Movie Claim Monday- Beauty and the Beast

Movie Claim Monday Beauty and the Beast

Movie Claim Monday: where our insurance minds speculate whether certain incidents in the cinematic universe would in fact be considered a covered claim.*

This week’s movie claim Monday is on Disney’s Beauty and the Beast** (the new one), simply because the writer of this blog has a two year old and that is the only movie we have been watching for the past month.  Disregarding the fact that this is taking place in revolution-era France, there are a few parts in this movie that the insurance agent in me kept noting:

-During the Gaston song, Gaston uses his gun and shoots the ceiling.  Would the business insurance cover that?  Maybe—it could be considered vandalism.  But if he owns the tavern, as it seems that he might, then no, because he (the owner) is knowingly damaging his own property.

-In terms of homeowner’s insurance, would the castles crumbling walls be covered?  Nope.  Though it is due to magic, I still think it is wear and tear and that is never covered by any homeowner’s insurance.

-Lastly, would the enchanted objects need life insurance or would they just be considered personal property?  Not like they’re constantly being destroyed or anything, but near the end Chip almost gets smashed to smithereens, and I just have to wonder if and how he would have been covered.

 

 

*Disclaimer: Each insurance policy is different, and while we speculate here for enjoyment purposes, you will need to discuss your insurance policy directly with your agent or CSR.  Our speculations here are in no way an indication that a similar occurrence would in fact be covered.

**All characters described and mentioned are copyrighted by Disney

Saving Money on Your Personal Insurance

Saving Money on Your Personal Insurance
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In today’s unsettled economy, many people are looking for ways to stretch their money—but sometimes this includes altering insurance  coverages to dangerously low levels or eliminating coverage entirely. If you’re thinking about changing your coverage to save money, consider these key issues below — and give us a call. We can help make sure you’ve got the right protection at a price you can afford.

 

  • Make sure you’re getting the appropriate discounts and credits: Most insurers offer a variety of policy credits and account discounts that can translate into significant savings — without endangering the level of protection you need for your home, autos and other valuable property. And often, if you purchase multiple policies through the same insurance company, you’ll receive further discounts. People who own motorcycles or boats and who complete approved safety courses can qualify for discounts, and families with teen drivers who earn good grades in school may qualify for auto policy discounts.
  • Increase deductibles for cost savings: Only a small percentage of homeowners have claims in any given year, so you might consider increasing your deductible.
  • Specialty lines coverage options: Own a classic car or RV?  If their use is seasonal, you can typically reduce your coverage to liability only during the off-season, then add full coverage only when you are actually using the vehicle
  • Full payment on policy: Depending on your financial circumstances, you may be able to make lump-sum payments instead of partial premium payments, such as monthly or quarterly. Partial payments often include small transaction fees, so paying the full amount can eliminate those extra costs.

 

Some decisions to avoid
It is just as important to understand what not to do as you look for cost savings. Here are some scenarios you should avoid:

 

  • It may be unwise to carry only the minimum state-required amount of uninsured/underinsured motorist coverage on auto policies, or to cancel it entirely if it is not required in your state: According to the Insurance Research Council (IRC)*, the correlation between the percentage of uninsured motorists and the unemployment rate is high — when the economy is struggling, more people go without insurance. You want to make sure you’re protected in this instance.
  • Ignoring renters insurance: This coverage is often overlooked no matter what shape the economy is in. Landlords’ policies generally only cover the structure, not the individual renters’ contents. Imagine having to replace furniture, clothing and other personal property out of pocket because you excluded this essential, affordable coverage and then suffered a devastating loss from a burglary or other covered event.

 

Saving money is important, but so is making sure that what you’ve got is protected. If you’re looking for ways to save, or want to review your coverages, give us a call!

 

*Insurance Research Council, January 21, 2009

 

When To Replace Your Roof

When to replace your roofDo you know when you should replace your roof?  Occasionally, a roof claim is denied because the damage is caused by wear and tear or lack of maintenance.  It is always best to stay on top of the maintenance and repairs of your roof.  Check out the blog below for helpful advice and tips on staying up to date with your roof.

 

http://www.deneveconstruction.com/know-reroof-roof/

 

 

 

 

 

 

 

 

 

 

 

Insurance to Value

Do You Have Enough Coverage to Rebuild Your Home?

Insurance to Value

Imagine how devastating it would be to lose your home in a fire. Now imagine not being able to rebuild it completely because you didn’t have the correct amount of insurance.

Selecting the proper amount of coverage is the single most important decision you can make with your Homeowners policy. Without it, you may not have enough coverage to rebuild after a total loss. This is called “insurance to value.” Below are some explanations and tips to help you make the right choices for your needs — and remember, if you need help, we’re just a phone call away!

What is insurance to value?
Insurance to value is the relationship between the amount of coverage selected (typically listed as “Coverage A” or “Dwelling Coverage” on your policy declarations page) and the amount required to rebuild your home. Insuring your home for anything less than 100% insurance to value could mean you wouldn’t have enough coverage to replace your home in the event of a total loss

Why is the cost to rebuild different from the market value?
A home’s market value reflects current economic conditions, taxes, school districts, the value of the land and location, and other factors unrelated to construction cost. The cost to rebuild your home is based only on the cost of materials and labor in your area. It is important that you insure your home based on its reconstruction cost, NOT its current market value

Why is reconstruction more expensive than new construction?
New-home builders typically build many homes at once, and solicit bids from various sub-contractors to receive the best pricing. Their business model is based on economies of scale. For example, they may purchase 20 bathtubs at once, securing a lower unit cost. These economies of scale don’t exist when building a single home.

How can I make sure I have the correct amount of insurance?
Work with your agent to provide detailed information at time of purchase to be sure that you receive a thorough and accurate quote.
Ask us about additional coverage options that may be available.
Review your insurance to value calculation on a regular basis with your agent.
Tell your agent about any changes or improvements that you make to your home.

Dogs and Umbrella Insurance

Love Bites—Get Umbrella Coverage

In today’s economy, everyone is pinching pennies.  So why worry about umbrella coverage?  Shouldn’t a home and auto policy leave you adequately covered?

Unfortunately, we live in a world of lawsuits.  Large damages can be awarded, be extremely expensive and have long-term financial impact.  Those lawsuits can come from unlikely sources, such as our furry friends.

Take Herschel for instance.  Herschel is a much-loved, rather timid labradoodle who enjoys taking naps on the driveway while his owner mDog and Umbrella Insuranceows the lawn.

Herschel watched from eight feet away as his neighbor, a 39 year old man, showed off his rollerblading skills to his kids.  The man wiped out on the sidewalk in front of Herschel’s house and broke his leg.  He required surgery, costing around $35,000 in medical costs and $18,000 in lost wages.

Fair or not, the man brought a lawsuit against Herschel’s owner, suing for $220,000 in damages.  He alleged that Herschel had caused the accident by getting in his way, despite multiple witnesses to the contrary.

But Herschel’s owner was lucky–a jury vindicated Herschel. However, lawsuits such as these can easily exceed the limits on a homeowner’s policy, leaving the insured responsible for the remainder.  An umbrella policy would prevent that, giving you an extra $1 million to $5 million in coverage.

Our furry friends can put your assets at risk in other ways as well.   According to the Center for Disease Control and Prevention, 4.7 million people are bitten by dogs each year, with half of those occurring on the owner’s property.  Dog bites, according to the Insurance Information Institute, account for about a third of all homeowner’s insurance claims, which only cover limited damages.

 

Protect what you love.  Call us to talk about your umbrella options.

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