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4 Things to Look for in a Good Boat Insurance Policy

Owning a boat is a lot of fun. It’s a great way to relax and enjoy the outdoors. But it’s also a big responsibility. One of the things you need to think about as a boat owner is an insurance that provides the necessary coverage.

A good boat insurance policy not only protects your investment but also provides peace of mind in case of an accident. And it can help you get back on the water quickly if your boat is damaged or stolen. So, what should you look for in a good boat insurance policy? Hausmann Insurance & Financial Services serving the greater Charlotte, NC and Washaw, NC communities is here to provide a guide. 

Here are four things to consider

1. Coverage for Towing

Most boat owners never sit still for long. They’re always on the move, exploring new waters and discovering new places. That’s why it’s important to have coverage for towing and labor in your boat insurance policy. If your boat breaks down or runs aground, you’ll want to be covered for the cost of towage and labor to get it back up and running. 

2. Vermin and Animal Damage Coverage

No one likes to think about it, but animals can do a lot of damage to boats. Birds can nest in engine compartments, and chewing rodents can destroy wiring. That’s why it’s important to have vermin and animal damage coverage in your boat insurance policy. This will help cover the cost of repairs if your boat is damaged by an animal.

3. Personal Effects Coverage

Your boat is more than just a piece of equipment. It’s also your home away from home. That’s why it’s important to have personal effects coverage in your boat insurance policy. This will help cover the cost of replacing any personal belongings that are lost or stolen from your boat.

4. Agreed Value Coverage

One of the most important things to look for in a good boat insurance policy is agreed value coverage. This type of coverage ensures that you will be reimbursed for the full value of your boat in the event it is lost or stolen. It’s important to choose an insurance company that agrees with you on the value of your boat so you know you’ll be fully compensated if something happens to it.

Give Us A Call

These are just a few of the things to look for in a good boat insurance policy. When shopping for insurance, be sure to ask about all of these coverage options to make sure you’re getting the best protection for your boat. Hausmann Insurance & Financial Services serving the greater Charlotte, NC and Washaw, NC communities can help you find the right boat insurance policy for your needs. Give us a call today to get started.

Is condo insurance necessary in North Carolina?

If you live in the Charlotte or Waxhaw, NC area, being a homeowner is a good choice and housing option. One great housing ownership option is to purchase a condo, which comes with various amenities and advantages compared to owning a single-family home. If you do purchase a condo, it is important that you get proper insurance for it. There are various reasons why having condo insurance should be considered a necessity. 

Condo Insurance: What You Need To Know

Association Requirement

One of the reasons that you will need to have a condo coverage plan is to comply with rules set by your association. The vast majority of condo owners will sign condo association documents that outline all rules and requirements. One very common provision is for all condo owners in the community to get a condo insurance plan. This coverage will ensure you have support to repair your condo and that you have liability coverage. 

Mortgage Lender Requirement

Beyond having condo insurance to comply with association rules, you will also want to have coverage to meet standards set by your mortgage lender. If you have taken out a mortgage, your lender will require that you carry insurance on your condo. This typically includes having specific condo insurance standards that need to be met. With a condo insurance policy, you will meet these requirements and stay in good standing.

Contact Us Today

Owning a condo in the Charlotte or Waxhaw, NC area is a good investment. If you are looking for a new plan in this area, it would be a good idea to start your search by calling Hausmann Insurance & Financial Services. There are a lot of choices to make when looking for condo coverage and Hausmann Insurance & Financial Services can ensure you have the appropriate support in place at all times. 

Is There A Downside To Having Life Insurance?

Life insurance isn’t something you want to avoid at all costs, but it’s also not something you should rush before researching. Unfortunately, life insurance does come with some drawbacks. The biggest one is the cost. It’s not cheap, and it can be expensive, depending on your policy. 

Another potential drawback is that some life insurance policies come with a clause that stops them from paying out if you die from a particular cause, such as contracting a terminal illness. If you do not have a valid reason for purchasing a policy, you put your family at risk and waste your money. 

Certain types of life insurance are considered unnecessary and even dangerous. Hausmann Insurance & Financial Services serving the greater Charlotte and Waxhaw, NC community offers you this guide on navigating life insurance. 

The Cost of Life Insurance

The cost of life insurance is one of the main reasons people avoid getting a policy. There are now many affordable options available, and you can even find some life insurance policies that are less than $20 per month. When policy shopping, compare different providers. You can also reduce the cost of your policy by getting a term policy instead of a whole life policy. 

Term life insurance is significantly cheaper than full life insurance. However, term life insurance may not be a good option if you have dependents who rely on your income. When comparing life insurance quotes, keep in mind that the cost of insurance varies depending on your age, health, and other factors. The most affordable life insurance usually falls between 10 and 20 years. 

Still, if you have a health condition that makes it difficult to purchase coverage at any age, you may be limited to term insurance. The more risk, the higher the cost. The lower your risk profile, the less you pay for your policy. Even small changes in your profile, such as losing weight, can decrease your risk profile. 

Contact Us Today

The benefits of having life insurance do outweigh the drawbacks. For more expert advice, contact the team at Hausmann Insurance & Financial Services. We proudly serve clients in Charlotte and Waxhaw, NC.

Why College Students Need Renters Insurance

Going to college can be an exciting time. You can finally go off on your own and live your life. However, with that comes responsibility. You have to find a place to live and start acting like an adult. 

Part of that includes getting insurance. Here are some reasons why you should think about renter’s insurance. 

Your landlord may require it. If you live off of campus, your landlord may require you to have renter’s insurance to protect you (and him or her). 

It will protect your belongings. Many college students take everything they own with them when they go to school. This may include plenty of clothing, computers, printers, cell phones, and many other possessions that they can’t live without. If anything is stolen or damaged due to theft, fire, storms, and other disasters, renter’s insurance will cover these costs. That being said, if you have a lot of expensive pieces, you may need additional coverage. 

It also covers liability. If someone gets injured when they come to your apartment, you could be held liable for their medical bills. This can quickly add up, so you should have insurance to help pay for these expenses. If someone keeps something at your place, and it gets damaged, it will also cover those costs. 

Renter’s insurance will cover emergency housing. If your rental gets damaged, and you can’t live there for an extended period of time, your renter’s insurance will cover the costs of relocating until you can move back in. 

If you are unsure about whether or not you need renter’s insurance, don’t hesitate to contact us today at Hausmann Insurance & Financial Services serving Charlotte and Waxhaw, NC. 

What auto insurance is required in Charlotte & Waxhaw, NC?

Auto insurance isn’t an option. It’s the law.

Like most states, North Carolina has specific auto insurance requirements. When it comes to accountability for an accident, it’s an "at-fault state." That means you may be on the hook for damages if you’re found responsible for an accident. Having inadequate coverage can leave you at risk.

Fortunately, Hausmann Insurance & Financial Services can help. Here are the three necessary items that any auto insurance policy must include.

Bodily injury liability

North Carolina mandates liability coverage for all drivers. Bodily injury liability is the first part of this protection. As the name implies, this pays for any physical harm or severe injury that results from a collision caused by you. By law, motorists must carry $30,000 for each person. A total of $60,000 is needed for all people involved in an accident.

Property damage liability

Another component of liability, property damage, covers any destruction to someone else’s property. This most often applies to other vehicles and includes damage to buildings, mailboxes, and other structures. The minimum requirement in North Carolina is $25,000.

Uninsured and underinsured coverage

Auto insurance that contains only the minimum amounts listed above must include uninsured and underinsured coverage. While liability covers other drivers, uninsured and underinsured policies protect you from other drivers with insufficient coverage. In North Carolina, uninsured and underinsured coverage is typically bundled with liability and follows the same minimums. When combined, this is referred to as "30/65/25" protection.

Contact an agent serving Charlotte & Waxhaw, NC.

Auto insurance isn’t just a legal requirement. Hausmann Insurance & Financial Services knows auto insurance protects you, your family, and your assets. Their expert agents can find an auto insurance policy that meets your needs. Schedule an appointment today.

Can You Bundle Your Motor Home Insurance with Other Types of Insurance Policies?

Insurance can be a tricky matter, especially if you require several types of insurance coverage for different things in life. Fortunately, there are some instances when you can bundle your motor home insurance, among other things. You’ll have to discuss your options to do this with an agent at Hausmann Insurance & Financial Services of the greater Charlotte area. 

Bundling Motor Home Insurance – Is It Possible? 

You may wonder if you can bundle your motor home insurance with ease. The truth of the matter is this is not so cut and dry. There are certain policies with which it makes sense to bundle your motor home insurance, including your regular automobile insurance policy. 

In North Carolina, you only need to have liability coverage for your motor home. No other motor home insurance is required by the state. However, it’s in your best interest to think about what you should have for your unique situation. If you need some kind of personal property insurance added to your standard coverage, then you can request this for the most comprehensive insurance package possible. 

Benefits of Bundling Insurance

One of the top benefits of doing this is that you’ll most likely save a decent amount of money overall. Also, you won’t have to go through the hassle of reinstating each different type of insurance on a yearly basis. You can do this all at once for your convenience. 

Motor Home Insurance Made Easy

Here at Hausmann Insurance & Financial Services, we offer a range of insurance types to meet your needs. This includes motor home insurance that you can bundle with some of our other offerings. Contact us using our online form to get a quote today if you’re in the Waxhaw, NC area. 

Can Boat Insurance Cover Older Boats?

With attention, care, and knowledge, a well-made boat can last for centuries. The USS Constitution has been afloat since the 18th century, and you can still walk her deck today. Hausmann Insurance & Financial Services serving Charlotte, NC wants you to know your boating insurance needs so you can be financially confident whether you’re cruising the Atlantic or boating around Lake Norman.

Does Insurance Cover Older Boats? 

In a broad sense, insurance policies may cover just about anything that is not a crime perpetrated by the policyholder. Residents of Waxhaw, NC or the larger Charlotte area do not have to worry directly about the age of the boat. Instead, the split is between smaller boats under 26 feet as boatowners’ policies, with larger boats covered under yacht policies. Like any other insured vehicle, the insurer will assess the condition of the boat and the intended operators when determining the terms of a policy.

Do Older Boats Need Insurance?

Insurance requirements vary between states, but North Carolina residents do not have to carry a minimum level of insurance. Smaller boats may also qualify for limited coverage from a homeowners’ policy. In a financial sense, being in a boating accident without at least minimum liability coverage can be a recipe for disaster.

Check If Your Old Boat Needs Insurance Today

Hausmann Insurance & Financial Services knows that Waxhaw, NC and nearby friends work hard and need to carefully balance costs like insurance premiums with the realities of day-to-day life. Contact us today to find out your options for boat coverage, including ways to prepare your older boat before an insurance inspection.

What Does Condo Insurance Cover?

As a condo owner, you own your unit but not the exterior of your unit. This can create a unique situation in terms of liability. As an owner, you are responsible for protecting the contents and the interior of your unit. As a result, condo insurance is designed to provide this function. This insurance protects the interior of your unit but excludes protection for the exterior of your unit. Hausmann Insurance & Financial Services of Charlotte and Waxhaw, NC is committed to educating our customers.

What is Condo Insurance and What Does it Cover?

Condo insurance is also referred to as HO6 insurance. Condo insurance provides protection for losses and damage to the interior of your condo unit. The protection includes theft, water damage, fire damage, vandalism, and more. Condo insurance covers the things that your HOA insurance doesn’t cover. For example, HOA insurance doesn’t cover the above-listed situations in addition to liability costs. 

What Coverage Does Condo Insurance Include?

Condo insurance can include several specific situations. However, standard coverage items accompany most condo insurance policies. This coverage protects you, your possessions, and the interior of your unit. In specific, condo insurance. In particular, condo insurance includes personal liability, which helps if a guest is injured, or their personal belongings are damaged. Condo insurance includes guest medical coverage as well. Building property protection will pay for damage to your unit’s interior walls. However, personal property coverage covers everything from your electronics to your furniture or clothing. Condo owners also have the option of choosing from several types of personal property coverage. You will be compensated according to the type of personal property coverage you get. Keep in mind that this coverage has limits/ maximums. Your condo insurance can replace items based on current/actual cash value or the replacement cost coverage. This may mean that you are compensated for the depreciated value of your items. Condo insurance coverage for four main areas:

  • Personal Liability Coverage
  • Guest Medical Coverage
  • Building Property Protection
  • Personal Property Coverage

If you have questions about condo insurance, give us a call. Our team at Hausmann Insurance & Financial Services is standing by to answer all of your questions and to help create a condo insurance policy that meets your needs.

North Carolina Life Insurance: The Difference Between Term and Whole Life Insurance

When you are looking for life insurance, you will be faced with the option of term life insurance and whole life insurance. The differences can sound confusing at first.

At Hausmann Insurance & Financial Services, we want Charlotte and Waxhaw, NC residents to get the right life insurance coverage for their needs. 

Learn about the difference between term life insurance and whole life insurance here.

Term Life Insurance

Term life insurance is a simplified life insurance policy that is active for a set number of years, or a term. It could be a five-year term, 10-year term, or 20-year term. 

If you pass on before the term ends, the coverage is paid out in one lump sum to your beneficiary. If the term ends before you pass, you can then convert your policy to more permanent life insurance or renew it depending on your circumstances at the time.

An insurance agent and broker can help you to determine the needs of your beneficiary, and how long your term should be, as well as how much coverage you should have. For example, a $500,000 life insurance policy on a 10-year term would give your beneficiary $50,000 a year to live on for 10 years.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that does not have a term. It lasts for the rest of your life or as long as you pay premiums on it. Some whole life insurance policies have a cash-value amount, where you can cash out some of your life insurance before you pass away.

Some of your premiums go into a separate account, and after a certain amount of time paying will be eligible to cash that out or withdraw it. You can also borrow against the account.

Get a Quote

When you are purchasing life insurance, you will need to talk to an agent to get the right quote and information on what kind of policy is best for you. Both have their benefits and advantages. At Hausmann Insurance & Financial Services, we want Charlotte and Waxhaw, NC residents to get the right life insurance product for their lives. Call us for a quote today.

Icy Roads and Auto Insurance

Icy roads are not familiar in Charlotte or Waxhaw, NC. However, they can occur and often cause a lot of crashes due to inexperience. We at Hausmann Insurance & Financial Services find that many in this area are not prepared for this situation.

Who’s at Fault in This Crash?

When you crash due to ice on the road, you will be the one at fault. Officers and the law decide this situation based on the idea that you were driving too fast for the conditions. Therefore, even if they did not see you crash, they can safely assume that you were driving too fast because you crashed. 

This is a very clever legal Catch-22 that often makes your insurance kick in if you cause damage or injuries to other people. However, it is vital to understand every element of this situation to ensure that you get the best understanding. 

What Your Insurance Covers 

What your policy covers depends on what kind of coverage you set up. For example, bodily injuries to others that you hit will be covered by your auto insurance policy. And PIP coverage will help to cover any injuries to you or those in your vehicle. 

You may also get payments for damage to your vehicle, damage to other cars or property, towing costs, lost wages, and much more. All of these costs can add up and will be paid up to your policy’s limits. If the overall prices are too high, there may be some issues. 

Help is Available 

If you need help finding an auto insurance policy and you aren’t sure where to turn, contact us at Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw, NC. We’ll do what we can to help protect you from this situation and ensure that you are safe and financially secure.