Richards Insurance Agency

Dogs & Umbrella Insurance: What Homeowners Need to Know

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Dogs are wonderful, loving animals that can quickly become trusted members of our family. They serve as our companions, and often, they can warn away intruders and protect us from harm. Unfortunately, dogs don’t always know the good guy from the bad. So if you’ve ever been worried about your dog nipping or biting a guest (or the dreaded delivery personnel), then it is a good idea to review your Lincoln, NE insurance policy for its policy related to dogs. Here’s what to know:

Dogs & Umbrella Insurance: What to Know

Even if you have a seemingly comprehensive homeowner’s insurance policy, you may not have coverage for medical damages and legal expenses related to a dog bite. Most homeowners’ insurance policies, including those offered by our team at Richards Insurance Agency, cover your home and personal property in the event of a theft, disaster, or similar situation. They tend to have strict limits on the financial protection for guests who are injured in your home. You may have some personal liability and medical payment coverage. Still, it is often a token amount, and generally, it will only cover situations that occur within your own home and not if you’re, for example, walking your dog down the sidewalk. 

For the best financial protection and protection for off-home and in-home biting incidents, you need umbrella insurance. Umbrella insurance is a type-of add-on policy you can get that will provide extra liability coverage and legal defense costs for situations that occur outside the scope of your general insurance policy. Given that dog-related claims now account for a whopping one-third of personal liability claims, getting this extra protection makes financial sense. 

Learn More at Richards Insurance Agency

For more information about umbrella insurance, contact our team at Richards Insurance Agency in Lincoln, NE today. 

How Much Life Insurance Do You Need?

Posted on by agentinsure

How much life insurance you will need will depend on financial and personal circumstances. You will need enough to replace income and cover dependents’ expenses, including any future ones.

  • Financial Obligations: If you aren’t sure about your financial obligations, start with considering your debt. If you die with outstanding debt, your survivors may be responsible for it if they cosigned on a loan. You want to make sure you leave enough for beneficiaries to pay off the debt, especially if it’s a home or family car. Be sure to factor in the cost of raising children. If you have dependents, this may mean you need to increase your life insurance policy. If you have kids, you may also want to factor in the cost of college when getting life insurance. Plan what college costs will be and take into account increases over time.
  • Personal Considerations: Your age and health not only determine how much you should get but for how long you will want it. The older you get, the less you need because you should have fewer dependents and less debt. As you get older, the more expensive life insurance becomes. So, it’s best to purchase a policy when you are young and healthy to get a more affordable rate. How much life insurance you can afford should be a consideration as well. A life insurance policy isn’t good if you can’t afford it.

An agent at Richards Insurance Agency in Lincoln, NE can help you determine how much coverage to get. It’s good to tally up your resources, which include liquid assets and after-tax income. Then figure out your financial obligations with expenses and debt. Subtract liquid assets from financial obligations, and this is your coverage gap. Your coverage gap is how much insurance you should have. 

Contact Richards Insurance Agency in Lincoln, NE to get a quote on life insurance and have your questions answered.