Renter’s Insurance

Whether you rent an apartment or a single-family home, the insurance on the building will not provide any coverage for your belongings.  Nor will the liability coverage protect you if you are sued for negligence.      

A renter’s policy also known as tenant’s insurance protects the following:

• Personal Property- This is your general belongings, i.e. furniture, clothing, appliances, not used in business.  The amount of personal property coverage you choose should reflect the total value of your belongings.  Your belongings are covered for damage caused by specific perils. Some of these perils are fire or lightning, explosion, vehicle damage and vandalism.  The basic policy covers your personal property on an Actual Cash Value (ACV) basis.  This means that each item is covered for its market value at the time of the loss.  You may endorse your policy to Replacement Cost for additional premium.  You may also wish to schedule certain high-valued items separately on your policy.  This will provide these items with broader coverage.  Some examples of these are jewelry, musical instruments, fine arts and computers.

• Loss of Use- This part of the policy provides coverage for additional expenses you may incur if part of your home becomes unusable due to a covered cause of loss.  This could include cost’s for a hotel or restaurant until the damage to your home is repaired.

• Personal Liability- Offers protection to you in the event that you are sued for bodily injury or property damage caused by your negligence. This coverage follows you everywhere.

• Medical Payments-This coverage pays for necessary medical expenses caused by injuries that occur on your premises or are caused by you or an animal that you own. You do not need to be legally liable or negligent for this coverage to apply.

Source: Arbella Insurance Group

What to do if you have property/home damage due to winter weather

Winter weather is approaching, whether we like it or not. Are you ready, do you know what to do if your home/property is damaged? Here are some tips.

Secure the property, board up windows, tarp or otherwise cover the roof, prevent weather elements from entering the building. If it's an ice dam, clean off the roof, if you can safely do so, or hire someone to clean it for you. Do not make permanent repairs.

Start interior clean up, mop up floors, wet vac the carpeting. Call a professional clean up company if the water is too much for you to handle. Call us, we can recommend companies to you.  Keep in mind that mold forms very quickly, in the right conditions, within 48 hours.

Take photos and document everything that happens prior to calling us and before the adjuster makes contact. Remember, it is up to you to “prove” your claim to the insurance company, so its important to document, document, document.

Call us, we will discuss coverage with you and then submit the claim to your insurance company. After the claim is reported you can expect a call from the insurance company within a couple of days, in times of severe weather it may take  a little longer, so continue to protect your property from further damage.

We are here to assist, don’t hesitate to call us if you have any questions. 1-800-891-1226 or 508-753-7233

Maximizing Open Enrollment

Open enrollment season has already begun for most companies and this offers an opportunity for individuals to enroll and also make changes to their benefits.  It’s an ideal time for individuals to evaluate their past, current and future health care needs.  It’s important to get the most out of open enrollment and to consider important health care considerations.

Analyzing past health care costs is a good first step for future planning.  Begin by analyzing past health care costs.  Now is the time for individuals to actively engage and educate themselves on their health and weigh their benefits and plan for future health and financial well-being.  Often time’s employee benefits automatically renew or individuals do not take the time to critically examine their needs. 

According to a recent Harris Interactive/Aflac study, 77 percent of people admit that they have made mistakes when signing benefits packages in past years, with 42 percent admitting those mistakes cost them money.  In the survey, the most mistakes individuals made included choosing the wrong deductible, not taking advantage of a flexible spending arrangement (FSA) and passing on coverage that they later wish they had taken. 

From co-pays to prescription drugs, costs can serve as a benchmark for future needs.  Individuals should compare costs to their current plan to see if they are fully utilizing, or underutilizing offerings.  If there are any major changes to health or life changes such as adding dependents, they should be calculated into planning for the next year.