What you need to know about unclaimed life insurance.

Often at times, policyholders fail to mention their life insurance policies to their families or beneficiaries and when they die the money goes unclaimed. As compared to term life insurance where the policy expires after a set number of years, whole life policies get paid up which means they have accumulated sufficient cash value as premiums for the rest of the policyholder’s life.

When the policyholder passes on, the beneficiaries are required to notify the insurance company in order to claim the payout. In cases where the beneficiaries cannot be traced, the unclaimed benefits are handed over to the state.

Usually, there’s a limiting age on insurance policies after which insurance companies assume the policyholder died. Currently, the limiting age is 120. Three years after an insured person reaches the limiting age and no claim is made on the policy or no contact made with the policyholder insurers turn the policy proceeds to the state.

At Charlotte, NC, Jim Boyce Insurance, we have adopted the new requirements which demand insures to undertake retroactive searches on death records, despite its major challenge of matching names.

If you believe a departed family member had a life insurance policy which you cannot find, you can consider getting search services of the state or a private individual or use the policy locator service of the National Association of Insurance Commissioners website.

As a policyholder, it is therefore important to update your contact information and mailing address with your insurance company anytime there are changes, provide information of your life insurance company to your beneficiaries to facilitate filing of claims in case of death and keep clear records of any notices with regards to change of name, location or contact information of your life insurance company so that it does not end up being unclaimed.

Does Commercial Insurance Cover Flood?

Flood is a big issue for some areas and a non-concern from other areas so flood insurance is not something that all people need. For those that do need flood insurance, it is important to understand what the policies you already have in place cover and what may need a bit more coverage. For those in the Charlotte, NC area, the agents with Jim Boyce Insurance can help you determine what your policy already covers and what policies you may need to add more coverage too.

Overall commercial insurance covers a wide range of things from employee damages and injury to fire and even theft of your inventory. Most commercial policies, however, do not cover flood or similar water damage. So why do these commercial policies not cover flood? For the same reason that most homeowner’s policies do not, a flood is not a common occurrence in all areas and therefore does not need to be covered by all policies.

Flooding from something like a burst pipe, however, is going to be covered because it is something that cannot be prevented and that can happen literally anywhere. Flooding from storms and from nature, however, are not going to be covered by most commercial policies. If you do live in an area where you feel there is a chance your business or commercial property is going to be damaged by flood, you may need to take out a separate flood policy so that you can use to protect your commercial property from a flood.

You need to take the time to really make sure you know what your policy covers, what it does not cover, and what extra coverage you may need. For those that live in the Charlotte, NC area, the agents with Jim Boyce Insurance can help you find your perfect policy.  

Is Your RV Insurance Optimized?

Owning an RV provides unique freedom. You can travel in ways inaccessible to the masses, and you can maintain comfort and autonomy at a completely different level. But, as they say, there’s no such thing as a free lunch. If you really value your RV, you need ways to protect it. Living in Charlotte, NC, protecting your RV is best done through proper insurance. Take a look at some of the ways Jim Boyce Insurance can help you optimize your policy to expand coverage and save money.

Common Options

Optimizing your insurance starts with understanding your options. When it comes to covering RV’s, things are a little different from primary vehicles. Because they drive, you still need basic liability in every state. Since they represent a much larger investment than your average used clunker, you probably want more than just liability. At the extreme end of the spectrum, you can get total loss replacement. The premiums for this coverage will be based on the value of the vehicle. Aside from that, you can get vacation coverage that protects you from vacation-specific expenses, emergency expense coverage, roadside assistance and full-timer coverage. Full-timer coverage is intended for those who use their RV as their full-time residence.

Managing Costs

Once you know which options are right for you, you can manage your costs by looking for key ways to save. The biggest factor is the classification of your RV. This classification is based solely on size and will come in categories A, B or C. Some insurers make mistakes, so double check that you aren’t getting coverage for the wrong RV class. Aside from that, the typical driving savings can apply. You can look for safe driving discounts and insurance bundles. Most importantly, RV insurance doesn’t have to be available year-round. You can consider seasonal or part-time coverage if your RV is safely stored for significant and regular chunks of the year.

Overall, your best way to save money is to simply talk with your Jim Boyce Insurance representatives. Ask about ways to save money or improve coverage. An easy conversation is a powerful tool, and as soon as you start saving money on insurance, you have more freedom to travel beyond Charlotte, NC, and to the world beyond.

 

How Much RV Insurance is Needed?

Driving an RV can be a great way to see the country and enjoy time with your friends and family. While a recreational vehicle is designed to be a lot of fun, they are also expensive and are an important investment that needs to be properly covered by insurance. For those that are in the Charlotte, NC area, figuring out what their RV insurance needs are is very important.

State Requirements

Similar to any other type of vehicle, those that operate an RV are subject to minimum insurance requirements in the state of North Carolina. In North Carolina, and operator of an RV will be required to have liability coverage of at least $25,000 for property damage as well as minimum bodily injury coverage of $30,000 per person up to $60,000 per accident. This type of liability coverage will only provide financial protection for the other party in the event you are at fault in an accident.

Lender Requirements 

While the state only requires you to carry minimum levels of liability insurance coverage, if you have a loan on your recreational vehicle you will likely also have to carry collision and comprehensive insurance coverage. Collision and comprehensive insurance coverage will provide you with a wide range of other types of coverage including theft, damage from a storm, or if you are in an accident with an uninsured motorist. Generally speaking, you will need to have coverage with limits equal to at least the amount of your outstanding loan balance.

Since picking the right RV insurance policy is so important, those that are in the Charlotte, NC area would benefit greatly from meeting with the Jim Boyce Insurance company. The Jim Boyce Insurance company will be able to help you pick the right insurance policy for your situation to ensure you were compliant with all requirements.

 

The impact of flooding

Jim Boyce Insurance serving Charlotte, NC understands the impact of flooding.  

Life goes along with holidays and barbeque and everything seems wonderful, until a flood hits. Even a small flood with just a few inches of water can reek havoc on a home or business. Not only in costly repairs and replacements but in loss of work either for the individual who must take care of their home and family or in the business that can’t open because of the mess and health hazards. Flooding can occur from a natural disaster, such as a hurricane, heavy rains, a water main break or the impact of construction in a higher elevation impacting the water levels or even a tub overflowing.

Jim Boyce Insurances recommends a few steps to take to ensure that impact is lessened.

  1. Have a flood insurance policy to safeguard your home, possessions, work, and assets.
  2. Keep important documents, such as insurance policies in a secure, high location in plastic ziplock bags or offsite to protect them.    
  3. Plan ahead where to park your cars.
  4. Plan where you might evacuate.
  5. Have a reserve of bottled water and non-perishable food ready as well as candles and flashlights.

Our grandmothers were always ready with a well-stocked pantry and emergency items. Make sure you have medication, waterproof clothing and torches and plenty of batteries to hand. It may be useful to have a radio, mobile phone and battery-powered phone chargers available too.

If flood water is about to enter your home, turn off water, electricity and gas supplies. It is important to stop all of these utilities. You will be safer and so will your house. Move vulnerable people and pets out of harm’s way. Move valuable belongings upstairs. If there is time, move your valuable and necessary belongings upstairs. Unplug all electrical equipment

Talk to Jim Boyce Insurance serving  Charlotte, NC for all your flood insurance needs.

What Does RV Insurance Cover?

The type and amount of RV insurance that you need will depend on how you use your vehicle. Additionally, the policy you choose is going to determine what is covered. If you need help deciding what RV insurance policy is right for you, Jim Boyce Insurance serving Charlotte, NC can help. However, some basic information about these policies can also be found here. 

Basic RV Insurance Coverage 

Usually, a basic insurance package for your RV will include the following:

  • Liability coverage: This will pay for someone else’s property damage and medical bills if you cause an accident.
  • Comprehensive and collision coverage: This will help to cover any repairs for damages that occur to your RV in an accident that was your fault. Also, comprehensive insurance will replace the RV if it is stolen or provide the funds for repairs related to non-collision damage from things such as fire, vandalism and falling debris. 

Additional RV Options for Insurance Coverage 

There are usually add-ons that you can have applied to your RV insurance policy, depending on your specific needs. Some of the most common add-ons include:

  • Bodily injuries: If you are involved in an RV accident and incur thousands of dollars in medical expenses, your RV insurance can pick up the slack if you don’t have enough health insurance coverage. 
  • Valuables/belongings: Chances are you keep a number of items in your RV and if they are stolen or damaged, they can be paid for with this coverage option. 

You can speak with your insurance provider to find out the best options for your insurance policy. In fact, feel free to contact the staff at Jim Boyce Insurance serving Charlotte, NC to learn more about RV insurance options that are available today. 

What Types of Coverage is Included in Renters Insurance

While renting a home is not always considered a major commitment or investment, those that rent do often have personal assets inside the property. To ensure that that they are properly protected, Charlotte, NC area residents should always carry a full renters insurance policy when they rent a home. There are several types of coverage in a renter’s insurance policy that can make them a great option.   

Liability Coverage

The first type of coverage included in a renter’s policy is liability coverage. When you have a visitor to your home you are taking on a certain level of responsibility for them. If they happen to be injured while in your home, you could be found liable for their injuries or other damages. The renter’s policy will provide you with liability coverage to mitigate this risk.  

Personal Property

A renter’s insurance policy will also cover your personal property. If the home is vandalized, damaged by a storm, or robbed, you could lose your personal items. The renter’s insurance policy will provide you with reimbursement for your loss. If you have expensive personal items, which could include jewelry, and additional rider may be necessary.

Living Expenses

If the property is damaged and is temporarily inhabitable, the policy could provide you with reimbursement for living expenses. This will include giving you money to cover the housing costs associated with living in temporary housing.  

If you are in need of renter’s insurance, a great option would be to contact the Jim Boyce Insurance agency. The Jim Boyce Insurance agency is a leading consumer insurance agency that providers services to consumers all over the Charlotte, NC area. The company will be able to help you better understand your renter’s insurance needs and can provide you with a quote for a policy that gives you the necessary coverage.  

What’s the Difference Between a General and Commercial Car Insurance Policy?

If you use your car in any capacity in regards to your business, you may be wondering if a personal auto insurance policy is enough. A personal auto insurance policy will only cover but so much and commercial policies extend liability amounts due to business. You may be surprised that you need a commercial policy for your vehicle. If you’re in the Charlotte, NC area and aren’t sure if your personal policy is enough for your vehicle, Jim Boyce Insurance is here to guide you. Let’s review the key points for needing a commercial policy. 

Are you Commuting, or Using Your Vehicle to Provide Business Services?

If you you are driving out of town or other long distances regularly for your business, a commercial auto policy is needed. Other than your regular commute or personal drives, your car becomes a business necessity when you are using it to drive to more than one or two regular job sites. Also, consider that you are putting mileage and wear and tear on your vehicle as well as becoming at greater risks for accidents due to the constant use. In addition, if you are using your vehicle to transport goods- including doing deliveries for items purchased by your customers- a commercial auto insurance policy is in order. What about if you started a small, local car service and are using your vehicle to drive people to and fro. A commercial policy is a must because you now have more than one person to be liable for in the case of an accident! Many small businesses don’t that these points into consideration until it is too late.

Heavy Vehicles 

There are weight class considerations for vehicles that will make your car more likely to require a commercial policy. If you are driving something larger than a large SUV- including towing and semi-trucks or trailers- a commercial policy is in order. These vehicles have higher liability because of the damage they can cause and incur in an accident. Thus, special coverage is often required. 

 

What’s Yours and What’s Not When it Comes to Condo Insurance?

What many condo owners don’t understand is that condo insurance is different from home insurance. It’s also different from rental insurance.

Both you and your condo association will be responsible for different parts of where you live, and this concept can be confusing to some. Here’s what you need to know about who insures what when it comes to your condo:

The “Ins and Outs” of Condo Insurance

First, it’s important to note that your condo association is not responsible for what is inside your condo. That’s up to you, and it’s why you should have your own personal condo insurance policy.

For the most part, you are responsible for everything “walls in.” this generally includes all permanent fixtures, drywall, and all your belongings. Your condo association will be responsible for the physical structure of your condo, the property that your condo is on, and the common areas of your association.

With this in mind, as you search for a condo insurance  policy that will work for you, you’ll need to have one that covers the interior structures of your building and your personal property. You should also find a plan that accommodates for loss of use or additional living expenses should your condo be too damaged to reside in, medical payment coverage, loss assessment coverage, and coverage for personal liability.

Contact Jim Boyce Insurance

Are you a Charlotte, NC resident who is looking for condo insurance? Jim Boyce Insurance proudly serves the residents of Charlotte, NC. One of our knowledgeable insurance agents would be happy to speak with you about your condo insurance options and help you find a policy that works for you. Stop by our nearest agency location or call us at your earliest convenience to learn more.

Is It Time To Review Your Commercial Insurance Coverage?

Established business owners know that they can’t make assumptions. Fashions fade, technology becomes obsolete, and even laws change. No business owner can coast along on the way they did business in years past. Assuming your commercial insurance coverage is as good as it was years ago is just as serious a mistake. Legal requirements for minimum coverage may have changed since you last looked over your policy. Your insurance needs may have changed due to updated technology or an addition to your brick and mortar site. Here at Jim Boyce Insurance we have access to the most up-to-date commercial insurance coverage available that can protect you.

Did you know that there are several kinds of commercial insurance available in North Carolina? Not only is there standard commercial insurance that protects losses from fire or storm, but there is also commercial auto insurance, general liability, and several others. A Business Owners Package (called a BOP) rolls the various kinds of commercial insurance into a manageable combination. It might seem a little confusing at first, but with our help you’ll get it down quickly. So let us review and update your policy, and maybe you’ll find savings along the way as well. The peace of mind when you have sufficient coverage for your Charlotte, NC business is well worth the call.

Proudly serving the Charlotte, NC area, Jim Boyce Insurance has independent agents who can access the most recent insurance coverage policies and packages that will offer you the best protection at cost effective rates. We can discuss your specific needs for your unique business and get you all set up in no time. Protecting your business with solid insurance coverage will let you focus on running your business. Contact us today.