I read an article posted on MSN that stated how to lower your auto insurance premiums without swithching insurers. The article went on to recommend lowering your liability limits to the state minimums, drop uninsured, underinsured motorist coverage, drop the comprehensive and collision coverage on your vehicle.
Trust me when I say, this is not what you want to do. The risk to your personal assets by reducing to state minimums for liability coverage is great. This is especially true if you are a homeowner and could risk losing your home in the event the liability coverage on your auto insurance is insufficient to cover a claim due to an accident. Jurors readily return verdicts in the $100,000's.
If you want to reduce the cost of your auto insurance premiums, shop your insurance each renewal, ask about discounts offered for safety features, driver training is available for both students and mature drivers over 55, which provide a discount, look to combine your home and auto.
Contact an indepedent agent who will work for you and shop the coverage with multiple companies and will provide sound advice. Trident Insurance Agency represents over 25 insurers and can provide insurance in PA, NJ, DE, VA and MD
Patrick O'Leary, CPIA
Tuesday, October 26, 2010
Thursday, October 7, 2010
Don't be Cheap - Insure Your Home Correctly
Insure_your_Home_to_Value,
You don't want to find out you have the incorrect coverage amount after a loss, at the time of claim. Talk to a Licensed Professional.
You don't want to find out you have the incorrect coverage amount after a loss, at the time of claim. Talk to a Licensed Professional.
Monday, April 5, 2010
Chinese Drywall
Federal safety officials are advising homeowners with Chinese drywall to completely remove the tainted product and replace all electrical components and wiring, gas service piping, fire suppression sprinkler systems, smoke alarms and carbon monoxide alarms.
The advice comes from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) in a report intended to help homeowners struggling to rid their properties of problem drywall linked to corrosion of metal in their homes such as electrical components.
"This guidance, based on the CPSC's ongoing scientific research, is critical to ensuring that homeowners and contractors have confidence that they are making the appropriate repairs to rid their homes of problem drywall," said Jon Gant, director of HUD's Office of Healthy Homes and Lead Hazard Control.
Removing all possible problem drywall from homes, and replacing electrical components and wiring, gas service piping, fire suppression sprinkler systems, smoke alarms and carbon monoxide alarms should help eliminate both the source of the problem drywall and corrosion-damaged components that might cause a safety problem in the home, according to the agencies
"Our investigations now show a clear path forward," said CPSC Chairman Inez Tenenbaum. "We have shared with affected families that hydrogen sulfide is causing the corrosion. Based on the scientific work to date, removing the problem drywall is the best solution currently available to homeowners. Our scientific investigation now provides a strong foundation for Congress as they consider their policy options and explore relief for affected homeowners."
The remediation protocol is being released before all ongoing scientific studies on problem drywall are completed so that homeowners can begin remediating their homes, according to the CPSC. Studies completed thus far show a connection between certain Chinese drywall and corrosion in homes. CPSC said it is continuing to look at long term health and safety implications.
CPSC has also released a staff report on preliminary data from a study by Lawrence Berkeley National Laboratory that measured chemical emissions from samples of drywall obtained as part of the federal investigation for CPSC.
The top 10 reactive sulfur-emitting drywall samples were all produced in China. Certain Chinese samples had emission rates of hydrogen sulfide 100 times greater than non-Chinese drywall samples. The patterns of reactive sulfur compounds emitted from drywall samples show a clear distinction between the certain Chinese drywall samples manufactured in 2005/2006 and non-Chinese drywall samples. Some Chinese drywall samples were similar to non-Chinese samples. Finally, several Chinese samples manufactured in 2009 demonstrate a marked decrease in sulfur emissions as compared to the 2005/2006 Chinese samples.
CPSC has also released a study by the Environmental Health & Engineering Inc. that tested whether sulfur-reducing bacteria are present in Chinese drywall. Eight out of 10 drywall samples tested showed no bacterial growth including Chinese samples that emitted high levels of hydrogen sulfide in the LBNL study. One sample of Chinese drywall and one sample of U.S. drywall showed very low levels of sulfur-reducing bacterial growth.
The Federal Trade Commission (FTC) has warned consumers to exercise caution in hiring contractors who claim to be experts in testing for and removing problem drywall.
In addition, HUD has made block grants available to some communities for drywall remediation and encouraged FHA mortgage lenders nationwide to consider extending temporary relief to allow families experiencing problems paying their mortgages because of problem drywall, to allow the homeowner time to repair their homes.
Drywall manufacturers, home builders, product installers, suppliers and distributors are being sued, but insurers' payments related to Chinese drywall have been minimal, according to a recent report from Moody's Investors Service.
Commercial insurers could potentially face liability for property damage and claims under the products liability portion of the commercial general liability (CGL) policy. In terms of construction- defect liability, Moody's said most insurers have modified their policies in order to address past construction defect claims and reduce exposure to Chinese drywall liability.
One of the suits, targeting 14 insurance companies in U.S. District Court in Louisiana, involves claims for the development and sale of homes allegedly containing defective Chinese manufactured drywall.
Homeowners insurers are generally denying coverage based on the standard pollution exclusion in the homeowners' policy.
However, a Louisiana court recently rebuffed an insurance company's use of the pollution exclusion and two other exclusions in an "all risk" homeowners insurance policy to deny claims resulting from so-called Chinese drywall.
Last November, CPSC released results of a 51-home study which shows a strong association between homes with problem drywall, the levels of hydrogen sulfide in those homes and corrosion of metals in those homes. In addition, CPSC's General Counsel provided guidance to Congress and the Internal Revenue Service (IRS) on the possible applicability of the casualty loss provision in the Internal Revenue Code for affected homeowners.
Atricle obtained from Insurance Journal
The advice comes from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) in a report intended to help homeowners struggling to rid their properties of problem drywall linked to corrosion of metal in their homes such as electrical components.
"This guidance, based on the CPSC's ongoing scientific research, is critical to ensuring that homeowners and contractors have confidence that they are making the appropriate repairs to rid their homes of problem drywall," said Jon Gant, director of HUD's Office of Healthy Homes and Lead Hazard Control.
Removing all possible problem drywall from homes, and replacing electrical components and wiring, gas service piping, fire suppression sprinkler systems, smoke alarms and carbon monoxide alarms should help eliminate both the source of the problem drywall and corrosion-damaged components that might cause a safety problem in the home, according to the agencies
"Our investigations now show a clear path forward," said CPSC Chairman Inez Tenenbaum. "We have shared with affected families that hydrogen sulfide is causing the corrosion. Based on the scientific work to date, removing the problem drywall is the best solution currently available to homeowners. Our scientific investigation now provides a strong foundation for Congress as they consider their policy options and explore relief for affected homeowners."
The remediation protocol is being released before all ongoing scientific studies on problem drywall are completed so that homeowners can begin remediating their homes, according to the CPSC. Studies completed thus far show a connection between certain Chinese drywall and corrosion in homes. CPSC said it is continuing to look at long term health and safety implications.
CPSC has also released a staff report on preliminary data from a study by Lawrence Berkeley National Laboratory that measured chemical emissions from samples of drywall obtained as part of the federal investigation for CPSC.
The top 10 reactive sulfur-emitting drywall samples were all produced in China. Certain Chinese samples had emission rates of hydrogen sulfide 100 times greater than non-Chinese drywall samples. The patterns of reactive sulfur compounds emitted from drywall samples show a clear distinction between the certain Chinese drywall samples manufactured in 2005/2006 and non-Chinese drywall samples. Some Chinese drywall samples were similar to non-Chinese samples. Finally, several Chinese samples manufactured in 2009 demonstrate a marked decrease in sulfur emissions as compared to the 2005/2006 Chinese samples.
CPSC has also released a study by the Environmental Health & Engineering Inc. that tested whether sulfur-reducing bacteria are present in Chinese drywall. Eight out of 10 drywall samples tested showed no bacterial growth including Chinese samples that emitted high levels of hydrogen sulfide in the LBNL study. One sample of Chinese drywall and one sample of U.S. drywall showed very low levels of sulfur-reducing bacterial growth.
The Federal Trade Commission (FTC) has warned consumers to exercise caution in hiring contractors who claim to be experts in testing for and removing problem drywall.
In addition, HUD has made block grants available to some communities for drywall remediation and encouraged FHA mortgage lenders nationwide to consider extending temporary relief to allow families experiencing problems paying their mortgages because of problem drywall, to allow the homeowner time to repair their homes.
Drywall manufacturers, home builders, product installers, suppliers and distributors are being sued, but insurers' payments related to Chinese drywall have been minimal, according to a recent report from Moody's Investors Service.
Commercial insurers could potentially face liability for property damage and claims under the products liability portion of the commercial general liability (CGL) policy. In terms of construction- defect liability, Moody's said most insurers have modified their policies in order to address past construction defect claims and reduce exposure to Chinese drywall liability.
One of the suits, targeting 14 insurance companies in U.S. District Court in Louisiana, involves claims for the development and sale of homes allegedly containing defective Chinese manufactured drywall.
Homeowners insurers are generally denying coverage based on the standard pollution exclusion in the homeowners' policy.
However, a Louisiana court recently rebuffed an insurance company's use of the pollution exclusion and two other exclusions in an "all risk" homeowners insurance policy to deny claims resulting from so-called Chinese drywall.
Last November, CPSC released results of a 51-home study which shows a strong association between homes with problem drywall, the levels of hydrogen sulfide in those homes and corrosion of metals in those homes. In addition, CPSC's General Counsel provided guidance to Congress and the Internal Revenue Service (IRS) on the possible applicability of the casualty loss provision in the Internal Revenue Code for affected homeowners.
Atricle obtained from Insurance Journal
Sunday, March 28, 2010
Home Based Businesses
Starting a Home-Based Business? Make Sure You’re Properly Insured
To get a quote for insuring your home based business contact Patrick O'Leary
at 610-993-1326
March 25, 2010
National Study Finds Nearly 60% of Home-Based Businesses Have No Coverage
INSURANCE INFORMATION INSTITUTE
NEW YORK, March 25, 2010— With the national unemployment rate lingering around 10 percent, millions of Americans may be tempted to start a home-based businesses. But studies show that less than half of them have any type of insurance coverage for their new endeavor, and others wrongly believe a homeowners insurance policy is sufficient, according to the Insurance Information Institute (I.I.I.).
The Bureau of Labor Statistics notes that 22 million Americans did some work at home on an average day in 2008, up from 18 million in 2003, possibly reflecting increased telecommuting as well as job losses in the private sector. It is unclear how many people who are working from home have established home-based businesses; however the number of self-employed increased from 8.5 million in January 2009 to 9.0 million by the end of the year.
A common misconception is that homeowners insurance policies offer broad coverage for a home-based business, but in fact they usually provide no more than $2,500 to replace damaged or stolen business equipment.
“Just because a business is located in your home doesn't mean your homeowners insurance policy will cover you,” said Michael Barry, vice president, Media Relations, for the I.I.I.
In addition, standard homeowners insurance policies provide neither business liability nor business income (also known as business interruption) coverage for home-based businesses. These are essential forms of protection in the event an employee or customer is injured on the premises, or a loss prompts the extended closure of a home-based business.
Depending upon the type of home-based business, separate professional liability coverage may also be necessary. Professional liability policies protect policyholders against financial losses derived from lawsuits filed against them by their clients. If liability is limited to acts of negligence, the professional liability insurance policy is known as an errors and omissions policy.
“No matter how industrious you are, one uninsured event relating specifically to your home-based business can deal a significant financial blow to the company. The key to protecting your home-based business is securing the appropriate coverage,” noted Barry.
The Independent Insurance Agents & Brokers of America (IIABA) commissioned a study in 2004 which found nearly 40 percent of home-based business owners had not purchased insurance because they thought they were protected by some other type of coverage; 30 percent said their businesses were too small to insure; and nearly 20 percent could not give a reason for not having the coverage.
Insurance companies differ considerably in the types of business coverages they offer. Some may meet the specific needs of your business, while others may not. So it is wise to shop around for coverage options as well as competitive pricing.
When insuring your home-based business, there are three basic choices, depending on the nature of your business and the insurance company you buy it from. They are as follows:
Homeowners Policy Endorsement
You may be able to add a simple endorsement or rider to your existing homeowners policy that doubles the $2,500 standard coverage for business equipment such as computers. For an additional premium charge, you can raise the policy limits for losses related to a home business to $5,000 or $10,000.
Adding an endorsement to your homeowners policy is the least expensive option, but it might not be sufficient if you have a lot of expensive business equipment. It also does not provide business liability or business income coverage.
You can buy a homeowners liability endorsement that will protect you in case clients or delivery people get hurt on your premises and sue. The homeowners liability endorsement is typically available only to businesses that have few business-related visitors, such as writers. But some insurers will provide this kind of endorsement to piano teachers, for example, depending on the number of students. These endorsements are available in most states.
In-Home Business Policy
An in-home business policy provides more comprehensive coverage for business equipment and liability than a homeowners policy endorsement. Many insurance companies offer insurance policies specifically tailored to small business. The average home-business insurance policy can cost anywhere from $250-$500. The cost depends on the type of business you operate, the kinds of safety features that are in place and the amount of coverage you decide upon.
In addition to protection for your business property, most policies reimburse you for the loss of important papers and records, accounts receivable and off-site business property. Some will pay for the income you lose (business, or income, interruption coverage) in the event your home is so badly damaged by a fire or other disaster that it cannot be used for a certain period of time. Others will also pay for the extra expense of operating out of a temporary location.
Some in-home business policies cover a certain number of full-time employees, generally up to three.
In-home business policies generally include broader liability insurance for higher amounts of coverage. They may offer protection against lawsuits for injuries caused by the products or services you offer, for example.
In-home business policies are available from homeowners insurance companies, which offer business insurance bundled with a standard homeowners policy. Stand-alone in-home business policies are also sold by some specialty insurers; in this case you do not also have to purchase your homeowners insurance from the company.
Businessowners Policy (BOP)
The Businessowners Policy, known in the insurance industry as a BOP for short, is one of a number of package policies designed to meet the insurance needs of various kinds of businesses. The key to whether a business owner is eligible for a BOP is the size of the premises, the limits of liability required, the type of commercial operation it is and the extent of its off-premises servicing and processing activities.
A BOP, like an in-home business policy, covers business property and equipment, loss of income, extra expense and liability; however, the BOP provides these coverages on a much broader scale.
A BOP doesn't include workers compensation, health or disability insurance. If you have employees, you will need separate policies for these coverages. If you are using your car for business activities—transporting supplies or products or visiting customers—you need to make certain that your automobile insurance will protect you from accidents that may occur while you are on business.
As is the case with any insurance policy, a safe work environment can help lower property premiums. Make sure you have fire detectors and a security alarm system. Also have a computer-data backup procedure, and store the data backup away from your home. If you have an effective system, it may not be necessary to pay an additional premium for loss of business data.
The I.I.I. is a nonprofit, communications organization supported by the insurance industry.
To get a quote for insuring your home based business contact Patrick O'Leary
at 610-993-1326
March 25, 2010
National Study Finds Nearly 60% of Home-Based Businesses Have No Coverage
INSURANCE INFORMATION INSTITUTE
NEW YORK, March 25, 2010— With the national unemployment rate lingering around 10 percent, millions of Americans may be tempted to start a home-based businesses. But studies show that less than half of them have any type of insurance coverage for their new endeavor, and others wrongly believe a homeowners insurance policy is sufficient, according to the Insurance Information Institute (I.I.I.).
The Bureau of Labor Statistics notes that 22 million Americans did some work at home on an average day in 2008, up from 18 million in 2003, possibly reflecting increased telecommuting as well as job losses in the private sector. It is unclear how many people who are working from home have established home-based businesses; however the number of self-employed increased from 8.5 million in January 2009 to 9.0 million by the end of the year.
A common misconception is that homeowners insurance policies offer broad coverage for a home-based business, but in fact they usually provide no more than $2,500 to replace damaged or stolen business equipment.
“Just because a business is located in your home doesn't mean your homeowners insurance policy will cover you,” said Michael Barry, vice president, Media Relations, for the I.I.I.
In addition, standard homeowners insurance policies provide neither business liability nor business income (also known as business interruption) coverage for home-based businesses. These are essential forms of protection in the event an employee or customer is injured on the premises, or a loss prompts the extended closure of a home-based business.
Depending upon the type of home-based business, separate professional liability coverage may also be necessary. Professional liability policies protect policyholders against financial losses derived from lawsuits filed against them by their clients. If liability is limited to acts of negligence, the professional liability insurance policy is known as an errors and omissions policy.
“No matter how industrious you are, one uninsured event relating specifically to your home-based business can deal a significant financial blow to the company. The key to protecting your home-based business is securing the appropriate coverage,” noted Barry.
The Independent Insurance Agents & Brokers of America (IIABA) commissioned a study in 2004 which found nearly 40 percent of home-based business owners had not purchased insurance because they thought they were protected by some other type of coverage; 30 percent said their businesses were too small to insure; and nearly 20 percent could not give a reason for not having the coverage.
Insurance companies differ considerably in the types of business coverages they offer. Some may meet the specific needs of your business, while others may not. So it is wise to shop around for coverage options as well as competitive pricing.
When insuring your home-based business, there are three basic choices, depending on the nature of your business and the insurance company you buy it from. They are as follows:
Homeowners Policy Endorsement
You may be able to add a simple endorsement or rider to your existing homeowners policy that doubles the $2,500 standard coverage for business equipment such as computers. For an additional premium charge, you can raise the policy limits for losses related to a home business to $5,000 or $10,000.
Adding an endorsement to your homeowners policy is the least expensive option, but it might not be sufficient if you have a lot of expensive business equipment. It also does not provide business liability or business income coverage.
You can buy a homeowners liability endorsement that will protect you in case clients or delivery people get hurt on your premises and sue. The homeowners liability endorsement is typically available only to businesses that have few business-related visitors, such as writers. But some insurers will provide this kind of endorsement to piano teachers, for example, depending on the number of students. These endorsements are available in most states.
In-Home Business Policy
An in-home business policy provides more comprehensive coverage for business equipment and liability than a homeowners policy endorsement. Many insurance companies offer insurance policies specifically tailored to small business. The average home-business insurance policy can cost anywhere from $250-$500. The cost depends on the type of business you operate, the kinds of safety features that are in place and the amount of coverage you decide upon.
In addition to protection for your business property, most policies reimburse you for the loss of important papers and records, accounts receivable and off-site business property. Some will pay for the income you lose (business, or income, interruption coverage) in the event your home is so badly damaged by a fire or other disaster that it cannot be used for a certain period of time. Others will also pay for the extra expense of operating out of a temporary location.
Some in-home business policies cover a certain number of full-time employees, generally up to three.
In-home business policies generally include broader liability insurance for higher amounts of coverage. They may offer protection against lawsuits for injuries caused by the products or services you offer, for example.
In-home business policies are available from homeowners insurance companies, which offer business insurance bundled with a standard homeowners policy. Stand-alone in-home business policies are also sold by some specialty insurers; in this case you do not also have to purchase your homeowners insurance from the company.
Businessowners Policy (BOP)
The Businessowners Policy, known in the insurance industry as a BOP for short, is one of a number of package policies designed to meet the insurance needs of various kinds of businesses. The key to whether a business owner is eligible for a BOP is the size of the premises, the limits of liability required, the type of commercial operation it is and the extent of its off-premises servicing and processing activities.
A BOP, like an in-home business policy, covers business property and equipment, loss of income, extra expense and liability; however, the BOP provides these coverages on a much broader scale.
A BOP doesn't include workers compensation, health or disability insurance. If you have employees, you will need separate policies for these coverages. If you are using your car for business activities—transporting supplies or products or visiting customers—you need to make certain that your automobile insurance will protect you from accidents that may occur while you are on business.
As is the case with any insurance policy, a safe work environment can help lower property premiums. Make sure you have fire detectors and a security alarm system. Also have a computer-data backup procedure, and store the data backup away from your home. If you have an effective system, it may not be necessary to pay an additional premium for loss of business data.
The I.I.I. is a nonprofit, communications organization supported by the insurance industry.
Tuesday, March 16, 2010
Which Cars Cost More to Insure?
Sticker prices tell only part of the story about car costs. Here's help in figuring out how new cars are likely to compare in terms of insurance premiums.
What's it like to drive a Porsche with 530 horsepower and a manufacturer's suggested retail price of $194,000? Thrilling, no doubt -- not that most of us will ever know. On the bright side, most of us will never have to pay the insurance bills associated with such a car.
Get a deal on your car insurance
The annual ranking of average car insurance premiums reveals that the Porsche 911 Carrera GT2 two-door coupe is the most expensive vehicle to insure among 2010 models. A 40-year-old man would pay a national average of $2,943.78 for car insurance annually, and that's assuming the driver had a good driving record.
• How risky is your ride?
On the other end of the scale is the Mazda Tribute I, a two-wheel-drive, four-door SUV, the least expensive 2010 vehicle to insure among all vehicles examined. Looking across other categories, the Dodge Caliber is the least expensive sedan or coupe to insure; the GMC Canyon WT (two-wheel drive, two doors, 2.9-liter engine) is the least expensive pickup to insure; and the Honda Odyssey LX (two-wheel drive, five doors) is the least expensive minivan to insure. (Check premiums for virtually any vehicle using the tool to the right.)
What's it like to drive a Porsche with 530 horsepower and a manufacturer's suggested retail price of $194,000? Thrilling, no doubt -- not that most of us will ever know. On the bright side, most of us will never have to pay the insurance bills associated with such a car.
Get a deal on your car insurance
The annual ranking of average car insurance premiums reveals that the Porsche 911 Carrera GT2 two-door coupe is the most expensive vehicle to insure among 2010 models. A 40-year-old man would pay a national average of $2,943.78 for car insurance annually, and that's assuming the driver had a good driving record.
• How risky is your ride?
On the other end of the scale is the Mazda Tribute I, a two-wheel-drive, four-door SUV, the least expensive 2010 vehicle to insure among all vehicles examined. Looking across other categories, the Dodge Caliber is the least expensive sedan or coupe to insure; the GMC Canyon WT (two-wheel drive, two doors, 2.9-liter engine) is the least expensive pickup to insure; and the Honda Odyssey LX (two-wheel drive, five doors) is the least expensive minivan to insure. (Check premiums for virtually any vehicle using the tool to the right.)
Saturday, February 13, 2010
ID fraud new high in 2009, consumers fighting back
Javelin Study Finds Identity Fraud Reached New High in 2009, but Consumers are Fighting Back
http://www.prnewswire.com/news-releases/javelin-study-finds-identity-fraud-reached-new-high-in-2009-but-consumers-are-fighting-back-83987287.html
Does your homeowner's policy protect you from Identity Theft?
http://www.prnewswire.com/news-releases/javelin-study-finds-identity-fraud-reached-new-high-in-2009-but-consumers-are-fighting-back-83987287.html
Does your homeowner's policy protect you from Identity Theft?
Sunday, February 7, 2010
A Snow-covered Roof Could Be Hazardous
A roof covered high in snow might provide the perfect backdrop for your holiday card photo or a soft landing pad for Santa and his sleigh, but a serious risk to your home and family may be lurking beneath that beautiful bed of white.
Heavy snow and ice buildup routinely cause roof collapses. Even partial collapses can cause extensive damage to the interior contents of a home or business. And you’re not out of the storm when warmer weather begins to roll in. Rain on top of snow can significantly add to the weight on your roof, and poor drainage can mean interior flooding.
A little snow can cause a lot of damage
As little as six inches of snow packed on your roof could cause major damage to your home—and your wallet. Institute for Business & Home Safety (IBHS) research shows about $1 of every $5 paid for home and business property losses in recent years has stemmed from damage due to freezing weather, snow and water leaks.
Fresh snow is two to four times lighter than old snow, so your roof could hold up to four feet of fresh snow safely. But new snow on top of old snow can multiply the risk of collapse. Ice mixed with snow is extremely heavy—just one inch of ice can weigh as much as 12 inches of fresh snow.
Am I at risk?
The IBHS has some guidelines to help you determine the risk posed to your home and roof. First, the age and design of your roof are major factors:
Light metal buildings typically have less capacity to handle a high snow load, so it’s essential to keep all outbuildings clear as well as your home.
For flat roofs, the step-down area between roof sections is a potential source of roof overload because of the tendency for ice and snow collection.
Increase your safety
To be safe, consider hiring a licensed roof contractor to remove any snowfall over two feet.
To help reduce the risk of roof damage and flooding during the winter, take these preventative measures throughout the rest of the year:
Clear roof valleys and gutters of debris in the fall.
Caulk all cracks and openings in the foundation.
Inspect downspouts. They should carry water at least five feet away from foundation walls.
Ensure that the surrounding landscape is graded away from your home.
If applicable, test sump pumps before the wet season. Install a battery backup system. If you do not have a sump pump in your basement, consider having a professional install a system with battery backup.
Make sure you are protected
Most home insurance plans cover roof collapse, but many older policies may not. Call me 610-993-1326 to see if you have coverage. At Trident Insurance, we have solutions to help you and your family build a financially secure future.
Heavy snow and ice buildup routinely cause roof collapses. Even partial collapses can cause extensive damage to the interior contents of a home or business. And you’re not out of the storm when warmer weather begins to roll in. Rain on top of snow can significantly add to the weight on your roof, and poor drainage can mean interior flooding.
A little snow can cause a lot of damage
As little as six inches of snow packed on your roof could cause major damage to your home—and your wallet. Institute for Business & Home Safety (IBHS) research shows about $1 of every $5 paid for home and business property losses in recent years has stemmed from damage due to freezing weather, snow and water leaks.
Fresh snow is two to four times lighter than old snow, so your roof could hold up to four feet of fresh snow safely. But new snow on top of old snow can multiply the risk of collapse. Ice mixed with snow is extremely heavy—just one inch of ice can weigh as much as 12 inches of fresh snow.
Am I at risk?
The IBHS has some guidelines to help you determine the risk posed to your home and roof. First, the age and design of your roof are major factors:
Light metal buildings typically have less capacity to handle a high snow load, so it’s essential to keep all outbuildings clear as well as your home.
For flat roofs, the step-down area between roof sections is a potential source of roof overload because of the tendency for ice and snow collection.
Increase your safety
To be safe, consider hiring a licensed roof contractor to remove any snowfall over two feet.
To help reduce the risk of roof damage and flooding during the winter, take these preventative measures throughout the rest of the year:
Clear roof valleys and gutters of debris in the fall.
Caulk all cracks and openings in the foundation.
Inspect downspouts. They should carry water at least five feet away from foundation walls.
Ensure that the surrounding landscape is graded away from your home.
If applicable, test sump pumps before the wet season. Install a battery backup system. If you do not have a sump pump in your basement, consider having a professional install a system with battery backup.
Make sure you are protected
Most home insurance plans cover roof collapse, but many older policies may not. Call me 610-993-1326 to see if you have coverage. At Trident Insurance, we have solutions to help you and your family build a financially secure future.
Friday, February 5, 2010
Winter Driving...Just in Case...Tips from AAA
Make sure you and your vehicle is ready for winter driving.
Here some suggestions of items to keep in the vehicle.
AAA recommends the following winter driving tips:
Avoid driving while you're fatigued. Getting the proper amount of rest before taking on winter weather tasks reduces driving risks.
Never warm up a vehicle in an enclosed area, such as a garage.
Make certain your tires are properly inflated.
Never mix radial tires with other tire types.
Keep your gas tank at least half full to avoid gas line freeze-up.
If possible, avoid using your parking brake in cold, rainy and snowy weather.
Do not use cruise control when driving on any slippery surface (wet, ice, sand).
Always look and steer where you want to go.
Use your seat belt every time you get into your vehicle.
Tips for long-distance winter trips:
Watch weather reports prior to a long-distance drive or before driving in isolated areas. Delay trips when especially bad weather is expected. If you must leave, let others know your route, destination and estimated time of arrival.
Always make sure your vehicle is in peak operating condition by having it inspected by a AAA Approved Auto Repair facility.
Keep at least half a tank of gasoline in your vehicle at all times.
Pack a cellular telephone, plus blankets, gloves, hats, food, water and any needed medication in your vehicle.
If you become snow-bound, stay with your vehicle. It provides temporary shelter and makes it easier for rescuers to locate you. Don't try to walk in a severe storm. It's easy to lose sight of your vehicle in blowing snow and become lost.
Don't over exert yourself if you try to push or dig your vehicle out of the snow.
Tie a brightly colored cloth to the antenna or place a cloth at the top of a rolled up window to signal distress. At night, keep the dome light on if possible. It only uses a small amount of electricity and will make it easier for rescuers to find you.
Make sure the exhaust pipe isn't clogged with snow, ice or mud. A blocked exhaust could cause deadly carbon monoxide gas to leak into the passenger compartment with the engine running.
Use whatever is available to insulate your body from the cold. This could include floor mats, newspapers or paper maps.
If possible run the engine and heater just long enough to remove the chill and to conserve gasoline.
Tips for driving in the snow:
Accelerate and decelerate slowly. Applying the gas slowly to accelerate is the best method for regaining traction and avoiding skids. Don't try to get moving in a hurry. And take time to slow down for a stoplight. Remember: It takes longer to slow down on icy roads.
Drive slowly. Everything takes longer on snow-covered roads. Accelerating, stopping, turning - nothing happens as quickly as on dry pavement. Give yourself time to maneuver by driving slowly.
The normal dry pavement following distance of three to four seconds should be increased to eight to ten seconds. This increased margin of safety will provide the longer distance needed if you have to stop.
Know your brakes. Whether you have antilock brakes or not, the best way to stop is threshold breaking. Keep the heel of your foot on the floor and use the ball of your foot to apply firm, steady pressure on the brake pedal.
Don't stop if you can avoid it. There's a big difference in the amount of inertia it takes to start moving from a full stop versus how much it takes to get moving while still rolling. If you can slow down enough to keep rolling until a traffic light changes, do it.
Don't power up hills. Applying extra gas on snow-covered roads just starts your wheels spinning. Try to get a little inertia going before you reach the hill and let that inertia carry you to the top. As you reach the crest of the hill, reduce your speed and proceed down hill as slowly as possible.
Don't stop going up a hill. There's nothing worse than trying to get moving up a hill on an icy road. Get some inertia going on a flat roadway before you take on the hill.
To avoid all of the above follow the next step
Stay home. If you really don't have to go out, don't. Even if you can drive well in the snow, not everyone else can. Don't tempt fate: If you don't have somewhere you have to be, watch the snow from indoors.
Here some suggestions of items to keep in the vehicle.
- Insurance card
- Emergency Kit
- Windshield wiper fluid
- Heavy blanket
- Flash light
AAA recommends the following winter driving tips:
Avoid driving while you're fatigued. Getting the proper amount of rest before taking on winter weather tasks reduces driving risks.
Never warm up a vehicle in an enclosed area, such as a garage.
Make certain your tires are properly inflated.
Never mix radial tires with other tire types.
Keep your gas tank at least half full to avoid gas line freeze-up.
If possible, avoid using your parking brake in cold, rainy and snowy weather.
Do not use cruise control when driving on any slippery surface (wet, ice, sand).
Always look and steer where you want to go.
Use your seat belt every time you get into your vehicle.
Tips for long-distance winter trips:
Watch weather reports prior to a long-distance drive or before driving in isolated areas. Delay trips when especially bad weather is expected. If you must leave, let others know your route, destination and estimated time of arrival.
Always make sure your vehicle is in peak operating condition by having it inspected by a AAA Approved Auto Repair facility.
Keep at least half a tank of gasoline in your vehicle at all times.
Pack a cellular telephone, plus blankets, gloves, hats, food, water and any needed medication in your vehicle.
If you become snow-bound, stay with your vehicle. It provides temporary shelter and makes it easier for rescuers to locate you. Don't try to walk in a severe storm. It's easy to lose sight of your vehicle in blowing snow and become lost.
Don't over exert yourself if you try to push or dig your vehicle out of the snow.
Tie a brightly colored cloth to the antenna or place a cloth at the top of a rolled up window to signal distress. At night, keep the dome light on if possible. It only uses a small amount of electricity and will make it easier for rescuers to find you.
Make sure the exhaust pipe isn't clogged with snow, ice or mud. A blocked exhaust could cause deadly carbon monoxide gas to leak into the passenger compartment with the engine running.
Use whatever is available to insulate your body from the cold. This could include floor mats, newspapers or paper maps.
If possible run the engine and heater just long enough to remove the chill and to conserve gasoline.
Tips for driving in the snow:
Accelerate and decelerate slowly. Applying the gas slowly to accelerate is the best method for regaining traction and avoiding skids. Don't try to get moving in a hurry. And take time to slow down for a stoplight. Remember: It takes longer to slow down on icy roads.
Drive slowly. Everything takes longer on snow-covered roads. Accelerating, stopping, turning - nothing happens as quickly as on dry pavement. Give yourself time to maneuver by driving slowly.
The normal dry pavement following distance of three to four seconds should be increased to eight to ten seconds. This increased margin of safety will provide the longer distance needed if you have to stop.
Know your brakes. Whether you have antilock brakes or not, the best way to stop is threshold breaking. Keep the heel of your foot on the floor and use the ball of your foot to apply firm, steady pressure on the brake pedal.
Don't stop if you can avoid it. There's a big difference in the amount of inertia it takes to start moving from a full stop versus how much it takes to get moving while still rolling. If you can slow down enough to keep rolling until a traffic light changes, do it.
Don't power up hills. Applying extra gas on snow-covered roads just starts your wheels spinning. Try to get a little inertia going before you reach the hill and let that inertia carry you to the top. As you reach the crest of the hill, reduce your speed and proceed down hill as slowly as possible.
Don't stop going up a hill. There's nothing worse than trying to get moving up a hill on an icy road. Get some inertia going on a flat roadway before you take on the hill.
To avoid all of the above follow the next step
Stay home. If you really don't have to go out, don't. Even if you can drive well in the snow, not everyone else can. Don't tempt fate: If you don't have somewhere you have to be, watch the snow from indoors.
Monday, December 28, 2009
Tips on Buying Homeowner's Insurance
Your insurance agent needs extensive information from you to quote you the best rate for your policy. To determine insurability, an agent will ask:
When was the home built?
How old is the plumbing and electrical?
What type of roof?
What’s the square footage?
How many claims have been filed over the past 5 years?
Where is the home located?
You can save money by having a higher deductible on your policy.
You have other choices on your home insurance policy that you can tailor. Liability coverage is a part of your homeowner's insurance policy that is often overlooked. This protects the insured against claims arising from bodily injury and property damage to others.
Make sure that you are getting all of the credits for which you are eligible. If you have an alarm system that reports to a central station (a company such as Brinks or ADT), in some cases, you can get up to a 20% discount. The most common discount is the multi-policy discount. This will save you money on your home and auto insurance.
Call your agent and review your homeowner policy at least every year. Needs change, markets change and coverages change. You should stay up-to-date on your insurance because you never know when you will need to rely on it.
When was the home built?
How old is the plumbing and electrical?
What type of roof?
What’s the square footage?
How many claims have been filed over the past 5 years?
Where is the home located?
You can save money by having a higher deductible on your policy.
You have other choices on your home insurance policy that you can tailor. Liability coverage is a part of your homeowner's insurance policy that is often overlooked. This protects the insured against claims arising from bodily injury and property damage to others.
Make sure that you are getting all of the credits for which you are eligible. If you have an alarm system that reports to a central station (a company such as Brinks or ADT), in some cases, you can get up to a 20% discount. The most common discount is the multi-policy discount. This will save you money on your home and auto insurance.
Call your agent and review your homeowner policy at least every year. Needs change, markets change and coverages change. You should stay up-to-date on your insurance because you never know when you will need to rely on it.
Tuesday, December 15, 2009
Identity Theft - On the Rise
Identity theft is on the rise: Last year 9.9 million consumers had their data stolen, a 22% jump from 2007.When shopping online look for the Verisign and other security verification, however also shop larger retailers who are more apt to follow the proper security and privacy guidelines.
When out at the mall or ATM beware of shoulder surfers, look for privacy when making your transaction.
Wednesday, December 9, 2009
Understanding Residential Reconstruction Cost
Most Insurance companies today perform an home inspection after a new homeowner policy is issued. I am consistently asked Why is the insurance coverage amount greater than the current market value? Below is some insight into WHY....
Although we are always mindful of housing values, construction activity and other related trends, insurance companies adjust their coverage limits based on the costs to rebuild after a loss. Experience has shown that rebuilding figures often are significantly higher than the costs associated with building a new home.
Rebuilding versus new construction. Newly built homes usually do not include features added after occupancy, such as interior decorating, window treatments, expensive electronic systems and home theaters. The promise is to rebuild a policyholder's home to the same specifications of the original at the time of the loss. Doing so can lead to higher costs due to high-end custom features and the use of materials that are difficult to replace.
Unreported renovations. Homeowners spent $276 billion on home renovations in 2008; 30% of that amount ($83 billion) is attributed to high-net-worth households. Two-thirds of these home improvements, from expensive electronic systems to ornate window treatments are not reported to insurance companies but would be covered under a replacement cost contract.
Building in bulk. Developers buy a large parcel of land, subdivide it into building lots and turn a profit on both the land and the home. A contractor rebuilding a single home must make all his profits from a single source. Additionally, when building several homes, materials are bought in bulk at substantial savings.
Increases in labor and material costs. Labor rates in the construction industry increased by 4.5% in 2008, while materials used in residential construction increased by 4.9%. Costs increase even more when rush orders and additional labor are necessary to rebuild a home in a short time frame.
Resale value versus replacement cost. The average resale value for homes in the U.S. dropped about 11% in 2008. However, the cost to replace a damaged home went up. According to Xactware, a supplier of software used to process 80% of U.S. property claims (used by the six largest insurance carriers), the cost to repair a property after a loss increased 5.8% in 2008.
Sources:1 Joint Center for Housing Studies, Harvard University, 2009 2 U.S. Bureau of Labor Statistics3 4Q 2008 House Price Index, Federal Housing Finance Agency, February 20094 2008 Property Report, Xactware, February 2009
Sunday, December 6, 2009
Types of Homeowners Policies - Did You Know
Single dwelling homeowners policies
This policy offers a comprehensive package of protection against losses or damage to your house and its contents caused by fire, windstorm, vandalism, theft and personal liability, among others. In addition to coverage to the structure, homeowners policies usually contain additional types of coverage: additional living expenses, personal liability and medical payments.
Condominium
This type of policy insures for the contents and property not covered by the condominium association’s policy.
Tenants or Renters
In addition to its availability to homeowners, similar protections are available to those who rent homes or apartments. If you are a renter, you do not need protection against damage to the building itself, but you do
need protection against damage to or theft of your personal property and liability in the event someone falls or gets hurt on the part of the premises you rent.
Types of Coverage
Homeowners Basic Form (Form 1)
Covers damage due to fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion, riot or civil commotion, glass breakage, smoke, volcanic eruption, and
personal liability.
Homeowners Broad Form (Form 2)
Covers damage due to perils listed in Form 1, plus building collapse; freezing of or accidental discharge of water or steam from internal plumbing, heating, air-conditioning systems or domestic appliances, falling objects, weight of ice, snow or sleet, rupture or bursting of steam or hot water heating systems, and personal liability.
Homeowners Special Form (Form 3)
Covers risk of direct loss to physical property except with certain specified exclusions, such as earthquake and flood, for damage to or loss of he home (dwelling) or other structures such as a garage; all perils covered
by Form 2 for damage to or loss of personal property (damage to contents); and personal liability. Form 3 is more comprehensive and offers more protection than Form 2.
Tenants Homeowners or Cooperative Homeowners Form (Form 4)
Offers coverage for personal property for all of the perils covered under Homeowners Form 2 including personal liability.
Homeowners Form (Form 5)
Covers damage to physical property and contents, except with certain specified exclusions, such as earthquake and flood, for damage to or loss of the home (dwelling) or other structures such as a garage, and
personal liability. Form 5 is more comprehensive and offers more protection than Form 3.
Condominium Homeowners Form(Form 6)
Form 6 is designed for condominium owners to cover their personal property and liability, their portions of the building and loss of use from the same perils as Form 2.
Saturday, December 5, 2009
Preventing Frozen Pipes
Its that time of the year, the holidays and the winter weather are approaching, the weather outside may be frightful but don't let this affect your holiday. A few simple ideas to keep the water flowing and to avoid unnecessary and untimely damage to your home.
More than half of all claims filed by our homeowners policy clients involve some form of water damage. Pipes that freeze and burst during cold snaps are one of the most common and destructive causes.
Plan ahead: Insulate, Most plumbing is located in the outer walls. And it's there that pipes are susceptible to freezing and bursting, as they are closer to the outside air. Properly insulate rooms where pipes may be exposed, such as the garage, attic, or crawl spaces. Insulate the pipes, too - the more, the better. Consider wrapping exposed pipes with heat tape or thermostatically-controlled heat cables. Just make sure the product is approved by Underwriters Laboratories Inc., and follow all the installation and operation instructions. Check for air leaks near pipes. Seal any with caulk or insulation to keep the cold out and the heat in.
More than half of all claims filed by our homeowners policy clients involve some form of water damage. Pipes that freeze and burst during cold snaps are one of the most common and destructive causes.
Plan ahead: Insulate, Most plumbing is located in the outer walls. And it's there that pipes are susceptible to freezing and bursting, as they are closer to the outside air. Properly insulate rooms where pipes may be exposed, such as the garage, attic, or crawl spaces. Insulate the pipes, too - the more, the better. Consider wrapping exposed pipes with heat tape or thermostatically-controlled heat cables. Just make sure the product is approved by Underwriters Laboratories Inc., and follow all the installation and operation instructions. Check for air leaks near pipes. Seal any with caulk or insulation to keep the cold out and the heat in.
Adding heat to protect plumbing in un-heated areas such as crawl spaces: you may add heat either by installing a short section of heating baseboard, an extra opening cut in a warm air supply duct running through a crawl area, a small thermostatically-controlled electric heater set to operate only at low temperatures, or in small but cold areas, a simple light bulb may provide enough heat to prevent freezing.
Last minute advice: Proper insulation takes planning and time. What do you do when the arctic express is just days or hours away? Here are a few simple precautions when the outside temperature drops below 20 degrees Fahrenheit: Keep the house heated to at least 60 degrees. Run faucets at a trickle of both hot and cold water. Open cabinet doors to allow heat to reach pipes under sinks and appliances near exterior walls. Disconnect outside garden hoses. Close the internal valves on the pipes that lead to the hoses, and then drain the pipes by opening and closing the external valves.
Special steps for vacation homes It's also important to protect your home or vacation home in case a cold snap hits while you're away. Keep the heat on (around 60 degrees). Ask a friend or neighbor to check your house daily to make sure it's warm enough. Consider shutting off the water and draining the water system. To do this, turn off the water at the main shutoff valve and turn on every faucet, both hot and cold, until the water stops running. Drain toilets by holding down the lever until the tank empties. To limit damage if a pipe bursts (or any type of plumbing leak develops), consider having an automatic leak detection and water shutoff system installed. Installing such a system can also earn a premium discount on you homeowner insurance in most states.
Copyright ©2009 PL-580 0409 Important Notice: This safety information is advisory in nature. No liability is assumed by reason of the information in this document.
Last minute advice: Proper insulation takes planning and time. What do you do when the arctic express is just days or hours away? Here are a few simple precautions when the outside temperature drops below 20 degrees Fahrenheit: Keep the house heated to at least 60 degrees. Run faucets at a trickle of both hot and cold water. Open cabinet doors to allow heat to reach pipes under sinks and appliances near exterior walls. Disconnect outside garden hoses. Close the internal valves on the pipes that lead to the hoses, and then drain the pipes by opening and closing the external valves.
Special steps for vacation homes It's also important to protect your home or vacation home in case a cold snap hits while you're away. Keep the heat on (around 60 degrees). Ask a friend or neighbor to check your house daily to make sure it's warm enough. Consider shutting off the water and draining the water system. To do this, turn off the water at the main shutoff valve and turn on every faucet, both hot and cold, until the water stops running. Drain toilets by holding down the lever until the tank empties. To limit damage if a pipe bursts (or any type of plumbing leak develops), consider having an automatic leak detection and water shutoff system installed. Installing such a system can also earn a premium discount on you homeowner insurance in most states.
Copyright ©2009 PL-580 0409 Important Notice: This safety information is advisory in nature. No liability is assumed by reason of the information in this document.
Tuesday, December 1, 2009
Independent Agent vs. Do it Yourself Insurance
Everyday you see it, get your auto quotes in 15 minutes online or over the phone; stating they can save up to $500 here, $350 there. My question to you is, at what cost are you saving? Well, you really won't know until you are in that accident or you have a homeowner claim. You call the insurer's claim number and they tell you that the coverage that you selected does not include this and that.
Now I'm not saying you can't research insurance on your own to determine the correct coverage, however with today's hectic pace, is it worth your peace of mind to gamble with financial health by not having the proper insurance coverage that can be the difference between losing your financial assets, including your home.
The best course to save money on your personal insurance for your home, auto, boat, motorcycle, etc. is to contact an independent insurance agent. An independent insurance agent can not only educate you, they provide you with the proper coverage and shop your insurance for you. An Independent agent represents multiple insurance companies and can provide multiple insurance proposals.
Be wary of the national insurers and their agents, they only represent one insurance company and can only provide rates from the company they represent.
Friday, November 27, 2009
Young Drivers
Young Drivers DID YOU KNOW...
Young drivers, particularly young male drivers are involved in more accidents then any other individual. The insurance premiums on auto insurance policies reflect those statistics.
To help offset and reduce your auto insurance premiums is to enroll your new young driver in driver training courses, a student with good grades also receive discounts with some insurers. The cost of the driver training is easily returned in auto insurance savings.
When your son/daughter is about to obtain their license, shop your auto policy, some insurance companies rates are more competitive for the youthful operator.
Young drivers, particularly young male drivers are involved in more accidents then any other individual. The insurance premiums on auto insurance policies reflect those statistics.
To help offset and reduce your auto insurance premiums is to enroll your new young driver in driver training courses, a student with good grades also receive discounts with some insurers. The cost of the driver training is easily returned in auto insurance savings.
When your son/daughter is about to obtain their license, shop your auto policy, some insurance companies rates are more competitive for the youthful operator.
Underinsured Homes
Under Insured Homes DID YOU KNOW....
If you have not reviewed your homeowners policy in the last 5 years you are most likely under insured. Construction costs and construction materials have increased along with the real estate market.
The amount to rebuild your home today is significantly higher then it was 5 years ago. The worst time to find this out is "at the time of a claim." Contact your insurance agent and request a "replacement cost estimate", this will provide you what the correct amount is to insure your home. There is also information available on the web. Don't wait until its too late!
If you have not reviewed your homeowners policy in the last 5 years you are most likely under insured. Construction costs and construction materials have increased along with the real estate market.
The amount to rebuild your home today is significantly higher then it was 5 years ago. The worst time to find this out is "at the time of a claim." Contact your insurance agent and request a "replacement cost estimate", this will provide you what the correct amount is to insure your home. There is also information available on the web. Don't wait until its too late!
Floods in Pennsylvania
Did you know that Pennsylvania has one of the highest rates of floods?
It indeed does, despite the fact that PA is not a coastal state. More flooding occurs in PA then most any other state. The bad news is most Pennsylvanians don't consider purchasing flood insurance because its not on the coast. The good news flood insurance in Pennsylvania is inexpensive for most homeowners. Next time your homeowners renewal is due, ask your agent what flood insurance would cost to insure your home. A property listed in an "X" zone will cost you $388 annually for $250,000 dwelling coverage and $100,000 contents.
Remember, your homeowners insurance policy does not cover floods.
It indeed does, despite the fact that PA is not a coastal state. More flooding occurs in PA then most any other state. The bad news is most Pennsylvanians don't consider purchasing flood insurance because its not on the coast. The good news flood insurance in Pennsylvania is inexpensive for most homeowners. Next time your homeowners renewal is due, ask your agent what flood insurance would cost to insure your home. A property listed in an "X" zone will cost you $388 annually for $250,000 dwelling coverage and $100,000 contents.
Remember, your homeowners insurance policy does not cover floods.
Homeowners Insurance
The marketplace for homeowners insurance is changing swiftly, no longer is it the norm to insure your multi-million dollar home with your standard homeowners insurance policy.
Several insurance companies offer specific contracts for the multi-million dollar home. These insurance contracts offer coverage and terms that were frowned upon in the industry such as "Guaranteed Replacement" and unlimited coverage.
Insurance companies have provided unprecedented benefits for the high-net worth individual purchasing these multi-million dollar homes. You may be familiar with the California wildfires that destroyed dozens of homes, one particular insurance company saved 12 homes by dispatching its own fire company to place fire retardant on its insureds homes to prevent damage. The insurance companies are putting together hurricane preparedness units to avoid paying millions in damages. The benefit to the insured is obvious, the home is not severely damaged, Irreplaceable items are saved. The benefit to the insurer is millions of dollars saved not paying claims.
The personal lines insurance industry is taking a page from the commercial sector and providing loss prevention and risk management as opposed to sitting back and waiting for a catastrophe. The new realm of insurer's no longer provides the standard cookie-cutter homeowners policy.
What's your home worth? Have you looked at what your homeowner policy covers.
Homeowner insurance is overlooked until you have a claim and then its too late. Review your insurance annually. Follow this link to Trident Insurance Agency and we'll review it with you. Don't wait
Several insurance companies offer specific contracts for the multi-million dollar home. These insurance contracts offer coverage and terms that were frowned upon in the industry such as "Guaranteed Replacement" and unlimited coverage.
Insurance companies have provided unprecedented benefits for the high-net worth individual purchasing these multi-million dollar homes. You may be familiar with the California wildfires that destroyed dozens of homes, one particular insurance company saved 12 homes by dispatching its own fire company to place fire retardant on its insureds homes to prevent damage. The insurance companies are putting together hurricane preparedness units to avoid paying millions in damages. The benefit to the insured is obvious, the home is not severely damaged, Irreplaceable items are saved. The benefit to the insurer is millions of dollars saved not paying claims.
The personal lines insurance industry is taking a page from the commercial sector and providing loss prevention and risk management as opposed to sitting back and waiting for a catastrophe. The new realm of insurer's no longer provides the standard cookie-cutter homeowners policy.
What's your home worth? Have you looked at what your homeowner policy covers.
Homeowner insurance is overlooked until you have a claim and then its too late. Review your insurance annually. Follow this link to Trident Insurance Agency and we'll review it with you. Don't wait
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