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Four important considerations when you purchase boat insurance

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Boat insurance is important if you own any type of watercraft. The Merhar Agency LLC is an insurance agency offering boat insurance. If you own a boat and you’re a consumer in the Willoughby, OH area, you can consult us regarding the boat insurance coverage options we make available.

Here are four important considerations to take into account when you purchase boat insurance:

The waters in which you’ll be navigating

One of the most important things boat owners need to know about insurance coverage is that coverage is typically limited to particular navigation territories.

When you purchase boat insurance, you should specify to insurance providers what areas you’ll want to be using your watercraft to make sure that your boat will be covered whenever you use it. 

The value of the watercraft that’s being insured

When it comes to collision coverage for your boat insurance policy, you should purchase enough coverage to cover the full value of your watercraft. 

The times of the year in which the boat is used

Many boat owners only use their watercraft during certain months of the year. If you keep your boat in storage throughout much of the year, you should discuss this with your boat insurance provider. You may be able to pause coverage or enjoy reduced premiums for the months of the year when your boat is in storage. 

The types of coverage to include

Types of boat insurance coverage include collision, liability, fuel spill, and wreckage removal coverage. You need to decide which types of coverage you want your policy to include. 

Contact Us Today

Let us assist you with meeting your boat insurance needs in Willoughby, OH. We can provide you with a quote on a boat insurance policy if you get in touch with us at The Mrehar Agency LLC. 

How do I calculate how much umbrella coverage I need?

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If you live in the greater Willoughby, OH area, then you know that umbrella coverage is very important. After all, we get a lot of rainfall here! But how do you know how much umbrella coverage you need? Keep reading to find out how The Merhar Agency LLC recommends calculating the amount of umbrella coverage you need.

How To Calculate Umbrella Coverage?

Find Your Net Worth

To calculate how much umbrella coverage you need, you need to determine how much coverage you need to protect your assets. To do this, you need to calculate how much your personal assets are worth. Then subtract any debt you hold against the assets. Now you know your net worth. The purpose of umbrella insurance is to protect your net worth if your other insurance policies do not cover any claims against you.

Examples 

You have $300,000 worth of assets and you are sued for $500,000. Your homeowner’s insurance will cover $300,000 of the lawsuit, leaving you with $200,000 in uncovered expenses. If you have a $1 million umbrella policy, then your insurer will pay the remaining $200,000, leaving you with no out-of-pocket expenses.

Now let’s say that the same scenario happened, but this time your homeowner’s insurance only covers $250,000 of the lawsuit. This would leave you with $250,000 in uncovered expenses. However, since your umbrella policy has a limit of $1 million, your insurer would still pay the remaining $250,000, leaving you with no out-of-pocket expenses.

Contact Us Today

As you can see from the examples above, it is very important to have umbrella coverage if you own property in Willoughby, OH. If you have questions, call The Merhar Agency LLC. We are here to help.

Why should someone get flood insurance in Ohio?

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Being a property owner can be a great idea if you are in the Willoughby, OH area. When you are going to purchase a home in this region, you will want to evaluate your insurance needs. A type of coverage that people here need to get is flood insurance coverage.

This can offer various advantages and forms of coverage:

Cover their Home

A great reason that someone should get flood insurance is so they can cover their home. If you are going to invest in a home in this part of the state, you will want to know that you are covered by insurance. A flood insurance plan will provide you with coverage in the event your home is damaged by a flood. As a standard home insurance plan may not offer much flood coverage, this is the best way to protect your home. 

Meet Standards for Insurance

It is also a good idea to get a flood insurance plan as it can help ensure you meet any standards for insurance. If you are going to take out a loan when buying your home, the lender will run a flood search on your property. If you are in a flood zone, you will be obligated to meet certain insurance standards. 

Get Flood Insurance Today

There are a lot of great reasons to invest in a flood insurance plan if you are in the Willoughby, OH area. Those that are going to get flood coverage when they are here will find that calling The Merhar Agency LLC is a good way to start the search. The professionals with The Merhar Agency LLC know how important this coverage is and they will offer any support you need to ensure you get proper coverage. 

When Should You Buy Insurance for Your Condo?

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There are many things to consider when purchasing insurance for your condo. One of the most important decisions you will make is when to buy coverage.

Do you wait until something happens and you need to file a claim? Or do you purchase a policy before something terrible happens? Knowing when to buy insurance for your condo is essential for protecting your investment and peace of mind. Consult with The Merhar Agency LLC in Willoughby, OH for expert insurance advice.

Should You Buy Condo Insurance Before Buying a Condo?

The best time to buy insurance for your condo is before you purchase the property. If you wait to buy insurance until after you have already closed on the condo, you could be leaving yourself vulnerable to a number of risks. These include:

  • Loss or damage to your personal belongings: If your condo is burglarized or damaged in a fire, you will not be covered if you do not have insurance. Additionally, any damage to the condo itself will not be your responsibility to repair.
  • Liability risks: If someone is injured in your condo, you could be held liable. If you have insurance, your policy will cover the cost of damages and legal fees. However, if you do not have insurance, you will be responsible for paying these costs out of pocket.
  • Mortgage requirements: Most lenders require that you have insurance in place before they provide you with a loan. The insurance protects the lender’s investment in your condo if it is damaged or destroyed.

Purchasing insurance for your condo gives you peace of mind knowing that you are protected in the event of a disaster. It is also required by most lenders, so it is essential to do it as soon as possible.

Purchase Your Condo Insurance Today

If you’re looking for comprehensive protection for your condo, look no further than The Merhar Agency LLC in Willoughby, OH. We offer a variety of coverage options to meet your needs and budget. Contact us today, and our team of insurance experts will help you find the perfect policy for your condo. Get a quote today and sleep soundly, knowing your investment is protected.

We look forward to serving you.

Life insurance FAQs

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Life insurance is something that everyone should have but few people know a lot about. If you have questions about life insurance, you have plenty of company. At The Merhar Agency LLC in Willoughby, OH, we are locally owned by three generations of the same family. We have been serving our community for more than 65 years with dedicated service and as independent insurance agents, we can bring you a variety of insurance carriers. 

Life Insurance FAQs

What is term life insurance?

Term life insurance is coverage that has a term. It is usually between 5 and 30 years. At the end of the term, there is no cash value and coverage ends. 

Buying life insurance, is there a right time?

Life insurance is less expensive when you are young and healthy, but you may not need a great deal at that time. You need the insurance to be in effect when you need it most. 

How much life insurance do you need?

Each person has different needs for life insurance. The basic premise is that you are providing your dependents with the equivalent of your income. How much your income is and how long you need to provide it is decided by your particular situation. When you have young children, you may require to provide several years of income. 

How do you collect on life insurance?

As soon as someone who is insured passes away, you notify the insurance company either online or on the phone. They will need you to provide the death certificate. In most cases, it is a simple process to provide the necessary verification and payment will occur within a couple of weeks. 

Give Us A Call

Contact The Merhar Agency LLC in Willoughby, OH if you are interested in learning more about life insurance and what it can do for you. 

Tips for Finding the Right Renters Insurance Policy for You

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Renting a home or apartment comes with a lot of responsibilities. Not only do you have to worry about paying your rent on time, but you also need to ensure that your belongings are protected in case of an accident. That’s where renters insurance comes in.

A good renters insurance policy can provide financial protection in the event of a fire, theft, or other unexpected disasters. But with so many different policy options available, how do you choose the right one for your needs? Merhar Agency LLC in Willoughby, OH offers the following tips for finding the right renters’ insurance policy for you. 

Tips for Finding the Right Renters Insurance Policy

1. Know What Coverage You Need

The first step in finding the right renters’ insurance policy is to know what coverage you need. Do you need protection for your belongings? Or do you just need liability coverage in case someone is injured while on your property? Once you know what type of coverage you need, you can start shopping around for policies that offer it.

2. Compare Policy Options

Once you know what type of coverage you need, the next step is to compare policy options. Not all renters’ insurance policies are created equal. Some may have higher deductibles than others, or they may not cover certain types of damages. Be sure to read the fine print of any policy you’re considering so that you know exactly what you’re getting

3. Consider Additional Coverage

In addition to the standard coverage included in most renters’ insurance policies, you may also want to consider adding additional coverage. This could include protection for high-value items or coverage for damages caused by floods or earthquakes.

4. Choose a Good Insurer

Finally, when you’re ready to choose a policy, be sure to select a reputable and reliable insurer. This will ensure that you’re getting the coverage you need and that you can file a claim if something does happen.

Get Renters Insurance in Willoughby, OH

The Merhar Agency LLC can help you find the right renters’ insurance policy for your needs. We’ll work with you to understand your coverage needs and compare policy options. Contact us today to get started.

Should you get an RV insurance plan in Ohio?

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Anyone living in the Willoughby, OH will find there are a lot of great parks and other sightseeing activities to enjoy throughout the state. If you want to tour the state and rest of the country efficiently, investing in your own RV would be a good option. If you get an RV, you will also need insurance for it. There are various reasons you need to get this coverage.

Here Is Why We Recommend Getting An RV Insurance Plan

Reduce Liability Risks

An important reason anyone will want to get an RV insurance policy is so they can reduce their liability risks. If you choose to invest in an RV, you will be taking on unique liability risks. Not only is there a risk that an accident could occur when driving, but there is also a chance of an accident occurring when relaxing in the RV when not on the road. If you invest in a full RV insurance plan, you will have coverage for all of these risks. 

Cover RV and Assets

It would also be a good idea to get an RV insurance plan to cover your RV and assets. If you choose to purchase an RV, there is going to be a chance that there is an accident or theft that results in a loss. With a full insurance plan, you can protect against both of these risks.

Contact Us Today

If you are an RV owner in the Willoughby, OH area, you will want to have the right insurance at all times. A great way that you can start the process of searching for a new plan is by calling the team with The Merhar Agency LLC. When you call The Merhar Agency LLC, you will get any guidance necessary to build your next plan. This will help ensure your RV is covered and that you remain in full insurance compliance. 

Is it time to renew your boat insurance policy?

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If it is time to renew your boat policy, give the folks at The Merhar Agency LLC a call today. We provide the greater Willoughby, OH area residents with all of their insurance needs and would welcome the opportunity to work with you.

Review your boat policy before you renew

When it comes to renewing our insurance, many of us fall into the trap of simply renewing the same policies year after year without giving it much thought. However, insurance needs can change, and it’s a good idea to give your policies a quick review before you renew them. And, it’s not a bad idea to sit down with your local agent.

Boat policies should reflect your liability protection needs. You will also want to make sure that your collision coverage is in line with the value of your vessel as well as replacement costs. Medical expense coverage is another area where you will want to make sure that your policy limits are keeping pace with your protection needs.

We recommend that our clients give their policies a comprehensive review at least once a year. This allows you to recognize any gaps or overages in coverage with time to make the necessary adjustments. Simply renewing the same policy year after year can mean that one day you won’t have the coverage that you need. Don’t find out after it’s too late that your insurance policy is inadequate for your current needs.

Give us a call today!

The Merhar Agency LLC is here to help the greater Willoughby, OH community with all of its insurance needs. If you have questions about your current boat policy or are considering a boat purchase in the near future, give us a call today!

How to Register a Motorcycle in Ohio

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To legally operate a motorcycle in Ohio, it must be registered with the Bureau of Motor Vehicles. If you are a new resident in Ohio, you’ll have thirty days after establishing residency to register your motorcycle concurrently with titling and registration. The registration process consists of several parts, with the first being to complete an E-Check emissions inspection if you live in an emissions-required county. Once done, you can head to your local deputy registrar license office with the following documents to process the registration:

  • Motorcycle Title
  • Lease Agreement 
  • Proof of Motorcycle Insurance
  • $25 Payment for Registration and any other applicable fees and taxes. 

If buying a motorcycle from a dealership, the dealer will complete the registration process for you and collect all applicable fees in the bike’s purchase price. The dealership must provide you with a temporary registration until your permanent plates arrive in the mail and a title within 30 days of the purchase date. If buying from a private seller, you must complete a title transfer and an emissions test.

Ohio law requires insurance on any motor vehicle – including motorcycles. You are required to show proof of insurance at traffic stops, accident scenes, and vehicle inspections with the following minimum insurance requirements:

  • $25,000 for injury/death of one person
  • $50,000 for injury/death of two or more people
  • $25,000 for property damage in an accident

At The Merhar Agency LLC in Willoughby, OH, our friendly and professional team of insurance agents is ready to help answer any of your motorcycle insurance questions. Give us a call today to learn more about our company. 

Industries That Rely On Umbrella Insurance

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The Merhar Agency LLC serves the Willoughby, OH community. We offer our clients multiple policies to help navigate life’s risks. For over 40 years, we have proudly served the community by informing our clients about possible risks and supplying their coverage needs. Providing excellent customer service is important to us. We treat our customers like family. We look forward to helping you obtain the right policy for your situation.

Industries That Rely On Umbrella Insurance

Umbrella insurance is supplemental coverage that you can rely on during emergency situations. Sometimes accidents occur when you least expect it. Your assets could be at risk if you aren’t prepared. Perhaps you are hosting a party at your home where you’re serving alcohol. You serve your friend one too many drinks, and they get behind the wheel intoxicated and cause an accident. You may be responsible for the damages and potential injuries. Your assets are at risk if you don’t have enough coverage. Umbrella insurance steps in to protect you from losing everything. The policy adds another layer of protection once you have reached your liability limits.

If you are a Willoughby, OH restaurant owner, the potential of a liability dispute regarding alcohol is one reason why you should add umbrella insurance. Your business is open to the public, which leaves you exposed to multiple risks. Perhaps a customer visits your business and accidentally slips on a wet spot. Your business is liable for their injuries. Umbrella insurance can step in if they have suffered a serious injury beyond your liability limits. If you operate a landscaping business, umbrella insurance is also a valuable asset. Anything can go wrong while you are working on someone’s property. That’s why umbrella insurance is a good thing to have in your back pocket.

The Merhar Agency LLC Will Help You Cover Your Assets

Visit our website to learn more information about umbrella insurance.