Tag: coverage

Optimizing Security For Your Most Important Investment

Posted on by butlervetinsurance

Avoid The Mistake Of Underinsuring Your Home

In order to feel secure within your home, you must feel confident in your homeowners’ insurance policy. Yet, many homeowners fail to give their homeowners’ insurance policy the attention it deserves. When was the last time you updated your homeowners’ insurance policy? We want you to be receiving the protection you deserve, which is why we have gathered a few common situations that may mean you are underinsured:

  • If you recently upgraded your home and conducted home renovations, chances are you are enjoying your new deck without sufficient coverage. There are so many planning measures associated with home renovations that many homeowners fail to update their policy. Failure to do so can result in insufficient coverage when you are in need of insurance most.
  • Before having construction performed on your home, make sure to request a total component-rebuilding estimate. Often, insufficient coverage occurs because higher construction costs of today are not properly factored into your coverage. Since you have insured your home for the cost to replace it if a devastating disaster occurred, it is important that you factor in higher construction costs.
  • If you live in an older home, it is important that you consider the unique characteristics of your home. Many older homes are constructed with higher quality materials and top quality craftsmanship when compared to the materials used in modern homes. Therefore, you must discuss these unique characteristics with your homeowners’ insurance agent to ensure that your beautiful home is receiving ultimate protection.

Please do not hesitate to give us a call to confirm coverage of your homeowners’ insurance policy. Contact Stromsoe Insurance Agency for all of your California homeowners’ insurance needs. We will go above and beyond to provide you with the protection you deserve.

How To Avoid Homeowners Insurance Claims

Posted on by butlervetinsurance

Common Perils Homeowners Are Faced With

In securing your home and family from disaster, you have obtained a homeowners insurance policy. Unfortunately, that policy comes with some unique homeowners insurance claims that you must be weary of. There are a variety of different types of claims that homeowners are faced with, but we believe the following, costly claims should be avoided whenever possible:

  • One of the most common misunderstood areas of a homeowners insurance policy is water damage coverage. Insurance carriers have clear distinguishing factors that determine whether damage caused by water is covered or not. Any water that enters from the outside is known as flood damage, which is specifically excluded from coverage of your homeowners insurance policy. In contrast, a burst pipe would constitute as water damage, which is covered. To combat this issue, you will need to obtain a separate flood insurance policy.
  • One of the costliest of homeowners insurance claims are dog bite liability claims. If you have recently welcomed a pooch into the family, it is important that you practice non-aggressive tendencies with your pup and enroll them in a behavioral class. Additionally, make sure to put your pet in a safe location away from guests when having a party to reduce your liability risks.
  • Far too many of us assume that living in California means we do not need to prepare our homes against storms. Unfortunately, this habit often leaves Californians in harm’s way when a disaster arrives, since none of the preventative measures have been taken. Look for ways to conduct winter weather protection on your home so that it can prevail through the changing seasons.

Are you receiving adequate coverage? Contact Stromsoe Insurance Agency for all of your California homeowners insurance needs. Allow us to increase the limits of your homeowners insurance policy to ensure you are receiving maximum protection.

Auto Liability Insurance: How Much is Enough?

Posted on by butlervetinsurance

Do you know what the three numbers that are usually written like this xx/yy/zz on your Auto Liability insurance?

The first number refers to the maximum amount of Bodily Injury Liability (BI) for an individual injured in an auto accident; the second is BI per coverage per accident; while the third covers Property Damage Liability (PD) per vehicle. For example a policy with 30/60/15 Liability coverage would pay up to $30,000 in BI per individual, $60,000 worth of BI per vehicle, and $15,000 in PD per vehicle.

Every state requires drivers to carry a minimum amount of Liability coverage under their Auto policy. Limits by state vary from 10/20/10 in Florida to 80/100/25 in Maine. These numbers have remained fairly stable for a number of years.

However, because a car accident can cost far more than the Liability minimums that most states require, people usually carry more coverage. The Insurance Information Institute recommends that you have at least $100,000 of BI protection per person and $300,000 per accident (known as 100/300).

If you hold the minimum coverage required by your state and you’re involved in an accident in another state that requires higher minimum coverage, the chances are that your policy limits will increase automatically to meet the other state’s minimum requirements.

We’d be happy to make sure that this feature applies under your Auto insurance– and to discuss the most cost-effective ways of protect yourself and your family from liability for accidents behind the wheel (such as increasing your Liability coverage or choosing higher deductibles).

For a complimentary review of your policy, just give us a call. 877-994-6787

Tenant, Beware! The Perils of Leasing

Posted on by butlervetinsurance

If you are a tenant, you might believe that you have avoided many loss exposures, such as fire damage to the structure, associated with owning the building. However, have you read your lease lately? Really read it?

Many leases contain extensive insurance requirements that the tenant (you) must agree to meet. Although these usually include liability from your actions and responsibility for covering your property for loss, it’s easy to overlook the extent to which you might have agreed to cover exposures usually assumed to be the responsibility of the building owner.

For example, retail shopping areas often have an abundance of external glass windows. Although these are clearly the property of the building owner, many leases transfer any responsibility for damage to the windows to the tenant. The idea is that because you directly control the potential loss exposures for the glass (such as vandalism, accidental breakage, and maintenance inspections), you should provide the insurance. Similar reasoning might lead you to being held responsible under the lease for other losses not directly attributable to your own negligence.

Now is the time to pull out that copy of your lease. Review it with your legal counsel to see if there might be language or agreements that need addressing. Then let us review the document for its insurance implications (be forewarned — they won’t all be contained in a paragraph titled “insurance”). We’ll review with you, what your lease requires, how your current insurance program matches up with these requirements, and then offer guidelines for making any necessary changes to your protection.

Call us today to schedule an appointment. 877-994-6787

Guns, Homeowners, and Insurance

Posted on by butlervetinsurance

When it comes to insuring firearms, Homeowners coverage offers some clear guidelines. We understand gun control remains a controversial issue, but we are here to help.

If you have rifles and pistols in your home, your policy will insure them against fire damage or theft, usually up to $2,500. Although a Homeowners application might not ask specifically about firearms, the higher liability risk that guns present means that failing to inform your agent or insurance company in advance about them could result in denial of a claim for loss or damage to them.

Because of this greater liability exposure, your insurer might require you to show that you’ve taken such sensible precautions as installing trigger locks, securing firearms properly in locked gun cases, and keeping them away from children. If you have a collection of guns that’s particularly valuable (for example, antique sidearms), you might need to buy a policy rider that ensures their replacement or reimbursement — much as with other big-ticket items, such as jewelry and fine art.

If you shoot someone else or yourself accidentally while in the home, your policy might pay for some or all of the damages, (medical bills, property damage, liability claims, and so forth), depending on the amount of coverage. However, to guarantee full protection, you would need additional policy riders, such as “Sporting Firearm insurance,” “Collector’s Firearm insurance,” or “Gun Club Liability insurance.”

To learn more about firearms coverage in your home, please give your Protection Coach a call 877-994-6787.

Bailee Insurance, Anyone?

Posted on by butlervetinsurance

Let’s face it, we live in a “service economy,” more and more businesses (such as auto body shops, dry cleaners, and parking lot owners) are taking temporary responsibility for property or equipment owned by others. Any damage or loss to any property under the care, custody, or control of your firm could cost thousands of dollars — unless you have Bailee insurance.

This Inland Marine policy covers the liability of a business (the “bailee”) for the property of customers under its care, custody, or control. Most Property policies don’t provide coverage for this type of exposure, unless it’s included specifically. You can also purchase Bailee insurance on a no-fault basis to protect customers’ property against any loss or damage and subsequent liability, regardless of negligence.

You should buy enough coverage to pay for the total value of other’s property that might be in your control at any one time. Many types of Bailee insurance are tailored to the specialized needs of a particular type of business (Jewelers Block policies, Furriers Block policies, etc.).

As an alternative to Bailee insurance, you can obtain coverage as part of a comprehensive Property policy that includes a “property of others” clause.

We’d be happy to help you evaluate your needs and find a solution to insuring property under your care, custody, and control. Just give us a call. 877-994-6787

Should You Drop Collision Coverage On Your Old Car?

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Do you find yourself asking if it’s a wise investment to continue buying collision insurance for that old car? The answer depends on your individual situation.

First, what’s the true worth of the car? Any repair or replacement costs following a collision will be based on the value of the vehicle at the time of the claim. Also consider your deductible amount. For example, if your car is now worth $2,000 and your deductible for collision claims is $500, insurance will pay no more than $1,500 for your loss.

Once you’ve estimated the maximum that your policy is likely to pay for a collision, ask yourself whether the value of the car would create a significant financial hardship if it were totaled in an accident without insurance. Is the cost of collision coverage reasonable, considering the maximum you can receive at the time of a claim? Don’t forget peace of mind — if dropping collision will make you lose sleep at night over a possible loss, it’s better to keep your coverage and get some rest.

If you’re considering whether it’s still worth insuring your older car for collision, call our personal auto representatives. We’ll be happy to review your current coverage, give you the book value of your vehicle, and estimate the changes in cost of your insurance if you make any changes. Let us help you make the best decision. (877)994-6787

Identity Theft: It’s a Jungle Out There

Posted on by butlervetinsurance

Despite the explosive growth of online identity theft, the great majority of personal information is stolen or lost in other ways, according to one recent study.

A nationwide survey of claims data by Travelers insurance company found that nearly three in four cases of identity fraud (73%) did not involve cyber-crime. According to Travelers, such stolen or misplaced items as wallets and pocketbooks were the most common known causes of these claims. The theft of drivers licenses, Social Security cards, or other forms of personal identification ranked second. Burglaries ranked third, followed by cyber breaches, including Internet scams and old-fashioned forgeries.

To protect yourself against all varieties of identity theft, experts recommend these guidelines:

  • Check your monthly financial statements to detect any suspicious activity (in case you find any discrepancy, contact the financial institution immediately).
  • Carry only essential credit cards
  • Keep critical documents in a secure place
  • Avoid scams by not disclosing personal information if you receive an unsolicited request
  • Shred old bills and financial statements
  • Store purses and wallets in a safe place
  • Never print account information on an outgoing mail envelope
  • Be careful about sharing personal information on social media
  • Ask for a free report annually from the national credit reporting agencies.

You might also consider purchasing Identity theft insurance. Many policies provide coverage for lost or stolen funds; long distance calls to resolve, report, or discuss the fraud; the cost of notarizing fraud affidavits, certified mail, or other documents needed to restore compromised credit; loan re-application fees due to incorrect credit information; and attorney fees (if pre-approved).

For more information, please get in touch with our Protection Team. (877)994-6787

Property Coverage Fluctuates With Inventory

Posted on by butlervetinsurance

Many businesses can pick an amount of inventory coverage at the beginning of the year and know that at any given time, their actual inventory values will be within a few dollars of that amount. This makes the choice easy; just pick an amount that will cover the most you’ll ever have on hand.

However, suppose your inventories vary widely from one month to another, depending on production, pricing, or marketing cycles. For example, a florist who specializes in having a large inventory of live flowers on hand for certain holidays might have very little inventory at other times of the year. Certain retailers might bring in a great deal of stock at the beginning of each sales cycle, and then sell it off gradually (with their merchandise on hand dropping steadily), only to restock and have their values shoot back up at the beginning of the next sales period.

Does your business inventory vary greatly over time? If so,  shouldn’t your Property insurance do the same? Otherwise, if you have a fixed amount of coverage, although your inventory values vary, there will be many times that your coverage will be out of sync with your needs. If your coverage is too low, a loss at a time of high inventory values can be devastating. On the other hand, a high fixed amount might mean that you’re paying for too much insurance during those periods when your inventory values are low.

Is there a way to provide adequate coverage at all times, yet with a cost structure that tracks the actual values you have at risk?

Yes! If your current policy doesn’t offer this valuable option, contact one of our Property insurance professionals today. If you have inventories that fluctuate, let us show you how a “value reporting form” can provide the coverage you need at all times.

Call us today and our Total Protection Team will be happy to help. 877-994-6787

What’s The True Value of Your Home?

Posted on by butlervetinsurance

In regards to the value of your home, the two most commonly cited sources are usually useless for insurance purposes.

Most people base the perceived value of their home from a benchmark of the original purchase price, and then adjust it over time based on current home sales or tax assessments. However, even realtors will tell you that such values are educated “guesstimates,” subject to wide variation.

For example, “appraised value” is an estimate of the property’s worth in the current marketplace derived from an analysis of the home, the community, and the recent sales prices of similar homes in the area. The local taxing authority determines “assessed value” to levy property taxes. To confuse the issue further, state and local laws and regulations often require capping or discounting taxable assessments well below the full value assessed by the authority.

However, neither of these values might be practical for insurance purposes. If your home is severely damaged or destroyed, the true value you need will be the cost to rebuild it, not what it might sell for or its tax assessment. Too many people have made the mistake of relying on assessed or appraised values to determine if they have enough Homeowners insurance only to find, much to their chagrin, that their coverage fell far short of true construction costs.

Give us a call today; we’re ready to help you develop a solid estimate of your reconstruction costs. 877-994-6787