What Home Insurance Do I Need for a Second Home?

The things to consider when insuring your vacation home are whether you will leave it vacant, someone will stay there when you are not there, and if you will rent it out. Most vacation homes require separate home insurance and flood insurance.

Insuring a Vacant Home

This is something that not everything knows about. There is a possibility that a regular home insurance policy will not cover a vacant home. Ask your agent at GTW Insurance serving NE Arkansas to check your policy language.

There is a difference between a vacant home and a home that is unoccupied. Usually, a home that still has furniture in it, is not considered vacant. Sometimes, there is a time limit of a certain number of consecutive days that a home is allowed to be vacant before home insurance coverage is lost. There are special insurance policies specifically designed for either a vacant or unoccupied home. Ask your agent to help you find the appropriate coverage for your circumstances.

Using a House Sitter

It may be a good idea to use a house sitter instead of taking the risk of leaving a home unoccupied. Be aware that employing someone creates a commercial relationship and this affects insurance coverage. Depending on how many people you employ you may want to get worker’s compensation insurance to cover them if they get injured while on the job. Arkansas’ law requires worker’s compensation insurance if you hire three or more workers. Discuss this with your insurance agent.

Renting Out Your Vacation Home

When you rent out your vacation home, this changes the use of the home to a commercial use. For this purpose, you need special rental home insurance and other types of commercial insurance coverage.

Contact your agent at GTW Insurance serving NE Arkansas by calling 800-501-2066 or by using the convenient online form to get an insurance quote.

Finding Umbrella Insurance in NE Arkansas

What Does Umbrella Insurance Protect You From?

Umbrella insurance is sometimes referred to as personal liability insurance in the NE Arkansas area. GTW offers umbrella insurance so that you can fill those gaps that other insurances might not cover. Let’s say that you have an auto accident and your house was involved and someone was hurt.

But you are not limited to personal umbrella insurance. Plenty of customers choose to pick up umbrella insurance for their commercial business too.  Sometimes, not having that gap insurance is just enough to put you out of business. Some businesses have a higher loss potential, so umbrella insurance is necessary, especially if your business has more public exposure than most. 

Does it Cover Gap Insurance?

There could be some limits on your policies and umbrella insurance is there to cover a gap. Perhaps, something like a $400,000 rebuild on your home’s concrete or a crash involving several cars. In some cases, there could be an unexpected lawsuit. This is exactly the kind of gap insurance that umbrella insurance is here for. 

Does GTW Insurance Encourage Umbrella Insurance?

We do recommend it in many cases. The cost outweighs the peace of mind. When your liability limits are exhausted, you are covered for things that you may not have thought about. It could be a neighborhood getting bit by your dog. Maybe you need legal coverage for your whole family.

What to Consider if You Are Working on a Budget in NE Arkansas

Umbrella Insurance usually comes in increments of $1,000,000 at affordable costs. If you live in the NE Arkansas region, you just give GTW Insurance a call, and we’ll come up with a solution that works for you. 800-501-2066

 

3 Important Features to Check on Your RV Policy Before You Hit the Road

RVs provide a great way to get out and see our beautiful country and the crew at GTW Insurance is here to make sure that residents in NE Arkansas have the protection that they need! Before you get out onto the road this summer, make sure that your RV insurance policy has these 3 important features.

  1. Protection when parked – many RVers spend a lot of time in RV parks enjoying their vehicles and using them as lodging on their vacations. It is important that your coverage includes protection for when your RV is parked. This includes coverage for liability and damage as well as theft or vandalism.
  2. Liability while on the road – RVs can be difficult to drive, especially in mountainous areas and close quarters. Make sure that you have liability coverage for yourself and others in the event that you are involved in an accident or another mishap. Liability protects you from having to be personally responsible for the cost of damages or injury that occur in an accident in which you are involved.
  3. Comprehensive collision coverage – RVs can be difficult to repair and when you are involved in an accident or your vehicle is damaged, you will want to know that you have the protection that you need to get your rig fixed and back on the road as soon as possible!

Ready to learn more about your RV insurance policy options? Enjoy your RV this summer with the peace of mind that comes with knowing that you have the coverage that you need in any situation. Call or stop by the office of GTW Insurance, we are proud to serve our friends and neighbors in the greater NE Arkansas area.

Can a Landlord Require Me to Get Renters Insurance?

Let’s say you’ve found your dream apartment. It’s a short commute to work and has wonderful amenities. Your possible landlord has reviewed your application and finds it to be satisfactory. Then, you’re asked to get renters insurance to complete the lease. This is unexpected and you aren’t sure a landlord can require this.

The answer is “yes.” Landlords can require tenants to have a policy for renters insurance. The reason landlords in NE Arkansas request their renters to get insurance is to avoid possible disputes that could arise should the tenant’s personal property get damaged while living in the property. Even if your landlord doesn’t require it, you may want to get a policy.

For an average renter, this insurance gives protection and coverage for these:

Extra Living Costs

In the event your apartment building or rental home remains temporarily unlivable because of destruction following a covered catastrophe, like a fire, renters insurance could help pay for unanticipated extra expenses, such as a hotel bill, as long as you can’t live in the rented home.  

It’s important to remember the coverage has limitations. The most an insurer like GTW Insurance pays for covered damages is detailed in your specific policy. You want to get insurance with adjustable policy limits, so your coverage meets your different needs.

Liability Insurance

Should you become legally responsible for another person’s property damages or injuries, liability coverage could help to keep you from having out-of-pocket expenses for corresponding costs. Imagine you are in your home being inattentive. You leave the water running in the bathtub and the water overflows and damages the apartment beneath you or your bathroom floor. Liability renters insurance could pay for the repair costs.

Coverage for Personal Property

If your belongings get ruined or damaged by a covered danger, renters insurance in NE Arkansas may pay to replace them. This coverage means if fire damages your apartment or rental home, you’d get your clothing or furniture replaced or repaired.

Renters insurance in combination with your landlord’s insurance policy helps keep a horrible situation from escalating and getting worse. If you have questions about renters coverage, contact GTW Insurance today.

What to Do If You’ve Had a Motorcycle Accident

No one wants to think about being involved in a motorcycle accident.  Riding a motorcycle in NE Arkansas and further out means an accident can happen.  It’s better to have some idea of what to do just in case you’re involved in one.  There are some important things to do after an accident:

  • Always get a quick medical check because you could have an injury that doesn’t show up right away.  No medical assessment is a common mistake for motorcyclists, and they can suffer serious injuries that show up later.  For example, a rider was sitting at a stop light and the back wheel of the motorcycle was hit by a car.  The rider didn’t notice any injury at the time, two weeks later shooting pains started in the upper back and it turned out to be a spinal fracture.
  • Gather evidence to support your case.  It’s important to take photos of the damage to your motorcycle, as well as photographs of the other driver’s vehicle.  Be sure to get a copy of the police reports with the statements made at the time of the accident.  Collect the items damaged, such as your helmet.  Gather all witnesses’ names and contact information.
  • Never take responsibility for a crash at the time because it can be unclear who might be at fault until all the evidence is collected.  It may seem like your fault from your perspective, but when accidents happen, it can be challenging to have the full picture and information can be ambiguous and confusing.

GTW Insurance

GTW Insurance has been providing quality insurance in the NE Arkansas area since 2007.  If you need motorcycle insurance, contact an experienced licensed professional GTW agent today to explore your specific motorcycle coverage needs.   

Can I buy a life insurance policy for my niece and nephew and gift it to them?

We always feel as though we have a special relationship with our nieces and nephews. We usually get to watch them grow up and feel more affection because they remind us of the best parts of our own brothers and sisters.

Living in NE Arkansas, you may have already seen ads for GTW Insurance gotten the idea that life insurance would make a great gift. But if you are worried that it may be complicated, here are the basic rules about whether or not you can purchase life insurance policies as gifts for nieces and nephews or other people.

Consent

The number one rule is consent. You will need to have the approval of whomever you purchase the policy on, and if they are minors, you need to get the parents’ permission.

Getting the policy without consent is really serious, and would be considered insurance fraud. Luckily, there is so much paperwork involved in getting a life insurance policy that it would be difficult to get life insurance policies on people without their consent.

Insurable Interest

You can’t just take a policy out on a stranger at a nursing home or your favorite teacher. You need to prove you really are related and have an insurable interest. 

The Earlier, the Better

You probably already figured out why this is such a great idea. If you purchase the policy for them while they are very young, even babies, you can lock in a low price. Depending on what kind of insurance you get, it may even serve as a good investment.

If you are in NE Arkansas and are seriously considering gifting life insurance policies to relatives, call GTW Insurance so we can help you lock in the lowest price we can find.

Commercial Insurance: Every Company’s Bodyguard

Everyone faces risks, dangers, and threats to our safety, livelihood, and health. That is the primary reason insurance exists. If you are a business owner or manage a business, those risks, dangers, and threats are increased thousand times over – that’s why there is commercial insurance. With all the risks a business must face, commercial insurance is like your bodyguard.

To Protect

It is one of the most common reasons why people purchase insurance. Damages, lawsuits, and accidents can all equal big expenses. When it comes to repairs, liability, and suffering, insurance is there to help. GTW Insurance is here to afford businesses in NE Arkansas the protection law requires and that their customers want.

To Deter

While the major role of a bodyguard is to protect, having the right protection can also act as a deterrent. When that scam artist slips on that invisible spill, watch how fast they disappear when your management team puts them in touch with your agent. Commercial insurance flexes when it protects your business, deters would be sue-happy criminals and like the best bodyguards, it watches your back – even when you’re sleeping.

The Business Bodyguard

At GTW Insurance, we may not look like your typical bodyguard but we will help you find a plan and policy to protect you and your business. If you are wanting to learn more about commercial insurance for your NE Arkansas company, our agents are here to help and to help keep your business safe. Contact an agent today to schedule an appointment to compare rates or to discuss your commercial insurance options. Commercial insurance, it’s like a bodyguard for your business.

Why Do I Need Home Insurance?

When you make the decision to buy a house in NE Arkansas, you are making a huge commitment. Not only is a home a sound financial investment, but it is also an investment in your family’s future. You will want to do everything humanly possible to safeguard it, which is why home insurance is a must. You will only benefit from protecting your home. Here are a few reasons to contact GTW Insurance for more information on home insurance:

Protect Investment

Many unforeseen situations can be covered under your home insurance policy. If you are faced with a robbery or theft, the insurance will help to recoup the cost of damages to the house and loss of items. It can also protect you in the event of a natural disaster, such as a flood, tornado, or fire. Homeowners insurance will cover repairs, so that you save the money that would have otherwise come out-of-pocket.

Reduce Stress

When you have a safety net, like home insurance, the anxiety that comes with worrying about potential disasters will disappear. You can be confident in knowing that you have gone to great lengths to ensure that your investment and family are protected. Without this stress on your mind, you can focus on the things in your life that really matter.

Lender Requirement

In some cases, a mortgage lender will require that you have at least the minimum coverage under a home insurance policy before you can take out a loan. The reasoning for this is that the the home is the lender’s collateral, so they will want to make sure the house is covered in case of potential damages.

Suddenly having such a big investment to take care of can feel overwhelming. You can rest assured, however, that if you have homeowners insurance, your house will be covered if a catastrophic situation arises. If you are interested in getting homeowners insurance for your NE Arkansas home, be sure to contact GTW Insurance for more information.

What Do I Do if I’m in a Car Accident?

Getting into a car accident in NE Arkansas can be quite a traumatic ordeal. If you have never been in a situation like this, it can be difficult to know what to do when it does actually happen. It can be easy for the shock of the incident and subsequent nerves to take over. The most important thing to try to remember is to keep calm, so that you take away all of the right information for when you call GTW Insurance when reality settles back in.

Here is what you should do if you are involved in minor accident:

Take Pictures

Regardless of whether there appears to be visible damage to either car, take pictures of where the impact hit each vehicle. This way, if the other driver says there is a dent where there was not, you can prove it with photographic evidence. The same goes for if there is anything wrong with your car and the other driver claims that there was no damage to your vehicle. These photos can save you a lot of time and arguments.

Exchange Insurance Information

Be sure to take down all of the other driver’s insurance information and be completely open to giving him yours. You want to remain cordial at this time to prevent any unnecessary or additional stress to either of you. Having this information will give you a point of contact for your insurance company to communicate with the driver and his insurance company.

Call GTW Insurance

Once you are finished at the scene of the accident and settle at a safe location, call GTW Insurance to relay the information about the incident. Be sure to reiterate every detail that you can remember. At this point, they will ask for the other driver’s information and you will be able to send over the photographs you took at the scene, as well.

In the Event of Injury

If you are injured in the accident, if you are able to, do all of the above, as well as take pictures of your injuries. You will need to accurately describe what happened to the insurance companies and a doctor for the appropriate medical treatment.

Car accidents are never fun, but having an auto insurance policy will greatly reduce the stress and financial burden if you are involved in one. If you are located in NE Arkansas and interested in more information regarding auto insurance, please contact GTW Insurance.

Use Umbrella Insurance to Protect Your Business From Lawsuits

Every year in NE Arkansas, dozens of lawsuits affect business owners and cause them great financial hardship. If you are worried about this problem affecting your company, let us at GTW Insurance teach you about the benefits of umbrella policies and how they can protect business owners like you.

How Umbrella Insurance Protects You

Umbrella insurance is a type of extra liability insurance that only goes into effect if you are responsible for somebody’s personal injury or damages and your normal liability policy is not suitable. For example, if your basic liability policy covers just half of a lawsuit claim, umbrella insurance will kick in and pay up to the limits of the policy.

These types of policies are a wise investment for people from many different walks of life. However, a large number of individuals probably will rarely, if ever, be in a position where they need umbrella insurance. As a result, you should understand if you are one of these people or not.

People Who Might Need Umbrella Insurance

Not every business will benefit from an umbrella insurance policy. However, the following individuals are probably wise to invest in this type of policy:

  • Individuals Worth a Lot of Money – People who are worth more than six figures should get umbrella insurance to stay safe.
  • People Who Work From Home – Self-employed individuals who work from home probably need umbrella policies to avoid liability claims.
  • Any Independent Contractor – Builders, electricians, and other contractors who work for themselves should invest in umbrella insurance.
  • Those Who Work a Semi-Dangerous Career – If you work in a career that is potentially dangerous to your or your clients, get an umbrella policy.

Finding a Policy That Works

Anybody who lives in NE Arkansas who is concerned about umbrella insurance and whether it is right for their needs should contact us at GTW Insurance to learn more. Our professionals will help you better understand the available policies and get you one that works for your needs.