Personal Insurance

The type of homeowners coverage you select also affects costs. The basic “named perils” policy covers you only for loss or damage caused by one of the perils named in the policy (hence its name). These generally include fire or lightning, windstorm or hail, explosion, and more.  A broad-form policy provides broader coverage, covering you for the named perils listed above, plus others, including damage from burglary; falling objects; freezing; electrical surges; and weight of ice, snow or sleet.

An “all-risk” homeowners policy differs from a named perils policy by covering damage or loss caused by any peril, unless specifically excluded by the policy. Typical policies exclude losses due to earth movement, water damage, power failure, neglect, war, nuclear hazard and intentional loss. “All-risk” coverage costs more, but provides more comprehensive coverage for your property and liability exposures.

The cost of your condominium insurance policy will depend on the type of coverage you select. The basic “named perils” policy covers you only for loss or damage caused by one of the perils named in the policy (hence its name). These generally include fire or lightning, windstorm or hail, explosion, and more.  A broad-form policy provides broader coverage, covering you for the named perils listed above, plus others, including damage from burglary; falling objects; freezing; electrical surges; and weight of ice, snow or sleet.

You may also be able to purchase an “all-risk” condominium policy, which differs from a named perils policy by covering damage or loss caused by any peril, unless specifically excluded by the policy. Typical policies exclude losses due to earth movement, water damage, power failure, neglect, war, nuclear hazard and intentional loss. “All-risk” coverage costs more, but provides more comprehensive coverage.

Another choice that will affect cost is whether you purchase actual cash value or replacement cost valuation.

• Actual Cash Value: Your possessions are replaced minus a deduction for depreciation.
• Replacement Cost:  Your possessions are replaced for their actual cash value with no deduction for depreciation.

Since standard condominium insurance policies do not cover or cover for only limited amounts valuable items such as jewelry, silver, art, musical instruments and so on, you may want to consider purchasing a personal articles floater for these items as well.

The basic “named perils” policy covers you only for loss or damage caused by one of the perils named in the policy (hence its name). These generally include fire or lightning, windstorm or hail, explosion, and more.  A broad-form policy provides broader coverage, covering you for the named perils listed above, plus others, including damage from burglary; falling objects; freezing; electrical surges; and weight of ice, snow or sleet.

You may also be able to purchase an “all-risk” policy, which differs from a named perils policy by covering damage or loss caused by any peril, unless specifically excluded by the policy. Typical policies exclude losses due to earth movement, water damage, power failure, neglect, war, nuclear hazard and intentional loss. “All-risk” coverage costs more, but provides more comprehensive coverage.

Another choice that will affect cost is whether you purchase actual cash value or replacement cost valuation.

• Actual Cash Value: Your possessions are replaced minus a deduction for depreciation.
• Replacement Cost:  Your possessions are replaced for their actual cash value with no deduction for depreciation.

No matter which features you select, purchasing renters insurance will usually cost only a few dollars a week.  Since standard renters policies do not cover or cover for only limited amounts valuable items such as jewelry, silver, art, musical instruments and so on, you may want to consider purchasing a personal articles floater for these items as well.

You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.

Excess flood insurance is also available from some private insurers for those who need additional insurance protection over and above the basic policy or for those whose community does not participate in the NFIP.  Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.

“The Comprehensive” coverage portion of the auto insurance policy  protects your car from damage or loss due to reasons other than collision, such as theft, fire, flood, earthquake, windstorm, falling objects, explosion, vandalism and more.

Auto insurance policies also provide other important coverages.  Part B, medical payments coverage, is optional in most states. It supplements your family’s medical insurance by paying medical expenses, usually up to $5,000 or $10,000, if a covered driver or your passenger is accidentally injured in a car or light truck or as a pedestrian. Part C, uninsured motorists coverage, covers you if you are involved in an accident with an uninsured driver. Some policies also provide additional coverages that help you after an accident, such as towing and replacement rental car coverage.

You may also wish to purchase underinsurance coverage.  This is valuable coverage when you are involved in an accident where the other driver is at fault but either carriers no insurance or has inadequate limits.  Underinsurance can  step in in these situations and pay for medical expenses, pain and suffering and lost wages.

Your auto insurance premiums will depend on your vehicle’s type and cost and garaged location, along with your driving record and miles driven and the limits you choose. We can help you determine the right balance of protection and premium for your family.

• Property damage coverage: Look for coverage due to theft—no matter where located—and physical damage due to fire, theft, windstorm, lightning or vandalism. All policies cover the hull and machinery;  look for a boat insurance policy  that covers your trailer, permanently installed equipment and personal property required for the boat’s operation, such as tools, GPS, etc.
• Liability coverage: Limits usually range from $100,000 to $1 million. The more assets you have to protect, the higher the limits you need.   You may also wish to consider buying an umbrella policy to provide more liability protection. One million dollars in extra coverage often costs less than $500 a year and would extend to your home and auto insurance policies as well.

Typical boat insurance policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, although these may vary from company to company.

Most boat insurance policies also include water sports liability, which covers risks associated with activities such as waterskiing.

Some boat insurance carriers offer additional coverages, such as towing and assistance coverage, uninsured boaters coverage, medical payments coverage for someone injured on or while boarding/leaving the boat, and fishing tackle coverage.  Other coverages that are usually available include:

• Newly acquired watercraft:  Some policies will give you an extended period of coverage before requiring you to report the acquisition of a new boat to the company.
• Reasonable repairs: Coverage for repairs made  to your boat to prevent further damage.
• Emergency service:  Carriers may pay a small amount, often $500, for reasonable costs incurred because of  emergency service to your boat, motor, or boat trailer.
• Wreck removal:  Reasonable expenses are paid for attempted or actual raising, removal or destruction of the wreck of your boat when damage is caused by an insured loss and removal, or destruction is required by law.

If you have several personal watercraft, you may qualify for a multi-boat discount on your boat insurance. Additional coverage can also be purchased for trailers and other accessories.

We can help you find the policy that covers your boating needs.We can help you find the policy that covers your boating needs.

For many people, specialized standalone motorcycle insurance offers the best coverage. Its liability coverage applies in more situations and it provides better coverage for the damage or theft of a valuable or customized bike. When it comes to property damage claims, with some specialized motorcycle policies, you can get “agreed value coverage,” where you and the insurer set a price for the motorcycle when you buy the policy. If it is stolen or totally damaged, the policy will pay you this agreed amount, less any depreciation of tires, batteries and engine parts.  In addition to these standard liability and property features, here are some important additional coverages found in motorcycle insurance policies:

Uninsured/Underinsured Motorists (UM/UIM):  To protect you if you’re involved in an accident and the other driver is at fault but has no insurance or is underinsured and is legally liable but can’t pay your losses, such as medical care and lost wages.

• Medical Payments:  Pays for medical care you require after an accident regardless of who was at fault. The limits provided are usually between $5000 and $25,000 and may be available only after other insurance has been applied.
• Customized Parts:  Some policies provide additional limits to purchase customized parts not covered in the basic insurance agreement.
• Roadside Assistance:  If your bike breaks down, it will be towed to the nearest repair shop.  The cost of necessary labor at the breakdown site is usually also covered.

We  provide insurance for many kinds of  ATVs and bikes, including cruisers, limited production cruisers, street sports, high performance, touring, sport touring, mopeds, scooters, and trikes. We even offer motorcycle insurance for older bike models.
Whatever your motorcycle insurance needs are, we can find the right policy for you.

RV policies can also provide unique coverages designed to prevent your vacation from turning into a nightmare. Your homeowners policy provides only limited coverage for your personal property away from home, and puts strict limits on coverage for jewelry, electronics and other valuables. Most mobile home and RV insurance policies offer better coverage for your personal property carried in the RV, along with coverage for attached accessories, such as satellite dishes and other valuable equipment.  However, like regular homeowners insurance, flood is not generally covered, so be sure to find out whether you are in a flood zone and can purchase flood insurance through the National Flood Insurance Program.

Additional features of mobile home and RV insurance include:

• Vacation Liability: Coverage to protect you from claims if someone is injured at your campsite or in your RV.
• Towing and Emergency Assistance: You will need more than the kind of coverage on your auto policy. Consider that it costs a lot more to tow a Winnebago than a Mini Cooper, and RV servicers are fewer and farther between than auto mechanics.
• Additional Expenses: Some policies will even cover your temporary housing or travel expenses to help you get home if your RV is damaged while you are traveling.

To supplement the liability limit on your mobile home and RV insurance, you may want to consider purchasing  an umbrella policy, which will supplement your liability limits for your homeowners, auto, boat and other policies as well.

But there are more benefits to umbrella insurance than just adding additional limits to your underlying auto, homeowners and other policies.  Umbrella policies also drop down to cover you for things that your other policies may not cover, such as false arrest, libel, slander and invasion of privacy.  For example, your homeowners policy will cover you if a guest sues you. But if a live-in resident, such as a nanny or even a non-immediate family member, sues you, that claim will may be denied by your homeowners insurer. Your umbrella policy, however, will likely cover the claim.

The typical umbrella liability policy can provide an extra $1-2 million in additional liability protection for only hundreds of dollars a year. You can buy policies with higher limits if needed; generally, the more assets you have to protect, the more coverage you need.

The cost of trip cancellation/trip interruption insurance is usually about five to seven percent the cost of the trip.  So the premium on a $5000 vacation would roughly $250 to $350.

You should note that trip cancellation/trip interruption insurance is very different from a cancellation waiver sold by many cruise and tour operators.  Waivers,  though they are relatively inexpensive at $40 to $60 for a $5000 vacation, provide a very limited set of cancellation triggers.  They must be purchased when you buy your tickets and usually won’t cover you before departure or when it’s underway.  In addition, cancellation waivers are not regulated by departments of insurance, so if an operator gets into financial difficulty and cannot pay, you may have trouble collecting on your claim.

Baggage Insurance or Personal Effect Coverage

Baggage insurance provides coverage if your personal belongings are lost or stolen or damaged during a trip.

If you travel with expensive electronic equipment, sporting equipment or jewelry baggage insurance may be a good idea.  Your homeowners policy provides some coverage for off-premises theft.  However, for more comprehensive coverage  you are better off purchasing baggage insurance under your homeowners policy as personal effects coverage, than from a travel insurance provider.

Travel medical/medical evacuation insurance

Did you know that Medicare does not provide coverage for your hospital or medical costs outside the United States?  Many private health insurance plans also do not provide coverage overseas.

Insurers that do provide coverage for overseas medical treatment might provide coverage on a reimbursement basis only, leaving you to pay the bills, file a claim and wait for reimbursement. And they might not pay for your medical evacuation back to the United States, which can easily cost $10,000 and more, depending on your location and medical condition. Travel medical insurance can cover your expenses for emergency or urgent medical care you need while overseas.

A comprehensive policy might provide additional travel assistance benefits, such as access to a 24/7 telephone hotline that provides services such as lists of English-speaking doctors, directions to nearby medical facilities, and lists of specialists.

As with all insurance policies, travel policies have limitations. Before buying coverage, make sure it provides emergency evacuation services. Does it exclude injuries you sustain while doing high-risk activities such as parasailing, mountain climbing or scuba diving? Does it cover you for pre-existing conditions? Do you need to obtain pre-authorization or a second opinion before emergency treatment can begin?

We can help you determine if your existing health policy provides the medical coverage you need.