What Does An Umbrella Insurance Policy Cover?

When you’re shopping for insurance, a lot of terms can be thrown out there. You’ll hear things like deductibles, coverage limits, exclusions, and even umbrella insurance. Understanding what umbrella insurance is can help you when you want to make sure you’re fully covered in Sandy, UT.

With every policy, you have a coverage limit. This goes for auto insurance, homeowner’s insurance, and more. If you file a claim that exceeds the coverage limit, you would be financially responsible for the rest. For example, if you only have $15,000 of property damage liability coverage and the total comes to $25,000, you would be on the hook for $10,000.

You don’t want to go broke because of one accident. This is why insurance agents at The Smith Insurance Group Inc recommend that you have an umbrella insurance policy. Think of it as something you need for a rainy day. You can have a policy that serves as an umbrella over all of your home or business policies. If you exceed the coverage level, your umbrella policy becomes available to take care of the rest, up to the limits of that policy.

Having the insurance policy will cost you more but can serve as considerable peace of mind. The reality is that you can’t afford to not have it. There’s never any way to guess what’s going to happen, so the best thing that you can do is to prepare for the worst-case scenario, whatever that might be.

We’re here for you every step of the way. At The Smith Insurance Group In,c. we’re able to work with you to ensure that you have the coverage that you need in Sandy, UT. This way, if there is a major incident at home or with your business, you’re prepared with an umbrella policy.



What will happen if I don’t have auto insurance?

Driving a vehicle on a daily basis is a necessity for many people and is also a big responsibility. When you do drive a vehicle, you will need to make sure that you have auto insurance in place at all times. If you do not have auto insurance in place, a number of things could occur. 

Violation of the Law

If you do not carry auto insurance, you will be in violation of the law. Carrying at least a minimum level of liability auto insurance is a requirement for anyone in the Sandy UT area. If you do not carry auto insurance and are caught driving without it, you could face stiff penalties. This can include losing your right to drive a car, financial penalties, and even imprisonment if you are a repeat offender.

No Protection

The main reason why you need to have auto insurance in place is that it will provide you with financial protection for a variety of losses. If you have a full auto insurance policy that provides collision, comprehensive, and liability coverage, you will receive coverage for a wide range of losses. If you do not have auto insurance in place, you could end up facing a significant financial loss if you are involved in an accident or your vehicle is stolen or damaged. Further, you will be found personally liable for any damage that you cause in an accident. 

Since having auto insurance in place at all times is very important, people in the Sandy, UT area should contact The Smith Insurance Group, Inc. to further discuss their auto insurance needs. The professionals at The Smith Insurance Group Inc. can help you to get into an auto insurance policy that provides you with the necessary levels of protection. 

Can You Adjust or Change Your Life Insurance Plan?

Whether you already have life insurance or are looking for life insurance in Sandy, UT, don’t assume the plan is set in stone. You can adjust or change your life insurance plan, but you need to know when and how to do it. The Smith Insurance Group Inc. offers different types of life insurance and will gladly speak to you about making adjustments. Here’s what you need to know.

You Should Reassess Your Insurance Needs

People change and their lives change. If you haven’t looked at your life insurance coverage in years, then now is just as good as time as any to do it. New changes should always come with a review of your insurance. After the reassessment, you can decide if you need to make changes to your life insurance plan.

You Should Know the Types of Changes to Consider

You shouldn’t attempt to make changes to your life insurance arbitrarily or too frequently. Nevertheless, here are a few things that often prompt the need for a change:

  • Increasing coverage to accommodate life changes
  • Decreasing coverage if your financial situation has made a fundamental change for the better
  • Adding additional benefits or coverage options you didn’t need previously
  • Removing benefits or coverage options you’re sure you don’t need
  • Adding coverage or options to deal with worsening health

Look for big reasons to attempt a change in policy. Once you know what you need to adjust, you can start trying to make it happen.

You Should Speak with a Reputable Insurance Company

Generally, the first thing you should do is to see what your current insurer can do to make changes for you. If the insurer cannot or will not offer you options for adjustment, you can cancel the policy and start from scratch with what you now need.

If you have a good policy that you’ve kept for a while, you may want to keep it even if you can’t adjust it. You can often add options in the form of a “top-up” policy in Sandy, UT. Contact Smith Insurance Group Inc. to learn more about life insurance policies and how to make changes to yours.

Auto Insurance Nuances Specific to Utah And The Surrounding Areas

Find Out About No-Fault Insurance

Utah is one of twelve states (and Puerto Rico) in the nation that have no-fault auto insurance laws. The other states include Kentucky, Hawaii, North Dakota, Michigan, Massachusetts, Kansas, New York, New Jersey, Florida, Pennsylvania, and Minnesota. While each individual state exercises this law differently, Utah has a statutory monetary threshold of $3000.

 No fault insurance can be a time saver. Essentially, no-fault insurance allows financial compensation to all involved drivers for the medical bills they incur as a result of an accident.

No fault insurance is a requirement of all driving residents and non-residents who have been in the state for more than 90 days. Your insurance agent can let you know what is required of you when it comes to all of your auto insurance policy mandates. Also, the agent can let you know about some discretionary insurance items that may suit your individual needs. Different driving habits require different levels of insurance protection.  

Don’t Wait Until You Need To Use Your Policy – Contact Us Today

Learning about your insurance coverage before you need to use it is a great idea. A careful review will not only put your mind at ease, but you can also learn if you have coverage that you don’t need or have a vulnerable area that requires protection. If you are located in the Sandy, UT area or surrounding states, come in to visit The Smith Insurance Group, Inc. or reach us by telephone at 801-433-0161. Our staff will be attentive to your insurance questions and deliver a review of the best options for your home, boat/watercraft, commercial, health, life, motorcycle, renters or RV, as well as your automobile insurance needs.  

How Does Commercial Insurance Protect a Business?

If you have your own business, finding ways to protect it is very important. Today, one of the best ways to do this is through the use of a commercial insurance policy. A quality commercial insurance policy will help to protect your business in a number of different ways. 

Protects Against Negligence and Liability

If you own a business, providing good service to customers will likely be your number one goal. However, mistakes do happen from time to time. If these mistakes happen to cause injury or a financial loss to a customer, you could be found liable. The main benefit of commercial insurance is that it will provide you with liability protection in these situations. Due to the importance of it, many customers, lenders, and investors will require that you carry this type of insurance at all times. 

Property Coverage

When you have a business, the place that you operate out of is critical. If it is suddenly destroyed, it could cause a significant financial issue for your business. Fortunately, when you have a commercial insurance policy in place, you will receive commercial property coverage as well. This will provide you with financial protection in the event that your place of business is damaged or destroyed. 

Protects Employees

Commercial insurance policies are also designed to protect your employees. The worker’s compensation portion of your policy will provide additional coverage to an employee if they are hurt while doing their job. This will help to ensure that your staff is adequately taken care of in the event of an unexpected accident.

If you are looking for commercial insurance in the Sandy, UT area, speaking with The Smith Insurance Group, Inc. would be a great option. Our company can examine your insurance needs and help you to get into the right policy for your situation. 

Is motorcycle insurance mandatory?

Utah is a beautiful state. From mountains to pine forests, there’s a wonderful spectacle of natural features to explore. If you are an adventurous motorcyclist, you’ll fall in love with the Beehive State. But before you hop on your motorcycle to explore the beautiful landscape, there are a few things you need to sort out. For instance, you need to get motorcycle insurance before you hit the road. 

Liability Coverage

Just like auto insurance, motorcycle insurance is mandatory in Utah. You are required to take financial responsibility for any injuries or damages your motorcycle may cause to other motorists, motorcyclists, and pedestrians. It’s known as liability. Any vehicle or motorcycle operated on public spaces in the state must meet the minimum liability requirements. If you are looking for motorcycle insurance in the state, look no further than The Smith Insurance Group, Inc. in Sandy, UT. 

You need to establish financial responsibility to operate a motorcycle in the state. This is a legal obligation for every driver or rider in Utah. Establishing financial responsibility helps keep roads safe and fair for all drivers. If an accident you caused results in bodily injuries or inflicts damage to other people’s property, you will be required to cover the cost. Motorcycle insurance is a great way to meet such financial responsibilities. 

Financial Responsibility Requirements

In other words, the mandatory motorcycle insurance requirements in the state are meant to protect the rider from financial loss in the event of an accident. There are minimum state requirements for all motorcyclists per accident. However, it is always wise to get extra coverage to protect yourself from any eventuality effectively.

Get reliable motorcycle insurance coverage from The Smith Insurance Group, Inc. in Sandy, UT. Give us a call for more information on our motorcycle insurance coverage offerings in Utah, Idaho, Arizona, Nevada, and Montana.

Does Boat Insurance Cover Damage as a Result of Freezing Water?

A boat is a large ticket item that requires the proper coverage to ensure that it doesn’t receive damages that are going to inflict a financial toll on the owner. There are many factors to consider when purchasing your boat insurance. One of the many concerns that boat owners have is damage that results from freezing temperatures and ice. Will your boat insurance cover damages as a result of the cold weather?

Freeze Insurance

Most boat insurance policies have limits regarding what it will cover under what circumstances. Sure, your boat insurance will cover damage on the water under normal conditions, but it might not cover your boat or motor if it is damaged as a result of freezing weather. There is good news, however. There is freeze insurance that can be added to your policy that is designed to offer protection from freezing temperatures. In most cases, this insurance is primarily covering the engine, but may also offer protection for the body of the craft. Ask your insurance agent what type of additional freeze coverage they offer and learn what the terms of the coverage area before making your decision. 

Protect Your Investment

In order to prevent losses from freezing temperatures, you should consult a reputable insurance agency that can assist you with getting the right type and amount of coverage. Boat owners living in or around Sandy, UT can count on The Smith Insurance Group, Inc. to provide them with the insurance products and information they need to protect their boat from the harsh conditions of the cold weather months. 

Protect your boat with the right insurance products by consulting The Smith Insurance Group, Inc. They are ready to help the residents of Sandy, UT get the coverage they need to have peace of mind. Call or stop by the office for more details. 

How to Choose a Health Insurance Plan

Having health insurance is required in Sandy, UT if you do not want to pay a tax penalty, and with so many options, choosing a plan can be overwhelming.

Your first step is that you will want to compare different types of health insurance plans with your agent at The Smith Insurance Group, Inc., so you know what the best fit for you is. You will find different acronyms for plans, so you need to know what those mean as well.

  • HMO (Health Maintenance Organization): These plans are good if you want a lower out-of-pocket cost and are okay with having a primary care doctor who will give you referrals to see specialists.
  • PPO (Preferred Provider Organization): If you want more doctor options and don’t want to be required to see a primary care doctor for a referral, this plan allows for that.
  • POS (Point of Service Plan): This is similar to an HMO, but you have more provider options.

Looking at your family’s medical needs can help you decide which plan is right. If you need to see specialists often, you should choose a PPO.

Next, you will want to compare health plan networks. You want to be able to go to an in-network doctor so that your costs remain lower. If you notice that a plan doesn’t have a lot of doctors that are close by, this might not be the right plan for you. When comparing each option, you want to compare out-of-pocket costs. Plans will have these laid out so you know how much it’s going to be if you visit your primary care doctor, a specialist, or want to know what prescriptions could cost. Compare benefits on each plan, so you are covered for your specific medical needs, whether that’s a particular medication or getting sick abroad for frequent travelers.

Contact The Smith Insurance Group, Inc., serving Sandy, UT, to get a quote on health insurance and to discuss a plan.

Buying Life Insurance as You Start Out in Life

When you’ve graduated from school and are starting that first job, the last thing you may be thinking of is getting a life insurance policy. After all, you are young, unattached, and are not likely to die anytime soon. The Smith Insurance Group, Inc., serving Sandy, UT, would like to explain why getting life insurance is a good idea early in life.

Having a life insurance policy when young is a good idea on the rare possibility you do die to have a way to pay your final expenses. However, a little-known secret about life insurance is that it makes a pretty good financial investment that should be part of anyone’s portfolio.

If you keep reinvesting the interest and dividends that your life insurance pays out as well as pay your premium, the cash value will grow over time. You will be able to access that cash value if you need it to help pay for big-ticket expenses such as a new home or student debt through policy loans and partial surrenders.

Once you retire, and the need for a death benefit has decreased, with your children having become adults, the cash value of your insurance policy can be accessed to supplement your retirement income. You should keep enough of a death benefit to pay for final expenses.

The main advantage of starting a life insurance policy when young is that the premiums are low and cannot increase so long as you maintain it. Getting life insurance when you’re older can be difficult, especially if you develop health problems.

For any questions you might have about life insurance, contact the Smith Insurance Group, Inc. serving Sandy, UT.

How Long Do I Have To File An Insurance Claim After An Accident?

If you are involved in an auto accident in Sandy, UT, you may be curious about how long you have, after the incident, to file an insurance claim. While it is always best to contact The Smith Insurance Group, Inc. immediately after the incident, there may be reasons you decide to file an insurance claim at a later date. Here is what you need to know about the time frame you have to file an insurance claim. 

Vehicle And Personal Property Damage 

After an accident, one of the first things you should do is contact your insurance company. To file an insurance claim for any possible damages, you will have the option to either file with your own insurance company, called a “first-party” claim, or against the other driver’s insurance, called a “third-party” claim. 

According to Utah Code section 78B-2-305, if your vehicle or other Sandy, UT personal property was damaged as a result of a vehicular accident, any lawsuit regarding that claimed damage must be filed within three years of the date of the incident.  

Bodily Injury 

According to Utah State Law, any person in your vehicle who suffers a bodily injury is required to submit their claim to your insurance company. For each person incurring an injury, the first $3,000 in medical expenses will be covered by your The Smith Insurance Group, Inc. policy under Personal Injury Protection before they can file a claim with the other party’s responsible insurer. 

Is There A Time Frame For Concluding My Claim? 

If you fail to file a suit or accept a final settlement before the statute of limitations is up, you can jeopardize your right to receive any settlement. You are required to either file a lawsuit or accept a final settlement offer within the time frame required by specific statutes of limitations: 

  • For property damage claims – The time frame is three years from the date of the accident. 

  • For bodily injury claims – The time frame is four years from the date of the accident. 

Reach out to The Smith Insurance Group, Inc. for an auto insurance policy and a quote. Our agents are ready to help walk you through the insurance process.