Posts Tagged ‘homeowners insurance’

Got Valuables? Get Insurance!

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Leonardo da Vinci’s Mona Lisa is the most famous painting of all time. It also holds claim to the largest insurance valuation for a painting in history. In 1962, when the Mona Lisa went on tour from Paris France to Washington DC and New York City, The Louvre assessed the cost to insure the painting for the duration of the trip. The valuation at the time was $100,000,000. Ultimately, The Louvre declined the insurance as the premiums to insure the masterpiece were greater than the highest security precautions available.

Today the Mona Lisa sits comfortably on display at The Louvre inside a sealed enclosure of 1.52″ think bullet proof glass and a permanent interior temperature of 43 degrees Fahrenheit and a consistent 50 percent humidity. With over 9,000,000 visitors each year and the Mona Lisa being the most popular exhibit in the Louvre, there’s no question the painting warrants some serious protection measures.

da Vinci’s Mona Lisa is secured inside an environmentally protected enclosure including nearly 2 inches of bulletproof glass.

 

It’s unlikely that you or I will ever require such extreme protection measures for our valuables, however anyone in possession of valuable artwork would be foolish not to expend some extra effort to protect it. A good home security system is a good start, however a smash and grab-type burglar who knows what he’s after isn’t likely to be deterred much by an alarm. Once that valuable item is stolen odds are that it’s gone for good. This is where insurance comes into play.

A standard homeowners insurance policy provides little protection for damaged or stolen valuable items. Never assume that your home insurance is going to properly cover you for valuable works of art, jewelry, furs or other valuable collections. The proper way to insure these items is specifically insuring each of these items on a valuable items schedule. Often referred to as a “rider” or a “floater,” this form of insurance not only insures specific valuables at predetermined limits, but it broadens coverage to include losses that would not ordinarily be covered on a homeowners insurance policy. When specifically “scheduled,” coverage options include mysterious disappearance and breakage. Additional coverage options may include an “agreed amount” or “appraised value” coverage.

For more information or to obtain a quote to properly insure your valuables, contact a member of our team at Fitts Insurance. We’ll be happy to take the time to explain your coverage options and place this valuable coverage for you.

 www.fittsinsurance.com

 

 

Tis the Season: Hail and Wind Claims

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Hail Stones Sciencekids.co.nzThe recent storms have generated increased hail and wind claims.  For these and for future reference when dealing with property (home, auto, landscaping) repairs, we want to put some light on activity we are hearing about so that you don’t become a victim.

Hail events in the past have led to homeowners being visited by roofing contractors and company sales representatives; many of whom are from out of state. These contractors swarm affected neighborhoods, going door to door and leaving promotional fliers, cards and brochures at residents’ doorsteps. The company representative may offer to inspect the roof for hail or wind damage, repair the car dings and dents caused by hail or clean up and trim trees harmed in the storm.

Please be careful about any company that uses door to door sales tactics and please be cautious about allowing unsolicited contractors access to your home. Our best advice: if you did not call them, do not let them on your roof, in your car, or in your yard.  If they are not insured and they fall, you are liable.

If you are concerned about the potential for hail damage to your roof, look around your property. Hail does not only impact the roof. Is there damage to the shrubs, tree leaves, siding or vehicles? If not, damage to the roof is highly unlikely. If you are still concerned and wish to report a claim, call us and we will advise how your company will be handling your type of claim.

Hiring a local, well established, licensed contractor is the optimal solution should damage exist. Please make sure all estimates and contracts are in writing and NEVER pay up front for work to be completed.

 

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Fitts Insurance Agency, Inc.

2 Willow Street, Suite 102

Southborough, MA 01745

 

888-697-6542

508-620-6200

(f)508-481-0227

www.FittsInsurance.com

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Why Each Roommate Needs a Renters Insurance Policy

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You and your apartment, dorm or house mate might share living expenses, but you each need your own renters insurance policy. It’s an investment that replaces your possessions if they’re damaged, stolen or lost. Learn why this $15 per month policy is an important part of your living arrangement.

Be an Individual

Whether you and your roommates are strangers, best friends or cousins, purchase separate policies. Most renters insurance companies won’t include two or more unrelated people on a policy, so be an individual and purchase your own policy.

Cover Deliberate Damage

Maybe you and your roommate get along great until you have a big fight and he or she deliberately damages your valuables. If that happens and you and your roommate share a policy, you won’t receive a payout to replace the damaged item.

Protect Your Future Insurability

Let’s say your roommate’s car is vandalized. Your combined policy pays the claim, but since your name is also on the policy, your ability to purchase affordable insurance is negatively affected for the next three to seven years. Separate policies protects your future insurability.

Keep the Payout

Joint insurance policies include payout checks made out to both parties. So when your valuable electronic equipment is stolen, both you and your roommate have to sign the check. Purchase separate coverage to ensure you receive the full amount you’re due.

Cover Liability

When a visitor trips or falls and decides to sue you, renters insurance can cover the liability. Slander and libel may also be covered. Have your own policy to cover your liability.

Know the Limits

Despite purchasing separate policies, your renters insurance might include financial limits. Discuss coverage caps with your insurance agent to ensure your vintage guitar or art collection is covered.

Purchase Adequate Coverage

You don’t know how much your possessions are worth until you create an inventory list. Then, purchase replacement value coverage. Although it costs about 10 percent more than cash value coverage, it allows you to replace the damaged, lost or stolen item at its current cost rather than the purchase price minus depreciation.

The decision to share living space with an apartment means you share expenses too. Make sure each roommate purchases a separate renters insurance policy, though, as you protect your possessions.

Homeowners Insurance and Social Gatherings

Many homeowners enjoy throwing parties for holidays or special events. If a party is in the near future, be sure that individual Homeowners coverage is adequate. Guests who are injured might need to file an injury claim if their vehicle is damaged, if they fall down or if a pet bites them. Research shows that about 75% of adult homeowners who plan social gatherings in their homes do not have a personal umbrella policy. This makes them more vulnerable to lawsuits stemming from guests who suffer injuries. The same research study showed that the remainder of the homeowners surveyed did not know what type of coverage they had. This means it is likely that the percentage of homeowners who do not have adequate coverage is more than 75%. However, they should have this extra coverage to protect themselves from lawsuits. Although dog bites and falls are common, alcohol is one liability issue that is often overlooked but is very risky. More