Category: Insurance

Like any smart homeowner and driver, you have determined the best homeowners and automobile insurance policies to cover your yourself against losses due to theft, damage, injury, fire, and other natural disasters. But, are your assets really protected in the event that a major calamity or unforeseen event occurs which threatens your financial security? Umbrella insurance is a type of liability insurance which supplements your basic auto, homeowners or rental insurance policy limits. An umbrella policy has a much higher coverage limit than that goes above and beyond your basic coverage.

How Does An Umbrella Insurance Policy Protect My Assets?

An umbrella insurance policy protects your assets from claims stemming from an event in which you are determined to be responsible for excessive property damage or bodily injury, above your basic policy limits. If another party sues you, it will pay for any damages you’re found legally responsible for up to the policy’s limits An umbrella insurance policy can also protect your assets by helping cover false arrest, libel, slander and legal fees. An umbrella policy will kick in and pay once your basic homeowner or automobile liability limits have been exhausted or if the claim isn’t covered by the basic liability coverage.

Why Do I Need Umbrella Insurance?

If you are found liable for a loss, injury, damage or other events, your Federal Way WA home, car, checking and savings accounts, investments, retirement accounts, and even future income can be considered an asset. If you are sued for a large amount and don’t have enough liability insurance to cover the costs, your assets can be up for grabs. Purchasing an umbrella policy can help you prevent financial ruin in the event of a major accident or damage you are responsible for.

How Much Umbrella Insurance Coverage Do I Need?

Everyone has a different situation and has different insurance needs. However, when considering your coverage limits, remember the following three things:

• Your Risks – What are your risks as a homeowner? What are the risks of your work commute? Do you engage in any potentially dangerous activities that put you or others in danger?
• The Value of Your Assets – The more assets you have, the higher your umbrella policy’s limits will need to be to protect your property, savings and retirement funds, stocks and bonds, and possessions.
• Potential Loss of Future Income – Are you on track for a future high-paying career? Even money you haven’t earned yet can be considered an asset in a serious lawsuit.

For more information about how to protect your assets with umbrella insurance, talk with an agent at Hart Insurance today.  Our Federal Way, WA insurance experts at Hart Insurance will help you determine your specific risk factors and help you find a policy that meets your specific needs and budget.

You have insurance to protect your home and automobile for damage and liability considerations. In the same way, you need boat or marine insurance to protect you when you head out onto the water. However, boat insurance doesn’t work in the same way as other policies. The professionals at Hart Insurance understand the special needs that residents in the Federal Way, WA area have and are always ready to help you understand the coverage options that are available. 

Boat insurance is important to maintain during the time that you own a boat. It doesn’t matter if your boat spends a great deal of time in the driveway or out on the water, there are risks that always present themselves. In some cases, smaller boats may be covered by your homeowner’s insurance but you will need to talk with your agent to ensure this. 

Boat insurance policies typically have two types of coverage:  liability and physical damage. Liability coverage protects you if you are deemed liable for an accident where someone or their property is damaged.  In these cases, the injured party has the legal right to sue you. Without appropriate liability coverage, your assets are at risk. Physical damage coverage protects the boat and its mechanical elements. It can also protect against storm damage and vandalism. Damage reimbursement will be outlined in the policy.  Some provide “Agreed Value” which outlines an amount in the policy. “Cash Value” in a policy means that the boat’s depreciation will be factored into the reimbursement. 

Every boat and owner’s situation is different. It is important to talk with your agent at Hart Insurance. Boat owners in the Federal Way, WA area can visit their website for information then call to get fast, appropriate coverage today!

At Hart Insurance, serving the greater Federal Way, WA area, we are often asked by car owners when they need regular auto insurance versus classic car insurance. Sometimes it is obvious, such as when you have a restored classic automobile or a new car. Other times, there is a fine line between a regular older car and an unrestored classic car. Here are a few of the signs that you may need classic car insurance over regular auto insurance. 

The Car is Worth More than Blue Book Value

One of the signs that you need classic car insurance rather than regular auto insurance is that the value of the car is worth significantly more than the Blue Book value of the car. If your car has value based on its demand with collectors, you likely need classic car insurance rather than regular auto insurance. 

You Rarely Drive the Car

Another sign that you may need classic car insurance rather than auto insurance is that you rarely drive the car, aside from to and from car show events. If your car is older and you participate in class car shows or parades, but don’t use the car for much else, classic car insurance may be the better choice for you. 

The Age

Generally speaking, any car that is 10 years or older can be deemed a classic car. Any car that is 25 years or older can be deemed an antique car. As such, your car must meet these age restrictions in order to be able to obtain the right type of insurance on the automobile. However, age alone should not be the deciding factor when determining whether to get classic car versus regular auto insurance. The other two factors, plus the age, should help you decide. 

If you currently have regular auto insurance on your car, but need classic car insurance, let Hart Insurance, serving the greater Federal Way, WA area, help. Contact us today to get started on a classic car auto insurance policy or to obtain a free quote. 

While most business owners feel confident and protected with their standard commercial insurance policies, there are times when sometimes those coverages may not be enough. Hart Insurance in Federal Way, WA knows the importance of preparing for the unexpected when it comes to commercial insurance.  A commercial umbrella plan can protect your company from liability claims that could exceed the limits of your commercial insurance policy.

What is Commercial Umbrella Insurance?

Commercial umbrella policies provide additional liability coverage in the event of claim or lawsuit against your company that exceeds the limits of your standard commercial insurance policy.  Without an umbrella policy, your business will be required to pay claims settlements, and medical fees that your business is liable above and beyond your policy limits.

What Unexpected Events Can an Umbrella Policy Protect Against?

Some examples of how umbrella coverage can protect your company from significant financial complications are:

• Lawsuits Due to Injury – Injuries that your business may be liable for that cause significant injury, medical complications, or disablement can lead to large claims.  The cost of long-term medical treatment, loss of wages, and punitive damages will typically exceed the limits in place in your standard liability policy.   An umbrella policy can prevent the company from having to pay these expensive costs out of company cash flow.
• Claims for Errors – Lawsuits from errors in advertising can lead to large lawsuits and sometimes even class action claims.  These settlement amounts can become high enough to cause your business serious financial trouble.  While your standard commercial policy will provide coverage in the event of a claim, defending against these type of issues or having to pay out multiple claimants can exceed your coverage cap.

If you are a business owner and would like a quote on an umbrella policy, contact the experienced agents at Hart Insurance in Federal Way, WA and get your company the additional protection it needs today.