Do I Need Flood Insurance If I’m Near a Flood Zone?

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For residents of Willoughby, OH, deciding whether to purchase flood insurance is an important consideration. Even if you don’t live in a designated flood zone, living near one may make having this coverage beneficial. Our agents at The Merhar Agency LLC are here to discuss your location, current insurance coverage, and the advantages of a flood insurance policy.

What Does a Flood Insurance Policy Cover?

In Ohio, flood insurance is mandatory for homes located in designated high-risk flood zones. A standard flood insurance policy typically covers direct damage, including the structure of your home, its foundation, personal property, electrical, heating, and plumbing systems, as well as detached garages.

However, there are specific exclusions in flood insurance policies, such as decks, fences, hot tubs, pools, patios, damage caused by wind, high-value items, mold, and vehicles.

Benefits of Having Flood Insurance

For homes near a flood zone, flood insurance is optional but highly recommended. As we all know, inclement weather and its associated conditions can be unpredictable and devastating. This means that even low-to-moderate risk areas are susceptible to flooding, which can result in costly damage to your home. If you live outside a flood zone and experience flooding, your homeowner’s insurance policy will not cover flood-related damages, leaving you to pay for repairs out of pocket.

Contact Us

Don’t be caught off guard by unexpected flooding that could damage your home. Willoughby, OH, residents should consider a flood insurance policy, especially if they live near a flood zone. Our agents at The Merhar Agency LLC can answer your questions, assess your level of risk, and provide recommendations to help protect your assets. Contact us today to learn more.

Do I Really Need Full Coverage Motorcycle Insurance?

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If you recently purchased a motorcycle in Willoughby, OH, you may be wondering how much insurance you need for it. Getting a full coverage policy is often the best option for riders, but do you really need it? The Merhar Agency LLC can help you decide on the best options for your situation.

What Is Full Coverage Motorcycle Insurance?

Full coverage motorcycle insurance is not a formal term but refers to an insurance policy bundle that includes collision, comprehensive, liability, and sometimes several other types of coverage in a single package. It provides significantly more protection than only getting liability insurance. If you finance or lease your motorcycle, the insurance company or dealer usually requires a more comprehensive policy to protect their investment in your bike.

These policy types frequently include other common coverage categories, such as underinsured/uninsured motorist coverage and medical payments, commonly called MedPay. If you have a high-end motorcycle with numerous customizations, you may also purchase an endorsement to cover damage to those items.

When You Might Not Need Full Coverage

Bikers need at least bodily liability and property liability coverage to legally ride in Ohio. However, if you have an older bike worth less than $5,000 and aren’t concerned about replacing it if it is totaled in an accident, you might consider skipping full coverage. Once you have paid off your motorcycle loan, you can also drop coverage required by the lender.

Nevertheless, experts recommend carrying more than minimal motorcycle insurance. One crucial area involves medical payments, as cyclists often sustain more severe injuries when riding and incur high medical bills. Experts also recommend retaining full insurance coverage if you use your motorcycle as your primary means of commuting.

Give your motorcycle and yourself the coverage you deserve by working with The Merhar Agency LLC, serving Willoughby, OH. Contact our office to get started today.

Is Condo Insurance Legally Required?

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Condo insurance is a personal type of coverage that protects the interior of your unit and your personal belongings. It also offers liability protection if Willoughby, OH condo owners are sued. Many condo insurance policies can help cover damage to the interior of the building caused by natural disasters. But do you really need it?

Not Legally Required

In most jurisdictions, condo insurance isn’t legally required, much like homeowners insurance, which isn’t always mandated. Many condos have a condo association or HOA that obtains a master policy to cover shared areas like roofs or structural damage. However, you may still need a condo insurance policy to protect your individual unit, and companies like The Merhar Agency LLC can help.

Lender Requirements

If you’ve taken out a mortgage to purchase your condo, your lender will likely require you to obtain and maintain condo insurance throughout the life of the loan. This requirement is in place to protect the lender’s investment in your property.

Condo Association Requirements

Your condo association or HOA may also have specific insurance requirements. Many associations require owners to obtain and maintain condo insurance. Failure to provide proof of insurance or comply with these rules could result in fines or penalties.

Personal Protection

Even though condo insurance isn’t always legally required, it’s still a smart choice. Burglaries, natural disasters, and other unexpected events can damage your belongings or leave the interior of your condo in disarray. Condo insurance provides the protection you need to enjoy peace of mind.

If you’d like to learn more about condo insurance to make an informed decision, our professional agents at The Merhar Agency LLC are here to help. Contact us today. We proudly serve the Willoughby, OH area and can help you find the right coverage for your needs.

What’s the Difference Between Term and Whole Life Insurance?

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When you have loved ones who depend on you, life insurance is essential to protect their financial future. As you explore life insurance options, it’s important to understand the two main types: term life and whole life. These policies have key differences that can help you decide which is best for your needs. When you’re ready to secure life insurance, we’re here to assist you. Contact us at The Merhar Agency LLC in Willoughby, OH.

Expiration Dates

One of the most significant differences between term life and whole life insurance is the expiration date. Term life insurance is designed to last for a specific period, such as 10, 20, or 30 years. Once the term ends, the policy expires, and the policyholder must purchase a new policy to maintain coverage. In contrast, whole life insurance has no expiration date. It remains in effect for the policyholder’s entire lifetime, as long as premiums are paid.

Cash Value

Whole life insurance builds cash value over time. This value starts at zero and gradually increases, allowing the policyholder to borrow against it if needed. Many people appreciate this feature as a financial safety net for future challenges. Term life insurance, however, does not include a cash value component. Its primary advantage is affordability, as term life policies typically cost much less than whole life policies.

Get Life Insurance

Don’t wait to secure life insurance for your loved ones. Learn more about your options by contacting us at The Merhar Agency LLC in Willoughby, OH. We’re here to help you find the right policy to meet your needs.

Does Renters Insurance Cover Damage From A Flooded Basement?

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While homeowners’ insurance policies are not a requirement for many renters, the lack of insurance often leaves them vulnerable. This is where renters’ insurance comes into play.

Understanding Renters’ Insurance

Renters’ insurance covers a renter’s personal belongings as long as the damage is from a covered event. Policies in Willoughby, OH, typically cover wind damage, fires, theft, and other common incidents.

Policy Exclusions

Every insurance policy has specific exclusions or perils that are not covered. Many renters’ insurance policies do not cover natural disasters, including floods and hurricanes. This means your renters’ insurance will not cover damages if the flooding is due to a natural disaster.

It’s also common for renters’ insurance policies from companies like The Merhar Agency LLC to exclude damage due to negligence. For instance, a leaking basement due to a sewage pump overflow won’t be covered. Many policies specifically exclude damage due to a structural problem, like a leaking foundation.

Some policies specifically exclude water damage in basements because basements are more prone to leaking than anywhere else. It’s always important to read the fine print on your policy to understand whether items stored in a basement will be covered.

Flood Insurance

Renters concerned about water damage from a flooded basement should consider getting flood insurance. Many renters qualify for a separate flood insurance policy that will provide coverage for damaged belongings.

Whether damage due to a flooded basement is covered often depends on the company you work with. The agents at The Merhar Agency LLC can help you review your policy to ensure you understand what’s covered. Contact us today to learn more. We’re currently serving the Willoughby, OH area.

When Is a Leaky Roof Covered?

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RV roofs can eventually start to leak. Sometimes it’s due to storm damage, but other times, it’s due to age. The good news is that sometimes the damage is covered by your RV insurance, but the bad news is that it’s not always covered. If you’re in the market for an RV or have just bought one, it’s essential to understand why a damaged roof may be your financial responsibility. The Merhar Agency LLC in Willoughby, OH, understands that not everyone is aware of why this is the case.

Who Was at Fault?

The issue with leaky RV roofs is that you have to prove the damage wasn’t caused by something you did. If you were caught in a hailstorm that damaged the roof and left you with leaks, and you can prove there was a hailstorm in the area, that could make it easier to get your insurance policy to cover fixing the damage.

However, if the roof suddenly starts leaking, that will be harder to get covered because, in many cases, the reason for the leak is that the roof was in poor condition to begin with. If the leak is due to something else, like vandalism or some cause that didn’t stem from neglect of the roof, that would be different. But if the leak is due to poor roof care, the insurance company won’t want to cover that.

The Merhar Agency LLC in Willoughby, OH, understands that RV owners want their vehicles to remain in great shape and want reassurance that their insurance company will help when there’s a problem. That’s why it’s so vital that you understand why some circumstances wouldn’t be covered. Contact us with any questions.

Boat Safety Begins with Boat/Watercraft Insurance Solutions

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Before you climb a mountain, you take precautions. Similarly, you get insurance before you ever drive a vehicle or navigate a boat or watercraft. Safety and precaution are always the rule. Yes, mountain climbing might be an extreme example, but there are days when driving a vehicle or navigating a boat or watercraft can be very dangerous, too. That’s why people from all around the Great Lakes region, like the Willoughby, OH area, rely on boat/watercraft insurance solutions from the friendly and professional team at The Merhar Agency LLC for their boat insurance needs.

Ensuring Boat Safety with Boat/Watercraft Insurance

If you have ever seen Lake Erie on a warm weekend in July, then there is no need to explain the importance of having boat/watercraft insurance when you take your seaworthy vessel out for a day on the lake. However, insurance for your boat or watercraft will also protect your boat out of the water and, most importantly, help with any repairs to keep your vessel in tip-top shape.

That’s why working with experienced and knowledgeable agents who can help you find the right boat/watercraft insurance solutions is advisable. Ensuring your boat stays safe whenever you are out on the water is no different from being prepared before you climb that peak or get behind the wheel. Safety is always the priority above, on land or at sea.

Securing Boat/Watercraft Insurance in Willoughby, OH

If you live in the Willoughby, OH area, own a boat, and have questions or need insurance for your boat or watercraft, we can help. Contact us to find out more and schedule an appointment today with our helpful and friendly team at The Merhar Agency LLC for all your boat/watercraft insurance solutions.

What are the Advantages of Umbrella Insurance For Seniors?

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As a senior, you likely have worked for years to save money for your retirement, enabling you to focus on family and other activities you enjoy rather than worry about money. Unfortunately, many seniors are unaware of how umbrella insurance can be a low-cost method to protect their assets and keep life worry-free. Whether you have already retired or expect to soon, contact The Merhar Agency LLC team, serving Willoughby, OH, area residents. We will help you understand the benefits of umbrella insurance benefits for people of all ages.

Understanding How Umbrella Insurance Benefits Seniors

Insurance, in general, protects us against unexpected events. Accidents happen no matter how careful we are, and those accidents can leave us liable for damages. Our home and auto insurance policies typically cover those liabilities, but some accidents lead to damage exceeding our policy limits. While serious accidents are rare, you must pay for the damages that exceed your policy limit if you are responsible. Those situations can include sizable amounts and put our savings, home, and other investments at risk.

While serious accidents can occur at any age, they are particularly troubling when seniors are liable because they are past their top earning years and cannot rebuild their assets. Umbrella insurance eliminates that risk by extending your policy limits. Since there is a low number of umbrella insurance claims, the policies often cost $150 to $300 annually (for $1 million in coverage) despite providing peace of mind and extra protection.

Working With The Merhar Agency LLC

Umbrella insurance is an affordable way to protect your family and assets. If you live in or near Willoughby, OH, visit The Merhar Agency LLC team or call us at (440) 946-2040 to discuss how umbrella insurance can benefit you.

The Importance of Purchasing Flood Insurance Even If You Are Not in a Flood Zone

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Many people assume that flood insurance is only necessary for homes located in high-risk flood zones. However, floods can occur anywhere, and a significant number of flood claims come from properties outside designated flood zones. At The Merhar Agency LLC in Willoughby, OH, we have witnessed how unexpected flooding can affect homeowners who never thought they would need this coverage. Let’s discuss why flood insurance is a wise investment, regardless of your location.

Floods Don’t Respect Boundaries

Just because your home isn’t located in a flood zone doesn’t mean it’s immune to rising waters. Factors such as heavy rains, rapid snowmelt, and even new construction in your area can create conditions conducive to flooding. According to FEMA, over 20% of flood claims come from areas considered to be of low or moderate risk. Without flood insurance, you could be left to cover the repair costs out of pocket, resulting in a significant financial burden.

Homeowners Insurance Doesn’t Cover Flood Damage

A common misconception about home insurance is that it covers all types of water damage. Unfortunately, most standard policies specifically exclude flood damage. If a flood damages your home, you could be left without the necessary coverage to rebuild and recover. Flood insurance fills this gap, providing peace of mind regardless of where you live.

Secure Your Investment

Flood insurance is more affordable than you might think, especially if you live outside a high-risk area. At The Merhar Agency LLC in Willoughby, OH, we can help you explore your options and find the right coverage for your needs. Don’t wait until it’s too late—contact us today and let us help you protect your home against the unexpected.

Insuring Autonomous Motorcycles: Science Fiction or Near Future?

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The concept of autonomous motorcycles, once confined to science fiction, is steadily advancing toward reality. Manufacturers and tech companies are exploring self-driving technology for motorcycles, envisioning a future where two-wheelers offer enhanced safety and convenience. As this technology develops, the insurance industry is beginning to assess how to adapt to its unique challenges and opportunities. For insurers around Willoughby, OH, preparing for this innovation is less about speculation and more about staying ahead of the curve.

The Potential of Autonomous Motorcycles

Autonomous motorcycles promise to reduce accidents by minimizing human error, which is a leading cause of collisions. Equipped with advanced sensors, AI-powered navigation systems, and self-balancing technology, these vehicles are designed to maintain stability and respond to road conditions in real time. This shift could significantly impact insurers’ risk assessments, potentially lowering premiums if autonomous systems prove to be safer than human riders.

However, this transition also introduces complexities. Unlike cars, motorcycles have unique dynamics, such as a reliance on balance and the direct exposure of riders to external elements. Insurers will need to evaluate how well autonomous systems can mitigate these risks and what new liabilities may emerge.

Insurance Considerations for Autonomous Motorcycles

For autonomous motorcycles, liability may shift away from riders and toward manufacturers or software developers. Policies may need to cover risks associated with system failures, software malfunctions, or cybersecurity breaches. Additionally, insurance could include provisions for maintaining and updating the sophisticated technology that powers these vehicles.

Insurers may also explore usage-based policies, leveraging data from autonomous systems to tailor premiums based on riding habits and performance metrics.

Secure Your Insurance Needs with The Merhar Agency LLC

The Merhar Agency LLC underwrites policies tailored to our customers’ needs. We serve Willoughby, OH, and surrounding cities. Contact us today.