Information on umbrella insurance for individuals.

Hard Market FAQ

After decades of low premiums and abundant capacity - their willingness to accept new or increased risk –  the insurance market is experiencing a hard market. This is when premiums increase, coverage terms are restricted, and competition for most types of insurance decreases; in other words, insurance is getting more expensive and harder to find. A hard market can lead to a ton of questions. Let’s look at a few and go over the answers. What is a “hard market” in insurance? A hard market means insurance companies are raising rates and restricting [...]

2024-02-06T16:43:12+00:00February 6th, 2024|

Hard Market 101

You’ve already heard about how inflation is affecting everything, including insurance premiums and claims. Rates are rising and insurance is becoming harder to get. This situation is what we in the insurance industry refer to as a “hard market.” What causes a hard market? Hard markets are caused by many factors, these can include increased underwriting loss – a loss made by an insurance company in a particular period- , increases in natural disaster claims, increased litigation costs, and increased economic challenges. All of these factors make it more expensive for insurance companies [...]

2024-02-06T16:37:43+00:00February 6th, 2024|

Golden Milestone: Celebrating 50 Years of Excellence

In the world of insurance, where trust and reliability are critical, reaching the 50-year mark is worth a celebration. Gannon Associates Insurance is proud to be celebrating their golden anniversary this year. Established in 1973 by Max Gannon, Gannon Associates Insurance has been a source of support and security for countless individuals and businesses across our area and beyond. As they commemorate half a century of unwavering dedication to their clients and commitment to insurance excellence, it is the perfect time to reflect on the journey that led to this remarkable achievement.   [...]

2023-12-22T17:43:41+00:00December 22nd, 2023|

3 Unlikely People that Need a Personal Umbrella Policy

One of the most common myths of personal umbrella insurance is that it is only for the wealthy. This couldn’t be further from the truth. Of course, an individual with more wealth could have more risk which requires more comprehensive insurance, however, that doesn’t mean that someone with less wealth doesn’t have risk as well. Umbrella insurance policies help to protect you from liability issues that go beyond the liability limits of standard insurance policies. This type of insurance can help to provide coverage for false arrest, libel, slander, invasion of privacy, [...]

2021-07-28T15:41:55+00:00November 17th, 2018|

Umbrella Insurance: A Full Rundown

Imagine, you are enjoying a wonderful Saturday morning outside. You are out walking Fido, who by the way is the friendliest dog, and you see your neighbor outside. You stop to say hi and he is trying to pet Fido. Out of nowhere, Fido bites him! You apologize but your neighbor is saying they are going to sue you for the damages. No problem, your homeowners should cover this issue, right? Until you talk to your agent and learn that your coverage isn’t enough to cover the total cost. The cost is [...]

2018-12-10T15:03:02+00:00July 31st, 2018|

What is Umbrella Insurance?

In today’s home and auto insurance world, many people are looking for the cheapest and quickest option. Give me the lowest limits with the fewest options and get me through this. In the short run, this may seem like a good idea. But, if you are involved in a claim, and especially if you are found to be at fault or liable in a claim, this bare-bones method may come back to haunt you. In addition to examining your limits of basic coverages and optional coverages within your home and auto policies, [...]

2020-07-24T21:38:51+00:00May 31st, 2018|
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