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How Traveling to Another State in Your Motor Home Affects Your Insurance

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Naturally, if you have a motor home, you’re going to want to use it to travel long distances. Perhaps you’ll want to take in the scenic views of the Blue Ridge Mountains. With those winding roads and vast vistas, it can be easy to find yourself drifting over state lines. Do take care to realize that traveling out of state can affect the insurance on your motor home. Educate yourself on the laws regarding insurance before those country roads take you far from home.

Understanding State Laws Regarding Motor Home Insurance

Let’s start with North Carolina. In North Carolina, you are required to have liability insurance on your motor home. It is the same in Georgia, though Georgia has higher minimum requirements. These fluctuate, so keep abreast of them. Having more coverage than the state minimum protects your assets by increasing your liability limits, so it’s a good idea to start with. In South Carolina, it is required that a motor home be insured with both underinsured motorist bodily injury (UIMBI) and underinsured motorist property damage (UIMPD). However, submitting a signed form may reduce or even reject such coverage. It is the same in Tennessee. Not so in Virginia.

Hausmann Insurance & Financial Services Serving Charlotte and Waxhaw, NC

Whether you live in Charlotte or Waxhaw, NC, Hausmann Insurance & Financial Services can help you with your motor home insurance needs. We will connect you with a courteous agent who can help you find the policy that is right for you.

Watercraft Insurance: Do I Need a Specific Type for My Watercraft?

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Investing in a boat is a significant financial commitment. Apart from the initial cost, maintaining a boat to ensure its longevity also requires ongoing expenditure. Watercraft insurance is a crucial aspect of this maintenance, providing coverage in case of breakdowns or accidents. However, when insuring your boat, you might question the sufficiency of the policy you’re considering. Do you need specialized coverage for your watercraft? Here’s what you need to know about boat insurance and how Hausmann Insurance & Financial Services can help you find the right policy. We serve clients throughout North Carolina, including Charlotte and Waxhaw, NC.

Is Specialized Insurance Necessary for Your Watercraft?

Basic boat insurance typically covers most boats. You might need specialized insurance only if your boat is significantly larger or if it’s docked at a specific location. For instance, larger boats like yachts and fishing boats require specialized insurance to ensure adequate coverage in case of an accident. Similarly, if you dock your boat at a marina or similar location (instead of keeping it on your property), you might need a specialized policy and pay for the reserved spot. The more expensive your boat, the more likely you’ll need a specific type of policy. However, for an average boat, almost any policy should suffice.

Begin Your Journey to Watercraft Insurance Here

At Hausmann Insurance & Financial Services, we’re committed to helping residents of Charlotte and Waxhaw, NC, find watercraft insurance quickly and easily. Compare quotes with us today to ensure your boat is insured and protected!

Does Condo Insurance Cover Issues Coming From Other Parts of the Building?

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Homeowners insurance is straightforward because it covers your property and because your property is unlikely to be affected by properties around you. But when you live in a condo, you live in a unit surrounded by other units. If they experience a problem that affects their unit, like a major plumbing leak, it could also affect your unit. This prompts the question, does condo insurance cover issues coming from other parts of the building? It’s an important question to ask. Let’s see what condo insurance will cover and how we here at Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC, can help!

Does Condo Insurance Cover Damages Stemming from Other Units?

Condo insurance is designed to cover damages that happen to your unit and come from your unit. But what if another condo owner’s pipes were to burst and result in water damage to your unit? Would you be covered in this scenario? Typically, yes. Your insurance would likely cover the repairs required to fix your condo so it’s back in optimal shape. Then, your insurance may end up going after the other person’s insurance to recoup the cost. The building owner may also be able to help as they own the building and could potentially be responsible for the damages caused by a lack of maintenance on certain systems. These types of situations can be complex, but you should rest assured that you’ll likely be covered should these types of damages occur. If you’re concerned about this, reach out to your provider ahead of time for clarity.

Secure Your Condo with Hausmann Insurance & Financial Services

Protecting your condo is important if you want to avoid expensive fixes. We’re here to help. Compare condo insurance quotes now with Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC!

How a Cash-Value Life Insurance Policy Benefits You

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When you consider purchasing a life insurance policy, Hausmann Insurance & Financial Services suggests consulting with a knowledgeable insurance agent about your lifetime financial goals first. Some of the life insurance options available to Charlotte residents can help them build a nest egg while providing a death benefit to their beneficiaries upon their death.

An Insurance Decision Example

When your agent consults with you in Waxhaw, NC, they’ll ask a client about their financial goals and current needs for beneficiaries. For instance, a 36-year-old married customer with two children, aged five and six, needs a funeral benefit and a death benefit for their family. They can divide this into three payments or leave one to their spouse. They ask about financial goals to determine how much money they need as a death benefit and, therefore, the face value of the policy. The client may want to make sure there’s plenty of money to:

  • Pay off the mortgage.
  • Pay off the car loan.
  • Provide income replacement for their income.
  • Pay for college for both children.

Although many single people their age choose term policies, a whole-life policy works better for them. They and their spouse also need to prepare for retirement, so the insurance agent suggests a whole-life policy called a cash-value life insurance policy.

Life Insurance Policies That Help You Build Wealth

Four main types of cash-value life insurance policies exist, each providing two components. First, a cash-value life policy includes a death benefit and, second, a money market or savings account. The four most common types of these policies include:

  • Guaranteed Issue Life Insurance
  • Guaranteed Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Universal Life Insurance.

Each varies on the method of accruing interest or growing the money market account. For example, an indexed policy earns at a commensurate rate like the Standard & Poor’s 500, NASDAQ-100, or other stock market index the insurer selects. The money market account grows over time since a portion of each month’s insurance premiums goes into it. The policyholder can borrow against the account once it vests.

Get Your Life Insurance Policy Started Today

Let Hausmann Insurance & Financial Services help you plan for retirement and death. Whether you live in Charlotte or Waxhaw, NC, we can help you purchase the ideal life insurance policy for your situation.

How a Cash-Value Life Insurance Policy Benefits You

Posted on by admin

When you consider purchasing a life insurance policy, Hausmann Insurance & Financial Services suggests consulting with a knowledgeable insurance agent about your lifetime financial goals first. Some of the life insurance options available to Charlotte residents can help them build a nest egg while providing a death benefit to their beneficiaries upon their death.

An Insurance Decision Example

When your agent consults with you in Waxhaw, NC, they’ll ask a client about their financial goals and current needs for beneficiaries. For instance, a 36-year-old married customer with two children, aged five and six, needs a funeral benefit and a death benefit for their family. They can divide this into three payments or leave one to their spouse. They ask about financial goals to determine how much money they need as a death benefit and, therefore, the face value of the policy. The client may want to make sure there’s plenty of money to:

  • Pay off the mortgage.
  • Pay off the car loan.
  • Provide income replacement for their income.
  • Pay for college for both children.

Although many single people their age choose term policies, a whole-life policy works better for them. They and their spouse also need to prepare for retirement, so the insurance agent suggests a whole-life policy called a cash-value life insurance policy.

Life Insurance Policies That Help You Build Wealth

Four main types of cash-value life insurance policies exist, each providing two components. First, a cash-value life policy includes a death benefit and, second, a money market or savings account. The four most common types of these policies include:

  • Guaranteed Issue Life Insurance
  • Guaranteed Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Universal Life Insurance.

Each varies on the method of accruing interest or growing the money market account. For example, an indexed policy earns at a commensurate rate like the Standard & Poor’s 500, NASDAQ-100, or other stock market index the insurer selects. The money market account grows over time since a portion of each month’s insurance premiums goes into it. The policyholder can borrow against the account once it vests.

Get Your Life Insurance Policy Started Today

Let Hausmann Insurance & Financial Services help you plan for retirement and death. Whether you live in Charlotte or Waxhaw, NC, we can help you purchase the ideal life insurance policy for your situation.

Does Renter’s Insurance Cover a Tenant’s Personal Belongings?

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Renter’s insurance can save tenants in Charlotte and Waxhaw, NC a lot of money if personal belongings are stolen, vandalized, or damaged by a natural disaster. Unfortunately, this type of insurance does have limits. Before filing a claim, you’ll want to know what is and isn’t covered.

Personal Belonging Coverage: What to Expect

Renter’s insurance compensates if your personal belongings are damaged or destroyed as long as the disaster is covered under your policy. You’ll also get liability coverage. For instance, the renter’s insurance covers medical and legal costs if someone is injured on your property. This means you don’t have to sell valuable belongings to pay those bills. However, some types of belongings aren’t covered under your policy. Personal vehicles aren’t covered under the renter’s insurance. Instead, they’re covered by your car insurance policy. If you run a business from your residence, any business-related items or products you store at home are likewise not covered by this form of insurance. Rather, you’d need business insurance to compensate for the loss of such items.

Furthermore, all renter’s insurance policies have coverage limits. If you own valuable collectibles or antiques, you’ll need to purchase coverage designed to compensate for the loss of costly items.

Find Out More from Hausmann Insurance & Financial Services

Hausmann Insurance & Financial Services has offices in Charlotte and Waxhaw, NC. Our team specializes in helping renters review insurance options and choose a renter’s insurance policy that meets their needs and budget. If you’re new to the area or looking for a new policy, call us at your convenience. We’ll answer your questions, review your options, and provide you with policy quotes.

Mending Your Bad Driving Record

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Improving Your Driving Record and Managing Car Insurance Rates

If you are a driver in the Charlotte or Waxhaw, NC area with a less-than-stellar driving record, overcoming the repercussions may seem daunting. Your car insurance rates may have skyrocketed and could take years to reset.

At Hausmann Insurance & Financial Services, we want you to know there’s help available. Here’s how to repair and manage your driving record.

Know Your Standing

The first step to managing your driving record is understanding what it contains. Please obtain a copy of your record or view it online. Ensure it’s accurate and challenge any discrepancies. Document past violations and keep track of when they will be removed from your record. Regularly monitor your record to be sure any expired violations are cleared.

Consider Driving Courses

Many states and insurance companies offer incentives for drivers who take defensive driving courses. These courses are often inexpensive and can be completed online at your convenience. They could lead to discounts or even the elimination of certain violations.

Adopt Safe Driving Practices

Much like rebuilding poor credit, mending a driving record means not adding any further violations. Concentrate on maintaining a clean record for the year or two it may take to see improvements.

Compare Insurance Rates

While comparing car insurance rates won’t repair your driving record, it could save you money on your policy. In many cases, comparison shopping is the best way to save on car insurance.

Whether your driving record is spotless or marred by several incidents, we invite you to request a quote from Hausmann Insurance & Financial Services, which proudly serves the Charlotte and Waxhaw, NC area. We will provide a quote based on your current information. Remember, it’s an advantage to compare before you choose.

We look forward to assisting you.

How Do Auto and RV Insurance Differ?

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Understanding the distinction between RV and auto insurance is crucial for every RV owner, especially as RV insurance can potentially be more complex than auto insurance. It’s essential to ascertain a coverage that aligns with your requirements. For residents of Charlotte or Waxhaw, NC, our Hausmann Insurance & Financial Services team is on hand to help determine the optimal RV coverage for your needs.

Comparing RV and Auto Insurance

Similar to automobiles, motorized RVs in North Carolina are required by law to carry a minimum insurance coverage of $30,000 for bodily liability per person, $60,000 per accident, and $25,000 for property damage liability per incident.

Given the larger size of RVs, which leads to the potential of accommodating more individuals and causing enhanced damage during accidents, many RV owners typically secure more than the state’s minimum bodily injury liability coverage. Additionally, North Carolina mandates Uninsured Motorist insurance for RV owners, which is not a requirement for automobiles.

Besides liability coverage, RV insurance policies often encompass other elements or add-ons, including:

  • Vacation Liability: Provides coverage for bodily injuries and property damage endured by individuals around your parked RV
  • Personal property and attachments coverage: Protects items like appliances, electronics, clothes, and other household goods
  • HOA Fees: Covers the cost of RV homeowners’ association charges arising from damage to common areas
  • Adjacent structures coverage: Insures structures like decks, carports, and similar amenities at certain RV locations
  • Roadside Assistance: Offers coverage for RVs that surpass the vehicle size limit for most standard auto roadside assistance plans
  • Temporary lodging coverage: Reimburses living expenses if your RV needs repairs while you’re traveling

Partnering with Hausmann Insurance & Financial Services

Our friendly and knowledgeable Hausmann Insurance & Financial Services team caters to clients in the Charlotte and Waxhaw, NC area. We’re ready to assist with your RV or other insurance requirements. Drop by our office or call us today at (704) 332-0011 to schedule an appointment.

# Types of Optional Boat Coverage You Should Consider

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Before you venture onto the water, you must cover your boat adequately. Hausmann Insurance & Financial Services provides boat and watercraft insurance in Charlotte and Waxhaw, NC. In addition to standard boat coverage, consider these optional coverage types.

Emergency Services

What do you do if you are stranded in open water? You could face unexpected expenses if your boat runs out of gas or requires repairs. Emergency services coverage can help, offering assistance with towing, labor, and the delivery of batteries or fuel.

Belongings and Equipment Coverage

You may want to consider personal belongings coverage. If your items are damaged while on the boat, this policy can cover the costs of repairing or replacing them.

If your boat carries expensive fishing or navigation equipment, consider equipment protection. If the equipment is lost or damaged while on the boat, their repair or replacement costs are covered.

Clean Up and Salvage Coverage

If your boat sinks, the cost of removing the wreckage can be substantial. It’s crucial to understand you are responsible for removing your boat and cleaning up any wreckage. A wreckage removal policy ensures you won’t pay for this out of pocket.

Fuel spill clean-up coverage can cover the costs of cleaning up any fuel spills caused by your boat.

Agreed Value Coverage

Boats, much like cars, typically depreciate over time. However, if you choose an agreed value policy, you’re covered for the full initial value of your boat.

Boat Insurance at Hausmann Insurance & Financial Services

If you need boat insurance in Charlotte or Waxhaw, NC, contact us at Hausmann Insurance & Financial Services. Our agents will understand your needs and assist you in choosing the best coverage.

Some Things New Condo Owners Should Know

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Congratulations on becoming a condo owner! It’s a big step, and hopefully, you will enjoy many happy years in your new community. With it comes certain requirements and possible queries and doubts. One thing is for sure: it’s paramount to ensure that you are fully protected with condo insurance. If you’re searching for a trustworthy insurance agency that serves Charlotte and Waxhaw, NC, Hausmann Insurance & Financial Services is at your service.

Things to Know About Condos

First, make it a priority to read through the community rules diligently. Certain regulations might surprise you if you have never lived in a condo before. These might include maintaining the grass to a specific length, adhering to certain decor restrictions, or ensuring that your driveway is well-maintained.

Understanding the amount of annual or monthly fees is also crucial. Ensure you budget appropriately to cover Homeowners Association (HOA) payments. Knowledge of whom to contact during emergencies is also essential.

A common mistake often made by new condo owners is the assumption that they don’t need insurance. They might believe that the insurance policy of the condo’s management organization covers their private property and the condo itself. However, speaking with the condo management team is crucial to understand what is and isn’t covered. You might find that the coverage for personal property is not as comprehensive as you need.

The good news is that you can secure a condo insurance policy. Coverage varies from plan to plan, but you may be able to find policies that protect against burglaries, home fires, storm damage, and more. If you want to discuss your options with an insurance agent serving Charlotte and Waxhaw, NC, feel free to reach out to Hausmann Insurance & Financial Services as soon as possible.

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