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Anthony Lancaster Insurance, Inc Blog

Does renters’ insurance cover items stored elsewhere?

Most home policies, renters’ insurance included, cover items kept off-site in a storage unit. Anthony Lancaster Insurance Inc. in Memphis, TN can help you understand the basics and make sure your policy fits your needs.

Does renters’ insurance cover items stored elsewhere?

You probably know that your renters’ insurance policy covers your personal items in your Memphis TN home. Your furniture, audio/visual equipment, computer, appliances, etc. all receive coverage under your renters’ policy.

Most renters’ policies also cover items stored off-site at a formal business that offers storage lockers, garages, or units. These areas separate your items from others using walls and a locked door. Only you have access to these items via a key or security code. If those items incur damage due to a named peril or someone steals them, your insurance policy covers the theft.

Not all renters’ policies automatically cover this. That’s why you need to check your policy’s documents to see what it covers. Some policies don’t include this unless you specifically ask for it, while others require an inventory list, sometimes including photos of the items. Other policies automatically include it. Asking your insurance agent remains the best way to know what your policy includes.

That means that the Christmas decorations and high school memorabilia that you store at a storage unit can receive coverage and so can your mountain bikes stored in a storage unit owned by the apartment building from which you rent.

Get Renters Coverage Today

Contact Anthony Lancaster Insurance Inc., serving the greater Memphis, TN community, for more information on renters’ insurance or to review your policy to find out if you need to add this helpful rider to your policy.

New Motorcycle? Three Questions to Ask Your Insurance Agent

So you’ve just bought a new motorcycle! Congratulations! Now, it’s time to contact your insurance agent and make sure you’re fully protected. But what questions should you ask? Anthony Lancaster Insurance Inc in Memphis, TN can provide you with guidance on this much-needed insurance coverage.

Here are three important questions to ask:

What Type of Coverage Do I Need?

The first question you should ask your insurance agent is what type of coverage you need. There are numerous types of motorcycle insurance, and the one you need will depend on the type of motorcycle you have, where you live, and how often you ride.

For example, if you have a newer motorcycle, you’ll probably want to get collision and comprehensive coverage, which will protect your bike if it’s damaged in an accident or stolen.

Likewise, if you live in a state that requires motorcycle insurance, you’ll need to get at least liability coverage, which will cover damages if you’re at fault in an accident.

I’m I Eligible for Any Discounts Available?

The second question you should ask is whether you’re eligible for any discounts. Many insurance companies offer discounts for things like taking a motorcycle safety course, insuring multiple bikes, or having a clean driving record.

Some companies also offer discounts if you buy other types of insurance from them, such as homeowner’s or renter’s insurance. So it’s always worth asking if you could save money by bundling your policies.

What’s the Process for Making a Claim?

The third question you should ask is what the process is for making a claim. This is important because you need to know what to do if you ever have to file a claim.

Your insurance agent should be able to walk you through the process step-by-step so that you know what to do if you ever need to use your insurance.

Get Your New Motorcycle Insured Today

Asking these three questions ensure that you have the right motorcycle insurance for your needs. So don’t forget to ask them when you contact an agent.

And if you’re looking for motorcycle insurance, Anthony Lancaster Insurance Inc in Memphis, TN is here to help. Give us a call today, and we’ll be happy to give you a quote.

5 Tips for Renewing Your Boat Insurance

Anyone who owns a boat knows that insurance is a necessary expense. Not only does it protect your investment, but it also gives you peace of mind when you’re out on the water. Unfortunately, it’s easy to let your boat insurance lapse, especially if you don’t use your boat often. Anthony Lancaster Insurance Inc. is here to guide you on this important insurance coverage.

Here are five tips for renewing your boat insurance:

1. Know Your Risk Factors

Your risk profile is one of the most important things to consider when renewing your boat insurance. Are you an experienced boater with a perfect record? Or are you a new boater who is still learning the ropes? Your risk factors should guide your decision on how much coverage you need and what type of policy is right for you.

2. Consider Your Deductible

Another important factor to consider is your deductible. How much are you willing to pay out of pocket in the event of an accident? The higher your deductible, the lower your premium will be. But remember, you’ll need to be able to afford the deductible if you do have an accident.

3. Review Your Coverage

When you’re renewing your boat insurance, it’s a good idea to review your coverage to make sure it’s still adequate. Has anything changed since you last bought a policy? Perhaps you’ve added some new equipment or made some modifications to your boat. Make sure your policy covers these changes.

4. Compare Quotes

Once you’ve decided how much coverage you need, it’s time to start shopping around for a policy. Be sure to get quotes from several different insurers so you can compare prices.

5. Read the Fine Print

Finally, be sure to read the fine print before you purchase a policy. You don’t want to be caught off guard by a clause in the fine print that excludes coverage for something you thought was included.

Get Boat Insurance in Memphis, TN

These are just a few things to keep in mind when renewing your boat insurance. For more information or for a free quote, contact Anthony Lancaster Insurance Inc. in Memphis, TN today.

How to Decide if You Need Flood Insurance

Flood insurance is not optional if you live in a high-risk flood area, as most lenders require it. But what if you don’t live in a high-risk area? Is flood insurance worth the investment? The answer depends on several factors, including your home’s location, personal risk tolerance, and budget. Anthony Lancaster Insurance Inc. in Memphis, TN provides this guide in navigating this important coverage.

Factors to consider when deciding if you need flood insurance:

1. Consider Your Home’s Location

FEMA, which is responsible for floodplain management in the United States, designates high-risk, moderate-to-low risk, and undetermined risk areas. If you live in a high-risk area, your lender will require you to have flood insurance. If you live in a moderate-to-low-risk area, it is still recommended that you have flood insurance, as flooding can occur even outside of designated flood zones. If you live in an undetermined risk area, your decision to purchase flood insurance is entirely up to you.

2. Know Your Risk Tolerance

A key factor to consider when deciding if you need flood insurance is your personal risk tolerance. Ask yourself how you would feel if your home was flooded and you didn’t have insurance to cover the damages. If the thought of being financially responsible for repairing or replacing your home and belongings is too much to bear, then flood insurance may be a good idea.

3. Understand Your Homeowners Policy

Even if you don’t live in a high-risk area, your home may still be vulnerable to flooding. Homeowners’ insurance policies typically don’t cover flood damage, so it’s important to understand your policy’s limitations. If you have questions about what your policy covers, reach out to your insurance agent or company. This way, you’ll know if you need to purchase additional coverage.

Contact Us Today

If you’re unsure whether or not you need flood insurance, reach out to Anthony Lancaster Insurance Inc. in Memphis, TN for help. Our team of experts can help you understand your risk and make the best decision for your needs. Give us a call today to get started.

I’m only 20. Do I need life insurance?

Many young people believe that life insurance is for older people. Logically speaking, many young people feel that the absence of a family and significant assets make life insurance unnecessary. However, even as a young person, life insurance could benefit you. Our team at Anthony Lancaster Insurance Inc in Memphis, TN is committed to helping young people explore life insurance.

What is Life Insurance?

A life insurance policy is a legal contract between you and an insurance company that pays a beneficiary a set amount of money in the event of your death. However, some life insurance policies pay the beneficiary if you become terminally ill or critically ill. You choose a beneficiary, the person who will receive payment, and this person is paid if/when you die. 

How Can Life Insurance Benefit Young People?

As a young person, one benefit of life insurance is less expensive premiums. If you get life insurance at a young age you have the ability to lock in good rates. Also, if you’re someone who hopes to have a family one day, life insurance can create peace of mind. Knowing that your family will be financially taken care of can be a practical way to put your mind at ease.  If you wait until you’re older to invest in life insurance, your health may have declined, making it more challenging to get a good premium from a life insurance company. 

Give Us A Call

Conversely, if you have no interest in having a family and don’t plan on acquiring significant assets, you may opt to forego life insurance. Our team at Anthony Lancaster Insurance Inc can discuss your future plans and goals to help you determine if life insurance would be a wise investment for you. We are here to answer any questions our young Memphis, TN clients may have regarding life insurance. 

Other areas that deserve consideration are your present and future financial obligations. Even if you don’t plan on marrying or having a family, you should still consider your financial obligations. If you have significant financial obligations or anticipate having some later in life, life insurance may be a good investment. Call us if you have any questions about life insurance.

Why do you need to have a renters insurance plan?

An exciting time in anyone’s life can come when they move into a new home in the Memphis, TN area. For those that are going to rent a home, being a renter can come with various advantages including not having as many responsibilities and the flexibility to move at the end of the year. If you choose to rent a home here, you will want to have proper renters insurance in place for various reasons. 

Meet Lease Standards

An important reason for anyone to have a renters insurance plan when they are moving into a new home is to meet the standards of insurance set in the lease. It is very common today for property owners to include insurance provisions in lease agreements. They want to have this due to the protections the coverage provides. You may have to offer evidence of renters insurance before moving into your new home. 

Protections are Valuable

It is also a good idea to get a renters insurance plan because the protections that it provides are quite valuable. With a renters insurance plan today, you will get coverage to replace your personal assets if you are a victim of a fire or theft. Further, you will receive liability coverage that will be helpful if you are found responsible for damages or injuries sustained in an accident or due to negligence.

It is clearly important for anyone that is going to rent a home in the Memphis, TN area to have a proper renters insurance plan. Once you are ready to start looking for a new plan, calling Anthony Lancaster Insurance Inc is a great option. The professionals with Anthony Lancaster Insurance Inc will give any support you need to build a plan that suits your needs. 

What Are Common Myths About Auto Insurance?

When it comes to auto insurance, there are a lot of myths and misconceptions floating around. It is easy to separate auto insurance fact from fiction with a little bit of research. Here are common myths about auto insurance that research has disproved.

Myth #1: It’s better to let my insurance lapse and restart than go on a new plan

False: It is essential to realize that if an auto insurance plan no longer covers your car, you are at risk for liability exposure in an accident. Auto insurance provides liability coverage which protects you from lawsuits that might be filed against you if you are at fault in an accident.

To ensure that your car is covered under the new plan, contact your agent before canceling your current policy to ensure it is canceled for non-payment and not because of other factors.

Myth #2: Liability is all I need for auto insurance

False: It was once thought that liability coverage provided enough coverage to protect you from unexpected accidents. However, this myth has been dispelled by the research, which shows that comprehensive and collision policies add significant protection in the event of an accident.

Comprehensive insurance covers damage to your vehicle that isn’t caused by an accident, including vandalism, flooding, hail damage, fire, and theft.

Collision insurance covers damage your car sustains in a crash with another object or when you hit the median.

Myth #3: Insurance is the same all across state lines

False: Many people assume that insurance laws are universal, but in reality, each state is different in regulating insurance. Some states have more stringent laws regarding minimum coverage requirements, while others have requirements and restrictions based on driver age and experience.

Myth #4: I don’t drive much, so I don’t need insurance

False: There are many ways in which auto insurance can help you. It doesn’t always have to be a direct result of an accident. For example, if your car is stolen or vandalized and you have comprehensive coverage, you will get the money back to fix it.

It is important to know the facts when it comes to auto insurance. Anthony Lancaster Insurance Inc. in Memphis, TN is available to help you find the right policy. Anthony Lancaster Insurance Inc. in Memphis, TN is ready to answer any questions about your policy. Please call us today to learn more!

5 Common motorcycle insurance claims in Memphis, TN

Hitting the open road on a motorcycle brings endless freedom. But it can also bring risk.

Unfortunately, accidents happen. Prevention is the best way to keep yourself safe on the roadways.

In addition to providing insurance coverage, Anthony Lancaster Insurance Inc helps you avoid any accidents by identifying five of the most common motorcycle insurance claims.

Excessive speed

Motorcycles reach high speeds quickly. As a result, reckless driving is a leading cause of motorcycle-related fatalities. Don’t leave home without wearing a helmet and other safety gear. Also, minimize unnecessary risk by obeying all posted speed limits.

Debris on road

Excessive speed can also make avoiding obstacles difficult. Unexpected debris that has fallen can lead to serious damage, if unnoticed. Anthony Lancaster Insurance Inc reminds you to stay alert and vigilant.

Distracted Driving

Driving is more dangerous when you are distracted by radios, cell phones, and other electronics. This applies to everyone, not just motorcycle riders. Car drivers must be engaged to spot approaching motorcycles. This is the cause of many insurance claims.

Poor Weather Conditions

As diligent as you may be, you can’t control everything. Fog, heavy rain and high winds will greatly reduce visibility. During inclement weather, even the smallest error or distraction can be costly.

Improper Lane Switching 

The single most common insurance claim is accidents at intersections. More specifically, improper left-hand turns are the leading culprit. Lane splitting is an issue too. This occurs when a motorcycle rider attempts to drive between two lanes to avoid traffic.

Find an agent serving Memphis, TN

Any accident can be fatal, but motorcycle crashes are especially dangerous. Because of this, motorcycle insurance is important. Located in Memphis, TN, Anthony Lancaster Insurance Inc can ensure you and your assets are protected. Call and schedule an appointment today.

Is Boat Insurance Required in Tennessee?

While boat insurance is not required under Tennessee law, the agents at Anthony Lancaster Insurance Inc in Memphis, TN are providing facts on why it is best to have a boat insurance policy in place. Keep in mind that anyone in Tennessee who is at least 12 years old can operate a boat alone but if they are under 18, they must have a Boater Education Certificate issued by the state of Tennessee to legally operate it. If a person under 12 is operating a boat, they must have a supervisor on board with them that is at least 18 years-old to be able to take immediate control of the boat if an emergency situation occurs.

Liability Boat Insurance

liability boat insurance is just as important as auto liability insurance because it will protect you if you become involved in an accident that is deemed to be your fault and cause property damage or injuries to others.

Collision Insurance for Boats

it’s important to have collision insurance especially in the event that your boat collides with another boat or an inanimate object such as a dock. Also keep in mind that if you borrowed the money to purchase your boat from a bank or other lender, your bank or lender may require you to have both collision and comprehensive insurance to protect the investment they have made in your boat.

Comprehensive Boat Insurance

Comprehensive boat insurance will protect the investment you made in your boat if it becomes the victim of a fire, an act of vandalism, or a natural disaster, including a hurricane or tornado. This type of insurance will also assist you in replacing your boat if it is stolen.

Contact a Trusted Boat Insurance Agent

It is important for you to contact an insurance agent who knows and understands all the aspects of a boat insurance policy, such as the agents at Anthony Lancaster Insurance Inc in Memphis, TN. call today for an appointment to get your boat insurance policy started immediately.

Why would I need flood insurance in Tennessee?

Those that are in the Memphis, TN area are going to find it is a good place to purchase a home. There are a lot of advantages that come with homeownership here, which includes enjoying price appreciation over the years and having a stable place to call home. As you are looking for a property here, you need to get the right insurance for it. This can include flood insurance. There are a few reasons that you will need to have flood coverage here. 

Coverage is a Requirement for Some

A reason that you may need to get flood insurance here is that it can be a requirement for you. Those that have taken out a mortgage to buy a home in this area of Tennessee will need to abide by any provisions set by their lender. This can include requiring you to get flood insurance if your home is located in a flood zone. Having this coverage will keep you in compliance.

Coverage Protects Home

You will also want to have flood insurance as it can cover your home. You will want to enjoy your property for a long time. Unfortunately, a bad flood can damage your home and result in major repair needs. Your flood insurance plan will protect against this risk.

If you are going to purchase a home in the Memphis, TN area, you will want to know that you have the right insurance for it. The team with Anthony Lancaster Insurance Inc can help you assess your flood insurance needs. The professionals with Anthony Lancaster Insurance Inc will be able to determine your risks and give any support that is needed to build an ideal plan. This will not only protect your home but will give peace of mind as well. 

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