What is Loss of Use in Flood Insurance?

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Are you looking to find a proper flood insurance plan? This is a type of insurance that works to protect you in the event of flooding. If you live in a high-risk flooding region like Texas or Georgia, then it’s recommended that you purchase an insurance plan for financial coverage. While shopping for flood insurance from Bingham Insurance Group, finding a plan that includes specific policies like loss of use is essential.

What is Loss of Use?

Loss of use is an insurance policy that pays for housing and living expenses. Water damage is corrosive, often making the home unlivable for the residents inside. Some people decide to temporarily stay in hotel rooms while waiting for renovations to take place. In the event that your house becomes uninhabitable from a flood, you’ll need enough money to pay for additional expenses as the basic plan pays for repair costs or renovation. Loss of use will come in handy for your housing needs, especially if you have living expenses that go above the regular cost of living.

While shopping for a flood insurance plan, ensure it includes loss of use as a policy. There are also other flood insurance policies to search for, like loss of belongings with furniture or home decor. 

Loss of Use Insurance in Braselton, GA

If you’re a Braselton resident looking for a flood insurance plan, you should speak to an agent with the Bingham Insurance Group. Our flood insurance coverage includes policies like loss of use and protecting our customer base from strained financial situations. If you want to hear more, contact our agency at 706-684-0040 to schedule an appointment.

 

What is the difference between whole life and term life insurance?

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Whole life and term life insurance are two very different types of life insurance policies. Understanding the difference between them can be important when deciding which type of coverage you need. Families in the Braselton, GA area have long turned to Bingham Insurance Group when they have questions about their policies. We are proud to serve them.

Whole life insurance is a permanent policy that provides guaranteed coverage for your entire lifetime. This type of coverage typically comes with higher premiums but also accumulates “cash value” over the years. This cash value can help pay for final expenses or other necessary costs during your lifetime. 

Term life insurance is more affordable than whole life and is designed to provide coverage for a specific period, such as 10, 20, or 30 years. While term policies do not accumulate cash value like whole life policies, they can provide protection if you pass away unexpectedly during your coverage period. Once the term ends, however, your policy will expire unless you renew it at a higher rate. 

When deciding between whole life and term life insurance, it’s important to consider the length of time you need protection and whether you want or need the additional benefits provided by whole life policies. Ultimately, which type of coverage is right for you depends on your needs and long-term goals.

If you have any additional questions about the differences between term life insurance and whole life insurance or have questions about your own policy, give us at the Bingham Insurance Group a call today. We proudly serve the Braselton, GA area.

How to prepare your car for winter

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With the winter season quickly approaching, it is important to make sure your car is prepared for the cold and icy conditions that come with it in the Braselton, GA area. It’s easy to forget about these essential maintenance tasks until an unexpected problem arises, so now is the time to get your car ready for winter.

Here are a few tips for properly preparing your vehicle for cold weather. By following these simple steps from us at the Bingham Insurance Group, you can ensure that your car can handle whatever Mother Nature throws at it this winter. So let’s get started!

First, check the fluids in your car – from brake fluid and oil to antifreeze and windshield washer solvent. You’ll want to ensure all of these fluids are topped off and that none is at a dangerously low level. It’s also essential to make sure the fuel tank is regularly filled up so you don’t end up stranded in the cold with an empty tank.

Next, check your battery and tire pressure. Cold temperatures can drain car batteries faster than usual, so ensuring your battery hasn’t lost its charge is important. The same goes for tires; they must be adequately inflated to provide enough traction on icy roads. Make sure you have a good-quality set of winter tires if you live in an area where snow and ice are common during the winter months.

Finally, don’t forget about your windshield wipers! They won’t be able to do their job if they’re not in good condition, so make sure you’ve replaced them if necessary.

For more winter driving tips, call us at the Bingham Insurance Group today. We proudly serve the Braselton, GA area. 

Ring in the New Year By Updating Your Life Insurance Policy

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As we bid farewell to 2022 and welcome 2023 in Braselton, GA, we must reflect on the past year and take stock of our lives. Your life insurance policy is no different. Make sure to review it annually.

Here are a few changes you should contact the Bingham Insurance Group about to make sure your life insurance policy is up-to-date and tailored to your needs for the upcoming year:

Change in Financial Status

If you had any significant changes in financial status during the past year, such as getting married or having a child, this might require an update to your existing life insurance policy. Having more people dependent on you means that there will be more financial responsibilities if something were to happen to you. The same goes for if you had any significant economic losses due to job loss, business failure, etc. Here, it may be wise to decrease the coverage on your policy.

Health Concerns and Changes

It is also essential to review any health concerns or changes over the past year, as this affects the cost of a life insurance policy. If you have had any major health issues since taking out your policy, like cancer or heart disease diagnosis, this could affect how much coverage you qualify for and how much it will cost you each month.

Changes in Family Structure

If there have been any changes in family structure during the past year—such as divorce or remarriage—this could cause an update to your existing life insurance plan. When making these updates, it’s essential to review who would be financially impacted by your death and ensure it fully covers them under your updated policy terms and conditions.

Updating your life insurance policy at least once a year is essential to accurately reflect your current financial situation and lifestyle habits. Contact Bingham Insurance Group in Braselton, GA  today for a free quote so that we can help make sure that all aspects of 2023 are adequately covered!

Why basic auto insurance may not be the right choice

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Basic auto insurance is the amount that the state mandates that you carry. It isn’t necessarily the right choice for you. At Bingham Insurance Group in Braselton, GA, we take our job of providing our customers with the best coverage at the best price very seriously. We do the work for you of searching for the best coverage. 

Basic auto insurance is strictly liability coverage in the state of Georgia. It is 25/50/25. That means that if anyone is injured in an auto accident that you are responsible for, you must cover injuries for at least $25,000 for the first person and $50,000 for multiple people. Another $25,000 is to cover property damage. Given the cost of medical care and vehicles, this is a basic amount, and if you have assets, you may want to consider a higher amount. 

Basic auto insurance is not for you if you are paying on an auto loan or are leasing your vehicle. You don’t own the vehicle, so you need to cover that value for the lender or the lessor. You must protect the car.

Collision coverage pays for repairs to your vehicle if you cause an accident. It has a deductible, but minus that, it covers repairs or replacement of your vehicle. 

Comprehensive insurance protects you from many other things that can endanger your vehicle, including theft and vandalism. It also protects against natural disasters like tornados or floods. Comprehensive coverage pays for damage after the deductible is met if a deer runs in front of or into your vehicle. 

If your vehicle is brand new, you may also want to have gap coverage, so you don’t owe money after getting paid for it. 

Contact Bingham Insurance Group in Braselton, GA for all your auto insurance needs. 

How a business owner policy helps you.

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When opening a Braselton, GA business, make a business owners’ policy (BOP) the foundation of your insurance portfolio. This handy policy package from Bingham Insurance Group bundles together the four most necessary insurance policies for a business at a reduced premium.

A BOP covers your business for liability and essential property damage. The insurance package includes the following four policies:

  • Business interruption
  • Property damage
  • Peril
  • Liability

By starting with a BOP, you know your business has the essentials covered.

Because many businesses lack a retail component, they may only need a BOP. Those with a retail component may also need a glass policy to cover the plate glass windows of the store or a boiler policy to cover the mechanical of the building. You can add to the insurance package that starts with a BOP.

You don’t have to guess which policies you need to add to a BOP. Bingham Insurance Group can help you choose the policies your business needs to add to its BOP. We’ll ask you a few questions about your business, then recommend the options that fully cover your company.

Essentially, the liability component covers you for fault in an accident that occurs on your premises. The other three policies cover damage occurring to your business caused by a peril, including any time you must shut down the company temporarily. Examples of this include fire, tornado, and hurricane damage.

Cover your Braselton, GA business with a BOP from Bingham Insurance Group. We will help your business protect its financial future with a BOP. Contact one of our agents today to get started with a BOP policy. Let us help you nab the BOP policy that protects your business.

How can you customize your home insurance?

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Bingham Insurance Group, serving Braselton, GA, wants you to get the most out of your home insurance. We want to explain how you can add to your home policy, regardless of its type, to cover items that fall outside the purview of a home policy.

This blog explains how to add special coverage to your home policy to cover your jewelry, hobby equipment, a home-based business, etc. Your home policy, whether homeowners,’ renters,’ or condos, protects the items inside your home up to a percentage of the home’s value or a stated value.

High-Value Jewelry

Your high-value items often don’t receive coverage because their value exceeds the property allowance in the policy. To insure these items, you need a rider, also called a floater, to your insurance.

The typical home policy covers up to about $1,500 for jewelry. You can add a rider to cover your engagement or anniversary ring fully. If you own other high-value jewelry, you can cover it in the same rider.

Hobby Equipment

Home policies also do not cover hobby equipment. Your photography, videography, or recording equipment requires a rider, too.

Home-based Businesses

Any home-based business needs its own coverage. The insurance industry doffersan add-on to home insurance that provides business equipment and inventory coverage. It also covers business-related liability. Your home insurance only covers personal liability, so if a vendor, client, or contractor has an accident in your home while visiting for business purposes, your home policy does not cover it without the rider.

Contact Us

Contact Bingham Insurance Group, serving Braselton, GA, for more information on how to add coverage to your home insurance policy.

What every renter needs to know about renters insurance

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More than half of all renters don’t have renters insurance. If their rental was damaged, they could lose everything in the rental. At Bingham Insurance Group in Braselton, GA, we want to ensure that renters understand the valuable protection that renters insurance provides and how affordable it is. 

You may think you are covered under the same insurance policy covering the building you live in. That is, unfortunately, not true. Your landlord or management company only protects their property, not your property. You are responsible for protecting yourself. Renters’ insurance provides valuable protection, maybe even more than you know. 

Personal property

You own a lot more things than you realize. That’s a fact. It would be a hardship if you had to replace them all at once. Think about how much furniture and clothing you have, electronics and appliances. It would be devastating. With renters insurance, your property is covered in your rental and when it travels with you. 

Liability coverage

No one likes to think about being sued, but it is all too common nowadays. If someone is injured while visiting your rental, you could be responsible for their medical bills and any pain and suffering they decide they need. Just the legal fees can be quite high. This coverage provides the protection you need. 

Loss of use

Have you ever considered what you would do if your rental were damaged so badly that you couldn’t live in it? Loss of use coverage will help you to pay for a place to stay while your rental is being repaired. This can make all the difference in what is already a difficult situation. 

Contact Bingham Insurance Group in Braselton, GA to learn more about why every renter can benefit from renters insurance. 

How Much Liability Insurance Do I Need?

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When it comes to business, there are a lot of risks that you need to be aware of. One of the biggest risks is liability. You could be held liable if someone gets injured on your property or as a result of your products or services.

This is why it’s important to have liability insurance. The question is, how much do you need? This blog post will discuss the different types of liability insurance and how much coverage you should have.

Types of Liability Insurance

There are two main types of liability insurance: property damage and bodily injury. Property damage covers damages to someone else’s property caused by you or your business. For example, if you accidentally break a window while working, your property damage insurance would cover the cost of repairs.

Bodily injury covers medical expenses and other damages if someone is injured due to your business. For example, if a customer slips and falls in your store, your bodily injury insurance would cover their medical expenses.

So How Much Liability Insurance Do You Need?

The answer depends on a few factors, including the size of your business and the types of products or services you offer. If you have a small business with low-risk products or services, you may only need a few thousand dollars in coverage.

However, you may need millions of dollars in coverage if you have a large business or higher-risk products or services. Talking to your insurance agent at Bingham Insurance Group in Braselton, GA about your specific needs is essential. They can help you determine the right amount of coverage for your business.

Conclusion

Liability insurance is an important part of any business. The amount of coverage you need will depend on the size and risk of your business. Talk to your insurance agent to determine the right coverage for your needs. Bingham Insurance Group can help you find the right liability insurance policy for your business. Contact us today to learn more.

Do I Have to Have Motorcycle Insurance?

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Motorcycle insurance is required in almost all 50 states, although the type of coverage required varies. At Bingham Insurance Group in Braselton, GA, we offer the motorcycle insurance options you need. 

Legal Requirements for Motorcycle Insurance

Georgia requires all owners or operators of a motorcycle to carry liability insurance. Liability insurance will cover property damage and injuries to others if you are found at fault in an accident.

Georgia requirements include $50,000 total bodily injury or death per person per accident and $25,000 property damage coverage per accident. You may choose higher coverage limits if you wish.  

Full Coverage Motorcycle Insurance

Full coverage motorcycle insurance isn’t required by law. However, it may be required by your lender if you have a lien on your motorcycle. Full coverage insurance consists of collision and comprehensive coverage. 

Collision insurance will pay to replace or repair your motorcycle if you are in an accident, even if you are at fault. This is particularly important if your bike is valuable or you can’t pay to replace it if it’s damaged. 

Comprehensive coverage covers damage that doesn’t occur when driving your motorcycle. This includes covers vandalism and theft. This is important since motorcycles are smaller and more accessible to steal than passenger vehicles. This can also cover any accessories that are on your bike. 

Additionally, comprehensive coverage covers accidental damage when your bike isn’t in motion. For example, comprehensive coverage will pay for the repairs if a tree limb falls onto your motorcycle. 

Are Passengers Covered? 

This depends on your policy. Some policies will cover passengers, while others may only cover you as the operator. You should speak to your insurance provider to be sure. 

Motorcycle Insurance at Bingham Insurance Group 

If you need motorcycle insurance in Braselton, GA, contact us at Bingham Insurance Group. We offer the motorcycle insurance options you need to keep you and your investment protected.