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What Is Umbrella Insurance?

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When you have home and auto insurance policies, you can choose another type of policy to boost them both. An umbrella insurance policy helps you to have more coverage for each of them, and it’s a cost-effective way to add to your existing coverage. If you are interested in getting umbrella insurance, contact us today at TAS Insurance Agency in Phillipsburg, NJ.

Home and Auto Insurance Policies

The first step to getting umbrella insurance is to have a home and an auto policy for your home and vehicles. When you get these two insurance types, they each include a little bit of liability insurance in case of accidents. However, because those amounts of liability insurance are in small amounts, they may not cover everything after an accident. If someone has an accident in your home or with your car, you may be held liable for paying all of the medical bills that result. With an umbrella insurance policy, the amount left over can be paid by the policy instead of coming out of your wallet. 

How the Policy Works

Umbrella insurance is a secondary form of insurance that goes into effect when the first one has been exhausted. First, the initial home or auto insurance policy comes in to pay as much as it can toward the medical bills you owe. Then, when that has finished, your umbrella policy comes in to cover that overage. And, getting a high amount of umbrella insurance is highly cost-effective. Getting all of that extra liability coverage, and they all come with high maximums, comes at a small cost. It costs less to get one of these policies than it would add to both your home and auto insurance. 

Umbrella Coverage

If you have home and auto insurance and you’re interested in an umbrella policy, call us at TAS Insurance Agency in Phillipsburg, NJ.

How do you know if you need flood insurance?

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How do you know if you need flood insurance?

Whether you live inside or outside of a high-risk flood area, if you own property, you should consider purchasing flood insurance for the protection and peace of mind it brings. Let TAS Insurance Agency, serving Phillipsburg, NJ, help you understand when your property requires flood insurance.

The Federal Emergency Management Agency (FEMA) creates flood maps that rate the flood risk of an area. All properties located within this area get designated with that risk rating. Any property within a high-risk flood area must obtain flood insurance as long as it has a mortgage outstanding. That’s because the government, via the Federal Deposit Insurance Corporation (FDIC), insures all mortgages. The government doesn’t want to lose its money, so it requires flood insurance via the National Flood Insurance Program (NFIP).

The government does not get your insurance premiums though. NFIP merely approves local insurance carriers who meet quality checks to offer you flood insurance.

You can easily find out if you need to buy flood insurance. If you already purchased your home, locate your closing paperwork. Find the section in the documents titled "Natural Hazards Disclosures." If there is a disclosure listed that classifies your property as Zone A or Zone B, you purchased property at high risk for flooding.

If you have yet to purchase property and you’re just house hunting, you can find out without the purchase information. You can look at a FEMA map to know if you will need insurance. You visit your post office or county assessor’s office to look at a map. Simply check the property address on the map. If it lies in Zone A or Zone B, it requires flood insurance.

Contact TAS Insurance Agency serving Phillipsburg, NJ, to learn more about flood insurance and what options you have. Ask us about contents only policies for renters, if you did not buy your property.

Required Auto Insurance in New Jersey

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Like all states, New Jersey has its own laws about the types of auto insurance that drivers in the state are required to have. If you need auto insurance, give us a call now at TAS Insurance Agency in Phillipsburg, NJ. 

Basic and Standard Policies

In New Jersey, you can get either a basic policy or a standard policy. The basic policy is the cheapest, but it doesn’t offer much coverage to drivers. The standard policy includes more types of coverage as well as higher amounts of coverage. New Jersey is also a no-fault accident state. This means that every driver has to insure themselves for personal injury instead of relying on the at-fault party to pay for the injuries. Before deciding on a basic or standard policy, it’s important to learn the current amounts that each type includes.

Bodily Injury Liability

With a basic policy, there is no coverage included for bodily injury, but it is an option that can be added to the policy. With a standard policy, there is a specific minimum amount required for one person injured in an accident and another amount required for everyone who was injured. A standard policy also allows for higher amounts to be chosen than the required minimum.

Property Damage Liability

With a basic policy, there is a small amount of liability coverage for each accident. With a standard policy, there is a required minimum amount as well as the option to add a significant amount of coverage to that amount. It’s smart to get a higher amount of this coverage so that you aren’t left paying any overage after your policy has paid its set amount. 

Personal Injury Protection

With a basic policy, there is a set amount of coverage for each person injured in the accident. Those injured have to be covered by your policy to be eligible. With a standard policy, there is a set minimum amount for each person in an accident, but there is the option to raise this amount significantly. 

Call Us

To find out more, call us at TAS Insurance Agency in Phillipsburg, NJ.

Buying Commercial Insurance in Phillipsburg, NJ

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Business owners need a certain amount of business or commercial insurance to stay secure. I’ll discuss how you invest both time and money in your business and you don’t want to risk lawsuits due to personal injury or other negligence cases that can wipe you out without protection.

Normalcy Bias Debunked

No matter how careful you are, there are situations that you can find yourself in that can lead to errors on your part. If these errors damage someone or hurt someone in any way, if they are able to show negligence, you can end up owing monetary damages to them. This can be devastating.

To Err is Human

A great writer once said, "To err is human; to forgive, divine." (William Shakespeare). William Shakespeare must have known that sooner or later, someone would make a mistake that could cost them. Or maybe you have a customer that is hard to deal with and they decide to bring action against you.

TAS Insurance Agency understands this and they want to help business owners feel secure about legal protection. Insurance allows you to have legal protection for those times when you make a mistake. 

Where to Start

If you are in the market for commercial insurance, start with a visit to TAS Insurance Agency in Phillipsburg. They can go over the requirements in the state of New Jersey, as well as show you what kind of commercial insurance you need in order to make sure your business is protected, as well as all of the other aspects of your life.

Because remember…to err is human. To forgive, TAS Insurance Agency in Phillipsburg, NJ suggests that the most important kind of forgiveness is the kind you use before the mistake happens. Come see us for all your insurance needs. 

Do You Have Enough Home Insurance?

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You have home insurance because it protects your dwelling, personal belongings, provides liability protection and covers you against loss of use. But do you know how much home insurance you need? Are you overpaying or underpaying your premiums? 

Buying home insurance is one thing, but buying adequate home insurance is another thing. For this reason, stay on as TAS Insurance Agency of Phillipsburg, NJ helps you to figure out how much home insurance you need. 

How much insurance do you need for your dwelling?

To answer this question, you need to understand the difference between replacement cost and market value. It’s easy to confuse the two, but that’s why you have an insurance agent to guide you. Market value includes the value of the land. It’s the price you get if you were to sell your house today in an open market. On the other hand, replacement value is the amount it would cost to build your home today. 

 

If you want to determine the amount of home insurance you need, using the replacement value is more accurate. But since building costs go up every year, it’s vital to update your home insurance policy to capture the changes in the building costs. For instance, if you purchased your house five years ago at $200,000, today it would cost, let say, $300,000 to rebuild. In this case, you need to insure your home against $300,000. Otherwise, you would need to finance the $10,000 difference if a disaster were to strike today.

How much should you insure your content for?

Similarly, if you want to determine how much you should insure your belongings, consider the cost of replacing them now and not how much you paid to buy them. If you were to lose your assets today, how much would it cost you? This amount will be your insured value.

Are you still unsure of how much home insurance you need? Please contact TAS Insurance Agency. Besides, you can visit our Phillipsburg, NJ offices to chat with one of our agents. 

What is Umbrella Insurance, and How Does it Protect Me?

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You have heard about umbrella insurance, but do you know what it covers? Whether you have heard of or are hearing about umbrella insurance for the first time, TAS Insurance Agency is here to help you see how this coverage can protect you.

What is umbrella insurance?

It’s the safety net you can run to when your typical insurance coverage runs out. Your home insurance covers your dwelling, for instance, when a fire damages your house. While home insurance covers your asset, there is something called lawsuits. Assume a guest slips and injures their head in your bathtub. You could be sued. 

Although your home insurance has liability coverage, it can only do so much when faced with substantial claims. In such instances, it’s where umbrella insurance comes into play. Umbrella insurance is the extra liability coverage that takes over from where your boat, auto, or home insurance leaves off. 

How does umbrella insurance protect me?

It’s worth noting that umbrella insurance protects you against liability claims from third parties. For instance, if you are involved in a severe auto accident, your auto insurance will cover damages to your car and injuries that you might suffer. 

On the other hand, the liability coverage of your auto insurance covers injuries and property damage to the other motorist. However, when the liability claims exceed your auto insurance limit, umbrella insurance takes over. Ultimately, umbrella insurance protects you and your family members in the following areas:

  • Property damage caused to others
  • Bodily injury to third parties
  • Pays for legal costs
  • Provides personal liability protection against claims like libel, slander, and malicious prosecution

While you might have heard that umbrella insurance is for the rich and famous, this notion is partly true. Umbrella insurance is suitable for anyone earning a livelihood and has a high chance of being sued. 

Get umbrella insurance today in Phillipsburg, NJ!

Are you looking for umbrella insurance in Phillipsburg, NJ? Please look no further than TAS Insurance Agency. Contact us today, and we will help protect your assets.

Why should someone in New Jersey get an auto insurance plan?

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People that live all over the Phillipsburg, NJ area benefit a lot from owning a car. With a car, you are going to have a much easier time getting around the city and completing all of your needed tasks. If you have a car, you need to make sure that you insure it the right way. There are a lot of reasons people here will need an auto insurance plan. 

Insurance is Needed to Protect Car

The key reason that people should have auto insurance is so they can protect their car. If you invest in a vehicle when you are in this area of New Jersey, you will want it to last as long as you can. With a proper insurance plan, you will have the coverage needed to repair or replace it following an incident of theft, vandalism, or if you are in an accident. 

Insurance is a Legal Obligation

A car owner in this state will also need to have an auto insurance policy as it can be a legal obligation. In New Jersey, anyone that operates a car on a public road will be required to carry liability protection. This coverage is important as it ensures that you will have the financial capacity to pay for costs associated with an accident that you cause. If you do not have this protection, you could be penalized. 

When you want a new insurance plan in the Phillipsburg, NJ area, you should reach out to the TAS Insurance Agency. Those that are with the TAS Insurance Agency know the value that comes with insurance protection. They can give you the support needed to help you evaluate your options and needs. This will help you choose a plan that provides ideal insurance protection.

What does flood insurance cover

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Floods cause devastation across the US every year, especially in the spring. It has gotten more common in recent years, which places additional people in danger. Cities and towns that normally haven’t been in danger of flooding are no longer safe. Everyone who lives in an area that might be in danger of flooding should consider having flood insurance. At TAS Insurance Agency in Phillipsburg, NJ, we are locally owned and operated and provide our customers with multiple carriers to choose from. 

The majority of flood insurance is purchase through the NFIP and managed by FEMA. It is offered to eligible people through a network of approved carriers. It doesn’t matter which carrier you chose. The government determines the rates, so choose the carrier you prefer and know provides great service. Flood insurance through NFIP is available to those who live in one of the 23,000 communities who participate. Other options are available for those who do not live in one of the participating communities. 

NFIP offers two separate policies. One is for the property, and one is for the contents. You can purchase just one, or you can purchase both. The choice is yours. The amount the policy covers is limited, and if you need more coverage than they can provide, you should look into the other available options. Typically, property coverage has a $250,000 limit and content has $100,000. These are the maximum amounts the policy will pay no matter what the actual replacement cost is. Both policies come with a deductible. 

Property coverage protects the physical building and the main systems in the home, such as electric, plumbing, and HVAC. It also covers any built-in content include major appliances. 

Contents insurance covers furniture, clothing, household items, washer and dryer, window cooling units, and electronics. 

Contact TAS Insurance Agency in Phillipsburg, NJ, when you have flood insurance needs. 

Who needs commercial insurance in New Jersey?

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The Phillipsburg, NJ area has continued to be a great place to live. Those that are here may quickly find that it is also a good place to own a business. If you are a business owner in this area of the state, you should get insurance for your company. There are several situations when you may need to get this coverage in place for your company.

Those with Business Loans or Outside Capital

When you need to get commercial insurance coverage, you will take out a loan or raise outside capital. Anyone who would like to raise outside equity or debt will have to comply with the investor or lender’s standards regarding insurance. Normally, they will have very specific insurance requirements that you need to meet at all times. If you do not maintain this coverage, you could find yourself in default and have to repay the outstanding money.

Those that Want to Protect Company

You will also want to get a commercial insurance plan when you want to protect your company. Any business that is in New Jersey would benefit greatly from this coverage. With a commercial insurance plan, you can get the coverage you need to mitigate your commercial liability risk and protection of business assets. 

Those who will start a company in the Phillipsburg, NJ area should make sure that they get proper insurance for their business. When you speak with the TAS Insurance Agency team, you can learn a lot more about your options. The insurance professionals at TAS Insurance Agency can help you assess your business risks and build a policy that will offer the right mitigation for these risks. Contact our office for a quote.

Should I get home insurance when I am in New Jersey?

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The Phillipsburg, NJ area is a popular community for people to move to. When you are looking for a new home in this area, purchasing your property can be a great option. There continue to be many benefits that come with owning a property in this area of New Jersey. If you decide to buy a home here, you will want to get proper insurance for it. There are a few reasons why getting this coverage is a good option for anyone.

Insurance Will Protect Assets

A key reason you should obtain a home insurance plan when you are in New Jersey is to have a reliable means to protect your assets. Your home and personal belongings will take years of hard work and dedication to acquire. The last thing you would want to happen would be to lose these assets due to a fire, theft, or other types of loss. If you protect yourself with home insurance, you will know that you have the ability to repair or replace these assets.

Coverage is Required

You will also want to get a home insurance plan because it is often required. If you have a mortgage or live in a home association, you will need to carry home insurance. If you do not, you could face serious penalties. 

When you are looking to purchase a home in the Phillipsburg, NJ area, you will find that having insurance is very important. When you are looking for a new home coverage plan here, you should call TAS Insurance Agency. Picking an insurance plan for your home can be complicated at times. The team with TAS Insurance Agency can help you assess your needs and options and pick a plan.