Unfortunately, Renter's Insurance is a coverage that is often overlooked by both the building owner and the tenant. A Renter's Insurance policy protects the policyholder for not only coverage to their personal property, but it also provides liability coverage. Most personal Renter's policies cost between $10 and $15/month giving the policyholder a significant amount of protection. Take the scenario below...
In April of 2007, one of our insureds had a fire in their building that incurred over $136,000 in damage. After the cause of the fire was determined to have been started by one of the tenant's children, the building owner's insurance company sent a letter to the tenant requesting to be refunded for the full amount. The tenant did not have Renter's Insurance at the time and therefore was stuck with a $136,000 bill to pay! Had the tenant purchased a Renter's policy, the insurance company would have paid that bill.
Whether you are a tenant or building owner, it is crucial that you understand how a Renter's policy can provide financial protection far beyond covering just personal property. If you are the building owner, do yourself and your tenants a favor by requiring all tenants to carry a Renter's Insurance policy.
In case you missed our seminar in December 2009 titled "Am I Hiring a Work Comp Claim" we recorded it for you. The seminar is broadcasted on YouTube in 4 different parts. You can view the first one here and then click the links below for the others.
Please give Eric Petersen a call with any questions from this video. Enjoy.
One of the largest homeowners insurance claims we see results from a water pipe freezing and then bursting. Imagine if you were gone for a week and water continuously was pouring into your house because of a pipe that burst - the claim can easily exceed $30,000.
Solution:
Turn your water off at the main water valve
Don't turn your heat down below 60 degrees
Open your faucets
Open the cabinet doors below sinks
After your vacation you'll be happy to return to a nice dry home and not this:
House in the country.... $250,000
Three luxury cars.... $150,000
Leaving town during a cold Wisconsin winter without turning off the water pipes in your garage......PRICELESS!
After being hit with Wednesday's heavy snows, ice damming may become a concern. Heavy snow on the bottom edges of the roof should be removed if possible (use a roof rake or shovel being careful not to damage the roof or putting yourself in danger). If your situation warrants call a professional.
Things that can be done to prevent future ice dams include:
Ensuring correct installation of insulation at eaves
Ensuring adequate air flow at eaves
Ensuring adequate ceiling insulation to keep warm air from rising to the attic and through to the roof
Keep warm air out of attic be sealing all ceiling penetrations (light fixtures, etc)
Next time you re-roof your home make sure and install an impermeable ice and water member between the shingles and the roof decking
An Umbrella Policy is an additional insurance policy with limits of protection, starting at $1,000,000.These policies are designed to give the insured increased liability coverage above and beyond your personal auto, homeowner or business insurance policy.
Liability insurance pays expenses such as the medical bills, rehabilitative therapy, and lost wages to other parties due to the negligence of the policyholder.
Why do I need one?
In today's litigious society, personal injury lawsuits can be very expensive. In addition to the expenses listed above, a judgment can also include special compensatory judgments for loss of consortium, pain and suffering and other intangible losses.
An umbrella policy provides you with an extra layer of protection, in case of a large lawsuit.They are intended to protect your current assets and future earnings. Whether you are old or young, everyone should have an umbrella policy.
Umbrellas are fairly inexpensive considering the extra coverage you gain. Most of our insurance company's umbrella policies range from $125 - $300 per year.
Q: When should I drop Collision coverage on my vehicle?
A: This is a question that we receive very often.Here are our suggestions:
Each person's situation is different so use your own judgement but usually we tell our clients to look at 3 things in determining if they should drop full coverage: if the value of the vehicle is under $3,000, if it has over 100,000 miles or its 10 years or older.
To determine the value of your vehicle we recommend looking at Kelley Blue Book. The value you find on KBB will not be exactly what the insurance company would give you if your car is totaled out but it will give you a good ball park idea of what its worth.
Lastly you can look at what your deductibles are and the premium you are paying for that coverage.Let's use the following two vehicles as examples:
2004 Chevy Malibu LS - 110,000 miles - Good condition Kelley Blue Book Value = $3,450 Collision Deductible = $500 Collision Premium = $240 $3,450 - $500 - $240 = $2,710 (amount that the insurance company may pay)
1999 Ford Taurus G - 60,000 miles - Good condition Kelley Blue Book Value = $1,100 Collision Deductible = $500 Collision Premium = $215 $1,100- $500 - $215 = $385 (amount that the insurance company may pay)
When looking at these two vehicles, it's probably worth paying the $240 of insurance premium to keep the collision coverage on the 2004 Chevy, but not worth the extra cost for the 1999 Ford. Consult with your agent on your specific situation.
The short answer is that identity theft is a crime. Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data.This is done by using someone's name, social security number or other personal information to apply for credit, buy goods and services, or commit fraud.
Many people have reported that unauthorized persons have taken funds out of their bank account, or, in the worst cases, taken over their identities altogether, running up vast debts and committing crimes while using the victim's names. In many cases, a victim's losses may include not only out-of-pocket financial losses, but substantial additional financial costs associated with trying to restore his reputation in the community and correcting invalid information for which the criminal is responsible.
How do I protect myself?
On all homeowners insurance policies you can purchase ID Theft coverage.It usually costs around $25 per year and is a must to include on your policy.In the scenario that your identity does get stolen, this coverage will pay for legal fees usually up to $15,000 to restore your identity.Most insurance companies have a specific fraud team to handle this.Consult with your agent if you have further questions.
In June of 2009, the Wisconsin Budget Bill was signed by Gov. James Doyle. The Budget Bill included a number of significant changes to the Wisconsin Motor Vehicle Insurance Law; many insurance industry professionals made sincere attempts to strike these changes from the budget. Despite those efforts, the budget passed. As a result, auto policies will be affected by the following changes:
Effective November 1st, 2009
Required limits on Un/Underinsured Motorist & Medical Payments
Uninsured Motorist minimum 100/300; Medical Payments $10,000
Umbrella policies must include Un/Underinsured Motorist
Stacking of Un/Underinsured Motorist and Medical Payments - up to 3 vehicles
Effective January 1st, 2010
Raising minimum liability limits from 25/50/10 to 50/100/25
Effective June 1st, 2010
Mandatory insurance requirement
Subject to a $500 fine for not having insurance
What does this mean for me?
These legal changes will affect your renewal policy. Please contact us when you receive your renewal to discuss the changes that have been applied and what can be done.
