Why should someone get auto insurance in Connecticut?

If you are a car owner in the state of Connecticut, you can find that it makes it much easier to get around. As a car owner, you are going to have a variety of requirements that need to be met. When you are a car owner in the Danbury, CT area, having insurance is very important. There are various situations when having an auto plan will be considered a necessity. 

Protect their Car

A reason all people here should obtain an auto plan is so they can protect their car. When you are looking to buy a car, it would be a good idea to ensure your investment is protected against all risks. When you have a comprehensive plan, it will give support if the car is stolen or damaged in an accident. Having this coverage is also a necessity if you have taken out a loan when buying the car. 

Meet Standards Set by State

If you would like to drive a car in the Danbury, CT area, it would be a good idea to follow the liability laws set by the state. The state of Connecticut will require all drivers to carry liability insurance whenever driving a car on the road. If you do not have this coverage, you can face significant penalization and will not have coverage if you have to pay for damages. 

Reach Out To Us

Having an auto insurance plan will continue to be an important responsibility for all car owners in the Danbury, CT area. When you are looking to buy a car here and need insurance, you can call our team with Stratos Wealth Partners. Our professionals at Stratos Wealth Partners know the value of this coverage and can offer any support that you need to build your next insurance policy. 

Do I Qualify for Classic Car Insurance?

You have a cool, older vehicle that you love — do you need the same car insurance as everyone else? If your vehicle qualifies as a classic car in the Danbury, CT area, you don’t. Instead, you should get classic car insurance in order to make sure your vehicle is properly protected.

At Stratos Wealth Partners, we understand that there can be some confusion in this area. That’s why we’re here to help answer all your questions.

How do I know if my vehicle is a ‘classic’ car?

Contrary to popular belief, classic cars aren’t determined solely by age. Not all vehicles will automatically become classic cars by just sitting around for years, getting old. Instead, classic cars must meet specific criteria:

  • Must be older (the standard is at least 25 years of age)
  • Must be in established good condition
  • Must have relatively low mileage per year (these are not "everyday" vehicles)
  • Must be stored safely when not in use (not easily exposed)
  • Meet any other standards outlined by the classic car insurance company

In some cases, classic cars also need to have all original OEM parts or approved replacements. Classic cars often are designated by their inclusion on lists of "collector" cars from different manufacturers.

What is classic car insurance?

Classic car insurance is protection for your vehicle that takes into account the fact that it has been more carefully cared for and stored, in addition to the fact that it is driven far less than a regular car. As a result, classic car insurance is typically much cheaper than regular auto coverage.

In addition to having a vehicle that meets the above criteria, you as the owner and driver will also have to meet certain standards to qualify for classic car insurance. For example, you need to have a clean driving record and should have access to another vehicle for regular use.

Discover your classic car insurance options

Have more questions? Give us a call or send us a message at Stratos Wealth Partners in Danbury, CT! In the meantime, we’re ready to help you explore your classic car insurance options and find a policy that works for both you and your vehicle. We look forward to meeting you and ensuring you’re protected both on the road and off.

Who should get an umbrella insurance policy?

Umbrella insurance is a great way for people to protect themselves from the financial risks associated with costly legal issues, and there are several groups of people who can benefit from this type of coverage. At Stratos Wealth Partners, we specialize in helping Danbury, CT area residents get the umbrella insurance they need.

Who should get an umbrella insurance policy?

For one, individuals who have significant assets or a high net worth should consider umbrella insurance. With this type of policy, you would be able to protect your hard-earned money from lawsuits, expensive settlements, and other liabilities. 

Furthermore, those who work in professions that have higher than average risks for litigation should consider getting umbrella insurance. This includes teachers, lawyers, doctors, real estate agents, entrepreneurs, and many more. In addition to the economic protection it provides against legal issues, umbrella insurance can help cover damages if you are found liable in a lawsuit that involves slander or libel accusations. 

Umbrella insurance is also ideal for those who engage in risky activities such as skydiving or driving fast cars. If an accident were to occur while engaging in these types of activities and you were found liable for damages incurred by another person or property damage costs exceeded your auto liability limit then an umbrella policy could be used to bridge the gap between what is covered by your regular auto insurance policy and what is not. 

Get Umbrella Coverage Today

If you want additional protection against potential financial risks and lawsuits, then an umbrella policy may be something worthwhile looking into. Everyone’s situation is different so make sure to discuss with a qualified agent at Stratos Wealth Partners to determine whether it makes sense for you personally. We are proud to serve the Danbury, CT area.

Do I need flood insurance in addition to my homeowners policy?

When it comes to protecting your Danbury, CT area home and the belongings inside of it, a homeowners insurance policy is an essential investment. But if you live in an area that’s prone to flooding, you may want to consider taking out additional flood insurance in order to provide extra protection against any potential losses.

While traditional homeowners insurance policies from Stratos Wealth Partners will usually include coverage for certain types of water damage, this typically does not extend to floods. 

Flood Insurance: The Basics

A flood can happen at any time, whether it’s caused by torrential rains, melting snow, or rising river levels. Unfortunately, many people find themselves without adequate coverage when they need it most. Fortunately, there are several different options available when it comes to flood insurance—including both private and government-backed policies—so you can choose the one that best suits your needs and budget.

When looking into flood insurance plans, be sure to read the details carefully, so you understand what type of coverage each policy provides. Generally speaking, a typical flood insurance policy will cover the cost of repairing or replacing any damaged items due to flooding as well as any structural damage caused by the water itself. This can include things like drywall repair or replacement and new flooring installation after a major storm or flash flooding event. 

Get The Right Coverage For Your Needs

Floods can cause significant financial losses for those who are inadequately prepared for them. Having some form of extra coverage could prove very beneficial in the long run in terms of ensuring your home and its contents remain protected from costly repairs or replacements down the road. If you have any questions about flood insurance, call Stratos Wealth Partners today. We proudly serve the Danbury, CT area.

Commercial Insurance FAQs

When you own a business, you face many risks. Trying to survive can take a lot of your energy. Having good commercial insurance can help make things less stressful but, of course, nothing can save you from every risk. At Stratos Wealth Partners in Danbury, CT, we have a lot to offer business owners. As independent agents, we have access to more carriers and policies which allows us to get the best deal for our customers. 

Do I need commercial property insurance if I don’t own the building I work in?

Commercial property insurance is different from home property insurance. It covers more than just the physical building. It covers the things you use to operate your business. For a plumber, that might be tools. For a store owner, that would be display units, for a manufacturer, machinery, and raw materials. Inventory is covered for all types of businesses and office equipment. 

Is commercial insurance required by law in Connecticut?

In the state of Connecticut, the only requirement for commercial insurance is workers’ compensation. If you have one or more employees, no matter whether they are contracted, full time or part-time, they need to be covered by workers’ compensation insurance.

Four types of commercial insurance that most businesses can benefit from? 

  1. Property insurance protects both your building if you own it and all of the items you use to conduct your business.
  2. Commercial auto insurance if your business owns a vehicle, or you use your personal vehicle for business. 
  3. Commercial liability insurance can help to protect your business against legal action that could bankrupt your business. 
  4. Business interruption insurance can save your business if you are hit by a covered hazard and can’t do business. It allows you to pay your bills and payroll. 

Give Us A Call

Contact Stratos Wealth Partners in Danbury, CT for all your commercial insurance needs. 

What are the requirements for a car be considered “classic” and eligible for classic car insurance?

You might think your car is a classic but is it? And even if it is, do you need classic car insurance? In this blog post, Stratos Wealth Partners answers those questions and more. Here is what you need to know about classic car insurance requirements in Danbury, CT, and surrounding areas:

What is a Classic Car?

To be considered a classic car, your vehicle must be at least 20 years old and have a value of at least $15,000. If you’re unsure how much your car is worth, a professional can appraise it. Once you know your car’s value, you can compare it to the other requirements for classic car insurance.

Do I Need Classic Car Insurance?

You might be wondering whether or not you need classic car insurance. The truth is that it depends on several factors, including the value of your car and how often you drive it. If your car is worth more than $15,000 and you drive it regularly, then classic car insurance is probably a good idea. Even if your car isn’t worth that much, classic car insurance can still be beneficial because it offers certain perks that regular auto insurance doesn’t, such as agreed-upon value coverage and lower premiums.

Get Coverage For Your Vintage Vehicle Today

Now that you know the requirements for a car to be eligible for classic car insurance in Danbury, CT, you can decide whether or not classic Car Insurance is right for you. If you have any further questions about classic car insurance or any other type of insurance, don’t hesitate to contact Stratos Wealth Partners. We’re here to help!

Umbrella Insurance – How does it work and what does it cover?

Have you ever heard of umbrella insurance from Stratos Wealth Partners? Chances are, you might not be sure what it is or how it works in Danbury, CT.

Here’s a quick overview of umbrella insurance:

Umbrella insurance is an extra layer of protection that can be added to your already existing homeowner’s or auto insurance policy. It provides you with additional coverage in the event of a liability claim.

For example, let’s say that you’re liable for a car accident resulting in serious injuries to the other driver. Your auto insurance policy might only cover up to $100,000 in damages, but the total amount of damages awarded could be much higher. If you have umbrella insurance, it will kick in and cover the additional costs above and beyond what your auto insurance policy covers.

Umbrella insurance is a great way to protect yourself financially in the event of an unforeseen accident or occurrence. It’s important to keep in mind, however, that umbrella insurance does not cover everything.

Here are some examples of what umbrella insurance does NOT cover:

  • War or acts of terrorism
  • Intentional acts
  • Claims arising from business activities
  • Bodily injuries caused by viruses or bacteria
  • Nuclear accidents
  • Joint liability claims

Contact Us Today

Umbrella insurance is a great way to protect yourself from any potential financial burden that could come as a result of an accident or unforeseen circumstance. It’s important to remember, however, that umbrella insurance does not cover everything that might happen in Danbury, CT. Make an appointment with Stratos Wealth Partners to determine if umbrella insurance is right for you and your family.

Why would the flood zone status of my home change?

The Federal Emergency Management Agency (FEMA) conducts flood studies throughout the US. It also updates these studies periodically. FEMA’s initial study of an area provides the information for its flood map. When the agency updates its flood study, it also updates its flood maps.

This means that your home or office building in Danbury, CT might start out in a zone that does not require flood insurance. Stratos Wealth Partners wants you to understand that an updated study may change this though.

In addition to FEMA, each city also creates flood maps. The cities also have the right to update these maps.

Neither organization needs the permission of the other to update the maps although they do typically apprise each other of an update. This saves the other organization from duplicating work. The remapping agency provides a copy of the updated map to the other entity.

How You’ll Know the Flood Zone Changed

When an organization makes these changes, it also informs homeowners or business owners in the area. This affords them the opportunity to shop for flood insurance before the specified date that the new maps become effective.

You’ll typically get at least a month to obtain coverage. Since you can shop for flood insurance online, this provides ample time.

Some individuals may live close enough to a flood zone that their bank requires coverage. Read your mortgage loan documents carefully. Most stipulate that if the flood zones change, they can require flood insurance for you to keep your mortgage.

Get Flood Insurance Today

Stratos Wealth Partners serving the greater Danbury, CT community can help you obtain your flood insurance policy. Call us today.

Should every business get commercial insurance?

When you are in the Danbury CT area, you may find there is a good local economy and a strong base of local residents. These factors, along with local small business support, can make it an ideal place to start a business. If you would like to start a business here, it would be helpful to get a commercial insurance plan as it can help support your organization.

There are a few reasons why businesses here need this coverage:

Protect Business

A primary reason that every business should have a commercial insurance plan at all times is so the business can be appropriately protected. Businesses today face many risks, some of which can be mitigated and offset with a commercial insurance plan. With the right commercial insurance, you can protect your business assets and reduce your commercial liability risks. During some otherwise challenging situations, this could help keep your business solvent. 

Comply with Insurance Requirements

It can also be helpful to get commercial insurance to ensure you comply with requirements. Businesses today will always have different insurance requirements. These requirements are set by investors, bank lenders, property owners, commercial clients, and even local regulators. If you do not have the right commercial insurance, it could cause a violation of various agreements. When you carry the proper coverage, it can help ensure you are in good standing with such obligations. 

Contact Us Today

Any business that is in the Danbury, CT area will want to know that they have proper insurance support in place. If you are looking for a new plan here, it would be a good idea to call Stratos Wealth Partners when you start your search. The team with Stratos Wealth Partners knows how valuable this coverage can be and they will help you build a policy that meets your needs. 

What Are The Benefits Of Having Home Insurance?

According to research, only about 85% of homeowners in the United States have home insurance. Of those who don’t have coverage, many think they don’t need it because they either own their home outright or their mortgage lender doesn’t require it. However, there are several benefits of having home insurance that extends beyond just being required to have it. Stratos Wealth Partners in Danbury, CT is here to provide you with a guide.

Here are the key benefits of having home insurance:

1. Protection for Your Dwelling

Home insurance protects your home’s physical structure. This includes the roof, walls, and any attached structures like a garage or deck. If your home is damaged by a covered event like severe weather, fire, or theft, your home insurance policy will help pay to repair or rebuild it.

2. Protection for Detached Structures

Your home insurance policy also covers detached structures on your property, like a shed, guest house, or gazebo. Coverage for these structures is usually a percentage of the coverage limit for your dwelling, so be sure to check your policy limits. Talk to an agent from Stratos Wealth Partners to understand more about this limit.

3. Protection From Liability

If someone is injured on your property and sues you, home insurance can help cover the cost of their medical bills and any damage to their property. Your policy will also provide legal defense if you are sued. This is by far one of the most important benefits of having home insurance.

4. Protection for Your Belongings

Home insurance protects not only your home but also the contents inside. If your belongings are damaged or stolen, your home insurance policy can help you replace them. Most policies limit how much they’ll pay for certain items, like jewelry or electronics, so be sure to check your policy limits.

Give Us A Call

These are just a few of the key benefits of having home insurance. So, if you don’t have coverage, talk to your Stratos Wealth Partners in Danbury, CT about getting a policy that’s right for you.

Homeowners should feel confident knowing they are fully protected in the event of an unforeseen disaster. Contact us today for all your home insurance needs. We’re here to help you every step of the way.