How Can I Be Sure I’m Getting the Best Deal On Classic Car Insurance?

Classic cars are typically an investment because their value often appreciates as they get older. Insuring your classic car will protect your investment. However, it’s important you get the best deal on your classic car insurance. Here’s how to get the best deal on your classic car insurance in Danbury, CT. 

Getting the Best Deal On Classic Car Insurance

1. Do a Valuation for Your Classic Car

The market value of classic cars is ever-changing. As a result, many classic car owners often end up paying higher premiums on their classic car insurance because the insurer assumes the vehicle is more valuable than it really is. To get the best possible deal on auto insurance for your classic vehicle, you need to do a valuation for it. This will allow you to know its true value; thus, you will be paying premiums that match the value of your car.

2. Request for Discounts

Like other auto insurance policies, classic car insurance is also subject to discounts. These discounts include a clean driving record, anti-theft, and multi-car discounts. At Stratos Wealth Partners, we recommend that when purchasing your classic vehicle insurance, make sure that you request these discounts. These discounts will reduce your premiums and ensure that you get the best deal possible.

3. Ensure Your Classic Car Is in Perfect Working Condition

When it comes to getting an excellent deal on your auto insurance on your classic vehicle, its condition has a significant role to play. Generally, classic car insurance providers assume that cars that aren’t in their best working condition are more likely to cause accidents. Therefore, they will charge you higher premiums. You ensure that your classic vehicle is in the best working condition before seeking insurance as this would result in lower premiums.

Stratos Wealth Partners is a top-notch insurance services provider in Danbury, CT, and we are ready to answer all your classic car insurance questions. Call us today.

Is There Anything Umbrella Insurance Doesn’t Cover?

Think of an umbrella insurance policy as a safety blanket should the existing liability limits on your other insurance policies such as auto, home, RV, and boaters be exhausted due to a claim or lawsuit brought against you by a third party. Umbrella insurance protects you from a myriad of incidents, including the aforementioned liability claims, malicious prosecution, incidents that occur while traveling overseas, legal defense costs, libel and slander, and false arrest to name a few. Additionally, umbrella insurance coverage can be extended to your dependents to include a spouse or children. For instance, if your teenage driver is in an accident that results in a lawsuit and significant medical bills exceeding your auto insurance liability limits, your umbrella insurance will cover the rest even though the primary policyholder was not the perpetrator. 

Is There Anything Umbrella Insurance Doesn’t Cover?

Generally speaking, if your assets, including real estate property, savings accounts, investment accounts, retirement accounts, college saving plans, and more exceed your current liability limits, then you should strongly consider purchasing an umbrella insurance policy. That said, umbrella insurance does not cover all incidents with things like criminal behavior, damage caused by a business, and intentional activities being excluded. Additionally, injuries caused by certain dog breeds deemed to be aggressive, like a rottweiler or pitbull, are also likely to be excluded from umbrella insurance coverage.

Looking for Umbrella Insurance in Danbury, CT?

For more information or to learn if umbrella insurance is right for you, contact the team at Stratos Wealth Partners in Danbury, CT. As committed insurance providers, we are dedicated to assisting you to find the perfect insurance policy for your needs. Give Stratos Wealth Partners a call today to schedule a no-obligation consultation with one of our knowledgeable insurance professionals. 

 

 

Common Misinformation Regarding Flood Insurance Policies

Stratos Wealth Partners serves the Danbury, CT community. We help local residents find policies that align with their present and future goals. We offer unique types of coverage designed to help our clients’ individual situations. We are confident that we can help you find the coverage you need.

Common Misinformation Regarding Flood Insurance Policies

During different parts of the year, the Danbury, CT community may be at risk for potential flooding. The spring and summer are often filled with rainy days. Sometimes the increased humidity can cause serious storms. If the water builds up and spreads throughout the area, severe flood damage can occur. Flood insurance protects you if your property suffers damage due to flooding. The policy covers both the interior and exterior of your property, as well as any damage to your possessions. While looking over your flood insurance policy, learn about common misinformation.

Flood Insurance Covers Water Damage

There is a difference between flood damage and water damage. Water damage may occur when your property suffers a broken pipe or has drainage issues. However, flood damage occurs when a body of water causes problems throughout the entire area. Flood insurance does not cover any drainage or sewage issues.

My Luxury Items Are Covered

If you have luxury items at your home such as antique furs and jewelry, you’ll need to amend your flood insurance policy in order to fully cover the value of those items if they suffer damage.

I Can Wait Until Severe Weather Is Approaching

This is a bad idea. Your flood insurance policy contains a grace period. This is normally about a month when you are left unprotected until your coverage kicks in. You’ll have to cover any damage out of pocket during the grace period so don’t wait until the last minute to obtain coverage.

Stratos Wealth Partners Will Help You Protect Your Assets

Visit our website to learn more information about flood insurance.

Starting with a BOP Policy

Starting with a BOP Policy

Save money on your commercial insurance by beginning with a business owners policy (BOP), which includes the four most common types of business insurance. Yes, Stratos Wealth Partners serving Danbury, CT wants to help you save money.

You could purchase the four types of policies listed in the BOP separately, but you would end up paying more money for the same coverage. So, what makes a BOP so special?

It combines your business’ liability coverage in a package with business equipment coverage, property damage coverage, and bodily injury coverage. That means that if a slip-and-fall accident occurs in your business, the BOP covers it. It pays the medical costs of the individual’s treatment, and it covers the settlement from it.

You can add to a BOP. If you need glass insurance, boiler insurance, business interruption coverage, or errors and omissions coverage, you can find that at Stratos Wealth Partners and add it to your BOP. You can also add any of the other more than 20 types of commercial policy available.

This lets you save money on the four most urgent policies, and you can customize the policy easily. Many businesses need commercial auto coverage for example but not all. A doctor or lawyer would need malpractice insurance but would not need glass insurance or inland marine coverage.

Meeting with an insurance agent, whether in person or on Zoom, can help you choose only the right policies your business needs. Your business might only require the BOP, but it might also need commercial auto or boiler insurance.

Contact Stratos Wealth Partners serving Danbury, CT to set up your consultation. Call us today to get started covering your business with a BOP.

7 Important Terms to Know for Classic Car Insurance

Do you own an antique vehicle, otherwise known as a classic car? If you do, or you’re in the market for one, you’ll want to know as much as possible about the insurance you’ll need to get. The agents at Stratos Wealth Partners of the Danbury, CT area and beyond can help with all of your classic car insurance questions. 

Agreed-Value Coverage

With agreed-value coverage, you agree with your agent on a value for your vehicle. This value typically increases so that if you have a total loss, you have plenty to cover what you need for a replacement. 

Automatic Coverage 

This is the type of coverage that automatically protects a new vehicle you add to your collection, typically for a short period of time before you have to set up policy information on it. 

Claimant 

This would be the individual who files a claim in order to get money from an insurance policy. When it comes to most insurance policies, the person who holds the policy would be the claimant. 

Excluded Peril 

Excluded perils are causes of loss that your policy doesn’t cover. Be sure to review your policy documents carefully to know what is and isn’t included so that you can avoid nasty surprises. 

Exposure 

Exposure in an insurance policy means how often you’re in situations that could lead to a loss. An insurance company will determine your exposure level and use it as a factor in setting the cost of your insurance. 

Flexible Mileage 

If your policy includes anything about flexible mileage, you are able to choose between a variety of terms. For example, you can select 2,500 to 7,500 mileage limit tiers. 

Sublimit 

This is an extra limitation for the amount that your insurance policy will pay out if you have a loss due to specific causes. Perils that are named under a sublimit will be covered for less than the policy’s actual limit.  

If you have any questions or concerns about getting your classic car insurance, you can talk to an independent agent at Stratos Wealth Partners of the Danbury, CT area. We’re pleased to make the process an easier one for new customers.

How To Determine Your Home’s Flood Risk

Knowing your risks is the best way to know the level of insurance coverage you need to protect your assets. Since flood insurance is not part of homeowners insurance, you have the option to pay for the additional coverage or not. With that freedom of choice comes the responsibility of investigating your risks, and Stratos Wealth Partners can show you two helpful tools for this task.

Using FEMA’s Flood Map Service

The FEMA Flood Map gives you a satellite map of a grid section with markings for the flood risk zone. These maps are great for seeing how closely zones rated at different flooding risks can be. The amount of detail can be a bit overwhelming, but it’s one of the closest looks you can get at your home’s flood risk.

Using the FloodFactor Service

Another reliable website is the FloodFactor, a service sponsored by the First Street Foundation. In addition to the historical data you can find at the FEMA site, it pulls together other resources to refine their algorithms. Enter your address, and it will take you to a helpful mix of infographics and text that will help you assess the flood risk of your home and the surrounding area. If you enter a general location like Danbury, CT into the search bar, you can get helpful facts such as the number of homes that were damaged in Hurricane Sandy.

No Flood Risk Model Is Perfect

Even if the flood models assign a low risk to a location, there is still the potential for sudden changes in weather to upset all the predictions. If you’re unsure about how much of a flood risk is threatening your home in Danbury, CT, Stratos Wealth Partners will help you sort through the information and determine if there is an insurance policy that suits your needs.

Do I need flood insurance if I have home insurance?

Floods are one of the most devastating natural disasters. Millions of dollars of damage are caused by floods every year. Rivers rise, the ocean batters the coast and even lakes, ponds, and streams can rise to flood level. As little as 2 inches of water in your home can cause more than $25,000 in damage. In Danbury, CT, Stratos Wealth Partners is here to help you make the right decision about flood insurance. 

Unfortunately, home insurance does not cover floods. It surprises many people, but the fact is, you won’t get any coverage from your home insurance. You need to buy dedicated flood insurance. As a matter of fact, if you are in an area that is prone to flooding, your mortgage company will require that you have flood insurance. 

Flood insurance is offered through the National Flood Insurance Program which is managed by FEMA. About 60 insurance companies offer insurance to the public and it is also available through NFIP Direct. It is available in two parts. You can buy one or both parts. One part covers the building itself and the other covers the contents. 

The FEMA-managed flood insurance has limits. The maximum coverage for the building is $250,000 and the contents $100,000. This may be adequate coverage for most people, but it is not necessarily right for everyone. If you are one of those people, you do have other options. Some insurance companies are offering flood insurance policies that expand on the limits to protect your home for the amount you need. 

Your home insurance can protect you from many hazards that damage your home, but floods are not one of them. If you are in danger, you need to get a flood insurance policy. 

In Danbury, CT, Stratos Wealth Partners is your local independent agency. We have experience with flood insurance and what our customers need. 

Types of commercial insurance that most businesses can benefit from

A commercial insurance policy is customizable. You buy the types of coverage that fit your business and don’t buy the ones that you would not benefit from. A few of the types of commercial insurance are so universally helpful that most businesses can benefit from having them. At Stratos Wealth Partners in Danbury, CT Stratos we make it our business to get to know your business so that we can better serve you. 

In Connecticut, you are required to have workers’ compensation insurance and commercial auto insurance. While these are important types of insurance, they are not the only ones that most businesses can benefit from. 

Commercial liability insurance

Businesses are easy targets for legal actions. Between 35-50% of businesses will be sued in any given year. 1 in 12 go out of business every year. While there are multiple reasons why businesses don’t make it, being sued and having a large judgment against you can certainly affect a business’s viability. Liability insurance pays legal fees and a judgment against you.  

Commercial property insurance

Many hazards can damage your business. Commercial property insurance can protect you from the damage caused by many of them. It isn’t just your building that is covered, it is the things you need to do business, no matter what kind of business you have. Machinery, tools, office equipment, records, and more.

Workers’ compensation insurance

No matter how many employees you have, whether they are full or part-time, in Connecticut you need to protect your employees with workers’ comp. 

Commercial auto insurance

In Connecticut, the minimum amount of insurance your business vehicle must have is 25/50/25. That is $25,000 for one injured person, $50,000 for the entire accident, and $25,000 for damaged property. 

In Danbury, CT, Stratos Wealth Partners is your local independent insurance agency. Give us a call when you are ready to discuss your commercial insurance needs.