Water Damage: A Renter's Potential Nightmare

 

According to the Insurance Information Institute (iii.org), water damage is the second most common cause of property damage. Yet, 63% of renters do not have renter’s insurance. Many tenants presume their landlord's insurance policy will cover the damage to their belongings. Unfortunately, this is not the case.

 

A landlord's insurance covers repairs to the building itself, not the renter's personal possessions. With winter’s chill upon us, if a pipe were to freeze and break thus flooding the apartment’s interior, the landlord would be responsible for repairing the pipe and any damage to the structure. As a tenant, you would be responsible for replacing your personal property.

 

Or let’s flip that around. Let’s say you caused the water damage due to an overflowing tub or sink causing water damage not only to your apartment, but to other units in the building as well. A renter’s policy can protect you from property damage to others.

 

Renters insurance covers your personal property in the event of a disaster. And it’s not expensive. The average policy, depending on coverage is about $20 per month for $20,000 policy, according to the Independent Insurance Agents and Brokers of America. 

 

What to do if you have a water loss:

• Take photos and/or video of the damaged property. And don't throw anything away until your claims adjuster has completed an inspection. 

And if you don't have renter’s insurance, definitely call us now at 508-347-9343!

 

 

Top 3 Auto Perils Between March and May

What do you think are the top three hazards car owners face between March and May? If you said
hail, water, and wind you’d be correct.

The insurance industry relies heavily on historical data to predict the future. According to Farmers Seasonal Smarts Digest, while April showers may bring May flowers, many of us will also deal with another spring weather phenomenon -- hail and lots of it.

Keep your vehicle in a garage or under a carport / awning during a hailstorm. If covered parking isn't
available, you may want to consider a hail blanket or specialized car cover. Make sure all coverings
are secure, as the wind associated with hailstorms can blow loose covers away.

High winds are also perilous to cars. From falling tree limbs to tornado debris, wind damage can be
extensive. Here are a few safety tips to keep in mind during high winds:

• Never try to outrun a tornado. You would need to drive more than 70 miles per hour to outrun the fastest tornado.
• While an overpass may seem like a great spot to wait out a hailstorm, it may put you and your car in greater danger, since hailstorms often are part of larger severe weather systems that may include tornadoes. Stopping under an overpass can result in even more damage to your car and occupants, if high winds, as well as the debris picked up by those winds, move through the underpass.

Warmer weather also brings an increased risk for damage from flash flooding brought about by spring's strong storm season, as well as windshield and body damage caused by gravel pieces from
newly-formed potholes on roads across the country. Nearly 500,000 insurance claims each year
are directly related to damage from potholes.

Keep an eye out for "covered" potholes. Potholes can fill with water following a storm or as roadside
snow melts, which makes them harder to notice and their depth difficult to judge. A good rule of thumb is to safely avoid mysterious puddles.

Know where your route will take you at all times and understand if you're driving (or even parking)
near drainage channels, underpasses or similar areas. These are areas where flash flooding can occur at any time, regardless of whether typical warning signs like rain clouds or heavy rain are
present.

And lastly, don't panic if you're caught in a flood. If you're inside your vehicle, you should consider
staying where you are and waiting for rescue if safety permits.
(Source: https://www.farmers.com/news/seasonal-smarts/)

How To Ruin Your Child's Financial Future

Many times we get calls to exclude a young driver from the parent's auto policy because their child is away at school. Sure, you'll save a few bucks, but what will you do when they show up unexpected and want to take the car to go to the movies or a friend's house?

And that's just your car. What if your child borrows someone's car at school? Or what if they drove home from the party because they were the sober one, and what coverage was on that car?

You spend thousands, tens of thousands of dollars sending your child to school for a better life, and then BAM! a car accident ruins their life because they were an excluded driver -- that is, NO coverage.

And what about too little coverage? An accident with property damage could go well beyond the minimum limits required by law. In order to register and drive your car in Massachusetts, the state requires that you have a minimum level of certain types of auto insurance coverage. These include:

• Bodily Injury to Others: $20,000 per person / $40,000 per accident
• Personal Injury Protection: $8,000 per person, per accident
• Bodily Injury Caused by an Uninsured Auto: $20,000 per person / $40,000 per accident
• Damage to Someone Else's Property: $5,000 per accident

Really, folks, when you consider hospital costs, those minimums will leave you hanging. And if your adult child is responsible, the judgment could follow them for years and years.

Moral of the story — KEEP YOUR CHILD INSURED!

The Uninsured Motorist: Your Worst Nightmare

Did you know that there are almost 13% of  drivers -- that's around one in every eight-- who are uninsured? And did you know that uninsured motorists cause $2.6 billion in claims? (Insurance
Research Council.)

In Massachusetts, drivers are legally required to have auto insurance. But it's not enough to insure
oneself. You need to insure yourself against those who have no insurance or who are underinsured.

Even those who do have insurance may opt for minimum coverage. The only way for innocent
motorists to protect themselves from underinsured drivers is to purchase adequate underinsured
motorist (UIM) coverage.

Underinsured motorist coverage is extremely important. Many insurance companies battle fiercely to beat competitor price quotes. What they too often fail to explain to drivers is the true reason why their rates are so much lower: Lack of important coverage, such as UIM benefits.

What Underinsured Motorist (UIM) Coverage Offers: Massachusetts requires the purchase of minimum levels of certain types of auto insurance coverage for those who register and drive a motor
vehicle. These are:

• Bodily Injury to Others: $20,000 per person and up to $40,000 per accident
• Personal Injury Protection (PIP): $8,000 per person, per accident
• Bodily Injury Caused by an Uninsured Auto: $20,000 per person and up to $40,000 per accident
• Property Damage: $5,000 per accident

While it may seem $20,000 is a lot of money, in fact it is not when you are involved in a serious
crash. According to researchers, the average auto liability claim for bodily injury in the U.S. was
$15,443 in 2013. That is a figure that has risen steadily over the years. It’s also an average, which means there are many people who suffer injuries for which the medical bills far exceed that amount.

Although Massachusetts is a no-fault state, meaning innocent motorists first turn to their own car
insurance company to cover losses, drivers may step outside of this no-fault system when the:

• Injured person incurs at least $2,000 in reasonable medical expenses and/or
• Injuries from the accident caused permanent and serious disfigurement, broken bone or a substantial loss of sight or hearing.

UIM coverage steps in to cover medical bills and lost wages if you are injured or if a loved one is
killed in a crash where the at-fault driver only carries minimum car insurance. Your policy would
pay for damages above the at-fault driver’s bodily injury coverage amount, up to the limits of your
UIM policy. For example:

• The at-fault driver has a bodily injury limit of $20,000, the minimum required by law.
• You carry a maximum of $100,000 per person in UIM coverage.
• The total amount of your injuries and lost wages equals $60,000.
• Instead of being stuck with only $20,000 from the at-fault driver, you can recover an additional $40,000 from your own auto insurer, for a total of $60,000 -- full coverage of your losses.

Another benefit of UIM coverage is that it doesn't just apply to accidents that occur while you're in the car. For example, you are struck by a car while walking or bicycling. UIM benefits would cover
these damages as well.

Unfortunately, most people don't become aware of the importance of uninsured / underinsured motorist coverage until it's too late. The benefit of securing adequate UIM coverage far outweighs the cost, and will serve you well in the event of a serious Massachusetts car accident.

Do I have you wondering if you have UIM coverage? Give us a call at 508-347-9397 and we'll
check your policy and set you up if you do not have underinsured motorist coverage.
(Source: https://www.hg.org/article.asp?id=38160)

Always Carry An Umbrella

Here's a scenario: If you were to cause an accident that destroys the other car, and the driver and passengers are injured, how much would your insurance cover? And how much could end up coming right out of your pocket?

Truth is, the costs that can be recovered from a major car accident can be very high:

• Medical treatment expenses
• Income loss from missing work
• Pain and suffering
• Emotional distress
• Property loss
• Punitive damages

And a good personal injury lawyer will find even more damages to add to that list. That's why we recommend you get a Personal Umbrella Policy.

Umbrella insurance is a personal liability policy that will provide you extra protection from lawsuits that may arise from things such as:

• damage you caused to someone's property
• injury in an accident on your property or caused by your dog biting someone
• false claims and arrests
• slander
• invasion of privacy

Umbrella insurance protects you if you are sued under your insurance policy on your house and/or your car for amounts that exceed the limits of those policies. It protects you if you are sued for slander, and also covers legal fees. Umbrella policies cover your future earnings, as a court could award part of your paycheck as settlement for the rest of your life.

Learning the simple truth about Umbrella Policies can make them an indispensable part of your insurance coverage. Don't delay, call us TODAY at 508-347-9343 and get yourself a good umbrella.

The Hacking of Equifax: Was Your Information Compromised?

What Happened. (As posted on the Equifax web site) - On July 29, 2017, Equifax discovered that criminals exploited a U.S. website application vulnerability to gain access to certain files. Upon discovery, we acted immediately to stop the intrusion. The company promptly engaged a leading, independent cybersecurity firm which has been conducting a comprehensive forensic review to determine the scope of the intrusion, including the specific data impacted. Equifax also reported the criminal access to law enforcement and continues to work with authorities. Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017.

What Information Was Involved. Most of the consumer information accessed includes names, Social Security numbers, birth dates, addresses, and in some instances, driver’s license numbers. In addition, credit card numbers for approximately 209,000 consumers and certain dispute documents, which included personal identifying information, for approximately 182,000 consumers were accessed. We have found no evidence of unauthorized access to Equifax’s core consumer or commercial credit reporting databases.

What Equifax is Doing. Equifax will send direct mail notices to consumers whose credit card numbers or dispute documents with personal identifying information were impacted.

Also, Equifax has established a web site, https://www.equifaxsecurity2017.com/potential-impact/, where you can check if your personal information is potentially impacted. The process is easy to do. Simply click on the link, “Check Potential Impact,” and provide your last name and the last six digits of your Social Security number.

Based on that information, you will receive a message indicating whether your personal information may have been impacted by this incident.

Regardless of whether your information may have been impacted, Equifax provides the option to enroll in TrustedID Premier, a complimentary identity theft protection and credit file monitoring program.

Equifax also recommends that consumers be vigilant in reviewing their account statements and credit reports, and that they immediately report any unauthorized activity to their financial institutions.

Additionally, Equifax recommends that people monitor their personal information and visit the Federal Trade Commission’s website, www.ftc.gov/idtheft, to obtain information about steps they can take to better protect against identity theft as well as information about fraud alerts and security freezes.

Suggestions from the Federal Trade Commission include:

·      Check your credit reports at www.annualcreditreport.com. You can order a free report from each of the three credit reporting agencies once a year.

·      Consider placing a credit freeze. A credit freeze makes it harder for someone to open a new account in your name.

·      If you place a freeze, you'll have to lift the freeze before you apply for a new credit card or cell phone - or any service that requires a credit check.

·      If you decide not to place a credit freeze, at least consider placing a fraud alert.

·      Try to file your taxes early - before a scammer can. Tax Identity Theft happens when someone uses your Social Security number to get a tax refund or a job. Respond right away to letters from the IRS.

·      Don't believe anyone who calls and says you'll be arrested unless you pay for taxes or debt - even if they have part or all of your Social Security number, or they say they're from the IRS.