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Renters’ insurance and downsizing

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Renters’ Insurance and Downsizing

People downsize and opt for renting for various reasons. Some may be nearing retirement and no longer wish to maintain a single-family home. Others may choose to downsize and rent for financial reasons, as a smaller rental space is generally less expensive than owning a home. Some may see renting and downsizing as a way to simplify their lives.

If you live in the Charlotte or Waxhaw, NC area and are considering downsizing into an apartment, Hausmann Insurance & Financial Services can help with renters’ insurance.

Renters’ insurance helps protect your personal belongings when you rent and also offers some additional and valuable features. Here’s what you should know.

Why You Need Renters’ Insurance

The insurance your landlord has on the property you rent will not cover your personal belongings in the event of a loss. Items like your furniture, clothing, bedding, housewares, and electronics can quickly add up. If they were lost in a fire, storm, or even by theft, you could suffer a significant loss without renters’ insurance.

It Can Provide Liability Coverage

Typically, renters’ insurance includes a component that can help protect you from an injury liability claim suffered by a visitor, friend, or even a delivery person.

Protection When Traveling

Renters’ insurance also offers protection for personal items when traveling. This is additional protection while on the road.

It Is Affordable

Many are surprised by just how affordable renters’ insurance is, especially compared to homeowners’ insurance.

Get a Quote Today

To learn more about renters’ insurance and get a price quote, contact us at Hausmann Insurance & Financial Services, serving the Charlotte and Waxhaw, NC areas.

Why You Need Uninsured/Underinsured Motorist Protection

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You probably don’t think about what would happen if you got into an accident and the other involved motorist didn’t have auto insurance. That scenario happens more than you think in Charlotte and Waxhaw, NC. If you don’t have the proper auto insurance policy, you could pay for the damage, even if it isn’t your fault. Hausmann Insurance & Financial Services can help ensure that your vehicle is fully protected if such an event happens.

Understanding Uninsured/Underinsured Motorist Coverage

North Carolina law requires drivers to have minimum coverage for collision, comprehensive, and liability. However, drivers do not have to buy uninsured/underinsured motorist coverage. This is an optional provision in almost all auto insurance policies. Drivers on a budget sometimes forgo this coverage to save money. However, that’s not a wise choice, as uninsured/underinsured coverage is one of the options in most policies. Not buying this coverage can save you money in the short term, but in the long run, it could cost you thousands of dollars.

Role of Uninsured/Underinsured Provisions

Suppose you are in a motor vehicle accident, and your car is extensively damaged or totaled. The other driver has insurance or has insurance that pays out the minimum. The result is you are on the hook for some or most of the bill. This could cost tens of thousands of dollars, especially if your car is new or you own a higher-end vehicle. The uninsured/underinsured provision pays for damages minus your deductible if you are involved in an accident that causes damages or injuries. The premiums you spend for this coverage will be much less than you would pay to remedy the damages.

If you are considering a new auto insurance policy, learn how your policy’s uninsured/underinsured section can save you money. Contact Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw, NC, for an appointment.

How Traveling to Another State in Your Motor Home Affects Your Insurance

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Naturally, if you have a motor home, you’re going to want to use it to travel long distances. Perhaps you’ll want to take in the scenic views of the Blue Ridge Mountains. With those winding roads and vast vistas, it can be easy to find yourself drifting over state lines. Do take care to realize that traveling out of state can affect the insurance on your motor home. Educate yourself on the laws regarding insurance before those country roads take you far from home.

Understanding State Laws Regarding Motor Home Insurance

Let’s start with North Carolina. In North Carolina, you are required to have liability insurance on your motor home. It is the same in Georgia, though Georgia has higher minimum requirements. These fluctuate, so keep abreast of them. Having more coverage than the state minimum protects your assets by increasing your liability limits, so it’s a good idea to start with. In South Carolina, it is required that a motor home be insured with both underinsured motorist bodily injury (UIMBI) and underinsured motorist property damage (UIMPD). However, submitting a signed form may reduce or even reject such coverage. It is the same in Tennessee. Not so in Virginia.

Hausmann Insurance & Financial Services Serving Charlotte and Waxhaw, NC

Whether you live in Charlotte or Waxhaw, NC, Hausmann Insurance & Financial Services can help you with your motor home insurance needs. We will connect you with a courteous agent who can help you find the policy that is right for you.

Watercraft Insurance: Do I Need a Specific Type for My Watercraft?

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Investing in a boat is a significant financial commitment. Apart from the initial cost, maintaining a boat to ensure its longevity also requires ongoing expenditure. Watercraft insurance is a crucial aspect of this maintenance, providing coverage in case of breakdowns or accidents. However, when insuring your boat, you might question the sufficiency of the policy you’re considering. Do you need specialized coverage for your watercraft? Here’s what you need to know about boat insurance and how Hausmann Insurance & Financial Services can help you find the right policy. We serve clients throughout North Carolina, including Charlotte and Waxhaw, NC.

Is Specialized Insurance Necessary for Your Watercraft?

Basic boat insurance typically covers most boats. You might need specialized insurance only if your boat is significantly larger or if it’s docked at a specific location. For instance, larger boats like yachts and fishing boats require specialized insurance to ensure adequate coverage in case of an accident. Similarly, if you dock your boat at a marina or similar location (instead of keeping it on your property), you might need a specialized policy and pay for the reserved spot. The more expensive your boat, the more likely you’ll need a specific type of policy. However, for an average boat, almost any policy should suffice.

Begin Your Journey to Watercraft Insurance Here

At Hausmann Insurance & Financial Services, we’re committed to helping residents of Charlotte and Waxhaw, NC, find watercraft insurance quickly and easily. Compare quotes with us today to ensure your boat is insured and protected!

Does Condo Insurance Cover Issues Coming From Other Parts of the Building?

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Homeowners insurance is straightforward because it covers your property and because your property is unlikely to be affected by properties around you. But when you live in a condo, you live in a unit surrounded by other units. If they experience a problem that affects their unit, like a major plumbing leak, it could also affect your unit. This prompts the question, does condo insurance cover issues coming from other parts of the building? It’s an important question to ask. Let’s see what condo insurance will cover and how we here at Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC, can help!

Does Condo Insurance Cover Damages Stemming from Other Units?

Condo insurance is designed to cover damages that happen to your unit and come from your unit. But what if another condo owner’s pipes were to burst and result in water damage to your unit? Would you be covered in this scenario? Typically, yes. Your insurance would likely cover the repairs required to fix your condo so it’s back in optimal shape. Then, your insurance may end up going after the other person’s insurance to recoup the cost. The building owner may also be able to help as they own the building and could potentially be responsible for the damages caused by a lack of maintenance on certain systems. These types of situations can be complex, but you should rest assured that you’ll likely be covered should these types of damages occur. If you’re concerned about this, reach out to your provider ahead of time for clarity.

Secure Your Condo with Hausmann Insurance & Financial Services

Protecting your condo is important if you want to avoid expensive fixes. We’re here to help. Compare condo insurance quotes now with Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC!

How a Cash-Value Life Insurance Policy Benefits You

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When you consider purchasing a life insurance policy, Hausmann Insurance & Financial Services suggests consulting with a knowledgeable insurance agent about your lifetime financial goals first. Some of the life insurance options available to Charlotte residents can help them build a nest egg while providing a death benefit to their beneficiaries upon their death.

An Insurance Decision Example

When your agent consults with you in Waxhaw, NC, they’ll ask a client about their financial goals and current needs for beneficiaries. For instance, a 36-year-old married customer with two children, aged five and six, needs a funeral benefit and a death benefit for their family. They can divide this into three payments or leave one to their spouse. They ask about financial goals to determine how much money they need as a death benefit and, therefore, the face value of the policy. The client may want to make sure there’s plenty of money to:

  • Pay off the mortgage.
  • Pay off the car loan.
  • Provide income replacement for their income.
  • Pay for college for both children.

Although many single people their age choose term policies, a whole-life policy works better for them. They and their spouse also need to prepare for retirement, so the insurance agent suggests a whole-life policy called a cash-value life insurance policy.

Life Insurance Policies That Help You Build Wealth

Four main types of cash-value life insurance policies exist, each providing two components. First, a cash-value life policy includes a death benefit and, second, a money market or savings account. The four most common types of these policies include:

  • Guaranteed Issue Life Insurance
  • Guaranteed Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Universal Life Insurance.

Each varies on the method of accruing interest or growing the money market account. For example, an indexed policy earns at a commensurate rate like the Standard & Poor’s 500, NASDAQ-100, or other stock market index the insurer selects. The money market account grows over time since a portion of each month’s insurance premiums goes into it. The policyholder can borrow against the account once it vests.

Get Your Life Insurance Policy Started Today

Let Hausmann Insurance & Financial Services help you plan for retirement and death. Whether you live in Charlotte or Waxhaw, NC, we can help you purchase the ideal life insurance policy for your situation.

How a Cash-Value Life Insurance Policy Benefits You

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When you consider purchasing a life insurance policy, Hausmann Insurance & Financial Services suggests consulting with a knowledgeable insurance agent about your lifetime financial goals first. Some of the life insurance options available to Charlotte residents can help them build a nest egg while providing a death benefit to their beneficiaries upon their death.

An Insurance Decision Example

When your agent consults with you in Waxhaw, NC, they’ll ask a client about their financial goals and current needs for beneficiaries. For instance, a 36-year-old married customer with two children, aged five and six, needs a funeral benefit and a death benefit for their family. They can divide this into three payments or leave one to their spouse. They ask about financial goals to determine how much money they need as a death benefit and, therefore, the face value of the policy. The client may want to make sure there’s plenty of money to:

  • Pay off the mortgage.
  • Pay off the car loan.
  • Provide income replacement for their income.
  • Pay for college for both children.

Although many single people their age choose term policies, a whole-life policy works better for them. They and their spouse also need to prepare for retirement, so the insurance agent suggests a whole-life policy called a cash-value life insurance policy.

Life Insurance Policies That Help You Build Wealth

Four main types of cash-value life insurance policies exist, each providing two components. First, a cash-value life policy includes a death benefit and, second, a money market or savings account. The four most common types of these policies include:

  • Guaranteed Issue Life Insurance
  • Guaranteed Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Universal Life Insurance.

Each varies on the method of accruing interest or growing the money market account. For example, an indexed policy earns at a commensurate rate like the Standard & Poor’s 500, NASDAQ-100, or other stock market index the insurer selects. The money market account grows over time since a portion of each month’s insurance premiums goes into it. The policyholder can borrow against the account once it vests.

Get Your Life Insurance Policy Started Today

Let Hausmann Insurance & Financial Services help you plan for retirement and death. Whether you live in Charlotte or Waxhaw, NC, we can help you purchase the ideal life insurance policy for your situation.

Does Renter’s Insurance Cover a Tenant’s Personal Belongings?

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Renter’s insurance can save tenants in Charlotte and Waxhaw, NC a lot of money if personal belongings are stolen, vandalized, or damaged by a natural disaster. Unfortunately, this type of insurance does have limits. Before filing a claim, you’ll want to know what is and isn’t covered.

Personal Belonging Coverage: What to Expect

Renter’s insurance compensates if your personal belongings are damaged or destroyed as long as the disaster is covered under your policy. You’ll also get liability coverage. For instance, the renter’s insurance covers medical and legal costs if someone is injured on your property. This means you don’t have to sell valuable belongings to pay those bills. However, some types of belongings aren’t covered under your policy. Personal vehicles aren’t covered under the renter’s insurance. Instead, they’re covered by your car insurance policy. If you run a business from your residence, any business-related items or products you store at home are likewise not covered by this form of insurance. Rather, you’d need business insurance to compensate for the loss of such items.

Furthermore, all renter’s insurance policies have coverage limits. If you own valuable collectibles or antiques, you’ll need to purchase coverage designed to compensate for the loss of costly items.

Find Out More from Hausmann Insurance & Financial Services

Hausmann Insurance & Financial Services has offices in Charlotte and Waxhaw, NC. Our team specializes in helping renters review insurance options and choose a renter’s insurance policy that meets their needs and budget. If you’re new to the area or looking for a new policy, call us at your convenience. We’ll answer your questions, review your options, and provide you with policy quotes.

Mending Your Bad Driving Record

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Improving Your Driving Record and Managing Car Insurance Rates

If you are a driver in the Charlotte or Waxhaw, NC area with a less-than-stellar driving record, overcoming the repercussions may seem daunting. Your car insurance rates may have skyrocketed and could take years to reset.

At Hausmann Insurance & Financial Services, we want you to know there’s help available. Here’s how to repair and manage your driving record.

Know Your Standing

The first step to managing your driving record is understanding what it contains. Please obtain a copy of your record or view it online. Ensure it’s accurate and challenge any discrepancies. Document past violations and keep track of when they will be removed from your record. Regularly monitor your record to be sure any expired violations are cleared.

Consider Driving Courses

Many states and insurance companies offer incentives for drivers who take defensive driving courses. These courses are often inexpensive and can be completed online at your convenience. They could lead to discounts or even the elimination of certain violations.

Adopt Safe Driving Practices

Much like rebuilding poor credit, mending a driving record means not adding any further violations. Concentrate on maintaining a clean record for the year or two it may take to see improvements.

Compare Insurance Rates

While comparing car insurance rates won’t repair your driving record, it could save you money on your policy. In many cases, comparison shopping is the best way to save on car insurance.

Whether your driving record is spotless or marred by several incidents, we invite you to request a quote from Hausmann Insurance & Financial Services, which proudly serves the Charlotte and Waxhaw, NC area. We will provide a quote based on your current information. Remember, it’s an advantage to compare before you choose.

We look forward to assisting you.

How Do Auto and RV Insurance Differ?

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Understanding the distinction between RV and auto insurance is crucial for every RV owner, especially as RV insurance can potentially be more complex than auto insurance. It’s essential to ascertain a coverage that aligns with your requirements. For residents of Charlotte or Waxhaw, NC, our Hausmann Insurance & Financial Services team is on hand to help determine the optimal RV coverage for your needs.

Comparing RV and Auto Insurance

Similar to automobiles, motorized RVs in North Carolina are required by law to carry a minimum insurance coverage of $30,000 for bodily liability per person, $60,000 per accident, and $25,000 for property damage liability per incident.

Given the larger size of RVs, which leads to the potential of accommodating more individuals and causing enhanced damage during accidents, many RV owners typically secure more than the state’s minimum bodily injury liability coverage. Additionally, North Carolina mandates Uninsured Motorist insurance for RV owners, which is not a requirement for automobiles.

Besides liability coverage, RV insurance policies often encompass other elements or add-ons, including:

  • Vacation Liability: Provides coverage for bodily injuries and property damage endured by individuals around your parked RV
  • Personal property and attachments coverage: Protects items like appliances, electronics, clothes, and other household goods
  • HOA Fees: Covers the cost of RV homeowners’ association charges arising from damage to common areas
  • Adjacent structures coverage: Insures structures like decks, carports, and similar amenities at certain RV locations
  • Roadside Assistance: Offers coverage for RVs that surpass the vehicle size limit for most standard auto roadside assistance plans
  • Temporary lodging coverage: Reimburses living expenses if your RV needs repairs while you’re traveling

Partnering with Hausmann Insurance & Financial Services

Our friendly and knowledgeable Hausmann Insurance & Financial Services team caters to clients in the Charlotte and Waxhaw, NC area. We’re ready to assist with your RV or other insurance requirements. Drop by our office or call us today at (704) 332-0011 to schedule an appointment.

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