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Recover Quicker from Flood Disasters with Flood Insurance

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Houston, TX is no stranger to flood disasters. Hundreds, if not thousands, of homeowners have been victims of flooding within the last few years. By purchasing flood insurance, you can protect yourself against flood risks. Modern Risk Management offers flood insurance protection to homeowners in Houston and surrounding areas.

Importance of Flood Coverage

Home insurance protects you from a variety of disasters. This includes water damage that may occur due to a broken pipe or other plumbing problem in your home. Flood damage caused by outside water sources, however, such as rising rivers and lakes, melting snow, or ocean surges, is NOT covered by your home insurance policy. That kind of protection comes from flood insurance.

Flooding can occur almost anywhere, even if you don’t reside in a “flood zone.” And there’s no telling how much damage a flood can cause. It doesn’t take much water to ruin the foundation or interior of a home. Without flood coverage, you’ll bear the brunt of paying for flood damages. You could suffer financial ruin if you don’t have the monetary resources to do so.

Recover Quicker from Flood Disasters

Flood insurance offers both dwelling and contents coverage to protect your home and belongings. You can purchase dwelling coverage up to $250,000. You can protect your goods for up to $100,000. Flood insurance provides financial support to help you recuperate your losses after a flood disaster. This support can help you recover quicker from flood damage to move on. Flood insurance can’t prevent floods, but it can help save you from substantial financial loss. 

To learn more about flood insurance coverage in Houston, TX, or to purchase a flood policy, contact your Modern Risk Management agent today!    

Warm Weather is Here: Getting the Right Motorcycle Insurance

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Warm weather is great for many activities, and if you ride a motorcycle in the Houston, TX area you want to ensure you have the right insurance coverage to protect you. At Modern Risk Management, we can help you get the quality coverage you can rely on with motorcycle insurance options you feel good about. Here’s what to consider to get the best policy for your needs.

When you choose a motorcycle policy, you want to be sure you’re protecting what matters most. That includes your bike, but it also includes you and the people you love and support. While there are minimum coverage limits your policy will have to meet, you may want to get additional coverage to add to your protection and peace of mind if you’re involved in an accident.

Also, consider the specific insurer you’re choosing. They might all be similar, but they definitely aren’t all the same. In other words, they may have different ratings, offerings, and other details, even though they all provide motorcycle coverage. Not only do you want to get good value from your insurer, but you also want to know they’ll handle things properly if you ever need them.

When you’re ready to get the right motorcycle insurance for your needs, it’s a good idea to work with a trusted agent who can review your options properly. If you’re in the Houston, TX area, contact us today at Modern Risk Management and let us work with you to find the best insurance for your specific situation. We’re here to help you feel secure and protected on the road, so you can enjoy your motorcycle during the warm weather and have less to worry about in the future.

Tips to prepare your boat for a storm

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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

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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

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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

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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?

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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?

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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?

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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?

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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.