Does Home Insurance Only Cover My Structure?

Most homeowners buy home insurance to cover their dwelling structures. This is understandable because your building structure could be the most expensive part of your house. While your home insurance rebuilds or repairs your dwelling, this is hardly the only thing covered by home insurance. Home insurance covers various facets of your home ownership, as highlighted by Elliott & Associates Insurance in Opelika, AL.

Personal assets coverage

You probably know that home insurance covers your clothing, electronics, furniture, and other assets when damaged or lost to a peril included in your policy. However, you may not know that home insurance can cover your assets when lost outside your home. For instance, home insurance should compensate you when your laptop is stolen at school or inside your car.

Liability coverage

This is usually one of the most underrated benefits of home insurance. Home insurance isn’t all about your assets — it covers you and your loved ones when accused by other people of property damage and bodily injury. You may not know it, but liability claims can be costly. For instance, if your dog bites someone, the cost can go as high as $60,000, depending on the severity of the damage.

The sad thing is that you could be held responsible even if the damage was accidental. Even worse, your assets could be at stake if you don’t have liability insurance to cover the liability claim. Thankfully, you don’t have to worry too much about third-party claims if you have home insurance.

Loss of use

You don’t have to look for temporary shelter with your friends and relatives when a covered loss renders your home unlivable. Home insurance can pay for additional living expenses you incur in a hotel or another dwelling similar to your home.

Want to enjoy the above protection from home insurance? Please contact Elliott & Associates Insurance for reliable home insurance policies. We serve Opelika, AL, and the surrounding regions.

Three key factors regarding classic car insurance needs

If you own a classic car in Opelika, AL, it’s crucial that you insure it properly with a classic car insurance policy. At Elliott & Associates Insurance, we can offer you the classic car insurance policy that you need.

It is important to look into various factors when you choose a classic car insurance policy. The following are three critical factors regarding classic car insurance needs.

Vehicle usage

Classic cars are not typically used on an everyday basis like standard automobiles are. A classic car insurance policy usually will specify a certain vehicle usage amount that will impact premium amounts. 

Make sure you carefully calculate how often you use your vehicle, and let your insurance provider know about vehicle usage details when you find a policy. 

Vehicle value

You want to ensure your classic car for its full value. Because classic vehicles are often very high in value, classic car insurance policies should typically offer more collision and comprehensive coverage than standard auto insurance. 

Make sure you choose a policy that offers adequate coverage to meet your vehicle’s full value when you purchase a classic car insurance policy. 

Deductible amount

As with any insurance policy, you’ll want to choose a deductible amount for your policy. If you choose a higher deductible amount, you should be able to enjoy lower monthly premiums on your classic car insurance policy. 

Learn more about classic car insurance in Opelika, AL by contacting us at Elliott & Associates Insurance. We can answer your questions about classic car insurance and help you find a policy that meets your insurance needs. 

Payment Frequency For RV Insurance In Opelika, AL

There’s a lot to see in Alabama. It’s a state of beaches, forests, and numerous landmarks. A recreational vehicle is needed to visit Opelika, AL, and other areas.

If you own an RV, you need corresponding insurance from an agency like Elliott & Associates insurance. It’s the case if you own a motorized version of the vehicle. It doesn’t apply to trailers or fifth-wheel models. 

What Does RV Insurance Cover?

RV Insurance covers many items a standard auto policy handles. It pays for repairs due to collisions with property and other vehicles. Additionally, it helps pay for injury claims of drivers, passengers, and other parties involved in an accident. Furthermore, RV insurance helps cover legal fees if a car or property owner sues the RV owner.

How Frequent Are RV Insurance Payments?

Like other policies, you pay a premium to keep your RV insurance active. In many ways, it’s like a subscription. Although you may not use the service, you still make payments to prevent the RV insurance from lapsing. After all, you don’t know when an accident can occur. 

Payments are regularly made every month. However, some policyholders decide to pay annually. Unlike an auto policy, RV insurance doesn’t renew every six months. 

How Do I Set Up Payments?

If you own a motorized RV in Opelika, AL, you set up payments with your insurance provider. Usually, they offer different options that fit your budget. Some firms might offer discounts if you pay the entire balance or select direct deposit. 

Do you need more information on a new RV policy? Reach out to the representatives at Elliott & Associates Insurance for assistance. 

Why All Renters Need Renters’ Insurance

When you are a renter, it’s always essential to have and keep renters’ insurance to protect yourself. Not only can this protect you legally, but it can protect you in several financial ways. Your landlord most likely requires you to have renters’ insurance as a part of your lease. But even if they don’t, you need this protection in case of unforeseen incidents. Call us at Elliott & Associates Insurance in Opelika, AL to get started with renters’ insurance.

Coverage for Your Belongings

Because you aren’t the owner of the property you live in, you don’t have to cover that property. What you do need to have covered is your belongings. The items you own represent a significant investment when you add them all together. And, you don’t want to be left without anything you need to use in your life. If a damaging event were to happen that destroyed those belongings, your renters’ policy could pay for you to get them replaced. This can help you get back to your everyday life much faster. 

Protection for Your Liability

Another coverage type that comes with renters’ insurance is liability protection. This protects you against accidents that you are liable for. This can include several types of accidents in your home that result in someone becoming injured. When this happens to a third party, you will likely have to pay for their medical expenses and other costs like lost wages. When you have renters’ insurance, this will pay for those expenses, so you don’t have to come up with it yourself. 

Get Renter’s Coverage

When you need renters’ insurance, we are here to help. Give us a call today at Elliott & Associates Insurance in Opelika, AL.

What Clothing Should I Wear When I Ride My Motorcycle?

You build a sense of community and excitement when you ride your motorcycle. You feel alive and independent. You also sense responsibility while sharing your space with other drivers and pedestrians. While it’s exciting to ride, it’s equally important to dress for safety while on the road.

If you’re a motorcycle rider in Opelika, AL, Elliott & Associates Insurance wants to ensure you’re prepared for the unexpected. Here are some tips to help you stay safe on the road with the proper gear.

Always wear a helmet.

Alabama is a universal helmet law state, meaning you must wear a helmet when riding a motorcycle. You could be fined or receive other penalties if you’re not wearing a helmet. Helmets protect your head, neck, and face from injury. You’re three times more likely to die in a motorcycle accident if you don’t wear a helmet.

The best type of helmets to wear is full-face or three-quarter face helmets. Look for one that is DOT-approved and fits snuggly. It should have no defects or loose straps.

Protect your eyes.

Having a face shield or goggles can protect your eyes from flying debris and debris from the road. It can also protect your eyes from the sun. An effective faceshield will be scratch-free, impact-resistant, and fog-free. Please do not rely on regular sunglasses, as they may not be strong enough to protect your eyes in an accident and can easily blow off.

Wear the proper clothing.

The proper clothing will help keep you safe in the event of an accident. It will also help protect you from the elements, such as the sun and the wind. It’s best to wear motorcycle clothing designed specifically for riders, such as leather or Kevlar-lined clothing.

Even when you’re as prepared as possible, accidents still happen. Let Elliott & Associates Insurance help you get back on the road with a motorcycle insurance policy. Contactour office in Opelika, AL!

Protect your lifestyle with a Lake Life policy

Owning a lake house can bring a lot of joy to you and your family. It is also a purchase that comes with a lot of responsibility. If you are in Opelika, AL or the surrounding area, count on Elliott & Associates Insurance to help you protect your lake home. Give us a call today!

Protecting your lake life

If you have a lake house or another similar type of vacation property, you will want to protect it. Unlike your primary residence, a lake house is typically only used during the warmer months. This adds a layer of complexity to protecting it. You are not always around to check on things, and if something were to happen, you might not notice it right away.

Because of these factors, having a specialized policy to protect your lake life is necessary. These policies provide extra protection for your house over the winter and when it is not in use. Winterizing your home is an integral part of responsible lake house ownership. It can help if your pipes burst or if another mishap occurs during the winter months. It can also protect your boat and provide you with any necessary liability protection.

Now is a great time to review the lake life policies available in our area. Suppose you have any questions about the protection you need and how a lake life policy can protect your lifestyle. Don’t forget about this vital part of keeping your lake lifestyle intact.

We look forward to working with you!

Elliott & Associates Insurance is proud to serve the greater Opelika, AL area. If you have any insurance questions or concerns, you can count on us for solutions. Give us a call or stop by today.

How Much Life Insurance Do I Need?

Should you pass away, life insurance helps to protect your loved ones and continue to provide for them after your death by offering a lump sum payment to any beneficiaries. While it is hard to estimate how much life insurance you need to the exact penny, a relatively accurate estimate can be achieved. When it comes to determining how much life insurance you should purchase, there are three main methods that we’ll outline below:

  1. Multiply Your Income By 10: With this method, you take your current salary – say $100,000 – and multiply it by 10 to reach the figure of life insurance that you need to purchase, which, in this case, is $1,000.000. While this method is fast and convenient, it fails to take into account potential raises in current debt obligations and future financial needs such as college funds for your kids. 
  2. Multiply Your Income By 10 AND Add $100,000 Per Child: Since the first method does not consider college costs, the second option does and allows for extra flexibility should the need arise. However, like the first method, it does not consider any other life insurance policies or your current financial situation.
  3. Use the DIME Method: The DIME method stands for Debt, Income, Mortgage, and Education. Start by adding all your debts outside of your mortgage, multiply your current income by how many years of financial support are needed, calculate the amount needed to pay off your mortgage, and estimate the cost of school for your children. The sum of the DIME method provides a holistic figure pointing toward how much life insurance is needed.

At Elliot and Associates Insurance in Opelika, AL, we’ll walk you through your life insurance options and help you choose a term or whole life policy that best meets your needs. 

How Much Flood Insurance Do I Need?

Flood insurance is a must-have investment if you own a business or home in Opelika, AL. Given that floods can strike anywhere and that typical insurance plans don’t cover flood damage, investing in flood insurance from Elliott & Associates Insurance is a no-brainer. But how much flood insurance do you need? Here is a comprehensive guide.

Meet the lender requirements

While flood insurance isn’t mandatory in Alabama, mortgage lenders may require you to invest in flood insurance, especially if you live in a high-risk flood zone. Your lender will dictate the amount of flood insurance you should invest in. Usually, the amount required by lenders is equivalent to the outstanding loan liability.

Adhering to the lender’s requirement is superb, but that doesn’t mean you stop there. Remember, your lender wants to safeguard their interests that usually don’t align with yours. So, stick your neck out to increase your flood insurance coverage to cover your current financial needs.

How much flood insurance coverage is sufficient?

Flood insurance covers your dwelling and the contents inside. As a rule of thumb, invest in flood insurance to replace your assets in the worst-case scenario. When purchasing insurance, consider the "replacement cost value" to ensure your house and contents are replaced to the last cent when the unthinkable occurs.

Pro-tip: When you purchase flood insurance from the National Flood Insurance Program (NFIP), the dwelling coverage is limited to $250,000, while the limit for the contents is $100,000. If you need higher coverage than this, private flood insurance is the best way to go. Private carriers provide higher coverage and even offer "additional living expenses" coverage when floods render your dwelling unlivable.

Need to purchase flood insurance in Opelika, AL? Don’t hesitate to contact Elliott & Associates Insurance for a competitive quote.


What is a BOP and why would you want one?

What is a BOP and why would you want one?

 When you approach Elliott & Associates Insurance serving Opelika, AL about commercial insurance policies, you’ll hear about the most essential coverage first. Most businesses require four basic policies to start with and the insurance industry bundled those into a package called the business owners’ policy (BOP).

A BOP bundles the four most common types of business insurance – perils, liability, property damage, and business interruption – for a reduced premium cost. You can add to it, letting you create a custom commercial policy that uses the BOP as its foundation. This saves your business money.

You can add any type of coverage to your BOP, including commercial auto, boiler, errors and omissions, malpractice, etc. You can add any type of commercial insurance to a BOP. Because the BOP premium always costs less than purchasing the four foundation policies separately, even when you add the other policies, your commercial coverage costs less than it would have if you had bought the other four separately.

A BOP policy works for any type of business – retail, home, entrepreneur, solopreneur, manufacturing, etc. While some types of commercial policy like malpractice can only be purchased by a lawyer or doctor, every business needs perils, liability, property damage, and business interruption.

This might surprise you since home insurance provides liability coverage. It does not apply to doing regular business at your home though. When you begin storing products at home or holding meetings there regularly, you need commercial insurance to cover you.

The same is true of driving your personal vehicle. As soon as you begin using it with regularity for business purposes, such as delivering cakes or picking up items to emboss or engrave, you no longer can apply your personal auto insurance to an accident. Your vehicle needs a commercial auto policy. This, too, you can add to your BOP.

Contact Elliott & Associates Insurance serving Opelika, AL for more information on commercial insurance policies. Let us help you protect your business investment.

What Kind of Life Insurance Do You Need?

Life insurance falls into two main categories: term life insurance and whole life insurance. Both have their value, but they are separated for a reason. This primer from us at Elliott & Associates Insurance serving Opelika, AL will help you narrow down your coverage needs.

When Should You Consider Life Insurance?

Generally, life insurance is a vital part of a financial plan once you have a family. Without one, you only tend to leave behind expenses like funeral costs. If you’re supporting other people, there is suddenly a deficit that can take time to fill, especially when factoring in the emotional costs.

When Should You Select Term Life Insurance?

Term life insurance has a set duration and few benefits, but that makes it easier to get and lowers the premiums. If you’re worried about qualifying for the insurance, don’t want to spend much, or are going to experience a higher risk for a shorter period of time, term life insurance allows you to get coverage in case of the worst.

When Should You Select Whole Life Insurance?

Whole life insurance is usually more expensive, but it can be used in a variety of ways that aren’t available with a term life policy. First, you can lock in your premiums while you’re healthy and younger, and the whole life policy will stay in effect at your agreed rate increases until you cancel it or stop paying your premiums. Most will have a feature called actual cash value which collects a portion of every premium you pay. Some providers will provide you with interest for that cash value, invest it to increase that return, and take out loans against its value.

Every Situation Is Different

This general advice will hold true in most cases, but everybody’s life and insurance needs will vary. Contact us at Elliott & Associates Insurance to go over the details and figure out which plans work for you.