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1001 Oak Rd SW, Ste 3
Lilburn, GA 30047

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What are actual cash value and replacement cost basis for homeowners insurance?

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Getting quotes for a homeowners’ insurance policy can be daunting due to all the variables you have to consider. Reviewing a policy and understanding exactly what it covers can help you make an informed decision about what policy is best for your Lilburn, GA, home.

One thing that you should pay close attention to is the basis used for determining replacement amounts when you file a claim. The policy will note this as either actual cash value or replacement cost. While they both provide coverage, there are some major differences.

Understanding Actual Cash Value

An actual cash value policy takes the item’s depreciation into account when determining the coverage amount. This means that if you have an item that was purchased for $1,500 but has depreciated by $500 since then, the item is only covered for the $1,000 of remaining value.

What is the Replacement Cost Basis?

The replacement cost basis doesn’t take the item’s depreciation into account. Instead, you’ll receive the full replacement cost of the item. So, the $1,500 item would be covered at $1,500 instead of the $1,000 coverage that occurs in an actual cash value policy.

Cost of the Policy

The policy cost varies with the coverage type. Typically, you’ll pay a little more for a replacement cost basis policy than you would for an actual cash value policy. Which one you choose should depend on your finances and how likely it is that you’ll want to replace your items with comparable ones if you have to file a claim.

Contact our professionals at Garrison Insurance Group to determine which type of coverage will be best for your policy.

Are You Prepared for Natural Disasters in Georgia With Your Renters Insurance Policy?

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As a Georgian resident, you might have faced natural disasters like tornadoes, flooding, or hurricanes, depending on where you live. While the stunning landscapes are a sight to behold, they bring along inherent risks. For renters in the Lilburn, GA area, safeguarding themselves with the right renters’ insurance policy is essential, especially against natural disasters. At Garrison Insurance Group, we are committed to helping you protect your assets, even as a renter throughout Georgia.

Coverage Offered by Renters Insurance

Renters insurance for Georgia residents covers potential loss, theft, or damage to your furniture and personal assets. It typically includes liability protection, property protection, and, at times, living expenses in case you’re temporarily displaced from your home due to an incident such as arson or intentional destruction. However, it’s important to note that not all incidents, especially concerning natural disasters, are covered by standard insurance policies in Georgia.

Addressing Insurance Gaps

Georgia renters can consider buying additional insurance as needed to ensure all-around protection against natural disasters. Depending on your location and risk factors, you might need to add a separate flood policy or special natural disaster event coverage.

Whether you’ve recently moved to Lilburn, GA, or you are a longstanding resident of Georgia, it’s crucial to safeguard your belongings and assets as a renter in the Peach State. At Garrison Insurance Group, we can help cover gaps in any standard policy you have that may not provide coverage against a natural disaster event. To explore more about your options for renters’ insurance and protection from natural disasters, contact Garrison Insurance Group for your quote today.

The Latest Motorcycle Insurance Trends

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Understanding Motorcycle Insurance Trends in Georgia

The need for motorcycle insurance has notably increased in Georgia, influenced by the latest marketplace trends. Whether you’re contemplating buying a motorcycle or already a rider, Garrison Insurance Group in Lilburn, GA, can help you comprehend these evolving trends to ensure you have the suitable coverage.

A Surge in Motorcycles on the Road

One significant trend currently impacting the motorcycle insurance industry is the growing number of bikes on the road. Due to this upsurge, Georgia’s legislation mandates that riders possess liability coverage. Georgia’s traffic congestion is a concern, and the rising number of motorcycle-related road accidents has driven this requirement.

Innovation in Motorcycle Technology

Modern motorcycles boast higher performance levels than ever, owing to advanced technology. Riders appreciate the increased speed offered by the latest models, many of which come equipped with GPS tracking. While older models are still coveted, they’re generally considered less risky to insure than their modern counterparts.

As a result, advancements in motorcycle technology have compelled insurance providers to broaden their coverage options to reflect the rising risks associated with new features.

Specialized Motorcycle Insurance Coverage Requirements

Georgia state law has integrated several specific requirements for motorcycle insurance coverage. The most notable addition mandates policyholders have minimum liability coverage on their motorcycle insurance policies. Potential claims of bodily injury or property damage caused by the policyholder are covered under this provision. Another requirement is that all motorcycle insurance policies include a certain level of uninsured motorist coverage, offering protection to riders involved in accidents with uninsured motorists.

Understanding the current trends in motorcycle insurance can immensely contribute to selecting the right coverage. Garrison Insurance Group of Lilburn, GA, can devise a policy that addresses your unique insurance needs. Contact us today to schedule an appointment.

How Condo Insurance Is Different From Home Insurance

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Condo insurance is a type that all condo owners need. Both condo boards and mortgage lenders require this type of policy for your protection. Many people are familiar with home insurance and assume that it’s exactly the same as condo insurance. However, there is a significant difference between the two types of insurance. Contact us at Garrison Insurance Group in Lilburn, GA to get started with a condo policy.

Dwelling Protection

A home insurance policy covers the entire home and its grounds. A condo policy doesn’t do this. It covers only the specific areas that you own. This includes the interior of your dwelling but not the outer walls or any common spaces. Depending on your purchase contract, it may cover the inner walls on the exterior of the building, or it may only cover the spaces between the inner and outer walls. The policy is written to protect whichever areas you own.

Similarities

There are also many similarities between these two types of policies. They both cover your home against damage caused by a variety of events and your belongings inside your home. Condo insurance generally doesn’t cover anything outside, though home policies regularly do. Both also offer small liability coverage in case someone is injured in your home. Every homeowner needs this essential type of coverage to protect themselves against liability.

Get Condo Insurance in Georgia

If you’re buying a condo or looking to switch your condo policy, we’re here to help you get what you need. To get started with a condo policy, call Garrison Insurance Group in Lilburn, GA.

What do I need to think about when getting a new life insurance plan?

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If you live in Lilburn, GA, you will need various forms of insurance. One significant type of coverage is life insurance. When shopping for life insurance, you need to consider many factors. Considering these factors, you can select the best plan possible for your situation.

Amount of Coverage

When shopping for life insurance, you need to consider the amount of coverage you need. Generally, life insurance should rank high on your priority list to ensure your dependents are adequately supported and covered. Even lacking dependents doesn’t lessen the need for life insurance; covering any end-of-life expenses for your loved ones would still be beneficial. Ultimately, the level of coverage is a personal decision and will vary from one situation to another.

Type of Plan

Another area you should think about is the type of plan you should choose. There are various options when it comes to life insurance. A term life insurance plan is a popular choice as it often features more affordable premiums and provides coverage for a particular period. In contrast, whole life insurance tends to be costlier but boasts investment advantages.

Getting life insurance in Lilburn, GA, should be a top priority. If you are looking to establish a new policy in this locale, reach out to our team at Garrison Insurance Group. They will provide the necessary support to create a new life insurance plan that meets all your needs.

Tips for choosing the right auto insurance policy

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Auto insurance exists to protect you and your vehicle on the road and when you get in a car accident. Choosing the right auto insurance policy can be tricky because it requires research and consideration. When you are shopping for auto insurance, there are many things to keep in mind. To make it easier for you, here is a list of a few useful tips you should follow when choosing a policy for your car:

Tip 1: Check the mileage

Yearly mileage is one of the factors that determines your premium. It is essential to be as accurate as possible when providing your mileage. You need to analyze your driving habits and calculate how many miles you drive daily and how far you go. Has your commute to work changed recently? Do you take road trips regularly?

Tip 2: Choose the right deductible

Deductibles are the amount you have to pay out of pocket before your insurance kicks in and starts covering the rest. The higher your deductible, the less you will pay for your insurance. However, when you decide the amount to pay for a deductible, make sure you can afford it.

Tip 3: Choose a trusted insurance company

Ensure that the company you are buying car insurance from is experienced and trusted. You also want to ensure the company has good customer service so you can contact them immediately after a car accident.

If you are shopping for auto insurance in Lilburn, GA, or any other nearby town, we have a reliable insurance company you should reach out to. Garrison Insurance Group is a local insurance agency that works with clients in Lilburn, GA, and other areas surrounding the state of Georgia. Feel free to contact us to learn more about insurance options for you.

Honest Mistake, or an Errors & Omissions Business Claim Not Covered?

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You see it as an honest mistake. Your client thinks you didn’t do your job according to project terms. Who’s right? 

Let Garrison Insurance Group serving Lilburn, GA explain errors & omissions in business to you. Then, allow us to show you what E & O insurance covers. 

In the process, be assured that we don’t judge situations based on circumstances. We want you to feel protected financially, even for mistakes in operations that are not your fault. 

What are Errors & Omissions in Business?

Errors and omissions in business include actions that clients may call “negligent.” A company could also be accused of not fulfilling a contract as promised. 

Otherwise, you perhaps commit costly “errors” when attempting to complete a project. In the medical field, this is often referred to as “malpractice,” such as when a surgeon unintentionally infects the bloodstream with contaminated tools during an operation. 

Examples of errors made in business:

An accountant may provide clients with incorrect information about investment trends. Other cases may include the accidental placement of a harmful ingredient in food when processing it. 

Examples of "Omissions" In Business

”Omissions” usually refer to failure to deliver what you say you will provide. The most obvious example is failing to finish a project by a deadline. 

More “hidden” but crucial examples:

Other examples include failing to file customer information in records and forgetting to sign a contract. Although this may seem like a small mistake, it later voids an important merger and acquisition contract. 

E & O Insurance Coverage

Every E&O policy may have its own inclusions. Many of them relate to covering legal fees, damages, and lawsuit settlements. Some professionals who carry E&O insurance for their business include digital marketers, lawyers, event planners, and investment managers. 

What E & O Insurance Doesn’t Cover 

Please contact Garrison Insurance Group in Lilburn, GA. We will advise you on what E&O insurance doesn’t cover, such as data breaches or criminal activity, and let you know if you need other coverage besides E&O commercial insurance. 

Should I update my home insurance after remodeling?

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When it comes to home renovation, it’s always a game of risks versus rewards. The risks may surge during the remodeling period, but the personal gratification that comes with adding your personal touch and functionality to your home is unparalleled. For individuals residing in or around Lilburn, GA, Garrison Insurance Group can manage your home insurance needs during this exciting time.

Insurance For Homeowners

Just like remodeling, home insurance is a realm where different types and their demands intersect. Certain homeowners view an accident as a ticking time bomb, hence opting for home insurance for the expected unexpected. Then there are those who get insurance coverage for the rare ‘just in case’ scenarios. Despite their different outlooks, both types comprehend the hefty aftermath of an accident and the helping hand that insurance offers.

Insurance Risks Associated with Home Remodeling and Renovation

Home insurance shields homeowners from the risks that come with owning a property. During home renovations, there’s an elevated risk of unfortunate events occurring due to the presence of workers, tools, materials, and potential electrical complications. Notifying your agent about your renovation plans is vital, as certain insurance policies stipulate this requirement.

Home improvements often increase a property’s value through added floor space, updated appliances, and kitchen cabinets, among other upgrades. As a homeowner, before you start your renovation project, have a detailed discussion with your agent to ensure optimal protection.

At Garrison Insurance Group, we understand the value of your home investment and the need to guard it against potential losses during and after renovations. To project peace of mind and ideal home insurance coverage in Lilburn, GA, stop by or give us a call today.

Is Your Renters’ Insurance Policy Providing You with The Level of Protection Needed?

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Optimizing Your Renter’s Insurance Coverage

A robust renter’s insurance policy covers the cost of replacing or repairing your insured possessions. However, it’s crucial to regularly assess your coverage to ensure it’s adequate for your current needs. Here is how you can optimize it.

Policy Review

Your insurance documents outline which possessions are covered under your policy and the maximum claimable amount. If you need to file a claim, it will be evaluated, and if approved, you will be provided with the claim amount as per your policy’s existing terms. This makes a regular review of your policy documentation crucial.

Assessing Your Assets

Take inventory of the items in your rental property and cross-reference it with your insurance coverage. This exercise will help identify any uninsured possessions that require coverage. It’s also equally essential to note any insured items are no longer in your possession, as these should be removed from your policy.

Documenting Possessions

Taking pictures or maintaining a visual record of your possessions can significantly simplify the process if you ever need to file an insurance claim. Clear images and accurate descriptions contribute greatly towards swift claim processing.

Seek Professional Guidance from Garrison Insurance Group

If you wish to update your renter’s insurance policy or need assistance understanding your coverage, don’t hesitate to contact one of our agents at Garrison Insurance Group. Catering to clients’ needs in and around Lilburn, GA, we bring a seamless and tailored approach to insurance services.

Motorcycle Insurance Essential for Georgia Riders

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Garrison Insurance Group is dedicated to helping people in Lilburn, GA deal with all their motorcycle insurance needs. Whether you’re an experienced rider or a new rider, we want to help you understand all you need to know about the necessary insurance for motorcycle riders in Georgia.

Is Motorcycle Insurance Required?

Before you can get riding, you have to understand the motorcycle insurance requirements. In Georgia, all drivers and riders must have a certain level of liability coverage, which includes $25,000 in bodily injury per person, $25,000 in property damage per accident, and $50,000 in total bodily injury per accident.

However, that’s not all. While it is not a strict requirement, the state suggests that drivers should have uninsured or underinsured motorist coverage that is at least $25,000 per person and $50,000 per accident for bodily injury and property damage of at least $25,000 with either a $250, $500, or $1,000 deductible.

You may want to add additional coverage beyond even that, but having at least the minimum is a good starting point when you’re determining what kind of coverage you may need.

What Types of Motorcycle Insurance are Available?

There are tons of types of coverage riders can choose from. The main types of motorcycle insurance coverage include:

  • Liability insurance includes different liabilities that may occur to another driver or their property when you are at fault for an accident.
  • Medical payments coverage is special coverage that focuses on covering medical expenses that happen to you or a passenger.
  • Personal injury protection covers medical bills, lost expenses, and other financial damages you may face after an accident.
  • Collision coverage helps cover damage that can result from a collision.
  • Comprehensive coverage is there to protect you when you have an incident that is not caused by a collision, such as vandalism or natural disasters.
  • Underinsured or uninsured insurance helps you when you are in an accident with someone else who doesn’t have insurance or enough insurance to cover your expenses.

Choose Motorcycle Insurance You Can Trust

If you’re in Lilburn, GA or nearby, the Garrison Insurance Group will be happy to answer any questions or concerns you may have about what motorcycle insurance policy will be right for you. Contact us today!