How Much Insurance am I Required to Have if I Have a Car Note?

Most of us understand that every state requires that all drivers carry insurance that meets the state minimums. This is no different for residents of Cheshire, CT. However, SEEC Financial is committed to helping CT drivers understand what state minimums are required in terms of auto insurance. We are also committed to helping drivers determine other types of auto insurance which could be beneficial, depending on your unique situation. 

The Basic Requirements

Connecticut drivers are required to carry liability insurance. As with any state, state minimums are required for all Connecticut drivers. Once these state insurance minimums are met, CT residents have met all the legal requirements to drive within the state. However, state minimums and other requirements may vary from state to state. SEEC Financial guides CT residents by helping them invest in the best insurance options for their unique situations. 

Beyond State Minimums and Other Requirements

However, there are other situations to consider beyond state minimums and basic insurance requirements. This is particularly true if you have an auto loan. This means that your name, along with the lien holder or financer, appears on your car title. Until you pay your car off, most loan companies will require you to carry full coverage auto insurance. This auto insurance is a way of protecting their investment, which is the unpaid-for car. You are a liability to the loan company, in a sense, until you pay your car off. Full coverage car insurance protects the lien holder’s investment if your car is totaled or damaged in a car accident as well as other unforeseeable circumstances.

Full coverage insurance is the safety net that loan companies require to protect their assets. Regardless of the type of insurance you’re investing in, you must understand what’s required and invest in the type of coverage that will meet the needs of your unique situation. Give us a call, we’re here to help.

3 common misconceptions about umbrella insurance

Let’s all agree that insurance is a complex topic. We have all, at one point, assumed or misunderstood policies from home, car, boat, or commercial insurance. When it comes to umbrella insurance, the situation is worse as many people in Cheshire, CT still do not know what umbrella insurance covers, how it comes into play, and its benefits. SEEC Financial will help you understand umbrella insurance better by clarifying on these three common misconceptions.

Myth 1. Umbrella insurance is only for asset owners and the wealthy

Many people believe that umbrella insurance is for the wealthy because it is additional coverage. While the wealthy and asset owners may have reasons to add extra coverage on top of the basic policies to avoid substantial financial losses, everyone is at risk of getting sued or having their properties destroyed. Accidents don’t choose, and therefore, umbrella insurance is a critical policy for all of us.

Myth 2. One does not need to buy umbrella insurance as the standard policies are adequate

One of the biggest myths about umbrella insurance is that it is not ‘necessary’. The truth is that we live in a litigious society where anyone can sue you for a minor mistake, which can cost you thousands of dollars. Umbrella insurance can save you when you least expect it.

Myth 3. Umbrella insurance premiums are too high

As shocking as it may seem, umbrella insurance is one of the most affordable policies we have around. Policyholders are expected to pay a relatively low amount of money each month or annually, and there is a reason for that. Umbrella insurance is not self-sufficient; you still need to exhaust other policies for umbrella insurance to come in.

Do you feel you need to top up your coverage with umbrella insurance? Get proper guidance from an insurance professional at SEEC Financial serving Cheshire, CT, who will help determine which coverage is right for you based on your needs.

Understanding How Condo Insurance Works

If you own a condominium or you are thinking about buying one, talk with your agent at SEEC Financial serving Cheshire, CT, and the surrounding area. You will also want to get a copy of the insurance policy for the entire complex. You can get a copy of the insurance for the complex from either, the owner of the condominium complex, the property manager, or the condominium owner’s association (COA).

Why is a condo insurance review important?

Insurance for condominiums is a bit tricky because of the shared spaces. If the condo is in a luxury high-rise building, then it may share floors, walls, and ceilings with another unit or a part of the building. Having proper insurance covers what happens to the designated area that has protection under the policy. A condo insurance review uncovers gaps in protection that are potentially dangerous.

Challenges may come from when the damage comes from something starting in another unit that passes into your condo. For example, a fire starts in the kitchen of the unit below and it burns up through its ceiling and your floor to damage your kitchen also. The reverse may happen, such as your bathtub overflows and the water runs down into the condo below to cause damage.

Another example, which is even more challenging, is when there is a problem with the building.  Imagine that a gas line in the wall of the building leaks, causing gas to come into your condo, which catches fire and burns up the rest of the building. This type of calamity causes a headache because multiple insurance policies and companies may be involved in the damage claim.

Summary

Getting adequate insurance for a condominium requires a bit more detailed analysis than getting a regular home insurance review. Your agent will review your existing condo policy or make recommendations for a new one if you are buying a condo. Also, your agent will check the master insurance policy for the building/complex and the coverage for common areas.

For an insurance review and a quote, contact your agent at SEEC Financial in Cheshire, CT.

Types of Instances That Require Renters Assistance

Many renters in the Cheshire, CT area have questioned the need for renters insurance and if it is worth purchasing the policy since they do not own the property they are renting. After all, the landlord is responsible for damages that happen to the structure and appliances. There are instances where renter insurance from SEEC Financial is a financial safety net for you and your personal property, which is not covered by the landlord. 

Theft/Vandalism

Should the home or apartment you are renting become the site of a home invasion where theft and vandalism happen, you are responsible for any of your personal property that was stolen or damaged. In most cases, the assailant is pursuing your personal property, so most of the damage will happen to things you own like furniture, clothing, electronics, and jewelry. 

Accidental Fire

These same items can be damaged in another tragic event, the accidental fire. These fires are caused by faulty wiring that may be old and outdated, to accidentally leaving flammable materials close to a flame. In these events, both your property and the landlord’s property will be damaged. However, the home insurance policy will only cover the structure and property belonging to them, leaving you to cover the costs of your lost property. 

Liability Accident

If you have a pet or like to have guests over, renter insurance is critical. Should your pet bite a guest or your guest is hurt at the home you are renting while visiting, you could be held responsible for their damages. Without renter insurance, you will be subjected to cover these costs on your own. 

Get your policy today!

If you are a renter in Cheshire, CT, do not find yourself in a financial crisis. Call us at SEEC Financial today to get your renter insurance policy today. 

What Does Full Coverage Boat Insurance Cover?

Although boat insurance is not required in Connecticut, it is still a great idea to have it for peace of mind and to protect your investment. You will be required to carry full coverage insurance if your boat is financed through a bank or loan company or if it has been used as collateral on a loan.

Full coverage insurance is a great option because it will cover your boat in a variety of circumstances, including the following:

Full Replacement Cost: If you have full coverage insurance on your boat and you hit a hard object in the water that damages the engine or rips a hole in your boat, you will be able to have it repaired or replaced quickly.

Bodily Injury and Liability for Property Damage: If you crash your boat into another person’s boat, injuring the people on the other boat, along with the boat itself, this part of your full-coverage insurance will ensure that the costs of those things are covered and will help protect you if you are sued. This part of your policy will also cover people on your boat who may become injured in a boating accident or water sports mishap.

Gas Leaks: If your boat is damaged and begins to leak or spill fuel into the water, you could be fined under state rules and this piece of your insurance policy will cover it.

Assistance in the Water: If your boat breaks down and is stranded miles from shore, roadside assistance can be invaluable in getting your boat towed inland to be repaired.

When it comes to your beloved boat, you will want the peace of mind that comes with full-coverage boat insurance. In Cheshire, CT, the boat insurance agents at SEEC Financial are available to assist you with all of your boat insurance needs.

How Do I Know If I Need Umbrella Insurance?

Litigation can strike anyone in Cheshire, CT. It may be a pedestrian experiencing a slip on your sidewalk. It may be that your professional advice didn’t lead to the expected outcome. Umbrella insurance provides extra liability coverage for those events that may cost more than the average home or auto insurance policy can handle. Here at SEEC Financial, we help people answer questions about their insurance every day. Visit us, or call and ask if umbrella insurance is something you need to consider.

Small Business Owners

From accidents on your property to recent changes in state or federal regulations, you face the vulnerability of a lawsuit at your business. It’s a risk every business owner has lost sleep over. We can discuss your business goals and show you how the added security of an umbrella policy will support your dreams.

Legal and Financial Advisors

Using your experience and training, you guide others as they maneuver medical, legal, or financial decisions.  The inherent risk is that a lawsuit could prove disastrous. The expense could cost you your business, license, assets, and even your home. We can help you navigate the murky waters of current legislation concerning added liability insurance. That way you know you’re on solid ground with your business.

Let Us Help You

If your Cheshire, CT business involves the risk of a lawsuit, talk to us. At SEEC Financial, we have the latest policy information available. We’ll guide you as you consider your insurance needs. We don’t pressure anyone to change their insurance policies or make any purchases. Visit us for the answers that will ease any concerns you may have about your current coverage. 

Why do I need condo insurance in Cheshire, CT

Cheshire, CT is a small town located conveniently between Hartford and New Haven. It has plenty of charm and is a popular place to live. Having a condo in Cheshire puts you in a perfect location to work in one of the larger cities and commuting back to your condo. You may be wondering why do I need condo insurance in such a great town, mainly because things happen even in the idyllic New England towns. SEEC Financial has a team of experts who are there to discuss your insurance needs with you. 

If you have a mortgage, your lender will require that you carry condo insurance. If you are a renter, your landlord may require it as well. The Condo Association Master Policy covers the exterior of your condo. This includes the walls, roof, balcony, patio, porch, walkways and common areas. You are responsible for everything from the exterior walls in. The Condo Association Master Policy also carries liability for the common areas. 

When you think about all the things that are inside your condo you can understand why you need condo insurance. If your condo was damaged by a fire or a tornado, would you have the money to rebuild and repair all the interior spaces? If the answer is no, that is why you need condo insurance. With a good policy with replacement cost, all your possession will be replaced with similar items. This includes furniture, personal items, electronics, appliances, kitchen and bathroom fixtures. 

Condo insurance also protects you if someone is injured while visiting your condo and decides to sue you for the damages. Liability coverage is an important part of your coverage. 

Condo insurance protects you from all the things that can happen even in Cheshire, CT. Why not stop by SEEC Financial and let them explain all the benefits and give you a no-obligation quote. 

Visiting Relatives for the Holidays? 5 Ways to Secure Your Rental Property

Before taking off to visit relatives this holiday season, take time to secure your rental property. You don’t want to return to find your home ransacked or your goods were stolen. Here are some tips from SEEC Financial in Cheshire, CT for securing your rental property and protecting your valuables while you’re gone. 

Set Up a Security System

Invest in a home security system to protect your goods during your absence. Your system may include door and window sensors, timed security lights, video cameras, and alarm. Choose a system that provides maximum protection while you’re gone.

Keep Up Landscaping

If your rental home has a lawn, make sure it’s kept up while you’re away. Hire a gardener to maintain your landscaping so that your home doesn’t appear "abandoned" for the holidays. An abandoned home is more likely to attract the attention of prospective thieves.

Ask a Neighbor to Keep Watch

Ask a neighbor to keep an eye on your home during your absence. If you give him a key, he can also check the inside from time to time to ensure all is in order.  

Hold Mail and Newspapers

Have your post office hold your mail and stop the delivery of newspapers while you’re gone. A stuffed mailbox and pileup of papers is a sure sign that no one is home, tempting thieves to visit your abode.

Get Renter’s Insurance

Purchase renters insurance to ensure your goods are protected against theft or loss. In the event of a break-in, your insurance will reimburse you for stolen goods, in accordance with the coverage in your policy. Renters insurance will also cover the repair or replacement cost of damaged goods in the event of a disaster while you’re gone.

To learn more about renter’s insurance coverage and costs, contact SEEC Financial in Cheshire, CT. 

Tips to Get Your Boat Ready for Winter Storage

Unfortunately, summer weather is coming to an end. This mean it’s time to start preparing for the winter, which includes getting your boat ready for winter storage. Without properly preparing your boat, the freezing temperatures in Cheshire, CT can wreak havoc on the motor, interior and decking of your boat. Here are a few tips to get your boat ready for winter storage.

Thoroughly Clean

Storing your boat without cleaning it may lead to infestations of mice and insects as well as cause the seats, floor and accessories to corrode. Before putting the boat in storage, spend the day thoroughly cleaning it. Make sure to remove all trash, especially food and drinks, scrub the seats and apply a conditioner to help prevent them from drying out, scrub the floor and the hull.

Check the Motor

It is essential that you drain the gasoline from the boat before storing. It’s also important to check for any damages to the motor and make repairs before putting the boat in storage. Leaving a damaged motor in storage during the winter may result in more extensive and expensive damages, so it’s best to go ahead and make the repairs before storing it.

Choose a storage unit that is big enough to safely hold the boat. It’s also highly recommended that you store the boat in a covered storage unit and you should occasionally go to the storage unit to check on the boat to ensure there aren’t any pests taking up residence in it and that it is being protected from the weather. Don’t forget to contact SEEC Financial to let them know the boat is in storage and not being used.

Residents of Cheshire, CT who want to inquire about their current boat insurance or to discuss a new policy for your water toys, contact SEEC Financial.

What should you do after a motorcycle accident?

The devastation from a motorcycle accident is enough to rattle your nerves. There are, however, steps that you should take at the scene of the incident to ensure that you are protected from unnecessary financial liability. Such is especially the case of you are not the driver at-fault in an accident in Cheshire, CT. You should consider the following steps after an accident and before calling your insurance agent at SEEC Financial. 

1. Make sure that yourself, as well as all parties involved, are not severely injured

You should dial 911 for help even if all parties say that they are okay immediately following an accident. Incidents such as car wrecks have a way of driving up the adrenaline in the human body. A person who feels fine immediately following a car crash may become lightheaded within minutes of the incident. It is best, then, to take the safe road by calling for emergency services immediately following a motorcycle accident. 

2. Take pictures of the scene

Your number one priority is the health of all priorities involved. It is important, however, to regain focus and understand that you were involved in an accident that requires proof of no-fault and vice versa. Pictures are your best friend on the scene. Take photos of everything, including those things that you think are insignificant. The smallest detail could help you win your court case if things were to elevate to that level. 

3. Gather information

You should gather the following at the scene of the accident:

  • The names and addresses of all parties involved as well as that of witnesses who saw what happened;
  • The name and badge number of the police officer in charge of the scene;
  • Vehicle information of involved cars;
  • Insurance company name and contact information for the at-fault party. You should be willing to give this information if you are the at-fault driver. 

4. Call your insurance company

You should contact your agent at SEEC Financial even if you have a no-fault accident in Cheshire, CT. There have been instances where at-fault parties have turned the blame for accidents on the victim and, thus, received unwarranted payouts. Contacting your agent and explaining your side of the story first shields you from such a scheme. 

Accidents are always unnerving. It is important, however, to remember that the information that you gather on the scene is critical. Make sure that everyone is okay and then get to work by taking pictures and gathering pertinent facts.