Personal Property Inventory
November 19, 2015 at 3:06 PM | Posted in Event Planning, Home, Insurance Claims, Insurance Policy, Personal Insurance, Personal Property, Safety Tips, Specialty Policy | Leave a commentTags: checklist, claims, contents, coverage limits, home, homeowner, insurance, personal property, protection, renter, renters, safety, safety tips
Why is taking inventory of your Personal Property so important?
If your home was destroyed, or a theft occurred, could you compile a complete list of your personal property from memory? Most people couldn’t; WHY? Maybe because they’d be too devastated by the loss itself to be able to write down all that was destroyed. Or maybe because after a lot of years, it’s hard to keep track of what one owns! Compiling a complete list is something you’d be asked to do at the time of filing your claim.
We know that putting a dollar value on possessions you’ve accumulated over many years is difficult and that only you can decide the extent of your insurance needs. However, if the unthinkable happened, would you have enough coverage for everything? Your Personal Property Inventory serves two important functions:
- as a valuable record of your possessions
- as a way for you to judge the adequacy of your present coverage – do you have enough?
The inventory list should be stored somewhere safe, preferably away from your home. Our suggestion would be to take a video of each room in your home and store that video off premises – a relative’s home, safety deposit box, etc. Then if the worst happened, it would be available at the time you report your loss.
Benefits of a Home Inventory
Obtaining a comprehensive home inventory:
- Ensures you have the necessary amount of insurance coverage.
- Identifies items—such as jewelry, coins, antiques, artwork, and silverware—that have limited coverage on a home or tenant policy and helps to determine if additional insurance is needed for those items.
The decision can then be made to purchase additional coverage (known as a “rider”) so the items will be insured for their full value. This then…
- Allows an evaluation on whether to insure your property and contents at “replacement cost” or “actual cash value.” Replacement cost is the amount it takes to replace or repair your home and possessions with materials of similar quality. Actual cash value is a lower amount that consists of replacement cost less depreciation.
- Verifies the condition of your assets before moving or placing them in storage in case of loss or damage.
So break out your camera and say action!
Don’t be caught “underinsured” and/or unable to remember what you own. Call us today to discuss your homeowners or renters insurance policy, and find out what you need to ensure you’re protected in case of loss at our toll free number: 888-850-9400.
Tenant Coverage
October 29, 2015 at 2:33 PM | Posted in Home, Insurance Claims, Insurance Policy, Personal Insurance, Personal Property, Regulations, Renters, Specialty Policy, tenant, tenant policy | Leave a commentTags: claims, contents, coverage, coverage limits, covered damages, deductible, insurance, insurance policy, renter, renters, renters insurance
While renting an apartment, a house or condominium, the dwelling or structure may not be your responsibility but you still have property to protect. The landlord does not carry any coverage on their property policy for you. A tenant policy is also known as HO4 policy, for the tenant who opts to buy coverage to protect their personal property and to obtain personal liability coverage. Most insurance carriers allow coverage as low as $20,000 for personal property and can be purchased for approximately $200 annually. A general guide to determine the amount of coverage needed is to multiply each full room by 10,000 and make necessary adjustments to that figure. Also keep in mind this is a property policy and makes you eligible for the account discount if you also write your auto policy with the same insurance carrier, or with an affiliated company. This policy could respond by replacing your household items, such as clothing and furniture, from loss caused by fire, theft or vandalism.
Ask yourself the following questions:
What if there is a fire in the building? Or if your apartment is vandalized or burglarized?
- Could you afford to buy your own replacement items?
- Could you also afford to relocate while building repairs are being made?
The police report will be on file, the fire department will extinguish the fire, but neither will replace your belongings. If you had purchased a tenant policy in these scenarios, you would need to pay the policy deductible for a covered loss and would be eligible to replace your items up to the limit of coverage you had purchased.
Call us at (888) 850-9400 to obtain the annual rating of this valuable coverage.
It’s That Time of Year to Start Preparing Your Home for Winter
October 22, 2015 at 8:26 AM | Posted in Home, Insurance Claims, Insurance Policy, Personal Insurance, Personal Property, Reminders, Safety Tips, Seasonal | Leave a commentTags: Autumn, checklist, claims, Construction and Maintenance, coverage, coverage limits, covered damages, home, homeowner, homeowners insurance, preparation, winter, winterizing
Beautiful New England foliage is at its peak and the leaves are falling, along with the temperature. Last winter was brutal – who knows what Mother Nature has in store for us this year?? We came up with a list of things for you to consider before winter sets in:
- Tune Up Time – Snow blowers and generators should be tuned up; check to make sure they’re running correctly.
- Shovels & Sand– Stock an adequate supply of both.
- Tree Maintenance – Trim branches away from power lines, your roof and gutters.
- Heating System & Chimneys – Have these items professionally cleaned before the heating season starts.
- Clean the Gutters – If your gutters are full of debris, water can back up against the house and damage your roof, siding, and wood trim, and also lead to leaks and ice dams.
- Inspect Your Roof & Attic– Look for damaged, loose or missing shingles that may cause leaks, especially if you had icicles hanging off your roof last winter, or even worse, suffered from ice dams. Make sure you take preventative measures to fix any air leaks and ensure you have adequate insulation in your attic. Making sure these things are taken care of will prevent any snow melting and leaking into your attic, causing potential water damage to the inside of your house.
- Divert Water Spouts– add extensions onto your downspouts to divert water away from your foundation to prevent ground water seepage into your basement.
- Shut-Off Exterior Water Faucets – Drain water from pipes and hoses to prevent them from freezing and bursting.
- Space Heaters – Inspect all heating appliances thoroughly before using them. Make sure you’re up-to-date on Space Heater safety.
- Emergency Supplies – Replace and restock before/after power outages. Include batteries, flashlights, non-perishable food supplies, and blankets.
Checking off this list and being prepared for the winter months will help ensure you have a worry free and claim free season. Please feel free to call us with any questions about your coverage and how to best keep yourself protected at 888.852.8500.
Take Preventive Measures Against Ice Dams Before Winter
September 24, 2015 at 11:41 AM | Posted in Home, Insurance Claims, Insurance Policy, Personal Insurance, Personal Property, Reminders, Safety Tips, Seasonal | Leave a commentTags: checklist, claims, Construction and Maintenance, coverage, coverage limits, covered damages, homeowner, homeowners insurance, ice dams, water damamge, winter, winterizing
With the colder weather approaching, now is the time to start thinking about getting your home ready for the winter; particularly your roof. A roof catches all of the precipitation winter has to offer, and if unprepared, winter can break through its protective barrier and damage your home, using ice dams as its main weapon. Ice dams are a home owner’s nightmare, but taking preventative measures, and educating yourself on how they occur, can help keep your roof secure.
Cycles of warm and cold air closest to the roof are the primary cause of ice dams. Keeping warm air out of your attic, and cold air circulating in, is critical to minimize the warming of the underside of your roof. As a homeowner, there are steps that you can take ahead of time to avoid water damage from ice dams.
- Insulate the attic floor and put weather stripping around pull-down stairs
- Increase ventilation in attics by installing eave, soffit, ridge and gable vents
- Install water and ice shield on the entire roof
- Install heating coils on the roof
Water damage to the contents in your home resulting from ice dams is not covered by your homeowner’s insurance policy unless you purchase “All Risk on Contents” coverage. If you do not have this type of coverage, or are unsure if you do and would like to discuss more about insuring your home against ice dams, call us at 1 (800) 850-9400.
Preventative Steps to Avoid Pool Collapse
September 10, 2015 at 9:00 AM | Posted in Home, Personal Insurance, Personal Property, Reminders, Safety Tips, Seasonal | Leave a commentTags: Autumn, Construction and Maintenance, homeowner, maintentance tips, pool safety, prevention, safety tips, seasonal
Even though the warmer temperature outside is breaking records, the leaves are slowly turning color, and you will begin to consider closing your pool. Follow these helpful tips to insure you have a seamless opening next season.
- Treat the pool with proper winterizing chemicals and make sure you have the proper levels before you cover the pool. Chlorine should be especially high.
- Disconnect the pump and all hoses from the pool and drain. Make sure there are no leaks if you use a cover plate with gaskets.
- Keep about 1-3 inches of water on top of the winter cover to prevent damage caused by wind
- During the fall, make sure to remove excess water from the top of your pool cover with a small electric pool cover pump.
- Damage can occur if snow and ice is allowed to weigh on the pool cover. It becomes stretched, and as most pool covers are kept on by a cord that runs around the pool, the cord also becomes too taught. Try your best to keep snow weight to a minimum to avoid collapse.
- Water displacement during the winter months is a huge concern. Keep an eye on the water level, especially before heavy snow events. Look under the cover and see where the water level rests. If it’s down more than when you closed the pool, then you will need to do some snow removal. DO NOT ADD WATER TO A FROZEN POOL. Getting the snow off the top is the best thing you can do to save your pool.
- Never Touch a Frozen Pool! Do not walk atop the ice. Use a blunt tipped roof rake to pull the snow off the top. When springtime comes and your pool water thaws, you will be all set knowing you removed all that weight.
Here is a great site you can refer to for more details: http://www.poolandspa.com/page107.htm
Pools fall under Coverage B – Other Structures under a Homeowner policy. Please call us at 888-850-9400 to discuss your coverage plan in case of a claim.
Enjoy Your Vacation, and Prevent Burglaries While Away
July 15, 2015 at 11:24 AM | Posted in Event Planning, Home, Personal Property, Safety Tips, Seasonal | Leave a commentTags: burglaries, homeowner, prevention, safety, safety tips, vacation
To help ensure the safety of your home while away on vacation, experts recommend the following:
- Give the impression that someone is always home.
- Ask that mail and newspapers be held and/or forwarded temporarily.
- Set timers for lamps in various parts of the house.
- Leave shades, curtains, and blinds in their usual position.
- Have a trusted person watch the home.
- Notify a trusted neighbor, friend or family member about an upcoming vacation, and ask that person to stop in from time to time.
- Make the home burglar resistant.
- Remove spare keys hidden outside.
- Lock windows and doors.
- Secure sliding doors with wooden blocks in the tracks.
- Be careful what you share on social media about your upcoming vacation, or while away on vacation.
Now enjoy your time off knowing your home is secure!
Insurance Coverage for Property in Storage
June 18, 2015 at 12:00 PM | Posted in Home, Insurance Policy, Personal Insurance, Personal Property, Renters | Leave a commentTags: homeowners insurance, insurance policy, personal property, renters, storage, storage coverage
According to the Self-Storage Association, 10.8 million people in the US rent a self-storage unit. If you are one of those people, have you ever considered whether or not you have insurance coverage for the property that you are storing? Have you made your insurance agent aware that you have a storage unit? Here is some information that may help you determine if you will have coverage should something happen to your stored property.
If you have a standard Homeowner or Renters insurance policy, you have coverage for personal property you own anywhere in the world. Therefore, the coverage would apply to the property that you have in storage. However, the coverage is different from the way it applies to the property in your home. Most policies will provide 10% to go towards “personal property at another location” out of the total amount of coverage that you have for personal property. So if you have a total of $100,000 for personal property, you only have $10,000 for the property in the storage unit.
One type of personal property that will never be covered by a Homeowner or Renters policy is a vehicle. If you are storing a car, ATV, motorcycle, etc. there would not be coverage. The only exceptions are a vehicle in “dead” storage, a vehicle used to service your residence (ride on lawn mower), or a vehicle designed to assist the handicapped (motorized wheel chair). All other vehicles require a separate type of policy.
The bottom line is, you can be covered in most cases by a standard Homeowner or Renters insurance policy and other types of policies are available to purchase. If you have a storage unit and want to make sure that you have adequate coverage for your situation, contact us today and we will review your insurance coverage with you at 888-850-9400.
Making Sure That Your Solar Panels Are Insured
April 15, 2015 at 9:00 AM | Posted in Home, Insurance Policy, Personal Property | Leave a commentTags: energy, environment, Home insurance, solar panels, tips
We are all aware that we need to take actions to help protect and maintain our environment. One change that many homeowners are investing in is the installation of an eco-friendly solar panel system. These systems significantly cut down on energy uses and electricity costs. If you are a homeowner that has made this investment, or are considering making this investment, here are a few things that you should know to make sure you are properly insured.
- Solar panels can by mounted on the ground or on your roof. Either way, there are several factors that can damage your solar system. Weather is the most common cause of loss with hail, snow, heavy wind and lightning. Other reasons that you want to make sure you have adequate coverage are fire, vandalism, theft and falling objects, such as tree limbs.
- Solar panels that are installed on your roof are considered to be part of the dwelling.
- Solar panels that are installed on the ground are considered to be “other structures”.
As with any type of addition or renovation to your home, you should contact an insurance agent to help you determine that the coverage on your homeowner insurance policy is adequate. If you would like us to review your policy and offer suggestions to help you make this decision, please feel free to contact us at 1-888-850-9400.
Seasonal Vehicle Coverage
April 8, 2015 at 9:00 AM | Posted in Auto, Camper, Insurance Policy, Motor Home, Motorcycle, Personal Property, RMV, Seasonal, Specialty Policy, Travel Trailer | Leave a commentTags: auto policy, Automobile, collector car insurance, coverage limits, insurance policy, medical payments, recreational vehicle policy, seasonal, Vehicle insurance
It is that time of year again. The motorcycles, campers, and collector cars and other recreational vehicles are starting to make an appearance now that the weather is better. Here are some insurance reminders before you take them out:
• Motorcycles: If you decreased your coverage when you put your motorcycle away last winter, don’t forget to increase coverage before taking a ride. When deciding what coverage to put on your motorcycle, Medical Payments is very important to you and anyone that is on your bike at the time of an accident.
• Campers: They can be covered under your auto policy, but you will get much better coverage at a comparable price if you insure your camper on a travel trailer policy. It includes things like towing and roadside assistance, accessory coverage for awnings, etc… and campsite liability if stationary.
• Collector Cars: If you have a classic or collector car that is at least 15 years old, you will want to make sure you have collector car insurance coverage. The coverage is designed for the special needs of the car collector. It covers everything your regular auto policy will cover in the event of a loss but the method of determining the value is an agreed value rather than an actual cash value — there is no reduction taken for depreciation. Since a collector or classic car is only driven for a short period of time each year, the premium is usually much lower than a regular auto policy.
• Off Road Vehicles: Whether you drive an ATV or a golf cart, you could potentially injure someone or cause property damage. You need coverage that will respond to any situation. Some of the extras on a recreational vehicle policy include: Equipment coverage, helmet and safety apparel, and trailer coverage.
• Watercraft: Boats of all sizes and jet skis need the proper coverage as well. Physical damage to the vessel, liability to other boaters, medical payments, and trailer coverage are just some of the coverages available under a watercraft policy.
No matter what your passion is, make sure you and your family are protected with the right coverage before you experience a loss.
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