Things home insurance won’t cover

Posted on November 25, 2024November 23, 2024 by admin

Home insurance offers a wide selection of protection for your home. It shields you from the consequences of fires, tornadoes, and many other hazards. It provides protection when you get sued and offers you a place to live if your home is damaged. However, it does not cover everything that could go wrong. At Bacon Insurance Group in Richmond, VA, our agents represent many different carriers, which allows us to offer more choices and better rates.

Despite the many things that home insurance covers, there are some things that it won’t cover.

Earth movement

Several different things come under the category of earth movement. If your home is damaged by an earthquake, sinkhole, mudslide, or landslide, the damage will not be covered by a traditional home insurance policy. However, you can get coverage for these things from your insurance agent.

Floods

Floods are one of the most common natural disasters. Thousands of people suffer from devastating losses due to floods every year. Floods that result from surface water are not covered by home insurance. Flood insurance is available through the NFIP. This is available through your independent insurance agent.

Owner neglect

Owner neglect might sound like you are letting your home run to rack and ruin, but it doesn’t need to be nearly as extreme as that. If your roof is old, and you are not getting it replaced, that is neglect. If you end up with termites, that is neglect. You should have gotten your home treated. Your insurance company expects you to do the basic repairs that are needed to your home to avoid damage.

Aggressive dog breeds

If you are considering getting a dog, check with your insurance agent to ensure it is a covered breed.

Bacon Insurance Group in Richmond, VA is here for you when you are ready to discuss your home insurance coverage. Our independent agents are here for you.

Can I Get Life Insurance If I Have a Pre-Existing Condition?

Posted on October 28, 2024October 23, 2024 by admin

Life insurance is a type of policy that pays a sum of money upon the policyholder’s death. Insurance agencies often require the person holding the policy to pass a medical exam to get life insurance.

Insurance agencies evaluate the risk of insuring a person when they write a policy for them. A person with a pre-existing condition may have a harder time passing a medical exam and may be a higher risk for the insurance company.

Does this mean that someone with a pre-existing condition can’t get life insurance? Bacon Insurance Group, servicing Richmond, VA, can help you answer that question. Here’s what you need to know.

Do Pre-Existing Conditions Impact My Ability to Get Life Insurance?

Although a pre-existing condition can impact your ability to get an insurance policy, people who have pre-existing conditions are not always disqualified from getting life insurance. Many factors are taken into consideration when someone seeks a life insurance policy. Your diagnosis, current health, how well you manage the condition, how long you have had the condition, your age, and other factors are all variables that will help the insurance company decide whether they can insure you.

A pre-existing condition can lead to a higher life insurance policy premium but does not necessarily mean that you won’t be able to get life insurance at all.

How Can I Get Life Insurance in Virginia?

If you’re trying to get life insurance, this process starts with finding the right insurance agent. The professionals at Bacon Insurance Group servicing Richmond, VA can help. We offer excellent customer service and work with a range of insurance carriers. When you work with Bacon Insurance Group, you have options. Call today to get started seeking a life insurance policy.

The Impact of Ride-Sharing on Personal Auto Insurance Policies

Posted on September 30, 2024September 28, 2024 by admin

Ride-sharing services have revolutionized how we commute. At the Bacon Insurance Group, we take pride in offering a variety of auto insurance policies tailored to this new driving dynamic in the Richmond, VA area. Let’s discuss how providing service to a ride-sharing company can impact your personal auto insurance policy.

The Ride-sharing Revolution and Insurance

The rise of companies like Uber and Lyft has led numerous people to use their personal vehicles for commercial purposes. This changes the risk dynamic, and it’s important to understand that a standard personal auto insurance policy might not cover all aspects of ride-sharing.

Potential for Coverage Gaps

Most personal auto insurance policies are designed for private use, not commercial ones. When you drive for a ride-sharing service, your private policy may not cover any incidents while on the job. Such a gap can expose you financially if you have an accident while transporting passengers.

The Role of Ride-Sharing Insurance

Insurance providers now offer ride-sharing endorsements or separate policies to cover these potential gaps. These additions offer the necessary coverage when you’re working, ensuring you’re fully protected at every stage of your ride-sharing venture.

Why Adequate Coverage Matters

Understanding these changes and adjusting your insurance policy accordingly is crucial. Without the proper coverage, you could risk facing substantial out-of-pocket expenses in the event of an accident. Ensuring you have the right policy can protect your financial health and provide peace of mind.

Handle the complexities of auto insurance with us. Contact Bacon Insurance Group in Richmond, VA, for personalized advice on ride-sharing insurance options. We’re committed to guiding you through the insurance landscape in the age of ride-sharing and ensuring you have the coverage you need.

Protecting Your Business Starts with Commercial Insurance Solutions

Posted on August 30, 2024August 27, 2024 by admin

Life is teeming with risks and potential hazards. From storms and fires to flooding, criminal incidents, accidents, and more, the unexpected can befall anyone at any time. For business owners, the costs, risks, and damages from such events are only amplified. The good news is that, like homeowners, renters, and everyone else, there are insurance solutions to provide help. That’s why numerous business owners in and around the greater Richmond, VA area trust the reliable, friendly, and professional team of agents at Bacon Insurance Group for their crucial protection and commercial insurance needs.

Commercial Insurance: The Initial Step to Safeguarding Your Business

Does your company have inventory, equipment, machinery, vehicles, a storefront, or other properties? Does it engage customers through service calls or perform services for them? From claims and liability issues to expenses of repairing damaged or lost property, protecting your business begins with commercial insurance solutions.

That’s why it’s crucial to engage an experienced and professional agent who can assist in assessing your company’s needs and discovering the right commercial insurance solutions for your business. As business owners, it’s impossible to predict everything, but with commercial insurance, they can get protection from almost anything their company might encounter.

Commercial Insurance for Business Owners in Richmond

Do you own or operate a business in or around the scenic Richmond, VA, area? Do you have questions or want to learn more about commercial insurance? Do you need insurance for your business? We can help. Contact us to find out more and schedule an appointment with our professional and friendly team at Bacon Insurance Group to address all your commercial insurance needs today.

Why You Should Choose an Independent Insurance Agent for Your Home Insurance

Posted on July 30, 2024July 29, 2024 by admin

An independent insurance agent can help you shop around with different insurance carriers, helping you find the right carrier and policy for your needs. Many homeowners may not be aware of independent insurance agents or how they differ from other insurance agents.

If you have questions, the professionals at Bacon Insurance Group, servicing Richmond, VA, have answers. Here’s what you need to know about independent insurance agents.

What Is An Independent Insurance Agent?

An independent insurance agent is not employed by any specific insurance company. Instead, they can explore insurance options from different carriers and may work with numerous companies to help their customers find the most suitable insurance policy for their needs.

What Are the Benefits of An Independent Insurance Agent?

There are many benefits of collaborating with an independent insurance agent. For example:

Independent insurance agents can shop around for the best price and coverage options.
Independent insurance agents have access to a larger range of insurance products to meet the needs of their clients.
Independent insurance agents can more readily act in the best interests of their clients without having to meet a specific quota from their insurance agency.

How to Get Started With An Independent Insurance Agent for Your Home Insurance?

Do you want to get your home insurance through an independent insurance agent? Contact Bacon Insurance Group, servicing Richmond, VA. We work with a variety of insurance carriers and help homeowners connect to the right insurance products. We can help you find the right policy for your budget and needs.

How Whole Life and Term Life Insurance Are Different

Posted on June 28, 2024June 28, 2024 by admin

There are two primary types of life insurance: whole-life policies and term-life policies. Each type presents its unique advantages and potential pitfalls. Both are popular methods to safeguard a family’s financial security. Life insurance is a necessity, providing benefits to your dependents should anything happen to you. If you’re underinsured, don’t hesitate to contact us at Bacon Insurance Group in Richmond, VA.

Whole Life Policies

A whole-life insurance policy is usually the preferable choice for coverage that lasts a lifetime. Unlike term-life policies, whole-life policies do not have a set expiration. They provide coverage throughout your life, eliminating the need to renew or purchase another policy as you age. Furthermore, whole-life policies accumulate cash value over time, providing a monetary benefit you can borrow against should you encounter a financial bind.

Term Life Policies

Term-life policies operate differently, providing coverage for a specified period. Once the policy term is over, the coverage ceases, necessitating a new policy purchase to continue coverage. Term-life insurance does not include a cash value component, meaning there’s no cash accumulation for borrowing against. However, due to this aspect, premiums for term-life policies are generally lower compared to whole-life policies—a reason many choose term life insurance.

Get Life Insurance

Regardless of the type of life insurance you’re seeking, we can assist. Contact us at Bacon Insurance Group in Richmond, VA to get started.

Teen Drivers and Auto Insurance

Posted on May 31, 2024June 3, 2024 by admin

Raising kids is tough, but once they reach driving age, the level of worry and stress skyrockets. You want your kids safe while driving, but accidents do happen. It’s imperative that parents handle insurance and their teen drivers properly. Here at Bacon Insurance Group, serving Richmond, VA, and the surrounding areas, we want to make sure parents understand everything they need to know about teen drivers and insurance.

Do I Need to Add My Teen?

Yes, as soon as your teenager has a driver’s license, they need to be added to your policy. Most policies will also require that your teen be assigned to a particular car on the policy. It’s usually wise to only give your teen access to the least expensive vehicle you own. This will lower your insurance rates and pose less of a financial risk should there be an accident. If you fail to add your teen and there is an accident, you might face consequences from the police and the insurance company.

Will Rates Go Up?

If you add a teen driver to your policy, your rates will increase because teenagers are a much bigger risk factor for the insurance company. There are often ways to offset this. If your teen makes good grades, you should be able to get discounts for that. If your teen avoids accidents or tickets, that will also help to keep your rates reasonable.

Can My Teen Get Their Own Policy?

It’s often difficult for teenagers to get insurance while they are young. Adding your teen to your policy is most cost-effective.

If you’d like to learn more about teen drivers and auto insurance, please get in touch with us at Bacon Insurance Group, serving Richmond, VA, and the surrounding areas.

Four surprising benefits your company can enjoy with commercial insurance

Posted on April 30, 2024May 1, 2024 by admin

As a business owner, you might not know all the benefits your company can enjoy if you invest in commercial insurance. At Bacon Insurance Group, we’re here to provide insurance coverage to business owners in Richmond, VA.

Here are four surprising benefits your company can enjoy with commercial insurance.

Coverage for business interruption

Events like natural disasters that halt business activities can cause companies to go out of business.

With commercial insurance, businesses can enjoy business interruption coverage. This compensates companies for lost profits so that events that temporarily stop business activities don’t have such drastic consequences.

Reputation management

A good reputation is essential for continued business success. Unfortunately, negative publicity can damage a company’s reputation.

Commercial insurance can compensate a company for any financial losses it faces due to certain types of reputation damage. This type of coverage can also pay for the costs of publicity efforts needed to respond to negative publicity and save a company’s reputation.

Product liability coverage

Businesses that produce physical products can benefit from product liability coverage. This type of coverage pays for lawsuit costs when a company’s products cause injuries or other adverse events that harm other individuals or organizations.

Cyber liability

Cyber liability is an increasingly significant issue for businesses as time goes on. Companies need to store sensitive data online nowadays, and cyber liability coverage can cover any financial losses or lawsuit damages caused by data breaches.

We’re here to help if you need insurance coverage for your business in Richmond, VA. Call Bacon Insurance Group today for a policy quote.

Types of Coverage in Your Home Insurance Policy

Posted on March 29, 2024March 27, 2024 by admin

When you’re a homeowner, it’s essential that you have home insurance from the first day you own it. Coverage should start the day you buy the home, and you need to keep it for as long as you live there. If you don’t have home insurance, call us at Bacon Insurance Group in Richmond, VA.

Home Coverage

Part of the coverage you get from home insurance is to protect the house itself. This coverage is extremely important for covering the cost of repairs if they are needed because of a destructive event. When a destructive event happens to your home, the resulting repair bills can be extreme. It can easily cost tens of thousands of dollars to get repairs after the damage has been done. The policy can pay for this coverage.

Possessions Coverage

Your belongings are in your home, and when damage happens to the home, it may also mean damage to your possessions. Home insurance includes coverage for all of your possessions in the home. When you add up what it costs to replace everything, you soon see why this coverage is essential for every homeowner.

Liability Coverage

You’re liable for what happens in your home, including any accidents. If someone becomes injured in your home, you’d owe for all of their expenses related to the accident. This can be an enormous amount, even if the injury isn’t that bad. Medical bills can surprise you, but your home insurance’s liability coverage will prepare you for them.

Get Your Home Insurance Today

Call us at Bacon Insurance Group in Richmond, VA to get started with your home insurance policy.

Five Surprising Things You Should Know About Life Insurance

Posted on February 28, 2024February 23, 2024 by admin

Here at Bacon Insurance Group in Richmond, VA, there are a few little-known benefits of life insurance that we’ll reveal here.

1. Taxes Don’t Need to Be Paid on the Benefit Amount

The IRS generally doesn’t require beneficiaries to report these benefits as part of their gross income. However, in some situations, it can be considered taxable. Ask your agent or tax consultant about your circumstances.

2. Some Polices Allow for Cash Withdrawals

Whole and universal life insurance allows for withdrawals to be made to borrow against the policy. Some also allow one to get a loan against them, which can come in handy to cover unexpected costs. Keep in mind that both options will reduce your death benefits unless the funds are repaid.

3. Medical Exams Aren’t Always Required to Buy Life Insurance

Many individuals believe that their health issues will prevent them from obtaining a life insurance policy. Several companies require no medical exams whatsoever for guaranteed and simplified issue insurance. Group life insurance through an employer may also not require health exams.

4. You May Already Have Life Insurance and Not Know It

Many employers offer their staff a baseline life insurance policy as an incentive. It may be bundled along with dental, medical, and vision plans. However, it may not be enough, making a supplemental policy necessary.

5. They Come With a Premium Wave-Off Option

You have to make payments on premiums over the tenure of the policy. However, if the policyholder becomes permanently disabled, a rider goes into effect, which sometimes allows premiums to be waived. Contact your provider to see if you qualify for this benefit.

If you want to protect your family’s financial situation after your passing, contact Bacon Insurance Group Richmond, VA, for a custom quote today.