Things to Consider When Buying Life Insurance

Dealing with life insurance can get overwhelming, a factor that is often not made any easier by the various coverage options on the market. Each policy offers different benefits to policy seekers and will require you to be aware of each coverage term. Below, Sharp Insurance & Financial Services breaks down things to consider when getting life insurance within Ashland, KY.

Determine How Long You Need Coverage

Life insurance often comprises two categories, with the first being term life. This lasts for a given duration of time and comes in handy when you need coverage to help out with everyday needs. These can be taking care of your mortgage or covering tuition fees. The second is lifetime coverage, which lasts for the duration that you live and will often take care of expenses such as burial costs. Based on these differences, identify where your needs lie and choose what works for you.

Affordability

Before settling for any life coverage, make it a point to assess your premiums. Check if your annual rates are affordable and whether they will be a point of financial constraint. If they fall on the higher side, consider starting with coverage that falls within your budget, after which you can scale up as time passes.

Evaluate Exclusions in Your Policy

Like every insurance plan, life coverage also has its exclusions, an aspect that will play an essential role in whether or not your dependents receive their benefits. During your discussions with your insurance provider, ensure that you go through the finer details of your policy. Ask about exclusions and specific items covered by your policy. This will be crucial in helping you identify whether to increase your premiums or settle for different coverage.

Understanding the above will be essential in helping you get the appropriate policy.  To get life insurance within Ashland, KY, call Sharp Insurance & Financial Services today.

Auto Insurance Add-ons To Consider

We all look forward to getting value for money when putting funds in any investment. That said, car insurance is no exception to this rule. When you purchase your car insurance, you would want optimal coverage. But do you know how to get maximum coverage? 

Add-ons are the first thing that comes to mind when purchasing well-rounded auto insurance. But before getting far, let’s see the minimum auto insurance you need in Kentucky. 

Car insurance in Kentucky

Most Kentucky drivers know that auto insurance is mandatory, but do they know the minimum coverages required by the state? When you partner with Sharp Insurance & Financial Services, Ashland, KY, we shall explain to you the below mandatory car insurance that Kentucky drivers should carry.

  • Bodily injury liability with a minimum limit of $25,000 per person and a minimum of $50,000 per accident.
  • Property damage coverage with a minimum cover of $10,000 per accident.
  • Uninsured/underinsured motorist coverage and PIP insurance coverages aren’t mandatory, but the car insurance company has to offer you, but you can reject them in writing.

With mandatory auto insurance requirements out of our way, it’s time to see the add-ons you can consider in your auto insurance.

Roadside assistance

Ever stalled in the middle of the road? It can be frustrating. There are many reasons you would get stranded on the highway — talk of a flat battery, mechanical breakdown, running out of gas, puncture, and so forth. And because breakdowns are part of car ownership, you may want a roadside assistance cover to bail you out when the unthinkable happens to your vehicle.

Loss of personal belongings

While you will incur an additional premium when considering this cover, the cost is worth it, considering the loss you might suffer if you lose some of your personal stuff. Imagine losing your laptop or phone? It will undoubtedly dent your pocket to replace.

Depreciation waiver cover

In case of an accident, you will receive full reimbursement for the parts replaced without subtracting the depreciation aspect. This way, you don’t have to folk out additional cash from your pocket to cover the difference.

Need auto insurance in Kentucky? Please don’t look beyond Sharp Insurance & Financial Services located in Ashland, KY. We take your auto insurance needs seriously. As such, while we ensure you have the minimum coverage, we will talk you through add-ons and optional auto insurance coverages you can consider for maximum protection.

Understanding Commercial Insurance

Business ownership is one of the few ways to enjoy true freedom. There are few other endeavors in life which so embody the American Dream as starting and running your own business. In order to make sure your dream endures for many years to come, though, it is essential that you have the right insurance protection in place. At Sharp Insurance & Financial Services, serving Ashland, KY, we know that the best way to make great insurance choices is by having great insurance information. Keep reading to find out what you need to know about commercial insurance.

Why Is Commercial Insurance Important?

Commercial insurance is a unique insurance product that is designed for business owners. Because there are many different layers and moving parts to any business, the insurance to cover that business needs to be multi-faceted as well. Commercial insurance provides different layers of insurance to make sure the investments of time and money you have made into your business are fully protected. 

What Does Commercial Insurance Cover?

A commercial insurance policy can be customized to suit your particular needs, but in general, a policy will cover the following areas:

Property Damage- This type of coverage is crucial if you operate at a regular location. If your property or equipment sustains damaged due to fire, natural disaster, or burglary this will help pay the expenses of repairing or replacing what is lost. 

Auto Insurance- If you use vehicles in your business, you will need auto insurance for your vehicles and your drivers. 

Liability- Liability insurance is probably one of the most important types of coverage for business owners. If someone is injured at your location or as a result of your goods and services, you could be held liable for the expenses. With a sound commercial insurance policy you will be protected from financial vulnerability should this happen. 

If you would like to learn more about our services, please contact us at Sharp Insurance & Financial Services, serving Ashland, KY. 

Understanding Home Insurance

Home Insurance which is also called homeowner’s insurance covers damage to or complete loss of your home due to fire, theft, vandalism, hail, lightning strikes, hurricanes, or wind.  It also covers injuries to visitors and accidental damage to a visitor’s property. Read on to learn more about homeowner’s insurance and the many options for home insurance coverage from Sharp Insurance & Financial Services in Ashland, KY. 

Insuring Your Dwelling

Dwelling protection covers the interior and exterior of your home including the foundation, roof, and walls of your home as well as any attached structures like garages and decks.  Also usually covered under a dwelling policy are other structures such as sheds and fences.

Contents within your home are also covered through dwelling insurance. This coverage includes contents of your home such as furniture, clothing, jewelry, and appliances. Most insurance companies will insure the contents of your home and possessions up to a value of 50 to 70 percent of the coverage for your home.

3 Levels of Dwelling Coverage

Dwelling coverage has three basic levels of coverage:

  • Actual Cash Value

Actual cash value pays the cost of repairing or replacing the home and contents after depreciation.

  • Replacement Cost

Replacement cost coverage covers the actual replacement cost without depreciation.

  • Guaranteed Replacement Cost

This coverage pays for rebuilding or repairing your home even if the cost exceeds your policy limit.

Liability Coverage

Liability home insurance covers injuries to visitors to your property.  Liability coverage pays for a visitor’s medical expenses or legal expenses from a lawsuit if you are found to be at fault.

Call Sharp Insurance and Financial Services today for a free home insurance quote. Sharp Insurance & Financial Services serves both Ashland, KY, and the surrounding Boyd County Kentucky area.

How does boat insurance protect a Kentucky boat owner?

Owning a boat continues to be a good option for those that are in the Ashland, KY area. When you are looking to acquire a boat in this area of the state, you also need to get the right insurance for it. When you get a proper boat insurance policy, it can protect you and your valuable asset in a few different ways. 

Insurance Protects Against Liability Risk

One of the reasons that you should get boat insurance coverage is that it can protect against liability risk. There is always a chance that you could make a mistake that results in an accident. If this happens while you are boating, you will have to pay for damages that are caused. With liability coverage, you will receive protection against this risk.

Insurance Covers Your Asset

Receiving coverage and protection for your boat is another benefit that comes with getting this protection. When you do purchase a boat, you will be getting an asset that needs to be properly covered and protected. With boat insurance, you will get protection and coverage that could repair or replace your boat. This will be very helpful and valuable if your boat is damaged through an accident or stolen and needs replacement.

Boat owners all over the Ashland, KY area will need to get proper insurance coverage. If you are going to look for a new insurance plan here, it would be a good idea for you to call Sharp Insurance & Financial Services. When you speak with the team at Sharp Insurance & Financial Services you can get more insight into how this valuable coverage will help you out. Based on this consultation, you will be able to pick a policy that is right for your situation. 

Is Classic Car Insurance Required in Kentucky?

The purchase of a classic car is not as simple as buying a car, it is an investment since your classic car actually appreciates in value. Most vehicles begin to depreciate as soon as you drive them off the late but it is just the opposite when it comes to classic cars. Sharp Insurance & Financial Services in Ashland, KY understands the unique coverage options of classic car insurance.

Requirements

In the state of Kentucky, all vehicles that are driven on public streets and roadways must be covered under at least a minimum liability insurance policy and classic cars are no exception. Even though more insurance is not required, you will want to obtain a policy that truly protects the investment you have made in your classic car since it gains value over time.

What Makes a Vehicle a Classic?

In the state of Kentucky, a vehicle must be at least 25 years-old and distinctive to fall under the category of a classic car. Distinctive types of vehicles include hot rods, vintage vehicles, exotic or luxury vehicles, vintage military vehicles, or muscle cars.

Insurance Coverage

You will need to obtain a classic car insurance policy that will protect the investment you have made in your classic car in the event it is stolen or is destroyed or damaged by a fire, an act of vandalism, or a natural disaster, such as a tornado or hurricane. This type of insurance is referred to as comprehensive insurance but you should also have collision insurance to protect your vehicle if you collide with another vehicle or an object.

Importance of an Experienced Agent

It is important that you enlist the assistance of an experienced classic car insurance agent to assure that your classic car is properly covered since the insurance is based on the agreed cash value of the car and does not allow for depreciation.

To create the best classic car insurance policy for your beloved vehicle, call upon the experienced and trusted agents at Sharp Insurance & Financial Services in Ashland, KY for all of your insurance needs.

It’s Worth Having Recreational Insurance

When it comes to your toys in Ashland, KY, you’ll want to insure your RV, ATVs, boat, or other toys with recreational insurance. It’s affordable and gives you peace of mind knowing that no matter what happens, you’re covered. Read on to learn about the benefits of having recreational insurance, brought to you by Sharp Insurance & Financial Services.

1. Replace Damaged or Stolen Recreational Vehicles

If your ATV, RV, boat or other recreational vehicles were to get stolen, you can recoup the value by filing a claim. Otherwise, you will lose out entirely. The same goes for damage. If another ATV were to hit yours and damage it, you’re out of luck if the other driver is not insured. At this point, your insurance kicks in and you can get your toy fixed or buy a new one if it needs to be replaced.

2. Your Assets are Covered

You’re driving your boat along a busy lake when suddenly there’s a crash. It’s your fault and you’re uninsured. This scenario can be frightening, especially if someone were to get injured. Without a recreational insurance policy, the other party who is not at fault could come after your assets to recoup damages. That means your home, savings, and other assets are at risk.

3. Liability Coverage

An accident is just that – an accident – something you never intend to happen. But accidents do happen, whether on the road, off the road, or on a body of water in Ashland, KY. Having liability coverage through a recreational insurance policy will ensure that any liability you find might yourself in, your insurance claim will help.

To learn more about purchasing recreational insurance in Ashland, KY, contact Sharp Insurance & Financial Services serving this area. Our friendly agents are standing by to take your call. 

How Are Flood Zones Determined?

By definition, flood zones are considered areas that are prone to significant flooding during a weather or disaster event. The Federal Emergency Management Agency or FEMA for short, designates flood areas alphabetically by zone from A to X. Homes and businesses that are designated as being in high-risk flood zones with government-backed mortgages are required to carry flood insurance. To determine if you live in a flood zone, FEMA’s website maintains a map that allows you to see what areas are designated in what zones. In addition, many local governments maintain historical flood data and can be referenced whether you are shopping for a home to purchase or wondering whether you will need to have flood insurance in the future. 

Even if you do not live in a zone required by your mortgage lender to carry flood insurance, it is always a good idea to have the optional coverage. Historically speaking, as climate change continues to increase the number of dangerous storms flooding is on the rise and it is even impacting areas that have not experienced significant flooding in the past. Just one inch of flood damage causes an average of $25,000 in damage and is typically not covered under a homeowner’s insurance policy. 

Ultimately, flood insurance can be purchased for a relatively nominal cost and offers additional protection for homeowners from costly damage repair. When shopping for flood insurance, let the team at Sharp Insurance & Financial Services in Ashland, KY assist in the purchasing process. We’ll help you find the right policy for your needs and make it as easy as possible. Give us a call today to schedule a no-obligation consultation.

Mistakes To Avoid While Researching Renters Insurance Policies

Based in Ashland, KY, Sharp Insurance & Financial Services assists the community by helping residents find the insurance coverage that they need to protect their assets. We take the time to analyze each of our client’s personal situations in order to help them find a custom policy for their situation.

Renters Insurance

Ashland, KY is a great community to reside in. Many spectacular rental properties have been built in the area over the last four years. If you are renting in the area, renters insurance allows you to protect your personal items in the event that they are damaged or stolen. You’ll also be protected in the event that your property is damaged due to a fire or another catastrophe. While you are researching different policies, avoid these mistakes.

Common Renters Insurance Mistakes

Relying On Your Property’s Setting

Many people avoid researching renter’s insurance policies because they believe that their property is not at risk of being broken into because of its location. Even if you stay in a safe setting, you never know when a situation will arise. Renters insurance allows you to enjoy a layer of protection in case something happens that you did not prepare for.

I Don’t Have Valuable Possessions

All of your possessions have value. Leaving your clothing, furniture, and electronics unprotected can cause a major headache in the future if you do not have that layer of security.

Relying On Other Types Of Coverage

Some people believe that renters insurance is not necessary because of their landlord’s policy. This is a mistake. Also, if you have special valuables like artwork, you may have to amend your policy to cover those items.

Sharp Insurance & Financial Services Is Here For You

To learn more information regarding renters insurance, visit our website today.  

How Does Motorcycle Insurance Differ from Auto Insurance

Given that a motorcycle is a motor vehicle just like a car, truck, or SUV it is tempting to assume that insurance is treated the same way; however, that’s not the case. While both auto insurance and motorcycle insurance serve the same idea, there are several important differences that need to be highlighted. 

Coverage for Passengers: We often take for granted that your auto insurance policy includes coverage for passengers, but on a motorcycle, a default insurance policy is likely to assume that you’ll be the only rider. Consequently, if you plan to have a passenger then you’ll want to inquire about adding passenger liability coverage. 

Laid Up Insurance: While unlikely to be a default addition to a motorcycle policy, laid up insurance protects your motorcycle from damage, theft, and other incidents while it is being stored and not used. The good news with this type of coverage is that since it assumes the motorcycle will not be used while in storage, it is less expensive because you only pay the full premium when your motorcycle is being used. 

Accessory Coverage: Motorcycle insurance is easy to customize with additional options for accessories like a trailer, specific bike accessories such as a saddlebag or custom equipment such as exhaust pipes or the gas tank. 

Personal Injury Coverage: Given that a motorcycle offers little in the form of protection to your body in an accident, you are far more likely to be injured in a motorcycle accident than an automobile incident. Consequently, you can opt to have personal injury protection on your motorcycle insurance policy which will help cover medical payments from the accident. 

If you are shopping for motorcycle insurance in the Ashland, KY area, look no further than Sharp Insurance & Financial Services. Our friendly team of insurance connoisseurs will help you find the perfect policy for your needs and strive to earn your business with a professional and friendly touch.