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.

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Empty Nesting

August 13, 2015 at 9:03 AM | Posted in Event Planning, Home, Insurance Policy, Reminders, Seasonal | Leave a comment
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This is the time of the year when kids of all ages go back to school. Whether the last child is going off to school, or just leaving the nest, new “empty-nesters” have big adjustments to make to their lifestyles once all of their children have left the home. If you’re an empty-nester, not only will you find yourself with more time on your hands, you will now have more time to focus on you. Here are some ways to stay busy if you are a new empty-nester:

  • Volunteer in your local community
  • Find a hobby
  • Get a job or start a business
  • See the world
  • Reacquaint yourself with your spouse

Before you send your child off to school, and for the sake of some piece-of-mind, be sure to call your agent and review your policies. You may need to adjust your auto policy, especially if your child is taking a vehicle away with them. Also, consider purchasing a renter policy for coverage of your child’s personal property while away at school.

Even though it seems like you have a lot of extra time on your hands now, it won’t be long before your days are filled to the brink again. Enjoy them!

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 comment
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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.

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.

Daylight Savings Time!

March 4, 2015 at 9:00 AM | Posted in Home, Insurance Policy, Reminders, Safety Tips, Seasonal, Uncategorized | Leave a comment
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This Sunday, March 8th at 2:00A.M., Daylight Savings Time will begin, so before you turn in – make sure that you “spring ahead” one hour on all of your clocks! Daylight Savings Time is a great opportunity to prepare for the coming of spring with a “seasonal safety check”. Besides adjusting your clocks, here is a suggested safety checklist of other items to check up on around the house at this time:

  1. Safety experts recommend replacing smoke and carbon monoxide detector batteries twice a year; DST is a great way to remember to do this bi-annual update, as well as change any battery operated clocks. As you go around the house adjusting times, change out batteries as well!
  1. Fire extinguishers can become useless over time. Use DST as an opportunity to test your extinguisher and replace if needed. If you don’t own a fire extinguisher in your home, it’s recommended that you purchase one.
  1. Check your first-aid kit and replace any missing supplies.
  1. Check under sinks, toilets, in the basement, behind your washer, shower/tub, and other household plumbing to make sure you don’t have even a small leak.
  1. Review your family’s emergency plan, or create one for the first time. Set a plan in place for yourself or you and your family in case of emergency. Update phone numbers, addresses and contact information, and post an emergency information page near the phone. You can find information that you may need to know in case of disaster or emergency by visiting redcross.org, www.FEMA.org, and www.ready.gov.
  1. Review your homeowner’s insurance policy to ensure you have all the coverage you need to protect you, your family, and your belongings. To begin, it is important to know what your policies do and don’t cover. For a review of your homeowner’s insurance policy, call us at 888.850.9400

The Marsh & McLennan Agency wishes everyone a safe and happy transition into SPRING 2015!

When It Rains – It POURS!

February 19, 2015 at 9:00 AM | Posted in Home, Insurance Claims, Insurance Policy, Seasonal | Leave a comment
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With possible rain predicted this weekend, the already heavy snow becomes even heavier. It is very important to clear decks and roofs in order to remove the weight. For anyone needing to file a claim right now, here are some of the most common questions being asked:
Q: Is the cost to remove snow and ice from my roof, deck, or car port covered under my home policy?

A: The cost to remove snow and ice dams from your roof would be considered regular home maintenance and claim prevention. If there is already damage to your home such as interior water due to ice dams, the cost to remove snow and ice would be considered part of the claim. Your deductible would apply.

Q: Is the damage to my roof, windows, and interior walls & floors due to leakage covered?

A: Yes, your deductible would apply.

Q: Is the collapse of a roof, deck, or car port resulting from the weight of ice and snow-covered under my home policy?

A: Yes, your deductible would apply.
Continued removal of ice and snow is important as the season continues. If additional damages are reported that occur after a claim is filed, it will be considered an additional claim.

Call us at 888.850.9400 should you have further questions regarding your policy and the proper coverage you need to protect your home and properties.

Two Holidays in the Same Week

February 14, 2015 at 9:00 AM | Posted in Auto, Holidays, Home, Insurance Policy, Personal Insurance | Leave a comment
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Valentine’s Day carries the tradition of showing loved ones how much they mean to us. On President’s Day, we remember all U.S. presidents past and present. It’s not often that we have two holidays in the same week like we do this year, and both of these holidays are popularly known for people making unique, and valuable, purchases; jewelry for Valentine’s Day and vehicles for President’s Day.

Whether you are giving or receiving, we want to help you make sure that your special, and expensive, gifts or purchases are adequately insured. Here are a few suggestions:

  • Jewelry – Jewelry can be a fun gift to pick out or receive, and may even end up being passed down in your family through generations. We want to help keep something of such monetary and sentimental value in your possession. Your Homeowner policy has limitations on the types of losses that are covered and on the amount of coverage provided for jewelry. Consider adding a rider to your policy such as a “Scheduled Personal Property Endorsement” or a “Blanket Endorsement.” Both of these endorsements provide coverage for all types of losses and they do not have a deductible. You can also purchase the right amount of coverage that you need for your jewelry by having an appraisal or receipt for each item.

 

  • Vehicles – Purchasing a car is not only an expense financially, but also physically; it takes time, consideration, and planning. One thing to consider when purchasing a car: as soon as you drive your brand new vehicle off of the dealer’s lot, its value starts to depreciate. If your vehicle happens to get totalled within the first few years of ownership, you could end up owing more on the loan than the vehicle is worth. To avoid out-of-pocket expenses to make up the difference, you should have GAP coverage added to your Auto insurance policy at the time you insure the vehicle. The cost for this coverage is usually not more than $50, and can prove to be a valuable decision.

After this week’s holidays, whether you acquire a new item of jewelry, start your week off driving a new car, or decide you would like to look into further insurance options for your possessions, we want to help you insure the safety and value of each. If you have any questions about the policies stated above, or your existing policies, please contact us at 888-850-9400.

Preventing Puff-backs

January 21, 2015 at 9:44 AM | Posted in Personal Insurance, Personal Property, Regulations, Safety Tips, Seasonal, Uncategorized | Leave a comment
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A “puff back” is an explosion in the burner chamber of a furnace or boiler. They are usually small and confined to the burner chamber, however, they can do considerable damage to the heating system. In addition, a puff back can send soot and smoke throughout the house, covering walls, ceilings, carpets, furniture, etc. The cleanup of such damage must be done by a professional cleaning company.

The cause of a puff back can always be traced back to a lack of maintenance or repairs to the heating system. Here are some tips to help prevent this dangerous and extremely messy event from happening in your home.

  • Have all of your oil-fired heating appliances serviced annually by a licensed technician.
  • Stay alert for noises, odors, or soot, and watch for oil leaks or air leaks in the oil piping system and at the oil burner. If you notice any of these, contact a licensed technician for an inspection, diagnosis, and repair if necessary.

Keeping up with regular maintenance, and being alert for symptoms, will help prevent the risk of having to cover the cost of cleanup and the disruption in your life that a puff back would create. Fortunately, your homeowner policy will usually cover damage to your home and contents caused by a puff back.

If a puff back occurs, we recommend that you do not attempt to clean it yourself. Using standard cleaning products could cause further damage and may not get rid of the oil residue and odors. The cost of hiring a professional cleaning company would be covered as part of the claim.

If you have any questions on puff backs or the coverage your policy offers, call us at 888-850-9400. It is always recommended to have your furnace cleaned and boiler checked before the winter cold sets in to avoid the chances of a puff back in your home.

Preventing Ice Dams

December 17, 2014 at 3:24 PM | Posted in Home, Insurance Policy, Personal Property, Safety Tips, Seasonal | Leave a comment
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One culprit of an unpleasant winter experience could be hiding beneath the snow on your roof! This sneaky culprit is better known as an Ice Dam.

 

The first sign of a potential ice dam is the formation of icicles. Icicles occur when water from melting snow is unable to flow freely off of the roof. The heated air in your home rises and can spread into your attic, warming the roof area above. As the snow melts and the water rolls down your roof, it freezes. The freezing water continues to build up, forming an ice dam along the edge of the roof. Often times, melting water will start to build up under an ice dam and work its way under roofing shingles causing internal leaks and water damage.

As a homeowner, there are steps that you can take ahead of time to avoid water damage from ice dams.

  • Increase the insulation above ceilings
  • Install exterior ice melt solutions, such as heating cables
  • Increase ventilation in attics
  • Seal off every possible air leak that might warm the underside of the roof
  • Remove snow with a roof rake or still-bristled brush
  • Make sure that ducts connected to the kitchen, bathrooms, and dryer vents all lead outdoors through either the roof or walls but not through the soffit (underside of 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.

Staying ahead of an ice dam can be difficult. By calling us at 888.850.9400 today, we can easily review your policy together, and ensure you are covered by more than just the roof over your head!

 

New Optional Insurance Coverages for Homeowners

October 22, 2014 at 10:12 AM | Posted in Home, Insurance Policy | Leave a comment
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Many insurance companies are starting to offer additional coverage options to their insureds that are not included in a standard homeowner insurance policy. The following are examples are a few of the valuable coverages that can be added to your policy for an additional cost:

Equipment Breakdown – provides coverage for damage to major equipment (i.e. heating systems, coolant systems, electrical equipment, and major appliances) in the home caused by mechanical, electrical, or pressure system breakdown.

Assisted Living Care Coverage – provides coverage for insured with relatives residing in an assisted living care facility or nursing home. Protection includes personal property, personal liability, and additional living expenses.

Service Line Coverage – provides coverage for loss or damage resulting from a service line failure. Service line consists of underground piping and wiring that is located at the residence and provides a service such as delivering water or power to the dwelling or other structure from a utility or private water supply.

If you are interested, and want to discuss which additional options best fit your needs, call us at 888.850.9400 to review your homeowners policy.

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