Is Boat Insurance Required?

Owning a boat is a great way to get outside and enjoy the great outdoors. Whether you are a pontoon fan or want a bit more horsepower propelling you through the water, nearly every kind of boat is fun in the sun. However, you may want to protect your vehicle investment with boat insurance. Knowing regulations and whether boat insurance is required is a must for you as a boat owner. At Oliver Insurance, we are here to help you determine whether you need boat insurance in and around Canby, OR or not. 

Is Boat Insurance Required?

The short answer to this is no, boat insurance is not required by law in the state of Oregon. It is recommended, but you don’t need to have it. You do need to have a title for the boat and register it with the state, which is similar to what you’d need with a vehicle, but unlike owning a car, boat insurance is not mandatory. 

Why You Need Boat Insurance

While not required, boat insurance is recommended as it protects your boat both in the water and out. You might not consider too many potential problems while in the water with your boat, but what happens if you are in an accident driving to the lake? Car insurance does not cover damage to your boat. Only boat insurance is able to provide this kind of coverage. So keep this in mind. 

Protecting your boat investment is important. No matter the kind of boat you own, whether you plan on staying around Canby, OR or you want to go somewhere completely different with the boat, it is always recommended to safeguard your purchase with boat insurance. Wherever you decide to go, we at Oliver Insurance want to keep you protected. 

Protecting Your Personal Assets With Umbrella Insurance

Perhaps you’ve heard umbrella policies discussed in a business setting, but these catch-all policies provide great protection for individuals, too.  An umbrella policy protects you in the case of litigation. Umbrella insurance covers liability or damage exceeding the coverage of standard homeowners, auto, boat, or other insurance policy. It protects your non-business activities worldwide. An umbrella policy protects you and your assets should you be found at fault for an accident. It carries minimal annual premiums for priceless peace of mind.

Umbrella Benefits

If you are sued, an umbrella policy kicks in after you exhaust your standard homeowner’s, renter’s, condo or car insurance’s liability coverage. It pays any judgement made against you and your attorney fees. It also covers you for things like libel and slander. You can add covered items to a policy such as having the policy pay you if your court appearances result in lost wages. An umbrella policy can protect your dependent children when they are found at fault in a car or boat accident.

Costs

Of course, premiums vary by coverage and insurer, but you can generally expect to pay between $150 to $300 annually for a $1 million policy. You’ll pay between $50 to $75 for additional coverage per million dollars. You’ll also need to purchase a specific level of liability coverage for your boat or auto before the insurer will issue an umbrella policy. This varies by insurer.

Come by Oliver Insurance of Canby, OR to review your liability insurance needs. We can help you determine if you need additional coverage on a liability policy or the additional protection of an umbrella insurance policy. Either way, Oliver Insurance has got you covered.

Can You Name A Sibling as Beneficiary

When it comes to life insurance there are tons of elements that you need to work out. One such consideration is who you are going to name as the beneficiary of the policy. For those that live in the Canby, OR area, the agents with Oliver Insurance can help you make the decision.

For starters, it is helpful to know just what a beneficiary is. A beneficiary is the person that benefits from the policy in the event of your death. This means, the person that is going to be able to cash in the policy if you pass away. For the most part, as long as you have signed and officiated the documents, anyone can be named as the beneficiary on an insurance policy.

In most cases, parents tends to name either their children or the caretakers that will be given custody of their children in the event of their death. They may also name spouses, parents, brothers and sisters, aunts and uncles, you can even name your best friend as a beneficiary. If you feel as if the beneficiary status of the person you named may be questioned, you can always get the document notarized so that there is no issue.

For those that want to know how to name a beneficiary, you first need information like legal name, social security number, and address. These are all used to verify identity and to send paperwork to when the policy is being cashed out. If you are having trouble figuring out how to name someone as your beneficiary, you may want to contact an insurance agent to help answer your questions. For those that live in the Canby, OR area, the agents with Oliver Insurance are here to help and can answer all your questions.  

What is Business Interruption Insurance, and is it Necessary?

When most Canby, OR business owners think about insuring their business, they envision the tangible things that insurance covers, such as the structural elements of the building itself or interior water damage brought on my major storms. They may even think about the equipment used to run the business, and how adequate insurance coverage can help replace damaged equipment. Few business owners consider, however, the loss of income that takes place while a business is shut down after a serious weather event or other types of damage. Business interruption insurance is a type of specialized coverage that can help make up for lost income after a storm or natural disaster. The team at Oliver Insurance would like to cover some basics pertaining to this important coverage option. 

Depending on the type and extent of damage, your business could be out of operation for a considerable length of time. It takes time for the necessary inspections to take place, and to obtain quotes for construction or other services. Then there is the downtime necessary while the work is actually being done. It is also important to consider that after a large-scale weather event, your business will not be the only one in need of repair, and local contractors may be overwhelmed with work. That can lengthen the amount of time needed to get you back up and running. 

Business interruption insurance can be an operational lifesaver when it comes to an unexpected interruption of business activities. Having this coverage can allow business owners to continue to meet payroll and overhead costs while the Canby, OR business pauses for repair work. For more information, or to receive a customized quote, contact the team at Oliver Insurance to discuss the available options. 

 

Is My AC Covered On My Home Insurance Policy?

When you live in Canby, OR, it’s important to know what is and is not covered on your home insurance policy. If your AC breaks, it could cost several thousands of dollars to repair. The easiest solution is to file a claim with the insurance company, but will it be covered?

What Your Home Insurance Covers

Your home insurance is going to cover very specific things. This includes:

  • Dwelling
  • Personal belongings
  • Liability

Your home insurance policy is not going to cover your air-conditioning because it falls under an appliance. At Oliver Insurance, we are committed to helping you find the best home insurance policy for you, your home, and your budget.

If you are concerned about getting coverage for your air-conditioning, your plumbing, and various other components that might not be covered by your home insurance policy, it’s a good idea to have a home warranty policy.

When AC Would Be Covered

Although the standard reasons for AC breaking won’t be covered by your home insurance policy, there are some scenarios where it would be covered. This would involve damage to your home as a result of an act of nature or something else.

Your policy will provide protection in Canby, OR for fire, theft, vandalism, and more. This means that if your home suffers a fire and your air-conditioning unit is part of that fire, you could file a claim and have the HVAC unit replaced.

There are a lot of possibilities that exist when it comes to finding the right home insurance policy. Call and speak to one of our professional insurance agents at Oliver Insurance today. We will take the time to help you build a policy that works for you and your budget so that you have financial protection in place against a variety of potential scenarios.

 

 

Most Common Home Owners Insurance Claims Revealed

Insurance policies are often looked at as protection against the unexpected. However, there are steps one can take to protect your home against the most common claims made under policies. Below we reveal the most common claims and steps you can take to help reduce the likelihood.

Exterior Wind damage makes up about 25% of all claims. Powerful wind can damage weaker structures including windows and doors. Also, strong winds can pick up debris and cause damage to your roof and siding. To protect against damage, you should have your roof inspected and repair any damage. A roof that is damaged is much more likely to be damaged further by strong winds.

Nonweather related damage is the second most common claim made under policies. Typically nonweather-related damages include damage from pipes bursting, plumbing and appliance related claims. Winters in Canby, OR can be cold, and you should insulate your pipes to protect them from freezing. As part of prepping your home for winter, you should also turn off the water supply to outdoor hose bibs.

Hail storms are short-lived but can cause a great amount of destruction. If you live in an area prone to hail you should consider installing impact-resistant roofing material, this can reduce damage from hail by about 40%.

Weather related water damage such as flooding can cause serious damage to your home. You should make sure water is being drained away from the foundation. Also, you want to make sure you have flood insurance as it is not always included in policies, feel free to check with your agent at Oliver Insurance.

If you want to learn more about ways to protect your home, please reach out to Oliver Insurance. We proudly serve the Canby, OR area.

Can Changes in Lifestyle Raise Home Insurance Costs?

As a homeowner, you should be aware that changes in your lifestyle can prompt insurance companies to raise your homeowner insurance premium. Before changing your lifestyle, talk to your Oliver Insurance agent in Canby, OR to see how certain changes will affect your home coverage. Here are a few examples of lifestyle changes that could result in higher home insurance costs.

Increased Physical Activity

Installing a swimming pool, setting up a home gym or purchasing a trampoline to get more exercise increases the risk of injuries on your property. As a result, you may have to pay more for your liability coverage. An increase in liability limits will protect your assets in the event family or friends have an accident when using this equipment on your property.

Home Business

If you start a home business that provides services from your abode or involves the purchase of expensive equipment, you’ll need extra liability and property damage coverage to protect your clients and equipment. Depending on the nature of your home business, separate business coverage may be a better alternative to protect your interests.    

Marriage

A marriage that results in joining two households could alter your home insurance coverage. If your spouse owns luxury items such as posh jewelry, heirlooms, expensive paintings, etc., you may need additional coverage to protect these items from damage or theft. If you move to a new house, you’ll have to discuss coverage options anew with your insurer to get the protection you need.

Adopt a Pet

Even adopting a pet could increase your home insurance costs, particularly if you obtain a dog that falls under the category of “risky breed.”

By talking to your Oliver Insurance agent in Canby, OR, you can get up to date information on home insurance options best suited to your particular need.  

Five Simple Ways To Decrease Your Insurance Premiums

Insurance premiums can be a major part of a person’s monthly expenses, but Canby, OR residents can decrease their premiums in a variety of ways. Oliver Insurance offers the five following tips as the most effective ways of decreasing your auto, home, and health insurance premiums.

Cleaning Out Your Garage

Carefully cleaning out your garage can offer you premium discounts for two types of insurance coverage: auto and home insurance. Parking your car in a garage will decrease your auto coverage while cleaning up dangerous items will decrease your home premiums.

Increase Your Deductible

While it might be frustrating to increase your deductible, doing so will lower your monthly premium costs. Yes, you’ll pay more when problems do occur, but saving $100-200 per month can save you as much as $1,200 per year on your insurance.

Improve Your Insured Item

Repairing your car or home will decrease your premiums by making it worth more money. For example, adding storm shutters and adding a new room will minimize fire and water damage threats. Adding a new motor to your car will make it run more smoothly, eliminating breakdown threats.

Tweak Co-Insurance Rate

With medical insurance, you’ll typically have a ratio of 80/20 or 90/10, meaning the insurance provider pays 80-90 percent of your coverage while you pay the rest. Increasing the amount you pay (such as 70/30) will decrease your premiums, but increase what you pay: this method is similar to increasing your deductible with other insurances.

Avoiding Double Insurance

People often get medical coverage with their auto insurance policy and their personal health insurance policy. This is unnecessary, particularly if you already have life and disability insurance. Coverage duplication is expensive, so eliminate the most costly of these expenses to decrease your premiums.

Oliver Insurance covers the Canby, OR and can help you not only find great insurance coverage, but teach you ways to save money. Let them help you get full coverage and live a happy and productive life.

Should You Tell Your Insurance Provider About Home Renovations?

A home renovation project is an excellent way to not only make your house more enjoyable but increase the property value as well. One of the most popular questions regarding such a project is whether or not you need or should tell your insurance company about such a home renovation. At Oliver Insurance, we want to make sure your entire house is protected, which is why we recommend informing your insurance company when making any sort of renovation in Canby, OR or the surrounding areas.

When Contacting Your Home Insurance Provider Isn’t Necessary

There are some home renovation projects you may not need to inform your insurance provider of. These are usually projects that don’t increase the value of the home but simply correct current issues. Correcting some plumbing issues or electrical problems likely do not need reporting to your home insurance provider as it won’t play a major role in the cost of your home. If you’re not sure about if the project has an effect on property value, contact us at Oliver Insurance and we can help you with this question.

When to Contact Your Insurance Provider

If you are performing any sort of upgrade, such as a new floor, renovating the kitchen or adding on a room to the house, you need to tell your insurance provider as it will have an effect on the overall value of the home.

A home renovation is an exceptional use of your money. Initially, you may not want to inform your insurance company about the project as it can increase your monthly premiums. However, in the long run this is almost always necessary as it protects your investment and ensures you receive payments for any damage your newly renovated home sustains. At Oliver Insurance, we are here for you, so if you have questions regarding your Canby, OR home, give us a call at your convenience.