Home Insurance Coverage Amount

Did you know that your Home Insurance "Coverage A", known as building or dwelling is and should (in some cases required) to be equal to the amount of money it will take to rebuild you home.  In times when home values have fallen, this coverage is commonly more than the value of your home. Why is that?  because costs to rebuild never really fall in relationship to home prices. Coverage A is determined using a Replacement Cost Estimation (RCE) tool by the insurance agent on the quoting insurance companies software, most are standard and relatively simply.  Coverage A = RCE and if you don't have that you may in for a really bad claim settlement IF your policy requires 100% RCE to not have a co-insurance penalty

Review your "Coverage A"  today on your policy!

Insurance General Contractors - using subs that are insured!

When you bid on a job, did you do your homework as a GC and find out what your subs are insured for or simply calculate job cost estimation? Your underlying general liability coverage commonly requires your subs to meet your coverage limits and when audited, you will be asked to provide proof or face additional premiums to cover subs, could be expensive, but not as expensive as defending any claims and settlements on claims. Tough times push GC's to cut bids and that could mean using no insured or under-insured contractors. Many states will name you as the Work Comp carrier in plain English if your subs have no work comp, that's all legal, all wages,all medical and all third party claims, you could pay not your work comp carrier.  Be sure and acquire subs proof of coverage and verify with their insurance company policy is active, consider an all inclusive per project policy!

Business is a marathon not a sprint don't ruin your reputation!

Sandy Lessons Learned part 2

Businesses that had Business Interruption with loss income and extra expenses  may find that if their coverage does not have an endorsement for off site and or on site power loss they may be in the dark as far as claims go!

IF you do not have this coverage your "closed due to storm" losses will not be covered.

Hurricane Sandy - Lessons Learned - Flood Insurance,car insurance

Sadly Sandy caused much damage to homes, cars and businesses. What can you do?
Flood insurance! your homer or business should have flood insurance, Wind or Hurricane insurance does not as in never cover you if a flood occurs only flood insurance does!

Car Insurance - flood is covered ONLY with comprehensive coverage (usally written with collison coverage. Did you see all the cars underwater?

Dont lose your investment, people in the NE never expected a flood, neither do you?

get covered the right way!

Business Insurance - profit maker!

Liability insurance, commercial property insurance, workers compensation, bonds . if you're not covered you stand to lose business. Having business insurance protects you and allows you to do business with a larger market. With business insurance you can market your products and services to those who require you to have insurance. Contracts, leases and bids do require. You don't want someone else getting your market share do you? Get covered now and beat your competition!

Insurance Renewal - should I wait?

You do not as in never have to wait for your renewal date to shop or
change your carrier, in fact if you switch any premium you paid will be
returned to you

Is my Rolex covered for theft and my Tiffany Lamp?

Well the truth is that most home insurance polcies limit the amount of
what you can receive, let's just say it's 1500 dollars.  Is that emough?
NO of course not any jewelry,fine art or colelctable SHOULD be covered
under a Personal Articles Floater (PAF) to insure full repalcement value
if stolen from your home. Maybe you do not have a Rolex@ or Tiffany @
(trademarks) but you may have something worh over 1500 dollars and need
a PAF.

Car Insurance Liability and Umbrella's

Do you know you can maintain a 100/300 auto liability and get an
umbrella worth 1,000,000 in coverage? What's the advantage? lowers your
car insurance and increases your liability coverage. use this
combination, ask me to quote and save some money!

Citizens Take Out

Yes you can take the Citizens "take out" option and not face up to 45% surcharge, if the premiums go up with the take out company you can always change back to Citizens