Risk management insurance

If you’ve bought a home recently in Mesa, AZ, Lifetime Investment can help you figure out the process of the initial insurance home inspection. Among the most important considerations to make is how much you’re going to insure the property for. Like most people, you might think it’s as easy as stating the price at which you purchased the home. However, that does not necessarily reflect the cost of rebuilding the home should you need to. 
Insurance companies and well-established agents like Lifetime Investments, LLC have tools for calculating the estimating the value of reconstructing your home. They also need to consider any special materials and features that went into the construction of your home to come up with an appropriate value, and this is done through an insurance home inspection.

If you have a high-value or an older home in Mesa, AZ, Lifetime Insurance can assist you in a quality insurance home inspection, a process which is advantageous for three main reasons.

1.    They highlight potential risks that can result in losses or injury, allowing you to address them in time and avoid claims.
2.    They help you make an informed decision regarding the amount to get because you will have an accurate valuation of the cost of reconstruction.
3.    They ensure that you calculate the correct insured dwelling value, which is used by your agent to negotiate favorable terms.

Home insurance inspectors look for three things:

1.    Opportunities to increase the safety and security of your home. This includes identifying potential liability risks and fire hazards.
2.    Measurements of the property. The insurance home inspector looks for special features and the type of materials that went into your home’s construction, as well as the need for interior designers and architects.
3.    Whether or not systems such as plumbing, electric system, windows, and heating among other things are up to date.

Learn more about getting the appropriate insurance coverage for your home from Lifetime Investments, LLC.

The Importance of Understanding Policy Limits in Commercial Insurance

Ask business owners if their business is insured and they will know the answer. Ask them if they know their policy limits and you are likely to get a blank stare. For business owners, it is important to know the policy limits for commercial insurance coverage.

Policy limits may include more than just the hard dollar limits. There may be geographic limits, limits on the number of claims that can be filed within a certain period, limits on the amount allowed per claim, and limits on the types of filed claims permitted.

One of the most common serious risks for a business owner is when a calamity occurs and the business is underinsured. Damages may exceed the limits and force the business owner to pay out-of-pocket for them.

To understand any policy limits better, first, read your insurance policies carefully. Then reach out to your agent at Lifetime Investments, serving Mesa, AZ and the nearby areas, to have an insurance review conducted. This review determines the adequacy of your commercial insurance coverage.

Often, when a detailed analysis of the covered risk is made, businesses determine that they need far more commercial insurance coverage than they have. Besides general liability insurance, most businesses also now need coverage for cybersecurity risks, coverage for the risks of terrorism, and can benefit for improved coverage of business interruption.

When a disaster strikes, even if the business remains intact, it may be forced to temporarily suspend operations for an extended period of time. The business may have to shut down until power can be restored and the business can re-open. During this downtime, a business must pay the ongoing expenses when it does not have any incoming cash flow to pay for them. Having business interruption insurance in place helps with this problem.

Ask your agent at Lifetime Investments in Mesa, AZ to conduct a commercial insurance review to make sure the coverage is adequate and to explain any policy limits that exist.