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Anthony Lancaster Insurance Agency, INC Blog

Tag: memphis

Boat and Watercraft Insurance Coverage for Storms

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Boats and other watercraft are susceptible to significant damage when a storm rolls in. For property owners, that can lead to costly losses and even liability claims. Will your boat/watercraft insurance help in these situations?

Anthony Lancaster Insurance Inc, serving Memphis, TN, explains.

How Does Insurance Help After a Storm?

Most comprehensive boat insurance policies will cover risks related to storms, including damage from lightning, wind, and rain. Your coverage may include protection for damages you could not prevent.

However, there are limitations. Most policies do not cover hurricane damage. That means if a named storm damages your vehicle, your basic policy may not be enough.

Policies differ widely. You may find that many policies offer add-on features, including haul-out insurance. This pays to move your boat to another area to prevent damage. You may also be able to get add-on coverage for salvage or wreckage removal. 

Let Our Team Help You Get Adequate Protection

At Anthony Lancaster Insurance Inc, we help boat and watercraft owners choose the right combination of coverages to protect against their unique risks. We’re currently serving Memphis, TN.

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.

  • Grange Insurance
  • Liberty Mutual
  • National General
  • Nationwide
  • Progressive
  • Safeco
  • State Auto
  • Stillwater
  • The Hartford
  • Travelers