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Category: Home Insurance

Earthquake Insurance

Posted on by Ryan Oliver

Recently there have been reports in the news about the imminence of the “Big One” shaking the greater Portland-Metro area, which has led many to begin thinking about what they can do to prepare for an earthquake.  In addition to storing food, water, and other supplies, it is important to think about the catastrophic damages that can take place at your home and whether or not your Homeowners Insurance will cover the damage.

Most people do not realize that a standard Homeowners, Condo, or Renters policy does not cover earthquake damage.  In fact, according to the Oregon Insurance Division, only about 20% of Oregonians have earthquake coverage.  Earthquake coverage can either be added as an extra endorsement or sold separately as a stand-alone policy.

Here are a few steps you can take to ensure you are covered:

  1. Check your current Homeowners policy to see if the Earthquake Endorsement has been added. If not, you can simply call your agent to have them add the endorsement or they can write you a stand-alone Earthquake policy.
  2. Find out what the deductible amount is. Earthquake coverage has a separate deductible from your base Homeowners Insurance.  Deductible amounts ranging from 10 – 25% will be applied in the event of a claim.   Example, if there is $200k in damages you could pay anywhere from $20k – $50k out of pocket.
  3. Identify your Coverage A (the dwelling itself), B (other structures), and C (personal property) amounts on your Homeowners policy to determine what your total deductible amount would be in the event of a total loss. Example: Coverage A = $200k, Coverage B = $20k, Coverage C = $120k for a total of $340k in coverage.  The deductible for a total loss would be 34k – 85k depending on your deductible %.

 

Although the deductible can be expensive, it is a relatively small amount to protect one of your biggest investments – your home.  Please contact your Oliver Insurance agent today for more information.

Medical Payments Coverage Provides Valuable Protection

Posted on by agentinsure

Renters insurance policies include several different coverages. While personal property coverage and liability coverage are two of the main ones that most policies have, medical payments coverage can also provide tenants with valuable protection. If you rent an apartment in Canby, OR, read on to learn more about medical payments coverage, and contact us at Oliver Insurance if you’d like to shop for a renters insurance policy that includes this coverage.

Medical Payments Coverage

The specific protection that medical payments coverage can afford will vary from one renters insurance policy to the next. In general, this coverage is designed to help pay medical bills that a guest sustains while in your apartment. It’s not meant to be a substitute for health insurance, and it won’t cover your medical bills. If there’s an accident in your apartment that you’re held liable for, though, medical payments coverage may protect you.

Affordable Protection

Medical bills can easily reach hundreds, even thousands of dollars. If you’re responsible for a visitor’s injuries, you could be expected to pay the related bills. Don’t leave yourself open to this risk. Instead, protect yourself with a renters insurance policy that includes medical payments coverage. Compared to the potential cost of medical bills, medical payments coverage is very affordable.

At Oliver Insurance, we have independent insurance agents who can help you find the lowest rates on medical payments coverage. By comparing renters insurance policies from multiple insurers in Oregon, our agents will help you get a policy that doesn’t leave you vulnerable and doesn’t cost a fortune. To talk with an agent about medical payments coverage, contact us through our website or call our office.

3 Reasons Your Business Needs Interruption Insurance

Posted on by agentinsure

/business-interruption-insurance-tips

 

Fires and storms are all unforeseeable events that jeopardize business operations. From preventing employees from coming to work to damaging your physical property, these events prevent your business from realizing anticipated revenues for days, weeks, and even months at the time if the event is serious. Fortunately, your business can purchase interruption insurance to protect your income and secure your business. The following are three reasons you need interruption insurance.

You Continue to Get Business Revenue
Attempting to recover after experiencing a physical loss is challenging. All too often, many business owners cannot recover and their business is dissolved. With interruption insurance, when you have a qualifying event, you do not lose the revenue your business would have generated ordinarily, which prevents you from starting from square one again.

Pay for Contract Penalties
When you experience a physical loss that necessitates shutting down operations, your products will be delayed. With delayed products and services you could possibly be sued in court for breach of contract from contractors. Interruption insurance may help your business cover penalties resulting from delays. Whether you are a small business or a large business, with financial backing from a business interruption policy, you can easily recover once you are fully operational. 

Protect Your Business from Service Outages
Many businesses are experiencing security breaches these days. It appears that hackers are getting more aggressive and hacking businesses with high-level security protocols. If a breach affects one of your service providers, how will your business cope? With business interruption insurance, it is likely that your business will continue to see revenues, as if you never stopped operating helping you maintain your competitive position within the industry.

Business interruption insurance can help your business remain in operations after recovering from a disaster or interruption due to failed utilities. If you do not know how your business will generate revenue during a major shutdown, contact your local independent agent today.

 

 

Do You Need Errors and Omission Insurance for Your Business?

Posted on by agentinsure

Slug: /errors-omissions-insurance-for-businesses

 

There are many professionals providing services for clients who are at risk of being sued in Canby, Oregon. Providing the wrong advice or service often means you have a need for errors and omissions (E&O) insurance to protect you or your business from lawsuits. In fact, many professionals have E&O insurance including:

•    Doctors
•    Lawyers
•    Construction contractors
•    Engineers
•    Accountants
•    Chiropractors

E&O insurance helps these professionals protect their interests while dealing with the public. Instead of risking their livelihood by being sued personally, individuals in these professions shield their personal property with an E&O policy.

What Businesses and Professionals Need E&O?
In the most simplistic terms, if your business provides services or advice to clients, you should purchase E&O insurance. Since you are exposed to many types of risks based on the nature of the service provided, protecting your business from errors and omissions makes good business sense. Freelancers, web hosting companies, brokers, and business consultants all need E&O insurance policies.

How to Purchase an E&O Policy
Purchasing an E&O policy is much like purchasing a commercial auto or general liability insurance policy. The process starts by speaking with our local independent insurance agents who can help you determine the extent of your risks. If you have a lot of exposure to risk, then we will be able to determine the insurance amount that best meets your needs.

Purchasing an E&O insurance policy is easy and recommended for you if you provide services to business clients. With E&O insurance, you may not be personally liable for errors or omissions made while you are working each day.

What Do You Collect? Will Your Home Insurance Cover That?

Posted on by agentinsure

Most of us collect something. They may be sentimental items like hat pins from places we have visited through the years, or things of more monetary value like coins and stamps. Some people collect items of value to provide more security as the years go by. Some people will go so far as to start a collection of classic cars. What do you collect? Are you confident your home insurance will properly cover your collectibles?

While most home insurance policies will have coverage that includes contents, most also have limits to some collectible categories like jewelry, coins, art, stamps, and furs. In many cases, these limits may be so low as to provide very little coverage at all. If you have a growing collection of valuable items, you will want to make sure they are covered for a sufficient amount. In Canby, OR all it will take is a call to Oliver Insurance.

Oliver Insurance is an independent agency serving the Canby area. That independence gives us several advantages. First, it allows us the ability to review policies from any company. Secondly, it allows us to quote rates from multiple other companies to find better coverage at better rates. In addition, because we are local we are here to answer your questions and are available should you need assistance with a claim.

At Oliver Insurance, we can show you how an inexpensive rider may provide the coverage you need. If you are just interested in a homeowners insurance or auto insurance quote, you can visit our website and get a no obligation online quote. If you would prefer a review, contact our office.

See how our status as an independent insurance agency can benefit you and protect your valuables adequately. Contact Oliver Insurance today!

 

 

Five Things Your Agent Knows About Home Insurance That You May Not

Posted on by agentinsure

How well do you know your homeowners insurance? Many people haven’t looked at it in years. Some aren’t even aware of how much they are paying for it. They have it because their mortgage company requires it. If you ever have to file a claim, you will likely become very interested in its coverage. Here are five things your insurance agent knows about home insurance that you may not.

  • Your best opportunity to save is to compare. Some agents prefer you don’t know this. They know if you compare, they could lose your business. We are independent insurance agents at Oliver Insurance and can help you compare policies to best suite your wallet and lifestyle.
  • Raising deductibles could save you money. By increasing the deductible on your policy, you could save significantly on your premiums.
  • Your policy likely doesn’t cover a variety of perils. Unless you have specific coverage, your policy will not cover you in case of flood, earthquakes, or landslides.
  • You may be paying to insure your land. Without thinking, some people pay to insure the land their home sits on. Odds are, even in a disaster, you will still have your land.
  • Many homeowners claims are low. If you don’t have a video or up to date inventory of your home’s contents, you could be prone to submit a claim that is too low.

If you can’t remember the last time you reviewed your homeowners insurance, or don’t know what you are paying, contact us at Oliver Insurance. We are an independent insurance agency serving the Canby, OR area. We can review the policies of any company and seek out quotes to save you money. Visit our website for an online quote on home or auto insurance. If you prefer, contact us for a review. Don’t wait until it is too late to better know your policy. Contact us today!

 

 

Basic Overview of Potential Costs for Your Business in the Event of a Breach

Posted on by agentinsure

Whether it's identify theft, data breach or cyber-crime, they are all basically the same thing. Regardless, the fact of the matter is that you need to be aware of the growing crime and how you're at risk.

Regardless of the industry that you're in, every business has confidential information that a thief wants. They'll take that sensitive data and sell it for money in their pockets. Unfortunately, it will be your bank account that continues to dwindle even after the breach occurs. Here are potential costs that you can expect to deal with:

  • Notifying your customers of the data breach will cost roughly $1, maybe $2, per person.

  • Obtaining help with data recovery and research could cost you $250 per hour.

  • Reissuing credit cards to your customers may cost you $25 per card.

  • Obtaining subscriptions for consumer credit monitoring will cost upwards of $20 per person.

  • Working with legal counsel could cost $600 or more per hour.

  • Offering a customer support hotline would likely cost $5 or more per phone call.

In addition to the aforementioned costs, you have to also think about the costs that are almost impossible to estimate since they vary depending on the exact circumstances and severity of the breach. These costs could include:

  • Expenses for rewards of the person who committed the breach.

  • Various public relations activities to try and salvage the name of the company.

  • Costs to upgrade technology in the office and training of staff.

  • Replacing stolen securities, identifies or funds.

  • Extortion demands.

Cyber-crime is a serious threat to every single business in the country, including your business here in Canby, Oregon 97013. Contact one of our independent commercial insurance agents to learn how you can protect your business from data breaches. Don't forget to ask for a quote on commercial insurance that will protect you in the event that a breach does occur.

Protect Your Business Income During a Power Outage

Posted on by agentinsure

Whether it's a winter blizzard or a summer thunderstorm that takes place here in Canby, Oregon, severe storms can wreak havoc on your business. If severe enough, it could result in your business losing power, which means that you'll have to shut the doors for a bit. Many business owners assume that their standard business insurance contains coverage for this particular type of situation, but this is not always true.

Understanding Business Interruption Coverage

Some states offer an extended coverage for utility interruptions. It is typically known as Utility Services-Time Element and offers coverage for any income loss during an interruption of water supply, power or communications. As a general rule, this type of policy will offer reimbursement for profit loss as well as continuing expenses until your service has been restored and up to the policy limit.

When selecting coverage, it is important to determine whether you need all three or just certain utility coverage. You may need help in doing this, which is why you can give one of our independent agents in Canby a phone call.

3 Things to Keep in Mind

When it comes to this type of coverage, remember that:

  • This utility services interruption coverage cannot be purchased as a standalone policy and must be purchased in conjunction with business income coverage.

  • If there is a deductible or waiting period for your business income coverage, then it will also apply to your interruption coverage.

  • In order for the policy to take effect, the utility loss must have been a result as a covered loss.

If your business heavily relies on any type of utility, then it is imperative that you consult with us about the utility interruption coverage. Our independent agents want to make sure that all businesses in the 97013 community are properly coverage in the event that their business has to shut its doors or need to replace electronics due to storm damage. Contact us today and let us help you!

Homeowner’s Insurance: Storm Protection Coverage

Posted on by agentinsure

Canby, Oregon is a gorgeous town not too far from Beaverton and Portland. It is categorized by vineyards, farmer’s markets, and more. The homes are valued higher than the state average and consist mostly of single family homes.

When you are in the 97013 ZIP code of Canby, you have to look at your homeowners insurance in terms of coverage. If there is a storm, snow or otherwise, it could result in roof damage. If your roof becomes damaged, it could cause leaks within the ceiling as well as various other issues.

You want roof damage to be repaired – and without being the one financially responsible for it. Your homeowner’s insurance may or may not cover the storm damage. This is why you have to look at the full level of coverage that’s in place as well as the fine print.

Our agents can help you with all of the specifics for insurance in Oregon. We can talk to you about specific storm protection so that there is additional coverage in the event of a storm. Whether the storm is rain or snow, you know that if your home becomes damaged as a result of it, you will be able to file a claim and have the insurance company pay.

Protecting your home in the 97013 area of Canby is critical and therefore you have to look at roof damage and overall storm protection within your policy. Our agents are experienced with homeowner’s insurance in Oregon, so let them work on a policy that will adequately protect your home.

Don’t let a storm take you by surprise and cause damage that insurance won’t repair. We can help you, so call us and let us provide you with assistance as well as quotes on a policy today.

Homes In Canby: Protecting Against Sinking Foundation And More

Posted on by agentinsure

Canby, Oregon is a beautiful part of the Pacific Northwest. Home values are slightly above the state average and may be single family detached homes, town homes, and more. There are wineries and farms nearby and you are within close driving distance of Portland should you want to experience what the metropolitan area has to offer.

You want to do all you can to protect your home in 97013 and therefore you have to look at what your homeowner’s insurance offers. Protection may be minimal unless you know what to look for and what coverage needs to be added.

If you have a sinking foundation, it could impact your porch, your walls, and more. The longer you allow the foundation to sink, the more damage can be done. It should be as simple as calling your homeowners insurance in Oregon to receive assistance, but only if there is such coverage.

It can be advantageous to work with an agent where you can learn about what the fine print of a policy says. This will make it easier to know of the instances where a sinking foundation will be covered, amongst other issues that could occur within your home in the 97013 area.

One of our agents can talk to you about issues that homeowners have had in Canby and guide you through the coverage options. This will allow you to pick and choose what coverage you want to know that your home, your porch, and any other features are protected year round.

Homeowner’s insurance is our specialty and whether you have sinking foundation, have experienced a fire, or anything else, we want to work with you on finding the necessary level of coverage.

Call today to start asking questions and receive quotes on insurance premiums.

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