Should I Get Flood Insurance Even If I Have Home Insurance?

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When you already have home insurance through our office at Smith Insurance Agency of West Virginia in Kingwood, WV, it might seem redundant to get a flood insurance policy on top of that. You might think your home insurance policy provides all the damage coverage you could need. Through our years of experience as an insurance company, we’ve seen how underestimating the amount of coverage you need for your home can have devastating results. 

What does flood insurance cover?

Flood insurance covers damage from higher-than-normal amounts of water on typically dry land. Flooding can happen due to excessive rainfall after a dry spell, long stretches of rainy days in a row, or water from a body of water spilling over riverbanks and dams. When these disasters occur, flood insurance covers repair costs. In some cases, flood insurance can also cover replacing flood-damaged items. The specifics vary from policy to policy, so it’s always important to discuss what your policy covers with your insurance agent or company before making assumptions.

Why is flood insurance important to have in addition to home insurance?

Since many home insurance policies do not cover flooding-related expenses, flood insurance is essential to acquire even if you have home insurance. Flooding might not be a qualifying event for your home insurance policy. When you live in a “flood zone” or an area impacted heavily by flooding, your mortgage lender or other parties might require flood insurance. In these cases, home insurance isn’t enough to protect your property or valuables from flooding.

To avoid scrambling in an emergency, call our office at Smith Insurance Agency of West Virginia in Kingwood, WV for a flood insurance quote.

The different types of commercial insurance

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Commercial insurance is an integral part of any business. It helps protect businesses in the Kingwood, WV area from potential risks and losses, allowing them to stay afloat despite unforeseen events. Smith Insurance Agency of West Virginia offers several commercial insurance types, each tailored to particular needs and industries. 

General Liability Insurance protects against claims due to bodily injury, property damage, and personal injury caused by products or services of the business. This type of policy is essential for businesses that interact with customers directly or provide products or services.

Property Insurance protects against damage to buildings, equipment, furniture, inventory, and other assets owned by the business if there is a natural disaster or other covered peril. It also provides financial protection if there is theft of valuable items from the premises as well as coverage for lost data due to computer viruses or hacking attacks. 

Business Interruption Insurance provides financial assistance if a business temporarily closes its doors due to a natural disaster or other covered events. This type of policy helps companies keep their operations going during a time when their usual sources of income become unavailable. 

Umbrella Insurance covers additional damages not typically included in other policies, such as advertising injury liability (which covers libel and slander) and employee practices liability (which covers workplace harassment). This extra layer of protection can help businesses avoid significant out-of-pocket expenses if faced with legal action or expensive claims. 

Having the right commercial insurance plan in place can be invaluable for any business. By speaking to an agent at the Smith Insurance Agency of West Virginia, businesses can ensure they have adequate protection and peace of mind in all circumstances. We serve the Kingwood, WV area.

Safe driving tips for new drivers

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New drivers often lack the necessary experience to be safe on the road. Car accidents are one of the leading causes of injury and death in young people, so new drivers need to take safety seriously.

Here are some simple tips from us at Smith Insurance Agency of West Virginia to help you stay safe behind the wheel:

  1. Always wear your seatbelt. Wearing your seatbelt is one of the most important things you can do to stay safe while driving. Ensure you and any passengers in your vehicle are buckled up before hitting the road.
  2. Don’t text and drive. Distracted driving kills thousands of people each year, so it’s essential that you keep your eyes on the road at all times when behind the wheel. Put your phone away or turn off notifications while driving so you won’t be tempted to look at it on the road. 
  3. Be aware of speed limits and obey traffic laws. Speeding is a significant contributor to car crashes, so stay within posted speed limits when out on the road. Obey all traffic signals, such as stop signs and yield signs, too – these rules are there for a reason!
  4. Drive defensively, not aggressively. Defensive driving means watching out for other cars on the road and anticipating their actions to stay safe – don’t drive aggressively, putting yourself or other drivers at risk of an accident or injury. 

Following these safety tips can help ensure that every time you hit the road, you confidently know that you are taking steps to protect yourself and others around you from harm. For more tips, call us at Smith Insurance Agency of West Virginia today! We proudly serve the Kingwood, WV area.

Why should I get home insurance for my Kingwood property?

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Owning a home has continued to be a worthy investment in the Kingwood, WV area. If you are going to buy a home, you will enjoy having a place to call your own and the ability to build long-term wealth. If you are going to buy a home here, you need to insure it properly. There are various reasons why you should get a home insurance policy for your West Virginia property. 

Receive Helpful Coverage

A primary reason that people will want to have this insurance is so they can receive reliable coverage. If you purchase a home, you will want to know that you are supported if you incur an unforeseen loss due to damage or destruction of your home. A home insurance plan will provide coverage to repair and replace the property in various situations. 

Stay in Compliance

Getting home insurance to stay in compliance and in good standing with your insurance obligations is also a good idea. It is very common to be required to have home insurance. If you have taken out a mortgage or live within a home association, you will likely need a certain type and level of insurance. Having home insurance will keep you in good standing with these obligations. 

Those living in the Kingwood, WV area will need to ensure they are correctly covering and protecting their home. If you want this type of coverage, it would be wise to call the Smith Insurance Agency of West Virginia team. The Smith Insurance Agency of West Virginia team can assess your situation and help you build a home insurance plan that is right for your situation. 

Protect Your Belongings in Kingwood With Renters Insurance

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As a renter in Kingwood, WV, it’s essential to protect your belongings in case of an accident or theft. Renters insurance is an affordable way to do just that. Here’s what you need to know about renters insurance and how it can benefit you.

What is Renters Insurance?

Renters insurance is a type of insurance that covers your personal belongings in the event of damage or theft. It also provides liability coverage in case an injury happens on your property. Most importantly, renters insurance lets you know that your belongings are protected. 

Benefits of Renters Insurance

There are many benefits to having renters insurance in Kingwood, WV, including: 

  • Protection for your belongings: In the event of damage or theft, your renter’s insurance will reimburse you for the cost of replacing your belongings. 
  • Liability coverage: If someone is injured on your property, your renter’s insurance will cover their medical expenses. 
  • Peace of mind: Knowing that your belongings are protected can give you peace of mind and help you relax and enjoy your home. 

These are just a few of the many benefits of having renters insurance in Kingwood, WV.

How to Get Renters Insurance 

The best way to get renters insurance is to contact your Smith Insurance Agency of West Virginia representative for a free quote. So don’t wait—contact us today to get started! We’ll help you find the right coverage for your needs and budget.

Don’t wait until it’s too late—protect your belongings with renters insurance today! Contact Smith Insurance Agency of West Virginia for a free quote and see how affordable it can be.

Protect your company from liability risk with an umbrella policy

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Smith Insurance Agency of West Virginia is proud to serve Kingwood, WV and the surrounding area. You can count on us if you own a business and have questions about umbrella insurance. Contact our office today to set up an appointment.

Umbrella insurance is an effective way to protect your company from liability risk. 

Liability protection is important for all types of companies. If you own a company that has been increasingly growing, it’s probably time to take a close look at your liability protection. Without adequate liability coverage, the company can be held financially responsible. And depending on the structure of the business, the owners and principals could also carry some personal liability.

Umbrella insurance comes into play if your primary property insurance policy is exhausted. The firm’s direct insurance will be accessed when a company suffers a significant loss and is held liable, typically due to a lawsuit. If the damage is to such an extent that the primary policy limits are reached and exceeded, the umbrella policy will come into effect. 

Without this protection, a company’s future viability can be at risk. Now is an ideal time to meet with a local insurance professional to learn more about how an umbrella insurance policy can provide your company’s additional liability protection. Don’t wait until your primary policy is exhausted to add this vital policy type to your company’s insurance portfolio. 

We look forward to working with you!

Business owners in Kingwood, WV, and the surrounding area can rely on the team at Smith Insurance Agency of West Virginia for all of their commercial insurance needs. Call us today and schedule a consultation if you have questions about umbrella insurance. 

Does Flood Insurance Cover Wind-Driven Rain?

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There are many natural disasters across the country and in Kingwood, WV. The chance for severe storms with high winds is a primary concern for most and can create significant losses. It’s always a great idea to have flood insurance in especially prone areas experiencing flooding, but does flood insurance cover wind-driven rain? Let the experts at Smith Insurance Agency of West Virginia help. 

Flood Insurance

Flood insurance is a government-backed program that covers the costs of losses and repairs to property resulting from a covered flooding event. However, this FEMA-backed insurance only covers the damage caused directly by flooding. Your homeowner’s insurance covers damage from wind-driven rain. 

Our agents are ready to assist if you want to purchase a flood insurance policy. They can assess your current situation and help determine if you need flood insurance based on your location and its history of flooding. They can recommend the type of insurance that best suits each situation to ensure customers get the best protection available to them. Additionally, they can help with purchasing the policy and submitting the necessary documents. If any adjustments are needed in the future or claim submissions, they are there to help. 

Reach Out Today

Anyone in the Kingwood, WV area looking for reliable insurance products can count on the Smith Insurance Agency of West Virginia team to help them create a layer of protection that offers peace of mind. Call or stop by the office today to speak to an agent. We are proud to help the residents in and around the area to ensure they get the solutions they need to protect their assets. 

Commercial Insurance and Your Home-Based Business

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That photography business you run out of your home or the web design side gig you started may seem like low-overhead, but you still need to protect it separately from your home with commercial insurance coverage. That’s because the typical home policy only provides about $2,500 worth of coverage for business property.

Smith Insurance Agency of West Virginia can help you with a home-based business policy for your business. It doesn’t just cover your business property; it also covers liability for slips and falls or employee injuries.

If you built a workshop or converted your garage, you might think your home policy covers it, but no. Your other structure coverage only covers your personal items and structures. At most, your policy may include $500 of coverage for business property detached from the residence.

With a home-based business policy, you completely cover your structure and your business property. You can obtain this coverage as a separate policy or an endorsement on your home policy.

Do you wonder if your Kingwood, WV home-based business needs business insurance? Most do. If you meet with clients in your home or a structure on the residential property, you do. If you keep inventory at your home, you do. If you keep clients’ belongings at your home, you do.

Let’s consider a few home-based businesses that fulfill each of the above. An independent architect or business consultant typically meets with clients at their homes. Tax preparers and accountants do, too. Plus, they sometimes keep their clients’ financial records at home while accomplishing the work. A t-shirt silk screener maintains inventory in their home. Other examples of those who keep client property on their property include knife sharpeners and engravers.

Contact Smith Insurance Agency of West Virginia, serving Kingwood, WV, for more information. Let us help you adequately cover your home-based business.

5 Questions to Ask Before Buying Auto Insurance

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Whether you’re a new driver or someone who has been behind the wheel for years, it’s always important to have adequate auto insurance. However, with so many different policies available, knowing which one is right for you can be challenging. Here are five questions to ask before buying auto insurance.

1. What Am I Required to Have?

Every state has different requirements for auto insurance, so you’ll need to find out what yours are. Typically, you’ll need liability insurance at a minimum, but that does not cover everything. You may also want to consider collision and comprehensive coverage, especially if you have a newer car.

2. What Is My Budget?

Once you know what coverages you need, you’ll need to set a budget. How much can you afford to pay each month? How much can you afford to pay out of pocket if you have an accident? Remember that the cheapest policy may not always be the best.

3. What Are Add-ons, and Do I Need Them?

Auto insurance policies typically come with various add-ons, or options, that you can purchase. Some of these may be required in your state, while others are additional coverage that can provide extra protection. You’ll need to decide which ones you need and which you can live without.

4. What’s the Claims Process Like?

If you have an accident, you’ll want to know what the claims process is like. How easy is it to file a claim? How long does it usually take to get reimbursed? Make sure you understand the process before you purchase a policy.

5. Am I Getting the Best Rate?

Finally, you’ll want to ensure you get the best rate possible. Get quotes from several different companies and compare them. Make sure you’re comparing apples to apples, though. Some policies may have different coverages than others, so read the fine print before deciding.

Get Auto Insurance in Kingwood, WV

Now that you know what to look for in an auto insurance policy, it’s time to start shopping around. Smith Insurance Agency of West Virginia offers a variety of different options to choose from. Call us today for a free quote.

Is Home Insurance Tax Deductible?

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As with any insurance policy, the amount you spend annually on your home insurance policy is not tax-deductible. However, if you claim on your home insurance policy and receive a reimbursement, that amount is tax-deductible. Keep excellent records to ensure you have all the necessary documentation for your home insurance claim. Contact Smith Insurance Agency of West Virginia for questions in Kingwood, WV. 

Know About the Tax Deductibles 

Though the IRS does not currently offer a deduction for home insurance, it may be possible for you to deduct other expenses related to your homes, such as property taxes, mortgage interest, or utility bills. To claim these deductions, you must meet specific requirements, such as the amount of your income versus your expenses. To learn more about these requirements, visit the IRS website at irs.gov. 

The Internal Revenue Service (IRS) requires home insurance policies to be bona fide and tax-deductible. To be bona fide, the insurance must be for something that has financial value and be covered by the policy. Common examples of non-deductible home insurance may include earthquake or flood insurance, certain types of liability insurance like workers’ compensation, car insurance, and life insurance. 

The Internal Revenue Service (IRS) specifies that only certain types of home insurance are tax-deductible. The most common types of home insurance tax-deductible include: Mortgage interest — Interest paid on your home loan is usually tax-deductible. 

Most policies have an annual premium, and it is best to keep track of these expenses throughout the year to ensure you don’t miss out on a tax deduction. You may also have to fill out a form (Form 1040) to deduct certain expenses that exceed 10% of your adjusted gross income. 

Contact Us

To be eligible to deduct home insurance premiums on your taxes, you need to have a valid reason for buying it – like a significant risk to your property if you don’t have insurance. You can’t deduct the cost of a policy that only covers your health care expenses or a policy that covers a liability you might have if someone is hurt on your property. For help, call Smith Insurance Agency of West Virginia if living in Kingwood, WV.