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November 8, 2020 By Reports Reports

What’s Covered in Home Insurance?

Home Insurance CoverageCourtesy of iii.org

Homeowners coverage provides financial protection against loss due to disasters, theft and accidents. Most standard policies include four essential types of coverage: coverage for the structure of your home; coverage for your personal belongings; liability protection; coverage for additional living expenses


Coverage for the structure of your home

Your homeowners policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed in your policy. Most policies also cover detached structures such as a garage, tool shed or gazebo—generally for about 10 percent of the amount of insurance you have on the structure of the house.

A standard policy will not pay for damage caused by a flood, earthquake or routine wear and tear.

When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.

Coverage for your personal belongings

Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disasters. The coverage is generally 50 to 70 percent of the insurance you have on the structure of the house.

The best way to determine if this is enough coverage is to conduct a home inventory.

Personal belongings coverage includes items stored off-premises—this means you are covered anywhere in the world. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. You also have up to $500 of coverage for unauthorized use of your credit cards.

Expensive items like jewelry, furs, art, collectibles and silverware are covered, but there are usually dollar limits if they are stolen. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for its officially appraised value.

Trees, plants and shrubs are also covered under standard homeowners insurance—generally for about $500 per item. Trees and plants are not covered for disease, or if they have been poorly maintained.

Liability protection

Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter (or even your dog) accidentally ruins a neighbor’s expensive rug, you are covered. (However, if they destroy your rug, you’re out of luck.)

The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit stated in your policy documents.

Liability limits generally start at about $100,000, however, it’s a good idea to discuss whether you should purchase a higher level of protection with your insurance professional. If you have significant assets and want more coverage than is available under your homeowners policy, consider purchasing an umbrella or excess liability policy, which provides broader coverage and higher liability limits.

Your policy also provides no-fault medical coverage, so if a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses can be paid without a liability claim being filed against you. It does not, however, pay the medical bills for your own family or your pet.

Additional living expenses (ALE)

ALE pays the additional costs of living away from home if you cannot live there due to damage from a an insured disaster. It covers hotel bills, restaurant meals and other costs, over and above your usual living expenses, incurred while your home is being rebuilt.

Keep in mind that the ALE coverage in your homeowners policy has limits—and some policies include a time limitation. However, these limits are separate from the amount available to rebuild or repair your home. Even if you use up your ALE your insurance company will still pay the full cost of rebuilding your home up to the policy limit.

If you rent out part of your house, ALE also covers you for the rent that you would have collected from your tenant if your home had not been destroyed.

Next steps: Purchasing a home? Get the Home Buyers Insurance Checklist.

Filed Under: Insurance News

November 2, 2020 By Reports Reports

Hurricane Resources

Hurricane ResourcesCourtesy of iii.org

Following a hurricane or other disaster, getting back to normal can take some time. To assist in the recovery process, the Triple-I has compiled useful information around post-disaster safety and insurance coverage questions, with detailed guidance on how to file a claim. In addition, resources specific to Alabama, Florida, Louisiana, Mississippi and Texas affected by recent storms are included.

In focus: 10/30/2020

After Hurricane Zeta slammed into Louisiana October 28 at least six were dead and millions were without power. The storm left shattered buildings and thousands of downed trees from the Gulf Coast to Georgia.

Safety and resources for recovery

Following a hurricane, new perils brought by the storm can pose risks. And if you have evacuated, it might not be safe to go back home. The following articles provide information and guidance to keep you and your loved ones safe in the aftermath.

Articles:

After a hurricane, beware of the dangers that remain

When disaster strikes: Preparation, response and recovery

Health safety following a flood

Recovering from a flood

Catastrophe-related fraud

What does insurance cover?

In the aftermath of a hurricane or natural disaster, policyholders may have questions about the insurance process, including what is covered and what isn’t. Here are some answers to many of these common questions about home, auto, flood and other coverages.

Articles:

Hurricane insurance FAQ

What is covered by standard homeowners insurance?

Renters insurance

Co-op or condo insurance

Mobile home insurance

Basic auto insurance

Boat insurance

How does flood insurance work?

Business insurance and flooding: Q&A

Environmental liability insurance

Spoiled food

Claims

After a disaster, you want to get back to normal as soon as possible, and your insurance company wants to help. You may get multiple checks from your insurer as you make temporary repairs, permanent repairs and replace damaged belongings. Here’s what you need to know about claims payments, including how to file a claim, what to expect during the process, and detailed explanations of what hurricane deductibles are, and how they work.

Articles:

Understanding the insurance claims payment process

How to file a homeowners claim

Hurricane deductible backgrounder

Understanding your insurance deductibles

Infographic: Hurricane deductibles

Ordered to evacuate due to hurricane Laura? You might have insurance coverage for additional living expenses

How is the settlement amount determined?

Infographic: How to file a flood insurance claim: Tips from FEMA

What is a public adjuster?

Additional Resources

Many national organizations and ones in your state may offer resources for recovery that are helpful to you. The following is a general list, followed by specific resources for those affected by Hurricane Laura in Louisiana and Texas.

Frequently asked questions about FEMA disaster assistance

DisasterAssistance.gov

FEMA Helpline: 1-800- FEMA (1-800-621-3362)

TTY 1-800-462-7585

711 or Video Relay Service (VRS) 1-800-621-3362

SBA Disaster Loans & Grants

Institute for Business & Home Safety

Red Cross: Hurricane safety checklist

NFIP: Floodsmart.gov

Filed Under: Insurance News

October 25, 2020 By Reports Reports

Keeping Halloween Safe, Even During a Pandemic

Keeping Halloween SafeCourtesy of iii.org

My five-year-old nephew, Ben, is a great source of pride to his electrician father, Dan. Last Halloween, Ben refused to trick-or-treat at a particular house because he noticed that the decorations there were a fire hazard.

Halloween is supposed to be fun, but it has always involved risks and potential liabilities. The video below outlines some of the “traditional” hazards and ways to mitigate them, from eliminating trip-and-fall dangers to preventing fire and pet-related perils.

And while much of the focus of Halloween-risk mitigation is on the home, Donald R. Grady, a Boston personal injury attorney, says the biggest dangers actually involve cars.

“You see an uptick in automobile accidents,” Grady says. “Especially with teenagers, who don’t have adults with them and who rush from house to house.”

The curse of 2020

2020 has aged us all….

Perhaps predictably by now, 2020 has brought the spooky holiday threats of its own. COVID-19 has introduced new Halloween concerns.

The Centers for Disease Control and Prevention (CDC) has published a list of low-, moderate-, and high-risk Halloween activities for a time of pandemic.

Lower-risk activities include:

  • Carving or decorating pumpkins with members of your household and displaying them
  • Carving or decorating pumpkins outside, at a safe distance, with neighbors or friends
  • Decorating your house, apartment, or living space
  • Having a virtual Halloween costume contest
  • Having a Halloween movie night with people you live with.

Moderate-risk activities include:

  • Participating in one-way trick-or-treating, where individually wrapped goodie bags are lined up for families to grab and go while continuing to social distance
  • Having a small group, outdoor, open-air costume parade with people distanced more than 6 feet apart
  • Attending a costume party held outdoors, where protective masks are used and people can remain more than 6 feet apart.

The CDC provides caveats and additional guidance for these and other moderate-risk activities, so if you’re even thinking about them, definitely read the relevant guidance. It advises against the following:

  • Traditional trick-or-treating where treats are handed to children who go door to door
  • “Trunk-or-treat,” where treats are handed out from trunks of cars lined up in large parking lots
  • Attending crowded costume parties held indoors
  • Going to an indoor haunted house where people may be crowded together and screaming
  • Going on hayrides or tractor rides with people who are not in your household
  • Using alcohol or drugs, which can cloud judgement and increase risky behaviors
  • Traveling to a rural fall festival that is not in your community if you live in an area with community spread of COVID-19.

Covid-19

Filed Under: Insurance News

October 18, 2020 By Reports Reports

Renting Your Home through Airbnb & Your Insurance

Courtesy of iii.org

Before you consider renting out your home, your guest room—or even your couch—first contact your insurance professional so you fully understand the financial risks and can take the proper precautions. Here’s some general information to jumpstart your insurance conversation.

If you are considering renting out your home, your guest room or even your couch your first step should be to contact your insurance professional. Peer-to-peer home sharing opportunities such as Airbnb can be a great way to bring in extra money and are increasingly popular; however, they can also leave you financially vulnerable. If your renter starts a fire and damages your property or is hurt while renting your home, will you be protected?

Peer-to-peer home rental

Peer-to-peer home sharing opportunities such as Airbnb are increasingly popular and can be a great way to bring in extra money. However, they can also leave you financially vulnerable. If your renter starts a fire and damages your property or is hurt while renting your home, will you be protected?

Standard homeowners and renters insurance policies are designed for personal risks, not commercial risks. Some insurers now offer a home-sharing liability insurance policy that can be purchased on a month-to-month basis, but there may be exclusions and limitations, so read the policy carefully. If you plan to rent out all or part of your home on a regular basis, many companies will consider this a business use and you may need to purchase a business policy—specifically either a hotel or a bed-and-breakfast policy.

If you are doing the renting

If you are the one using a peer-to-peer network to rent a space from someone else, check your own homeowners or renters insurance policy. In most cases, if your personal possessions are stolen or damaged off-premises, you can simply file a claim with your own insurer. And if you accidentally injure someone, you should also be financially protected.

Occasional home rental

There may be times when a major event in an area—the Super Bowl, say, or a graduation at a major university—depletes local hotel space. In these cases, it’s fairly common for people to rent out their home or part of it for the extra cash it brings in.

Many insurance companies take this situation into account when creating a homeowners or renters policy and, with sufficient advance notice, will extend your coverage to the renter on a one-time basis. Other insurance companies may require the purchase of an endorsement to the policy to provide broader coverage for the renters in your home.

In both cases, be sure to let your insurance company know ahead of time, so you can be prepared.

Filed Under: Insurance News

October 12, 2020 By Reports Reports

Do You Have Enough Car Insurance?

Courtesy of iii.orgCar Insurance

The western U.S. wildfires and this year’s active hurricane season have highlighted for vehicle owners the importance of having optional comprehensive auto insurance coverage, according to the Insurance Information Institute (Triple-I).

“Comprehensive provides coverage for fire and flood-damaged vehicles. Yet it only accounts for about 16 cents of every dollar a driver pays for auto insurance,” said Scott Holeman, Director, Media Relations, Triple-I. “Consumers need to be cost-conscious when shopping for any insurance product, but comprehensive coverage just makes financial sense, especially if you live in an area where either wildfires or floods are a threat.”

Every U.S. state except New Hampshire requires its drivers to purchase liability insurance to drive legally. Comprehensive and collision coverage are optional coverages nationwide. Nearly four out of five drivers opted to purchase comprehensive (78 percent) and collision (74 percent) coverage in 2017, according to a Triple-I analysis of National Association of Insurance Commissioners (NAIC) data.

The typical U.S. driver paid just under $160 a year for comprehensive coverage in 2017. The total average auto insurance expenditure in that same year was $1,004.

Beyond covering fire and flood-damaged vehicles, comprehensive also pays either to repair or replace a vehicle damaged from falling objects, an explosion, an earthquake, a windstorm, hail, theft, vandalism, riot, or contact with animals such as birds or deer. In addition, comprehensive usually covers windshield replacement. Comprehensive insurance is usually sold with a separate deductible, although some auto insurers offer glass protection without a deductible.

Filed Under: Insurance News

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