The typical homeowners insurance policy provides a layer of financial protection against property damage and liability claims. Specifically, policies usually include coverage for your dwelling, detached structures, personal property, loss of use, and liability coverage. Generally, the standard limits provided by these policies are sufficient protection. However, there are certain risks or factors that may be unique to you that could affect your homeowners insurance coverage. Be sure to review the list below and contact your Mequell Green Insurance Agency agent today if any apply to you. #1: You Have a Dog Although your fluffy friend may be the sweetest pup and you don’t think that they would ever bite a guest on your property, dog bites are a common homeowners liability claim. According to the Centers for Disease Control and Prevention, more than 4.5 million people are bitten by dogs annually. What’s more, dog bites account for one-third of all homeowners liability insurance claims. If you have a dog, or multiple dogs, be sure to speak with Mequell Green Insurance Agency to confirm that your homeowners liability coverage provides adequate protection. Please note, some breeds may preclude you from coverage or result in exclusions precluding dog bite liability protections from your policy. #2: You Have An “Attractive Nuisance” An attractive nuisance is a feature on your property that, while attractive or fun, is extremely dangerous. Examples of attractive nuisances include swimming pools, playgrounds, tree houses, fire pits, and trampolines. Unfortunately, having these structures or toys on your property increases the likelihood that neighborhood guests will flock to your home, potentially leading to injuries resulting in a liability claim against your homeowners insurance policy.  Be sure to work with Mequell Green Insurance Agency to ensure that you have adequate liability coverage if you do have an attractive nuisance on your property. We can also help you learn more about mitigating your risk if you have a pool, trampoline, or fire pit. #3: You Have An Exotic Pet Similar to the risks that dogs pose, having an exotic pet could create a liability issue for you. Every insurer is different, but pets such as snakes, amphibians, and spiders, can be considered exotic pets. Work with Mequell Green Insurance Agency to check whether your homeowners liability coverage protects you against claims arising from an injury your exotic pet may cause. Let Us Help You Check Your Coverage Navigating your homeowners insurance coverage can feel overwhelming, but that’s why we’re here to help. Contact Mequell Green Insurance Agency today and we can help review your personal risks and assess whether your policy provides the protections you need. This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

It’s essential to be diligent and thorough in planning your future. As you progress through your working career, there are many steps you should consider when planning your retirement and post-employment lifestyle. Annuities may represent a desirable option to consider as you secure your financial future; however, these opportunities may also be complicated and nuanced. As such, it’s essential to ensure you understand them fully before making any significant financial decisions. What Are Annuities? Annuities are financial arrangements usually agreed upon by you and an insurance provider. These products can provide greater financial security while approaching and enjoying retirement. In general, annuities can be viewed as agreements in which the seller (i.e., insurance company) agrees to provide payments to the buyer (i.e., you) at some point in the future. Although the details of annuities may vary, most are categorized as one of the following types: Variable annuities— These agreements provide ample opportunity for your investment to grow over time and may be advisable for those willing to risk the ebbs and flows of the stock market. Fixed annuities— These annuities offer modest growth opportunities using a minimum interest rate while guaranteeing your initial investment will not lose value. How Do Annuities Work? By purchasing annuities , you can supplement other savings and retirement investments (e.g., 401ks) to ensure additional financial resources after you exit the workforce. Specifically, annuities can provide you and your family with the following benefits: Lifelong income— By using a process called annuitization, you can reallocate your annuities to provide a consistent and reliable income stream throughout the rest of your life. These payments continue throughout your lifetime and may even pay out in excess of your account’s original value. Care for loved ones— Annuities can create critical financial security for your spouse, dependents and other family members. Tax advantages— Investment earnings accrued from annuities are not taxable until you decide to make a withdrawal. Furthermore, you will not face tax-related consequences if you choose to rebalance or adjust your investments. How Much Can I Invest in Annuities? One of the primary differences between annuities and 401ks or IRAs is that there are generally no investment limits. You may choose to invest however much you wish into various annuities. For example, you might choose to commit a safe amount of money into a fixed annuity to guarantee future income while investing the rest in a variable annuity to give you ample opportunity for growth. Some annuity companies may have premium restrictions, which limit the funds you can invest in a single year. Learn More At Mequell Green Insurance Agency, our dedicated staff has served individuals, families and businesses in the greater Richmond area since 1997. We will draw on our knowledge and experience to help you understand how annuities can help secure your future financial security. Contact us today to get started. This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Your business’s profits and growth depend on operations functioning as expected. Unfortunately, even the most diligent companies may eventually have to manage incidents that derail normal operations. Even a brief pause or adjustment in your operations could lead to significant financial losses. So your company should prioritize acquiring and maintaining a suitable business interruption insurance policy. How Does Business Interruption Insurance Work? Also known as business income insurance , business interruption insurance can provide critical financial assistance in response to covered incidents that have an adverse impact on your company’s operations. Although the specific details of your policy may vary, business interruption insurance can generally provide coverage for the following expenses and losses: Lost revenue Mortgage, rent or lease payments Employee payroll or wages Tax payments Loan payments Temporary relocation costs Employee training costs (e.g., if an interruption requires workers to learn to use new equipment) Utility payments  Business interruption insurance is often included in a business owner’s policy, which may be a desirable option for small- and medium-sized companies also seeking general liability insurance and commercial property insurance. How Much Business Interruption Insurance Do I Need? Your organization should work with a qualified insurance professional to assess its risks and circumstances as they pertain to potential business interruption coverage needs. Your business interruption insurance policy includes a coverage limit and the financial assistance you receive will max out at that amount. You should maintain enough business interruption insurance to recover from potential incidents. When considering how much business interruption insurance to purchase, consider the following questions: What is the condition of your business’s premises as it pertains to safety features (e.g., fire alarms, sprinklers, security systems)? How long would your company need to recover from property damage that interrupts its operations? Are there temporary locations near your business where you could readily relocate to limit your losses? Business interruption insurance policies also include restoration periods. These clauses determine how long your coverage will continue to pay out in response to a covered incident. Once your policy’s restoration period has expired, you will no longer receive financial assistance. Get the Right Coverage For over 27 years, the dedicated insurance professionals at the Mequell Green Insurance Agency have helped individuals, families and businesses in the greater Richmond area acquire and maintain optimal insurance portfolios. Our agents have the knowledge and experience to assess your needs, explore your options and craft ideal policies. Visit our website or call one of our offices today to get started. This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

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