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Homeowners that live near coastlines face possible loss by a hurricane. Hopefully, any affected person will own a homeowners insurance policy to help deal with the crisis. However, they must be aware of their responsibilities under the insurance policy in order to take full advantage of any available coverage.
The main priority for a homeowner is to be sure that the amount of coverage is adequate in the event that the home has to be totally replaced. Also, the homeowner should keep their deductible in mind, seeking options to make sure that it is affordable. Insurers who operate in areas that experience hurricanes typically require deductibles at a high, flat amount (such as $2,000) or at a percentage of the policy’s insurance limit (anywhere from 2% to 5%).
Minimize Loss, Maximizing Safety
Naturally, a homeowner should consider ways to minimize their possible loss and maximize their personal safety by:
Bring outdoor property inside the home (lawn equipment, toys, tools, etc.)
Installing or building a proper “safe room”
Cover/Secure all windows and doors
Have a portable radio and stay turned to accurate source of weather broadcasts.
Turn off (unplug) small appliances and turn refrigerators/freezers to their highest settings.
If applicable, turn off fuel/oil tanks.
Fill sinks and bathtubs with water.
Returning to a damaged/destroyed site is not when a hurricane victim will be at his or her best, but that is the time that certain obligations have to be met in order to make the most out of any insurance recovery. It is important to do the following:
At the earliest possible chance, contact your insurer with details about your loss
If possible, be sure you have a way to visually record the loss details (camera, digital camera, even a smartphone camera.)
Take reasonable action to keep intact property protected from additional damage or loss
Keep an accurate record of all expenses that are related to protecting your property as well as items related to temporary housing and meals
Though post-catastrophe times are chaotic and spirit-sapping, it is important to keep in contact with your agent and/or insurer. Take the time to be meticulous about filling out reports, documenting the value of your loss and cooperating with claims personnel.
COPYRIGHT: Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
One issue that may arise because of storms, extreme heat or natural catastrophe is the loss of electrical power. While power outages are often, merely a nuisance, extended power interruptions can cause problems ranging from loss of perishables (particularly frozen and refrigerated foods), damage to property that is vulnerable to temperature extremes, and personal endangerment caused by overheating or freezing.
Even if your home isn’t hit, you could go days without electricity.
Many homeowners who, for various reasons, are prone to suffering power loss, use an option to protect themselves; home generators. Such generators are capable of temporarily supplying electrical power to run household appliances and utilities. Home generators come in two basic forms:
Having a portable generator a key step in becoming storm ready!
Portable Generators – lower-powered units that operate externally from a home’s wiring system.
Standby Generators – high-power units that are attached directly to a home’s wiring system and which takes over automatically when utility power is interrupted
Regardless the type, it is critical to take proper precautions to make sure that no harm or injury results from their use.
With standby generators, installation should be performed by a licensed electrician and installations should be inspected by authorized persons before initial use. Installations should include a proper transfer switch and local utilities should be notified that an installation has occurred. Transfer switches insure that electrical power is properly and safely switched from the generator to a utility supply when power is restored.
Portable generators have a host of procedures that should be adhered to, such as the following:
generators should be located outside the home, in an area that provides proper ventilation and which shields the unit from moisture
generators should NOT be located near window or doors since carbon monoxide exhaust could seep into a home
care must be taken to prevent burns due to contact with hot generator parts
generators should never be plugged into house outlets. This can cause back feeds which results in damaging wiring and endangering utility company personnel (backed power can be transmitted through power lines at fatal power levels)
proper, exterior-rated cords should be the only kinds used with generators
generator power should be matched with essential power needs (core appliances, heating/cooling) and not overloaded (which could damage the generator and powered appliances, etc.)
fuel for generators should be stored properly and refueling should take place ONLY after the generator has cooled after being turned off
Generators can be a tremendous method to compensate for temporary power outages but care must be taken to be sure they don’t generate more problems than solutions.
COPYRIGHT: Insurance Publishing Plus, Inc. 2017
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
Homes may be built with solid craftsmanship and with the use of the best materials, but most residences offer little to no protection against a common hazard…..tornadoes. Recently, homeowners have begun to embrace the use of tornado shelters. Before discussing this protection method, here is some background information.
In the U.S., tornadoes most often occur in the Midwest, Plains and Southern states. Tornadoes are created by thunderstorm fronts where moist, warm air meets moving cool fronts. Winds first form a horizontal rotation that is lifted upwards by warm air. When the rotating column is tilted high enough, it becomes a tornado.
Tornadoes can occur anywhere and at any time, but the peak season is in late spring through the summer. Wind speeds range from less than 100 to +250 mph. The stronger the storm, the longer its lifespan (generally 10-15 minutes). The damage path of a hurricane is usually narrow and short, but they can be as large as a mile in width and travel tens of miles. Tornado damage can be substantial as the winds and wind-carried debris are powerful enough to demolish buildings.
When a tornado threatens a home, the safest response is to get to the lowest and innermost space; away from all doors and windows. Basements and cellars are ideal, but these features are not found in most homes. In the past, it was common to equip homes with storm cellars, located adjacent to home, to protect against severe storm winds. Today, in response to the need for more protection, there has been a revival in the use of tornado shelters.
Christie England stands in the storm shelter in front of the remains of her home May 27, 2013, in Moore, Okla. England’s home was destroyed in the May 20, 2013, EF-5 tornado that ripped through Moore. The storm killed 24, injured hundreds and damaged thousands of homes. (U.S. Air Force photo/Tech. Sgt. Bradley C. Church)
Tornado shelter are, essentially, reinforced safe rooms, ranging from regular room size, down to small enclosures that are fitted within closets or garages. They may even, like storm cellars of old, be buried in the ground. They are constructed of reinforced metal walls that are, ideally, bolted to a cement floor. Such structures are capable of staying intact even when the surrounding structure is obliterated by tornado winds. Shelters are designed to accommodate a typical family and may cost several thousand dollars.
While shelters do little to protect a residence, they do respond to the most important issue, increasing the chance that residents can survive a tornado and rebuild.
COPYRIGHT: Insurance Publishing Plus, Inc. 2015
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
Buying a home is a very exciting time. Whether you’re just purchasing yours or you’ve lived in it for a long time, you want to make sure it’s properly protected. That’s where a home insurance policy comes in. At TruePoint Insurance, we’re dedicated to helping all our Central, KY area homeowners get the policies they need to feel safe and secure. Having peace of mind is extremely important, and it’s much easier when you know you have the right insurance coverage. Since your home is such a large and important asset, coverage for it and your belongings is a vital part of building a strong and stable future.
If you’re not sure what kind of home policy to get, or you don’t know the exact type and level of coverage you need, you’re not alone. Plenty of people have questions about insurance on their home. Fortunately, we have agents who can help you get the proper kind of coverage, at a level that works for the assets you have and the way you want to protect them. While an insurance policy can’t stop something from happening to your home, it can help you make needed repairs and get back to living life again. If you’re in Central Kentucky, TruePoint Insurance wants to help you by making sure you have the right home insurance policy for your needs, current situation, and future goals. You don’t have to settle for less than a great policy that will help you feel good about your home and its level of protection. Reach out to us today, and ask any questions you have about insurance for your home. We’re here and we want to help you have confidence in your insurance policy. Whether you’re getting a new policy or reviewing an old one, our professional agents can meet your needs.
Learn about flood insurance before the waters start to rise.
Anyone that lives in the Fisherville, KY area needs to carefully consider their home insurance needs. One form of insurance that should be considered is flood insurance, which will provide specific coverage if your home is damaged by a local flood. There are several situations when someone should get flood insurance on their property in this area of Kentucky
Anyone with Lender Requirement
Does your home mortgage require flood insurance?
The first situation when someone in Kentucky should get a flood insurance policy is if they are required to have it by their lender. Mortgage lenders are aware of how serious flood damage can be. Due to this risk, lenders often require borrowers to carry flood insurance if they are in a flood zone. Depending on what flood zone you are in, the lender could require you to escrow payments monthly to ensure coverage.
Needs to Cover Against Risk
Flood Loss versus Cost. You do the math!
Even if there is a small risk for flood damage in your area, you should still consider getting flood insurance. If you do not have a mortgage or are not required to carry it, you should still carefully assess your risks and current insurance coverage. If you are near a waterway that could flood, you should consider getting an additional flood insurance policy to ensure you are fully covered at all times.
When you are looking to learn more about flood insurance in the Fisherville, KY area, you should speak with the team at TruePoint Insurance. Choosing a flood insurance policy can seem quite complicated and challenging. When you call TruePoint Insurance, the team of insurance professionals will be able to provide you with a full assessment to help you determine what type of insurance is right for you. They can then help you get into a policy that provides adequate coverage.
A variety of businesses
are routinely operated in homes. This article discusses aspects of particular
operations. Refer to Home Businesses – Basics for background information
on coverage as well as our other articles discussing different in-home
businesses.
Homeowners insurance seldom covers a business
Wholesale – As a wholesaler, here are some coverage options
for your consideration:
Businessowners Policy – If you are a manufacturer’s representative with limited
inventory, some insurance companies will cover your business with a BOP. A BOP
provides broad coverage for buildings, personal property, loss of
business income, extra expense incurred to remain in business (after a fire or
other covered cause of loss), premises liability and medical payments.
If
you have more than $1,000 of goods off-premises in transit, you will need to
add additional coverage. Coverage for goods stored at other locations must be
added to the policy.
Commercial Package Policy – If you cannot qualify for a BOP, your agent will
probably have to build a special commercial package policy to meet your
needs. You will need a competent commercial lines agent to help you.
Commercial lines agents have both the expertise to design the appropriate
coverage and the markets for your wholesale business.
Workers Compensation – You will need workers compensation coverage for any employee – even part-timers.
Commercial Auto Policy – You may need commercial automobile insurance if you
deliver anything or if your vehicle is larger than a car, van or small pickup,
or if the vehicle is owned by a corporation.
COPYRIGHT: Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole
or in part, in any form of media or language; and no matter what country, state
or territory, is expressly forbidden without written consent of Insurance
Publishing Plus, Inc.
A variety of businesses
are routinely operated in homes. This article discusses aspects of particular
operations. Refer to Home Businesses – Basics for background information
on coverage as well as our other articles discussing different in-home
businesses.
Retail – Persons with in-home retail operations must look
beyond an HO policy for coverage.
Home-Based Retail Business owner prepare packages
The Businessowners Policy (BOP) provides broad coverages for buildings, personal property, loss of business income and extra expenses incurred to remain in business (after a fire or other covered cause of loss), premises liability and medical payments. If you have more than $1,000 of goods in transit, you will need to add additional coverage. Goods stored at other locations must be added to the policy, normally as an additional location.
You will need workers compensation coverage for any employee, even part-timers. You may need commercial automobile insurance if you deliver anything or if your vehicle is larger than a car, van or small pickup or if the vehicle is owned by a corporation.
Note: some insurance companies can offer amendments to your homeowners
policy that can cover certain, in-home businesses.
COPYRIGHT: Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
This is a term originated by a judge to describe a property that attracts youngsters and, because of its dangerous nature, creates a special obligation to property owners. Examples are:
swimming pools
trampolines
empty buildings
appliances kept outside
excavations
construction materials
zip lines
All of these can lure children onto
property and they all have the potential to cause serious injury.
Why Do Attractive Nuisances Create
A Special Obligation?
A special obligation exists because
of such property’s child endangering nature. Children do not have the reasoning
ability of adults. When an opportunity to have fun pops up, it’s a rare child
who thinks about the chance of being injured. A property owner with an
attractive nuisance on his property cannot escape liability because of a
trespassing child. When an attractive nuisance is involved, adults have to make
a special effort to protect children from their blind sense of adventure or face
the consequences.
How Do You Handle Attractive
Nuisances?
Pool Safety starts with controlling access.
The answer is…doing whatever it
takes to prevent a child’s access to the nuisance. Therefore, in order of their
effectiveness:
1. Eliminate the nuisance
have old appliances hauled to a junkyard
tow old, non-running vehicles away
get rid of construction materials immediately after a building project is complete
2. Secure the nuisance
take off doors or covers from large appliances awaiting garbage
pickup
keep sharp tools, especially power tools and equipment, locked
away
store construction materials in a garage or shed
3. Reduce the chance for injury
from a nuisance
install a pool cover and have a locked fence to prevent access to the pool
do not allow younger children to use equipment such as trampolines
make sure there’s adult supervision of children using play equipment
If you’re not certain about whether
you have an attractive nuisance situation, discuss the situation with an
insurance professional.
COPYRIGHT:
Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.
A standard homeowner’s policy offers a limit equal to half of the amount reserved for the residence to protect against loss to a given residence’s personal Property (ex. Your home is covered for $150,000, so your contents and furnishings are covered for $75,000). While this is generous coverage, it doesn’t extend to all types of the property nor for all causes of loss. Certain types of property, because of its high value and liquidity, is far more vulnerable to loss…either easily destroyed, easily stolen or both. So, to compensate for this difference, insurers use coverage restrictions.
Property claims due to theft are subject to lower limits
Theft Coverage Limitations
When property is lost due to theft, coverage under a standard
homeowner policy is severely limited (generally $1,000 – $2,500) for the
following types of property:
jewelry, watches, furs, and gemstones
dinnerware, serving sets, trophies and similar property
made of or plated with silver, gold, platinum or pewter
for firearms, accessories and related property
Other Coverage Limitations
Several categories of
property are subject to very modest limits ($200 – $2,500) of coverage,
regardless of the cause of loss (theft, fire, accidental breakage, etc.).
Specifically:
money, banknotes, coins, medals, gold, silver, and platinum (other than jewelry or dinnerware)
securities, accounts, deeds, tickets, stamps, manuscripts, passports and similar property
watercraft and related property including their trailers
trailers not used with watercraft
business property located in your residence
business property located away from your residence
certain types of electronic property which are lost or damaged while in a car or is located away from your home and used for business.
Handling the Limited Coverage Situation
Insurance companies are happy to provide more coverage if they are paid for their trouble. Specifically, limited coverage can be handled using the following methods:
Increased Coverage C Endorsement – this form is only appropriate for
property saddled with limited coverage for theft losses. This form is attached to
a basic policy and it increases the theft insurance limit (i.e. for jewelry
from $1,500 to $5,000).
Scheduled Personal Property Endorsement – this form is used for increasing
coverage for property that has protection reduced for all sources of loss. The
property is removed from the basic policy’s limits and is covered exclusively
by the endorsement. This form takes more work since each item of property has
to be listed and assigned a particular insurance limit.
Inland Marine Property Floater – this method works like the personal
property endorsement, except that it is a separate policy. This alternative is
more appropriate for persons owning substantial amounts of high-valued
property. The coverage must often be purchased from specialized insurers and comes
at a high cost. In order to qualify for such coverage, you may need to meet
special circumstances such as having a residential alarm system or make use of
vault storage.
Another Advantage of Special Handling
In order to arrange coverage under a schedule or an inland marine policy, the property must be properly valued. This often involves appraising the property. It’s very helpful to have an expert source to establish the current value of jewelry, furs or other valuable possessions. In fact, such property should be appraised every two or three years since their values often increase over time.
Do you still have questions about property that needs special
handling? Talk to an insurance professional about your needs and make sure that
you have proper protection.
COPYRIGHT: Insurance Publishing Plus, Inc. 2017
All rights reserved. Production or distribution,
whether in whole or in part, in any form of media or language; and no matter
what country, state or territory, is expressly forbidden without written
consent of Insurance Publishing Plus, Inc.
Each day more people decide to create their own Websites, blogs or otherwise participate in social media activities. The reasons for having a Website or blog vary or other activities range from frivolity to earnestness. Personal Websites and blogs commonly describe the host, his or her family, and interests such as a particular hobby, sports, profession, humor, etc. Whatever the reason for creating a Website or blog, they, along with social network activity can represent an additional source of loss that may require additional insurance. The loss potential is directly related to the purpose and content found on the Website.
New Opportunity For Old Losses
Website liability is an extension of the age-old accountability for what you say or write. Such responsibility extends to household members; so it’s important to be aware of what a family’s little E-wizard may be doing. The types of losses that may be created by a Website, blog, or social media activity include:
Libel – knowingly publishing false information that harms a person’s reputation.
Invasion of Privacy – disclosing information that interferes with another party’s peace of mind.
Infringement – violating or interfering with another’s property rights or the right to pursue business
Oops, You May Not Be Covered
Are you insured for libel and slander? Most aren’t!
Most homeowner policies protect against liability for tangible injury to another person or for actual damage to another party’s property. Liability created by publishing or broadcasting content typically involves a personal (or non-physical) injury that is not covered by a typical homeowner policy. While individuals may be able to add protection (such as add-ons to a homeowner policy or umbrella coverage), certain losses may still be uncovered because they involve intended acts or business activity.
Can You Protect Yourself?
The good
news is you can take steps to eliminate or, at least, minimize the possibility
of facing electronic publishing-related loss. The first step is to identify
areas of concern. The key to understanding and addressing any possible Website
liability is to focus upon:
the nature of
the Website or activity
the Website or
account’s contents
who may be
harmed by the site or activity
how a party may
be harmed
It is
important that you think hard about these issues and approach the job
objectively. Your building a site, blogging or using social media
just for “fun” could end with you explaining the punch line in court.
Two people can interpret information in radically different ways. Use a method
of examining your Website that helps you view it through “fresh” eyes
that won’t gloss over important facts. Asking the help of others could be a big
plus.
Considerations
For Your Web Site, Blog or Social Networking
If you or
someone in your household operates or is building a Website, or is active with
social media, you need to be aware that the site (or activity) could open you
to legal situations. Here are some questions you should consider:
Who
created the site or page?
Key
consideration: depending upon the circumstances, a private party that created
the site for you may share (or even own) the responsibility for damages caused
by the site.
What is
the purpose of your site or activity?
Key
consideration: Is there ANY business activity or purpose? If so, you may have
an immediate need to secure appropriate protection.
What
content is found at your site or page?
Key
consideration: Not only do you have to think about YOUR message, but you must
think of other parties that appear at your site such as friends, companion
businesses or even miscellaneous links.
Who do
you intend to attract to the site and how do visitors use your page?
Key
consideration: There’s a big difference in the type of people you’re targeting,
such as inviting:
relatives to see
baby pictures or family newsletters
customers to
request product/service information or to place orders
hobbyists to
distribute or solicit stories or advice
strangers to a
forum for discussing sports, political or other topics
Is there
anyone you would not want to see the site or page? Why?
Key consideration:
Answering this question honestly is critical. It can identify prime sources for
possible legal action against you. It may also suggest what precautions you may
take, including the easiest action such as eliminating the reference to a
person, group or organization.
Does Your
Site or Activity Create An Insurance Need?
After
examining the key concerns about your Website, you should be prepared to take
precautions which may include:
adding security
features to your Website
changing the
content
adding waivers
or disclaimers about links or certain pages that appear on your site
adding user agreements
to your site
creating
guidelines on maintaining current and future content at the site
changing your
homeowner coverage
buying
additional or special personal or business liability insurance
adding or
eliminating a guest book (if you have a guest book, pay close attention to
what visitors say)
eliminating the
Website
Once
you’ve carefully examined your situation, a discussion with an insurance
professional could be an excellent step to identify coverage needs which may
include having to buy commercial coverage. The instant and widespread access
represented by the Internet creates new perils for individuals. Don’t hesitate
to seek the help of an insurance professional or even competent legal advice.
COPYRIGHT: Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.
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