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Anthony Lancaster Insurance Agency, INC Blog

Tag: insurance

What Doesn’t Flood Insurance Cover?

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Flooding is an issue in Memphis, TN, due to its location on the Mississippi River. It’s a problem that’s as old as the city, and thousands of homes are at risk of flooding. It’s a good idea to get flood insurance to protect your home against water damage, even if you’re not near flood-prone areas. At Anthony Lancaster Insurance, Inc., we help our customers understand how this type of insurance works. Here’s a look at what it doesn’t cover. 

Flood Insurance Won’t Cover Everything

Basic flood insurance through the National Flood Insurance Program (NFIP) is limited to replacing certain items, including your home. However, it doesn’t cover the following:

  • Valuable papers, precious metals, stock certificates, and money in the form of currency
  • Vehicles
  • Personal items stored in a basement
  • External structures such as pools, decks, and septic systems
  • Temporary housing costs and related living expenses during home repair

Understanding what flood insurance doesn’t cover can help you make plans to protect these items. You’re less likely to lose valuables when you have a contingency plan. 

Why Flood Insurance Coverage Is Limited to Certain Items

Some of your possessions are covered by their insurance policies. For example, your car is covered for flood damage as long as you have a comprehensive insurance policy. It’s worth noting that basic homeowners insurance will not cover any damage caused by flooding. 

Contact Anthony Lancaster Insurance, Inc. for More Information

Navigating flood insurance can be difficult. Our agents are here to show you what a policy does and doesn’t cover, and how it works when making a claim. Contact us to learn more and find out why it’s a good idea to get insured against flood damage. We’re currently serving Memphis, TN. 

Does Life Insurance Have To Be Used for Back Medical Bills?

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Many people in Memphis, TN, obtain life insurance to ensure their loved ones are taken care of after they die. The death benefit can cover funeral expenses if the person did not plan and prepay for their own funeral. Beneficiaries often receive a check, or the money is placed in an account they have immediate access to. However, it doesn’t take long for creditors to start calling the family about paying back medical bills. 

The Benefit Is Not Part of The Estate

It’s crucial to understand how the estate works after a person dies. The estate involves everything the person owns, which is often sold to satisfy previous debts. This can include medical bills that have gone to collections and credit card debt. The estate takes care of the previous debt. 

The death benefit people receive from a life insurance policy through Anthony Lancaster Insurance, Inc is not part of the estate. This means that it doesn’t automatically go to creditors or to pay past-due medical bills. Instead, the money is the property of the beneficiary, so they can do with it as they please. 

Who’s Responsible for the Medical Bills?

Family members are usually not responsible for medical bills after a loved one dies, even if they receive a substantial death benefit from a policy. The estate is responsible. In some situations, the spouse may be held liable for bills. Anyone who is a coowner of an account, such as a credit card account, will be responsible for that account. If the estate is insufficient to cover medical expenses, and there is no spouse, the medical bills can be written off. 

It’s important to understand how life insurance payouts work before creditors try to hustle you out of your money. Agents here at Anthony Lancaster Insurance, Inc can help you learn more. We’re currently serving the Memphis, TN, area. 

Common Misconceptions About What Renters Insurance Actually Covers

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Many renters believe they understand their insurance coverage, but misconceptions can leave you vulnerable when you need protection most. At Anthony Lancaster Insurance Inc in Memphis TN, we regularly encounter confusion about what renters insurance does and doesn’t cover, so let’s clear up some of the most common myths.

Myth: Everything Is Covered at Full Value

One major misconception is that renters insurance automatically covers all your belongings at their full replacement cost. In reality, many standard policies only provide "actual cash value" coverage, which factors in depreciation. That three-year-old laptop might have cost $1,200 new, but actual cash value coverage might only pay $600 after depreciation. Replacement cost coverage is available but usually requires a specific endorsement.

Myth: High-Value Items Are Automatically Protected

Standard renters policies typically have limits on expensive items like jewelry, electronics, and collectibles. Your grandmother’s diamond ring or your professional camera equipment might exceed these built-in limits. Most policies cap jewelry at $1,000 to $2,500 total, regardless of actual value. You’ll need additional coverage or scheduled personal property endorsements to fully protect high-value items.

Myth: All Types of Water Damage Are Covered

While renters insurance covers water damage from burst pipes or appliance malfunctions, it doesn’t cover flood damage from external sources. If heavy rains cause your apartment to flood, your standard renters policy won’t help. Flood coverage requires a separate flood insurance policy through the National Flood Insurance Program.

Understanding these coverage limitations helps you make informed decisions about your protection needs. For Memphis TN renters seeking comprehensive coverage, Anthony Lancaster Insurance Inc can help you navigate these details and ensure you have the right protection for your specific situation.

Do I Need to Add My Teen to My Auto Insurance if They Only Have a Learner’s Permit?

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For parents in Memphis, TN, who have a teenage driver preparing to learn the rules of the road, insurance coverage is an important topic to address. If your teen has a learner’s permit, this is a question you’ll want to discuss with our agents at Anthony Lancaster Insurance Inc.

Insurance for Teens with a Learner’s Permit

In Tennessee, a teen driver with a learner’s permit is typically covered under the parents’ auto insurance policy. Once the teen obtains a regular driver’s license, parents are required to add the teen to their policy as an official driver. If the teen is 18 years old, they can legally obtain their own separate policy.

Rules for Teen Drivers with a Learner’s Permit

Although it is not legally required to add a teen with a learner’s permit to your auto policy, it is highly recommended to notify your insurance provider as soon as possible. A teen with a learner’s permit is allowed to drive as long as a licensed driver accompanies them during specific hours. The accompanying adult must be at least 21 years old and must sit in the front passenger seat.

If an accident occurs while the teen is driving, parents can be held legally responsible for the teen’s actions. Consequences may include higher insurance premiums for the parents, fines, community service requirements, suspension of the learner’s permit, or even revocation of the permit.

Contact Anthony Lancaster Insurance

At Anthony Lancaster Insurance Inc., we’re here to assist the Memphis, TN, teen driving community and their parents with any questions about insurance rules, requirements, and coverage for drivers with a learner’s permit. Contact us today for more information.

Why you need motorcycle insurance even if you have car insurance

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Riding a motorcycle can be fun and adventurous, but it’s important to stay safe and ensure you have proper protection with insurance. No, having auto insurance doesn’t automatically cover your motorcycle. Here are reasons why you need to get a separate policy from a reputable agency like Anthony Lancaster Insurance Inc, serving Memphis, TN, before hitting the road on your bike.

It’s the Law

If you drive your motorcycle in Tennessee without proper liability insurance, you’re breaking the law. Tennessee requires all motor vehicles, including motorcycles, to have their own liability coverage. The minimum coverage for your motorcycle is the same as it is for cars.

Not having proper insurance for your motorcycle in Tennessee can result in having your motorcycle impounded, receiving fines, and even getting a license suspension.

Car Insurance Is Separate

When you have auto insurance, it only covers your specific listed car. It doesn’t automatically extend to your motorcycle. In other words, if a motorcycle is stolen or damaged, your auto insurance will not cover it.

Motorcycles Are High Risk

Riding a motorcycle may be fun, but it’s also high risk, more so than driving a car. When you’re riding a motorcycle, you have more exposure, making you more likely to suffer a serious injury if there’s an accident. With proper insurance, you can have personal injury protection that may help with medical payments and possible uninsured or underinsured motorist coverage.

Motorcycles are also risky because they’re easy to steal and vulnerable to weather or road damage. However, your insurance can cover the cost of repairs or replacement.

Motorcycle enthusiasts in Memphis, TN, can rely on Anthony Lancaster Insurance Inc. for the policy they need. Contact our agents today for more information.

What Kinds of Boats and Watercraft Actually Need Insurance?

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If you’re lucky enough to spend time out on the water, you’ve probably wondered whether your boat or watercraft really needs insurance. At Anthony Lancaster Insurance Inc. in Memphis, TN, we often hear this question from boaters. While not every vessel technically requires coverage, most of them should have it.

It’s Not Just for Yachts

You don’t need a massive luxury yacht to justify boat insurance. Even smaller vessels, such as fishing boats, sailboats, and personal watercraft like Jet Skis, can benefit from coverage. These types of watercraft are often exposed to risks like theft, accidents, and unpredictable weather, all of which can lead to costly repairs or replacements.

Coverage Can Vary Based on Use

How you use your boat also plays a role in determining your insurance needs. If you’re cruising on open water, docking in public marinas, or towing your boat long distances, you face more potential risks. That’s where insurance becomes essential. Even if your boat is only used seasonally or kept on a private lake, damages can still occur.

Homeowners Insurance Isn’t Always Enough

Some people assume their homeowners’ insurance will cover small boats or watercraft. While this might be partially true, the coverage is usually very limited and may not include liability or damage that occurs off your property. A dedicated boat insurance policy fills those gaps, ensuring you’re not left vulnerable.

Whether you own a pontoon, bass boat, or personal watercraft, it’s worth taking the time to review your coverage. At Anthony Lancaster Insurance Inc. in Memphis, TN, we can help you find the right boat insurance for your lifestyle. Contact us today to protect your time on the water.

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