DO YOU HAVE THE RIGHT COVERAGE FOR YOUR RENTAL PROPERTY?
How much is too much? How much is not enough? Your insurance policy requires you to carry enough coverage to avoid penalties. Most policies written on a multi-family home that is held for rent contain a “coinsurance clause”. Depending on the percentage in your policy… it states that you must carry at least 80% or 90% and sometimes 100% of the replacement cost of the home. Know your percentage!
What is Replacement Cost? It has absolutely nothing to do with the market value of the home! It is the cost to replace/rebuild your home at the time of loss. I can tell you that this amount is much higher than the market value. Where a 3 family might sell for around $300,000, the replacement cost is north of $600,000!
Though water is great for plants, animals, and life all around, it is not for the home! This is why waterproofing your basement is so important.
Water can weaken foundations, damage floors, and cause mold, all of which are dangers to your home.
Mold is especially dangerous. It forms in a dark, poorly vented area with high moisture levels and the basement is often neglected, allowing the mold to grow for a longer period of time.
Down the drain!
Did you read about the bride in NYC that dropped her engagement ring?
This past Monday the New York Times ran a story about a couple who lost an engagement ring. The ring was a little too big and slipped off the bride’s finger on a Friday night into the abyss of a Times Square sidewalk grate just a few hours after grooms proposal. Think, Engagement Ring Insurance.
Paying several thousand dollars for an engagement ring only to lose it or have it stolen would not be a good thing. And finding out that your homeowners policy doesn’t cover that loss would be another blow.”
The holidays are an exciting time, but without proper protection, what seems like a holly, jolly season can take a devastating turn for the worse. Keep these tips in mind when you’re planning for the upcoming holidays to make sure your home stays safe and sound.
Keep Travel Plans Private
If you’re traveling for the holidays, it may be compelling to tell friends, coworkers, and acquaintances while making small talk, but do your best to avoid this. Letting people know your house will be sitting unattended can be a recipe for disaster, putting your personal property at risk for theft and vandalism. Instead, keep travel plans close to the vest. Don’t post about your vacation plans on social media, share images of your time away from home before you return, or do things like allow mail or newspapers to pile up. The more you do to stay quiet about travel, the less of a target you will be.
Sounds pretty straightforward, but it is not. The named insured is the person(s) shown on the declarations page of the policy. The person(s) listed here should be the same as recorded on the deed. Named on the deed and on the homeowner policy it’s a question you need to ask yourself when a property is left to you and your siblings.
Anyone recorded on a deed should be listed on the insurance policy, avoid doing this at your own peril.
It gets tricky when you have more than one person owning a home. Some homes are owned in part by people, often brothers and sisters, who may live elsewhere. They’re called “non-resident owners.” Here is a fictional example of what could go wrong and what should be done.
Massachusetts Renter’s Insurance
Renters insurance may seem like an extravagant purchase for many renters. For Massachusetts Renter’s Insurance families they may assume that they don’t have enough material goods to insure or that renters insurance is far too expensive to fold into their monthly budget.
But the truth is that not having Massachusetts renters insurance can cost you far more than you save.
See how this type of insurance works in your state before you entirely dismiss it.
Renters Insurance Covers Your Possessions
No matter how little you think you have in your life, you may want to consider what it would mean if you had to replace it all. From electronics to jewelry to clothing, it’s not going to be easy to put everything back the way it was if you don’t have any type of financial assistance to do so. Renters insurance is also excellent for covering your things even when you don’t happen to be in your rental. So if your tablet or laptop is stolen when you’re on a business trip from your car, you have some recourse to replace it. If you were hoping your auto insurance was going to cover this, then you may be out of luck. This is why having a Massachusetts renters insurance policy is important.
Home insurance to homeowners is sometimes seen as just another expense that needs to be dealt with. It’s easy to forget that you’re taking precautions to protect what is likely to be the biggest investment you’ll ever make. Use this as your guide to homeowners insurance, so you can get a policy that works for you.
Home Insurance Basics
If homeowners have a mortgage, they’re generally required to cover the structure. However, the rest of the policy is largely left up to the homeowner. Unfortunately, most homeowners don’t have the protection they need if their home and property suffered a natural disaster or criminal encounter. It’s the homeowner’s responsibility to consider their priorities before determining how much coverage they need. Home insurance can also cover legal fees or liability claims against the owner.
Humphrey, Covill & Coleman Insurance is pleased to announce the addition of another new homeowners market to our line up. Universal Property (www.universalproperty.com) is a Florida based company that is very good at writing coastal homeowners insurance.
The company is very competitive with other coastal markets like United, Fair Plan, MPIUA, Providence, Narragansett. Universal gives you the option to completely eliminate your extra wind/hurricane deductible.
Homeowners in the following coastal commuties should give us a call to see if you are eligible for this new company: New Bedford, Dartmouth, Westport, Fall River, Fairhaven, Mattapoisett, Marion, Wareham, Plymouth & Cape Cod.
If you would like a quote give us a call or go to our website at: www.HCandCinsurance.com/quote
All the signs are pointing to a “Hard” Market for 2012. What does this mean for you? Rates are going up! Due to large losses and several recent catastrophes; poor economy; increased cost of doing business; poor return on investments; increased cost of reinsurance. Expect increases anywhere from 3% to 10% – depending on line of business. We have recently seen auto insurance rates take a slight turn upward. Homeowners, especially coastal homes, have taken a larger jump this year. We are starting to see the commercial market tighten up and prices are slowly starting to creep up across the board. While many businesses can expect a flat renewal, the trend is generally upward for most commercial lines.
We have also noticed underwriters taking a harder look at exposures. Inspections have become more stringent than in the past.
The insurance industry has enjoyed a “soft” market for the past several years. Prices have been consistently low for at least 6 years now. Inevitably, prices are going up. I don’t expect huge jumps this year.
The best part of being an “Independent Insurance Agent” is that we have several insurance companies that we represent and we can find the right market for each client. Let us give you a quote on your insurance today!
Happy Valentine’s Day! We hope that you have a wonderful day celebrating the love you share with the special people in your lives.
We also want to let you know, that should you get a valuable or sentimental gift on this holiday we can help you insure it.
Most homeowners and renters policies have a limitation on jewelry. If you have a high valued piece, you may want to schedule it on your policy as a personal articles floater. By scheduling valuables on your policy, you get better coverage and the piece is insured for an agreed amount. Give us a call to get a quote for your valuables. (508) 997-3321 or email us at [email protected]