I was recently browsing yahoo and found an article that goes over some of the common gaps in Homeowners policies. It is a very good article to read and has some good points. I think after reading the article you will definitely pay a little more attention to your policy and make sure that you are covering everything you need.
Yahoo Homeowners Article
Summertime is a time for BBQ’s and family vacations but it is also a time when the weather turns on us. Flooding from hurricanes, fires from the dry summer heat and tornados are some of the Natural Disasters that contribute to $32 Billion in claim payments being made each year for Natural Disasters. As a business there is something you can do to combat this and to plan accordingly, you can create a Disaster Plan. Now I realize that most small businesses would see this as being a tedious thing to do since they don’t have a large operation. But if you think about it a Disaster Plan is almost more valuable for a Small Business. The reason is this. Most small businesses are run by hard-working Americans who have invested all they have to make their business a success. Because of this they don’t generate enough money or have enough cash saved to withstand being closed for an extended period of time. Continue reading
So I was just reading the other day some interesting news about NY Workers Comp. It seems that the NY Work Comp Rating Board (NYCRIB) has proposed a net increase WC cost of about 8.5%. If you follow insurance this is nothing new. Prices of insurance are on the rise and this makes having an insurance agent who can make sure you are getting the best coverage for the cost an invaluable asset for your business.
When I meet with a new client that is a business owner I first take a look at what current coverages they have, then I identify any gaps in coverage they have. Most Business Owners recognize the value in having Property coverage for their goods, a General Liability policy for bodily injury, a Workers Compensation policy for employee injuries and an Automobile policy for any vehicles the business may own. What most don’t recognize is that even having all of those policies they are still leaving themselves with a gap in coverage in an area with high risk. However large or small your business is, if you aren’t talking to your insurance professional about Employment Practices Liability then you need to be. Continue reading
One of my recent posts dealt with the face that Home Value/Price and Replacement Cost are two different things. An article I just read goes into this even deeper. Most people right now assume that since they economy is doing bad and home prices keep falling that they need to re-evaluate their Homeowners policy limits. This may be correct but probably isn’t, here’s why. Continue reading
It all boils down to Market Value (Mortgagee) v. Replacement Cost (Insurance)
When you get a mortgage and have to obtain insurance your lender will make sure to let you know that your homeowners policy limit is at least the purchase price of the home or market value. When you visit your Insurance Professional to obtain that insurance they will have your Dwelling limit set at the Replacement Cost price of the home you are buying. So we already have a dilemma that only gets more confusing because most of the time the Market Value and the Replacement Cost price of the home are not the same. Continue reading
As I previously posted my wife and I are puchasing a home. After we had the inspection done our inspector told us to check out his website where he had a Walkthrough Checklist that he said would be helpful for us to look over. Below is a link to that. I think its the best list I have seem and gives some good tips for things to look out for. Your home is the biggest purchase you will ever make so there is no such thing as being to careful.
Final Walkthrough Checklist
Buying a home is a great accomplishment and a great investment especially now with home prices and rates at all time lows. My Wife and I are in the process of buying our first home right now. Its exciting and challenging at the same time. As with everything there are steps and processes that need to be handled. One of the most important is buying Homeowners Insurance. It is the one thing that actually protects your investment. Like everything all Homeowners policies are not created equal. So being a smart and educated consumer is the best thing you can do for yourself. Continue reading
Having a child go away to college is something i havent experienced yet in life but it is something i am looking forward to. It is a great achievement for them and something that should make you proud as parents. As parents along with that sense of pride comes worry since it is likely the first time they are leaving home for such an extended period of time. One this parents can do and should do when a child goes away is to call their insurance agent and let them know. There are several reasons to do this as parents, some of which i will touch on below. Continue reading
When buying a homeowners policy you will usually notice there is an endorsement that is added that includes a lot of throw in coverages at minimal amounts. This endorsement is very inexpensive therefore is usually added to most policies as every carrier has a version of this. One of the coverages that will be listed on it is Tree or Shrub removal. Now most would think this is something they wouldn’t ever have to submit a claim against, but think again. Now especially with Hurricane Irene winds peaked around 90 mph for the northeast along the coast and about 30 miles inland. Continue reading