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615 Piikoi St, Suite 1717
Honolulu, HI 96814

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Tag: Honolulu HI

I Just Bought a New Car, Do I Need Gap Insurance?

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Buying a new car is exciting but comes with serious responsibilities. Before you drive off the lot in Honolulu, HI, you’ll need proof of insurance. But have you considered gap insurance?

What is Gap Insurance?

Gap, or guaranteed auto protection, is an add-on policy that protects your investment if your car is damaged beyond repair or stolen before you’ve paid off your car loan or lease. For example, if you get into an accident and the damage is beyond repair, your insurer may decide the car is a total loss and appraise it at its current market value.

But if your car is financed, you’re still responsible for any remaining balance on your vehicle beyond the appraised value. Gap insurance covers the difference between the appraised car value at the time of the incident and the total finance value of your loan. This would save you from paying out of pocket for that difference.

Gap Insurance Isn’t Always Optional

There are times when gap insurance isn’t optional. If you bought a car outright in cash, then gap insurance is optional. But if you financed your car, your lender may require gap insurance as a safety precaution. However, there are criteria to qualify for gap insurance. You must:

  • Be the original loan or leaseholder on a new vehicle
  • Have a vehicle currently covered by comprehensive and liability insurance

Research Insurance Agents in the Honolulu, HI Area

Do your research before agreeing to be insured by any agent. One trusted agent in the area is Clockwork Insurance Services. We can provide you with a quote and answer any questions you may have regarding this or other insurance services to put your mind at ease. We can also explain everything covered by the policy you are interested in.

Clockwork Insurance Services would be happy to answer any lingering questions you may have about jewelry insurance or any other policy you may need. Call us today for a quote.

Every Good Business Plan Includes Commercial Insurance Solutions

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There are many components to a successful business plan, including strategies to help companies survive catastrophic events like fires and natural disasters, as well as plans to protect companies from issues like downtime and liability concerns. That’s why many business owners in Honolulu, HI, rely on commercial insurance solutions from the trusted team at Innovative Insurance Resources to protect their businesses from a variety of potential risks. A solid business plan is an essential part of helping a company succeed, and it can also play a key role in helping companies survive, even when a crisis strikes.

Commercial Insurance and Successful Business Planning

A business plan covers many areas, from marketing and management styles to a company’s executive summary or mission statement. For many companies, commercial insurance solutions play a vital part in business planning, helping them deal with and manage major problems when they arise. This is why business owners in the beautiful Honolulu area work with experienced and knowledgeable agents to help them prepare and plan for worst-case scenarios and, more importantly, to keep their companies operational during the most daunting situations.

Insurance Solutions for Honolulu Area Business Owners

Every good business plan includes commercial insurance solutions. If you own or operate a Honolulu, HI-based company and would like to learn more about commercial insurance for your business, we’re here to help. Contact us to find out more and schedule an appointment with our friendly and professional team for the planning and protection your business needs and deserves at Innovative Insurance Resources today.

Things you should always have in your auto glove box

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Certain items are essential to keep in your glove box when you’re on the road. Some are legally required, while others are simply practical. At Innovative Insurance Resources in Honolulu, HI, we offer personalized service to ensure our customers have the right insurance for their needs at the right price.

Your Vehicle Registration

You’ll need your vehicle registration if you’re involved in an auto accident or pulled over for a traffic violation. The glove box is the safest place to store it.

Your Proof of Insurance

Hawaii state law requires at least minimum auto insurance for your vehicle. Your insurance carrier will provide a card you can print and keep as proof of insurance in your vehicle.

A Phone Charging Cord

It’s frustrating when your phone battery is about to die while you’re out and about. Keeping an extra charging cord in your glove box is as essential as having an insurance policy.

A Halo

What is a Halo? A charging unit can charge your vehicle battery, inflate your tires, and even power a laptop. It’s an instrumental piece of equipment to have in your vehicle.

A Snack

Keeping a bottle of water and a non-perishable snack can be a lifesaver if you’re stuck in traffic for hours or your vehicle breaks down.

Contact Innovative Insurance Resources in Honolulu, HI today to ensure your auto insurance provides the protection you need.

Disaster Assistance for Hawaii Businesses

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When you own a business, one of your responsibilities is to protect the assets of your business. To do so, you’ll need commercial insurance. If you live near Honolulu, HI, and you have questions about which types and amounts of commercial insurance your company needs, our team at Innovative Insurance Resources will take the time to discuss all your insurance options. Our experienced team has the knowledge and resources to find insurance solutions for every budget.

SBA Disaster Loans for Flood Damage

As a community-minded insurance company, we want our clients to be aware of resources that can help their businesses. For example, if your company sustained damage from the adverse weather conditions affecting the Honolulu area (as well as other nearby counties), on April 11-12, 2024, the SBA (Small Business Association) is offering low-interest federal disaster loans. The SBA is an agency of the U.S. government and declared those storms a disaster after a request from Hawaii’s governor, Josh Green.

According to the SBA’s website, loans are available to all area businesses, non-profit organizations, and homeowners with property damage from the disaster. You can find details on applying for these benefits on SBA’s website. Customer service agents are available at their District Loan Outreach Center in Kauai. The agents can answer all your questions and facilitate your completion of an application.

Call Us Today for Your Appointment

Whether you’re looking for property or liability policies, we can help you find the right one. You may also be looking for new employee health insurance or wonder if your workers’ compensation policy is the best choice for your company. Clients near Honolulu, HI, can feel confident when choosing their commercial insurance policies from Innovative Insurance Resources. Call us for an appointment today, and let us help you protect your business.

Insurance Coverage for A New Residential HVAC System

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Installing a new residential HVAC system may warrant additional insurance coverage. Begin by assessing the components of the new HVAC system you plan to install. Then, include these parts in your home insurance policy.

HVAC Components

Some of the primary HVAC components include the duct pieces, condenser unit, thermostat, heat exchange system, and evaporator coil. Many HVAC parts encompass mechanical equipment that could sustain damage over time.

Assessing your HVAC system can help you identify parts that are most prone to damage. These components should be protected under your home insurance policy.

For example, if the condenser unit is installed outdoors, it may be at risk of damage from falling tree limbs or adverse weather events. Based on the outcome of your assessment, decide which HVAC components need to be incorporated into your existing homeowner’s insurance policy.

System Upkeep

Regular maintenance of your HVAC system is imperative. Scheduled servicing could prevent premature damage to the unit, which could, in turn, reduce instances requiring you to file an insurance claim.

HVAC System Upgrades

If you choose to upgrade your HVAC system in the future, a subsequent assessment would be necessary. Different types of HVAC equipment may require various levels of insurance coverage.

Your Checklist

Incorporate your HVAC unit into a checklist that includes other household items insured. Employ this checklist during inspections of items covered by your existing home insurance policy.

Contact Innovative Insurance Resources for Insurance in Hawaii

If you need to insure your new HVAC system or have any questions about insurance, contact one of our agents at Innovative Insurance Resources. An agent serving Honolulu, HI, will gladly assist you with your home insurance questions or concerns.

Add-on to customize your auto insurance

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Auto insurance is not a one-size-fits-all solution. Some people only need a basic policy, while others require full coverage. Additionally, there are plenty of special add-ons available to tailor your policy more precisely to your needs. At Innovative Insurance Resources in Honolulu, HI, our experienced team of independent insurance agents devotes time to providing the customized service you deserve.

Gap Coverage

If you own a newer vehicle and have a loan, and unfortunately, your vehicle encounters an accident and is considered a total loss, the Blue Book price may be lower than what you still owe. This situation would mean you end up paying for a vehicle you no longer possess. Having gap insurance ensures that there is no gap between what you receive from insurance and what you owe.

Full Glass

Comprehensive coverage usually includes glass coverage, but it also comes with a deductible. By adding full glass coverage to your auto policy, you can replace your windshield without any financial outlay.

Rental Car

Rental car coverage can be very beneficial if your car is damaged in an accident and you need to drop it off at the repair shop. It provides you with a rental car so that you can continue your normal activities without any disruptions.

Roadside service

Roadside service is similar to the services offered by an auto club. It covers assistance such as jump-starting your battery or changing a flat tire. Additionally, it provides a towing service if you break down or have an accident.

If you have questions or concerns about your auto insurance coverage, contact our office at Innovative Insurance Resources in Honolulu, HI.

What Type of Commercial Insurance Do I Need?

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Innovative Insurance Resources Breaks Down Essential Commercial Insurance Policies

In today’s uncertain business world, acquiring commercial insurance is a necessity. However, many business owners often wonder which policies they genuinely need. At Innovative Insurance Resources in Honolulu, HI, we tailor commercial insurance plans to address your specific business needs.

Commercial Property Insurance

If your business operates from a physical building such as a store, manufacturing center, or warehouse, commercial property insurance is a must. This policy safeguards the structure of your building along with its contents, securing your expensive business equipment.

General Liability Insurance

General liability insurance covers damage to a customer’s property and injuries on your premises. For example, if anyone slips and falls in your store, the ensuing medical expenses are covered by this policy. It also covers damages to a customer’s property caused by your worker.

Professional Liability Coverage

Professional liability coverage also covers any damage or injuries resulting from the service or product you offer. For instance, if you’re a mechanic and mistakenly damage a customer’s engine, this policy would cover the ensuing cost.

Commercial Auto Insurance

Commercial auto insurance becomes necessary if driving forms a significant part of your operations, for standard insurance policies don’t cover you during business operations. A commercial auto policy covers damages to other vehicles if you cause an accident. It also covers equipment or inventory in your vehicle. Besides, if an employee drives your vehicle, they, too, are covered under this policy.

Business Interruption Insurance

Business interruption insurance is crucial for small businesses. If you’re temporarily unable to operate your business due to unforeseen circumstances, this policy will cover your losses.

Seek Comprehensive Commercial Insurance with Innovative Insurance Resources

As a business owner in Honolulu, HI, we invite you to contact us at Innovative Insurance Resources. Our capable agents will discuss your insurance options and help you select the most beneficial policies for your enterprise.

Does My Home Insurance Cover Natural Disasters?

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Hawaii is no stranger to natural disasters. If you’re a resident of Honolulu, HI, you’re probably well aware of this and likely have personal safety protocols in place for such events. While personal safety is paramount, concern for your property is also natural. One of the first steps in safeguarding your home can be purchasing a home insurance policy. This ensures you won’t face a hefty financial burden if something happens to your home. However, an important question to consider is whether your home insurance covers natural disasters. Let us at Innovative Insurance Resources provide additional information to help you navigate the home insurance purchase process with greater confidence.

What Does a Traditional Home Insurance Policy in Hawaii Cover?

Typical home insurance policies provide protection against certain natural disasters such as lightning strikes and fires. In some situations, these policies might even cover fires resulting from lava. However, the coverage doesn’t usually extend to many of the natural disasters common in Hawaii, such as hurricanes, earthquakes, and floods. So, what’s the solution for a Hawaiian homeowner? No need for angst. Alongside your home insurance, you can also buy hurricane and flood insurance and other additional coverage to safeguard your home further. Although the lack of basic policy coverage for such disasters may be inconvenient, it’s easily resolved with additional coverage.

Get the Degree of Coverage You Need With Innovative Insurance Resources

When living in Honolulu, HI, your home safety and financial security should be at the forefront of your concerns. At Innovative Insurance Resources, we make it effortless for you to find the policies and level of coverage you require to feel secure when faced with disasters. Contact us today to find the most suitable policy for your needs!

Why basic auto coverage isn’t always the right choice

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Basic auto insurance is legally required by the state where you reside. However, it is not the same in every state. For instance, Hawaii is a no-fault state, meaning your insurance will pay for any injuries you sustain. At Innovative Insurance Resources in Honolulu, HI, we will discuss the importance of auto insurance with you and assist you in determining the right coverage for your needs.

In Hawaii, auto insurance must provide a minimum of $10,000 per person in personal injury coverage for you and any passengers in your vehicle. It must also include liability insurance coverage of $20,000 per person, totaling $40,000 for all injuries. Additionally, a minimum of $10,000 in coverage for property damage is mandatory.

These requirements ensure adequate coverage for other drivers and their vehicles in the event of an accident. But what about your car? If you are leasing your car or have an auto loan, you are required to have both collision and comprehensive coverage to protect your vehicle.

If you own an older vehicle with little market value or are financially capable of repairing or replacing your vehicle yourself, you might not need to carry this insurance. However, if, like most people, you rely on your vehicle for daily commute and other daily activities, then you must also consider ensuring your vehicle is adequately insured.

Collision Coverage

Collision coverage is designed to protect your vehicle from damage resulting from an accident you are responsible for or if a hit-and-run driver damages your vehicle.

Comprehensive Coverage

Comprehensive coverage insures your vehicle against damages that are beyond your control. This coverage also includes protection for your vehicle’s glass, offering repair or replacement services for your windshield.

Contact Innovative Insurance Resources in Honolulu, HI for all your auto insurance needs.

Avoiding Fraudulent Claims in Commercial Insurance

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Fraudulent claims in commercial insurance can have serious consequences, impacting insurance companies and policyholders within the system. Implementing effective strategies to prevent and detect fraudulent claims is essential for safeguarding against financial losses and maintaining trust within the insurance industry for the Honolulu, HI region.

Enhanced Due Diligence and Risk Assessment

Insurance companies can mitigate the risk of fraudulent claims by conducting thorough due diligence and risk assessments during the underwriting process. This includes verifying the legitimacy of policyholder information, evaluating business operations and financial statements, and identifying potential red flags that may indicate fraudulent intent. By implementing robust risk assessment procedures, insurers can identify high-risk applicants and take appropriate measures to mitigate fraud risks.

Implementing Fraud Detection Technology

Advancements in technology, such as data analytics, artificial intelligence (AI), and machine learning, have enabled insurers to deploy sophisticated fraud detection systems. These systems test large amounts of data, detecting patterns, anomalies, and inconsistencies that may indicate fraudulent activities. By leveraging technology-driven solutions, insurers can enhance their ability to detect and prevent fraudulent claims in real time, minimizing financial losses and protecting legitimate policyholders.

Educating Policyholders and Employees

Insurance companies can provide training programs, workshops, and educational materials to raise awareness about fraud prevention strategies and encourage ethical conduct. By promoting transparency and accountability, insurers can empower stakeholders to identify and report suspicious activities, strengthening the insurance system’s overall integrity.

Collaboration with Regulatory Authorities

Insurers can share information and collaborate with regulatory bodies to investigate suspicious claims, prosecute perpetrators, and enforce penalties for fraudulent activities. By working together, insurers and regulators can deter fraud, protect consumers, and uphold the credibility of the insurance market.

Let Innovative Insurance Resources Inform You

Innovative Insurance Resources helps answer commercial insurance questions and serves the Honolulu, HI, region. Call us today.

Partner Carriers

  • Crum & Forster
  • DTRIC
  • First Insurance Company of Hawaii
  • HDS
  • HEMIC
  • Island Insurance Co.
  • Kaiser
  • Pacific Guardian Life
  • UHA