What Is Umbrella Insurance and How Does It Work?

Insurance plans are designed to protect you from certain risks, especially scenarios in which you are held liable for damages. Of course, insurance policies will only cover the expenses you have endured up to a certain amount. More often than not, this leaves you paying out of your own pocket. Cordell Insurance wants to share information about umbrella insurance with Baton Rouge, LA residents.

What Is Umbrella Insurance?

An umbrella insurance policy is often referred to as a personal liability insurance plan. Umbrella insurance is designed to cover expenses that come up in the event you are held responsible for damage that takes place on your property or because of your property, which includes your home, your car, your boat, your RV, or any other object that is insured and covered. 

There are numerous incidents that umbrella insurance covers, including recovery costs for a victim who your dog bites and legal costs associated with legal action someone takes against you after injuring themselves at your home. 

How Does Umbrella Insurance work?

Essentially, you should view umbrella insurance as gap insurance. So, let’s say the liability limit on your home insurance is $350,000 and someone gets injured during a get-together held at your home. This injured individual could sue you for their medical expenses and lost wages. Depending on the situation, these expenses could very well exceed $350,000. As soon as the costs reach the limit of your home insurance policy, an umbrella policy will kick in and cover the expenses. 

Everyone does not need to invest in an umbrella insurance policy, but there are numerous advantages to having one. For more information, contact Cordell Insurance, your local insurance company serving the Baton Rouge, LA area.

6 Terms to Know Before You Get Life Insurance

Staying Protected During Difficult Times

Life insurance can be extremely helpful insurance to have especially as you age. It helps your loved ones with different aspects of life in the event you have an untimely death and they are left with bills and other expenses. 

The agents at Cordell Insurance located in Baton Rouge, LA have helped many of our clients to better understand their life insurance policies.

Life Insurance Terms to Know

Here are some of the common life insurance terms you need to know:

  • Policyholder – Policyholders purchase life insurance and may be insured with it, though they are not necessarily covered by it.
  • Premium – This amount paid will keep your life insurance policy active. If a premium is not paid, you will lose coverage.
  • Life Assured – This is the person who is covered by an insurance policy. Policyholders may purchase insurance for spouses or family members.
  • Riders – These are special types of life insurance products that are added to a base policy. They can help provide coverage for things like critical illness cover.
  • Grace Period – Grace periods are the amount of time you have to pay your premium before you lose coverage. Companies grant different amounts of time for grace periods with a typical time frame of 15 to 30 days.
  • Exclusions – There are certain incidents that are not covered under your life insurance policy. It is important to discuss this with your agency when you are purchasing life insurance.

Quality Life Insurance in Louisiana

Contact us at Cordell Insurance of Baton Rouge, LA to discuss your life insurance options with one of our knowledgeable agents. We are here to serve the Baton Rouge community with the best life insurance products on the market.

What are the state minimum auto insurance coverage for Louisiana?

All Louisiana drivers are required to carry the state minimum insurance coverage in order to legally drive within the state. Each state has its own requirements for state residents. Louisiana requires all drivers to carry liability insurance to avoid fines and other consequences for operating a vehicle without the minimum insurance requirements. Our Baton Rouge, LA team at Cordell Insurance is dedicated to helping Louisiana residents acquire the auto insurance coverage they need to legally drive in the state.

What are Louisiana’s Minimum Auto Insurance Requirements?

In order to legally drive in the state of Louisiana, all drivers must carry the minimum liability insurance in the amounts of 15/30/25 liability limits. These amounts include $15,000 in bodily injury coverage per person and $30,000 in coverage for more than one person per accident. The minimum liability requirements also include $25,000 for damage to another vehicle or property. All drivers within the state of Louisiana are required to cover these minimums, if not more, in order to legally operate a vehicle within the state. 

Our Cordell Insurance team is committed to educating Louisiana drivers on the state minimum insurance requirements. However, we are also committed to helping drivers get more coverage if they need it. We are here to ensure that our Baton Rouge, LA drivers get the best coverage possible. However, this starts with meeting Louisians’ state minimum auto coverage requirements. If you have questions or need coverage, give us a call. We’re standing by. Our insurance agents can discuss your auto insurance needs and guide your decision-making process when it comes to auto insurance coverage. 

3 Reasons Why You Need Boat Insurance

Many boat owners in Baton Rouge, LA, carry boat insurance, even though it’s not required by law. This is because they’re aware of the many benefits of carrying boat insurance. If you’re planning to buy a boat soon, you should consider calling Cordell Insurance so we can get you a tailor-made policy that covers your needs best.

If you ask our experienced insurance agents in Baton Rouge, LA, why you should get boat insurance, they’ll give you the following reasons.

1. Protect Your Boat

Boat owners who love their boats usually buy full coverage boat insurance. And it makes sense given that quality boats cost top-dollar. Whole coverage policies protect all parts of your watercraft from the bow, hulls, engines, furnishings, built-in equipment, and the stern. With boat insurance, you won’t skip a beat when your boat sustains damage.

2. Boat Insurance Protects You and Your Passengers

For the most part, you’ll sail without trouble. But in the rare chance an accident happens, you and the passengers on board will be covered by your boat insurance. Boating accidents include collisions, onboard slips and falls, and falling overboard.

3. The Best Boat Coverage Insurance Policy

If you decide to use your boat as collateral, your bank will most likely require you to have boat liability coverage, or your loan application may fall through. Additionally, to book a boat slip at a marina, you’ll be asked for boat insurance.

The Best Boat Coverage Insurance Policy

Not all boat insurance policies offer the same coverage. Your boat’s type, size, and age will determine what type of boat coverage is best for you.

At Cordell Insurance, we factor these and other relevant factors to get you the most suitable policy for your watercraft. Call us today and speak with a boat and watercraft insurance specialist.

Do You Live in Your RV? You Need Insurance

While many people love to travel in their RVs, there are actually plenty of people who live in their RVs. If you live in your RV, you may wonder what kind of insurance options you should consider.

Cordell Insurance, serving Baton Rouge, LA, can provide you with additional information regarding RV insurance for full-timers. Here’s what you need to know.

Full-Timers Insurance

Full-timers insurance is a good option if you use your RV as a residence for six months of the year or longer. Full-timers insurance provides protection against many events that are more likely to occur when you use your RV more often than others. This kind of policy provides broad coverage for your RV and the area surrounding it.

Personal Liability

When you get full-timers insurance, your policy will likely include personal liability coverage. This covers property damage and injuries that occur during an accident. Not only will coverage apply when you are in motion, but it will also be in effect when your RV is parked.

Medical Payments

While personal liability insurance may cover some injuries, special medical payment add-ons may cover more serious injuries for those who are injured in or near your RV. This is coverage for those times when you are parked.

Comprehensive Coverage

Your RV coverage may also include comprehensive coverage, which helps when something happens to your RV when you are not driving. For example, if you are parked at a campsite and bad weather damages the exterior of your RV, this coverage may kick in.

Get Personalized Information

The right RV insurance varies from situation to situation. If you live in your RV, you need to protect your home. Cordell Insurance can provide you with more information if you live in Baton Rouge, LA with your RV.

Using Umbrella Insurance to Cover Potential Lawsuits

Many a Baton Rouge, LA business has suffered the wrath of lawsuits over the years, many closing down due to excessive and expensive attempts to get compensation. This problem can be quite frustrating and hard to manage without the help of umbrella insurance from Cordell Insurance.

When Lawsuits Get Out of Control

Lawsuits often have a way of getting out of control for many businesses in a way that may threaten closure if they aren’t careful. The reasons for this will vary but may include problems like:

  • A greedy individual trying to get money 
  • Serious injuries that require payments 
  • Long-term damage that needs repairs 
  • Limitations on liability insurance 

Any business that finds itself in this troubling situation needs to reach out to its insurance company to ask about umbrella policies. This option can provide many benefits to those struggling businesses.

How Umbrella Insurance Helps

Umbrella insurance is a type of extended liability coverage that kicks in to pay for lawsuits and other payments. It is instrumental in significant cases where a lot of money is being asked. A good umbrella insurance policy:

  • Kicks in when your liability coverage maxes out 
  • Helps pay off expensive lawsuits 
  • Keeps you from paying out of your pockets 
  • Makes it easier to transition to life after the lawsuit 

These benefits all make a high-quality umbrella insurance policy necessary for many businesses. Some may find that these policies help to protect them against long-term financial damage and other concerns.

Find a Policy That Makes Sense 

If your Baton Rouge, LA is going through a series of potential lawsuits, or you’re worried they could at some point, you need to reach out to us at Cordell Insurance to learn more about your options. Our team will sit down with you and create the long-term help that you need to stay solvent for good.

What does flood insurance cover?

Flood-related damage is one of the most widespread natural disasters and can wreak havoc unexpectedly. Flooding is a significant threat in Baton Rouge LA. The prevailing inches of floodwater may cause tens of thousands of dollars in terms of damage. Regrettably, many Baton Rouge, LA residents only think about flood insurance when the uncertainties strike. Are you concerned that your house and your belongings might not get protection against floods? Engage our agents at Cordell Insurance, who will assist you in designing the best flood insurance coverage proportional to your needs and budget, irrespective of where you are situated.

Is flood insurance mandatory in Louisiana?

Flood insurance is not mandatory in Louisiana. However, people who reside in specific regions located in flood-prone areas like the Mississippi River may need to buy flood insurance to qualify for a federally-backed mortgage. Since home insurance doesn’t cover flood-related damage, all Louisiana residents should shield their dwellings with separate flood insurance coverage.

Flood insurance coverage options in Baton Rouge, LA

For those people residing in moderate or low-risk areas, it’s prudent for them to consider procuring flood insurance. Baton Rouge LA residents, can acquire flood insurance through NFIP or private insurers. Available coverage includes:

Building property coverage: This coverage protects the structure itself. It covers the physical form and its:

  • Furnace and central air conditioning
  • Plumbing and electric systems
  • Built-in appliances like refrigerators and dishwashers
  • Permanently installed carpeting, and paneling
  • Foundation, walls, and support structures
  • Detached garage
  • Portable appliances like ovens and refrigerators

Personal contents coverage: It covers personal belongings(contents)in the building. It covers:

  • Clothing
  • Furniture
  •  Electronics
  •  Curtains
  • Some portable appliances
  •  Freezers and foods inside them

Flood insurance in Baton Rouge, LA

 It’s wise to check your policy wording carefully before purchasing your coverage and ensure you comprehend what type of flood damage is covered. Call us or visit our Cordell Insurance offices for detailed information about flood insurance policies.

Who can buy life insurance in Baton Rouge, LA

As we enter our youth years, there is so much to focus on that we often forget that life insurance is the fundamental part of a sound financial plan. Life insurance is cheapest when you’re young, vibrant, healthy and full of life. That means everyone in Baton Rouge, LA is welcome to buy life insurance. Generally, if one type doesn’t work for you, there will always be a perfect one that will. However, while we all need the policy, some people need it more. Such people include:

A parent with minor children

If you are just married and have a young family with a toddler or school-going children, you may want to seriously consider buying life insurance to protect them financially if one parent dies. Life insurance will make sure your children’s financial resources are sorted until they can support themselves.

Parent to a child with special needs

Children with special needs require lifelong care that can be pretty expensive, depending on the condition. Life insurance can help pay for their education, healthcare, and other special needs in case the parents passed away.

A married couple who own property together

If the death of one property holder would mean loss of income, lack of upkeep, and inability to pay taxes and other expenses, life insurance may just be the perfect solution. An insurance agent at Cordell Insurance can help you choose which type of life insurance will work best for your situation.

Young adults looking to lock in low rates

The younger you are, the healthier you are, hence low insurance premiums. Insurance companies use age and health as the primary factors when determining your insurance rates. It also makes sense to buy insurance when young because you have fewer responsibilities.

Not sure whether you need to buy life insurance in Baton Rouge, LA? Cordell insurance can help you understand your life insurance needs better. Feel free to call us or visit.

Do I need Boat Insurance During the Off-Season?

Everyone in Baton Rouge, LA, thinks having boat insurance in winter is a waste of money. Here at Cordell Insurance, we have seen very many boat owners looking to pause their boat insurance during the off-season. There is always an excuse that the boating season only lasts for four months only, but they are required to pay insurance premiums throughout the year. 

Why You Need Boat Insurance During Off-Season?

It is understandable why everyone would be looking to avoid boat insurance in winter. It is obvious that you will be saving money on insurance premiums because your boat is on the doc. However, there are some factors that you need to understand about boat insurance during the off-season. 

The Risk of Theft

Your boat faces the risk of theft throughout the year. That is why you need to make sure that you have your insurance policy year-round. Even when your boat is in the garage, there is a chance that someone might steal it from you. 

Physical Damages

It is obvious that boats get physically damaged when they are in use. This means that you will experience most of the physical breakage during summer. However, in the off-season, your boat can get physical damages. Someone might remove some parts. Rusting is also very common in the off-season because your boat is not getting the attention it requires. 

Adhering to Regulations

It is good that you understand boat insurance laws in your state. Most of the states around the country demand that you maintain your boat insurance throughout the year. Even when your state does not require you to maintain this insurance, it is always good when you have it.

Here at Cordell Insurance, we have been helping boat owners in Baton Rouge, LA, to get boat insurance. Our insurance experts can guide you on how to maintain your boat insurance during the off-season.

Baton Rouge LA Residents Should Consider These Factors When Shopping For Auto Insurance

Choosing an auto insurance plan is a major decision. Hopefully, you never get in an accident or otherwise have to exercise your insurance plan, but if you do, you’ll want to make sure you’ve got the appropriate coverage. Cordell Insurance has helped countless people in Baton Rouge, LA pick the auto insurance plan right for their needs.

Let’s look at some factors Baton Rouge residents should consider when picking an auto insurance plan.

How Much Is The Deductible?

You’ll want to pay close attention to the deducible. This is the amount you have to pay out of pocket before insurance kicks in. If you don’t have money set aside for emergencies, you may want to pick a plan with a lower deductible.

How Much Liability Coverage is Provided?

Liability coverage will cover someone else’s medical bills and property damage costs if an accident occurs. The more liability coverage your auto insurance plan offers, the lower the risks that you may personally have to pay for someone’s medical bills or other costs.

Does An Auto Insurance Plan Cover Water Damage?

Baton Rouge and Louisiana experience floods and extreme weather from time to time. Comprehensive auto insurance plans often cover water damage but only under certain situations. Make sure you read the fine print when selecting a car insurance plan.

How Is Personal Property Handled?

Auto insurance usually does not cover personal property stolen from within a car. However, some insurance providers do provide optional plans for personal property coverage. If you frequently leave the expensive property (such as a laptop) in your vehicle, you may want to get personal property insurance.

If you have any questions or would like help selecting an auto insurance plan, get in touch with Cordell Insurance, which serves Baton Rouge, LA.