If you’re looking for Cincinnati umbrella insurance we can help you.

Our office number is 513-662-7000 or you can begin the process of obtaining umbrella quotes by clicking on umbrella insurance.

Last week we discussed the importance of umbrella insurance. I shared a hypothetical coverage scenario where your 16-year-old son causes an accident resulting in a permanently disabling injury to another person and a subsequent liability judgment against yourself for $2 million.

Let’s assume for a moment that this is a real life situation.

What would happen to you financially if you were assessed a $2 million judgment and you did not purchase sufficient insurance coverage?  Many might assume that you simply need to file for bankruptcy, let’s discuss this very issue.

Why Filing Personal Bankruptcy May Not Relieve You of Judgments You Are Legally Responsible For

The bankruptcy system is set up to grant relief to those who essentially have gotten over their heads either because of debts or possibly some type of civil judgments.

Here’s the catch with personal bankruptcy declaration. A chapter 7 bankruptcy is liquidation and a chapter 13 is reorganization for personal bankruptcy.

A Chapter 7 liquidation bankruptcy essentially means that the court has the right to sell all of your liquid assets to satisfy the judgment.

So for instance let’s assume that you had $500,000 in a mutual fund which amounts to your entire life savings, and you are hit with that $2 million judgment.  Let’s further assume that you had $500,000 of coverage from your car insurance policy so $500,000 is paid by your insurance company leaving $1.5 million remaining.

The court could seize the $500,000 in your mutual fund essentially leaving you penniless to compensate the other person that you’re legally responsible to pay.

So if you believe that filing bankruptcy will help to relieve you of any large judgment assessed against you, you might want to reevaluate that idea.

The best way to cover that exposure is an umbrella insurance policy.

Cincinnati Umbrella Insurance Quotes Are Very Low Cost

Umbrella insurance quotes in Cincinnati depending on the company can be as little as $12 per month for a $1 million policy.  Are they worth the investment?  

Absolutely.

It’s too late to acquire coverage after the claim has happened and that’s why it’s important to work with a professional insurance agent that can help you find the appropriate insurance plan, so when you have a need for umbrella insurance in Cincinnati call the experts.

Contact Pathway Insurance at 513-662-7000 Four Cincinnati Umbrella Insurance Quotes

Are you looking for umbrella insurance in Ohio?  Umbrella policies may cover your family or your business.

Contact the insurance experts at 513-662-7000 to find the best umbrella insurance coverage in Cincinnati Ohio. 

Typically insurance companies will not allow a stand alone umbrella so it’s best to package your car, home, and umbrella with the same company.

To obtain a package quote including the umbrella quote click here.

What Is an Ohio Umbrella Policy?

An umbrella policy is simply extra coverage that sits on top of your base coverage provided by your car, home/condo/renters, boat, motorcycle, or ATV insurance.

Umbrella policies are secondary limits of liability that come into play when the underlying limits of liability have been exhausted.

Coverage Scenario: Your newly licensed 16-year-old son, because of a lack of experience causes a car accident and injures two people.  The first person suffered only minor injuries but the second person named Bobby was seriously injured and suffers a permanent disability due to the car accident and can no longer work at his profession.

Bobby files a lawsuit against you as the parent, seeking $2 million due to his injuries and his loss of employment income.  A judgment is assessed against you for $2 million.

This Is How the Umbrella Policy Coverage Applies

Let’s assume that the base limits of liability on your car insurance are $500,000. (Many companies require a minimum of $250,000 per person, $500,000 per accident coverage for liability insurance.  In this instance we’re assuming that the company required $500,000 in combined single limit liability coverage.)

So in this instance the $500,000 of base liability coverage on your car insurance policy goes toward the $2 million judgment and at that point your umbrella policy kicks in. 

If you have a $2 million umbrella insurance policy in Cincinnati, $1.5 million is paid from the umbrella making a $2 million payout.

Do I Really Need Umbrella Insurance in Cincinnati?

If a serious accident or claim occurs and you do not have umbrella protection you may be in serious financial jeopardy due to the fact that all of your personal assets can be taken from you to satisfy court order judgments that are levied against you.

We recommend policyholder seriously consider purchasing umbrella insurance to protect your financial assets.

Many believe that filing personal bankruptcy can absolve you of any liability claims in excess of your automobile limits of him liability is that true?

We will discuss that in our next article.

Cincinnati Umbrella Insurance Is Very Reasonably Priced for the Benefits

Keep in mind it’s best to have your car, home, and umbrella insurance with the same company in most instances.   Contact our agency today to obtain umbrella insurance quotes, please call 513-662-7000. Or to start the process online click on this direct link:  https://www.pathwayinsurance.net/best-car-insurance-rates-in-cincinnati/

Do you need motorcycle insurance in Cincinnati? Call 513-662-7000 to find the great rates on motorcycle insurance in Ohio, Kentucky, or Indiana.

Our Cincinnati independent insurance agency is one of the best places to find motorcycle insurance in Ohio. Why are we among the best? The price on motorcycle insurance varies from company to company just like it does for car insurance.

Some motorcycle insurance companies are willing to offer better prices than others. We offer Ohio motorcycle insurance from 10 different insurance carriers offering the most competitive rates based on your individual circumstances.

For instance, one Ohio motorcycle insurance company may offer fantastically low rates for motorcycle insurance if you’re over the age of 50. Another company offers the best rates on motorcycle insurance in Ohio when you are 20 years old and you buy a high-performance motorcycle.

Why You Should Not Purchase Motorcycle Insurance Direct?

There are two reasons why you should not purchase motorcycle insurance direct. Some motorcycle owners mistakenly believe that when you buy motorcycle insurance directly with a company that will guarantee you a better rate, in most cases it will not. Why?

There isn’t one single Ohio motorcycle insurance company that offers the best rates for every conceivable age group and type of motorcycle. Prices on motorcycle insurance in Ohio vary wildly between companies.

The second reason you should not buy motorcycle insurance direct with the company is due to the fact that not every person’s financial circumstances are the same. A professional insurance agent can assist you in choosing the correct coverage for your motorcycle.

If you purchase motorcycle insurance directly with companies that do not have local agents in your area, you may not be getting the correct advice that you need to protect yourself financially.

Call 513-662-7000 for Motorcycle Insurance in Ohio, Kentucky, and Indiana.

If your insurance company has canceled your homeowners insurance because your home is vacant, contact the experts at Pathway Insurance. 

Call 513-662-7000 or 1-800-998-0662. 

We can insure most vacant properties in Ohio, no matter if that is a commercial building or single family residential units. 

Call and speak with one of our professional licensed representatives who can assist in acquiring insurance for vacant properties. 

We offer vacant home insurance in Ohio, Kentucky, Michigan and Indiana. 

If you do not live in one of the four states indicated click Vacant Home Insurance to obtain quotes in the remaining 46 states.

This Is Why Most Insurance Companies Will Not Insure a Vacant Home.

A standard homeowner’s insurance policy is designed to insure homes that are occupied, not vacant.  A vacant home represents a greatly increased exposure to the insurance company for vandalism and liability claims. 

The typical homeowner’s insurance company will issue a cancellation as soon as they learn that your property is vacant.

What Danger Do You Face If You Own a Vacant Home?

Because the majority of insurance companies do not wish to insure vacant homes, insurers have placed within the fine print of their policy language homeowner’s insurance exclusions for properties that become vacant. 

If a certain type of homeowners claim occurs, your insurance company will refuse to pay simply because your home is vacant! 

How do you obtain coverage for vacant homes?

How to Insure Vacant Homes?

Vacant Homeowners Insurance is only available through a limited number of insurance companies, so therefore you need to work with a professional insurance agent who understands how to insure buildings that become vacant.

How We Can Help You Insure Your Vacant Home?

Pathway Insurance Services Inc. is an independent insurance agency directly offering insurance for vacant homes in Cincinnati. (We can help you obtain insurance for vacant properties in all 50 states.)

Call 513-662-7000 to speak with one of our professional representatives who can assist you in obtaining vacant building insurance. Business insurance coverage for vacant properties is also available for commercial buildings, apartment buildings, and undeveloped land.

Contact 513-662-7000 to speak with one of our insurance representatives who can help you with flood insurance.

Flood Claims Are Excluded on Your Homeowners Insurance Policy!

Unfortunately if your home becomes flooded due to an outside water source entering your premises it’s likely that any resulting damage will be excluded by your homeowner’s insurance policy. The reason why is due to a specific exclusion in the homeowners insurance policy.

Regrettably many people have learned the hard way that a flood is automatically excluded with every homeowner’s insurance company.

Please Note How the Flood Damage Exclusion Is Described:

We do not cover loss resulting directly or indirectly by any of the following under any Section I – Property Protection coverages. Such loss is excluded regardless of any other cause or event contributing concurrently or in any sequence to the loss.

• Water damage, meaning: a. flood, surface water, waves, tidal water or overflow of a body of water. We do not cover spray from any of these, whether or not driven by wind; b. water or water-borne material which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or related equipment; or c. water or water-borne material below the surface of the ground. This includes water which exerts pressure on or flows, seeps or leaks through any part of a building or other structure, sidewalk, driveway, foundation or swimming pool; caused by or resulting from human or animal forces or any act of nature.

Flood Insurance in Cincinnati Is Only Available through FEMA

Flood insurance can be purchased through our agency by calling 513-662-7000, but it is underwritten by the Federal Emergency Management Agency. (FEMA) Certain insurance companies have been authorized by FEMA to administratively issue flood insurance policies.

You should be aware that flood insurance has limitations and exclusions of coverage and will not cover every single incidence of a “flood.” You can download a copy of the standard flood insurance policy issued by FEMA by clicking here:  Flood Insurance Policy

If You Need Flood Insurance in Ohio, Kentucky, Michigan, or Indiana Call 513-662-7000.

Do I Really Need Umbrella Insurance in Cincinnati?

If a serious accident or claim occurs and you do not have umbrella protection you may be in serious financial jeopardy due to the fact that all of your personal assets can be taken from you to satisfy court order judgments that are levied against you.

If you believe that filing bankruptcy will help you if a large judgment is assessed against you, you might want to reevaluate that idea.

The court system will first take away all of your liquid assets to satisfy the judgment! So another words, if you had $500,000 in a mutual fund which amounts to your entire life savings, and a $1 million judgment is assessed against you, they will take your $500,000, every single penny! The court could write off the other $500,000, or set up a garnishment order against your future earnings.

Recent Example Where an Umbrella Insurance Policy Would’ve Come in Handy

A local police officer was severely injured by a person who hit the officer by accident and subsequently fled the scene. Later that person turned themselves in. The police officer sued for his injuries and was awarded $1.9 million. If this person did not have an umbrella insurance policy they would need to pay $1.9 million completely out-of-pocket!

Our Agency Can Find You Great Prices on Umbrella Insurance in Cincinnati

Call 513-662-7000 or send an e-mail to Jack@pathwayinsurance.net

What Is an Umbrella Insurance Policy?

An umbrella policy is simply an extra layer of insurance coverage that sits on top of your base coverage provided by your car, home/condo/renters, boat, motorcycle, or ATV insurance.

The umbrella insurance policy may be used when the underlying liability limits have been exhausted.

Let’s review an Umbrella Insurance Scenario:

Your newly licensed 16-year-old son, because of a lack of experience causes a car accident and injures two people. The first person suffered only minor injuries but the second person named Bobby was seriously injured and suffers a permanent disability due to the car accident and can no longer work at his profession.

Bobby files a lawsuit against you as the parent, seeking $2 million due to his injuries and his loss of employment income. A judgment is assessed against you for $2 million.

This Is How an Umbrella Insurance Policy Works

Let’s assume that your base coverage limits of your car insurance policy are $500,000. (Many companies require a minimum of $250,000 per person, $500,000 per accident coverage for liability insurance. In this instance we’re assuming that the company required $500,000 in combined single limit liability coverage.)

So in this instance the $500,000 of base liability coverage on your car insurance policy goes toward the $2 million judgment and at that point your umbrella policy kicks in.

If you have a $2 million umbrella policy, $1.5 million is paid from the umbrella making a $2 million payout.

Umbrella Insurance in Cincinnati Is Very Affordable.

If you’re considering an umbrella insurance policy in Cincinnati they are much more reasonable than you may think. A $1 million umbrella policy could cost you as little as $140 per year.  You can read this additional article on why umbrella coverage is important by clicking here.

Call 513-662-7000 to Speak with the Umbrella Insurance Experts in Cincinnati

Medicare in Cincinnati

If you are age 65 years or older, or under 65 with certain types of disabilities you may qualify for Medicare insurance. There are three different parts to the traditional Medicare insurance program.

Medicare Part A is Hospital insurance which covers inpatient care in hospitals. Additionally it helps cover skilled nursing facility, hospice, and home health care.

In reference to a skilled nursing facility the first 20 days the Medicare patient pays nothing. The following 80 days your deductible is $141.50 per day, Medicare pays the balance. Admission to a skilled nursing facility must occur within 30 days of a hospital confinement of three or more days; it needs to be an extension of the hospital treatment; it must be for daily skilled nursing and or therapy services which can only be provided on an inpatient basis. You should be aware that there are more terms and conditions and restrictions than what are indicated in this article.

Medicare part Badditionally helps to cover doctor services, hospital outpatient care, and home healthcare. Furthermore it covers many preventative services.

Medicare part D is prescription drug coverage and it helps to cover the cost of prescription drugs or lower the cost of prescription medication.

Medicare Supplement Insurance in Cincinnati

A Medicare supplement insurance policy is one that is designed to supplement original Medicare. It is underwritten by a private insurance company and it is meant to pay some of the gaps that traditional Medicare will not. Medicare supplement insurance is sometimes referred to as Medigap plans. There are 10 different Medigap plans in Ohio. We can help you choose the best Medigap plans in Ohio based on your individual circumstances. Call 513-662-7000 to speak with a representative.

Medicare Advantage Plans in Cincinnati Versus Traditional Medicare and Medicare Supplement Plans. Which Is Best?

A Medicare advantage plan in Cincinnati is an option to traditional Medicare, and it may be somewhat similar to traditional health insurance plans that you may be accustomed to. A Medicare advantage plan may offer doctor co-pays and prescription benefits. Medicare Advantage Plans in Ohio differ from company to company and there is no universal standard of coverage as is true for Medigap plans in Ohio.

Which Ohio Medicare Plan Is Best for Your Circumstances?

Call 513-662-7000 and speak with one of our professional agents that can provide vital information to assist you in your Medicare decisions.

Do I Really Need Long-Term Care Insurance?

If you have financial assets to protect you should definitely consider purchasing long-term care insurance. The reason why it’s important to consider investing in a long-term care insurance policy is that it can safeguard your investments and savings from being depleted due to the expense of a long-term care. A lifetime of savings can be wiped out in a fairly short period of time for nursing home care.

What Does Nursing Care Cost in Ohio?

According to a study completed by Genworth Financial the annual median cost for a stay in a nursing care facility for private room is $76,650 per year. A semi private room runs about $69,350 per year. If you were to hire a homemaker service, or a home health aide, that might cost as much as $41,367 per year. A lifetime of savings could be depleted in just a few years.

Long-term care insurance is a means to safeguard your assets that you may need to use to live on in later years. Long-term care insurance is a method to transfer the risk to the insurance company much in the same way that you transfer risk to the insurance company on your home or cars that you own.Without long-term care insurance or substantial financial assets, a loved one will not be able to afford to stay in the best nursing homes in Cincinnati.

What Long Term Care Insurance Company in Cincinnati Is Best?

There are a number of insurance companies offering long-term care insurance in Ohio and it’s best to work with an independent insurance agency that is not restricted in offering long-term care insurance from only one company.

Call 513-662-7000 to Receive a Long Term Care Insurance Quote in Cincinnati.

What Is Disability Insurance?

Disability insurance simply provides a predetermined income to the policyholder if they are no longer able to work due to an accident or illness. Some employers provide group disability insurance for their employees. If you have group disability insurance it can come in two different types. You can have group short term disability insurance and long term disability insurance.

Disability insurance can also be purchased individually yet most people don’t even consider purchasing disability insurance in Ohio despite the fact that a person’s chances of being disabled 90 days or more prior to age 65 is greater than a person’s chance of death! The 2004 Field guide from the National Underwriter states that at age 40, your chances of becoming disabled for 90 days or more prior to age 65 is 43%.

If You Become Disabled How Will You Pay Your Bills?

In the event you developed an illness or an accident caused you not to be able to earn employment income for six months, how would you pay your bills? That’s where disability insurance comes in. Disability insurance can provide you the necessary income that you need to financially survive.

Prior to the current real estate crisis, the number one reason why someone would lose their home is due to a disability!

Can You Purchase Disability Insurance to Cover a Pre-Existing Illness That Could Lead to a Disability?

The likely answer is no as disability insurance is fully underwritten by an insurance company, but just to make sure contact our office to discuss your disability insurance needs. Our office number is 513-662-7000 or you can send an e-mail to Jack@pathwayinsurance.net

In a future article we will discuss the various types of disability insurance policies available in Ohio, Kentucky, and Indiana.

Want to Find the Best Disability Insurance in Cincinnati? Call Pathway Insurance at 513-662-7000