insurance

Quality Commercial Insurance

Posted under Commercial Insurance, News and Announcements.

Many businesses buy commercial insurance thinking that the policy they have covers most if not all things that might go wrong and cause a loss to their business. That kind of thinking can lead to an uninsured loss.

We take the time to educate ourselves on your risks, and then design an insurance program to meet your needs.  Here are examples of insurance coverage options that you should consider. 

Business Income and Extra Expense

Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. To put it another way, business income insurance covers the loss of income that a business suffers after a covered loss, (fire, etc.), while its facility is shut down or in the process of being rebuilt.

Extra expense covers the additional costs, in excess of normal operating expenses, that an organization incurs to continue operations while its property is being repaired or replaced after having been damaged by a covered cause of loss.

Equipment Breakdown

Equipment breakdown covers loss due to a mechanical or electrical breakdown of equipment, machinery, including pumps, motors, heater and other kinds of equipment.  Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown. Equipment breakdown insurance is increasingly replacing traditional boiler and machinery (BM) insurance, in part simply because the title is more descriptive of the coverage provided.

We are ready to help you better understand your risks. Please call our office today. We are locally owned and operated out of Overland Park, Kansas and are strongly represented in all areas of the Kansas City metropolitan area including not only Kansas City, but also Olathe, Leawood, Lenexa & Shawnee.  We primarily write business in Johnson and Wyandotte Counties in Kansas but are licensed in the entire State. We primarily write business in Jackson, Cass and Platt County in Missouri but again are licensed in the entire State to write business.

Stop Porch Pirates This Holiday Season

Posted under Uncategorized.

The holiday season is filled with fun, parties, food, gifts, overeating and, unfortunately some risk. One of the fastest-growing risks for many people is stolen packages by porch pirates.  According to proopertycasualtiy360, over 26 million packages are stolen during the holiday season.  Need more bad news?

Your homeowners or renter’s insurance generally may not cover this loss as it tends to be under your deductible.  There could be coverage if you have personal property off-premises insurance.  Also, for theft coverage to apply generally, you need proof of loss by a broker indoors, etc.

Call our office for a review of your homeowner’s insurance, as each policy is unique to your circumstances.

Things To Do

  • Delivery confirmation is a good way to prove the package was delivered.
  • Thieves will follow delivery trucks, waiting for the perfect target.
  • These thieves commonly strike during working hours as many homes are empty at that time.
  • You can insure your packages.
  • Consider having a person there when the delivery is scheduled.
  • Install a security camera.

High Tech Solutions

There are a few high tech solutions to consider.

  • Landport or BoxLock provides a delivery box on your porch that has an electronic lock.
  • Amazon Key, which has a fairly simple premise:  When a delivery arrives at your house, and you’re not home, the courier scans a barcode that sends a request to Amazon’s cloud. If it’s approved Amazon remotely unlocks your door and starts recording video through the online retailer’s Cloud Cam.
  • Install a front door camera.  Many shippers will not replace the item with this kind of device.

What To Do If A Package Is Stolen

  • Track your package. Check the delivery confirmation and tracking number.
  • Make sure a neighbor did not pick it up for you.
  • Contact the seller.  Different retailers have different policies and processes for handling stolen items, but usually, you are entitled to a refund or a replacement item.
  • File a claim with the shipping company.
  • Check your Credit Cards for Purchase Protection.

Call us today, and let us help protect what is important to you. We are a full-service insurance agency representing individuals, families, and businesses in the Kansas City area. We are licensed professionals who are not limited to placing your insurance with just one carrier. We have the flexibility to choose the insurance company that best serves your individual needs. Having choices is our advantage, and it benefits our customers.

Keep your Home and Person Safe This Holiday

Posted under Personal Insurance, Safety.

During the next 45 days, we will all be busy shopping, eating out, and traveling. PlatinumOne Insurance Agency can help ensure all your new gifts are properly insured, call us today. This is especially true if you have purchased jewelry, guns or art. It is best to call us to make sure it is properly covered under your homeowners insurance policy

Please keep these safety tips in mind so that you can enjoy the season without incident:

Shopping Safety Tips

  • Always be aware of your surroundings.
  • Put your shopping bags in your trunk.
  • NEVER leave car doors unlocked or windows open.
  • ALWAYS park in lighted areas. Do NOT park in remote areas.
  • Shop with a friend.
  • Keep receipts in your wallet or purse.
  • Avoid carrying large amounts of cash.
  • As you return to your car, make sure to keep your car key in your hand.
  • If you make expensive purchases like jewelry or guns, call our office as we may need to add these to your policy.

Christmas Tree Safety (provided by the NFPA)

  • Make sure the tree is at least four feet away from any heat source, like fireplaces, radiators, candles, heat vents or lights.
  • Make sure the tree is not blocking any exit or door.
  • Add water to the tree stand daily.
  • Never use lit candles to decorate the tree.
  • Only used approved lights.
  • Connect no more than three strands of mini string sets and a maximum of 50 bulbs for screw-in bulbs
  • Replace any string of lights with worn or broken cords or loose bulb connections.

Home Safety Tips

If you are planning to vacation during the holiday, here are few ideas to consider:

  • Get a security system.
  • Trim landscaping that is too close to your house.
  • Don’t advertise your vacation on social media.
  • Cancel mail and other deliveries.
  • Leave lights on when gone.
  • Have a neighbor check on your home.
  • Always lock your garden sheds and garages.
  • Use a variable light timer to activate lights inside your home.
  • Lock all doors and windows.
  • If you gone, arrange for your lawn to be mowed.
  • Have adequate exterior lighting

Have a safe and happy holiday season. We appreciate your business and look forward to serving you in 2023.

The Importance of Business Income Insurance for Property Managers

Posted under Commercial Insurance, News and Announcements.

Property management is a dynamic and lucrative industry that involves the management, maintenance, and leasing of real estate properties on behalf of owners. Whether you’re overseeing residential complexes, commercial spaces, or mixed-use properties, the success of your property management business heavily depends on consistent cash flow. Unexpected disruptions, such as natural disasters, accidents, or other unforeseen events, can significantly impact your income stream. This is where business income insurance for property managers comes into play as an essential risk management tool.

Understanding Business Income Insurance:

Business income insurance, often referred to as business interruption insurance, is a type of coverage that safeguards your business against financial losses stemming from interruptions caused by covered perils. For property managers, this coverage extends to the income loss resulting from unforeseen events that temporarily halt your ability to generate rental revenue.

Key Benefits for Property Managers

  1. Income Protection: One of the primary benefits of business income insurance is its ability to bridge the gap in income during periods of property inaccessibility or reduced occupancy. If a disaster such as a fire, flood, or severe storm damages your managed properties, rendering them uninhabitable, your ability to collect rent is compromised. Business income insurance compensates for the lost rental income, helping you meet financial obligations and keep your business afloat until normal operations resume.
  2. Continuity of Operations: When a property faces substantial damage, repairs and renovations can take time. This inevitably results in a loss of rental income. Business income insurance can cover the revenue shortfall, allowing you to continue meeting expenses such as employee salaries, mortgage payments, utilities, and property taxes.
  3. Tenant Relocation Assistance: In cases where properties are rendered uninhabitable, tenants may need to be temporarily relocated. Business income insurance can help cover the costs associated with finding alternative housing for your tenants while their original residences are being repaired or rebuilt.
  4. Mitigating Financial Strain: Property management businesses often rely on consistent income to cover operational costs. A sudden halt in rental income due to property damage can place significant financial strain on your business. Business income insurance alleviates this strain by providing a financial cushion during challenging times.

Choosing the Right Coverage

When considering business income insurance for your property management business, it’s important to thoroughly assess your needs and risks. Here are a few steps to help you choose the right coverage:

  1. Evaluate Property Portfolio: Identify the types of properties you manage and their respective risks. Commercial properties may have different exposure to risks compared to residential properties.
  2. Coverage Limits: Determine the appropriate coverage limits based on your average rental income and potential expenses during downtime.
  3. Waiting Period: Understand the waiting period before coverage kicks in. This is the time you need to bear any income loss before the insurance benefits start.
  4. Exclusions: Review policy exclusions and limitations. Not all events are covered, so ensure you understand what perils are included in your coverage.
  5. Business Continuation Planning: Combine business income insurance with a robust business continuity plan. This plan should outline steps to minimize downtime, reduce potential losses, and ensure a swift return to normal operations.

As a property manager, your income heavily relies on the consistent revenue generated by your managed properties. Business income insurance acts as a safety net, protecting you from unexpected events that can disrupt your cash flow. By carefully assessing your risks and choosing the right coverage, you can safeguard your investment and ensure the long-term viability of your property management business. In a volatile world where unforeseen events are a reality, business income insurance is an invaluable tool for maintaining financial stability and peace of mind.

Whether your business is large or small, we have the business insurance products to meet your needs. Every business and industry is unique. As business owners ourselves, we understand the special protection businesses need to prosper.

Call us today and let us help protect what is important to you. We are a full service insurance agency representing individuals, families and businesses in the Kansas City area. We are licensed professionals who are not limited to placing your insurance with just one carrier. We have the flexibility to choose the insurance company that best serves your individual needs. Having choices is our advantage and it benefits our customers.

Insurance For High-Net-Worth Individuals

Posted under Auto Insurance, Homeowner’s Insurance, Personal Insurance.

High net-worth individuals (HNWIs) have unique insurance needs due to the substantial assets and investments they hold. Insurance coverage for HNWIs goes beyond standard policies and includes specialty coverage tailored to their specific risks and lifestyle. In this blog, we’ll explore some of the insurance types that HNWIs should consider protecting their assets.

High-Value Home Insurance: For high-net-worth individuals, their home is often their most significant investment. Standard homeowners’ insurance policies have limitations on coverage and may not cover the full replacement cost  (unique woods and fixtures) of a high-value home in case of damages or loss. High-Value Home Insurance policies offer broader coverage and higher limits, covering the full cost of rebuilding or replacing the property and its contents.

Umbrella Liability Insurance: HNWIs often have a higher risk of lawsuits due to their assets, investments, and public exposure. Umbrella Liability Insurance provides additional protection beyond the limits of standard policies, such as homeowners, auto, and watercraft insurance. The coverage amount can range from $1 million to $100 million, depending on the individual’s needs.

Collector Car Insurance: HNWIs often have collections of exotic or classic cars, which require unique coverage due to their high value and limited use. Collector Car Insurance provides coverage for damage, theft, and liability. It also includes coverage for restoration and repair costs.

Fine Art Insurance: HNWIs often have valuable art collections, including paintings, sculptures, and antiques. Fine Art Insurance covers damage or loss to these collections, including transit and storage. The coverage amount is based on the appraised value of the collection.

Kidnap and Ransom Insurance: HNWIs may be at risk of being kidnapped or extorted due to their public exposure or high net worth. Kidnap and Ransom Insurance provides coverage for ransom payments, crisis management, and legal fees. It also provides security consulting services and travel advisories.

Private Aviation Insurance: HNWIs often own private planes or use private aviation services for business or leisure. Private Aviation Insurance provides coverage for damage, liability, and personal injury. It also covers airport premises liability and medical payments.

In conclusion, HNWIs have unique insurance needs that require specialized coverage to protect their substantial assets and investments. By considering the insurance types mentioned above, HNWIs can ensure they have the right coverage to protect their lifestyle and peace of mind.

When to Call Your Personal Insurance Agent

Posted under Auto Insurance, Homeowner’s Insurance, Personal Insurance.

Personal insurance is a vital component of financial planning and risk management. Whether you have auto, home, or other types of insurance, your insurance agent plays a crucial role in helping you navigate the complexities of your policies. However, many people are unsure of when it’s appropriate to contact their personal insurance agent.

Policy Review and Updates

One of the most common reasons to call your personal insurance agent is to review and update your policies. Life is dynamic, and your insurance needs may change over time. Major life events such as getting married, having children, buying a new home, or starting a business can all impact your insurance requirements. An annual policy review with your agent can ensure your coverage aligns with your current situation and financial goals.

Claim Filing

In the unfortunate event of an accident or damage to your property, you should reach out to your insurance company or agent to begin the claims process. Your agent will guide you through the necessary steps, helping you understand the documents you need to provide and the timeline for filing the claim. They can also offer advice on whether it’s in your best interest to file a claim, considering your deductible and potential premium increases.

Coverage Questions

Insurance policies can be complex, filled with industry-specific jargon and nuances. If you have questions or concerns about your coverage, don’t hesitate to contact your insurance agent. They can clarify policy details, explain coverage limits, and help you understand any exclusions that may apply.

Policy Changes

When you experience changes in your life, such as purchasing a new vehicle, renovating your home, or taking on a new hobby, it’s essential to inform your insurance agent. These changes can affect your coverage requirements, and your agent can help you make adjustments to ensure you remain adequately protected. For instance, you may need to update your auto insurance policy if you purchase a new car or adjust your homeowner’s insurance if you expand your living space.

Changes in Financial Situation

A significant change in your financial situation, such as a promotion, a new job, or a change in income, can influence your insurance needs. Your insurance agent can help you assess how these changes affect your policies and recommend appropriate adjustments.

Coverage Comparisons

If you’re considering switching insurance providers or exploring new coverage options, your personal insurance agent is a valuable resource. They can provide you with quotes, explain the pros and cons of different policies, and help you make an informed decision based on your needs and budget.

Your personal insurance agent is there to assist you with all aspects of your insurance needs. Regular communication with your agent is crucial to ensuring that your coverage remains up-to-date, comprehensive, and cost-effective. From policy reviews and updates to claims assistance and coverage questions, your insurance agent protects your financial well-being. Don’t hesitate to reach out whenever you have questions or when life changes warrant a closer look at your insurance coverage. Your agent is there to provide the guidance and support you need.

Call us today and let us help protect what is important to you. We are a full-service insurance agency representing individuals, families and businesses in the Kansas City area. We are licensed professionals who are not limited to placing your insurance with just one carrier. We have the flexibility to choose the insurance company that best serves your individual needs. Having choices is our advantage and it benefits our customers.

Questions You Should Ask Yourself About Your Personal Insurance

Posted under Auto Insurance, Homeowner’s Insurance, Personal Insurance.

Everyone needs some level of personal insurance. Most purchase auto insurance, homeowners or renters insurance, life insurance, and maybe personal umbrella coverage. There are many choices that at times you may wonder which is best for you and your family.  We put together a list of questions you might think about as you consider your personal insurance. We always recommend you review your personal insurance annually to ensure it meets your needs. 

Do Agents Offer Something Different?

We would answer that as a yes because, agents have access to different kinds of insurance companies, they offer you a choice and work to provide the best possible combination of coverage price and service. Agents are a small business whose goal is to look out after their clients.

If I Rent, Do I Still Need Insurance?

Renters should purchase renters insurance to protect their personal property like; furniture, guns, electronics, and clothes. Your apartment owner may also require liability coverage, which can be included in renters insurance. Renters insurance is very affordable and can be an effective way to make sure you are covered in the event of a loss.

Does The Type Of Vehicle Affect My Auto Premiums?

Yes. The make and model of the car you drive play a factor in your car insurance rates. The cost of your vehicle also makes a big difference; the more it costs to repair or replace your vehicle, the more you will pay to insure it.

Are There Auto Insurance Discounts?

Many insurance carriers offer lower rates to good students, military personnel and people with excellent credit. Ask your agent what discounts are available.

Will a Parking Ticket Affect My Auto Insurance Premiums?

Not usually. You can generally have one ticket on your history without it adversely affecting your premium.

When Should I Consider Life Insurance?

Life insurance is something you might consider when you get married or start having children. Some employers offer a small amount of life insurance, but these plans generally are not enough. Life insurance can provide peace of mind to loved ones in the event of an untimely death of a breadwinner. Life insurance proceeds can be used to fund college, pay for outstanding bills, to supplement lost income for a period of time.

Life insurance premiums are at all time lows so it can be a very cost effective financial planning tool.

Is A Personal umbrella Policy important?

Most of us engage in daily activities that put us in danger. Your danger of being sued simply increases if you own a car or an automobile. Many Americans only purchase vehicle liability insurance for $300,000 and homeowners’ liability insurance for no more than $300,000. A personal umbrella policy can give you an extra $1 million in liability protection. 

I Am Remolding My Home, Do I Need To Adjust My Insurance?

If your insurance is written on a replacement cost basis, there may be no need to make adjustments, but we always recommend you contact your agent to review this question. The answer depends on the kind of work you are doing. For example, if you are replacing your carpet with a similar product, you may not need to make any changes in your policy. But if you are adding a 500-foot addition on to your home, then this would definitely require adjustments in the value of your home.

For example, say your insurance valuation is based on a kitchen with laminate countertops and generic cabinets. But then you spend $60,000 on granite countertops, custom cabinets, and top-of-the-line appliances. Would your existing coverage be sufficient to rebuild your remodeled kitchen after a loss? Most likely, you would have an issue.

Before you enter into any renovation project, contact your agent, and they can help you identify which areas may require insurance updates.

I Have A Home Based Business, Should I Get Additional Insurance?

Homeowners or renters insurance policies do not cover any business risks. If you run a business out of your home, we recommend you purchase a business insurance policy. If you have customers in your home for business purposes, your home insurance does not provide any coverage.  Depending on the type of business, coverage may be added to your existing homeowner’s policy through a rider or endorsement.

I Just Bought A Personal Watercraft, Is That Covered?

Unlike small boats, personal watercraft are not generally covered by your homeowners This would include; bodily injury to you that is caused by an uninsured watercraft operator. The legal costs if you’re sued due to an accident.  And any damage to the personal watercraft you own.

Navigating Insurance Issues in the Sharing Economy

Posted under Auto Insurance, Commercial Insurance, Homeowner’s Insurance, News and Announcements, Personal Insurance.

The sharing economy has transformed industries and consumer behaviors, creating new opportunities and challenges. As individuals increasingly participate in platforms like Airbnb, Uber, and TaskRabbit, the landscape of traditional insurance has had to adapt to accommodate this evolving economic model. The integration of sharing economy services into daily life has given rise to a myriad of insurance concerns, prompting a reevaluation of existing policies and the development of innovative solutions.

The Rise of the Sharing Economy

The sharing economy, characterized by peer-to-peer exchanges of goods and services, has gained widespread popularity due to its cost-effectiveness, convenience, and flexibility. Platforms like Airbnb and Uber have revolutionized accommodation and transportation respectively, allowing individuals to leverage their underutilized resources to generate income. However, this new economic paradigm has brought forth several insurance-related challenges that need to be addressed.

Insurance Gaps and Coverage Limitations

One of the primary issues in the sharing economy is the potential gap in insurance coverage. Traditional insurance policies, designed for personal use, may not adequately protect individuals engaging in commercial activities within the sharing economy. For instance, a homeowner’s insurance policy might not cover damages caused by a guest staying through Airbnb. Similarly, personal auto insurance policies might not provide coverage during ride-sharing activities.

These gaps in coverage have prompted sharing economy platforms to develop their own insurance policies. For instance, ride-sharing platforms often provide liability coverage for drivers during active rides. However, these policies are typically contingent on certain conditions being met, such as the ride being booked through the app and the driver not deviating from the designated route. These limitations can still leave participants vulnerable in certain scenarios.

Regulatory Challenges

The sharing economy operates across national and local boundaries, making it difficult to establish consistent regulations and insurance standards. Insurance regulations can vary significantly from one jurisdiction to another, creating a complex landscape for sharing economy platforms to navigate. This lack of uniformity can result in confusion for both providers and consumers, and it can also hinder the development of comprehensive insurance solutions.

Innovations in Insurance Solutions

Recognizing the need to address these insurance gaps, companies and policymakers have started exploring innovative solutions. Some sharing economy platforms have partnered with insurance providers to offer hybrid policies that cover both personal and commercial activities. These policies aim to bridge the gap between traditional insurance and the unique risks associated with the sharing economy.

The sharing economy has undoubtedly brought about transformative changes to how we access goods and services. However, it has also exposed gaps and limitations in traditional insurance models. To fully realize the potential of the sharing economy while safeguarding the interests of all participants, a collaborative effort involving sharing economy platforms, insurance providers, regulators, and consumers is necessary. By addressing insurance issues head-on, we can create a safer and more inclusive environment for this new economic paradigm to thrive.

How Agents Can Help You Get Competitive Car Insurance

Posted under Auto Insurance, Personal Insurance.

How Agents Can Help You Get Competitive Car Insurance

Insurance agents can play a significant role in helping you obtain car insurance quotes by providing personalized assistance and guidance throughout the process. Here’s how agents can assist you in getting car insurance quotes:

Competitive Car Insurance

Expertise and Knowledge: Insurance agents are well-versed in the intricacies of different insurance policies, coverage options, and pricing structures. They can explain complex insurance terms, answer your questions, and provide insights into various coverage levels.

Customized Recommendations: Agents can assess your specific needs, driving habits, and other relevant factors to recommend coverage options that suit your individual situation. They can help you strike a balance between adequate coverage and affordability.

Multiple Quotes: Agents typically work with multiple insurance companies, which allows them to gather quotes from various insurers. This helps you compare options from different providers and select the one that offers the best value.

Comparison Shopping: Instead of you reaching out to different insurance companies individually, an agent can do the legwork for you. They can compare quotes, coverage details, deductibles, and other factors across different insurers to find the most suitable options.

Discounts and Savings: Insurance agents are knowledgeable about available discounts and savings opportunities. They can identify potential discounts you might be eligible for, such as safe driver discounts, multi-policy discounts, or discounts for bundling home and auto insurance.

Assistance with Paperwork: Insurance paperwork can be daunting and confusing. Agents can help you fill out the necessary forms accurately and ensure that you’re providing all the required information to get an accurate quote.

Guidance on Coverage Choices: Choosing the right coverage amounts and types can be challenging. Agents can explain the differences between liability, collision, comprehensive, and other coverage options, helping you make informed decisions.

Claims Assistance: In the unfortunate event of an accident, your insurance agent can guide you through the claims process. They can offer advice on how to proceed, provide necessary information to the insurance company, and help facilitate a smoother claims experience.

Policy Reviews: As your circumstances change over time, your insurance needs might also change. An agent can periodically review your policy to ensure that it still aligns with your needs and make adjustments as necessary.

Customer Support: Having a dedicated agent means you have someone to turn to if you have questions, concerns, or issues related to your insurance policy. They can act as an advocate on your behalf when dealing with the insurance company.

Quality Car insurance

Remember that while insurance agents can be valuable resources, it’s also a good idea to do some research on your own so you have a basic understanding of insurance concepts and terminology. This will help you have more meaningful conversations with the agent and make well-informed decisions about your coverage.

Who Needs Commercial Property Insurance

Posted under Commercial Insurance, Cyber Liability, News and Announcements.

Commercial property insurance is essential for a wide range of businesses and property owners. It provides protection for physical assets and property used in the operation of a business. Here are some entities that typically need commercial property insurance:

Business Owners: Any business, whether it’s a small startup, a retail store, a restaurant, or a large corporation, can benefit from commercial property insurance. It helps cover the cost of repairing or replacing physical assets such as buildings, equipment, inventory, and furnishings in case of damage or loss due to events like fire, vandalism, theft, and more.

Property Owners: Owners of commercial real estate, including office buildings, warehouses, retail spaces, and industrial facilities, require commercial property insurance to protect their investments from potential risks.

Landlords: If you lease or rent out commercial space to other businesses, having commercial property insurance can help protect you from liabilities arising due to property damage. It can also cover lost rental income if the property becomes uninhabitable due to a covered event.

Manufacturers: Businesses involved in manufacturing rely heavily on specialized equipment and machinery. Commercial property insurance can help cover the cost of repairing or replacing these assets in case of damage or breakdown.

Retailers: Retail businesses have valuable inventory, fixtures, and equipment that are critical to their operations. Commercial property insurance safeguards these assets against various perils.

Restaurants and Hospitality Businesses: Restaurants, hotels, and other hospitality businesses have unique assets like kitchen equipment, furnishings, and decor. Commercial property insurance can help them recover from events that could damage these assets.

Medical Practices and Clinics: Healthcare facilities often house expensive medical equipment and technology. Commercial property insurance can provide coverage for these assets in case of damage or loss.

Professional Offices: Businesses like law firms, accounting firms, and consulting companies might not have a lot of physical inventory, but they have valuable equipment and documents. Commercial property insurance can help protect these assets.

Technology Companies: Tech companies rely on computers, servers, and other specialized equipment. Commercial property insurance can cover the cost of repairing or replacing these assets in the event of damage or loss.

Nonprofits and Organizations: Even nonprofit organizations often have physical assets like office space, equipment, and supplies. Commercial property insurance can be important to protect their resources.

It’s important to note that the specific coverage needs of each business may vary based on factors such as the type of business, location, industry, and the value of assets. It’s recommended to consult with an insurance professional to determine the appropriate level of coverage for your specific situation.