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Home Remodeling and Insurance: Ensuring Coverage for Your Projects

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While home remodels, DIY projects, and renovations update and expand the rooms inside your house, it’s a common misconception that homeowner’s insurance covers everything. While it doesn’t, home insurance plays a significant role in home projects. Keeping Modern Risk Management informed about your plans helps prepare everyone for the task ahead.

Home Insurance Coverage in Remodeling Projects

Home insurance covers damage to the home and theft of materials during construction. If your policy doesn’t provide adequate coverage, a builder’s risk policy might be beneficial. If you’re temporarily relocating during the renovation, consider vacant home insurance, which covers damage to your unoccupied property in Houston, TX.

Home insurance also covers personal injury throughout the project. This is particularly useful for DIY projects, as you need sufficient liability coverage for all participants. If you’re hiring a professional, ensure they and any subcontractors are licensed and have liability insurance before work begins.

Potential Adjustments to Your Policy

Your current policy covers the home in its "before" state. After a successful project, you’ll need to adjust liability and personal property coverage to match the home’s "after" state.

Personal property insurance covers new furniture, flooring, countertops, electronics, kitchen appliances, valuable collections, and attractive nuisances from damage. While attractive nuisances (like pools, hot tubs, saunas, etc.) are appealing, they can also cause slips, falls, and injuries. Increasing liability coverage to cover these risks is advisable.

Another adjustment to your home insurance is premiums. Expect premiums to rise for home amenities and features that buyers and tenants desire. However, premiums can decrease for safety features and necessities such as:

  • Roof replacement
  • Plumbing upgrades
  • Electrical system upgrades
  • Window replacement
  • Sprinkler system installation
  • Home security enhancements
  • Smart home technology
  • HVAC system upgrades

The team at Modern Risk Management aims for a successful project, but home insurance covers you if things don’t go as planned. Notifying us about home projects helps you get adequate coverage and allows us to prepare for potential issues. Call or visit our Houston, TX office for more information on home insurance.

Knowing the exclusions on your home policy

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Home insurance provides extensive protection for your home. However, many people overlook the exclusions when reviewing their home policy. It’s crucial to delve into the policy details to understand exactly what isn’t covered. We are an independent insurance agency at Modern Risk Management in Houston, TX. Our team will work with you to ensure you have the right home insurance for your needs.

Not all insurance companies exclude the same things, so it’s important to discuss exactly what your home insurance policy doesn’t cover.

Aggressive Dog Breeds

Some dogs are considered high-risk, and home insurance excludes them from liability coverage. You should consider this when choosing your pet.

Floods

Home insurance does not cover water damage caused by flooding caused by a hurricane or other event. Houston is prone to hurricanes and flooding, so if your home is in this area, you must have flood insurance. It can be purchased separately through the NFIP.

Hurricanes

In areas prone to hurricanes in Texas, they may be excluded. Some counties are considered high-risk, and you need to ensure you have coverage one way or another. Even if you are not excluded, you may find that your coverage and deductible are different for hurricanes than for other perils.

Pests

If pests infest your home, your home insurance will not cover the damage. This is called owner neglect. You are responsible for having your home treated before damage occurs.

Contact our office at Modern Risk Management in Houston, TX to discuss your home insurance needs.

Should I Get Flood Insurance Before Finalizing the Purchase of My Home?

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If you’re buying a home, it’s important to protect your investment. Most homeowners get home insurance, but some take this a step further and get flood insurance.

At Modern Risk Management, servicing Houston, TX, we can help you decide if you should get flood insurance for your home. Knowing what flood insurance is and what it can do to protect your investment can help you determine if flood insurance is right for you. Here’s what you need to know.

Who Needs Flood Insurance?

You may need flood insurance if you’re buying a home in a high-risk flood area. You may even be required to purchase flood insurance if you’re buying a house with a loan. Your mortgage lender will let you know if you’re going to be required to get flood insurance.

Even if you’re not required to get flood insurance, it might still be a good idea to get this type of insurance. You can find out if you’re in a high-risk area by looking at flood maps.

When Should I Get Flood Insurance?

If you’re buying a home in a high-risk area, work with your insurance agent to get a flood insurance policy lined up. This is especially important if getting flood insurance is required for a home loan. Your loan will not be funded if you do not have the correct type of insurance in place.

Getting flood insurance is easy when you’re working with a capable insurance agent. The professionals at Modern Risk Management, servicing Houston, TX, can help. We work with a variety of insurance carriers and with the National Flood Insurance Program to help homeowners like you get the right kind of policy for their needs. We’re here to help! Call today.

Do I need to have commercial insurance for my Texas business?

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Commercial Insurance: Essential for Your Houston Business

If you are in the Houston, TX, area and want to start your own business, you will find this a great area. However, when trying to start a new business here, you do need to consider your insurance needs. This includes having a full commercial insurance policy. You will need to have this coverage for various reasons.

Liability Mitigation

One feature that will come with your commercial insurance plan is liability mitigation. Many forms of risk come when you own a business, and liability risk is one that you should take seriously. When you run a business and get commercial insurance, you will get support to offset this risk. This can help protect your business’s financial viability if it is found liable for damages.

Asset Protection

It is also a good idea to get a commercial insurance plan to protect assets owned by your business. When you start or grow a business, you will need to invest in various assets. If you are appropriately insured, you will have coverage and support for these assets. A full commercial insurance policy will provide support if you need to replace or repair these assets or incur a covered loss, including fire, theft, or vandalism.

Choosing the Right Commercial Insurance in Texas

Businesses in the Houston, TX area should always ensure they have the right coverage for their business. If you want this type of insurance, call our team with Modern Risk Management to start the process. At Modern Risk Management, we know the value and importance of commercial insurance coverage. We can offer the help you need to manage your options and build a plan that helps support your business.

What is No Medical Exam Life Insurance?

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For residents of Houston, Texas, purchasing a regular life insurance policy can become challenging with advancing age or chronic health conditions. To mitigate this issue, many people opt for no-medical-exam life insurance. This type of policy does not necessitate any medical examination before providing coverage. However, understanding the pros and cons is crucial before opting for such policies.

The Functioning of No Medical Exam Life Insurance

The application process for life insurance with no medical exam is relatively straightforward. Initially, you submit your personal information and respond to basic health-related queries. Post this, the insurance agency notifies you about your acceptance or rejection. If accepted, your coverage will be initiated right after your first payment.

You need to meticulously read through your policy to identify what is covered and what isn’t. Since insurance companies take a considerable risk by waiving off the medical exam requirement, the coverage you receive is likely lesser than a person who undergoes health check-ups before acquiring life insurance. In addition, the monthly premiums for a no medical exam policy exceed those of regular life insurance.

Modern Risk Management Can Assist You

Modern Risk Management caters to individuals in and around Houston, Texas. We provide a diverse range of life insurance policy options, including no medical exam insurance, meeting the needs of individuals across all age groups and walks of life. Contact us, and we will help you evaluate your alternatives to find the insurance coverage that best suits your personal circumstances.

The Process for Filing a Flood Insurance Claim

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Floods can occur unexpectedly and inflict considerable damage in a short span. Homeowners in Houston, TX, who have included flood insurance in their homeowner’s policies have shown good foresight. However, those who have never had to file a flood insurance claim may be uncertain of the procedure due to a lack of past experience. Here is a concise explanation of the claim filing process:

A Straightforward Approach

Filing a claim following a flood incident is straightforward and shouldn’t induce stress. Here are the steps involved in the process:

  • Step 1 – Immediately report the damage to your flood insurance provider.
  • Step 2 – Document the flood damage through photos and videos, including the height of the water. Do not remove any damaged items unless you have photographic evidence, providing your adjuster ample proof for examination.
  • Step 3 – Initiate the cleanup post-flooding to halt mold growth.
  • Step 4 – Prepare for the adjuster’s visit. While photos and videos can help establish the extent of the damage, most adjusters would prefer to assess the damage in person.
  • Step 5 – After your adjuster has completed the necessary documentation and all other requirements, you will receive payment commensurate with the assessed damage.

As evident, the flood insurance claim process should not be daunting. It is relatively easy and akin to other types of insurance claim procedures. If you’re searching for a new flood insurance provider for your home in Houston, TX, consider Modern Risk Management. We strive to offer excellent service and maintain affordable rates. Contact us today for a quote and to embark on this journey.

Motorcycle Insurance Can Protect Your Passenger, Too

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If you’re in the Houston, TX, area and looking for motorcycle insurance, Modern Risk Management is here to help. We can find you a policy that gives you good coverage for your bike and plenty of peace of mind. It’s important to remember that insurance is very valuable, not just for you and your motorcycle but also for protecting your passengers. If they have injuries from an accident, for example, your policy may help them cover some or all of what comes along with treatment.

The best way to be clear on what kind of passenger protection your bike policy provides is to work with a trusted agent you can rely on. That way, you can get quotes from multiple insurers and work with your agent to choose the right policy from the available options. You may want to make adjustments to the type or level of coverage you currently have, or maybe you just bought a bike and are looking for your first policy. Either way, our agents are here to help.

Getting a higher level of coverage may be just the right choice for your needs, especially if you frequently ride with a passenger and want to ensure they’re protected. Just like wearing the proper gear, the right insurance can make a difference in the aftermath of an accident. There’s no reason to settle for anything less when you have our trusted agents on your side.

Contact us at Modern Risk Management today if you’re in the Houston, TX, area and looking for a motorcycle insurance policy. We’ll work with you to find the right coverage for you and your passenger so you can protect your loved ones and your motorcycle at the same time. That makes it much easier to ride with peace of mind.

Hurricane Preparedness and Boat Insurance in Houston

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If you reside in or near Houston, TX, encountering a hurricane is likely. Boats, in particular, can be at risk. Make sure not to be underinsured!

Hurricane Risks in Houston

Historically, the Houston area has experienced several hurricanes, including recent instances such as:

  • Hurricane Harvey in 2017
  • Hurricane Ike in 2008
  • Tropical Storm Allison in 2001

These storms led to significant flooding, which caused many boats to be destroyed by high winds and rising waters.

Hurricane-Related Boat Damages

Boat damage is almost inevitable during hurricanes. Storm surges can result in:

  • Boats being lifted off their moorings
  • Collisions between vessels
  • Grounding
  • Capsizing
  • Submersion of marinas
  • Flooding-related damage to electrical systems

Hurricane winds can also cause damages like:

  • Torn sails
  • Damaged hulls
  • Dislodged equipment
  • Collisions from flying debris
  • Collisions with neighboring vessels

Boat Insurance to Cover Hurricane Damages

It is important to have the right coverage to address potential hurricane damages appropriately. You should have:

  • Storm surge coverage
  • Wind damage coverage
  • Emergency towing and salvage

If you lack these critical types of hurricane coverage, you might have to deal with major expenses if your boat gets destroyed.

Additional Hurricane Preparation Tips for Boat Owners

Use additional lines when mooring your boat. You might even want to double up on lines for extra resilience.

Remove any sails or canopies. Ensure all hatches and ports are closed. Make sure your bilge pumps are operational, and the batteries are fully charged.

Keeping track of all your documents is also crucial so you’re prepared to deal with the aftermath. If you’d like to discuss your coverage options in Houston, TX, please get in touch with Modern Risk Management. We’re here to help!

Does Umbrella Insurance Cover Customer Injury as a result of a Natural Disaster?

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If you’re a business owner or a homeowner who has frequent guests and lives in an area susceptible to natural disasters, it’s a good idea to learn more about umbrella insurance. We encourage you to contact Modern Risk Management, serving Houston, TX, and let our team assist you. We can help you get the security you need to protect your assets.  

Umbrella Insurance Protection

Umbrella insurance can actually be a great addition for one to have in cases such as a natural disaster where a customer has suffered injuries. Unlike most regular insurance policies, umbrella insurance aims to provide you with extra liability coverage to cover you for more than what you would normally be offered. When a customer on your property has an accident caused by a natural disaster and begins to deploy the legal system by taking action against you, umbrella insurance helps pay the associated lawyer fees, medical treatment, and possible damages.

Nonetheless, it matters to really read your policy wording to ascertain how wide your coverage will be in such situations. If you have a business and are very conscious of the risk of losing money and reputation, it’s good to seek the advice of an insurance professional to guide you on how to get adequate protection and cover your financial risk. 

Umbrella Insurance Near Houston, TX

If you would like to find out more about what we have to offer our customers at Modern Risk Management, don’t hesitate to contact us. We take pride in helping the residents of the Houston, TX, area get the coverage they need to create a blanket of protection from the unexpected. 

Underinsurance Epidemic: Closing the Coverage Gap in Life Insurance

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Eliminating the Gap – Essential for Life Insurance Coverage

Many individuals in Houston, TX, lack sufficient life insurance coverage, leaving them susceptible to financial distress in case of unexpected death. Addressing this life insurance coverage gap is essential to protecting households from economic hardship.

Unpacking the Coverage Gap

The life insurance coverage gap is the difference between an individual’s current insurance coverage and the amount they need to fulfill their financial responsibilities and care for their dependents in case of their death. Many people either underestimate their life insurance needs or avoid obtaining coverage, leaving themselves and their dependents financially vulnerable.

Contributions to Underinsurance

Various factors contribute to the underinsurance issue, including misconceptions about the cost of life insurance, lack of awareness about the necessity of coverage, and other financial priorities. Additionally, complex medical underwriting conditions can discourage many from seeking life insurance.

Educating Consumers, Empowering Choices

Addressing the underinsurance issue requires educating and enabling consumers about the significance of life insurance. This education should help them make well-informed decisions regarding their coverage needs and should include information on the variety of life insurance plans and their benefits.

Innovations in Insurance Products

Insurance providers are investigating innovative ways to make life insurance more accessible and affordable. One approach is to introduce streamlined issue policies that simplify the underwriting procedure and offer coverage without comprehensive medical exams or health questionnaires.

Collective Efforts to Close Coverage Gap

Eliminating the life insurance coverage gap necessitates collaborative efforts from multiple stakeholders, such as insurers, financial advisors, policymakers, and consumer advocacy organizations. By promoting financial literacy and devising innovative insurance solutions, these stakeholders can ensure that more people have access to suitable insurance protection for themselves and their families. For more information about life insurance, Modern Risk Management is here to answer your questions in the Houston, TX region. Reach out to us today.