What Does Auto Insurance Collision Coverage Reimburse if My Car is Totaled?

Posted on October 28, 2024October 25, 2024 by admin

When the unfortunate happens, and your car is declared a total loss after an accident, collision coverage generally will reimburse you for the car’s value. However, it’s not just the car that the coverage may pay for. Here’s what auto insurance collision coverage will typically reimburse if your vehicle is totaled.

Understanding Total Loss

A vehicle is normally declared a total loss when the cost of repairs exceeds its current value. In such cases, collision coverage steps in to cover the vehicle’s fair market value at the time of the accident. This ensures that you are compensated for your vehicle’s value before it was damaged.

Importantly, you’ll only be reimbursed if you have collision coverage. This is the protection that applies if your vehicle is totaled in an accident. At Rich Insurance Agency LLC, we can help you choose coverages.

Components of the Reimbursement

Exactly what you’re reimbursed will be determined by your policy’s terms. In most cases, you can expect to receive compensation for:

Fair Market Value: This is the primary amount you will receive and is based on your car’s value just before the accident.
Sales Tax: The sales tax you would have to pay to purchase the vehicle at its fair market value. The 2024 sales tax rate for Kansas City, MO is 8.99%.
Registration Fees: Registration costs are pro-rated, paying the remaining months’ worth of your registration.
Car Seats: If you had car seats installed, these are also covered under collision insurance.

Your deductible will be subtracted from the total amount paid.

Learn More About Car Insurance

It’s important to understand your car insurance policy. If you have questions and are in Kansas City, MO, contact us at Rich Insurance Agency LLC for help reviewing a policy.

Is Home Insurance Required to Get a Mortgage?

Posted on September 30, 2024September 30, 2024 by admin

The quest for a new home requires vast amounts of patience and dedicated time. Extensive research and judicious considerations are crucial to finding a house that warrants complete certainty in your final decision. However, some homeowners-to-be may be caught off guard by certain aspects of the house hunting journey. For instance, if you’re banking on a mortgage to fortify your buying power, your lender might demand home insurance. Is that standard practice for securing a mortgage, or is it an irregular requirement made by specific lenders? Here’s the insight into the association between home insurance and mortgages and how the Rich Insurance Agency LLC team in Kansas City, MO, can help you decipher it.

Is Home Insurance a Requirement? Generally, Yes.

If you’re in the mortgage market, it is reasonable to be engrossed in matters such as substantial down payments and favorable credit scores. Yet, don’t be surprised to find many lenders require home insurance. Why? Home insurance is akin to credit scores and down payments in that it provides a risk assessment measure and a layer of protection for the lender. While unanticipated and unwelcome, potential risks such as fires or plumbing malfunctions are realities, homeowners frequently cope with. Possessing home insurance means having coverage to front the costs of such unexpected incidents. Besides benefiting you by covering repair or replacement costs, it also assures your lender, enabling you to persist with your mortgage payments unhindered.

Discover Home Insurance Options with Rich Insurance Agency LLC

Are you house-hunting but need comprehensive home insurance to transform your aspiration into reality? Get started with Rich Insurance Agency LLC in Kansas City, MO. We’re here to assist you in crafting a policy that secures both your home and your mortgage. Compare quotes with us today!

Top Boat Insurance Coverages for Your Houseboat

Posted on August 30, 2024August 28, 2024 by admin

Protecting Your Floating Home: Customized Houseboat Insurance

At Rich Insurance Agency LLC, we offer bespoke houseboat insurance solutions for residents in the Kansas City, MO region. We collaborate with our customers to design insurance packages that shield their floating homes and their contents, ensuring protection from potential financial losses.

Tailored Coverage for Your Houseboat

Since a houseboat is your full-time residence, you’ll need insurance that mirrors the type of policy you’d buy for a land-based home. While you’ll purchase a boat or watercraft policy, it should cover your liability, personal property, and the structure of your houseboat. Some owners opt for extra coverage for high-ticket items like big-screen TVs, computers, and radar equipment.

Making the Most of Your Liability Cover

Every boat owner needs liability coverage. It helps cover the medical costs for any individual injured in an accident you cause or one that happens on your houseboat. Furthermore, in case of more severe personal injuries, this coverage offers protection from potential lawsuits.

Covering the Structure and Personal Property

It’s essential to have insurance covering your houseboat’s structure in case it incurs damage. Whether due to an accident or adverse weather conditions, insurance can cover repair costs, preventing you from having to foot the bill. Furthermore, personal property coverage protects high-value items, ensuring that items like electronics are covered if something unfortunate happens.

The Benefit of Additional Structural Coverages

The main property policy primarily covers structural damages, but adding hull coverage can safeguard against significant damage, such as a hull breach. This coverage applies regardless of who caused the accident. Additionally, comprehensive coverage can protect against the usual perils that a home on land would encounter, including fire, lightning strikes, hail, and tornadoes.

Learn More about Houseboat Insurance Today

If you’re interested in safeguarding your floating home, reach out to us at Rich Insurance Agency LLC today. Our custom-tailored houseboat insurance solutions give you the peace of mind of knowing your houseboat is adequately protected. Don’t set sail in the river banks of Kansas City, MO until you’ve made sure your houseboat insurance fits your needs.

Auto Insurance Checklist: Making Sure You are Properly Protected Before Going on a Road Trip

Posted on July 30, 2024July 30, 2024 by admin

There’s something truly exciting about a spontaneous road trip or a well-planned weekend getaway. While it’s fun to hit the road, we at the Rich Insurance Agency LLC in Kansas City, MO, stress the importance of traveling responsibly.

Regardless of the distance of your journey, you want to ensure that you’re adequately protected by checking your vehicle and having all the necessary documents while traveling.

Inspect your Car

Before proceeding on your road trip, swiftly inspect your car to ensure everything is in fit and proper order. Check your vehicle’s lights, tires, and fluid levels. Make sure your engine oil, brake fluid, power steering fluid, coolant, windshield washer fluid, and transmission fluid are all at their recommended levels. If it’s time for your next oil change, we recommend doing it before your road trip.

Ensure all your headlights, brake lights, reverse lamps, and turn signals function properly. Furthermore, check the tire pressure on all your tires, including the spare tire, to ensure they have the appropriate PSI (refer to your owner’s manual or the inside of your driver’s side door panel to see the recommended PSI for your car’s tires). If one of your tires seems low, there may be a leak, so it would be wise to get it repaired before hitting the road.

Have the necessary documents while traveling.

Ensure you have all the required documents in your car when on the road. No road trip should commence without the following items:

Your ID or Driver’s license
Proof of auto insurance
Vehicle registration
Your car’s owner’s manual
Emergency contact phone numbers and information
Rental contract (if you’re driving a rented vehicle)
Pen and paper
Paper maps

Get in touch with us today!

We’re here to assist if you need more tips before traveling or have questions about an auto insurance policy. Call our knowledgeable agents at Rich Insurance Agency LLC in Kansas City, MO.

Insurance Coverage for a Cabin Cruiser

Posted on June 28, 2024July 2, 2024 by admin

Ensure you get adequate coverage for your new cabin cruiser. The insurance will safeguard you from damages, theft, flooding, wind, and other unfavorable conditions that might harm your watercraft.

Boat Protection

Access to boat insurance ensures you stay compliant while operating your watercraft. Insurance serves to protect you against any lawsuit that could arise if your boat causes harm to another person or their property.

A comprehensive boat protection policy typically includes coverage for damages to your personal watercraft. Such types of coverage will compensate for the cost you have incurred due to damage to the boat’s structure, along with any items stored on the watercraft.

Types of Coverage

Assess how you plan to operate your cabin cruiser. If you often have company when boating, you may want to consider a more comprehensive insurance policy that ensures wider protection.

It might be beneficial to get your boat professionally inspected. The inspection’s outcomes will provide helpful insight into choosing boat insurance products that offer adequate coverage by determining the overall value of your watercraft.

Policy

Before signing any insurance documents, thoroughly review your policy. Make sure it covers all essential aspects, such as the furnishings, floor coverings, appliances, and other equipment within your cabin cruiser.

Contact Rich Insurance Agency

Contact our representatives at Rich Insurance Agency LLC. Our agents, serving Kansas City, MO, are well-trained to assist in formulating new boat insurance policies. They can also modify any existing boat insurance policy a client may already have.

High-Value Home Insurance Policies

Posted on May 31, 2024June 6, 2024 by admin

A standard home insurance policy may not adequately protect a high-value residence. If you live in a home that is considered valuable, seek insurance coverage that will allow you to rebuild or relocate if a disaster strikes.

Increased Coverage

One of the main differences between a standard home insurance policy and a high-value home insurance policy is the actual amount of coverage that is offered.

Because a high-value home is going to require more funds to rebuild or replace naturally, the insurance cap amount on a high-value policy will likely be significantly higher than the cap on a standard policy.

The increased coverage that is supplied will ensure that a property owner is not faced with financial loss if disaster strikes and their home is temporarily or permanently uninhabitable.

Better Inclusions

Some high-value home insurance policies come with better inclusions than a standard one. A high-value policy may offer better content coverage.

A high-value home insurance policy may automatically include a replacement cost clause. This means that if a property owner’s insured belongings are destroyed, they will be able to replace the valuable items without being burdened by depreciation concerns.

Inspection

Before you purchase a high-value home insurance policy, have your home inspected. During a formal inspection, the value of your home will be determined.

The contents of your home will also be taken into account. If your home qualifies for high-value home insurance coverage, take the time to compare high-value insurance products through a local insurance agent.

Contact Rich Insurance Agency LLC

Contact one of our Rich Insurance Agency LLC agents to discuss high-value home insurance policies. An agent who serves Kansas City, MO, will ensure that your high-value residence has the coverage it needs.

Four Incredible Benefits of Uninsured/Underinsured Motorist Insurance

Posted on April 30, 2024May 3, 2024 by admin

Although auto insurance is mandatory throughout Missouri, some people choose to ignore the law and drive without coverage. If one of them hits you, you can end up paying for the damages out of pocket. However, if you have the right coverage, you can drive confidently, knowing that your policy safeguards you against uninsured motorists. Uninsured motorist insurance comes with many benefits. Talk to the Rich Insurance Agency LLC team in Kansas City, MO, to add uninsured motorist insurance to your auto policy.

Reimburses Medical Bills

You can receive coverage for related medical expenses if an uninsured motorist hits your car. That includes both you and your passengers. Without this insurance, you might end up paying out of pocket for medical coverage following an accident.

Compensates for Lost Wages

Following a car accident, it’s important to focus on your health. Uninsured motorist insurance typically includes compensation for lost wages. That way, you can focus on fully recovering before you return to work — without worrying about paying your bills.

Covers Car Repairs

Damage caused by an uninsured motorist isn’t typically covered under your collision insurance. Consider adding uninsured motorist insurance to your policy to help you bear the financial burden of accident repairs. Otherwise, you could take a hit to your bank account.

Protects Against Hit-and-Run Accidents

If someone hits your car and drives away, your uninsured motorist coverage may kick in. Although most drivers would never dream of driving away from the scene of an accident, it happens. Isn’t it better to make sure your auto insurance covers this contingency?

Contact an Auto Insurance Agent in Kansas City

These are just some of the benefits of underinsured/uninsured motorist insurance. For more information about how this coverage can protect you and your family, set up a consultation with one of our knowledgeable team members.

Contact an agent at Rich Insurance Agency LLC in Kansas City, MO, to schedule an appointment for a free auto insurance quote today.

Do You Need Boat Insurance for a Sailing Dinghy?

Posted on March 29, 2024March 28, 2024 by admin

Sailing dinghies offer a practical and enjoyable way to experience the thrill of the wind and waves. However, it is crucial not to overlook the potential importance of insurance in the waterways around Kansas City, MO. Although a boat insurance policy may not be expected, it often becomes necessary.

Damage Coverage: Optional but Recommended

For many sailing dinghies, particularly older ones, insurance coverage against damage might not be absolutely necessary. These boats often aren’t worth much, and an insurance claim would likely pay a small sum if a low-cost dinghy were damaged or stolen. However, if you have a brand new or high-performance sailing dinghy, you may indeed want coverage against damage. Our knowledgeable insurance agents at Rich Insurance Agency LLC can help you make this determination.

Liability Coverage: Essential for Peace of Mind

While coverage against damage can be optional, liability coverage is almost certain to be a must-have. It provides protection if your boat causes injury to others—there’s always at least some potential risk of head injury, other injury, or even drowning when sailing. Equally, liability coverage provides protection against potential damage to other boats or docks.

Acquiring liability coverage largely depends on your existing home insurance policy. Many policies contain personal liability coverage, some of which extends to operating small boats. Whether coverage is extended depends on the specifics of your home insurance policy and the size of your sailing dinghy.

If your home insurance policy extends protection to include your sailing activities, you might not need separate liability coverage. However, if it excludes sailing your boat, securing sailing liability coverage through a separate boat insurance policy is advisable.

Securing Adequate Coverage for Peace of Mind on the Water

Our team at Rich Insurance Agency LLC is here to help you navigate through the intricacies of insurance coverage for your sailing dinghy. We can help determine whether you need boat insurance and what coverages to obtain if you do. Contact us today to speak to an agent and gain peace of mind for your water adventures.

Insurance Coverage For Your Home’s New Roof

Posted on February 28, 2024February 26, 2024 by admin

Maximize Your Policy: Expanding Commercial Insurance for Business Assets

Commercial insurance policies offer a valuable opportunity to insure critical assets in your workplace environment. Adding valuable items to your coverage, such as machinery and electronics, can secure your business assets and operations much more effectively. Here’s a guideline to achieve this:

Machinery Insurance Coverage

Machinery is often a vital component of a business. Their high acquisition costs and pivotal role in operations make it crucial to insure them. You can secure a safety cushion for your irreplaceable assets by including machinery in your commercial insurance policy. Proactively inspect and document all mechanical equipment in use and lay out an insurance coverage plan for them.

Protecting Computers and Electronics

Computers and electronics play a significant role in modern businesses. They support various operational aspects like machinery control, lighting, and data processing. Storing sensitive information and operating pivotal business functions are usually the roles of computers, making them indispensable assets. Ensure you thoroughly document each computer and electronic device you own and secure insurance coverage.

Security Measures as Preventive Steps

Upgrading your business’s security features is an important preventive measure. This can range from installing a secure safe to implementing a comprehensive surveillance system to deter and document potential thefts or damages. This protects your valuable assets and potentially influences your insurance premiums positively.

Consultative Approach with Capalbo Insurance Group LLC

Comprehending your business needs and choosing the right commercial insurance coverage can be an overwhelming task. However, you are not alone. At Capalbo Insurance Group LLC, our dedicated agents are ever-ready to discuss your needs and guide you to the ideal protection package. Our team proudly serves the businesses in South Kingstown, RI. We are just a call away.

Kansas City Boaters: Understanding Your Insurance Options

Posted on January 22, 2024January 24, 2024 by admin

If you’re a boater in Kansas City, MO, you may be wondering what kind of insurance you need and what insurance options are best for you. Rich Insurance Agency LLC wants to help you understand your options and choose the one that is right for your situation. Boat insurance may not seem necessary to many boaters, but it can be more useful than you may realize.

Who Needs Boat Insurance?

In Missouri, boaters need to be aware of what boat insurance they need to operate securely. In Missouri, boat insurance is not a legal requirement, but that doesn’t mean that boaters don’t need it in the case of an accident. You never know what could happen, not only based on your own actions but on the actions of others. Thus, you really want to consider the possible ramifications of operating a boat without insurance.

Boat Insurance Options

There are many options you can choose from once you have determined you need boat insurance. Boat insurance can cover a huge range of issues. For example, if you are in an accident, have your boat stolen, or experience damage from natural issues like fire. It can cover your boat itself, but it can also cover damage inflicted on other boats or property. Plus, you can have liability coverage that will also pay expenses based on damage to another person. Other useful policy options include medical payments coverage, uninsured watercraft coverage, and more. When considering what type of insurance you want, you have to think about your situation, limitations, and needs to determine what is good for you.

Boaters Insurance for You

Insurance policies can be quite varied, which is why it helps to discuss your insurance needs with a diligent insurance expert at Rich Insurance Agency, LLC. One of our agents will gladly help those in Kansas City, MO and across the state. You can reach out to us to get started on your boat insurance journey by calling us today.