All businesses must carry adequate commercial insurance in case of liability, loss, damage, etc. More and more companies are starting from home, and some remain there even after they’ve become established. What are the rules regarding commercial insurance requirements when operating a business from your home in Houston, TX? Here is a brief explanation that could help. 

Location Doesn’t Matter

Regardless of where your business is located, even if it’s located in your home, you must obtain commercial insurance coverage. This is especially true if you have a company vehicle, but liability coverage is essential even if you don’t. You can never predict when someone might sue your business, and if they’re awarded damages, you’ll need to pay out of pocket without insurance. Paying a lawsuit out of pocket could cause you to end up bankrupt, which is only one example of why commercial insurance is important. Before obtaining quotes for commercial insurance coverage, you need to register your business if you haven’t already and get all your business documents in order. Determine what your business is worth in advance, as this will help you ensure you’re obtaining enough coverage. 

So, if you’re seeking a new insurance provider that provides coverage for Houston, TX, businesses, you should consider us at Modern Risk Management. At Modern Risk Management, we are proud to provide top-notch service to everyone purchasing policies through our agency. We try to keep our rates affordable while offering the absolute best coverage. Call us today so one of our licensed insurance agents can provide you with a quote and get you on your way to being covered.

Your homeowner’s insurance policy is there for you when covered events occur. Whether it’s a lightning strike, a burglary, or a windstorm, your homeowner’s insurance policy is there to help you during the recovery process. This means that shopping for the right home insurance policy is important.

It’s essential to have the right amount of coverage for the right price, and getting a policy from an agency that treats you well is important. At Modern Risk Management in Houston, TX, we help homeowners find the policy that will serve them well when the time comes. Here’s what you need to know. 

Affordable Policy

Find a policy that you can afford by shopping around and comparing policies. When you get a policy from Modern Risk Management in Houston, TX, we work with multiple carriers, meaning we can shop around for you. We’ll help you find the most affordable insurance policy.

One way you can reduce your policy’s cost is by choosing a higher deductible. This is a good option if you can afford to pay the higher deductible when a covered event occurs. 

Excellent Customer Service

Working with an insurance agency that offers good customer service is important. Please make a note when you call the agency of the way they treat their customers. Do they answer the phone right away? Are they able to answer questions quickly and with accuracy? These important details can help you decide if this is the right insurance agency. 

Know What’s Covered and What Isn’t

It’s essential to get the right amount of coverage for your home. The team at Modern Risk Management in Houston, TX can help you determine which policies offer the right amount of coverage for the size and value of your property. Do you need a homeowners insurance policy? Call today to get started. 

When you purchase home insurance for a single-family home, you can choose the level of perils coverage in your policy. In this blog, Modern Risk Management offers a quick guide to perils coverage for Houston, TX homes.

What is a peril?

In insurance, the term peril refers to a damaging event, such as a fire or tornado. A break-in or vandalism also qualifies as a peril.

Perils Covered in Home Insurance

Home insurance consists of four levels of perils coverage for single-family homes – three named peril levels, HO-1, HO-2, and HO-8, plus an all-perils level, HO-3. One form, HO-5, offers all-perils coverage and additional coverage types.

Named peril coverage means that it covers any peril specifically mentioned in the policy. HO-1 policies cover ten perils, while HO-2 policies cover 15 perils. If you want to know that no matter what happens, your policy will cover the damage repair or theft, choose at least the HO-3  form of coverage.

When to Make Your Decision

Each homeowner must choose which level of coverage they want to purchase at the outset of buying an insurance policy. You can amend a policy at a later date, but it won’t apply retroactively. If a peril damaged the home on the 11th of a month, updating the policy on the 12th won’t cover the damage. It will ensure that if the same situation occurs again, the policy will cover the damage on the second event.

Contact Our Offices Today

Call or email Modern Risk Management today to consult an insurance agent about updating your home insurance. Don’t let your Houston, TX home go unprotected or under-protected. Contact us today!

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. 

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. 

One of the biggest accomplishments in an adult’s life is buying a home. It takes years of strategic saving, making sacrifices, and it’s all worth it once you get that new set of keys and walk into your home. 

As a homeowner in Houston, TX, there are so many things to consider. Quality home insurance shouldn’t be one of them. Modern Risk Management is a team of agents that have years of experience in home insurance, and we are ready to help you find the coverage for you. Whether you’re a first-time homeowner or this is your forever home, ensuring it properly shouldn’t be a headache or a reason for stress. 

Why Do I Need Homeowner’s Insurance?

Above all else, homeowner’s insurance can offer peace of mind that nothing else can. If you have a full-coverage plan, you’ll sleep soundly at night knowing that your property and your belongings are safe and cared for, no matter what happens. 

Homeowner’s insurance protects against the following:

• Natural disasters and bad weather 
• If your belongings are damaged or stolen 
• Liability from third parties on your property 

If you own a home in Houston, TX, you need homeowner’s insurance. The risk is too great to live in a home without it. Additionally, if you worked with a lender to secure a loan to buy a home, insurance is likely required as part of the contract with your lender. 

Don’t let another day go by without making sure your home and your personal property are safe and protected. Talk to Modern Risk Management and we’ll get you set up with the coverage you need without breaking the bank. 

When you own a home, it’s vital that you keep home insurance on your home to protect yourself in a number of important ways. Homeownership comes with plenty of responsibilities, and keeping this insurance in place is one of them. If you need home insurance to protect yourself and your family, call us today at Modern Risk Management in Houston, TX.

Your House

One of the major protections that home insurance offers is that it protects your home against damage that can happen to it in a covered incident like a disaster. There are many calamities and accidents that can happen that can result in huge repair bills. It may be that the house has to be totally rebuilt. As long as the cause is covered, your home insurance can pay for all of those repairs or even the complete rebuilding of the house. This saves you from potential financial ruin if something serious does cause damage to your house. 

Your Possessions

Like your house, your possessions represent a sizable investment in your life. If an incident were to happen that destroyed your belongings, your home insurance can pay for you to get them replaced. It’s an important type of coverage that can keep you from having to replace everything from your own pocket. It’s important to have this coverage in case the worst should happen and you need to start over with new things. 

Your Liability

Many homeowners don’t think much about their liability issues, but they certainly exist. If you were to have a third party come to your home, and they had an accident there, there may be huge medical bills that result from the accident. And, you are likely to be liable for them. With this coverage, those bills are paid by the policy. 

Get Home Insurance

If you own a home that isn’t insured yet, call us at Modern Risk Management in Houston, TX.

Insuring your home is a smart way of protecting your costly investment. If your home is vandalized or damaged by a natural disaster, home insurance helps you recuperate your losses. At Modern Risk Management, we offer quality home coverage for homeowners in Houston, TX and surrounding communities. Here’s why you should ensure your abode.

Protection against Disaster Damage

Texas is prone to numerous natural disasters that include tropical storms, tornadoes, and wildfires. If your home or goods are damaged or destroyed in a disaster, home insurance helps cover the cost of repairing or replacing your valuable investments, so you don’t lose all that you own.  

Protection against Theft and Vandalism

Home insurance also protects your goods against theft and vandalism. You can choose between actual cash value or replacement cost coverage. Actual cash value coverage covers the cost of replacing your goods minus depreciation. With replacement cost coverage, your insurer will pay for replacing your goods at current costs.  

Personal Liability Protection

Liability protects you financially against accidents that occur on your Houston, TX property. If a friend is hurt in an accident when visiting your home, liability insurance will pay his medical treatment to save you this expense out of pocket. Liability also pays for accidental damage to a visitor’s property.  

Protection from Lawsuit

If a home accident leads to a lawsuit, your liability coverage will help pay for your legal expenses and settlement, if you lose the lawsuit, up to the limits of your policy.

Peace of Mind

Lastly, home insurance gives you peace of mind that you’re protected against unforeseen events that can deplete your financial assets. You don’t have to worry about financial ruin due to disasters, lawsuits, or other catastrophes.

To learn more about home insurance protection or purchase a home policy, contact the insurance specialists at Modern Risk Management.