Tips to prepare your boat for a storm

When a storm is brewing here in the Houston, TX area, it’s essential to ensure that your boat is adequately prepared to weather the storm safely. Here are some tips from us at Modern Risk Management to help you get ready: 

  1. Check the forecast before the storm arrives. Knowing what to expect will help you prepare for the worst. 
  2. Secure all loose items on your boat by tying them down or storing them away in secure containers. This will prevent them from damaging your boat or other property during turbulent waters. 
  3. Inspect your vessel for any signs of damage and repair anything that needs attention before the storm hits. 
  4. Check your emergency supplies, such as life jackets, flares, and first aid kits, to ensure they’re up-to-date and ready for use if needed. 
  5. If possible, take your boat to a safe location away from high seas and strong winds before the storm arrives. This will help protect it from any potential damage. 
  6. If you’re unable to move your boat, ensure it’s securely anchored in a sheltered area and tie off all lines to prevent them from chafing or snapping in high winds. 
  7. Pay close attention to changing conditions and warning alerts issued by the National Weather Service. This will help you make an informed decision about when to return to your vessel and assess any potential damage after the storm has passed. 

By following these tips, you can be sure you’ll be prepared when a storm comes knocking at your door! For more tips, call us at Modern Risk Management today. We are proud to serve the Houston, TX area. 

Protect Your Assets with Umbrella Isurance in Texas

What is Umbrella Insurance?

Many of your Houston, TX neighbors are taking advantage of adding umbrella insurance coverage to their insurance policies.

If you’ve never heard of umbrella insurance, it is a form of liability insurance that extends the coverage of existing home and auto insurance policies. This "add-on" insurance can help you protect your assets from unexpected financial losses. Houston area homeowners with active insurance policies can add on extended coverages to pay when their current policies end. 

The insurance experts at Modern Risk Management in Houston, TX can explain the benefits and coverage of umbrella insurance policies in Texas. 

Why Texas Homeowners Should Have Umbrella Insurance to Protect Their Assets

Texas is no stranger to inclement weather, including severe thunderstorms and coastal hurricanes that cause millions of dollars in damage because of flooding each year. 

Umbrella insurance can help protect Texas families from financial losses related to natural disasters, car accidents, personal injury lawsuits, and other monetary damages that threaten your bank account. 

Texas umbrella insurance policyholders have peace of mind in knowing that they have additional insurance coverage to extend the limits of their current policies.

This add-on insurance can cover personal liability claims, property damage, and personal injury claims. In addition, umbrella insurance can help you and other covered policyholders cover legal fees, court costs, and other unexpected expenses related to a legal lawsuit filed against you.  

Get Umbrella Insurance in Texas

Don’t wait until an accident or natural disaster happens and threatens your savings. Instead, get an umbrella insurance quote from the experts at Modern Risk Management in Houston, TX.

Our knowledgeable insurance partners can help you and your family choose the best umbrella insurance plan to meet your needs. 

Four Things You Should Know About Life Insurance

Modern Risk Management. in Houston, TX, offers insurance solutions to protect you from life’s unpredictability. We understand the importance of the right coverage, including having the right life insurance policy. 

1. Your Beneficiary Won’t Have to Pay Taxes on Death Benefit 

In most cases, your beneficiary won’t have to pay taxes when they receive the death benefit. This can help your family maintain financial security if you pass away. 

2. Many People Don’t Have Enough Coverage 

Most people in the U.S., 60%, have some life insurance. However, 25% of those with insurance believe they need more coverage than their current policy provides. 

Many people only have a policy through their employer. However, the standard employer policy provides $100,000 in coverage, which is far less than most people need. 

3. Life Insurance Can Be Confusing 

83% of those who don’t have a life insurance policy say that they would consider purchasing one if it was easier to understand. Confusion can occur because there are different types of life insurance policies. Different policies also have different requirements and coverage amounts, which can also be confusing. 

However, buying life insurance doesn’t have to be complicated. Working with the right insurance company can clear up the confusion, allowing you to choose the policy that meets your needs. 

4. There are Two Basic Types of Insurance 

The two basic types of insurance are whole life and term life. Whole-life policies are designed to last for your entire lifetime. They typically have fixed premiums and a fixed death benefit. They also provide cash value. 

Term life insurance is held for a specific term, typically 15 to 20 years. It doesn’t have a cash value. 

Life Insurance with Modern Risk Management 

If you need life insurance in Houston, TX, or want to update your current policy, contact us at Modern Risk Management. Our trained agents are here to help you select the right insurance coverage for your needs. 

Health Insurance Coverage Saves Money in the Long Run

When it comes to Houston, TX residents and their health insurance, the old saying stands true: An ounce of prevention is worth a pound of cure. Having health insurance coverage can save you a lot of money in the long run. Although it may be tempting to forgo health insurance coverage due to the cost, you should consider the potential savings that come with having health insurance. If an unexpected medical emergency or illness occurs, you may find yourself with a hefty medical bill that could have been avoided if you had health insurance coverage.

The Benefits of Health Insurance

Several benefits come with health insurance coverage. Modern Risk Management has been helping Houston, TX area citizens find the right health insurance coverage for decades. Some of the greatest benefits of making this investment we’ve seen include:

  • Access to quality medical care. Having health insurance coverage means that you have access to the best providers and treatments for your medical needs.
  • Avoiding financial hardship due to medical emergency bills. With health insurance coverage, you will not face the financial burden of a large medical bill if an unexpected health issue arises.
  • Savings on medical costs. Even if you don’t experience a major illness or emergency, having health insurance coverage can help you save money on routine doctor visits and preventive care.
  • Peace of mind, knowing that if an unexpected medical emergency does occur, you will not be facing a huge financial burden.

Making the Investment in Health Insurance Coverage

When your employer does not cover you, knowing where to turn for health insurance coverage can be hard. We at Modern Risk Management focus on providing the protection you need while also saving you money in the long run. Our expert team can help you find the right coverage for your budget and offer guidance on making the most of it.

We know that investing in health insurance can be daunting, but it’s important to remember that when you do, you’re investing in your future. 

Do Individuals Who Work From Home Need Commercial Insurance Products?

More and more people are starting side hustles or their own businesses from their own homes. One of the questions that we at Modern Risk Management, serving the greater Houston, TX area, are often asked is whether individuals who work from home need commercial insurance products or whether their home insurance policy will cover their business items stored in their homes. 

Does Home Insurance Cover Business Items That Are Stored or Kept in Your Home? 

Home insurance will not typically cover items that are used as part of a business, even if those items are stored and kept in your home. For example, if you are a voice artist and you have a soundproof room in your home with microphones and other equipment, those items will not be covered by your home insurance policy if there is a fire or a flood. 

Do Individuals Who Work From Home Need Commercial Insurance Products?

Individuals who work from home or operate a business out of their homes likely need commercial insurance products to help protect the value of the business items that are stored in their homes. Commercial insurance can also protect individuals from lawsuits in case there is something wrong with the product, and a consumer is hurt, something home insurance will not cover. 

Give Us A Call

If you own your own business, even if it is a business that you operate out of your own home, you likely can benefit from commercial insurance products, as your home insurance policy will not cover your business items in the home. If you are looking for commercial insurance in the greater Houston, TX area, reach out to Modern Risk Management today to learn more or find out which commercial insurance products are most beneficial to you and your business. 

Should all property owners in Houston have home insurance?

In the Houston, TX area, it has continued to be a good idea to own a home. Those that have owned property here have likely enjoyed the recent value appreciation in the area as well as having a consistent place to call home. If you are looking to buy a property here, you do need to get the right insurance as well.

There are various reasons to obtain a proper home insurance plan:

Comply with Insurance Requirements

An important reason for anyone to get a home insurance policy when here is to get a plan that meets their requirements. When you are purchasing a home here, there is a good chance that you will take out a mortgage. You also may live within a larger home association. In both situations, you will sign documents that obligate you to carry home insurance at all times. 

Financial Support

It is also a good idea to get home insurance to receive financial support. If you invest in a home insurance plan, you will get coverage for your dwelling and receive liability risk protection. Without this coverage, you will have to cover any repair needs that could arise if your home is damaged or you are responsible for an accident that results in losses for another party, which can be significant in some cases. 

Give Us A Call

In the Houston, TX area, owning a home and having the proper insurance for it has been a good investment in recent years. When you are looking for this coverage, it would be a good idea to call the team with Modern Risk Management. The professionals at Modern Risk Management know the importance and value of this coverage. We can help provide you with any support you need to create a plan and remain covered. 

What is Replacement Cost Versus Actual Cash Value?

Your home insurance policy will determine whether personal property claims are reimbursed based on their actual cash value or at replacement cost, and damages to the structure of your home are typically assessed according to its replacement cost. It’s important to ask your Modern Risk Management representative for more specific information on what coverage would be included in your terms of service. 

What is Replacement Cost Versus Actual Cash Value?

Homeowners insurance is not a legal requirement for Houston, TX residents, but most lenders will compel you to purchase indemnification when you have an outstanding loan on your house. 

When calculating the actual cash value, an insurance company typically subtracts the years of wear and tear from the original value of an item that was damaged or destroyed. If the claim is approved, this is the amount you will receive after your deductible is met. All payments must also fall within the limits of your policy. Actual cash value is sometimes also referred to as depreciated cash value. 

Replacement value only takes into account what it would cost to provide you with a comparable item. It doesn’t consider the wear and tear to your possession, and it also gives you the benefits of operating according to today’s prices. The years you owned the item are not held against you. 

Premiums will often be lower if you choose to insure for actual cash value rather than replacement value, and it’s good to do inventory and weigh your options. Consider how old your most valuable belongings are and how much it would cost to replace them at the rates in the current market. 

Modern Risk Management is Here to Help

Let us meet all your insurance needs by reaching out online, calling, or stopping at the office. We serve those residing in the Houston, TX area and look forward to working with you. 

I don’t live in a flood zone. Should I still consider flood insurance?

It’s common sense that flood insurance is an obvious necessity if you live in a flood zone. In fact, many mortgage companies require homeowners to carry flood insurance if they live in a flood zone. This is primarily because homeowners insurance doesn’t cover flooding.

However, flood insurance may also be a worthwhile investment for those that don’t live in a flood zone. Modern Risk Management is here to educate Houston, TX residents on the benefits of flood insurance.

What is Flood Insurance and Why do I Need it?

Flood insurance is designed to cover any damage to your home, the structures on your property, and your personal belongings, as a result of flooding. Homeowner’s insurance doesn’t cover flood damage. This is why investing in flood insurance is practical, especially if you live in a flood zone. 

I don’t live in a Flood Zone. Should I Still Consider Flood Insurance?

Flood insurance is a wise investment even if you don’t live in a flood zone. Many people would be ill-prepared to cover the damage caused by an unexpected flood. In fact, many flood claims come from people who live in areas that aren’t considered flood zones. Some would say, "better safe than sorry." It’s best to have the coverage, even if you don’t live in an area prone to flooding.

Also, flood insurance can be affordable. People who choose to rely on federal help in the event of a flood may receive limited funds to take care of flood damage. The damage caused by floods can be costly and expensive to repair. Flood insurance provides a safety net to get the repairs you need if your home or belongings are damaged by flooding.

We Are Here To Help

If you have questions about flood insurance, we can help. Call us at Modern Risk Management in Houston, TX. We’re standing by.

Don’t Let Your Business Remain Unprotected – Commercial Insurance is the Answer

Are you a business owner? Do you have the proper insurance coverage to protect your livelihood? Modern Risk Management helps business owners in and around the Houston, TX area protect their businesses with commercial insurance.

Why Commercial Insurance?

Businesses need this coverage because it helps cover the expenses associated with liability claims. It protects business assets, property, and income, and provides a financial safety cushion. In the event something unfortunate happens to your business, you could be faced with property damages, demands for medical compensation, business interruption, lawsuits, or all of these things.

Commercial insurance coverage protects your business property against damages or loss caused by specified perils as outlined in your policy, such as fire, windstorms, explosions, and theft.

It is important to note that a general liability insurance policy will not help a business with commercial auto accidents caused by you or your employees while driving for work. A commercial auto insurance policy is required to cover the cost of damages.

Without commercial insurance coverage, business owners are required to pay for legal claims and costly damages against their company out of pocket.

Commercial or business insurance is usually a contract for one year that agrees to handle the business liabilities for a set amount of money determined at the beginning of the policy term. This amount is set by the amount of property you own or the liabilities you are exposed to.

Oftentimes, the terms “commercial insurance” and “business insurance” are confused. They are actually the same thing, and the terms can be used interchangeably.

Commercial insurance or business insurance saves you time, money, and stress. Your business is protected from damage, and it provides benefits for your employees.

Get The Right Coverage Today

If you are a business owner in Houston TX, contact Modern Risk Management to obtain a quote or answer any questions you may have. You will be glad you did.

What Are The Benefits Of Life Insurance?

Many people view life insurance as a necessary evil. It is something that you know you should have, but it is often put off because it is seen as an unnecessary expense. The truth is, that life insurance is one of the most important investments you can make. Modern Risk Management in Houston, TX will help you understand the top benefits of life insurance.

Life Insurance Benefits

1. Financial Security For Your Family In The Event Of Your Death

No one knows when their time will come, which is why it is so important to have life insurance in place in case something happens to you. If you are the breadwinner of your family, your death would leave them in a difficult financial situation. A life insurance policy ensures that your family will be taken care of financially if something happens to you. 

2. Life Insurance Can Be Used As A Tool For Financial Planning

Most people think of life insurance as something that only pays out after your death, but that is not always the case. There are some policies that allow you to cash out your policy or take out a loan against it if you need the money while you are still alive. This can be a good way to access funds for things like starting a business, funding your child’s education, or paying off debt. 

3. Life Insurance Can Help Pay For Final Expenses

After you pass away, your loved ones will need to cover final expenses like a funeral and any unpaid medical bills. If you have life insurance, these costs will be covered by your policy so that your loved ones are not left with this burden on top of everything else they are dealing with. 

Contact Us Today

Life insurance is one of the most important investments you can make for yourself and your family. It’s a way to feel more secure about your loved ones. It may be used as a financial planning tool, and it can also help you stay on track financially if something were to happen to you. If you don’t already have a life insurance policy, now is the time to get one. Contact Modern Risk Management in Houston, TX for your insurance needs.