What Else Does Homeowners Insurance Cover?

Homeowners insurance is designed to protect homeowners in the event of unfortunate circumstances like fire, theft, and natural disasters. However, it’s not always clear what these policies cover or don’t cover. Read on for some answers to common questions about what homeowners insurance covers and where it falls short.

Belongings coverage: Your standard policy will cover your belongings up to the limits you choose. For many, this includes clothing, furniture, appliances, and other items that might get damaged or destroyed in a fire or theft. However, there are some types of items that are only covered with additional endorsements. For example, valuables like jewelry, antiques, and collectibles typically require an endorsement to be insured for their full value.

Personal liability protection: If someone falls at your home and is injured or your dog bites an innocent neighbor walking by, liability protection will pay for the medical expenses. It will also reimburse you if you or a family member gets sued. Liability protection doesn’t cover any property damage to the victim’s property; it only pays for your legal fees and damages inflicted on other people.

Medical payments: Medical payment coverage is included with many homeowners policies and will pay for the medical expenses of whoever is hurt on your property, regardless of fault. For example, if a visitor stumbles and breaks his leg, you’ll be reimbursed for the cost of any required treatment. This type of coverage can also extend to non-resident relatives who visit you.

Living expenses: This coverage pays for the additional living expenses you’ll incur if your home is temporarily unlivable after a covered claim. For example, if there is fire damage, this coverage will help pay to put you up in a hotel or temporary housing until your home is repaired or rebuilt.

Homeowners insurance provides a wide range of coverage to protect your house, belongings, and even you from unexpected events. Holmes Insurance Services can help you find the right coverage in Youngsville, NC. Call us today to learn more.

Surety Bonds Insurance Explained

Holmes Insurance Services provides coverage to the Youngsville, NC community. We offer our clients multiple policies so that they are protected in any situation. We want to help our clients live comfortably.

Surety Bonds Insurance Explained

Surety bonds are a legal contract between the guarantor, obligee, and principal. You would be considered the principal while the guarantor insures you. Surety bonds are protection if your Youngsville, NC business is unable to perform a service. You can tailor the surety bonds to meet your individual needs. There are several types of surety bonds. Bid bonds protect the owner in the event that the project does not meet the standards outlined in the contract. Performance bonds insure the contract owner against a possible default.

As a business owner, you can also look into commercial surety bonds. Commercial bonds may be required by a state or federal government in order to complete a project. This ensures that the project adheres to the regulation. If you are a lawyer, you can inquire about judicial bonds that help make sure that the judicial proceedings run smoothly. Notary bonds are another option, as they can protect the public if a notary does not adhere to the procedures outlined in the contract.

While researching surety bond insurance, remember that there are different requirements based on the city, country, or state that you are trying to get a surety bond in. You have to be aware of what the obligee is requiring from you before making a decision. Surety bonds are essential for completing transactions. 

Holmes Insurance Services Will Guide You Through The Process

Visit our website to learn more information about surety bonds insurance.

What Is the Difference Between Term Life Insurance and Permanent Life Insurance

When shopping for life insurance, you will learn there are two main life insurance policies: term life insurance and permanent life insurance. Both of these policies provide financial protection for your family; however, they differ in premium costs, total coverage, and length of coverage. When shopping for life insurance in Youngsville, NC, you want all of your life insurance questions answered. The experts at Holmes Insurance Services can help answer those questions and find you the best life insurance policy for your family’s financial needs.

Term Life Insurance

Term life insurance typically provides a more affordable life insurance option; however, these policies only cover you for a specific term length. Term lengths are stated in the policy and typically cover you for 10, 15, 20, 25 years, or any other length you select. 

Permanent Life Insurance

Permanent life insurance provides coverage for your entire life, as long as you continue making premium payments. This policy also has a cash value that is not available with term life insurance policies. If needed, you can borrow against your policy’s cash value to help pay for your retirement or other financial emergencies. 

Differences in Premiums

Term life insurance tends to be the less expensive option; however, your premium rates are calculated by several factors. These factors may include the policy type, the death benefit amount, term length (term life policies only), your age, and your overall health. Additionally, the company you purchase your life insurance policy from affects the overall premium costs. 

When shopping for life insurance in Youngsville, NC, reach out to Holmes Insurance Services to discuss your different options. Our agents can help you determine which life insurance policy is the best for your family’s future financial needs. 

Commercial Auto Insurance Vs. Personal Auto Insurance Coverage

Everyone who owns and drives a car needs auto insurance, including business owners. There are a good deal of different insurance policy coverage options, including different ones designed for personal auto insurance coverage and commercial auto insurance coverage. Businesses in Youngsville, NC could compare the different types of policies and learn where each one comes into play in the event of an accident. 

Then, if you still have questions, call our agents at Holmes Insurance Services today. 

What Does Personal Auto Insurance Entail?

Personal insurance covers everything you own, including home to car. Personal auto insurance protects your personal vehicle that is not used for commercial or business purposes. This type of insurance is for vehicles personally owned and the title is in your name. Your personal auto insurance policy covers you when you commute to work or drive on your own time. When you begin to use your vehicle for work purposes, personal insurance no longer covers it. 

What Does Commercial Auto Insurance Entail? 

Commercial auto insurance covers more than personal insurance does. The added coverage is because the risks are higher when a vehicle is used for business purposes. Commercial auto insurance covers similar personal auto insurance items, including legal, medical, and damage costs. The added coverage protects you against the higher liability involved in owning and operating commercial vehicles. 

When Would I Need Commercial Auto Insurance? 

Here are some situations where you would need to have a commercial auto insurance policy: 

  • Transportation Service: You work transporting passengers or goods with your vehicle. 
  • Truck Driving: Drivers of semi-trucks may need this add-on policy, especially if they are an owner-operator. 
  • Providing a Service: You are a contractor, landscaper, or other similar service providers.
  • Drive for Business Reasons: Real estate agents or those who often drive to see clients. 

Those who use their car in Youngsville, NC may want to reach out to Holmes Insurance Services to discuss commercial insurance options available for business-related driving. 

Why Commercial Insurance is an Asset

Is commercial insurance an expense or asset? Most business owners in Youngsville, NC and other parts of America think of insurance as an expense. In fact, accounting practice dictates we treat commercial insurance as such. While insurance is an expense in the strict sense, you should view it as an investment (asset) that cushions your business when the unthinkable strikes. As a matter of fact, insurance is a promise to pay in the near or long-term future. And like the purchase of any other investment, the purchase price is a consideration, but the value shouldn’t be put on the wayside.

If you have been viewing commercial insurance as just another expense, think again. Here is why commercial insurance is an asset for your business.

Liability protection

When you buy commercial insurance from Holmes Insurance Services, it safeguards your business against liabilities like bodily injury, property damage, and advertising injury that your business could cause to other people. 

Since liability claims can be expensive, commercial insurance ensures that you don’t have to dip in your pocket when third-party claims come calling. 

Protects your employees

Your employees’ productivity could be affected by work-related injuries and general illnesses. And since you are responsible for your employees’ welfare, paying for your employees’ medical costs can cripple your business finances. Thankfully, when you have workers’ comp insurance, your employees’ medical expenses, partial loss of income, and funeral costs are taken care of by commercial insurance.

Protects your assets

Think of the value of your business assets. Ranging from your building, inventories, furniture to computer equipment, it would be catastrophic to lose your assets when a disaster strikes. Thankfully, when you have invested in commercial insurance, your insurer compensates you for losses and damages to your assets.

The list above isn’t exhaustive. There is a lot more you can benefit from commercial insurance. If you are looking for proper commercial insurance in Youngsville, NC, contact Holmes Insurance Services.

Who needs home insurance in Youngsville?

People that reside in the Youngsville, NC area continue to benefit if they own their home. Those that are property owners in the area are going to benefit from price appreciation and having a consistent place to live. If you are going to purchase a home in this part of the state, getting home insurance is important. People tend to need to have home insurance for a few reasons. 

Coverage is a Requirement

A reason that you may need to have a home insurance plan when in this area of North Carolina is because it is a requirement. Many people in this area of the state will need to take out a mortgage to finance the purchase of their new property. Along with this, you will need to get proper insurance to comply with your lender’s standards. This typically will include requiring you to carry home insurance until the loan has been paid off. 

Coverage Offers Important Protection

You will also need a home insurance plan here as it gives valuable protection. When you are a property owner, you will want to know that your valuable asset is covered. If your home is ever damaged by a fire or other situations that can cause serious damage, you will be comforted knowing you have the support needed to make necessary repairs to your property. 

As you are looking for a home insurance plan when you are in the Youngsville, NC area, calling Holmes Insurance Services is a good option. There are a lot of choices to make when looking for coverage here. The team with Holmes Insurance Services will give any support that you need to fully understand your options. This will ensure you are able to pick a new plan that is ideal for your situation.