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. 

 

When is RV insurance required to have in Houston?

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In the Houston, TX area, local residents will have immediate access to many great amenities all around the city and the rest of the state. If you are interested in touring the state of Texas, or even the entire country, you should consider getting an RV. With an RV, you can have a safe mode of transportation and a comfortable place to relax and sleep. If you get an RV, there are several situations when a full RV insurance policy will be required. 

When Taking Out a Loan

For many people who purchase an RV, making the acquisition will take a big purchase that can be quite expensive. Due to this, it is common to take out a loan. If you do decide to take out a loan when you want to purchase the RV, you will be required to carry RV insurance at all times. This form of coverage will provide valuable coverage that can help to protect your asset and the lender’s collateral. 

When Using RV on Public Road

Another reason that you should get an RV insurance policy is that it is required by law. In Texas, any motorist, including someone driving an RV, will be required by law to carry a full liability RV insurance policy. This insurance helps to ensure that you could pay for damages if you cause an accident. 

As you are looking for an RV insurance policy in the Houston, TX area, you will want to speak with someone experienced and that you can trust. The team at Modern Risk Management could give you the guidance needed to choose a policy. When you call Modern Risk Management, the team can answer all of your questions to ensure you understand your needs and options. 

What is covered by flood insurance

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Every year the news reports floods that cause billions of dollars of damage to people’s homes and lives. Places that have not suffered before or that have had 100-year floods are not even uncommon anymore. According to FEMA, just one inch of water can cause $25,000 in damage. If you don’t have flood coverage, you will need to pay for this damage out of your pocket. At Modern Risk Management in Houston, TX, we are locally owned and operated. We offer multiple carriers to give our customers choices. 

National Flood Insurance Program (NFIP) is managed by the Federal Emergency Management Agency (FEMA), but you can purchase it through about 60 insurance companies. The rates are mandated, so you can rest assured that you will pay the same rate no matter which company you choose. So when you are deciding, pick a company you know offers great service. Anyone living in a participating NFIP community can purchase this insurance. That means it is available to owners and renters.

Two types of flood insurance are available to purchase. They are sold separately, and you can buy one or both. One covers the building, and one covers the content. As you can imagine, both will help you get back to where you were before the flood. 

The building insurance covers the actual structure and the foundation. It also covers

  • electric system
  • plumbing
  • air conditioning
  • furnace
  • water heater
  • kitchen cabinets
  • built-in appliances
  • refrigerator
  • stove
  • built-in bookcases
  • carpet over unfinished floors
  • fuel tank
  • detached garage

The contents insurance covers

  • your clothing
  • personal items
  • electronic
  • furniture
  • small kitchen appliances
  • microwave
  • washer and dryer
  • carpeting over finished floors
  • window air conditioners

Flood insurance can make the difference between losing everything and being able to rebuild your home and your life. At Modern Risk Management in Houston, TX, we want to ensure that you have the coverage you need. Give us a call to make an appointment for a no-obligation quote.

What is the benefit of a Houston renters insurance policy?

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The Houston, TX area is a vast city that offers a lot of benefits to residents. Those that live in this area can enjoy a wide variety of professional opportunities and local amenities. If you are planning on moving to this area of Texas, it is essential to consider all of your housing options. One excellent option to consider is to rent your home. When you rent a property here, you should get a renters insurance policy as it will offer a range of benefits to you.

Covers Liability Risk

One perk that comes with renters insurance is it will help to cover liability risk. Those that rent a home are going to take on some liability risk at all times. If you have a guest that gets hurt when visiting your place, you could be responsible for damages. With renters insurance, you can receive coverage for this risk.

Provides Property Protection

Another advantage of renters insurance is that it can give you property protection. Anyone that rents a home is going to have their personal belongings under the roof. Some of these items can include furniture, electronics, and clothing. If you do not have insurance, you could lose these in a fire or theft. 

As you are looking for a Houston, TX renters insurance policy, you should carefully consider all of your options. Since it can be challenging to determine what type of coverage is right for you, it would be a good idea to work with someone knowledgeable about this type of insurance. For those that are in this area, working with Modern Risk Management could be a great option. The team at Modern Risk Management can help you better understand the insurance benefits and choose a policy. 

Buy Motorcycle Insurance in Houston!

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Nothing feels like freedom quite like taking to the open road on a motorcycle. For motorcycle riders in the Lone Star State, don’t forget to find the perfect coverage to protect you and your bike should an accident occur. Indeed, like auto insurance, having valid motorcycle insurance in place is a requirement for riding on any public roads in the state. If you are casting about for a policy to protect your motorcycle, you should contact the talented team of agents here at Modern Risk Management for all your Houston, TX motorcycle insurance coverage.

Buy Motorcycle Insurance Today

As with any motorized vehicle in Texas, you must show financial responsibility by displaying proof of insurance while riding your motorcycle. A motorcycle insurance policy will protect you and others in the event of an accident that is deemed your fault. 

While minimum coverage legally protects you in the event of an accident, it is important to remember that Texas riders will still be responsible for repairing or replacing your bike. Agents at Modern Risk Management can recommend an array of available options to provide you more coverage. 

Contact Modern Risk Management for the Motorcycle Insurance You Need

Hitting the road to either cross town or cross the country means having the motorcycle insurance you need in case anything terrible happens out on the road. Serving the insurance needs of the greater Houston, TX area, Modern Risk Management has the right policy for the motorcyclist in your home. We understand the unique needs of motorcycle riders in Texas. Contact our friendly and knowledgeable staff for a free, no-obligation quote to ensure you have the motorcycle insurance coverage you need.

When should someone get boat insurance in Texas?

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If you are in the Houston, TX area, owning a boat is a great option. This area of Texas has scorching weather during the summer months, and enjoying the local waterways on your very own boat is one of the best ways to enjoy it. If you do purchase a boat, it is essential that you get the right insurance coverage. There are several reasons why someone here may need to get a full boat insurance policy. 

When Looking to Stay in Insurance Compliance

One situation when someone should get a boat insurance policy is when they want to stay in insurance compliance. For those that are in Texas and own a boat, there are a lot of situations when having full insurance will be necessary. There are many local marinas and waterways that require you to carry insurance, and any boat lender will have requirements that stipulate the type and level of coverage that you need.

When Looking for Asset Protection

Even if you are not obligated by any requirements to carry insurance for your boat, those that want to protect their asset should still do so with an insurance policy. When you take out a boat insurance policy, it is going to give you protection against many situations that could result in a loss, including theft, vandalism, and accident damage. When you get this insurance, it will provide you with the protection that you need.

Those that are looking for boat insurance in Houston, TX should call the team at Modern Risk Management. The insurance team at Modern Risk Management can answer any questions you have about boat insurance. Reach out to our office to learn more about getting started.

What are the advantages of umbrella insurance?

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Most homeowners have peace of mind that their house and belongings are covered under their homeowner’s insurance policy in case of a disaster or if a guest to their home were to have an accident and suffer injuries. There is an additional policy, referred to as umbrella insurance, that homeowners can add to their existing policy that will offer even more protection.

An umbrella insurance policy provides liability protection of your property and even beyond it. For example, if you’re in your yard or the parking lot at the local Walmart store, you may still be protected from a potential lawsuit under your umbrella insurance policy. In the case that someone files a lawsuit against you that goes beyond the amount of your regular coverage, your umbrella insurance coverage will kick in. This means if your friend slips and falls on your property and breaks their leg and has a lengthy hospital stay that costs them $300,000, but your policy on your homeowner’s insurance only allows for $100,000, the umbrella insurance will pick up the balance, so you don’t have to.

In the current climate of today’s lawsuit-happy people, it’s a great idea to have an umbrella policy to give you the extra peace of mind you deserve. Umbrella policies will protect your existing assets and even future earnings if you lose a court case. Some things the umbrella policy can cover include if you are the recipient of a lawsuit for accidents on your rental properties, a false arrest, malicious prosecution, and even slander or libel lawsuits. It will also cover shock or mental anguish due to one of these types of circumstances.

To obtain the best umbrella insurance policy for your home or business, you will need to enlist the help and guidance of a trusted and experienced insurance agent. In Texas, contact the insurance agents at Modern Risk Management, located in Houston, TX.