Update Your Home Inventory

Now that the holidays are over it is time to update your home inventory.  We suggest you do a digital inventory of your house, townhouse or apartment every year.  An inventory will show an insurance adjuster what you have inside your home and can expedite the claims process.

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Protect those new jewels, gadgets and toys!

It's important to know that all types of property insurance have limitations and exclusions. Some of these limitations relate to certain types of property when a claim involves theft. Jewelry, watches, furs, guns, gold ware, silverware, collections, fine art and computers usually have coverage only up to certain dollar amount, commonly about $1,500. 

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Do I need Personal Injury Coverage?

Yes you do! This is not a standard coverage with most companies so it will need to be added - the cost is minimal.  This protects you against false arrest, wrongful eviction/entry, privacy violation, slander, defamation of character and emotional damages.  Having this coverage does not mean you can do it and will be covered.  There are exclusions for willful, malicious and illegal activities. These types of claims, although uncommon, often come with a large price tag.  The coverage may pay for defense costs plus the judgement or settlement to the injured person.  

Should I have Gap Insurance?

Vehicles depreciate the minute they leave the car lot.  Most vehicles lose about 20% of their value in the first year.  When there is a loss to your car, the insurance company pays the current market value or the depreciated value.  It is common to see the amount of the loan exceed the market value of the car.  Gap insurance covers this deficiency or "gap" between what you owe and what the car is worth.  Dealers may offer gap insurance and that can be an affordable way to go.  Some car insurance companies will offer it as well.  It is important to discuss this with your agent as the insurance company may have conditions such as only writing gap on brand new vehicles and limiting coverage to 25% of the vehicle's market value.  

Why does my home insurance premium go up every year?

You may notice that your home insurance increases a little bit at each policy renewal.  Most insurance companies build an inflation guard into their policy.  This is in place to assist your policy in keeping up with increasing labor and material costs.  It is good to review your Dwelling amount with your agent to ensure that your home is insured at its replacement value.  If you upgrade or renovate your home, advise your insurance agent. 

Also, advise your agent on any safety or special equipment such as central alarm, water detection, humidity detection etc.  Many companies offer a discount for protective and preventative measures taken.

 

Swimming Pools and Your Home Insurance

The maintenance or wear and tear of a swimming pool is not covered by a typical homeowners policy.  However the liability coverage of your policy needs to be reviewed.  Thousands of people per year visit the emergency room for pool-related injuries.  If a guest is hurt on your property, you may be responsible for the medical or legal expense.  A base homeowners policy provides $100,000 of liability coverage- we recommend increasing the coverage to at least $300,000 or possibly $500,000.  The cost is usually minimal, around $20-40 more per year.  If additional liability protection is needed, consider a personal umbrella policy.  

We do recommend a self-closing and self-latching gate around the pool.  Children should always be supervised and they should be taught safety skills.  

Look at a home warranty policy for assistance with covering the breakdown of pool equipment.  

How are After Market Parts Covered on my Car Insurance?

Most auto insurance policies do not cover after market parts on a vehicle.  These are additions to a vehicle that did not originally come from the factory such as wheels, rims, paint, stereo system etc.  It is important to advise your agent of any parts, accessories and equipment that are added onto the vehicle.  We also recommend keeping pictures and receipts.