vehicles have become more expensive to purchase in recent years
  • Vehicles still depreciate in value quickly after purchase
  • Loan and lease down payments can be quite small
  • Loan and lease monthly payments can also be relatively small

When these factors make you "upside down" on your vehicle, meaning you owe more than it’s worth, lenders will almost certainly require gap coverage. We at The Martin Insurance Team have helped many drivers determine whether they need this coverage.

Get the Auto Insurance Coverages You Need

Gap coverage is just one auto insurance protection you might need. For help insuring a vehicle in Evergreen Park, IL, contact us at the Martin Insurance Team.

Why You Should Update Your Home Insurance When Remodeling

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A remodeling project is often the result of years of hard work and saving, bringing joy upon completion. However, remodeling not only increases risk during the process but also generally enhances your home’s value. Therefore, it’s crucial to protect the value of the work and your home overall. The Martin Insurance Team, serving the Evergreen Park, IL area, will work with you to provide insurance coverage to protect your family throughout your time in your home.

Updating Your Insurance Before Remodeling

While home insurance policies generally provide basic protection during the remodeling process, you should consider supplementing your policy before starting the work due to the increased likelihood of accidents. Some home insurance policies require you to notify the agent before the job begins, and failing to do so can affect your coverage. Since remodeling brings certain hazards and injury risks, you should enhance your home insurance policy or add umbrella insurance.

After the work is completed, you may have more square footage, enhanced appliances and fixtures, or other changes that increase your home’s value. It’s important to update your policy to reflect those changes, ensuring everything is properly insured.

Some home additions, like pools and hot tubs, increase risks and must be identified on your policy. Conversely, updating your home’s plumbing, HVAC, and wiring can lower your risks and premiums.

Regardless of your planned changes, speak with your agent to ensure your home has the right coverage before, during, and after the process.

Working with the Martin Insurance Team

Your home is likely one of your most significant investments and should be protected against unforeseen events. Let the Martin Insurance Team, serving the Evergreen Park, IL area, assist with your insurance needs. Call (708) 330-4404 today to discuss your options.

How Personal Umbrella Insurance Protects You From Unexpected Liability

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One of the best ways to protect yourself in life is through a personal umbrella insurance policy. If you’re in the Evergreen Park, IL, area and interested in learning more about this type of insurance, the Martin Insurance Team is here to help. We can explain your options, highlight the value of increased coverage, and help you choose a policy that suits your needs.

An Extra Layer of Protection

Just as an umbrella protects you from the rain, an umbrella policy provides additional coverage in the event of a claim. Your auto, home, and other insurance policies all have limits; if those limits are exceeded, your assets could be at risk. With umbrella coverage, you’ll have insurance that goes beyond the claim limits of your other policies.

Ongoing Peace of Mind

Umbrella coverage provides more protection and contributes to your peace of mind. Having adequate coverage for life’s unexpected events reduces worries, allowing you to focus more on the people and things that matter most to you. Working with an insurance agent can help reduce worry and give you more confidence in your coverage.

Our Agents Are Here to Help

Contact us today at Martin Insurance Team if you live in the Evergreen Park, IL, area and are looking for a personal umbrella insurance policy. We can provide quotes from multiple insurers and help you select the right one for your lifestyle and situation. Umbrella coverage adds a layer of protection that can increase your peace of mind for the future.

What Does Landlord Liability Insurance Cover?

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Whether you rent out a vacation cottage or a multi-unit building, landlords need to protect themselves and their property from potential lawsuits due to injuries or property damage. At Martin Insurance Team in Evergreen Park, IL, we aim to help landlords safeguard their properties and themselves from unforeseen events. Here’s how landlord liability insurance works.

Property Damage Coverage

Damage to your property can occur in various ways, from tenants and appliances to natural disasters. A disgruntled tenant might damage their unit, or a malfunctioning appliance could cause a fire. A landlord liability policy typically covers These issues and others, helping restore your property to its original condition.

Accident Liability Protection

If a tenant or visitor gets injured due to a maintenance issue, a liability policy covers their medical care costs and any legal costs you may incur from a lawsuit. Maintenance issues can arise from poorly maintained buildings, conditions not resolved promptly (like ice on sidewalks), or hazards like loose steps or rugs.

Loss of Rental Income

If a disaster renders your property uninhabitable until repairs are made, you can get reimbursement for your lost rental income. The key point is that the building’s condition prevents tenants from living there, causing a loss of income.

Get Your Investment Property Covered with the Martin Insurance Team

Landlord liability insurance is a powerful tool for protecting you against unforeseen events and bad-faith actors. Whether you’re a landlord in Evergreen Park, IL, or the surrounding towns, we can find the right coverage for you. Contact us today to speak to one of our agents and learn more.

Why People Opt to Hire Construction Companies that Carry Contractors Insurance

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At Martin Insurance Team, serving the greater Evergreen Park, IL area, we are committed to helping construction companies and contractors get the commercial products they need, including contractors insurance. If your business doesn’t already have this type of insurance, you may wonder why you should consider it. Here are some reasons people hire construction companies with contractor insurance.

Safety First

People like to hire construction companies with insurance because it keeps everyone safe. If a worker gets hurt while fixing something, the insurance will pay for their doctor bills and lost wages. This way, you don’t have to worry about paying for accidents that happen on the job.

Protection for Your Stuff

If the construction company accidentally breaks something in your home, their insurance will cover the costs to fix it. This means you won’t have to pay for any damage they might cause. It’s like a safety net for your property.

Legal Help

If someone sues the construction company, their insurance will pay for the lawyers. This means you don’t have to worry about the legal stuff if something goes wrong.

Money Matters

Hiring a company with insurance shows they are responsible and have their finances in order. This means they are less likely to have money problems that could delay or cancel your project.

Ready to Learn More? Reach Out to Us Today

Now that you know why people opt to hire construction companies that carry contractors’ insurance, you may be ready to get your own policy. The Martin Insurance Team, serving the greater Evergreen Park, IL region, is here to help you. Call or stop by today to get started.

How to Protect Your RV From Rain and Snow Damage During the Winter

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Many people enjoy their RVs during the spring to fall months. But once it gets cold, they often put it away for the season, opting to stay home. Here at The Insurance Outfit, serving the greater Chester, NJ area, we have seen rain and snow damage RVs that are not properly stored or protected from the elements. Here are some tips to help you adequately protect your RV from winter weather when it’s not in use.

Use a Good Cover

Buy a strong cover that fits your RV well. This cover will keep rain, snow, and ice off your RV and help prevent water damage and rust. Make sure it’s made for tough weather and freezing temperatures.

Seal Cracks and Holes

Check your RV for any cracks or holes. Use sealant to close gaps around windows, doors, and vents. This stops water from getting inside and causing damage. Also, check the roof seals to ensure they are in good shape.

Clean the Roof

Before winter, clean your RV’s roof and look for any damage. Fix any cracks or holes to keep water out. A clean roof helps stop snow and ice from building up.

Drain Water Systems

Empty all the water tanks and pipes to stop them from freezing and breaking. RV antifreeze can be used in the plumbing to protect the pipes from the cold. Make sure all the water is out before storing your RV.

Ensure Your RV is Protected With The Help Of The Insurance Outfit

Having the proper insurance protection for your RV is important if the unexpected happens. Here at The Insurance Outfit in Chester, NJ, we can help ensure you’re fully protected. Call us now to learn more.

How Cyber Insurance Protects Against The Threat of Bank Funds Transfer Fraud

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Computer technology has elevated our culture to new heights. However, fraudulent cyber bank fund transfers present the biggest threat to businesses today. Hackers mirror trusted bank websites to steal your bank funds transfer. The Martin Insurance Team serving Evergreen Park, IL, can help explain how cyber insurance prevents disaster.

What is Bank Funds Transfer Fraud?

Bank funds transfer fraud is a common cybercrime in which hackers mimic a bank’s website to steal money. Cybercrime victims are asked to redirect funds to another source. Instead of paying bills or making an online purchase, the money is transferred to a hacker’s account. This type of crime makes it difficult to recover the lost funds because the hacker’s account disappears immediately after the transaction is completed.

What is Cyber Insurance?

Cyber insurance protects a business from financial losses caused by a cyberattack or data breach. It also helps with the major fines and legal costs associated with a lawsuit involving exposing a customer’s personal information to hackers. Thus, adding cyber insurance is a smart investment for businesses of all sizes.

The Difference Between General Liability and Cyber Liability

Bank funds transfer fraud can become an expensive proposition if your business does not have sufficient liability coverage. Unfortunately, general liability coverage will not help, as it protects against all physical risks, such as bodily injuries and property damage. Instead, you need cyber liability coverage that protects against financial losses from digital threats. The agreement covers data breaches, hacking of servers, and ransomware. Cyber liability is a welcome security blanket if you’re involved in a lawsuit over stolen customer data from the business’s computer system.

Cyber threats continue to rise in frequency. The Martin Insurance Team of Evergreen Park, IL, can create a cyber insurance policy that protects your business needs. Call and schedule an appointment today.

Why Small Business Owners in Evergreen Park, IL, Need Commercial Auto Insurance

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If you’re a small business owner managing a fleet of vehicles or any commercial car or truck to transport goods, passengers or to visit clients, obtaining commercial auto insurance is imperative. Commercial auto insurance protects your business against financial risks associated with vehicle collisions, liability, and even damage. At Martin Insurance Team, we can help you find the right commercial auto insurance for your Evergreen Park, IL business or organization.

Why Invest in Commercial Auto Insurance in Evergreen Park, Illinois

Commercial auto insurance can be extremely beneficial for companies in Evergreen Park for several reasons, including:

  • Liability Coverage and Protection: Commercial auto insurance covers expenses involving property damage or from being held liable for injury.
  • Repairs and Replacement Costs: Commercial auto insurance or comprehensive insurance can help with replacement and repairs, especially when a business vehicle has been severely damaged or impaired.
  • Legal Requirements: Martin Insurance Team will ensure that any commercial auto insurance policy or plan you obtain for your business currently abides by Illinois law. Currently, in the State of Illinois, it’s required to obtain and maintain liability for any vehicle that’s driven on the road–and commercial vehicles are no exception. We will work with you to ensure that any commercial vehicle policy you choose is suitable for your business needs based on your industry or vehicle type.

Anytime you’re running a business or organization in Evergreen Park, IL, it’s crucial to consider the type of commercial auto insurance you may require, especially when using vehicles during your work day. Whether you require commercial auto insurance for a delivery company or need help protecting semi-trucks during transport, the Martin Insurance Team can help. To learn more about your commercial insurance options and for your quote, contact the Martin Insurance Team directly today.

Understanding Different Types of Workplace Injuries: Prevention Tips

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Workplace safety is a shared responsibility. At Martin Insurance Team, which provides commercial and workers’ compensation insurance in Evergreen Park, IL, we believe that understanding different types of injuries and how to prevent them is crucial for any business looking to maintain a safe work environment.

Common Workplace Injuries

Workplace injuries can range from minor cuts and bruises to more serious incidents like fractures or repetitive strain injuries. Slips, trips, and falls are among the most frequent workplace injuries. Lifting heavy objects improperly can lead to back injuries, while repetitive motions can cause conditions like carpal tunnel syndrome. Understanding these common risks is the first step in preventing them.

Prevention Strategies

Creating a safer workplace begins with education and training. Regular safety workshops can equip employees with the knowledge to avoid common hazards. Implementing proper safety protocols, such as using ergonomic furniture and ensuring clear walkways, can significantly reduce the risk of accidents. Encouraging employees to take regular breaks can also help prevent repetitive strain injuries.

The Role of Workers’ Comp

A comprehensive workers’ compensation policy is essential for protecting employees and employers. It provides necessary support if an injury occurs and emphasizes a company’s commitment to employee well-being. At Martin Insurance Team, we help businesses tailor their workers’ comp policies to ensure they cover a wide range of potential incidents.

Call Us Today to Learn More About Worker’s Compensation Insurance

Understanding injury types and prevention strategies is key for businesses aiming to enhance workplace safety. At Martin Insurance Team, serving the greater Evergreen Park, IL area, we’re here to assist you in developing comprehensive workers’ comp coverage. Contact us today to learn how we can support your efforts in creating a safer work environment.

Tax-Free Retirement Income Planning With Life Insurance

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Preparing for life after retirement is not on everyone’s "to-do list." However, planning how to generate tax-free retirement income with a life insurance policy should be a priority. The Martin Insurance Team of Evergreen Park, IL, can create a life insurance policy that matches your needs.

Generating Tax-Free Retirement Income with a Life Insurance Policy

The benefit of having life insurance is the policy’s cash value. If structured correctly, the cash value should grow over time and become your primary source of tax-free retirement income. However, you must consistently pay your premiums throughout your working career. The more money paid into the account, the more money available to be withdrawn in retirement. This is because the policy’s cash value is not a taxable commodity.

Choosing Between Whole Life and Universal Life Insurance

To plan for a tax-free retirement income, you start by creating a whole life or universal life insurance policy. Each investment option builds cash value over the life of the policy. Remember, whole life insurance premium rates are fixed and never change for the length of the agreement, allowing the cash value to grow over time. Universal life insurance offers flexibility in the amount of the premium payments each month. The policy’s cash value will increase, but it occurs over a longer period than whole life insurance.

Important Points to Remember

Review the cash value of your life insurance policy before the end of each fiscal year. This will confirm if the policy’s value is growing as expected. Before withdrawing money, you need to apply for a policy loan. This is a tax-free option, as you must repay the loan according to the policy terms.

If you still have questions about starting a tax-free retirement income plan with life insurance, contact the Martin Insurance Team in Evergreen Park, IL. We can help you learn more about living on a tax-free income. Call and schedule an appointment today.