You know you need homeowner’s insurance, but you may not know if you have enough coverage. At Martin Insurance Team in Evergreen Park, IL, our skilled agents are here to ensure you have the coverage you need. 

The Right Coverage Matters

If your home is destroyed, your homeowner’s policy will determine how much money you have to replace it. Ideally, having enough to replace a home similar to your current one would be best. 

Dwelling Coverage

Dwelling coverage is designed to replace your home if it’s destroyed, which is known as a total loss. 

The cost to replace your home may be more than what you paid, and the average home prices in your area aren’t a great indication either. 

The best way to know if you have enough dwelling coverage is to get an appraisal from a local contractor or appraiser. 

If it’s been years since you had your home appraised or you’ve added to the structure of your home, there’s a good chance that you need more dwelling coverage. 

Contents Coverage 

You’ll also want to check your content coverage. If your home is destroyed, you’ll lose most or all of your possessions as well.

You may need to increase this coverage if you have accumulated valuable items since you took out your homeowner’s policy. You may also need to add a rider for very valuable items, like jewelry, antiques, and art. 

Lender Requirements 

Lastly, if you have a mortgage, you should ensure that your policy meets your lender’s requirements. This requirement will vary based on your mortgage company and the amount of your mortgage. 

Homeowner’s Insurance with Martin Insurance Team

If you need homeowner’s insurance in Evergreen Park, IL, contact us at Martin Insurance Team. We will discuss your needs and help you select the proper coverage. 

Home insurance is a complex subject, and the terminologies used can confuse anyone. So our team at Martin Insurance Team made a glossary for our neighbors in Evergreen Park, IL!

Deductibles:

Deductibles are the amount you pay out of pocket when filing a claim. Homeowners’ insurance typically includes a deductible. The deductible amount is set when you purchase your policy. If you have a higher deductible, you can lower your premium costs for your policy. When purchasing a deductible, you must consider the amount you can afford to pay out of pocket.

Endorsements:

Endorsements are upgrades or add-ons to your homeowner’s insurance policy. You can customize your home insurance coverage by adding endorsements to your policy. Endorsements offer coverage beyond what standard home insurance policies provide.

Exclusions:

Exclusions are specific events or circumstances your home insurance policy does not cover. Typical policy exclusions include flood damage, earthquake damage, and damage caused by neglect or normal wear and tear.

Policy Limits:

The policy limit refers to the maximum amount the insurance company will pay in case of a covered loss. Standard home insurance policies have limits on coverage for specific perils.

Premiums:

The premium is the amount you pay for home insurance coverage, typically annual, semi-annually, or monthly. Your premiums are determined by the coverage and level of protection you desire. Various factors, such as geographic region, construction materials, credit score, and house age, influence the premium amount. It is essential to keep your premiums affordable without compromising the coverage that you need.

Did we miss a term you want to define? If you live in the Evergreen Park, IL, area and have questions about your home insurance, contact the Martin Insurance Team.

Landlords are liable for many things. While being a landlord can be rewarding financially, they still have to shoulder considerable risks. Fortunately, however, landlord liability insurance and other insurance policies can help reduce risks. This way, property owners can enjoy peace of mind while they serve their local communities and build their businesses. Are they looking for landlord liability insurance? Contact Martin Insurance Team, serving Evergreen Park, IL, and beyond.

Landlord Liability Insurance 101

First, your general homeowner’s insurance policy may not cover any rental properties you own. Often, landlords must instead take out separate insurance policies to cover rental properties.

Since the risk profile and liabilities for a rental property may be different from a private, personally-owned dwelling, costs and terms between homeowners’ and landlord liability insurance policies often differ. This is true even for the same exact house or other building.

If a tenant is injured on your property, say suffering a slip and fall in the parking lot, you might ultimately be found liable as a landlord. If you have the right insurance policies, they can provide protection during many events. Of course, it is essential to closely vet the terms and conditions when considering any insurance policy, including a landlord liability policy.

A landlord insurance policy may also cover damage caused by adverse weather events, like lightning or a tornado. However, many insurance policies will only cover certain weather events, so make sure you ask an insurance agent about any gaps or other risks.

Before purchasing a property to use as a rental property, it’s wise to take a holistic look at all the risks involved. Examining risks doesn’t mean you need to shy away from them, far from them. However, it would be best to have a good grasp of the challenges involved before making any significant decisions. This way, you can consider how to mitigate risks from the get-go.

Want to learn more about landlord liability insurance and other insurance policies? Folks living in or near Evergreen Park, IL should swing by and chat with the Martin Insurance Team.

At Martin Insurance Team in Evergreen Park, IL, we are happy to help business owners, and homeowners navigate the insurance process. No matter your questions, we can answer them all at our office or over a convenient phone call. If you have difficulty differentiating personal umbrella insurance and business umbrella insurance policies, we’ve listed some key differences below.

What is business umbrella insurance?

Business umbrella insurance provides coverage that extends commercial insurance policies. For example, if you have commercial auto insurance, business umbrella insurance can help increase the mileage of the policy by covering liability expenses beyond the commercial auto insurance policy’s limit. For general commercial liability insurance, a business umbrella policy can be helpful in the same way.

What is personal umbrella insurance?

For homeowners and personal vehicle owners, personal umbrella insurance can give you an added amount of liability protection on top of your current home insurance or car insurance policy. While you already need to have a home or car insurance policy to add umbrella insurance, it can be helpful if you anticipate a high risk for liability or want more coverage than your existing policy provides.

What is the difference between personal and business umbrella insurance policies?

As you can probably tell, the main distinction between personal umbrella insurance and business umbrella insurance is the types of policies under them. For commercial insurance policies, you will want to add commercial umbrella insurance. You will want to add personal umbrella insurance for all personal insurance policies.

If you still have difficulty telling these insurance policies apart, our staff at Martin Insurance Team in Evergreen Park, IL is here to answer all your questions over the phone or in person!

As a business owner, you, unfortunately, carry the risk of liability for anything bad that happens at your business or as a result of your goods, services, or employees. This can feel like a heavy responsibility, but here at the Martin Insurance Team serving Evergreen Park, IL, and the surrounding areas, we want to help protect you from that liability with solid insurance services. Keep reading to learn more about general liability insurance. 

What Is General Liability Insurance? 

General liability insurance is a type of insurance policy that can help pay for expenses that arise for a business owner if someone is injured at your business or because of your goods or services. It can also help cover the repair or replacement cost if your property is damaged. 

Why Do Business Owners Need This Type of Coverage?

Carrying the responsibility for these types of liabilities could mean financial hardship for your business. When held liable, you must pay for the expenses arising from the incident. Depending on the extent of the costs, it could financially mean disaster for your business. 

Liability coverage will help pay for these expenses, so your company is not negatively affected. 

If you are a business owner, it is vital that you remember that when it comes to liabilities, it is not a matter of if they will happen but rather when they will happen. You need to have the protection you can count on when liabilities hit. 

If you want to learn more about commercial insurance services or general liability insurance, please get in touch with us at The Martin Insurance Team serving Evergreen Park, IL, and the surrounding areas. We will happily answer your questions and find an exemplary insurance service. 

 

Health insurance is essential if you want to avoid financial strain due to health care costs. Our representatives at Martin Insurance Team are standing by to come to your assistance regarding your health insurance needs. Contact us if you’re searching for health insurance in Evergreen Park, IL.

The following are three problems you can avoid by choosing the right health insurance policy. 

Experiencing poor quality of life due to untreated medical problems

Health problems can drastically detract from your everyday comfort and quality of life. Even if a health problem isn’t life-threatening, it can still lead to discomfort. 

Good health insurance coverage can make it easy for you to get the treatment you need to enjoy excellent health throughout your life. This will provide you with the best possible quality of life. 

Being financially ruined due to a chronic illness

Unfortunately, health problems can ruin one’s finances in the United States because of high medical costs. A good health insurance plan protects a consumer’s finances and stops a costly health problem from putting a consumer in debt. 

Neglecting preventive care services that protect you from serious illness

Consumers should never underestimate the importance of preventive health care services that detect chronic and potentially terminal conditions such as cancer. 

With health care coverage, consumers can typically get the screenings they need to detect health problems early and minimize their severity. 

Let us know if you need a quote on a health insurance policy in Evergreen Park, IL. We are here to assist you at Martin Insurance Team. Get a quote to find coverage that will keep your health and finances in great shape through the years.