Understanding Loss Assessment Coverage in Your Condo Insurance Policy

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Condominium homeowners associations are required to carry a master insurance policy that covers several distinctive features of condo living, such as common areas that all residents share. When damage occurs, a loss can lead to additional costs to condo owners. At Cary-Wheeler & Associates Inc. in Richmond, VA, we help our clients acquire loss assessment coverage to reduce expensive condo assessment costs.

Understanding What a Loss Assessment Is

Sometimes, damage occurs to common areas of a condo property that the master insurance policy may not cover. This may occur when a high deductible amount exceeds what is available in the reserves of money that consists of your monthly condo fees or a shortfall in the coverage amount. When this situation occurs, the condominium association may call for a loss assessment from all the association members to make up the difference.

When Does Loss Assessment Coverage Apply?

A severe storm or hurricane may cause damage to a building, swimming pool, or gazebo on the property. The condo association’s insurance coverage may only cover a portion of the damage or may have a high deductible. If you are required to pay a portion of the difference, your loss assessment coverage may apply. This coverage does not cover normal upkeep or replacement; it only covers assessments associated with a loss covered by insurance. Loss assessment coverage may vary, and you may be able to get additional loss assessment coverage.

Make Cary-Wheeler & Associates Your Agent for Condo Insurance

If you have questions about the unique insurance needs of condominium ownership, our experienced agents can provide expert advice and factual information. We offer policies for a wide range of needs, including life, home, watercraft, auto, motorcycles, renters, and business. Contact Cary-Wheeler & Associates Inc. in Richmond, VA, today for a no-obligation quote on condo insurance to prevent unexpected financial loss from loss assessments.

How to Prepare Your Home For an Incoming Blizzard

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While blizzards can be mesmerizing to watch from the warmth of your home, they can also bring harsh conditions that challenge your property and safety. At Cary-Wheeler & Associates Inc. in Richmond, VA, we understand the importance of preparing for extreme weather. A little preparation can go a long way in protecting your home and family when snow accumulates.

Examine Your Roof and Gutters

Your roof is your home’s primary defense against heavy snow and ice. Before a blizzard strikes, inspect for loose shingles or weak spots that could collapse under the weight of snow. Ensure your gutters are clear of debris for proper drainage when the snow melts. If your gutters are blocked, melting snow may refreeze, leading to ice dams that can damage your roof and walls.

Seal Windows and Doors

Cold air can enter your home during a blizzard. Check your windows and doors for drafts, and seal any gaps with weatherstripping or caulk. This will keep your home warm and help reduce your energy bills during the stormy season.

Prepare Emergency Supplies

Blizzards often result in power outages, so having necessities on hand is essential. Ensure you have ample food, water, flashlights, batteries, and warm blankets. A backup heat source, such as a portable heater or wood stove, can be a lifesaver if the power is out for an extended period.

At Cary-Wheeler & Associates Inc. in Richmond, VA, we help you protect your home from life’s unexpected events. Contact us to discuss your home insurance options and secure the peace of mind you deserve before the next storm arrives.

Why Every Business Needs Worker’s Comp Insurance

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No matter what type of company you have, if you have employees, you need worker’s compensation insurance, also known as worker’s comp. Operating a business without it could potentially lead to its failure after a workplace accident. To ensure you have the worker’s comp coverage you need for all your employees, contact us today at Cary-Wheeler & Associates Inc. in Richmond, VA.

Workplace Accidents Can Happen Anywhere

Some business owners believe they don’t need worker’s comp insurance because their business isn’t inherently dangerous. Countless office jobs aren’t inherently dangerous, but that doesn’t mean accidents won’t happen. It’s also possible for employees to get sick because of the work they do. It’s possible for anyone to fall at any time, even if there isn’t an apparent reason to do so. This can end up costing your business a lot when it comes to things like lost wages, medical bills, continuing therapies, and legal bills. Make sure you always have this insurance just in case.

Worker’s Comp Insurance: A Legal Requirement

For most businesses, this type of insurance is required. If you have more than two employees, even if they’re part-time, you are required by the state of Virginia to have worker’s comp coverage. However, even if you have fewer, it’s always a good idea to have this type of insurance to protect your business. A serious accident can end up costing many thousands to treat, and you need to make sure that those funds are available in case this happens. It also protects your employees by ensuring that there will be funds if an accident does happen.

Secure Your Worker’s Comp Insurance

To ensure that you comply with the law and protect your business, contact us at Cary-Wheeler & Associates Inc. in Richmond, VA.

Components of Renters Insurance

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Your renters’ policy from Cary-Wheeler & Associates Inc. protects your rented Richmond, VA, home in three ways. Most policyholders know that renters insurance pays to replace their personal possessions if a peril named in the policy damages them. However, it offers much more than that.

Three Coverages of a Renters Policy

Renters’ insurance covers personal possessions and liability and may include additional living expenses. Let’s consider what each coverage type does.

Personal Property Coverage

The personal property component provides financial reimbursement if a peril named in the policy damages your belongings. A renters’ policy typically covers the same perils as a basic home policy. That means things like fire, vandalism, and wind damage. So, if a fire breaks out in your apartment complex and damages your stuff, your renters’ policy covers the cost of replacing it.

Liability Coverage

Your landlord’s insurance policy covers liability for accidents in the rented domicile’s front yard and public areas. Your renters’ policy covers your home. If a guest falls and incurs an injury, you incur liability. This part of your renters’ policy pays for the injured person’s medical care and any settlement stemming from their injury.

Additional Living Expenses

Sometimes, damage to an apartment or home temporarily precludes you from residing in it. A policyholder can use the additional living expenses coverage to pay for a hotel and food when the domicile has been damaged. Contact your insurance agent as soon as your home incurs damage to file your ALE claim.

Contact Cary-Wheeler & Associates Inc. Today

Most landlords require their tenants to carry a renters’ policy. If you’re about to start searching for a rental home in Richmond, VA, call or email Cary-Wheeler & Associates Inc. to obtain your renters’ insurance. It can help your application show that you already have the proper insurance.

How Richmond’s Unique Risks Impact Your Motorcycle Insurance Needs

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Learn how Richmond’s unique landscape impacts your motorcycle insurance needs and get personalized coverage options from the motorcycle insurance experts at Cary-Wheeler & Associates Inc. in Richmond, VA.

Topography and Roadways

Richmond’s mountain-backdropped landscape includes a mix of urban thoroughfares with rolling hills and steep inclines that can lead to devastating accidents in particular areas of the city. Local cyclists should consider investing in comprehensive and collision insurance for motorcycles, which covers collision and non-collision related perils, instead of opting for a liability-only policy in areas with questionable terrain.

The mix of fast-paced highways like Interstate 95 with narrow city streets and rural roads can make navigating some areas of Richmond challenging for even the most skilled bikers. A well-structured comprehensive motorcycle insurance policy is one of the best ways to protect your two-wheeled investment from serious and minor collisions, fender benders, theft, vandalism, natural disasters, animal collisions, and other included perils.

Severe and Unpredictable Weather Patterns

The city of Richmond has been experiencing a wide range of weather extremes, which have local insurance policyholders re-examining their coverage to ensure adequate protection. Unpredictable weather patterns can lead to an increase in auto accidents, as icy or wet roads can cause distracted drivers to lose control when traveling along narrow and hilly mountain roadways.

Get Comprehensive Motorcycle Insurance Coverage in Richmond

Talk to a trusted local insurance agent at Cary-Wheeler & Associates Inc. in Richmond, VA to learn about the best coverage for protecting your bike from devastating storms like hurricanes, tornadoes, severe thunderstorms, and extreme heat. You can also ask about seasonal motorcycle coverage for bikers who only ride during the warmer spring and summer months.

Don’t Wait! Protect your Richmond ride — Contact our offices for a comprehensive motorcycle insurance quote today!

Review Your Auto Insurance Every Year

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Annual Review of Your Auto Insurance: Here’s What You Need to Know

Many people tend to overlook auto insurance once they have it set up, only revisiting it upon renewal or while lodging a claim. However, reviewing your policy at least annually or anytime changes are needed is recommended. If you’re residing in the Richmond, VA area and it’s time to evaluate your vehicle policy, Cary-Wheeler & Associates Inc. is ready to help you ensure you have high-quality coverage that provides peace of mind.

Understand the Importance of Regular Policy Review

Consulting an agent for a routine auto policy review is convenient and straightforward. We can assess your existing policy, verify all the details, and explore additional policy options that may better cater to your needs. Your requirements might evolve over time, even without changing cars or adding an extra driver to your policy. Hence, conducting periodic reviews with an agent who genuinely cares for your interests is smart.

Choose the Right Coverage for Your Needs

Reaching out to us is the initial step in securing a suitable policy or tweaking your existing one. There may be occasions when an entirely different policy might be more beneficial for you, and we’ll provide quotes from multiple insurers, empowering you to select the plan that’s tailored for you. Don’t settle with a policy you procured years ago when another one could offer better coverage and greater peace of mind.

Contact us today at Cary-Wheeler & Associates Inc. if you’re in the Richmond, VA area and looking for comprehensive auto insurance. Our dedicated agents are committed to helping you feel confident with a policy that’s a perfect match for your requirements.

Adding Coverage to Two Policies With Umbrella Insurance

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Umbrella insurance is a great way to get more coverage added to two policies that you already have. These are your home and auto policies. Both policies are vital for protecting yourself financially, but they can be lacking in some areas. That’s where umbrella insurance comes in to shore up what they lack. If you need more policy coverage for your home and auto policies, call us at Cary-Wheeler & Associates Inc. in Richmond, VA to learn more about umbrella insurance. 

Umbrella Insurance and Liability Coverage

When you have a home policy and an auto policy, each comes with several types of coverage. One of these is liability coverage. The problem lies with the amount of liability coverage these policies have—it often isn’t much. This can leave the policyholder to pay for bills left over when their policy doesn’t have enough of this coverage to pay for an accident. Umbrella insurance is a single policy that adds more liability coverage to both of these other policies at the same time. 

Paying the Overage After an Accident

If an expensive accident happens that your home or auto policy doesn’t have enough coverage to pay, this can leave an overage for which you’re responsible. By adding extra liability coverage to both, there is still more coverage available once the home or auto policy has reached its maximum payout. This pays for that overage so that you won’t be responsible for it after a severe accident that comes with a lot of bills. This is important for protecting yourself financially in the face of what could be enormous bills. 

Get Umbrella Insurance in Richmond, VA

Umbrella insurance may be ideal when you need more liability coverage. Call Cary-Wheeler & Associates Inc. in Richmond, VA, to get started.

Bundling Condo Insurance with Alternative Insurance Policies in Richmond, VA

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Before you hit the water, ensure you have all the boat coverage you need. We offer boat and watercraft insurance at Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC. Besides standard boat coverage, there are optional coverage types you should consider.

Emergency Services

What happens if you are stranded in open water? You might face unexpected expenses if your boat runs out of gas or requires repairs. Emergency services coverage can help, offering aid for towing, labor, and delivering batteries or fuel if you’re stranded.

Belongings and Equipment Coverage

It would be best if you considered personal belongings coverage. If your items get damaged while on the boat, this policy can cover the cost of repairing or replacing them.

Consider investing in equipment protection if your boat carries expensive fishing or navigation equipment. If equipment is lost or damaged while on the boat, the repair or replacement costs are covered.

Clean-up and Salvage Coverage

If your boat sinks, the cost of the wreckage removal can be startling. Understand that you’re responsible for removing your boat and cleaning up any wreckage. A wreckage removal policy ensures you won’t pay for this out of pocket.

Additionally, fuel spill clean-up coverage can cover the costs of cleaning up any fuel spills caused by your boat.

Agreed Value Coverage

Much like cars, boats typically depreciate over time. However, if you choose an agreed-value policy, you’re assured coverage for the full initial value of your boat.

Boat Insurance at Hausmann Insurance & Financial Services

If you need boat insurance in Charlotte or Waxhaw, NC, don’t hesitate to contact us at Hausmann Insurance & Financial Services. Our agents will understand your needs and assist you in choosing the best coverage.

Does Home Insurance Cover Pest Damage?

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At Cary-Wheeler & Associates Inc., we frequently receive questions about what home insurance in Richmond, VA, includes, especially regarding pest coverage. Let’s explore this subject to ensure your home is adequately protected.

Understanding Home Insurance Coverage

Home insurance is designed to shield you from unexpected incidents such as fires, storms, and theft. However, the subject of pest damage can make things a bit complex. Standard home insurance policies typically do not cover damage instigated by pests such as termites, rodents, or insects. The reason is that pest infestations are generally considered preventable with proper home maintenance.

Why Pest Damage Isn’t Covered

Insurance companies perceive pest damage as a maintenance issue. This places the responsibility of preventative measures to protect homes from infestations on homeowners. Regular inspections and timely pest control treatments are essential. Regrettably, if these preventive steps are overlooked and pests cause damage, your home insurance policy probably won’t pay the repair bill.

Exceptions to the Rule

While standard policies exclude pest damage, there are exceptions. For example, if a pest infestation results in a covered peril, such as a fire caused by rodents gnawing through electrical wires, your policy might cover the subsequent damage. It’s essential to examine the specifics of your policy and discuss any uncertainties with your insurance agent.

Protecting Your Home

One way to safeguard your home is to invest in regular pest control services. Keeping a clean, well-ventilated home can also help ward off pests. Sealing potential entry points is a simple yet effective way of preventing infestations.

At Cary-Wheeler & Associates Inc., we are here to help you understand your policy and ensure your home is adequately protected. Don’t hesitate to contact us if you have any questions or require assistance with your home insurance coverage in Richmond, VA.

What to Look for in Commercial Insurance

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Commercial insurance can be a tedious issue to decide on because it can cover various issues. If you’re a business owner or already have a commercial insurance plan, it may not be meeting your needs. If this is the case, you should consider contacting us at Cary-Wheeler & Associates Inc. in Richmond, VA. We can help explain and discuss what you will need on your policy plan.

What Should You Look For in Commercial Insurance

The main thing to look for in commercial insurance is that it covers and fits your business needs. The standard coverage will cover theft, liability, and employees. However, other policies can be added to the plan that your business might need. Making sure that your company is covered in every way possible can help in tough situations.

For example, an employee can steal from the company, which may not be covered. That’s why it’s important to understand what each commercial insurance plan offers. Adding other policies can help ensure you won’t be financially liable for these instances. It only takes once for your business to contract sustainable damage, which can end up hurting your bottom line.

How Can We Help?

We can help aid in the policy selection process by discussing your options. Our team at Cary-Wheeler & Associates Inc. in Richmond, VA, can help you narrow down the policies you need to add to your plan. If you already have an existing plan with our insurance company, then don’t worry. You can call in and adjust the policy as needed, even if you’ve already started your plan.