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How Umbrella Insurance Protects Your Finances

With so many insurance policy options meant to protect against different risks, New American Insurance knows that the busy people of Columbia, SC may not be familiar with all of the more advanced varieties. Umbrella insurance is a higher level of insurance that works alongside your other policies to give your finances ironclad protection.

Expanding Your Liability Limits

While the amount of money that liability limits can reach may seem immense, it can fail to meet the needs of extremely damaging incidents or highly valuable items. Once that limit is reached, umbrella insurance will pay you additional benefits according to its own limits. Because it’s designed to work for people who already have another form of coverage, the limits are usually much higher for a lower cost than a more common type of policy. 

Covering Your Uncovered Perils

For most types of insurance policies, the coverage outlines the exact perils that are a valid reason for an insurance claim. Umbrella insurance works the opposite way, so you’ll see exactly what perils the policy doesn’t cover. In most cases, the umbrella insurance pays you after your other policies are maxed out, but it will pay on its own if nothing else applies. The liability limit will typically be the same, so you might save yourself millions by having an umbrella insurance policy.

Don’t Leave Your Finances Unguarded

Umbrella insurance is not just for the ultra-wealthy. Anyone with a homeowners’, renters’, or auto policy could find themselves facing a lawsuit that exceeds their liability limits or doesn’t match any of their existing covered perils. New American Insurance would be happy to assist any resident of Columbia, SC and nearby towns with finding an umbrella insurance policy that shields their livelihood.

Is basic auto insurance ever enough?

When you are a driver, you need to think about protecting your car and that means having auto insurance. You also need to protect your assets and that is what basic auto insurance is all about. At New American Insurance in Columbia, SC, we use our expertise as independent insurance agents to make sure our clients have the right insurance to meet their needs. 

In South Carolina, basic auto insurance is 25/50/25. This is strictly liability insurance. $25,000 for one person hurt in an accident where you are the driver at fault with a total of $50,000 for all injuries in the accident. Another $25,000 is for damage done to the property. These are reasonable amounts of coverage if you don’t have a lot of assets. 

If you have a loan on your vehicle or you are leasing, you will need to have additional insurance to cover the vehicle itself. This means adding collisions and comprehensive coverage to your policy. 

Collision coverage will help to pay for damage to your vehicle in an accident you are responsible for. It will also pay for the damage as a result of a one-car accident or a hit and run. It comes with a deductible that must be met before coverage begins. 

Comprehensive covers your auto for theft and other damage not resulting from a collision. It covers things like floods, potholes, vandalism, and damage caused by the weather. It also includes glass coverage which will fix or replace your windshield for free with no deductible.  

The answer to the question is basic auto insurance ever enough is yes. If you have few assets, an older car with no loan, and can afford to repair your vehicle if it is damaged, then go for it. 

Contact New American Insurance in Columbia, SC for your auto insurance needs. 

The Ins and Outs of Classic Car Insurance

Classic car insurance helps to keep collectors safe from many problems. For example, suppose you’re investing in a new classic car in Columbia, SC, and want to keep it protected. In that case, we at New American Insurance can help you.

First, now that not every car will qualify for classic car insurance. Just because a car is old doesn’t necessarily mean it allows either. To get classic car insurance, you must make sure that your vehicle is:

  • At least 25 years of age or 20 years with collectible value 
  • Not your primary vehicle for transportation 
  • Not used for racing and has minimal on-road miles 
  • Stored in a climate-controlled or closed garage 
  • A high-end model, like some new Corvettes or Ferrari vehicles 

You must also have a clean driving record over the last 5-10 years and no more than one at-fault accident or moving violation in the previous three years. At that point, you can choose an insurance policy that works for your needs, including:

  • Agreed Value – This policy will pay out the amount that the vehicle was worth when you first took the policy. These classic cars may gain in value over time, so consider this option carefully. 
  • Tiered Mileage – When you limit the number of miles you put on your car, you give yourself the best chance of finding an excellent policy. 
  • Auto Show Medical – This policy will protect you if someone gets hurt at a car event where your vehicle is featured, minimizing your financial investment. 
  • Spare Parts – When parts of your vehicle are stolen or damaged (or the car itself is damaged), this protection will help pay for these often expensive items. 

If you are interested in any of these coverage options and want to cut back on your financial problems, please contact us at New American Insurance, serving Columbia, SC.

Top Benefits of South Carolina Renters Insurance

A lot of people think that renting carries less risk than owning a home, but it doesn’t. When you are renting an apartment or home in South Carolina, you have the same property concerns and safety risks as anybody else.

At New American Insurance, we want all Columbia, SC renters to feel secure in their homes. Understand the top benefits of South Carolina renters insurance before you make your purchase.

Contents Coverage

The number one benefit of having renters insurance is having your content coverage. Take an inventory of your contents, and then calculate the value of that property.

Can you afford to replace multiple items on that list? That is where the benefit of content coverage comes in.

Contents coverage also covers you when you are away from home. If your laptop gets stolen when you are traveling, your renter’s insurance will cover it.

Financial Protection From Dog Bites, Slip and Falls, and Lawsuits

South Carolina renters insurance can also help you when it comes to lawsuits. This is called liability insurance. If an accident of any kind happens in your home, you hold the liability for that.

Renters insurance will help you to pay for legal expenses and medical costs in the event that an accident happens, and someone pushes you for costs or damages to recover.

Flood, Fire, and Vandalism

There are other risks to being a renter. When you are a renter, your landlord is obliged to have insurance on the main parts of your building or home. What happens inside is your responsibility. 

Flood insurance is a separate ballgame for both renters and homeowners. That is something you can always add to your renter’s insurance bundle though.

Get a Quote

At New American Insurance, we want Columbia, SC residents to feel secure in the homes they are renting. These are just a few of the benefits that you can get with renters insurance. Call us today for a quote.

Do You Need Motorcycle Insurance If You Rarely Ride Your Bike?

Are you struggling to justify a motorcycle insurance policy because you never ride your bike? At New American Insurance, serving Columbia, SC, we can help you understand why you still need a motorcycle insurance policy, even if you rarely ever get out on your bike.

Do You Truly Need Motorcycle Insurance? Yes!

Even if you only get your bike out for weekend rides in the summer and mostly keep it parked the rest of the year, you need insurance to avoid severe legal and financial troubles. People without motorcycle insurance may end up getting severe tickets if they drive or end up experiencing other problems. These issues will vary based on their situation but often include a variety of:

  • Crashes – If you get into a severe blow while riding, you’ll need high-quality motorcycle insurance to pay for any damages that you might cause to anybody else on the road. 
  • Medical Care Coverage – Did you know that you’re going to have to pay for someone’s medical treatment if you hurt them on your motorcycle? With insurance, you won’t. 
  • Vehicular Damage – When you have a high-quality motorcycle insurance policy, any damage you did not cause through negligence can be covered by your policy. 

Make sure to talk to your agent about this type of coverage to ensure that you get the best results. Many people may have to tweak their options several times before they are comfortable. Others may find that it is necessary to work with a different company to find results that work for their needs. 

Contact Us Today to Learn More 

Do you want a motorcycle insurance policy to keep your vehicle safe? Then, please contact us at New American Insurance right away to learn more. We serve the Columbia, SC area and give you the finest policy to find and work to make it suit your needs. 

How Much Boat Insurance Do I Need?

You finally bought your dream boat and are ready to spend a day of fun in the sun on Lake Murray—or maybe you have your sights set on Charleston and the open ocean. Either way, it’s important that you understand your coverage requirements under South Carolina state law. New American Insurance serving Irmo, Lexington, and Columbia, SC and surrounding areas is here to answer all your questions: 

Doesn’t My Homeowner’s Policy Cover My Boat Too?

While most homeowner’s policies do cover some boat damage, the maximum coverage provided is extremely low, typically $1000 to $2000.This coverage is ideal for smaller, non-motorized watercraft such as kayaks or canoes, but it won’t go far for larger watercraft. Plus, homeowner’s policies don’t include any liability coverage for medical damages incurred in a boating accident. 

South Carolina Doesn’t Require Watercraft Insurance. Why Should I Get Covered?

It’s true that South Carolina, like most states, does not require boat or watercraft insurance. However, if you’re financing or leasing your boat, your lender will require your asset to be covered, and most ports and marinas require a certain amount of watercraft coverage in order to use their facilities as well. So, if you want to travel anywhere and be able to dock, a boat insurance policy is a necessity. Finally, boat insurance just makes financial sense. It’s one of the most cost-effective types of insurance; you can get a policy that fully covers your new asset, helps with towing and emergency assistance expenses, covers your personal effects, and protects you against liability claims for an incredibly affordable rate. 

How Do I Decide What Kind of Policy to Get?

The type of policy and the amount of coverage you buy will depend on many factors, including the length, age, and value of your boat, how frequently you use it, liveaboard status, speed, or horsepower, where you intend to use it, and more. While it can seem complicated at first, a good rule of thumb is to look for a policy that provides similar liability coverages as your auto insurance policy and provides agreed value coverage vs actual value coverage. Agreed value policies cover the full replacement cost of your boat as of the day you enact the policy while actual value coverage decreases year by year with depreciation. 

We’re sure you have a lot more questions about how to best protect your new boat, and New American Insurance has the answers. Contact us today for an appointment; your agent will sit down with you, discuss your options, and help you find the right boat and watercraft policy at the right price. 

Why You Need Umbrella Insurance

Having enough liability coverage is important, but most people don’t have as much as they should. Both auto and home insurance policies come with liability insurance, but it is generally a low amount. If you need more liability coverage, call us at New American Insurance in Columbia, SC to learn more about umbrella insurance. 

More Liability Coverage

When you get umbrella insurance, it increases the amount of liability coverage that you have for your who and home insurance. It provides a boost to both of these policies so that your maximum payout for liability is far higher. While many people get the bare minimum that they have to have for their auto insurance, medical bills can be steep, and you may find yourself paying for them out of pocket when your insurance maxes out. With an umbrella policy, that maximum becomes so high that it would pay for most accidents and medical bills. 

How It Works

With an umbrella insurance policy, the extra liability insurance is not added directly to your auto and home insurance policies. Instead, after an accident, the home or auto policy pays as much as it’s going to until it is maxed. Then, the umbrella policy comes in. It pays from that maximum up to a maximum of its own that is much higher. It allows you to increase your liability coverage without changing your auto or home policies and paying the high rates for home and auto policies that have a lot of liability coverage. 

Get Your Umbrella Protection

If you have an auto and a home policy, chances are that you could use more liability coverage. Contact us today at New American Insurance in Columbia, SC to find out more about umbrella insurance and how it can benefit you. 

Should South Carolina Residents Add More Auto Insurance Coverage When Traveling Out Of State

New American Insurance offers custom policies to the Columbia, SC community. We want to help our clients protect their assets and alleviate some stress as they deal with life’s challenges. We are an independent insurance agency. We work closely with multiple insurance providers throughout the South.

Is Auto Insurance Necessary When Traveling Out of State

Auto insurance covers you while you use your vehicle to complete tasks. The policy gives you a safety net as you deal with the unpredictable nature of driving. Basic collision coverage takes care of any damages sustained when your vehicle hits something. If you opt for a comprehensive policy, your vehicle is protected in multiple situations. You are covered if someone attempts to steal your vehicle. You are covered if severe weather passes through the area and damages your vehicle. If you are held responsible for any damages or bodily injuries, liability coverage will protect you.

As the weather starts to warm up, many drivers look forward to taking special road trips. If you are planning a vacation away from Columbia, SC, your auto insurance may be impacted. If you are planning to travel from one state to another, your auto insurance will remain active. You will still be covered if you are involved in an accident while visiting Florida. However, if you are planning to travel out of the country, things may be different. Inquire about getting a temporary endorsement if you are traveling to Mexico or Canada. You want to avoid traveling abroad without having any protection if an unexpected accident occurs.

New American Insurance Will Help You Stay Safe On The Road

Visit our website to learn more information about auto insurance.

Important Facts Regarding Renters Insurance

New American Insurance offers coverage to Columbia, SC residents. We are proud to serve the community as an independent insurance agency. This allows us to offer our clients flexible policies designed to meet their individual needs. We have strong relationships with multiple carriers throughout the South. One of our core values is offering great customer service.

Important Facts Regarding Renters Insurance

South Carolina is home to attractive rental properties. If you are a renter, the fact that there is less maintenance involved with renting than owning a home may appeal to you. However, you need to keep in mind that your personal items need protection if something happens. That’s why renters insurance is an asset. You’ll be covered if your personal items are stolen or damaged. Here are some other important facts regarding renters insurance.

Liability Coverage Is Important

Liability coverage is a big part of your renter’s insurance policy. If you invite guests over, and they get injured or cause damage to other people’s property, you will be held responsible. Liability coverage will protect your assets if a legal dispute arises.

Take Inventory

It’s important that you take inventory of your personal items inside the rental property. That way, you’ll have a clear idea of your items’ true value if something happens.

Temporary Lodging

If your rental property is seriously damaged, you can add temporary lodging coverage to your policy. This allows you to stay somewhere else when your rental property is repaired.

You’ll Have To Add Extra Coverage For Natural Disasters.

If a hurricane or tornado moves through the area and damages your rental property, you are not protected unless you add extra coverage to your policy.

New American Insurance Will Help You Find Coverage

Visit our website to learn more information about renters insurance.

Who needs to get a classic car insurance plan?

If you are a car aficionado in the Columbia, SC area, you may dream of owning a classic car. If you decide to purchase a classic car here, you need to get the right insurance plan. There are several situations when someone should get a classic car insurance plan for their prized possession. 

Those that Want to Protect Collectible Value

A person should get a classic car insurance plan if they want to protect the full value of a vehicle. A classic car differs from other vehicles because it could greatly appreciate. Owners of classic cars need to get an insurance plan that protects this increased value. With a classic car insurance plan, you can work with your insurance provider to create a plan that properly covers the value of your classic car.

Those that Want to Drive Legally

You should also get a classic car insurance plan if you want to drive your car on state roads. Those in South Carolina will be required by law to have liability insurance when driving a car. This extends to those that drive classic cars. Since you likely will drive a classic car less frequently than you would other cars, your policy can be designed to reflect this reduced risk if you get a classic car insurance plan. 

Picking a classic car insurance plan for your Columbia, SC vehicle is a big decision. Those that are going to pick this type of insurance plan should call New American Insurance. Many factors will need to be considered, and New American Insurance can help you with this process. This will help ensure you pick the right plan for your classic car. 

States Served

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