How to Name a Beneficiary for a Life Insurance Policy

Posted on August 30, 2024August 21, 2024 by admin

Cumberland, MD, residents considering life insurance should be prepared to name one or more beneficiaries when buying a policy. This means you’ll need to take some time to think about who you want to leave money to upon your passing.

Who can Benefit?

Spouses and children are the most common beneficiaries. However, you can name any beneficiary you want. In fact, you can name more than one beneficiary and spell out the percentage of benefits each beneficiary receives. For instance, you may want to give your spouse a 50% benefit and divide the remaining 50% between your adult children. Alternatively, you can name a charitable organization as a partial or sole beneficiary.

Making Contingency Plans

Your personal life may change drastically as the years roll by. You may get divorced, your spouse may pass on before you do, or your adult children may have kids. It’s wise to name one or more contingent beneficiaries to accept benefits if the original beneficiary can no longer do so. For example, you may stipulate that if you get divorced, your benefits will be divided between adult children or given to charity.

Special Arrangements for Minors

Cumberland, MD, residents who name a minor child as the sole or partial beneficiary must make arrangements to keep the funds safe until the child reaches legal age. This can be done by setting up a trust or Uniform Transfers to Minors account.

Get More Information from Knippenberg Insurance Inc.

Buying a life insurance policy and naming one or more beneficiaries is a weighty decision. At Knippenberg Insurance Inc., we offer policy options and good advice to help you make sound decisions. Get in touch to find out more or to get a policy quote.

What is Temporary Car Insurance?

Posted on July 30, 2024July 23, 2024 by admin

While most car insurance policies last six months to a year, temporary coverage is also available. Temporary car insurance is perfect for students driving in their hometown during their summer break, those planning to sell their car soon, individuals visiting the United States, and those who will borrow a car from a friend or family member.

Is it the Best Option?

Drivers in Cumberland, MD, who require temporary vehicle coverage should explore all the available options. In certain circumstances, purchasing a six-month policy and then canceling it when it’s no longer needed may be more beneficial. Alternatively, if a friend or family member is loaning you a car, they could add you to their existing car insurance policy.

What Does Temporary Car Insurance Cover?

The scope of temporary car insurance coverage depends on how much you’re willing to pay for a policy. You will need to ensure you have the minimal amount of insurance required by Maryland law. However, it’s not always wise to restrict yourself to just the basics. Additional coverage can provide necessary compensation if your car breaks down, is stolen, or suffers damage due to natural disasters. If you’re traveling, a policy that covers your personal belongings inside your car would be ideal.

Contact Knippenberg Insurance Inc. for Coverage Options

At Knippenberg Insurance Inc., we offer personalized assistance to Cumberland, MD drivers who want to explore their temporary car insurance options. We can help you find a policy that precisely meets your needs so you can have excellent coverage without paying more than necessary. Don’t hesitate to contact us to learn more about your choices or get a quote on your policy.

Does a Home-Based Business Need Commercial Insurance?

Posted on June 28, 2024June 26, 2024 by admin

Cumberland, MD, is a favorable location for starting a home-based business. Tax credits, a Lenders Loan Pool, and Micro-enterprise Programs are available to help entrepreneurs save money while launching their venture. However, one inevitable expense is commercial insurance. Even home-based businesses will need several insurance policies to operate legally in the state.

Commercial Insurance Requirements in Maryland

If you have even one full or part-time employee, you’re required to have worker’s compensation insurance. If you use a vehicle for commercial purposes, which includes traveling to meet clients and business partners, transporting goods to and from markets, or allowing an employee to use your vehicle, you need a commercial vehicle policy. You’ll need liability insurance if you sell items on platforms such as Amazon and eBay.

Even though some policies aren’t legally required, they are worth considering. Cyber insurance safeguards your business if a hacker breaks into your system and steals data. Errors and omissions insurance protects your business assets if a client sues you. Liability insurance shields you from common risks such as customer injuries, destruction of customer property, and advertising injuries.

Commercial Insurance from Knippenberg Insurance Inc.

Knippenberg Insurance Inc., based in Cumberland, MD, offers premium insurance policy options to local business owners. We have a variety of policy options to meet the needs of entrepreneurs in any industry. Our knowledgeable staff members are eager to help you understand state insurance laws to ensure you choose the best policies for your business. Contact us to learn more about our offerings or to get one or more policy quotes.

Water Damage and Home Insurance: Drawing the Line

Posted on May 29, 2024May 29, 2024 by admin

Water damage is a problem for many homeowners around Cumberland, MD, and comprehending its coverage under home insurance policies is critical. Let’s delve into the specifics of how home insurance addresses water damage and delineate the extent of its coverage.

Understanding Coverage for Sudden and Accidental Damage

Home insurance provides security for homeowners, covering sudden water damage from busted pipes, leaks, or malfunctioning appliances. This coverage extends to cover the costs associated with repairing or replacing damaged property and expenses for restoration and cleanup, offering a reassuring level of security.

Exclusions and Limitations

While home insurance does cover sudden and accidental water damage, it’s important to understand the exclusions. These policies often don’t cover damage that results from gradual or long-term issues like poor maintenance, wear and tear, or neglect. For example, if a leaky roof is left unattended and causes water damage, your insurance may not apply.

Exemption for Flood Damage

It’s important to note that standard home insurance policies usually do not cover damage caused by flooding, including water intrusion from external sources like overflowing rivers, heavy rainfall, or storm surges. To ensure comprehensive protection, homeowners must be informed about the need for separate flood insurance policies.

Mitigation and Prevention Strategies

By adopting proactive measures, homeowners can take control of their property’s maintenance and mitigate the risk of water damage. This ensures coverage under home insurance policies and empowers homeowners to protect their investments. These measures include regular inspection of plumbing systems, immediate repair of leaks or damages, and installation of preventative tools like sump pumps or water leak detectors.

Let Knippenberg Insurance Inc. Give You Information

Knippenberg Insurance Inc. can answer all of your home insurance questions and serves the Cumberland, MD, region. Call us today.

The Partnership Between Maryland and Farmers to Control Farming Risk

Posted on April 26, 2024April 26, 2024 by admin

Farm & Crop Insurance: Safeguarding Maryland’s Agriculture

Cultivating crops like corn, wheat, and soybeans is a predominant agricultural practice in Maryland. Therefore, it’s no surprise that farmers need assistance and guidance in securing their farms, mainly due to the unpredictability of weather patterns and risks beyond crop failure. Understanding the significance of farm and crop insurance, the Maryland Department of Agriculture extends comprehensive support to farmers about insurance and risk management.

The government’s role is indispensable in this scenario. They work in collaboration with farmers, ensuring they get the coverage they duly pay for. Their contribution enables farmers to concentrate on growing crops without worrying about insurance company scams or other distractions.

Understanding Risks Beyond Crop Failure

Climate variabilities pose significant challenges to farmers. In some years, it might be extremely dry and sunny, while in others, it might witness a record-high level of rainfall. In such scenarios, farm & crop insurance acts as a safety net that financially secures farmers who may experience losses, possibly preventing them from filing bankruptcy proceedings.

Farmers’ Responsibilities

Keeping meticulous records of all crop growth becomes crucial if losses are to be reported. However, the most paramount risk for farmers is often not meeting deadlines for filing responsibilities in a timely manner. Failure to meet certain criteria can make them ineligible for insurance or slow down the processing of claims.

It’s important to note that although scams occur on rare occasions, they are not usually the root cause of farmer grievances. Procrastination usually makes farmers disgruntled until they accept their responsibilities.

Role of Insurance Agents

Knippenberg Insurance, Inc., an agency serving Cumberland, MD, comprehends these complexities, which is why it is recommended by many customers in Maryland. They offer detailed guidance to farmers regarding insurance.

Importance of Insurance for Maryland Farmers

Maryland’s state government advises farmers always to manage their crop insurance benefits. Farmers must provide timely notice of any damage and inform the authorities about current crop conditions. It is crucial to be proactive in managing their insurance responsibilities. Farmers can contact Knippenberg Insurance, Inc., serving Cumberland, MD, for all their queries and information.

Life Insurance and the High Risk Job

Posted on March 29, 2024March 21, 2024 by admin

The purpose of life insurance is to pay dividends to the policyholder’s beneficiaries upon the policyholder’s death. What happens if someone has a high-risk job, such as a firefighter, police officer, or stuntperson? That can seriously affect one’s insurance premiums. Even if your job requires a lot of driving, that could put you at a risk great enough to affect your premiums. That goes for any job that puts you in potential peril.

But It’s Not Impossible!

Even if you have a high-risk job, it’s still possible to have affordable life insurance. Consider term life insurance. You only pay for it as long as you need it. This is perfect if your risky job is just temporary. If your job changes, shop around for a better policy. If your employer provides group insurance, go for it. In any case, see about being able to pay your premiums annually instead of monthly.

Contact Knippenberg Insurance Inc. Serving Cumberland, MD

Buying life insurance need not be difficult, even if you have a high-risk job. If you are in the Cumberland, MD area and need life insurance, please contact Knippenberg Insurance Inc. Our skillful and courteous agents will help you find the policy that’s right for you.

Documents and more that you need to have in your glove box

Posted on February 16, 2024February 16, 2024 by admin

At Knippenberg Insurance Inc. in Cumberland, MD, we are an independent insurance agency offering you the benefit of our years of experience. We provide personalized service and help you find the right policy at the right price.

Registration

You need to carry your vehicle registration with you at all times when you are driving. It doesn’t have to be in your glove box, but that is a convenient place to store it. You need to be able to produce it if requested by a police officer.

Insurance card

Your auto insurance company will provide you with a card with your vehicle details and your policy information on it. It would be best if you placed it in your vehicle posthaste. If you get your policy digitally, you will need to print off a copy to place in your glove box. Be sure to change it when the insurance renews.

Vehicle manual

You never know when you will need to look at your vehicle manual. If you have a question about how much air needs to be in your tires, how to operate the rear window washer, how many gallons of gas it takes to fill your tank, or any number of other things that are included in the manual.

Window breaking tool

They have a tool that you should have in your glove box that can break glass. It can also cut your seat belt if the need ever arises. If your vehicle goes into the water and begins to sink, you will be glad you have it.

Flashlight

A flashlight is a handy tool with many uses and should be in your glove box.

Call us at Knippenberg Insurance Inc. in Cumberland, MD, if you want to review your auto policy or need new auto insurance.

Three Types of Commercial Insurance You May Need

Posted on January 22, 2024January 25, 2024 by admin

When you are a business owner, there are a lot of responsibilities that you’ll have. One of these is to get the types of commercial insurance that you need for your specific business. The types of coverage you need depend a lot on the kind of business you own, how many people are involved, what you sell, etc. When you need commercial insurance to protect yourself and your business, call us at Knippenberg Insurance Inc. in Cumberland, MD.

Workers’ Compensation Insurance

When you have employees, you need this insurance coverage. It’s important to protect your business against the high cost of medical bills if any worker should get injured in a work-related accident. It pays for those bills so that your employee doesn’t have to sue you and can instead handle it through the insurance company. If you don’t have this insurance, it’s time to get it. You can call us to get started.

Commercial Auto Insurance

Does your business own a vehicle? If so, you need to have a commercial policy on it. If you don’t have a commercial policy for it, the policy likely won’t pay for any accident that’s work-related, if any at all. It’s like being completely uninsured. A commercial policy is a must from the first day that your business owns the vehicle.

Product Liability

If you sell a physical product, you need product liability coverage. This covers you in case the product injures or sickens someone or there are certainly other problems with it. If you don’t have this insurance, you could be vulnerable to a number of lawsuits that could come from customers one day.

Get Commercial Insurance

Make sure your business has the protection it needs by getting the right insurance policies. Call us at Knippenberg Insurance Inc. in Cumberland, MD to find out more.

Clever Ways to Improve Your Home Insurance

Posted on December 20, 2023January 2, 2024 by admin

When it comes time to choose your auto insurance, it’s critical to work with a team that has your back. Our team at Knippenberg Insurance Inc. can help you provide auto insurance in Cumberland, MD, by providing you with several clever tricks that can improve your policy and its overall cost.

Don’t Add High-Risk Areas

It might seem fun to add swimming pools and even playgrounds to your backyard for yourself or your children. However, you’re going to notice a pretty quick uptick in your insurance policy if you do. Why? These are considered high-risk additions and will put your family and others at risk.

Bundle Your Policies

It’s possible to save good money on your homeowner’s policy when you combine it with other types of policies from the same provider. It’s also a great idea if you plan on protecting your home for the long term and want to work with the same provider for many years.

Improve Your Home’s Structure

While adding certain types of improvements can impact your home’s insurance negatively, structural improvements can improve it. For example, if you repair problems with the foundation, roof, walls, doors, and windows, you can make your insurance a little stronger. Talk with your agent and a contractor to learn more.

Add Security Systems

Insurance companies love it when homeowners add security items to their homes, like deadbolts, cameras, alarm windows, and more. They’ll likely reduce your payments or even open you up to other types of policies that may be unavailable to many homeowners.

Taking the Smart Steps Towards Success

By working with our team at Knippenberg Insurance Inc., you can protect your Cumberland, MD home from various long-term complications. Just as importantly, you can get the policy that makes the most sense for your needs and minimize potential financial issues.

Can You Get Federal Crop Insurance for Hemp?

Posted on November 17, 2023November 30, 2023 by admin

Hemp has traditionally not been insurable through the federal crop insurance program, but that changed within the past few years. Hemp is generally now insurable through the program.

USDA Change to Federal Crop Insurance Program

As of 2021, the U.S. Department of Agriculture (USDA) adjusted its program stipulations so that hemp is insurable through the federal crop insurance program. Coverage is broadly available in states where hemp can be legally grown, and thus is usually available in Cumberland, MD, and the state’s many other communities.

In Maryland, coverage is mainly available through the Whole Farm Revenue Protection program. A pilot program is available in select other states but not yet in Maryland. The whole farm program can provide robust protection in many situations, however.

Coverage is generally based on Actual Production History (APH) for hemp grown for fiber, grain, or CBD oil, provided it contains 0.3% or less tetrahydrocannabinol (THC). Percent is determined by dry weight.

Protecting a Valuable Crop

Because hemp can be such a valuable crop, it’s especially important to make sure that the crop is insured against damage and loss. While there may be other coverage options. The USDA’s Whole Farm Revenue Protection Program is normally the most affordable and effective option for growers in Cumberland, MD.

An insurance agent specializing in hemp operations can help growers confirm that this is the right option for them. Because this remains a relatively new insurance, it’s particularly important to work with an agent who knows hemp crop insurance options well.

Knippenberg Insurance Inc. Is Here To Help

For help insuring hemp crops in Maryland, contact our knowledgeable agents at Knippenberg Insurance Inc.