Benefits of Life Insurance

When it comes to protecting your family’s future, life insurance is a vital financial tool. If one or both spouses pass, your children’s future would be taken care of. The funds can be used to pay for burial and final expenses. You can also designate funds toward your children’s future college expenses. Money can also be earmarked for nonprofit organizations that are close to your heart. There are many benefits to your life insurance policy. That is why they require a lot of thought. When you begin considering life insurance, you’ll have many questions. Our agents at Richards Insurance Agency can provide guidance. We have worked with families in the Lincoln, NE area since 1994.

As you begin to learn about your life insurance options, you will need to devote some thought to the type of policy that best suits your needs. You will also need to consider the impact that inflation and estate taxes will have on your loved ones. Term and whole life are the primary types of life insurance policies. Term policies are in effect for a predefined period. They can be renewed, but each renewal will be more expensive than the last. They are more economical than whole life policies, but they do not accrue cash value over time. Whole life policies, on the other hand, remain in effect throughout the policy holder’s lifetime. While the premiums are higher, they build cash value. This can be borrowed against if you need to. 

In the Lincoln, NE area, our team at Richards Insurance Agency is ready to discuss your life insurance options. Contact our office for general information or to learn how to get a quote. Your family’s future is important. We want to help you get the best available coverage. Take a few moments today and give us a call!

Is Commercial Insurance Necessary?

  Under most circumstances, you are not required to have commercial insurance, but that does not mean you should not obtain it. It is crucial to understand what types of business insurance coverage you can receive and how each can help you.

The following are common coverage types to consider:

Commercial Property

Commercial property insurance coverage helps to protect the physical location, such as a warehouse or office, and other business items.

Commercial Liability

This is coverage to protect your business if there are any lawsuits against your business due to damage or bodily injury.

Income Coverage

Should your business not be able to operate for a covered reason, business income coverage can help you pay your bills as well as payroll.

Workers’ Compensation, Unemployment, and Disability Insurance

Nebraska employers are required to carry workers’ compensation insurance, disability, and unemployment insurance for employees. Only under some extraordinary circumstances can businesses self-insure. Regardless, employers are required by law to carry these protections.

This coverage needs to be obtained as soon as possible. If you do not, you might end up with a $1,000 fine for each violation, having to put your business on hold until you obtain the coverage, and even up to a year in prison. That is not to mention the potential lawsuits you could face from employees.

Deciding whether or not commercial insurance is necessary is typically a personal decision- aside from the required coverage. At Richards Insurance Agency in Lincoln, NE, we want to encourage you to make this decision carefully. If you were to lose your business today due to a fire or a lawsuit, how easily could you rebuild? If your business was not operational for some time due to equipment malfunctions, could you still make payroll and pay your bills?

We understand that your business is important, which is why we want to partner with you to get you the best coverage possible. Stop by Richards Insurance Agency in Lincoln, NE today, or call for a no-obligation quote.  

What riders can I add to my basic home insurance policy?

As a homeowner, you have a lot of things to think about. Having the right home insurance is one of them. Most people don’t take the time to read their home insurance policy to see all the limits on the coverage. They just assume that they have the coverage that they need. This can be very dangerous, and it is too late to find out when you file a claim that you don’t have enough or the right kind of coverage. At the Richards Insurance Agency in Lincoln, NE, we treat our customers like family, and we ask the right questions to get to know them and their needs. 

Jewelry rider

The typical home insurance policy has fundamental limits for jewelry. You don’t want to wait until you lose your engagement ring to find out that your coverage is not going to be nearly enough to replace it. If you have more than just costume jewelry, you should take a good look at your insurance policy and determine if it will cover what you have. With a jewelry rider, you can get the coverage you need, but it helps if you have appraisals for your important pieces. 

Sewer backup

Yuck, what could be worse than having a sewer back up into your home?  Not having the coverage you need to get it cleaned up!  Most policies need to have a rider in order to cover you for this type of water event. 

Identity Theft

Unfortunately, this is an all too common occurrence and is not covered under your basic home policy. The rider will help help you get your life back together after your ID has been stolen.  

At Richards Insurance Agency in Lincoln, NE, we want to help you make sure that your home insurance gives you all the coverage you need. Give us a call or stop by our office to discuss your home insurance needs. 

Do I Need to Purchase Additional Insurance if I Rent an RV?

Renting an RV is a great way to spend your vacation if you love to travel. The agents of Richards Insurance Agency in Lincoln, NE understand that you need to be covered by the right type of insurance while you are camping. You need to consider purchasing insurance that will reduce your liability as well as protect your belongings.

Buy Insurance Through the Rental Agency

When you rent an RV, the company automatically provides you with basic insurance coverage to protect its investment. You can buy an additional amount of coverage to protect you if the RV is damaged in any way while it is in your possession. Normally, the rental agency will allow you to choose from two or three different amounts.

Purchase Additional Insurance Through Your Agent

While the coverage you purchase from the rental agency protects the RV, it doesn’t do much for you. It doesn’t provide you with liability coverage and it won’t protect you if your personal property is lost or stolen. If you want to protect your personal items, you will need to talk to your personal insurance agent to see what your options are.

At Richards Insurance Agency, residents who are from the Lincoln, NE area can discuss your options with you if you choose to rent an RV for your vacation this year. They can help you determine how much insurance is needed and what your liability options are. Most policies include some degree of liability, but it is up to you when choosing how much to carry over the state-mandated limits. Schedule a consultation to talk over your options today!

 

 

How Does Motorcycle Insurance Work and What Are My State Minimums?

If you own a motorcycle, you understand the excitement, adventure, and joy that you can experience exploring the open roads of the country. However, this adventure and sense of fun cant be yours without some level of responsibility. Nebraska, like other states, does have required insurance minimums for drivers. However, that’s just part of what’s needed to operate a motorcycle and how it works. 

The Nuts and Bolts of Motorcycle Insurance

Motorcycle insurance is very similar to car insurance. It covers and protects you from motorcycle accidents. It also protects you from loss, damage, and even theft. It also includes you in cases where you are responsible for another person’s injuries or property damage. Liability insurance covers all of these situations. This insurance covers all types of motorcycles and includes choppers and mopeds. It even includes street bikes and Segways. State requirements form the foundation of what’s essential coverage wise. This is why it’s crucial that you understand the requirements of your state. The standard motorcycle insurance policy will cover costs associated with damage to your own bike as well as compensation for injury to another person and their property. Legal fees are included as well. Your motorcycle liability coverage applies to the cost of claims and legal fees. However, these fees are only covered up to the limits of your policy.

Nebraska Minimums

The Richards Insurance Agency of Lincoln, NE understands that state requirements can be challenging to understand if you’re a new or inexperienced motorcycle driver. Nebraska requires at least $25,000 in bodily injury protection per person and $50,000 per accident. You will also be required to carry $25,000 in property damage coverage. You must show proof of this coverage to register your motorcycle and operate or drive it. Most states require minimum insurance coverage for motorcycle drivers. Give us a call today.

We look forward to helping you protect yourself, your motorcycle, and others as you cruise the streets of Nebraska.

Tips for new boat insurance buyers

The price of a boat is not the only expense you should think about when buying a watercraft in Nebraska. Boat insurance, although not a requirement in Nebraska, is quite vital for any boat owner.

At Richards Insurance Agency in Lincoln, NE, we recommend making sure that your personal property and legal liability obligations are well protected every time you are in the water. Here are a few tips for new boat insurance buyers:

Work with your budget

Like we already mentioned, boat insurance is not a legal requirement. Therefore, it is prudent that you don’t financially strain to pay for insurance. Decide the amount you are willing to spend on your watercraft and speak to any insurance expert in Richards Insurance Agency to get their views and approvals.

Know your insurer

Some boats can be covered under homeowners’ insurance, especially the small boats. This heavily depends on the insurance provider, the price of the boat, and your home insurance policy. The best way to go about it would be to buy separate boat insurance from a reputable insurance agency in Nebraska like Richards Insurance Agency and add it to your home policy too. This will ensure that your boat is adequately covered because a home insurance policy can be limited.

Understand the policy

Don’t assume that boat insurance is like other basic insurance policies. Make sure that you read and understand clearly what is covered. Ask for clarification where you don’t understand before signing up or finalizing the agreement. Remember, you can always walk away if you are not satisfied with the policy.

If you still need more tips or have more questions regarding boat insurance, feel free to visit us at Richards Insurance Agency in Lincoln, NE today!

Do You Qualify for Classic Car Insurance?

Owning a classic car can be a fun and rewarding experience, but you must ensure that you have the proper insurance coverage on your vehicle for security and to protect your investment.

Although classic cars are not generally driven on the roadways as much as a regular vehicle, you must ensure that your coveted possession is adequately insured in case of a fire, theft, vandalism, natural disaster, or an accident.

How classic car insurance works

Most vehicles, including brand-new ones, depreciate in value over time, unless you own a classic car. Many of those vehicles will appreciate in value over time, so you will want to have enough coverage for your investment through the process of obtaining specialized insurance.

Check For Eligibility

There are some requirements that your vehicle must meet to be considered a classic car and to be eligible for classic car insurance.

To be considered a classic car, a vehicle must be at least ten-years-old to 24 years-old with historical interest. Examples of this are muscle cars or hot rods. To be considered an antique car, your vehicle must be 25 or more years old with historical interest. Your vehicle should only be used in a limited capacity and not used for everyday activities.

The condition of your classic car is important since it must be maintained, preserved, and restored or currently undergoing the restoration process to be considered for classic car insurance. You must also have your classic car stored in an enclosed building for safekeeping and to qualify for an insurance policy.

Obtaining a Policy

Most policies for classic and antique cars include several coverage options, such as comprehensive, liability, collision, and more. The agents and staff at Richards Insurance Agency in Lincoln, NE are ready to answer any questions you may have about classic car insurance and to assist you in obtaining the best policy for you and your prized possession. Visit Richards Insurance Agency in Lincoln, NE for more information.

How to Save on Your Auto Insurance in Nebraska

Do you want to know how you can save money on auto insurance in Lincoln, NE? There are many tricks and tips for you to do just that. A reputable insurance company like Richards Insurance Agency can help you understand how it all works.

Give Complete Information

When you fill out an online form or call to get a quote, make sure you’re giving all the information needed and that it is correct. Your premium quote will reflect the details you provide so you don’t want to do it halfway.

Establish Solid Credit History

Insurance agencies often use credit information in order to determine the price of an auto insurance policy. Since research tends to show that individuals who manage their credit well have fewer claims, do your best to have a good credit rating. It’s in your best interest to check your record often. If you see any errors, correct them right away.

Ask About Discounts

Though not every company offers insurance discounts and not at all times, it’s a good idea to check anyway. You may find that the agency has discounts for a good student driver under the age of 25 if there are two or more drivers on the policy, and if you have home insurance or some other type of insurance bundled together with your auto insurance.

Keep Your Driving Record Clean

Many companies charge lower insurance rates to people who are considered safe drivers, that is they have no violations or at-fault accidents. There are different guidelines within each insurance agency to determine the price in this instance.

If you’re hesitant to ask these questions and want to find out if you qualify for a lower insurance rate, contact Richards Insurance Agency today. An agent can discuss if you’re eligible for a lower rate based on certain circumstances for your Lincoln, NE insurance.

Dogs & Umbrella Insurance: What Homeowners Need to Know

Dogs are wonderful, loving animals that can quickly become trusted members of our family. They serve as our companions, and often, they can warn away intruders and protect us from harm. Unfortunately, dogs don’t always know the good guy from the bad. So if you’ve ever been worried about your dog nipping or biting a guest (or the dreaded delivery personnel), then it is a good idea to review your Lincoln, NE insurance policy for its policy related to dogs. Here’s what to know:

Dogs & Umbrella Insurance: What to Know

Even if you have a seemingly comprehensive homeowner’s insurance policy, you may not have coverage for medical damages and legal expenses related to a dog bite. Most homeowners’ insurance policies, including those offered by our team at Richards Insurance Agency, cover your home and personal property in the event of a theft, disaster, or similar situation. They tend to have strict limits on the financial protection for guests who are injured in your home. You may have some personal liability and medical payment coverage. Still, it is often a token amount, and generally, it will only cover situations that occur within your own home and not if you’re, for example, walking your dog down the sidewalk. 

For the best financial protection and protection for off-home and in-home biting incidents, you need umbrella insurance. Umbrella insurance is a type-of add-on policy you can get that will provide extra liability coverage and legal defense costs for situations that occur outside the scope of your general insurance policy. Given that dog-related claims now account for a whopping one-third of personal liability claims, getting this extra protection makes financial sense. 

Learn More at Richards Insurance Agency

For more information about umbrella insurance, contact our team at Richards Insurance Agency in Lincoln, NE today. 

How Much Life Insurance Do You Need?

How much life insurance you will need will depend on financial and personal circumstances. You will need enough to replace income and cover dependents’ expenses, including any future ones.

  • Financial Obligations: If you aren’t sure about your financial obligations, start with considering your debt. If you die with outstanding debt, your survivors may be responsible for it if they cosigned on a loan. You want to make sure you leave enough for beneficiaries to pay off the debt, especially if it’s a home or family car. Be sure to factor in the cost of raising children. If you have dependents, this may mean you need to increase your life insurance policy. If you have kids, you may also want to factor in the cost of college when getting life insurance. Plan what college costs will be and take into account increases over time.
  • Personal Considerations: Your age and health not only determine how much you should get but for how long you will want it. The older you get, the less you need because you should have fewer dependents and less debt. As you get older, the more expensive life insurance becomes. So, it’s best to purchase a policy when you are young and healthy to get a more affordable rate. How much life insurance you can afford should be a consideration as well. A life insurance policy isn’t good if you can’t afford it.

An agent at Richards Insurance Agency in Lincoln, NE can help you determine how much coverage to get. It’s good to tally up your resources, which include liquid assets and after-tax income. Then figure out your financial obligations with expenses and debt. Subtract liquid assets from financial obligations, and this is your coverage gap. Your coverage gap is how much insurance you should have. 

Contact Richards Insurance Agency in Lincoln, NE to get a quote on life insurance and have your questions answered.