3 Questions to Ask When Getting Umbrella Insurance

Umbrella insurance can give you an added layer of liability protection on both a personal and professional level. If you’re found liable for a serious accident where damages exceed the limits of your home or business insurance coverage, umbrella insurance will pick up where these other insurance options leave off. Before purchasing umbrella insurance, talk to an agent from Ganley Family Insurance, Brecksville, OH, to get a better idea of what this insurance has to offer. Here are a few questions you can ask to determine if umbrella coverage would benefit you.  

What Liability Coverage Do I Currently Have?

Before extending your liability coverage, review your home, auto and business insurance policies with one of our agents to see how much coverage you currently have. Go over each of your plans and compare your liability coverage with your overall assets. If your assets are greater than your current liability limits, you may want an umbrella policy to protect your investments.

How Much Umbrella Insurance Do I Feasibly Need?  

People vary in the amount of umbrella coverage they need, depending on their assets and risks. Your agent can help you assess your situation and get personalized coverage according to your individual need. If you’re a frequent traveler, have a pool in your home or entertain often, you are at greater risk of accidents in which you could be held liable for damages. You should also review business risks with your agent to ensure you obtain sufficient protection against accidents on your business property.

What Will My Umbrella Policy Cost?

After determining how much umbrella coverage you want, get quotes for policy costs. The cost of your coverage should be well within your budget so as not to put a strain on your finances. For umbrella coverage that protects your interests at affordable costs, contact Ganley Family Insurance, Brecksville, OH.    

When Can You Claim Your Life Insurance?

Life insurance is a cover that everyone needs to take care of their loved ones after they are gone. It sure cannot provide emotional satisfaction, but it comes in handy on keeping them economically stable after the loss. You can take it for yourself or elderly parents. Besides, no one is too young or too old to take a life insurance claim.

That said, when should you claim on life insurance? We at Ganley Family Insurance LLP offers some important hints for those living in Brecksville, OH.

After death

Life insurance benefits are paid after a person dies. Therefore, the claim can only after the person is declared dead, clinically of course. It is, therefore, necessary to have a copy of the death certificate as well as the insurance policy document. Burial insurance covers should be claimed before the burial or soon after.

Unique policy requirement

Some types of insurance policies such as group covers have different claim time frames. The benefits can be available for the first person who dies or when the last person dies. Such details are worth looking into when considering to file a claim on a policy that covered more than one individual, say, spouses.

As soon as possibly possible

Due to some reasons, it might be impossible to file a claim on life insurance. They include divorce, sibling rivalry, loss of the policy document or not knowing that the person had taken a life insurance cover. Fortunately, those who stay in Brecksville, OH can make the claim decades after the death of the insured. Most states also allow unlimited time on when to file the claim.

It is important to safeguard the future of your loved ones by taking life insurance. Contact Ganley Family Insurance for information. We are experienced in family insurance coverage and are willing to help with your questions.

Do I really need to complete a home inventory?

If you own a home in Brecksville, OH, you hopefully are already protecting your property with a homeowners policy through Ganley Family Insurance. Your home is probably your biggest investment, and you need the peace of mind that comes with knowing that if anything were to happen to it, you and your family would be taken care of.

When you purchased your policy, your agent suggested that you should make an inventory of all your possessions. You may not have done so, because like many other people, you don’t realize how important it is to have that inventory when you need it. 

If you ever did experience a burglary or fire, or another kind of incident where your possessions were lost or destroyed, you would need to file a claim with your insurance. You will need to specifically list all of your losses, in order for us to start the process of getting your funds to you.

Any time you experience a loss can be stressful, and it can be especially traumatic when the loss is large. Having the inventory ready will save you the work of making a list then, and it will greatly simplify the process of filing your claim. 

You can find a handy checklist to help you fill out your inventory at www.insurance.ohio.gov. Using an outline can help you make sure you don’t accidentally leave out anything valuable or important. It is also a good idea to save receipts on large purchases, like televisions or appliances, so you know the value. Keep your paperwork somewhere safe.

To protect your home in Brecksville, OH, make the most complete inventory possible. If you need any assistance, please feel free to call Ganley Family Insurance today. We can provide you with various options so you can get the homeowners policy that’s right for you.

Does Umbrella Insurance Cover Flood?

Flooding is a huge issue in some areas and never an issue in others. As a result, a flood is not normally covered by any home policy so you have to take out separate coverage to accommodate it. That being said, not all areas need flood coverage while it is a necessity for others. For those that do have to have flood insurance, flood policies can be pricey and any way to save money is nice. For those in the Brecksville, OH area, the agents with Ganley Family Insurance can answer all your inquiries.

Umbrella insurance is a type of supplementary policy that many people take out in an effort to help cover any extra that they might have that is not already covered by their main policy. These are often less expensive than other policies but may not cover as much. For the most part, umbrella policies, unless expressly stated otherwise, are also not going to cover flood.

If you do live in an area where the flood is common, you may want to take out a specific policy that either states that it covers flood or a flood policy that is not an umbrella policy at all. Flooding can cause thousands of dollars of damage and can even end up sending people out of their homes. As such, if you live in an area where floods are common you want to make sure you are going to have coverage that is going to help you rebuild and recover from any flooding that you have experienced.

For those that live in the Brecksville, OH area, the agents with Ganley Family Insurance can help you to find the perfect policy for your particular needs and for the needs of your area every time no matter what.

2 Ways to Improve Your Umbrella Insurance

When it comes to your umbrella insurance coverage, you want to make sure that you are doing all you can to get the most out of it. There is no sense in paying for insurance if you aren’t taking full advantage of it, right? Fortunately, there are several ways you can go about improving your umbrella coverage. Let’s take a quick look at two of these ways. 

1) Check for coordination

First and foremost, you will want to make sure that your umbrella insurance is coordinating with your other policies. Remember, if the underlying limits of your other policies are not met, then your umbrella coverage will not come into effect. Generally, those who provide umbrella coverage will want to see your other policies have the following minimums:

  • $300k to $500k of liability coverage on homeowners policies
  • $250k/$500k of liability on your auto policies

Most importantly, remember that any changes to your existing policies may mean there need to be changes made to your umbrella policy. With this in mind, never make tweaks to your other policies without considering how they will impact your umbrella coverage. 

2) Look at your personal injury coverage

There is a big difference between bodily injury and personal injury. You need to check your existing coverage and see if it provides protection against libel and slander. From there you can tweak your umbrella coverage to ensure you are covered if you are ever sued for something you may have said (such as on Facebook). 

If you would like to learn more about improving your umbrella insurance, please contact Ganley Family Insurance serving the Brecksville, OH area. 

It’s a New Year: Time to Update Your Home Insurance Inventory

Was 2017 a great year for you and your family? You may have expanded your collection of fine art, purchased some designer clothing for your wife, and upgraded your living room with new furniture and electronics.  If you haven’t updated your Brecksville, OH home insurance policy from Ganley Family Insurance, it all might be lost if a fire destroys your house. With an updated inventory, you will have the opportunity to make sure this year’s wealthy won’t vanish overnight.

Why do I Need an Inventory?

Most home insurance policies provide a maximum amount to pay out for your personal possessions in case of total loss for your home.  However, if you look at your policy, it is quite likely that your high-end entertainment system would end up being replaced by a budget theater-in-a-box as that lump sum only covers the value of items at the time of loss–not what it would cost to purchase them new.

What Kinds of Items are At-Risk?

If you are fond of spending money on unique pieces of art, memorabilia, and designer fashion, each item must have a declared value on your inventory if you really expect to recoup your losses.  High-end electronics, antiques, jewelry, and custom furniture should also be included on the list.  Anything that is sold with a perceived value vs. the common cost for that type of item should be included. 

Full Replacement Value vs. Actual Cash Value

You may wish to stipulate full replacement value on your Brecksville, OH home insurance policy for these valuable pieces.  This ensures that their value at the time of loss is not calculated with depreciation in mind, as collectibles may rise in value over time.

Give your friendly agent at  Ganley Family Insurance a call and discuss how best to protect your most cherished purchases against loss.

Is Umbrella Insurance Worth It?

There’s little doubt that umbrella insurance is worth it for a variety of individuals, but that doesn’t mean that it’s right for everyone. Learn more about who it was designed for, and why you may or may not want to have a policy if you live in Brecksville, OH from your friends at Ganley Family Insurance. 

More to Lose 

Umbrella insurance is available to go above and beyond the current liability limits you have on your auto or home insurance. So if you happen to cause an accident that injures the other party, you won’t have to worry about having to spend all of your savings on their medical bills. While your auto insurance will certainly be able to cover injuries, it may not be able to cover the full extent of those injuries. For example, if the other party you injured suffers a chronic injury that requires constant medical care. 

Liability and Slander 

The other reason why a person in Brecksville, OH may want to get umbrella insurance is that they have a reputation they need to uphold. For example, if someone accuses you of doing something, you’ll need to be able to pay for a lawsuit as well as damage control in the case of slander. Again, you may have some type of policy that can help, but an umbrella insurance policy will go the extra mile when it comes to protecting you.

For more information, call Ganley Family Insurance about whether or not an umbrella insurance is worth it for you. Most people could benefit from at least a low level of coverage. You may be surprised at just how much coverage you can get for just a small investment on your part. Talk to our staff today to get a quote today!

Does Purchasing Life Insurance for a Child Help Them Get Life Insurance as an Adult?

Here at Ganley Family Insurance, serving the greater Brecksville, OH area, one of the questions that we are frequently asked is whether purchasing life insurance for a child can help them get life insurance as an adult. Here is some information you may want to know if you have this question. 

Helps If They End Up With a Health Condition

As an adult, it can be challenging to get life insurance if you have certain health conditions. This can include anything from diabetes to cancer to auto immune system disorders. If you have a condition and are looking to take out a life insurance policy, these are pre-existing conditions. An insurer can decline a policy because of them or can ask for high premium amounts. If your child is currently young and healthy, taking out a life insurance policy is beneficial as any conditions that arise now would not be pre-existing. They can keep the policy, regardless of conditions that arise. 

Helps to Keep Premiums Lower

The other benefit to getting a life insurance policy for a child is that it helps to keep premiums lower. This is true if a health conditions arises, but also true even if no conditions arise. Life insurance costs increase due to inflation. Locking in a low rate for your child when they are young can help ensure that they can afford the coverage when they reach adulthood. 

If you are looking to purchase life insurance for a child or for an adult in the greater Brecksville, OH area, turn to Ganley Family Insurance. We can help find the right life insurance policy for you needs. Call us now to obtain a free quote for life insurance. 

What You Should Know About Taking Out a Life Insurance Policy on the Elderly

If you have an elderly family member who does not have a lot of money and does not currently have a life insurance policy in place, you may be looking to take out a policy on them. This can help to pay for their funeral and final expenses when they do pass away. However, one of the questions that we at Ganley Family Insurance in Brecksville, OH are often asked is whether you can take out life insurance on an elderly person and what you should expect when doing so. Here is some information you will want to know if you are in this situation. 

The Premiums Will Likely Be High

As long as you have your elderly loved one’s authorization, you can take out a life insurance policy on them. However, due to their age and possible health, you should expect to pay high premiums. This is normal the closer in age you get to the average life expectancy rate. The younger and healthier you are, the lower your premiums will be. The older and less healthy you become, the more the premiums will cost. 

You May Have Limited Amounts of Insurance Available

In addition to paying higher premiums for life insurance, you can expect to be eligible for lower policy or coverage amounts when insuring an older or elderly loved one. It is very rare that you can take out a high dollar policy on an elderly individual, so be realistic in your expectations for what the limits may be. 

If you are looking to take out a life insurance policy on an elderly family member, contact Ganley Family Insurance in Brecksville, OH today. We can help you find the best insurance plan to help cover the costs of your loved ones final expenses when they pass away. Call us today for a free quote. 

What to Expect When Filing a Home Insurance Claim for Theft

At Ganley Family Insurance, serving the greater Brecksville, OH area, we never want to see our customers affected by theft. Unfortunately, it is a scenario that plays out frequently. If your home was burglarized, you may be looking to file a home insurance claim for theft. Here is what you can expect as you go about filing this claim. 

Filling Out and Obtaining a Police Report

After a theft has occurred at your home, the first thing you will want to do is file and obtain a police report. When you go to file an insurance claim, you will either need to submit the report number or a copy of the report with your claim. If you do not report the theft to police, it is likely your home insurance claim will be denied. 

Filing a Claim

After you have a police report, you will need to file a homeowners insurance claim. You will need to have your name and your policy number with you when you file. Depending on your insurance company, this process may be done in person, over the phone or via the Internet. Be prepared to provide as much detail as you know, such as when the theft occurred and what items are missing. 

Waiting for Payment

After a home insurance claim has been filed, you will have to wait for payment. Most insurance companies have a waiting period for theft that is usually 14 to 30 days. This allows the police time to possibly find and recover your belongings. Once the waiting period is up, a check will be cut for fair market value of your items, less any deductible that you have. 

Having the right home insurance coverages in place can help to protect the value of your belongings in case of theft. If you are unsure if you have the right policy limits or need to change your policy, contact Ganley Family Insurance, serving the greater Brecksville, OH area. We can look over your policy or write up a new one, to ensure you are fully covered in case the unthinkable happens. Call us now to get started.