For most people their home is their most valuable asset. As such, they would never dream of not insuring it. In addition to protecting the dwelling itself the standard homeowners policy also protects other structures like a detached garage, personal property like furniture and clothing, as well as providing liability protection for property damage and injuries that occur on the premises or in some cases worldwide for events like dog-bites. When one considers the amount of coverage a homeowners policy provides it is truly a great bargain.
The homeowners policy can also be tailored to protect particular items or situations that are unique to the homeowner. Whether you need to insure a $15,000 engagement ring or secure liability coverage for a small powerboat the homeowner’s policy may be the most convenient means of protection.
Renters Insurance is a form of homeowners insurance. It provides coverage for personal property, loss of use, personal liability and medical payments just like the conventional homeowners policy. It just doesn’t provide coverage for the building or other structures since the renter does not own them. Just like the conventional homeowners policy the renter’s policy can be endorsed to provide special protection on high-value items, like an engagement ring or specific liability needs, like a small powerboat.
It is estimated that only 30% of all renters carry Renters Insurance. Many renters believe that the landlord’s policy will cover their stuff in the event of a loss. Sadly, this is not the case. Renters must purchase their own policy to protect their belongings.
Don’t be part of the 70% that are leaving their financial well-being to Fate.
Condo Insurance is a form of homeowners insurance looking very much like a Renters policy. Condo owners know (or should know) that they are responsible for protecting their personal belongings, just like the renter of an apartment. Unlike Renter’s Insurance the condo policy does offer coverage for the dwelling. Determining how much coverage the condo owner needs on the dwelling is the tricky part.
The reason for this is that there are potentially two policies providing insurance for the building. First is the Association’s master policy. It will be providing some coverage on the dwelling. The question is, on what? The master policy will follow the Association’s by-laws and by-laws can be written in a number of different ways. We have seen by-laws where the Association is responsible for everything but the condo owner’s personal belongings. We have also seen by-laws where the Association is only responsible for the studs out, leaving the condo owner responsible for the dry walls, wall coverings, floors, rugs, cabinets, etc. Of course, we have also seen everything in between. Condo owners need to understand what their insurance responsibilities are under the by-laws. This may even require the assistance of an attorney.
As I’m sure you are aware the towns of Andover, North Andover and Lawrence were whacked last week with fires and explosions as a result of gas leaks. We reached out to all of our clients in those towns and thankfully no one that we talked to had any direct damage from the leaks. Because of the dangerousness of the situation though many residents were forced to evacuate their homes.
We are pleased to report that our two main homeowner companies have issued directives regarding the situation in these towns. The Andover Companies, which as the name suggests is located in Andover, will waive the deductible for any loss resulting from the gas explosions and leaks. Bunker Hill Insurance will waive the deductibles for any Additional Living Expense or Loss of Use claim resulting from the gas leaks and explosions.
If you were forced out of your home as a result of the gas leaks and incurred additional expenses, such as hotel charges, call your agent to see how your company is dealing with the deductible. If you are a Columbia client call us and we will get the claim process rolling.
I am also pleased to announce that Bunker Hill clients that file a claim because of the gas leaks will not lose their Loss Free Credits! Andover Companies clients enjoy a Loyalty Credit in lieu of a Loss Free Credit and will likewise be unaffected.
“In looking for a quote on my auto and home insurance, Christine Pierce was a great resource. She reviewed my policies and let me know what Columbia Insurance could do for me. Not only were they able to save me money on each policy, but their response time to any issues is immediate. They answer any questions I have and point me in the right direction if they aren’t able to directly assist me with my question.”
Giuseppe “Joe” Scianatico
“I’m so happy I made the switch to Columbia Insurance Agency for my auto and homeowners policies. Christine Pierce really went the extra mile to get me the best competitive rates and the transfer process was absolutely seamless. I have referred relatives and friends to Columbia and they are all equally satisfied. An added bonus is that the staff members are extremely friendly and they are so quick in responding to my questions. I have peace of mind knowing my insurance needs are in great hands.”
Kim Feeney Zollo