Are Condo Associations Required to Carry Condo Association Insurance?

If you are in charge of or oversee a condo association, you may have just heard about condo association insurance. If you have just heard about this type of insurance, you may have many questions about it. Here at Advantage Insurance Network, serving Cincinnati, OH, we want to educate you on condo insurance so you can decide whether you should purchase a policy. Here is some information you should know about condo association insurance. 

What Condo Association Insurance Is

Condo associations cover damages and pay for repairs to many parts of a condo building and the common areas, such as pools or exercise rooms. If damage occurs to these areas due to weather-related events or acts of God, condo association can step in and pay for the repairs. This helps to prevent a condo association from having to keep excess reserves on hand or to pay for large amounts of damage. 

If Condo Associations Are Required to Carry Condo Association Insurance

By law, a condo association is not required to carry condo association insurance. And in fact, many condo associations do not have this type of insurance, simply because many are unaware that it exists. If you are looking for a way to protect the condo building and the money that owners pay for the association, condo insurance may be a smart purchase. 

There are many benefits to carrying condo association insurance for condo associations. If you run or oversee one, and are ready to buy a policy, you can purchase one from Advantage Insurance Network, serving Cincinnati, OH today. Contact us now for a price quote or to get started buying your policy. 

When Can You Claim Your Motor Home Insurance

With a wide range of recreational vehicles in existence today, a single policy can never handle the different types of RVs. Motorhomes are a common type of RVs and motorhome insurance come in handy anytime you are on the road. It is also a state law in Las Vegas, NV for every motorhome on the road to be insured. Stevens Insurance provides you with comprehensive motorhome insurance. If your vehicle is involved in an accident and requires an expensive repair, then you need to file a claim.

When to File Your Motor Home Insurance

You can always file a motorhome insurance claim for a number of reasons ranging from vandalism, storm damage, over-turn on an icy highway, or theft. If you are involved in an accident, and you injure the other driver or cause severe damage to their vehicle, then you have to inform Stevens Insurance or your insurance provider. You can also file a motorhome insurance claim when you are involved in an accident alone, and your motorhome is damaged, or you destroy property. Your insurance will cover the cost of damage or any loss up to the limit of your motorhome policy.

Be Prepared to File Your Claim

You never know when an accident may occur, so it is always to be prepared to file your claim at any time. Below are some tips to help when it comes to filing your motorhome insurance claim in Las Vegas, NV.

  • Always keep a camera and a notebook or have a cellphone with a camera in your vehicle to record the details an accident or incident.
  • Make sure that you always have your drivers’ license, your motorhome registration, and proof of insurance.
  • Keep your motorhome insurance current and store your claims number together with your vehicle documents.

Do you want to insure your motorhome? Contact Stevens Insurance today, and we will gladly serve you.

Commercial Insurance and a Home Office Business

Home-based businesses are quite popular and hundreds are being created every year thanks to the power of the Internet. Las Vegas, NV is no exception to this trend, with plenty of new companies being created and located in the silver state regularly. And, because of the flexibility of the digital age, the traditional approach to a business presence, brick and mortar, doesn’t apply. However, that doesn’t mean a micro business or small business from a home office should operate without commercial insurance protection. According to Stevens Insurance, one of the key factors that contributes to the loss of a business in its early years is being vulnerable to a lawsuit. The dispute can come from all sorts of sources, and business transactions going awry are fertile soil for a problem to start.

Commercial insurance provides an important financial safety net protection. When going it alone carries a high risk of having bankruptcy as the only way to fend off an unexpected lawsuit, it begins to make a lot of sense and practical logic. Many running a business from a home office assume that they are too small for such protection, which is an unfortunate mistake. Business operating insurance is not limited to home-based businesses. It’s focused on the work product the business produces.

Stevens Insurance has been helping small businesses for years identify their coverage needs and get started on the right foot with solid operating protection. Call them for expert information and solid analysis of what your home business actually needs for business and commercial insurance. It’s worth the time, especially if the unexpected happens with your business before it’s prepared to take on such risks.

 

 

 

What Does Comprehensive Coverage Include in an RV Policy?

Do you live in Las Vegas, NV and own an RV? A bit confused about how comprehensive coverage works and why you need it? Our wonderful team at Stevens Insurance has put together this guide to help you understand.

What Does Comprehensive Coverage Include on My RV Policy?

Comprehensive insurance coverage on an RV policy is nearly identical to that on a regular automobile policy. Fire, theft, vandalism, hail, wind, falling objects, and other weather are all examples of incidents that would be included under comprehensive coverage. Basically, anything not involving a collision falls under this section of your insurance policy.

(The only exception to this is hitting a deer or other animal, which is still deemed comprehensive and not collision.)

Why Should I Get Comprehensive Insurance Coverage?

When you’re traveling in an RV or motorhome across the country, you never know what will happen. Furthermore, if your RV is in storage here at home, it can still become damaged due to weather or vandalism. Thus, it is very important to protect your investment in your vehicle by having this type of coverage on your policy.

Is Comprehensive Coverage Required?

While comprehensive insurance coverage is not required by law, it might be non-negotiable if you are still making payments on your RV and you have a loan. However, it is still a very good idea to include it as part of your insurance policy to protect you in case of a disaster, as outlined above.

How Much of a Deductible Will My Comprehensive Insurance Coverage Have?

Just like with auto and home policies, deductibles are chosen by you when you start the policy. Work with your agent to select a level that best suits your financial abilities and needs.

Need more information on RV insurance? Contact Stevens Insurance in Las Vegas, NV today for your no-obligation quote.

Does Condo Insurance Cover Renters?

In Las Vegas, NV, it is not uncommon for people to rent out their condos. As such, Stevens Insurance is often asked whether their condo insurance covers either short-term or long-term renters. Here is some information you need to know before you rent your condo out.

Short-Term Renters

If you are looking to rent your condo out for brief periods of time, such as a vacation rental, you will likely need a business insurance policy. However, as short term rentals are becoming more popular, many insurance companies are beginning to roll short term rental policies up into condo insurance or home insurance policies as requested. As such, you may be able to cover short term renters under your condo insurance policy if you have the right policy in place. You will need a specific type to cover short term renters and if you do not have this, these renters are not covered.

Long-Term Renters

Long term renters are not covered under your condo insurance. They will need to obtain renters insurance in order to be covered. Typically, any person staying 30 days or longer is considered to be a long term renter in your home. There may be exclusions to this, such as if you are renting to a family member or if you are having a friend stay in your residence while you travel out of the area for a month or longer. However, it is wise to talk to an insurance agent and see if you qualify for these exclusions instead of assuming you do. Most people will need renters insurance when staying or renting a condo for a long period of time.

If you are looking to obtain a new condo insurance policy in the greater Las Vegas, NV area, Stevens Insurance would love to help. Contact us today with any questions you have or to obtain a price quote.

Reasons to Get Insurance Even if You Rent

Far too often, people in the Las Vegas, NV area think if they don’t own their home, they don’t need insurance. However, this concept puts people who rent at risk of losing out in the event of an incident such as theft or a storm occurs. At Stevens Insurance, we offer policies designed to accommodate the specific needs of renters. 

1. It Covers Personal Property

Much of what you have invested into your home is probably your personal property. Fortunately, you can protect all of your property in the event something happens by having a renters insurance policy. Keep in mind, you can purchase additional coverage for your property that covers in the event of incidents that pertain to your needs such as flooding. 

2. It Provides Liability Coverage

Don’t think just because you rent, you aren’t responsible for your actions. Renters coverage protects if somebody should get hurt while they’re in your home. It also protects if you should happen to hurt someone. 

3. It May Cover You When You Travel

If you’re going on a vacation or a business trip, your renters insurance policy comes in handy. For instance, if your belongings are stolen while you’re traveling anywhere in the world, they’re covered.

4. It’s Sometimes Required

Your landlord may require you have renters insurance in the event something happens. This takes the burden off of the landlord, especially if an incident should happen to be your fault, and it protects the landlord from being responsible for your possessions. 

If you don’t want stuck footing the entire bill to replace your damaged property or someone else’s, it’s a smart idea to have a policy to cover yourself even if you rent. Contact Stevens Insurance, serving Las Vegas, NV and the surrounding area, at 702-648-9689.

How Could Renovations Affect Your Home Insurance?

You’re finally going to do it. You’re renovating your home. You and your spouse have all of the plans ready. You’ll start in the kitchen, create a backsplash, install new cabinets, and you’ll finish with a fire pit in the backyard. You’re ready to start, but there’s one thing you didn’t consider: how will this affect your home insurance? 

Home renovations may have the following impacts on your home insurance: 

  • You may need to increase your homeowner policy limits. If your house went up in value it may now exceed the limits of your homeowner policy. This could leave you without the insurance coverage you need if your property is damaged or destroyed. Before you start your renovations, consult with the trusted, knowledgeable insurance specialists at Stevens Insurance in Las Vegas, NV. 
  • You may be able to negotiate a lower rate if you replaced the roof. After you complete repairs and especially if you install a new roof, you need to contact your home insurance company. New roofs will provide better protection from mother nature and likely will extend the life of your home. Your insurance company will recognize this and may be willing to lower your rates after your project is complete. 
  • You may need to increase the personal property limits. When you renovate, you likely will buy more than siding and roofing materials. If you purchase an expensive TV, pool table, or other valuables, make sure you increase your personal property limits, so they’re protected in the case of a disaster. 

If you live in or around Las Vegas, NV, you need an insurance company you can trust. You need to contact Stevens Insurance. Give them a call today at (702) 648-9689 and see what they can do for you. 

 

Should You Use Your Home Insurance Deductible for a Repair?

Have you ever had a tree fall on your property? Or a fire get out of hand? If you live in Las Vegas, NV and are a customer at Stevens Insurance, you might have called your agent to find out what you should do. To file a claim or repair it yourself, that is the question.

Evaluating the Level of Damage

Your first instinct—after photographing the damage in case you do end up filing a claim—should be to examine how much damage has occurred. Is your house severely damaged? Is your car incapacitated? If the answer is “no” to these questions, your next step is to look at how much it might cost to repair. Can you do the repair yourself? If yes, the level of damage is probably not catastrophic, and you can avoid cashing in on your homeowner’s insurance policy. 

When to Repair It on Your Own

The important thing to consider when making this decision is the cost of the deductible and how much your monthly premiums will go up. For example, if a tree falls across a fence from the neighbor’s yard but does no further damage to your property, paying even a low deductible is not worth it because your premiums will simultaneously increase. The cost of a new fence is low compared to the cost of replacing an entire house. The premium increase is worth it, for example, when you’re avoiding $100,000 out of pocket to rebuild an entire home. A premium increase is not worth it when you’re only paying $3,000 to install a new fence. 

If you live in Las Vegas, NV and have experienced damage to your property, call Stevens Insurance for an estimate on the repairs and premium increases. You will probably find that in the event of minor damage, making the repair yourself is more cost effective.

Customizing Your Home Insurance Policy

When it comes time to buy home insurance, most people tend to view it as a "One size fits all" proposition. The initial value is often set by the mortgage company, or perhaps recommended by the insurance agent, the homeowner told what the premium will be and they move on, never giving a lot of thought to the details of the policy. This is often not the best way to buy insurance, even if you’re buying from a reputable agent like Stevens Insurance in Las Vegas, NV. A home insurance policy is most effective when customized to the details of the home and the needs of the homeowner.

No two houses are alike, so no two home insurance policies should be alike. Obviously, a more valuable house, one that would cost more to replace, should be insured for more money. If the house is located in a flood plain or area prone to earthquakes, specific insurance may need to be purchased for those, as they’re often not covered in a standard policy.

A homeowner may possess a number of belongings that either aren’t covered or are not covered enough under a standard home insurance policy. Expensive jewelry, artwork or electronics are often worth far more than a basic insurance policy will allot for them. This means that unless a homeowner has the foresight to adjust the coverage amounts or add riders to the policy to cover these items, they will likely have to pay a lot out of pocket to replace them after an incident. Speaking of out of pocket costs, a homeowner can always adjust how much they will end up paying out of pocket on a claim by raising or lowering their deductible. If you need home insurance in Las Vegas, NV, Stevens Insurance can get you the right policy customized to fit your needs.

Top Hidden Home Insurance Credits

If you are on the market for a home insurance policy, make sure you take the time to review your policy with your insurance agent to ensure you are not missing out on hidden savings. Here are the top hidden credits for home insurance.

Gated Community

In the Las Vegas, NV area there are an abundance of gated communities and if you live in one, you may be able to reduce your premium. Insurers view gated communities as an extra level of security reducing the chances of a burglary. You can see a 5%-20% savings.

Recent Renovations

If you have recently renovated your home, you may be eligible for a credit. If your renovation included new wiring or a new electrical panel, the insurance company will view your home as safer. Renovations can save you up to 25%. Ask your agent at Stevens Insurance for tips if you are planning on renovating.

Retirement

Cutting costs during retirement is important, and the mature insurance credit might help. Insurance companies understand that when one is retired you are spending more time at home and if there is a burst pipe the loss will be mitigated immediately instead of when you get home from work. The retirement credit can save you between 10% to 25%.

Upgrade your Sensors

Of course, you should always have the standard fire alarm and security system. However, there are new products on the market that an insurer will give you additional credit for. You can purchase water sensors that attach to appliances that will shut off the water source if there is a leak. These sensors will get you an additional 5%-10% in savings.

If you are in the Las Vegas, NV area and would like to learn more about credits, reach out to Stevens Insurance.