Home Insurance

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.

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.

The Top Three Disability Insurance Trends to Watch for in 2024

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The landscape of disability insurance is evolving, with new trends emerging that could impact your coverage options. At Martin Insurance Team in Evergreen Park, IL, we’re keeping an eye on these developments to help our clients stay informed and protected. Here are the top disability insurance trends to watch in 2024.

Increased Focus on Mental Health

Mental health has become a critical component of overall well-being, and disability insurance providers are starting to recognize its importance. In 2024, expect to see policies that include comprehensive coverage for mental health conditions. This shift acknowledges the growing prevalence of mental health issues and the need for support for those affected.

Flexible Coverage Options

Gone are the days of one-size-fits-all disability insurance policies. In 2024, insurers are offering more flexible coverage options that can be tailored to individual needs. This might include customizable benefit periods, elimination periods, and coverage amounts. The trend towards personalization allows policyholders to create plans that better fit their unique circumstances and financial goals.

Emphasis on Short-Term Disability

While long-term disability insurance remains important, there’s a growing emphasis on short-term disability coverage. This shift is driven by the increasing recognition that many workers may experience temporary disabilities that prevent them from working for a few weeks or months. Short-term policies can provide crucial financial support during these times, helping to bridge the gap until the individual can return to work.

Staying informed about the latest trends in disability insurance is essential for making the best decisions for your financial future. At Martin Insurance Team, we’re here to help you navigate these changes and find the right coverage for your Evergreen Park, IL needs. Contact us today to discuss how these trends might affect your insurance options.

If You Get Sick or Hurt Health Insurance can Help

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When life goes as planned, it is easy to forget the importance and value of insurance. Fortunately, however, insurance doesn’t forget us when we need the protection and coverage that insurance can provide. That is also why people in and around the greater Evergreen Park, IL, area turn to the trusted and professional agents at the Martin Insurance Team for all their insurance questions, needs, and solutions. From the right coverage and plan to the insurance you need for your peace of mind and protection, the right insurance and insurance partner can make a difference.

The Benefits and Importance of Health Insurance if You Get Sick

We do not plan on getting sick, hurt, or becoming ill. Hopefully, it is something we prepare for, which is the first and arguably most important benefit and reason for health insurance. With the cost of health care, prescriptions, and even a single visit to the doctor, the expense of medical care can be daunting.

For many people, the cost of medical care is more than they can afford, and medical expenses can threaten the livelihood of many people and families. Fortunately, health insurance is the solution most people need to bridge the gap and, more importantly, get the care they need—and that is, without question, the greatest benefit and reason for having health insurance.

Health Insurance Solutions in Evergreen Park, IL

Do you have questions about health insurance or need health insurance coverage? At the Martin Insurance Team, we can help with all your insurance needs and help you find the right plan to protect the things you care about most. Contact us to learn more and schedule an appointment today for the coverage and insurance solutions you need and deserve at the Martin Insurance Team.  

Dogs and Homeowners Insurance

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Being a homeowner in the Evergreen Park, IL, area can be a great investment, a source of pride, and a terrific place to raise a family. However, it also has its risks. You can experience maintenance issues, be subject to fires and storms, and be held liable for injury claims that occur on the property. Martin Insurance Team is here to help you manage those risks.

One element that you should be aware of is dog ownership. Yes, owning a dog can impact your homeowner’s insurance. Here’s why.

Dogs pose a risk.

Dog ownership can raise your liability risk when you own a home. A dog bite can generate an immediate claim against you that could be costly to defend and resolve. Even if you claim your dog doesn’t bite, a barking, charging, or otherwise aggressive dog may frighten a visitor into a slip-and-fall that could be your responsibility.

Some dog breeds may be so aggressive that an insurance provider may refuse or alter coverage for homeowners.

Be honest about your pet.

Don’t be tempted to ignore your pet’s safety when it comes to homeowner’s insurance. Being less than truthful could place you at higher financial risk. The solution is to compare.

Compare home insurance rates.

Some homeowners insurance providers may be more “pet friendly” than others. If you have a dog, the Martin Insurance Team can help you insure them. We can get you a quote with which you and your pet can agree on. Contact us today for insurance in the Evergreen Park, IL, area.

The Danger of Summer Storms

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One of the major factors families secure home insurance is to provide financial protection in case of a natural disaster. We may not be subject to hurricanes, earthquakes, or wildfires in Evergreen Park, IL, but we certainly have our share of dangerous summer storms. These often include high winds, heavy rain, hail, and even tornadoes. The Martin Insurance Team is here to help you protect your investment.

Here are some things you should know about summer storms and home insurance.

High Winds

High winds are a major cause of damage in summer storms. Tornadic and straight-line winds can significantly damage roofs, uproot trees, and cause fencing to fall. Homes can also be damaged from flying debris and unsecured outdoor furnishings.

Flood Insurance

Homeowners in the Evergreen Park, IL, area must understand that flooding is not covered under a standard home insurance policy. A separate flood insurance policy must be acquired, often managed by the National Flood Insurance Program. With the changing climate and rapid housing developments, flood-prone areas are increasing. More homeowners should consider this valuable protection.

Lightning

Lightning strikes can cause significant damage in multiple ways. An initial strike can create damage all by itself. The resulting electrical shock may cause damage to major appliances and expensive electronics. Lightning strikes can also cause fires, leading to water damage from fire-fighting efforts.

Temporary Living Expenses

Should your home become temporarily unlivable following damage, your homeowner’s insurance may be able to help. Hotel accommodations, meals, and living expenses may be included in your home insurance protection.

Are You Covered?

Are you covered for summer storms? Find details with a home insurance review from the Martin Insurance Team of Evergreen Park, IL. We can even provide a price quote. Reach out to us today for greater peace of mind during the summer storm season.

Actions to Take If Your Home Insurance Is Canceled

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If you are a homeowner, keeping your home insured is essential. If you live in the Evergreen Park, IL, area, we invite you to visit us at Martin Insurance Team. In addition to serving clients in Evergreen Park, we also serve clients in the Cape Coral, Bonita Springs, and Naples areas. 

Can Home Insurance Be Canceled?

If you have a homeowners’ insurance policy, you may wonder if it can be canceled without your permission. The insurance company can cancel your policy during the first 60 days if their review of your risk causes them concern. After 60 days, the policy can be canceled only if you fail to pay the premium. Writing a check that bounces can be considered non-payment.  

Actions After Cancelation Notice

If you are notified that your policy is canceled, the insurance company must send a notice explaining the cancellation. Policyholders then have the right to appeal the cancelation. You must prove the insurance company didn’t follow the correct procedure to win the appeal. 

Appeal to Director of Insurance

If your policy is canceled for a reason other than non-payment, you have the right to appeal to the Director of Insurance. Your appeal must be filed 20 days before the cancelation date. If the state insurance office agrees you have a right to appeal, they will notify you of a hearing date.

Call Us Today for an Appointment 

If you need new homeowner’s insurance, we can review all your options. We will take the time to listen to you and determine your insurance needs. Residents of Evergreen Park, IL, will find our experienced staff at Martin Insurance Team ready to provide you with quotes from our many top-rated insurance carriers. Give us a call today for an appointment to discuss your insurance needs.

What Types of Events Does Landlord Liability Insurance Protect You Against?

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Are you a landlord in the greater Evergreen Park, IL region looking to protect your investment properties? Understanding the risks associated with rental properties is crucial for safeguarding your financial future. Martin Insurance Team is here to shed light on the importance of landlord liability insurance and the events it protects you against.

Slip and Fall Accidents

Slip and fall accidents can happen anywhere, including your rental properties. Whether a tenant or guest injures themselves due to a slippery floor or uneven surface, landlord liability insurance covers medical expenses and potential legal fees arising from such incidents.

Property Damage

Property damage is typical in rental units, from burst pipes to electrical fires. Landlord liability insurance helps cover the costs of repairs or replacements resulting from accidental damage to your rental property caused by tenants or unforeseen events like storms or vandalism.

Legal Expenses

Legal expenses can quickly add up in the event of a lawsuit filed against you as a landlord. Landlord liability insurance offers protection by covering legal fees, court costs, and settlements arising from lawsuits related to your rental property, such as wrongful eviction or tenant discrimination claims.

Loss of Rental Income

If your rental property becomes uninhabitable due to a covered event, such as fire or water damage, you may experience a loss of rental income. Landlord liability insurance can help bridge the gap by compensating for the income you would have received during the repair or rebuilding process.

Ready to safeguard your rental properties in the greater Evergreen Park, IL, area? Contact Martin Insurance Team today to learn more about our landlord liability insurance options and receive a customized quote.