What Determines the Cost of Flood Insurance?

Flood insurance is not a policy that every homeowner is going to need to have. It may seem like something that you should have but if you do not live near water, a flood policy may not be needed at all. It is important that if you think you may need a flood policy, you take the time to talk with an agent to find out just what type of coverage you may need. For those that live in the Ashland, KY area, the agents with Sharp Insurance & Financial Services can help you find the right policy for you.

Flood Insurance Costs

There are a few different factors that go into the cost of your flood insurance policy. The first is, of course, going to be how much coverage you take out. A policy on a $500,000 home is going to be far more than a policy on a $100,000 home. Another factor that helps to determine the price of a policy is the likelihood that the policy is going to be drawn on. If you take out a policy in a place where flooding has never happened, it is going to cost less than it would if you were to buy a policy in an area where flooding is very common.

Another issue that determines price is the overall type of coverage. If you are just insuring the cost of replacing your possessions, it is going to cost less than replacing an entire home and the contents. For those that feel they need a flood policy, it is important to take the time to talk with an agent about what type of coverage you might need and what coverages are available to you where you live. For those that live in the Ashland, KY area, the agents with Sharp Insurance & Financial Services can help.

What is basic renters insurance?

It’s always a great idea to purchase a renter’s insurance policy if you live in a rented home. The group of coverages provided in your policy will protect you and your possessions. Sharp Insurance & Financial Services renter’s insurance will come in handy in the event of injuries in your home or break-ins.

Personal property coverage

Replacing your personal belongings after a break-in or unexpected damages can be very costly. This policy is used to protect yourself financially in case of perils such as fires or theft. Be sure to know the maximum amount your personal property damage coverage will reimburse because the coverage may not protect every item in your household.

Liability coverage

This is another typical component of a renter’s insurance policy. The coverage will protect you from making out-of-pocket payments in case you are found liable for causing injuries to other people or damaging their properties in Ashland, KY. For example, if a guest slips and falls in your home, the coverage will cover the medical bills resulting from the sustained injuries.

Additional living expenses

When you rent a house in Ashland, KY, you typically have a place you can comfortably call home until the expiration date of your lease. But, if your home is damaged by a disaster such as fire, you will have to live in a hotel and perhaps spend more on food than you would in your apartment. The additional living expenses coverage will help you cover for those additional costs. It is advisable to read the terms of your policy carefully to be sure about the maximum amount of money you can be compensated for with the additional living expenses.

Other considerations

You will likely be required to pay a deductible before your renter’s insurance policy kicks in. In most cases, the lower your renter’s premiums, the higher the deductible may be for every covered loss. Your premium and deductible can be adjusted by your insurance agent depending on your specific needs and budget.

Protect your personal belongings and yourself financially with renter’s insurance when living in a rented home. For more information on renter’s insurance and tips on how to choose an affordable package, contact us at Sharp Insurance & Financial Services today.


Are dirtbikes covered under motorcycle insurance?

Here’s some good news about dirt bike insurance

The policies that cover dirt bikes and motorcycles are pretty much interchangeable. There are some differences, but there’s enough overlap that you can generally assume that the discounts and coverage that apply to one will apply to the other when you call Sharp Insurance & Financial Services to cover your bike in Ashland, KY.

One of the key differences is that insurance isn’t required in every state, depending on how and where you use it. Many riders in Kentucky don’t bother buying insurance if they’re only going to be riding their bikes off-road and in designated areas. If you’re taking your bike out on the street or in state-owned parks, though, you’re going to need insurance. It’s also a good idea to make sure you’re covered merely because dirt bikes aren’t cheap, and the sport has an element of danger to it. Crashes aren’t always dangerous, but they happen regularly.

In any event, when you sign up with Sharp Insurance & Financial Services in Ashland, KY, or any insurance provider, you’re probably going to have your dirt bike covered under a motorcycle insurance policy. For most pertinent legal purposes, the two are treated interchangeably.

Dirt bikes can be a little less expensive to cover since they are typically cheaper to buy and cheaper to repair than full-scale motorcycles. But, generally speaking, any discounts that would apply to a motorcycle policy will apply to a dirt bike policy. There are differences between a motorcycle and a dirt bike, mostly with regards to scale, pricing, and how each vehicle tends to be used by its owner, but for legal purposes, they have more in common than they don’t. Reach out to our offices to speak with an agent and learn more about a motorcycle insurance policy.

Life Insurance Basics

The field of life insurance remains crowded with many policy types available. Sharp Insurance & Financial Services wants you to choose the policy that best suits you. This blog explains life insurance and its main forms, such as term life or whole.

If you think the fields outside Ashland, KY are crowded with cattle and crops, you should see the fields of life insurance. It includes numerous policy types like guaranteed universal, term variable, whole, and universal.

Life Insurances: What’s the Difference?

Broadly, two types of life insurance exist, permanent and term. A permanent life insurance plan doesn’t expire. Term life insurance does expire. A permanent plan offers two prong coverage: an investment or tax-deferred savings aspect and an insurance aspect. For this reason, you’ll also hear it referred to as cash-value insurance. This becomes a handy policy if you want to open or expand a business because you can borrow against its cash-value. You can also cash it out if you ever need the savings. If money gets tight, you can have the savings portion pay the premiums until you can resume payments normally.

Term life offers coverage for a specific period and may enhance other coverage options during key points in life. One common use of a term policy is a parent covering themselves for their children’s first 25 years of life. This ensures the child would receive ample funds to finish their education, including college, if the parent passed away or became incapacitated and unable to work. Briefly, the main choices include:

  • guaranteed universal provides permanent plans
  • term provides a limited period plan
  • whole provides permanent plans
  • universal provides permanent plans

Life insurance provides much more than insurance. Think of it as an investment. Call or visit Sharp Insurance & Financial Services in Ashland, KY and let us help you determine which type of life insurance best suits your family and investment needs.

What Happens if I Dont Have Auto Insurance?

Driving a car is a very important responsibility that all people need to take seriously. While most people are aware that they need to carry auto insurance at all times, others may wonder what would happen if they stop paying for auto insurance and no longer have coverage. If you do not carry auto insurance, several things could happen to you and your vehicle.

Loss of Driving Rights

If you stop paying your auto insurance bill, one thing that could happen to you is that you could lose your right and ability to drive. All drivers in the Ashland, KY area are required by law to carry at least the minimum amount of liability auto insurance at all times. If you do not carry this amount, you could face pretty significant penalties if you are ever pulled over and caught driving without insurance. These penalties can include significant financial fines, loss of driving privileges, and even imprisonment if you are a routine offender.

Out of Pocket Expense

If you are involved in an accident and are determined to be liable but do not have auto insurance, you still will be responsible to repay the other party. Since you do not have auto insurance, there is a chance that these expenses could be very significant. Furthermore, a court order may force you to enter into a repayment plan.

Since having auto insurance is so important, those that are looking for a new policy in the Ashland, KY area should meet with the Sharp Insurance & Financial Services company to discuss their auto insurance needs. Sharp Insurance & Financial Services will be able to help you better understand the possible penalties and drawbacks of not having auto insurance in place and will help you get into a new auto insurance policy.

Commercial Insurance and Business Property Insurance in Kentucky

At Sharp Insurance & Financial Services in Ashland, KY, we know that choosing the right type of commercial insurance to protect your personal property can be a challenge. We specialize in all types of commercial insurance, including personal business property insurance.

Recover Your Business Assets

Personal business property insurance in Kentucky will help you when certain types of disasters strike. You will then be able to use the insurance payouts to help you repair or replace your damaged equipment.

Personal business property insurance will insure your business property against loss and damage. This includes property such as equipment, computers, supplies, inventory, offices, and more. This covers nearly anything your business needs to operate.

Specific Event Coverage

Personal business property insurance covers damage sustained as a result of specific events. These events will be outlined in your policy. These events include fire, vandalism, theft, and some kinds of weather occurrences. With this coverage, you’ll be able to cover costs for repair, replacement, and cleanup. Your policy may even cover lost income if your business has to shut down.

What Isn’t Covered

Typically, your policy covers any equipment or inventory damaged in the event of fire, theft or some weather occurrences, but it usually will not cover events like floods or earthquakes. It is important to know what your particular policy covers, and to choose one that works for your needs.

Additionally, you’ll be able to choose either replacement-value coverage or actual-cash-value coverage. Replacement-value covers the cost of purchasing brand new items to replace your damaged property, while actual-cash-value coverage gives you a payout which is equivalent to the depreciated value of any damaged items

Contact us today and let us help you choose the best policy to cover your Kentucky business assets or visit our offices in Ashland, KY.

Who Requires Home Insurance?

When you are looking to buy your next home, many important factors need to be taken into consideration. One of the factors that needs to be considered is your home insurance needs. While most people are aware that having home insurance is a good idea as it provides valuable coverage, there are several situations in which having a home insurance policy in place will be required. 

Mortgage Requirements

The first situation in which you will need to have home insurance in place is when you have a mortgage. Most people in the Ashland, KY area will need to take out a mortgage to finance the majority of their purchase price. Having a home insurance policy in place will always be a requirement of any mortgage lender. Depending on where you live, you may also be required to get flood insurance. In many situations, the mortgage lender will also require that you have your payments escrowed on a monthly basis to ensure you stay in compliance.   


If you live in an area that has a homeowners association, such as a condo development, the association documents will often have a stipulation that will require you to carry home insurance. This will help to ensure that you are covered by insurance in the event you or your home causes damage to another property in the association.  

For those that are in the Ashland, KY area, having a quality home insurance policy in place is important. Sharp Insurance & Financial Services will be able to help a local homeowner better determine their insurance needs and requirements. Sharp Insurance & Financial Services will also be able to help them get into a policy that will provide them with the right type and level of home insurance coverage. Try our online rating tool for a quote on home insurance.

Do You Still Need Boat Insurance During the Lay-Up Period?

For boat owners who live in climates not favorable to boating year round, there is usually a “lay-up” period during the year where your boat is in storage. Whether the boat is in a garage at the owner’s home or in storage at a marina, it is not being used on a regular basis during the winter months.

Sharp Insurance & Financial Services in Ashland, KY can help boat owners decide what type of insurance is needed for this lay-up period.

What is a Lay-Up Period in a Boat Insurance Policy?

A lay-up period coverage can be added to Comprehensive Boat Insurance usually at an additional cost. This typically covers the boat for up to six months when it is not in use. Especially in regions where winter weather makes boating difficult. The insurance premium is lower at this time. However, you are only covered for theft and accidental damage that could happen when your boat is stored at home or in a commercial storage unit.  

Can I Cancel My Insurance While the Boat is Not In Use?

It is not recommended that boaters drop their insurance coverage while the boat is not in use, usually over winter months. Discuss the possible negative outcomes of dropping coverage with Sharp Insurance & Financial Services in Ashland, KY before you decide to take action. Fire, theft, and vandalism can occur year round even when the boat is in storage. Without comprehensive insurance coverage in effect, these damages will not be covered and will be the owner’s sole responsibility. You could also be responsible for injuries that occur around your boat even when it is laid up. If the person is on or around the boat illegally and is injured, if you don’t have insurance, you could be held financially responsible.

Finance Companies Often Require Year-Round Coverage

If your boat is financed, then the finance company will often require the vessel to be insured, even during the lay-up period. Canceling and then reinstating the policy may cost more than just keeping it in effect.

Reach out to the agents of Sharp Insurance & Financial Group to speak with a qualified agent. We can answer any questions you may have and get you started on a policy.

Will my policy cover a classic car even if I drive it every day?

There are a lot of reasons people own classic cars. They are unique and stylish, and people look at you differently when they know you own one. They are a source of pride, and many people count their classic cars as their most prized possessions. So it is not that surprising that some people want to drive their classic cars every day.

A Classic Daily Driver

You will always treat your classic car differently, letting people know to handle it with care and making sure that no one spills drinks in it. It is different from a regular vehicle and needs extra protection. If you have a classic car in Ashland, KY, you may have an auto insurance policy from Sharp Insurance & Financial Services. Unfortunately, a standard policy won’t take into account that your auto needs unique parts, or that mechanics who know how to work with your kind of vehicle are rare. But you can get special classic car insurance that takes into account the extra value your car possesses.

Classic car insurance covers the agreed upon value of your car, which should represent the current market value. If you suffer a total loss, you can probably recover the agreed value minus the deductible. Standard car insurance will have cars depreciate as they get older, but in reality, your car may become more valuable.

Because of the value of the car, this means that you will not be able to use classic car insurance if you drive it all the time. Classic cars need protection, and you can keep your car safer if you only using it for what is called "pleasure driving." There are some exceptions. If you have any questions or want to learn how to protect your classic car in Ashland, KY better, contact Sharp Insurance & Financial Services today.

All you need to know about recreational insurance

When you take a vacation in your RV, you want to have a great trip. You don’t want to be disturbed or have something happen to ruin it. Luckily, you can have just that by allowing Sharp Insurance & Financial Services in Ashland, KY to take care of any problems that may arise while using your recreational vehicle.

Don’t have your vacation ruined

As said earlier, no one likes to have a vacation that is full of worry, and that is where we come in. It doesn’t matter whether you are in the vicinity of your home or you are away. We have various agents and experts who are always ready to attend to you whenever a need arises.

A recreational vehicle is an investment that you do not want to lose. So, make a point to acquire recreational insurance to protect it from risks such as theft, collision, and damages among more. With this type of coverage, you can relax knowing that all the risks are covered.

However, it is good to understand that there are various types of recreational insurance depending on the type of vehicle. So, basing on your recreational vehicle, we set a guideline on what is necessary and advise you accordingly. Remember, a recreational vehicle is like a home on wheels. That means the vehicle may be filled with various belongings and possessions but, at the same time, it faces collision risks, theft, vandalism, and more.

At the Sharpe Insurance & Financial Services, we have taken it upon ourselves to serve the people of Ashland, KY to the best of our ability. We are focused on serving our customers with passion, patience, and much diligence. Reach out to our offices to speak with an agent if you have more questions about what a recreational insurance policy can do for you.