4 Things Your Homeowner Policy Should Include

Shopping for Homeowners Insurance is often rushed and daunting.  And exhausting.  In the flurry of activity leading up to a Home purchase closing, the harried home buyer may speed through the insurance process with the goal of quick and cheap. Let’s slow down ever so slightly! 

Take your time and ask your insurance agent if the quoted policy includes the following 4 vital coverage parts. Your standard Homeowners Insurance Policy covers you in the event of damage from fire, lightning, hail, and explosions.   However, these 4 items are not automatically included.

#1: Higher Liability Coverage.  The dollar value of an insurance payout in the event of a claim is often the number one most overlooked and undervalued part of a quickly-quoted insurance policy.  We like to explain liability coverage to our customers like this: imagine if someone fell on the pathway leading up to your front door.  Imagine that person suffered a serious injury, such as broken bones.  Now imagine that person, whether friend, family, or otherwise, hires an aggressive Personal Injury Attorney to receive compensation for pain, suffering, and medical bills.   Do you think that $300,000 liability coverage is sufficient payout in such a dire event to protect your other cash assets (your bank accounts, your retirement accounts, your children’s college fund)?   Whether it is or is not sufficient, do you want to gamble your wealth away with insufficient liability coverage?   Consider increasing your Liability Coverage to at least $1,000,000.

#2: Storm Damage.  Severe weather over the past dozen years or so has cost Homeowners considerable sums of money.  These Homeowners lived in contentment with their homeowners insurance policies thinking they were covered for all kinds of occurrences.  When the severe weather hit—storm surges from oceans, rivers, and creeks; high-wind conditions; flooding inside basements from ground water saturation due to heavier than normal rains—too many Homeowners discovered to their dismay the lack of coverage for damage sustained due to severe weather.   Discuss flood insurance with your insurance agent.

#3: Power Outages.  Should your home lose power for a sustained period of time you could experience loss of foodstuffs due to your refrigerator not functioning.  Adding this extra coverage to your policy protects your money…and your food.

#4: Additional Coverage for “earth-movement”.  Have an in-ground pool in your backyard? If you live in an area prone to earthquakes, landslides, or sinkholes, you’ll want to add additional coverage to your standard policy to protect your assets and your home against these risks.

We’re happy to spend the time necessary to educate you on the best comprehensive insurance for your Home.  Call us today!

Call now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.

What Happens In The Event of a Water Leak in Your Condo?

If you own a Condominium (Condo), you may have equipment both inside and outside your unit for which you are responsible. In a closet inside your unit would be your water tank. There is also an HVAC unit that may be just outside your unit, to heat and cool your home.  Most of the time, you ignore these two quiet workhorses that keep you in comfort all year round.

Shockingly, every once in a while, and sometimes suddenly, the equipment may fail and need repair.  Most often and most inconveniently, the HVAC will fail when the temperatures outside are the hottest or coldest, depending on the time of the year. Thus, only your comfort is compromised.

However, every once in a while, these machines break down and leak.  With water. Lots of water.

If your HVAC unit is outside your Condo, this may not be as terrible of an event, unless you own a Townhouse and the unit is in the basement and there’s a danger of the water seeping into your basement.

But it can be really bad if you’re on an upper floor and one or several of your Condo neighbors lives below you.  Water loves to follow the powerful attraction of gravity: downward. Downward towards your neighbors’ Condo unit!

Yes, your first step is to call the emergency number for your equipment repair tech. If you’re not sure, call the property manager so they can dispatch someone immediately to mitigate the damage. If the property manager is not available, call your local insurance agent who will have access to reputable Restoration Services companies. They all have emergency lines so you’re covered seven days a week.

In the event of a leak which could lead to a potential claim, mitigating the loss is critical and required under your insurance contract. You’ll want the restoration company onsite as quickly as possible to dry out all the water and repair the water damage.  Do not forget to take photos of the damage before the restoration company arrives. It’s key that you document the extent of the damage at the time of the event. This also mitigates any confusion or misunderstanding of the extent of the loss when the claim is settled. The key word here is “mitigate”.  

You don’t want to be caught by surprise when a leak happens all over your downstairs neighbors’ precious Star Wars toy collection.  Review your current insurance policy now to be 100% sure you have all the appropriate coverages before it’s too late. The review is free of charge. Call us now at 617-298-0655 or text us at 617-409-0329. Click here to Visit our Contact Us page.