What Does It Mean When Auto Insurance “Follows The Car And Not The Driver?”

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Insurance companies get this question a lot. Let’s say your Mom’s car is in a Youngsville, NC shop, but she needs to go somewhere. You’re busy and can’t take her, so you toss her your car keys. Someone hits her. Someone hits them. It’s discovered that the person who hit her first isn’t insured, and the person who hit them has no uninsured motorist. Who pays for all this?

Auto insurance rarely, if ever, follows the driver. Since it’s the car being hit in an accident, it’s the first thing insurance companies look for, no matter who is driving. As to who pays when there’s a pile-up, Holmes Insurance Services will walk you through that and what else you should know about auto insurance following the car.

Under What Circumstances Does The Insurance Follow The Car?

Insurance companies get it when a North Carolina child takes a parent’s car off to college at MIT or UCLA. They understand when a North Carolina military resident is stationed at Fort Gordon in Augusta, GA or at Fort Sill in Oklahoma. They understand when your daughter takes your car cross-country for the first time to visit Aunt Barbara. 

What About Pile-Ups? Who Pays?

North Carolina is an at-fault state. This means that the irresponsible driver’s insurance pays for damages and medical charges. However, when a third Youngsville, NC driver is also at fault, the driver who was originally at fault is likely to be judged responsible for all of it and must pay accordingly. 

When your car is in a multiple-car accident, call Holmes Insurance Services to explain who’s at fault and who pays for damages to your vehicle. We’ll walk you through what to do if an at-fault driver is uninsured or hasn’t enough or any uninsured motorist insurance. That’s what we do, so drop by today.

Must-Have Commercial Insurance for Your Industry

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Are you ready to find commercial insurance that takes your particular industry into account? At Holmes Insurance Services, we document the particular risks and challenges faced by your business sector and make recommendations accordingly. This may include beefing up coverage for your commercial fleet or adding an umbrella policy to cover your expensive equipment in Youngsville, NC.

How to Tailor Your Commercial Insurance

When it comes to commercial insurance, it’s important to tailor your coverage to your specific industry. Different industries face unique risks and challenges. For general liability insurance for a landscaping business, for example, you might add extra coverage for property damage. If you own a restaurant, you may need adequate coverage for slip-and-fall accidents.

What about manufacturers, distributors, and sellers? Product liability insurance is a great way to protect your assets against product liability lawsuits. It covers legal expenses too, so sign up for this coverage if you’re worried about potential claims related to product defects.

Professional liability insurance, aka errors and omissions insurance, protects professionals against claims of negligence, errors, or omissions. No matter how careful you are, nobody’s perfect. Protect your business against unforeseen errors. Do you own your building or commercial space? If so, you’ll need commercial property insurance, especially if you have a large or valuable commercial property. This insurance protects your building and its contents, including inventory and equipment.

What Other Protection Does Your Business Need?

Depending on your industry and specific business operations, additional coverage options that matter the most will vary. Talk to your agent about cyber liability insurance, workers’ compensation insurance, commercial auto insurance, and business interruption insurance, to name just a few possibilities.

Contact the team at Holmes Insurance Services for professional advice on commercial insurance in Youngsville, NC. You can also stop by our office to learn more about our services.

Why Home Insurance is Required on Mortgages

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Lenders across the nation require home insurance if the home is mortgaged. Homeowners in Youngsville, NC, like other locations, have different options they can choose from, but the lender must approve the coverage before they lend the money. Those shopping around for a new home or looking to build must understand that insurance protects the lender and not the buyer. Only if the house is paid off will the insurance benefit the owner.

The Lender Owns the Home

Insurance is required in mortgages to protect the collateral, which is the house and property. The homeowner’s name may be on the paperwork, but the bank or lender technically is the homeowner until the mortgage is paid off.  

The underwriting in the insurance policy states all the damages covered to keep the home intact throughout the mortgage payment arrangements. The mortgage’s time frame is agreed upon by the parties involved at the time of the closing sale. This time frame usually lasts 15-30 years. 

The Demand for Homeowner’s Insurance

In the event of a loan default, the house returns to the lender during the foreclosure process. Then, they will sell the place to get a return on their investment. The insurance guarantees that the home remains at high standards to sell at top dollar. 

The premiums are paid by the purchaser, which is usually in the form of escrow. If claims are filed for repairs or replacements, the homeowner must come up with the required deductible. The lender may also demand that all repairs are reported. 

Holmes Insurance Services Can Assist You 

At Holmes Insurance Services, we are prepared and equipped to answer all your inquiries and guide you through the underwriting process. Contact us with any questions or concerns about getting homeowners insurance in the Youngsville, NC metroplex and surrounding areas. 

When do You Need Surety Bond Insurance?

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Surety bonds help protect contractors from liabilities related to projects. When you acquire this type of insurance, you provide a layer of security for your business. If you would like to purchase a surety bond or learn more about their benefits, you can count on the residents at Holmes Insurance Services, proudly serving the residents of Youngsville, NC and surrounding areas. 

Surety Bond Insurance

If you work as a contractor on specific projects, you may need a surety bond to prevent any losses associated with missed deadlines or outlined expectations. This is especially true for people who work with government agencies. Regardless, you may want a surety bond to protect you when you begin working on any proposed project. 

If you would like to learn more about surety bonds, our team of agents is here to help. We can assess your current risks and match you with a surety bond that offers the best protection. 

We also work closely with you to explain the terms and conditions of the bond to ensure you are informed. We provide a full level of service for each customer. Our goal is to help educate you about your risks and then match you with insurance products that offer the most protection from those risks. 

Contact Us Today

If you would like to learn more about surety bonds or any of the insurance products we offer, please feel free to stop by or contact us. One of our helpful team members can provide you with answers to questions or schedule a consultation. At Holmes Insurance Services, we want to give the Youngsville, NC area residents insurance products that offer peace of mind. 

3 Reasons You Need Life Insurance Now

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Life insurance is a critical tool to help you protect your loved ones, secure your legacy, and provide financial security for business owners. At Holmes Insurance Services in the Youngsville, NC area, we understand why life insurance is essential to planning for the future.

Here are three reasons you need life insurance now:

Protect Your Loved Ones

Nobody wants to think about death, but purchasing life insurance is one of the most loving gifts you give your family. In the event of an untimely death, having a life insurance policy in place will ensure that your loved ones have what they need to cover immediate expenses such as funeral costs, medical bills, and other outstanding debts. It will also provide financial security in the longer term, helping to replace the lost income and secure your family’s future.

Secure Your Legacy

Life insurance provides peace of mind that your legacy will be taken care of. Whether you want to leave a large sum of money for charity or want to ensure that your hard-earned estate goes to your loved ones, having a life insurance policy in conjunction with a will ensures this reality. 

Why Life Insurance is Necessary for Business Owners

For business owners, having life insurance is a shrewd way of protecting their business’s future. In the event of your death, having a policy in place makes sure that there is enough money to cover any debts and expenses associated with the business. It can also be used as an incentive for key employees, providing financial security in case of unplanned events or transitions.

We Are Here To Help!

At Holmes Insurance Services, we understand how important life insurance is for protecting yourself and those you love. Whether you want coverage for yourself or your Youngsville, NC area business, our experienced team will help you find a policy and plan to fit your specific needs and budget. Contact us today to learn more about why life insurance is essential now – and how we can make it easy to get started.

Four misconceptions about auto insurance

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Holmes Insurance Services insures drivers in Youngsville, NC. If you are a motorist, it’s important that you’re accurately informed about auto insurance. There is a lot of misinformation out there when it comes to auto insurance.

The following are four common misconceptions about auto insurance:

Every insurance company is more or less the same as the others.

When you get quotes on auto insurance policies, you’ll notice that different insurance providers offer different quote amounts. Insurance companies can also differ in terms of the exact coverage options they offer.

That’s why you really need to do your research on different insurance companies offering insurance in your area when you buy coverage for your car. 

You shouldn’t get more than the minimum coverage required by law.

If you want to be protected financially, it’s best to get more coverage than just the minimum required by law. You could find yourself in debt if you get in an accident that costs you much more than the maximum policy limits of your auto insurance policy. 

All insurance policies include collision coverage.

You have to add collision coverage to your policy if you want to be sure that damage to your own vehicle will be covered. A basic policy will only include liability coverage, so make sure that you specify if you want collision coverage. 

You can use your personal auto insurance when you’re driving a vehicle for business purposes. 

You should purchase a commercial auto insurance policy if your vehicle is regularly used for commercial purposes. You’re not supposed to cover a business vehicle with a personal insurance policy. 

Let us help you choose the right auto insurance solution in Youngsville, NC. Call us at Holmes Insurance Services and we’ll be happy to give you a quote on a policy!

How much workers compensation insurance do I need?

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In the world of business, protecting your employees is a top priority. Workers’ compensation insurance can help cover medical expenses and lost wages for employees who are injured on the job in the Youngsville, NC area. It’s important for businesses to know how much workers’ compensation coverage they need in order to protect themselves from potential liability. At Holmes Insurance Services, we can help.

The amount of workers’ compensation insurance that a business needs depends on the type of industry and the number of employees. Generally, employers must carry at least the minimum state-required amount of workers’ compensation insurance as prescribed by each state’s laws. This will ensure that all employees are protected if an injury or illness occurs on the job.

Business owners should also consider purchasing additional coverage above the state-required limits for certain types of injuries or illnesses that may not be covered by the minimum state-mandated coverage. For example, some states require employers to provide temporary disability benefits to employees who experience a long-term illness or injury while working, which may not be covered under standard workers’ compensation policies. Businesses may also want to purchase uninsured employer protection in case an employee files a lawsuit against them for an injury or illness caused on the job that is not covered by their insurance policy.

Overall, it is important for businesses to make sure they have enough workers’ compensation coverage to fully protect their employees and their business from potential liabilities and losses due to injuries or illnesses experienced while on the clock. Doing your research and purchasing adequate coverage allows businesses peace of mind knowing they are doing what is best for both their employees and their company.

Reach Out To Us

For more information, call us at Holmes Insurance Services today. We proudly serve the Youngsville, NC area.

Why Do You Need Home Insurance?

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When you own a home, there is a broad range of things that may happen to it and what’s inside it. There are so many risks to your home that it’s never a good idea to go even a day without home insurance.

Home insurance is likely required for you to have by various organizations, including your lender. This insurance is so important that it’s a good idea to set it up before you buy your home.

If you need home insurance for your new home, or you want to switch insurance companies for a new policy, call us today at Holmes Insurance Services in Youngsville, NC.

Why Home Insurance?

Protection for Your Home

Your home is an important investment that you’ve made, and part of your responsibility to it is to keep it insured. There are many accidents, disasters, and other incidents that can happen to your home and damage or destroy it. If this were to happen, you need to be covered so that the repairs can be paid for by the policy. We provide home insurance that protects you against a wide range of incidents that could happen that would require repairs or rebuilding. 

Protection for Your Belongings

It’s also important to have this insurance because it protects all of the items that you own inside your home. Next to the investment in your home, your belongings are likely your second-largest investment. That makes it important to have those items covered just like you cover the dwelling itself. Home insurance includes this coverage so that you can have your items replaced if a damaging incident were to occur. 

Always Have Home Insurance

Never put off getting this vital insurance type. When you need a home policy to protect yourself from many potential costs, call us at Holmes Insurance Services. We serve the greater Youngsville, NC community.

Will My Auto Insurance Cover Someone Else Driving My Vehicle?

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There are a number of reasons why someone else may be driving your vehicle. Their car may be in the shop, and you may be lending them your vehicle, or they may be doing you a favor, such as picking your kids up from school and borrowing your car to do so. Or, you may have guests visiting you from out of state, and you may give them your vehicle so they can run up to the store or out to eat alone one night.

At Holmes Insurance Services, serving the greater Youngsville, NC area, we are often asked if auto insurance will cover someone else driving their vehicle. 

Will My Auto Insurance Cover Someone Else Driving My Vehicle?

As a general rule of thumb, yes, your auto insurance will cover someone else who is driving your vehicle, as long as that person is licensed. If the individual is not licensed and is driving your vehicle illegally, they generally will not be covered by your auto insurance policy.

Additionally, your auto insurance policy may have an excluded driver list. If your policy has an excluded driver list, read this list and see if anyone is on the list. If you have a family member who is on the list, they are excluded from driving your vehicle and will not be covered by your auto insurance policy. 

Contact Us Today

If you own a vehicle, you want to do everything you can to ensure that you and your vehicle are fully covered if an accident happens. Here at Holmes Insurance Services, serving the greater Youngsville, NC area, we can help you to ensure that everything is fully covered. Schedule an appointment with us to discuss your auto insurance needs today. 

Does Surety Bonds Insurance Cover Every Type of Surety Bond?

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Sometimes, insurance doesn’t contain the word insurance or policy. That’s the case with surety bonds. When you read that a business presented a surety bond to the city or that your business needs to obtain a surety bond, it describes an insurance purchase. Here at Holmes Insurance Services, we can assist you with the four types of surety bonds when a Youngsville, NC business needs to obtain them.

Surety Bond Defined

The term surety bond or surety bond insurance refers to a legal document that promises a business or organization will complete the task specified in the bond. The bond contract includes provisions that protect the obligee (the government) if the principal (the business owner) named in the documents fails to complete the task or comply with the agreement. The surety or insurer serves as the middleman between the obligee and the principal.

The obligee doesn’t allow the project to start until the principal obtains the surety bond insurance. The policy purchased must contain the following:

  • proof of sufficient funds to complete the project,
  • professional abilities to successfully complete the project,
  • proof of a positive corporate image,
  • proof of appropriate business management practices,
  • documentation of a positive reputation with financial lenders,
  • a proper line of credit.

Once obtained, the principal can alter the surety bond by adding a rider. The available riders for a surety bond include increasing the bond amount, changing the bond’s date or bond terms, and rectifying an error in the original bond.

Types of Surety Bonds

Like most forms of insurance, the surety bond offers a variety of policy types. The term surety bonds insurance refers to the following four types of policies:

  • court surety bonds – required before embarking on a civil court proceeding, this bond confirms the financial liability of the parties if they refuse to comply with the court’s orders,
  • commercial surety bonds – compulsory insurance that a government requires to protect the public’s welfare against fraud, misrepresentation, and dishonest practices.
  • contract surety bonds – used in the construction industry, this bond promises that the contractor will comply with the bond’s terms and that the obligee pays the contractor on time. Each organization obtains its own surety bond.
  • fidelity surety bond – ensures an employer offers financial protection to its employees from mismanagement, theft, and illegal activities.

Give Us A Call

Contact Holmes Insurance Services, serving Youngsville, NC, to obtain a surety bond for your business. We offer all four types of surety bonds and all riders.

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