Insurance For The Hurricane Season

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If you live on the Gulf coast, then windstorms and hail are excluded as perils from standard homeowners insurance policies. There are three facets that Modern Risk Management serving Houston, TX, would like you to consider when it comes to hurricane season.

Causes of Damage

A hurricane is a force of nature and can cause damage in a few different ways. They may cause flooding and wind-driven water damage, and there is the possibility of hail. If your standard home insurance policy excludes any of these, you need to purchase additional windstorm and hail insurance and flood insurance.

What is TWIA?

TWIA stands for Texas Wind Insurance Association, and if you live in Harris County on Galveston Bay, you can possibly purchase insurance from them through private insurers. Some requirements need to be met before you can buy insurance from them. You should already have a flood insurance policy in place, and you may be subject to an inspection by a windstorm inspector.

Combination and Preparation!

Living in Houston, TX requires a combined approach to insuring your home and its contents adequately. If possible, you need to combine home insurance, flood insurance, and windstorm and hail insurance. You need to review the covered perils in each policy to make sure you are correctly insured.

Once a hurricane has entered the Gulf, it is too late to get insurance. Hurricane season is from July to November each year, and many homes and assets are at risk. Keep a detailed inventory list and your insurance cards safely, and make sure they are readily available if you have to evacuate quickly.

Speak to Modern Risk Management today and assess your risk when it comes to your home! Don’t be blown out of your home without financial protection.

Types of life insurance and how they work

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What type of life insurance should you buy? This is a common question among many people looking to buy a policy in Houston, TX. The answer is always straightforward–you choose life insurance based on your needs and what you want to gain in the end. We have two major types of life insurance: term and whole life insurance. To help you understand which type best fits your needs, Modern Risk Management will discuss everything about the two types. 

Term Life Insurance

Term life insurance is a simple type of life insurance that provides coverage for a specific length of time, like 10 to 30 years. Term life insurance is simple and most often referred to as ‘pure’ life insurance as it does not have cash value. It is simply designed to pay your beneficiaries a payout if you die during the term.

Most term insurance policies have standard premiums, which means you pay the same amount every month. When the term expires, you either go without insurance or get a new one. However, some companies offer discounts when this happens, so you can renew the older coverage or get a new policy at discounted rates.

Some Houston, TX companies may also request you to convert your term life insurance to a permanent one, which may come at a higher cost. 

Whole Life Insurance

Permanent or whole life insurance pays death benefits when you die. It doesn’t matter how long you live. This type of life insurance comes in three different types; universal life insurance, variable universal life insurance, and traditional whole life insurance.

Whole life insurance has a cash value that grows over time, making it look more like an investment plan. Every month, a specific portion of your premium will go into the policy’s cash value, which often offers a guaranteed rate of return.

Don’t buy life insurance blindly. Learn how each type works and buy what works for you. For more information about life insurance policy types, feel free to contact Modern Risk Management today.

Do Weekend Fishers Need Boat Insurance?

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Going out on a boat for the weekend is often a fun experience for many people, especially those who like fishing. But do these people need boat insurance to protect themselves? Even if they rarely or rarely use their boat? We at Modern Risk Management say that your Houston, TX boat likely needs insurance even if you very rarely go out on the water or only do so on the weekend.

Why You Probably Need Insurance 

Even if you don’t go out fishing all that often on your boat (just a few times every summer when the fish are jumping), you should probably still think about getting boat insurance. Why? This policy is critically important and helps protect you when you need it the most. 

You never know what can happen when you’re on a boat fishing, even if it’s a minor accident that causes your boat to go on shore a little. The scrapes along the bottom of the ship could be intense and could lead to severe issues with your craft that requires intensive repairs that insurance helps repair.

As you can see, the benefits of getting an insurance policy far outweigh the negatives, and you should seriously consider getting one to take care of your watercraft. Doing so will help to give you the long-term protection necessary for your boating experience, even if you only go out on your boat occasionally.

Finding a Policy You Will Like 

If you like going fishing on the weekends and want to keep your boat fully insured and protected, it is good to contact us at Modern Risk Management to learn more. We serve the Houston, TX, area and can provide a myriad of different options. Talk to us to learn more about what we have to offer.

How Does Motorcycle Insurance Work?

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If you have a motorcycle, it’s essential that you have a good motorcycle policy on it. If your motorcycle is not yet insured, give us a call right away at Modern Risk Management in Houston, TX to find out more. 

Is Motorcycle Insurance Like Car Insurance?

Motorcycle insurance has many similarities to car insurance, but it also has many differences. One difference is the passengers in a car. A motorcyclist will have passengers far fewer times than a car. Car insurance policies often have protection for passengers, while a motorcycle policy may not. Often, there is a different coverage type that can be purchased for passengers of motorcycles.

Another difference in these policy types is the risk of injuries. Statistically, it is far more likely for you to be injured on a motorcycle than in a car. It is actually 28 times more likely to have a fatality on a motorcycle than in a car when a mile-to-mile comparison is made. For this reason, the injury portion of a motorcycle policy is generally more expensive than it is with a car. 

Damage to the Bike

Damage to a motorcycle is common, so it’s smart to have a motorcycle policy that includes damage to the bike. With this coverage type, you can get your bike repaired or replaced if it is damaged or destroyed by a number of different circumstances. 

Liability

If you were to cause an accident or strike a person or object, you would likely be held liable for the damage and injuries. The liability portion of your motorcycle policy would cover these bills up to the policy’s stated maximum. 

Get Motorcycle Insurance Coverage

If you ride a motorcycle, you have to have an insurance policy to cover it. Contact us at Modern Risk Management in Houston, TX to talk to an agent. 

Add to Your Liability Coverage With Umbrella Insurance

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Liability coverage is one of the most important types of coverage that you can get. If you don’t have an umbrella insurance policy, you may not have enough liability protection for a serious accident. If you’re interested in umbrella insurance, contact us at Modern Risk Management in Houston, TX. to find out more. 

Why Is Liability Insurance So Important?

Liability insurance protects you from having to pay out of pocket for property damage or injuries that happen because of accidents in your vehicle or home. When an accident is caused in your home, the homeowner is usually considered at fault for the accident. This means that you will have to pay the subsequent medical bills or pay for the damage to property from an accident, and it comes out of your own pocket. Liability insurance will pay for those bills so that you don’t get sued for them. With an umbrella policy, you get much more liability coverage than you would with your home and auto insurance policies. 

Adding Umbrella Coverage

Your home and auto insurance policies each have a small amount of coverage for liability, but it is generally not enough. If a serious accident were to happen, you would have to pay the amount over and above the maximum of your liability coverage. That’s where umbrella policies come in. They add more liability protection over your existing home and auto insurance policies so that the maximum is much higher. Then, this insurance coverage will be enough for a serious accident so that you don’t have to come up with the money. 

Get Umbrella Protection

Umbrella insurance boosts the liability coverage you have in your existing home and auto insurance policies. To find out more, call us today at Modern Risk Management in Houston, TX.

 

What type of life insurance is right for me?

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Having a proper personal insurance plan in place is important for anyone. An important form of coverage that people all over the Houston, TX area should consider is life insurance. As life insurance can provide financial support for your dependents, you will want to ensure that you pick the best plan for your situation. It is important to understand the differences between whole and term life insurance to determine which form of coverage is ideal for your situation.

Whole Life Insurance

A whole life insurance plan is a good option for many people as it combines standard life insurance coverage while also providing investment benefits. While the life insurance premium payments will be higher, some money you spend will accrue with interest in an account in your home. This makes it a good investment addition to your personal financial plan as well.

Term Life Insurance

Another common form of coverage is term life insurance. Anyone who chooses to get a term life insurance plan will enjoy the lower premium payments and the flexibility you have when building a plan. With a term life insurance plan, you can build it based on your needs regarding coverage amount and policy length. This can help ensure you can provide the financial support that your dependents will need.

A Houston, TX resident should spend the right time assessing their life insurance needs. If you are going to shop for a new life insurance plan here, you should call Modern Risk Management. There are a lot of factors to consider when you are choosing a new life insurance policy. The team with Modern Risk Management excels at helping people understand their needs and options while building an appropriate policy. 

An Intro to Health Insurance

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If your employer does not provide health coverage, you must legally purchase your own. Modern Risk Management serving Houston, TX can help you find the appropriate health coverage if you do not qualify for government-provided benefits.

Health insurance, also called medical coverage, pays for a portion of the healthcare services you access. This can include emergency room visits, hospital stays, doctors’ visits, physical therapy, etc. Healthcare creates one of the largest unexpected expenses, and it can help cover these emergencies and pay for anticipated costs like annual exams. In exchange for this coverage, you pay monthly premiums.

Some types of expenses require you to pay a deductible. This out-of-pocket cost you must pay before the health insurance kicks in. Other items, such as annual exams, require a co-pay. This small payment usually costs less than $50 and often falls below $20.

A variety of insurance types provide different levels of coverage. Besides the government-provided Medicare/Medicaid, you will find four types of network health plans:

  • Exclusive Provider Organization (EPO),
  • Health Maintenance Organization (HMO),
  • Point of Service Plan (POS),
  • Preferred Provider Organization (PPO).

Some of these plan types let you choose your own doctor within the plan or outside it. Others mandate that you must choose a doctor within those in the plan. Plans also vary on whether you can see a specialist without a referral. Finding the right health plan takes time and effort.

Let Modern Risk Management serving Houston, TX, and its surrounding areas help you determine which plan type works best for you. We can help you assess your healthcare needs and choose a plan that provides both the needed coverage and reasonable premiums.

What are the benefits of a Houston commercial insurance plan?

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In the Houston, TX area, many potential advantages come with owning a small business. If you are going to start a company, there are many opportunities, but there are also business risks. A way that you can offset some of these common risks is by getting a commercial insurance policy. There continues to be a variety of benefits that come when you get a commercial insurance policy.

Insurance Protects Assets

Most business owners should get a commercial insurance plan because it can help protect all of their business assets. Business owners that want to grow will need to invest in assets for their company. These assets can range from simple office equipment all the way up to heavy machinery. No matter what assets you own, it would be best if you protected them with a commercial insurance plan.

Insurance Gives Liability Coverage

A commercial insurance plan will also give you protection to mitigate the risk of being named in a liability insurance claim. Liability risk is a real concern for all businesses. As liability claims are unpredictable, having a proper insurance plan in place will be helpful. With this insurance coverage, you will get the financial support you need if your business is determined to be liable for an accident that results in damages. 

If you are looking to purchase a commercial insurance plan in the Houston, TX area, it would be wise for you to call Modern Risk Management. The insurance professionals that work with Modern Risk Management can help you assess all of your insurance needs and options. We can help you determine what risks your business has and find an insurance solution that will mitigate them as much as possible. 

5 Reasons to Purchase Home Insurance

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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. 

Why do I need recreational insurance

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Most people have no idea what recreational insurance is. If you are someone who owns a camper or off-road vehicles, you probably aren’t quite sure the best way to insure them. You can insurance them on your home insurance, or auto insurance, neither of these is ideal. At Modern Risk Management in Houston, TX, we would love to sit down with you to discuss the best way to protect yourself and your property. 

The insurance you need for a vehicle that is not on the road is different from one that will be using the state roads and highways. Before you hit the road with your recreational vehicle, you need to have insurance on it. The laws in Texas are very explicit. You need to have the basic amount of liability insurance required by drivers of all types of vehicles. If you have a loan on your recreational vehicle, your lender may have insurance requirements as well. 

It would help if you had recreational insurance to protect yourself and to protect your investment. A recreational vehicle, whether it is a camper or an ATV, is not inexpensive. If you have an accident, repairing or replacing your vehicle is something you will want to do. The difference between recreational and regular auto insurance is that you can add much better protection for your contents, which with your camper can be quite extensive. 

In the offseason, if you are parking your camper for the winter or if it isn’t on the road during the summer but parked in a campground where you visit it like a second home. It can be insured for that. There is plenty of flexibility with recreational insurance that you may not have with typical auto or home coverage. 

Contact Modern Risk Management in Houston, TX to discuss recreational insurance and how it can benefit you.