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 comment
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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!cinematographer marker

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 comment
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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.

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 comment
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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.

Seasonal Vehicle Coverage

April 9, 2014 at 9:04 AM | Posted in Auto, Camper, Insurance Policy, Motor Home, Motorcycle, Personal Insurance, Personal Property, Specialty Policy, Travel Trailer | Leave a comment
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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.

Preventing Identity Theft

November 20, 2013 at 9:00 AM | Posted in Holidays, Identity Theft, Insurance Policy, Personal Insurance, Specialty Policy | Leave a comment
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‘Tis the season… for things to get hectic. With the added pressures of extra shopping lists, scheduling conflicts, decorating, and general holiday anxiety, it is easy to become vulnerable to Identity Theft. It can happen while you are shopping in stores or shopping online. The following tips can help keep you safe from Identity Theft.

  • Create a list of all of your credit card and bank account information: include account numbers, expiration dates, and hot line numbers for each account’s contact customer service or fraud departments. Keep this list in a locked area at home.
  • Before you leave your home to shop, review the contents of your wallet or purse. Don’t carry extra credit cards or identification with you that isn’t necessary. The more information you carry the easier it is for them to steal your identity.
  • When creating PIN numbers or passwords, avoid using easy information such as birthdates, or the last four numbers of your social security number that can be easily discovered by identity thieves.
  • When you are finished shopping online, make sure you log off completely. Just closing a browser may not prevent your information from being accessed. Do not use the “remember my username or password” feature.
  • Never give out personal information over the phone to someone claiming they represent a creditor.
  • Review your credit card and bank statements regularly to quickly identify and report any purchases you did not make.
  • Visit www.annualcreditreport.com to review your credit report every year. As a Massachusetts resident, you are entitled to one free credit report each year from the major credit bureaus.
  • If you suspect you are a victim of identity theft, you should place an initial fraud alert on your credit file. This will prevent any additional lines of credit from being opened without your consent.

Most insurers now offer some form of Identity Fraud coverage under a home policy. There might be an additional fee but the coverage could include credit card fraud coverage, expense reimbursement, and restoration services.

Call Protector Group at 888-850-9400 to find out what coverage options are available to you.

Personal Auto Policy vs. Travel Trailer Policy for Campers

June 5, 2013 at 9:05 AM | Posted in Camper, Insurance Policy, Motor Home, Personal Insurance, Personal Property, Specialty Policy, Travel Trailer | Leave a comment
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If you have a camper that you pull from location to location throughout the summer, there are many different ways you could insure it. You can add it to your auto policy with Collision and Comprehensive coverage providing you with: collision, fire, theft, and falling objects coverage at actual cash value. However, when you insure your camper on a Travel Trailer policy, you’ll get much more coverage – for example, here are some of the coverages an auto policy alone does not provide:

  • Coverage for Attached Accessories such as awnings and satellite dishes.
  • Emergency Expenses coverage that pays for lodging or travel expenses to get back home if your rig is damaged by a covered loss occurring more than 50 miles from home.
  • Campsite/Vacation liability coverage when a travel trailer is used as a secondary residence.
  • Total Loss Replacement coverage protects from the effects of value depreciation.
  • Personal Property coverage for your personal belongings within the camper.
  • Full-Timer coverage provides liability protection similar to a homeowners policy when the camper is parked and being used as a residence.
  • Fire Department Service coverage up to $500.
  • Debris Removal coverage.

In most cases, Travel Trailer policies cost the same as it would to add the camper to your auto policy. If you use your camper as a secondary residence, there may be additional coverage you need. Contact us at 888-850-9400 to discuss your individual needs.

Special Valentine Gifts May Need Special Coverage

February 20, 2013 at 8:54 AM | Posted in Home, Insurance Policy, Personal Insurance, Personal Property, Specialty Policy | Leave a comment
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Was your Valentine good to you? If you received a gift of jewelry or maybe a marriage proposal, make sure you have adequate insurance in place.

  • Jewelry. Since there is limited coverage for jewelry on a standard home, condo, or tenant policy, you should schedule the item on your policy. Not only will you be insuring it for its full value, you will have coverage for mysterious disappearance and will eliminate any deductibles for a loss.
  • Weddings. No matter how carefully you plan a wedding, there are many things that are out of your control. Wedding insurance will help keep that special day a happy one, and protect against the possibility of unforeseen snags. For as little as $160 you can be covered for things such as no dress, lost deposits, severe weather, or ruined photos.

Call us at 888-850-9400 and we will help you get the coverage you need.

Winter Ice Dams Require “Special” Insurance Coverage

January 9, 2013 at 9:53 AM | Posted in Home, Insurance Policy, Reminders, Seasonal, Specialty Policy | Leave a comment
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The January thaw has arrived, and winter is far from over. We can expect the weather to warm up off and on from week to week. After every storm, make sure you remove any snow from the edges of your roof as soon as possible. When the snow melts from sunshine and warmer temperatures, it can re-freeze during the next cold blast and during the cold nights and cause ice dams. This can not only ruin your roof, but can cause major leaks and destroy the interior of your home as well.

When hiring outside help to remove snow, remember to make sure they are properly insured.

Now is the perfect time to call and review your policy to make sure you have “special” coverage on your contents, because a standard homeowner policy does not automatically include this coverage. Without additional coverage, if an ice dam should happen, your contents are not covered from any damage caused by water seeping in from the outside of your home.

Call Protector Group Insurance at 888-850-9400 with any questions you may have regarding the prevention of ice dams or to discuss your specific insurance coverage concerns.

Addressing Coverage Gaps When Your Primary Vehicle is a Company Car

November 7, 2012 at 9:10 AM | Posted in Auto, Insurance Policy, Personal Insurance, Specialty Policy | Leave a comment
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Do you have a company car that you use on a daily basis? If you don’t have a personal auto policy in your own name, you may not have the appropriate coverage to protect yourself personally.

Here are some ways to ensure your personal exposure is covered:

  • If you do not have a personal auto policy of your own and there are no other household policies, you may want to consider a Named Non-Owner policy. This policy covers you as the named insured and would provide liability coverage for any auto you personally rent or borrow. It looks just like a traditional personal auto policy except there is no specific auto listed.
  • If you have a spouse that has an auto in their name but you are not a co-owner of the auto your spouse can add the Use of Other Autos endorsement. This endorsement provides coverage if you were to use someone else’s auto outside the household. As long as you are correctly listed as an operator for household autos, you would have coverage for those vehicles.
  • A commercial auto policy may provide some personal coverage. Check with your Employer or Commercial Agent to see what coverage is available to you.

If you have any questions feel free to call us at 1-888-850-9400.

Earthquake Preparedness

October 24, 2012 at 9:33 AM | Posted in Home, Insurance Policy, Personal Insurance, Personal Property, Safety Tips, Specialty Policy | Leave a comment
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Earthquakes are not uncommon in the Northeast. In fact, 40 to 50 earthquakes are detected each year in this region. Unlike other areas of the country where earthquakes occur along known fault lines, Northeast earthquakes do not necessarily happen along the faults that exist. Even though it is not certain what causes earthquakes in the Northeast, we can be sure that earthquakes will continue to occur here. Unfortunately, most of the structures built are not designed to withstand the impacts of an earthquake and could sustain thousands of dollars in structural damage.

Earthquakes, or any kind of land movement, are always excluded under a property policy. This exclusion applies to both your structure and your contents. A moderate earthquake could cause your foundation to crack or personal items to be broken, and without an Earthquake Endorsement added to your policy you would not be covered for the loss.

Earthquake coverage can vary slightly by company, and most endorsements have a minimum deductible of 5% of the dwelling coverage. The rate is determined by how your home is built (i.e. brick, frame, etc.).

Be prepared before the next earthquake. Call Protector Group Insurance at 888-850-9400 with any questions and to add this coverage to your policy.

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