Common Myths About Home Insurance

Your home is probably the most expensive possession and investment in life. Therefore, it makes sense that you want to protect it. The best way to do it to get home insurance. Homeowners in the state of Ohio are required to purchase home insurance for at least the amount of the mortgage. If you have never got home insurance before, it may be difficult for you to pick the right one. Especially when there are so many misconceptions about it. Stanley Insurance Group serving Hilliard, OH has prepared a list of common myths about home insurance that you should know about: 

It Is Not Necessary To Have An Inventory List

It is extremely important to create a list of all your personal stuff. It is proof of ownership of all items and personal belongings you keep in the house. 

Flood Damage is Covered By Standard Home Insurance

Unfortunately, the truth is that home insurance does not provide coverage of the damages if they were caused by floods.  Therefore, if your property is located in a flood-prone area, you should consider purchasing an additional policy  – flood insurance. 

Standard Home Insurance Covers All Personal Belongings Regardless of Their Cost

Standard home insurance does have its limits. This means that there is limited coverage and not all personal belongings may be covered. Therefore, for those who own expensive stuff, such as pieces of art or jewelry, it is recommended to get additional coverage. 

Home insurance is required by the state of Ohio. Therefore, if you are thinking of buying a residence in the Buckeye state, getting a home insurance policy is one of your priorities. It will protect not only your house itself but all the belongings and even you as the owner. If you are thinking of purchasing a house in Hilliard, OH, or any other surrounding area and you need home insurance, do not hesitate to contact Stanley Insurance Group. We will be more than happy to answer all your questions and help you get a perfect policy. 

3 Reasons You Need Auto Insurance in Hilliard, OH

Living in Hilliard OH means you probably have a car or truck to get you around. Overall, auto insurance is affordable and offers protection in the event of an accident, which in turn brings peace of mind. If you’re wondering whether you need auto insurance in Hilliard, OH, the answer is yes. Here’s why according to Stanley Insurance Group.

1. It’s Mandatory

Ohio state law, and every other state in the country, mandates that each driver has auto insurance before registering their vehicle and driving it. In the past, auto insurance wasn’t mandatory, which left a lot of uninsured drivers on the road. This was a nightmare for those who were in an accident not of their fault and where the other driver was uninsured. Today, however, everyone is required to have the minimum amount of coverage mandated by the state. Still, is this enough? That depends and is a good reason why you should opt for full coverage as the other driver may be underinsured at the time of the accident. 

2. Protection of Assets

Having auto insurance is a smart move. It means you’re protected if you get into an accident, no matter whose fault it is. As long as you’re not underinsured and cause an accident, you can be thankful knowing your assets are protected. An auto insurance policy will help protect you from liability, bodily injury, and more. 

3. Protection of Health

Injuries from car accidents are all too common. That’s why it’s important to be insured to protect your health if you’re injured. This insurance will also protect friends and family members who are in your vehicle at the time of an accident. 

To learn more about purchasing an auto insurance policy, contact the team at Stanley Insurance Group. Our friendly, reputable agents are standing by right now to take your call. 

Benefits to my business of commercial insurance

As every business owner knows things can and do go wrong. No matter how hard you try and how well you monitor everything. inevitably something bad will happen. Having the right commercial insurance can lessen the devastation of any peril even if it can’t stop it. When it comes to choosing a commercial insurance policy having an insurance agent who knows your business and the risks you face is important. If you live in or near Hilliard, OH the Stanley Insurance Group has been providing trusted service for more than 35 years. 

Commercial Liability Insurance

Any business is vulnerable to being sued. It is just a fact of life. Knowing you have an insurance policy that will be there to help defray the cost of legal action against you makes it possible for you to sleep at night. Your insurance agent will ask you the right questions so the amount of risk your business faces will be adequately protected. If someone is injured while visiting your business or by a product you produce this insurance helps make sure you can continue to do business. 

Commercial Property Insurance

Not every peril is covered by commercial property insurance but some common ones are such as fire, wind, and theft. If you own the building the insurance will cover it but even if you rent this insurance is valuable. It covers other things that are necessary for you to do business including inventory, machinery, office equipment. 

Business Interruption Insurance

When a covered peril happens to your business and you are forced to close, having insurance that will pay your normal expenses and payroll is vital. It makes the difference between closing your doors for good and surviving. 

Commercial insurance has many benefits for your business. To learn more call Stanley Insurance Group in Hilliard, OH or stop by our office for a no-obligation quote. 

Three things to do before you purchase home insurance in Ohio

Purchasing a home insurance policy is an essential step in buying a home. We sell home insurance policies to homeowners in Hilliard, OH at Stanley Insurance Group. 

The following are three things you should do before you purchase home insurance for your Ohio home. 

Discuss home insurance requirements with your mortgage lender

Mortgage lenders require that their borrowers purchase home insurance for properties they use mortgage funds to buy. They therefore may have some specific insurance requirements that they expect their borrowers to meet.

It’s always a good idea to discuss home insurance needs with your mortgage lender before you purchase a policy. This way, you can make sure that the policy you purchase meets any requirements that are necessary for securing your mortgage loan. 

Make any possible home improvements that could bring down home insurance costs

The safer a home is, the less its home insurance costs will be. You might be able to bring down your home insurance premiums with a few simple home repairs.

Discuss home repair options with your home insurance company. A representative from your insurance company can come and inspect your home to look for any possible improvements you can make. This is a great way to save money while also enjoying a home that’s safer. 

Get several quotes on home insurance policies

Don’t purchase home insurance before you’ve thoroughly explored your options by getting numerous quotes. When you get multiple quotes from different providers, you can compare them and choose the most cost-effective option. 

At Stanley Insurance Group, we’re happy to answer all the questions you have about home insurance in Hilliard, OH. Get in touch with us via phone or our website to learn more. 

Auto Insurance: Facts vs Myths

Misconceptions about auto insurance can make it difficult to make wise insurance choices. At Stanley Insurance Group, we’ll help you distinguish insurance facts from the fiction so you can get the coverage you need. Here are some common auto insurance myths that many people still believe.

Myth: The color of your car affects your premium cost.

Many people still believe that red cars are more expensive to insure than cars of other colors supposedly because owners of red cars drive faster and in a more reckless manner. The truth is that car color has no bearing on auto insurance costs in Hilliard OH. Factors like your age, driving record, car type, and car use, however, can affect your auto insurance rate.

Myth: If you loan your vehicle to a friend and he has an accident, his insurer will cover injuries and/or damages.

Car insurance follows the vehicle, not the driver. This means that your insurer is responsible for damages if you loan out your car and that person causes an accident. That’s why you should be very careful when loaning your vehicle to another driver.

Myth: Car insurance rates in Hilliard, OH can be negotiated with your insurer.

Auto insurance rates aren’t negotiable, per se, as they are regulated by federal and state guidelines. You may, however, qualify for discounts on your premium if you’ve completed a driving course, have a safe driving record, drive infrequently or own a vehicle with advanced safety features as this makes you a low-risk driver.

Myth: Your credit score doesn’t affect auto insurance costs.

Actually, many insurers factor in your credit rating when determining your auto insurance costs as it’s a reflection of your ability to manage money. If you have good credit, you’re considered a low risk for filing a claim due to an accident.

For more information about auto insurance, call or visit Stanley Insurance Group today.  

When do you need auto insurance in Hilliard?

The Hilliard, OH area can be a great place to live. When you are in this area, you are going to be near some of the best recreational outdoor activities in the country and could also enjoy plenty of amenities in town. To ensure that you can enjoy as much of the city as possible, it is vital that you get a full auto insurance policy. There are several situations when someone will need an auto insurance policy in Ohio.

When Driving on Roadways

The first situation in which you will need to have an auto insurance policy is when you want to drive on the local roadways. Anyone that is in Ohio will need to comply with the state laws around auto insurance, which requires that you carry liability insurance at all times. Those that do not at least meet the minimum requirements for insurance could face penalization.

When Taking Out a Car Loan

You may also need to get an auto insurance policy if you take out a car loan. Depending on your situation, you may need to take out a car loan. The lender will almost always have a requirement in the loan agreement stating that you need to carry a full auto insurance policy. This will help to ensure that their collateral is adequately covered by insurance at all times. 

When you are looking for auto insurance in the Hilliard, OH area, you should speak with the team at Stanley Insurance Group. The insurance team at Stanley Insurance Group can help you to figure out your personal insurance needs. Based on this assessment, they will be able to find you an insurance policy that is right for you. This will ensure that you are in full compliance with the law and other agreements. 

Lesser Known Policies for Businesses

Most business owners know about business owners’ policies. They have heard of worker’s compensation insurance and liability coverage. The world of commercial insurance is much larger than that, though, and Stanley Insurance Group in Hilliard, OH wants you to understand all the policy types so you can make an informed decision. 

Some businesses do not realize how many kinds of commercial insurance exist. Each business needs different types of coverage. Your dry cleaning business would require different insurance than your neighbor’s medical practice. Here are the various types of insurance you might need to add to your BOP.

  • Boiler & Machinery/equipment breakdown insurance: this policy type began as insurance for repair or replacement boilers, and as manufacturing grew, it also came to encompass other machinery and equipment. It also pays for the losses incurred by a business interruption from the breakdown.
  • Business interruption insurance: service-oriented businesses do not use machinery or boilers, typically, but an unexpected event like a fire can interrupt the course of their day-to-day business. BI insurance pays for the replacement and repair of real property and the lost income from the interruption of business as usual.
  • Commercial auto: this automotive insurance provides full coverage for you and the named, licensed drivers who operate your business or fleet vehicles.
  • Builder’s risk/construction insurance: pays for damages occurring to an under-construction commercial structure.
  • Crime insurance: reimburses your business due to losses from property crimes.
  • Debris removal: in cases where a named peril occurs, this policy covers the cost of removing debris.
  • Directors’ and officers’ liability policy: pays for the lawsuit settlements and legal costs that involve a corporation’s or non-profit’s C-level officers and directors.
  • Errors and omissions insurance (E & O): typically carried by attorneys, medical doctors, chiropractors, manufacturing firms, and publications, this policy pays for injuries to a third-party via mistake or error.
  • Glass insurance: a policy covering damage to windows, plate glass, and other glass. Typically, owners of storefronts purchase this, but dance studios and mirror manufacturers would, too.
  • Inland marine insurance: covers other people’s property stored at the business or in transit via the business. Dry cleaner’s often carry this policy as do courier companies.
  • Malpractice/professional liability: this policy pays lawsuit settlements and legal costs to those injured when a professional fails to provide the established standard of care.
  • Ordinance or law policy: this policy pays for the demolition and reconstruction of a structure when significant damage occurs to it. The policy covers reconstruction to current building code standards. 
  • Tenant’s policy: Landlords obtain this policy to pay for repairs when damage occurs to improvements their tenant made. This includes explicitly damage by the employees of the tenant.

Stop by or call Stanley Insurance Group of Hilliard, OH today to learn how we can help insure your business. Let us help you determine which of the above policy types best suit your business and build a custom commercial insurance policy for you.

Who should get umbrella insurance?

If you live in the Hilliard, OH area, it is vital that you have proper liability insurance in place. One form of liability insurance that can be very helpful is umbrella insurance. When you do get this type of insurance, it can provide you with coverage beyond what you would receive from a home or an auto insurance policy. There are several situations when someone should get umbrella insurance as added liability protection. 

Those at Higher Risk for Uncovered Situations

One situation when you should get umbrella coverage is if you are at risk for liability scenarios that would not be covered under your base policies. Some scenarios that could result in a liability lawsuit that would not be covered under a base policy can include slander, mental anguish, or false imprisonment. If you are at risk for any of these liability scenarios, the additional umbrella coverage could be beneficial. 

Additional Coverage for Peace of Mind

You should also consider getting this insurance if you would like additional coverage for peace of mind. If you are involved in a major accident that causes a lot of damage, it could exhaust your liability coverage in your auto and home policies. If this occurs, your umbrella insurance will begin to provide you with more coverage, which could provide peace of mind. 

There are plenty of situations when getting additional liability protection through umbrella insurance would be advantageous. When you are shopping for this type of coverage, you should call the Stanley Insurance Group. When calling the Stanley Insurance Group in Hilliard, OH, you will receive personalized guidance that can help to evaluate your insurance needs. Based on this assessment, it will be easier to determine whether you should get this coverage and how much protection is necessary. 

Two common situations when condo insurance would be mandatory

If you are a condo owner, ensuring the safety of your condo is essential. Perils such as fire, theft, or damage of your condo may expose you to substantial financial liability. A Condo insurance policy covers you against financial liability in instances where your condo is uninhabitable. If you are a resident of Colombus or Hilliard, OH, you have probably wondered whether condo insurance is mandatory. Here are two common situations where condo insurance is mandatory.

Two common situations when condo insurance is mandatory

While condo insurance has many benefits, there are a few instances where it is mandatory.

  • If your condo is under a mortgage, it is the requirement of the financial institution that your condo is insured. This is to safeguard the financial institution against losses in case the condo is damaged. It is essential to let our agents at Stanley Insurance Group know about the mortgage, to make sure that all areas of concern are covered. It would be frustrating to pay for a mortgage for an already damaged property.
  • Condo common areas must have an insurance policy. If your condo unit is located among other units, it is mandatory to have the common areas covered by an insurance policy. This is to make sure that any financial liability arising in this place is covered. There are fewer conflicts, as it is easier to pay for the financial claims arising from damages in these areas. This is typically handled by your Condo Association.

If you are a resident of Hilliard, OH, it is smart to be aware of your insurance options and what your association will cover.

Other benefits of the condo insurance policy

Legal Liability coverage

You are likely to receive a lawsuit from accidents happening in your condo. This could be a huge financial burden if you were unprepared for this. A condo insurance policy will cover costs associated with lawsuits affecting your condo.

Be sure to visit our office or call our Stanley Insurance Group agents to find out how to safeguard your condo best.

Business Uses for Life Insurance in Hilliard, OH

You may be surprised that life insurance has significant benefits for business owners. This comes in the form of life insurance offered to employees as a competitive benefit and life insurance for owners as a business continuation tool. Your agent at Stanley Insurance Group can answer your questions about the benefits of life insurance for companies and individuals in Hilliard, OH. In the meantime, here is a brief overview.

Benefits of Life Insurance for Businesses

Employees prefer companies with great benefits, so offering life insurance can give owners a competitive edge in the job market. Talk to your agent regarding how to set this up for your employees. It also provides a tax break since it’s usually deducted from pre-tax income.

As a business continuation tool, owners can plan a buy/sell agreement. This agreement allows partners or co-owners to purchase life insurance on each other. If one of the partners or owners dies, the remaining owner or partner receives their share of the business. Meanwhile, the deceased owner’s family gets the proceeds of the life insurance policy.

The company can also purchase key man life insurance. In this case, if a key employee passes away, the company receives the life insurance proceeds to help hire a new person to take over the key role.

Even if you are a sole proprietor, life insurance can benefit your business. The policy is a business continuation planning tool. If the sole proprietor dies, life insurance proceeds keep the business up and running until it can be sold or the sole proprietor is replaced. This can keep the income stream flowing for the proprietor’s dependents and employees.

Your Life Insurance Agents in Ohio

To schedule an appointment to discuss how life insurance can benefit your business in Hilliard OH, contact Stanley Insurance Group today.