Types of Commercial Insurance
If an accident or incident was to occur to your business, you might think of all the business equipment to operate your business, the office furniture, or storefront space, but you need to think of your insurance first. At Elliott & Associates Insurance of Opelika, AL, we are not just saying that because we sell insurance. It is important that you know the difference between a business owner’s policy, commercial auto, commercial liability, etc. You need to choose the right policy so your business obtains the coverage it really needs.
An abundance of commercial insurance types are available. Your business type determines what you will need. A pizza delivery restaurant needs different policies than a manufacturing plant. While they both need liability insurance, that is pretty much where the similarities end. Your potential commercial insurance policies include:
- automobile insurance
- boiler and machinery policies
- business owner’s policy
- business interruption insurance
- builder’s risk insurance
- debris removal
- glass insurance
- inland marine insurance
- ordinance or law insurance
- tenant’s insurance
- crime insurance
- fidelity bonds
- errors and omissions insurance
- malpractice insurance
- directors’ and officers’ liability insurance
Elliott & Associates Insurance of Opelika, AL can help you determine which insurance policies you need. With so many diverse choices, it makes sense that you need to choose only what your business really needs. You need insurance, but you need the right insurance. That means sitting down with an expert to determine which policies you do need. That saves you money in two ways. You do not pay premiums on something you do not need and the right policy covers your repair or replacement costs when you do need to make a claim on your insurance.
Life is precious but not guaranteed. You need a life insurance policy that works to ensure your loved ones will be financially sound in the instance of your absence. The agents at Elliott & Associates Insurance can help you find the policy that best fits your preferences. Read on to learn what life insurance can do for you in Opelika, AL and throughout Alabama!
Life insurance pays debts
This concept rings especially true for breadwinners. Imagine your family being thrust into financial turmoil after your death because of mounting bills that you once paid going without remittance of such payments. This horrible scenario can be a reality if you do not set your family up for financial stability after you are gone. Life insurance can work so that your funeral expenses are covered along with the bills. The amount of financial stability your family has after your death heavily depends on how much you are willing to invest in a good life insurance policy today.
Life insurance can be used to diversify investments
Universal life policies have the flexibility to serve as coverage for final expenses and investment tools. With universal plans, your policy is tied to a specific investment product. You earn dividends off the investment product during your lifetime, which may be used to diversify your portfolio further or to cover unexpected expenses. Your agent at Elliott & Associates Insurance can tell you more about these perks in Auburn and Opelika, AL!
Life insurance policies provide financial cushions to the living
Term life insurance is specifically for after-life expenses and, thus, do nothing to get you out of a financial bind while you are still alive. Whole life insurance, on the other hand, comes with the benefit of accrued interest. Some policyholders use the interest that accumulates with a whole life insurance policy to go on vacation. Others choose to save the money for when it is truly necessary to spend it on emergency situations. Regardless of what you may decide to do, it is a good feeling to know that you have options with your whole life insurance plan.
The agents at Elliott & Associates Insurance can explain the ins and outs of life insurance. Call us today to schedule an appointment for a consultation!
Located just on the outskirts of Auburn, Opelika, AL is home to quite a few thousand cars and plenty of traffic for those venturing to the university nearby. With lots of visitors and the area attracting a variety of folks to the area, our customers at Elliott & Associates Insurance want to offer you multiple ways to keep your car secure against theft.
Wherever you choose to park your car, make sure it is in a well-lit area. Dark spaces encourage thieves to break into vehicles because it is more accessible to work and allows limited witnesses. Most will avoid your car in a lit and secure parking lot to prevent the risk of getting caught.
Get an Immobilizer
If you do not already have one, an immobilizer is a physical device that you place on your car to prevent them from hot-wiring your car and stealing it. This device is complicated to remove without the owner, so most thieves who are looking for a quick snatch will move right past your car when they see it.
Lock your Steering Wheel
Another device that you can place in your car is the steering wheel lock that requires a key to remove. With this lock in place, the vehicle cannot be driven. For most criminals seeking out a car, they will walk right past yours because of the time and risks these locks create.
Get Premium Security
The best security for your car is auto insurance. When you add comprehensive coverage to your policy, you are covered in the event your vehicle is stolen. If you live in or around Opelika, AL, contact our agents at Elliott & Associates Insurance today for more information about our policy offerings.
You have probably heard about depreciation with respect to things such as your car or your electronics, but not a lot of people talk about home depreciation in the surrounding area of Opelika, AL. Elliott & Associates Insurance can help you navigate through the advantages and disadvantages of a home depreciation assessment of your policy.
Your home may lose its value as things start to break, furniture becomes outdated, or possibly a neighborhood’s property value decreasing. It’s important to note that there are cases where homes may increase in value due to inflation or desirability of a location.
Benefits and Drawbacks of Home Depreciation
There are benefits and drawbacks to home depreciation. It’s important that you talk to someone at Elliott & Associates Insurance so that we can help you navigate through the benefits and drawbacks.
Many times clients decide to have their home assessed for depreciation so that their home insurance premiums are lowered. You could save money on your home in this way, but decreasing the value of your home may make it so that rebuilding and increasing the value later is harder to do.
How to Get Your Home Assessed for Depreciation
Getting an assessment for depreciation is simple. After your appraiser comes, they will determine the current value of your home and how much it would cost to rebuild it. Then a statement is issued to your insurance agent.
Recoverable Depreciation Explained
Recoverable depreciation is the cash value of your home and its replacement value’s difference. In order to limit fraud or frivolous claim payouts, the homeowner’s insurance claims are paid from the actual cash value and then recoverable depreciation. After you make the claim to your property and repair it, your insurance will pay you a check for the recoverable depreciation. You will only be able to recover depreciation if your policy has replacement cost value coverage.
If you have any more questions about home depreciation, reach out to Elliott & Associates Insurance at our office or call us at 334-745-0888 for service in the Opelika, AL area.
At Elliott & Associates Insurance, we see a lot of vintage and antique vehicles. Many people in the Opelika, AL area come to us wanting to know whether they should purchase classic car insurance or standard auto insurance. This blog explains the key differences between classic car insurance and standard auto insurance.
Classic car insurance covers classic, vintage, and antique vehicles. A classic car might only have come off the line ten years ago, but could qualify because of limited production or some other collectible nature of the vehicle. This means you might still want to drive it as an everyday car. Standard insurance lets you do that. Classic car insurance does not. You have to agree to garage your car under a classic policy.
A classic policy also limits the number of miles you can drive. Typically, you’re allowed about 1,000 miles of driving. You can putter along in parades or park it at an auto show, but commuting in your classic would be a no-no.
What makes a classic policy superior to a standard policy is the replacement value payout. You can obtain a policy that pays the actual replacement value of your vehicle, not the fair market value. That means that you could go to an auction or vintage car lot and buy a new vehicle that’s the same year, make, and model as the one you lost in an accident.
These policies also cover all of your parts and labor to repair the damage. Some agents will even help you find vintage replacement parts.
Despite the driving limits, a classic car policy lets you protect your investment better. Contact Elliott & Associates Insurance serving Opelika, AL for more information on classic car insurance.
For those renting a residence, it is always best to take the time to consider the proper insurance coverages for your particular situation. You can find the right renter policy to help you make sure your possessions are protected even if you are dealing with a catastrophe in your rental space. For those that live in the Opelika, AL area, the agents with Elliott & Associates Insurance can help you to find the right policy for your rental space.
Renter’s insurance does a few different things starting with protecting your possessions if there is a fire or other disaster in which your possessions are destroyed. Though you do not have to have any sort of insurance on the property itself, it is always beneficial to have some sort of policy in place in case your apartment or rented house catches on fire or is destroyed by some other means. It is helpful to note that a renter policy may also help cover injuries to people that you have in your residence, it may help to cover injuries to your pets, and it may also cover issues with damage that your landlord is not going to pay.
Though you are not required to have a renter policy, they are incredibly helpful in cases where something terrible happens and you are required to recover and to get back to where you were before the issue occurred. A renter policy can help you to make up for your belongings being destroyed and can certainly make it so that you do not have to start over at ground zero if something does happen to your rental property or to your items within. For those in the Opelika, AL area, the agents with Elliott & Associates Insurance can help you to find the policy that works best for you.
If you own an RV in Opelika, AL, you may like taking frequent trips with it. And riding with your RV should be a fun and joyful situation but can be an issue if you don’t have great insurance for regular traveling. So please make sure that you contact us at Elliott & Associates Insurance to find a policy that features options such as those outlined below.
People who live in their RV as a permanent residence need this coverage to protect themselves. Think of it as a type of home insurance to get an idea of what it covers.
Consider Travel Expenses Coverage
If you’re regularly on the road with your RV, you’ll want this option to help you pay for a hotel and other expenses if your RV breaks down during a trip.
Talk to your RV insurance provider about the type of liability coverage that you’ll need. Most states require a certain level, and you need to match or exceed it to protect yourself.
If – horror of horrors – your RV is stolen or totaled while on a trip, this coverage option will replace your RV at the price it was worth at the time it was lost.
When you get into an accident with somebody who has inadequate insurance or no insurance, this coverage option will help protect you from severe financial loss.
Other Coverage Options
You’ll need collision and comprehensive coverage, medical payment coverage, storage protection, and much more to ensure that your RV is protected while you’re on the road.
Talk With Us
So if you live in Opelika, AL and need high-quality RV insurance to protect yourself from serious issues, please don’t hesitate to contact us at Elliott & Associates Insurance. We will work with you to protect your RV and keep your financial investment safe.
Many motorcyclists are real motorcycle enthusiasts. They will often talk passionately about their experiences and what they don’t like; helmets. While the fact that most riders can never ride without one, it really doesn’t mean they like them. They put them on because it gives them a form of protection.
If you’re passionate about motorcycles, then you probably have already figured out that a motorcycle insurance policy provides more protection than your helmet. At Elliott & Associates Insurance, we always call it a ‘more than just a helmet’ type of insurance, and in Opelika, AL, it is not just about staying safe but also a law.
Accidents happen every day, which we cannot control, and the least we can do is encourage motorcyclists always to put on a helmet and get motorcycle insurance. That way, we can be confident that you are ready to hit the Opelika AL roads doing what you enjoy most.
A helmet covers your head and prevents major head injuries in case of an accident. A motorcycle insurance policy on the hand protects you from a wide range of financial challenges. Here are some universal basic coverages:
- Bodily injury liability
- property damage
- Underinsured/uninsured motorist
- Medical payment
- Accessory coverage
The Alabama Mandatory Liability Insurance Law has outlined the amount of insurance a motorcyclist is expected to carry on the roads for one to be riding safely and legally. At Elliott & Associates Insurance, we help you choose the most suitable policies that best fits you and make sure that you have at least the minimum insurance that is required by the Alabama law.
Call or visit us in Opelika, AL today for inquiries, quotes, policy discussion or for more information on motorcycle insurance.
Short-term rentals in Opelika, AL are becoming extremely popular among investors. Throughout the years, these rentals have spurred positive economic growth by increasing tourism activity. This is of particular advantage in cities that don’t enjoy high levels of tourism. Elliott & Associates Insurance specializes in short-term rental insurance. Let’s take a closer look at the advantages of short-term rentals.
What Are Short-Term Rentals?
Short-term rentals are most often described as vacation homes. Tenants can rent them anywhere from one night to three to four months. Some even choose to rent them for longer, but the longest rental is usually around six months. Think to vacation in Florida for the summer. A family rents the vacation home at the end of the school year in May through the summer up until August. One of the most common types of short-term rentals increasing in popularity these days is known as Airbnb.
For owners of short-term rentals, you can the flexibility to rent as you please. If you want to use the home for six months out of the year, you can while renting it out the other six months. Short-term rentals maximize flexibility, making it easy to rent according to a schedule that fits your lifestyle.
Increases Earning Potential
Short-term rentals are extremely lucrative when compared to long-term rental properties. You set the rental rate based on demand, which will be incredibly high during certain parts of the year. Ideally, you want your rental in a location where people like to vacation.
Less Wear and Tear
People taking advantage of short-term rentals usually stay only a few days at a time, and during those days, they are typically out and about exploring the nearby areas. This means they don’t put much wear and tear on the rental unit. This makes it easier to keep the property in optimal condition.
If you would like to learn more about the benefits of short-term rentals, please contact Elliott & Associates Insurance serving the Opelika, AL area.
The agents at Elliott & Associates insurance serve residents who live near Opelika, AL and enjoy what many people refer to as the "lake life". They provide a variety of insurance policies including ones that are available for individuals who live in or on the water. Houseboats, recreational vehicles, jet skis, and boats are all common items when you live near water. When you live that close to any body of water, you need to have insurance that will protect you from losses associated with that lifestyle.
If you live on a boat or spend a lot of your free time onboard a boat, you will need to have your watercraft properly insured. This includes having liability coverage to protect you against someone being injured if they are out on the water with you. Accidents do happen and can be rather costly if you don’t have the proper coverage in place at all times.
If you live on the shore of a lake or river, you should always take precautions to keep your friends and family as safe as possible. This means having plenty of life jackets and personal floatation devices on hand for when everyone jumps in the water for a swim. Encourage your children and guests who visit you regularly to take swimming lessons so they know how to maneuver while they are in the water.
Residents who live in Opelika, AL and spend their lives on or near the water enjoying lake life can call the agents of Elliott & Associates Insurance if they need answers about insurance. Lake life insurance refers to the insurance needs of those who live near the water. Always make sure you have the coverage you need! Call and schedule an appointment today!