Do You Need Extra Home Insurance Coverage for Your Personal Property?

It may come as a bit of a surprise to learn that personal property coverage is not part of some of the homeowner’s insurance policies. The fact of the matter is that you’d need to get a separate policy in order to cover the loss and damages of your personal property in the event something happens to it. Discuss this and more with a knowledgeable agent from Easley Hedrick Insurance & Financial of the Richmond, VA area. 

What is personal property insurance? 

This is a type of coverage used for your possessions after they’ve been damaged due to theft or bad weather. The two categories are known as named peril and open peril. Fire and vandalism are examples of named perils, while open perils included any other kind of peril as long as it’s not excluded in the policy terms. Many of these policies don’t cover flooding and earthquakes. 

How much personal property insurance do you need? 

Be sure to check your home insurance policy declaration page to see the amount of coverage you have for your personal possessions. You’ll find all types of coverage that are included in your policy there. The limit of coverage for personal property is what tells you the amount you have in your existing policy. 

What happens if you decide you want more coverage? Typically, such a policy will be on average 20 to 50 percent of the coverage limit for your home’s structure. 

Your personal property can be determined for this purpose in two different ways. They are known as replacement cost value and actual cash value. Replacement cost value only covers the true value to replace the item, while actual cash value replaces the destroyed or damaged property at the property’s worth when you factor in depreciation. 

It is a good idea to have extra coverage for your possessions. That’s because you may have items that add up to higher value than the limit in your standard policy. Talk to your independent Easley Hedrick Insurance & Financial agent for assistance with this in the Richmond, VA region. 

Benefits Of Cyber Insurance

Data breaches have become a very common issue today. Many companies face this problem that causes them millions of dollars. Therefore, many businesses and large corporations in such highly-targeted industries as finance, IT, and healthcare decide to purchase cyber insurance to protect themselves from financial risks and losses. Easley Hedrick Insurance & Financial serving clients in Richmond, VA and other surrounding areas prepared a list of benefits that cyber insurance has:

Benefits Of Cyber Insurance

This type of insurance has a number of important benefits, including the following:

  • Data breach coverage. Data breaches have become very common, especially during the pandemic. Cyber insurance effectively protects businesses from these data breaches and hackers. 
  • Legal help. When a cyber incident happens, many organizations and businesses start looking for legal support and assistance. This legal assistance can be very expensive, so the purpose of cyber insurance is to help companies afford the proper legal work that they need after a data breach or any other type of cyber attack. 
  • Business interruption loss reimbursement. When a cyber-attack occurs, the IT operations of a company are affected. Cyber insurance helps companies to recover the insured expenses. 

Protect Your Company With the Help of Easley Hedrick Insurance & Financial 

Easley Hedrick Insurance & Financial is a trustworthy insurance company that serves the needs of customers in Richmond, VA and other surrounding areas. We specialize in all types of insurance, including cyber insurance as well. If you want to protect your data from different types of cyberattacks, feel free to contact our company – our experienced insurance agents will help you find a policy addressing your needs and budget.

How Does Umbrella Insurance Work?

Umbrella insurance is becoming increasingly popular as people seek to protect themselves from liability issues. Easley Hedrick Insurance & Financial understands the impact of facing a lawsuit or another difficult situation. If you live in Richmond, VA, this is what you should know about umbrella insurance policies.

Here’s How Umbrella Insurance Works

Umbrella insurance is a form of personal liability insurance that protects your assets. These policies are often intended to cover damages that extend beyond the liability limit of another insurance policy.

So, you might have an auto insurance policy, but the liability coverage ends at $50,000 for an accident. If the bodily injury associated with the accident is higher than this limit, an umbrella policy may kick in. It may pay the difference, preventing a potential lawsuit.

As you can see, umbrella insurance does not come in right away. Other types of insurance step in to cover their required portions before umbrella insurance fills in the gaps.

Umbrella Insurance Is an Add-On Policy

Umbrella insurance is not required, so you may wonder if you should add this policy to your existing coverage. You may need separate policies for different types of insurance, like homeowners insurance and auto insurance, to cover all your assets. It is smart to consider your assets to determine how much coverage you need.

Get an Umbrella Policy Today

You may not be required to have umbrella insurance, but it is a good way to fill in the gaps in protection. You have policy options. If you are unsure what kind of insurance is right for you in Richmond, VA, contact Easley Hedrick Insurance & Financial to learn more.

4 Advantages of Auto Insurance

Do you own a vehicle in Richmond, VA? Do you have auto insurance? Unfortunately, some motorists see car insurance as a waste of money. As such, they may only stick to the state-required minimums or even drive without car insurance! But is it really worth it? 

If you have trouble writing that auto insurance check, Easley Hedrick Insurance & Financial shares advantages you accrue by investing in car insurance.

For peace of mind

Car insurance ensures you enjoy a relaxed ride. You don’t have to think about the consequences of auto accidents. Besides, you can sleep tight at night without thinking about the safety of your car. And that’s not all. Car insurance provides peace of mind, knowing that your loved ones are safe from the financial wreck when you are involved in an accident.

It protects your asset

Your car gives you convenience whenever you want to commute, run errands, or even go for a vacation. But how can you return the favor? While scheduled maintenance is pivotal, car insurance is the next best thing you can do for your car.

Auto insurance protects your car whenever an accident happens. Your insurer takes care of the repairs and even replaces your car if totaled. 

It cushions you against lawsuits

Lawsuits can be expensive in America. And the sad thing is that you can’t entirely evade litigations. For instance, if you are legally liable for an accident, you not only pay property damage and bodily injuries but you can be sued, adding legal fees to your bill. 

Thankfully, if you have auto insurance, it can help lessen your financial burden.

It’s customizable

Car insurance isn’t one-size-fits-all. Auto insurance comes in different coverages, enabling you to choose those that fit your lifestyle and other needs. As such, you only pay for what you need. 

Buy auto insurance today!

Have you been risking driving without auto insurance? It has to stop today. Car insurance has numerous benefits, and the risks of driving without auto insurance are too much. Are you shopping for auto insurance in Richmond, VA, and its environs? Look no further than Easley Hedrick Insurance & Financial.

How Does Commercial Insurance Protect My Small Business?

Commercial insurance is coverage is specifically designed to cover your business, assets, and your employees. Since there exist various businesses with different requirements and conditions, at Easley Hedrick Insurance & Financial in Richmond, VA, we provide custom-made coverage to suit your needs. But first, how does commercial insurance protect your business? 

Liability protection

While this coverage isn’t mandatory, all businesses require liability coverage to protect their business against bodily injury, property damage and advertising injury caused to others. For instance, if your product harms consumers, liability coverage may cover the ensuing liability claims, including legal costs.

Similarly, if you publish accidental reports that may be considered defamatory by the aggrieved party, liability coverage may come to your rescue. 

Asset protection

Commercial property insurance covers your business’s property, such as equipment, land, and building, from natural disasters, vandalism, theft, and fire. Since assets are crucial in supporting your business operations, invest in commercial insurance to ensure the long-term success of your small business.

Employee protection

Here, the type of commercial coverage that protects employees is called workers’ compensation insurance. This coverage is mandatory by law, and non-compliance may result to civil and criminal penalties. Workers’ comp insurance protects your employees by paying for their medical expenses for illnesses and injuries suffered in the working environment. Besides, it covers partial loss of income if the employee can’t resume working. 

Protects the business finances

Think of how much it would cost your business to cover assets when a loss occurs. What about financing employee’s medical costs in case of injuries. Worse yet, legal costs can run your business coffers dry. The good news is that commercial insurance covers your business, protecting your finances. 

Protect your small business in Richmond VA today!

To cover your business with commercial insurance, don’t hesitate to contact Easley Hedrick Insurance & Financial today and enjoy the benefits we have listed above. 

Factors That Impact Home Insurance Needs in Virginia

Home insurance in Virginia is not mandatory in Virginia, but it will be if you have a mortgage. Even so, if you own your home outright, you still want to protect it and its contents from all possible claims and damages.

At Easley Hedrick Insurance & Financial, we want Richmond, VA residents to have the best home insurance policy for their needs. You don’t have to get every coverage on the list. We can help you to design the home insurance coverage that is right for you.

Virginia Home Insurance Mortgage Requirements

The first thing you will consider when purchasing home insurance in Virginia is the requirements of your lender or mortgage company. You will start with the minimum requirements that they have. 

That usually begins with some liability insurance and maybe property coverage. This will protect you in the event of problems that happen on your property that could lead to lawsuits.

Property and Contents Value

Home insurance will cover you for your valuables and contents to a certain cap. If you want more coverage or have valuables that are valued beyond that amount, you can always add more coverage.

Some valuables may require their own insurance. If you have art, jewelry, valuable technology, or other high-priced items, you will want separate insurance on your home insurance for them.

Safety Risks

You may have special conditions on your property that require additional insurance coverages. Sometimes owning a certain dog breed could be enough to add more insurance on your home insurance. 

Get a Quote

These are just a few of the factors that will go into your home insurance policy. The more you cover, the more your policy will cost. Your home is your life and your life will be protected in the end. At Easley Hedrick Insurance & Financial, we help Richmond, VA homeowners protect every asset in their life. Call us for a quote today.

Why should I get renters insurance in Virginia?

Moving into the Richmond, VA area can be a fun and exciting time. As you are looking to move to this area, it would be beneficial to rent your home as it offers some flexibility and less commitment as you get used to the area. When you are going to rent a home, you should still get proper insurance. You should get a renters insurance plan for a few reasons. 

Protection Required by Landlord

A reason to have renters insurance here is that it could be a landlord requirement. Landlords understand the value that insurance provides to all parties. Due to this, they typically require tenants to get coverage and stay covered for the full lease term. If you do not get the proper coverage in place, you could be in violation of your lease agreement, which could even terminate the agreement.

Valued Coverage

You should also get a renter insurance plan as it offers some very valuable coverage. When you are going to be a tenant, you will have personal assets stored in the unit and will also take on some regular liability risk. If you obtain a proper insurance plan, it will give the coverage needed to offset these risks and can help to save you a considerable amount of money during some challenging situations. 

As you are looking for a renter’s insurance plan in the Richmond, VA area, you could find it helpful to work with the team at Easley Hedrick Insurance & Financial. There are a lot of choices that come with picking a renter’s insurance plan and Easley Hedrick Insurance & Financial can make it easier for you. The team will help you assess all of your needs and options and give the support that is necessary to build a new insurance plan.  

Is Umbrella Insurance For the Wealthy Only?

You have worked hard to acquire significant assets. While you are yet to reach the super-rich mark, you are wondering whether you need umbrella insurance. The case and point is that you have read and seen friends and wealthy persons in Richmond, VA and other parts of America who have lost significant wealth to expensive lawsuits. 

The reality is that lawsuits are common in America and can affect you. However, instead of worrying about lawsuits, you can purchase umbrella insurance from Easley Hedrick Insurance & Financial to prevent someone from taking what you have worked so hard to achieve.

What is umbrella insurance?

It’s additional liability protection that protects you and your family members from financial claims that exceed your typical coverages. To note, however, is that umbrella insurance doesn’t exist on its own. Umbrella insurance rides on other insurance coverages like boat, auto, and home insurance. Additionally, umbrella insurance doesn’t cover injuries and property damage to you or your family members. Instead, umbrella insurance covers damages and injuries you cause to other people.

Ultimately, umbrella insurance covers you against the below:

  • Property damage to others
  • Bodily injury to third parties
  • Personal liabilities, including libel, slander, and false arrest
  • Covers legal costs

Who needs umbrella insurance?

There is a popular misconception that umbrella insurance is for the rich and famous only. This statement is partly true. While umbrella insurance protects those with significant assets, umbrella insurance is suitable for anyone earning a livelihood. With lawsuits occurring right, left, and center, no American is safe from being sued. When lawsuits come raining, you will be glad you had umbrella insurance to protect what you own.

Umbrella insurance in Richmond, VA

Are you shopping for umbrella insurance to protect your assets and future earnings? Please contact Easley Hedrick Insurance & Financial for a comprehensive quote.

How Auto Insurance Protects Drivers

Modern car insurance policies are made up of several coverages, each offering different levels of protection. The purpose of buying car insurance in Richmond, VA, from a reputable company like Easley Hedrick Insurance & Financial is to protect from the costs you may incur if you damage someone else’s property or cause an injury with your car. It can also provide coverage for damage to your vehicle from an at-fault accident or other issues, such as theft, animals, falling objects, or fire.

Car Insurance Coverage Considerations

The right car insurance will cover many different situations where you will otherwise be liable to cover medical expenses and repair bills. Based on the circumstances, your policy may cover you, your passengers, and third parties who suffered damages or injuries due to your vehicle.

Components of a Car Insurance Policy

Every car insurance policy is divided up into various components. You can choose the amount of coverage you receive under every component when buying the policy once you account for the minimum requirements for the state’s coverage.

The main parts of car insurance policies including comprehensive coverage, collision coverage, personal injury protection, and liability coverage. Each of these plays a crucial role in helping protect you while you are on the road. For example, comprehensive coverage protects against vandalism, theft, and other damages that may occur to your vehicle when it isn’t being driven. Collision coverage provides protection for damage that occurs during an accident, while personal injury coverage covers injuries and medical expenses related to car accidents. Liability coverage protects against property and bodily injury damage.

If you need auto insurance in Richmond, VA, a good place to start is by speaking to the professionals at Easley Hedrick Insurance & Financial. With help from the pros, you can feel confident you are getting the amount of coverage needed for an affordable price.

Winter Risks That May Impact Your Commercial Insurance Policy

For over 10 years, Easley Hedrick Insurance & Financial has offered coverage to the Richmond, VA community. We strive to ensure that our clients find the protection they need to cover them in any scenario. We will guide you through the process of finding coverage and alleviate all of your stress.

Winter Risks That May Impact Your Commercial Insurance Policy

Your Richmond, VA business is one of your most significant investments. That’s why it’s important that you protect it. Commercial insurance can help you operate your business by making sure that you are covered regardless of the situation. The policy covers any damage to your physical property, as well as your inventory. You are also covered if you are a victim of theft. Commercial insurance is an asset during the winter when you have to deal with multiple risks.

Icy conditions have the potential to cause multiple problems. Your business will be held responsible if one of your customers slips and falls. Liability coverage will protect you if your customer pursues litigation as a result of their injuries. You are also covered if one of your commercial vehicles damages someone’s property due to icy road conditions. Make sure that you shovel all the snow around your business and put down salt.

Power Outages

Winter power outages can cause significant delays to your business. Make sure that you have a backup generator so that you can continue functioning if something happens. Also, consider adding business interruption coverage to your policy so that you are protected if you are unable to operate your business for an extended period of time.

Easley Hedrick Insurance & Financial Will Help You Protect Your Assets

Visit our website to learn more information about commercial insurance.