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10 things you should know about insurance

Mar 25 2015

Wayne Texeira Marketing Director, CFMP, AINS, AIS, API

  1. Your homeowners policy only provides $2500 coverage for personal business property in your home. If you have a home office, you may need to increase coverage to fully protect your computer, office furniture, equipment, filing cabinets, etc.
  2. If a tree falls on your vehicle, the damage is not covered under your homeowners policy. You are covered only if you carry comprehensive coverage on your auto policy. 
  3. Without a renter insurance policy, the contents of your apartment are not covered if they're stolen or lost in a fire.
  4. Your homeowner policy does not cover flood damage. If houses in your neighborhood have flooded in the past, you should check into a flood policy. 
  5. You can lower your payments on most policies simply by raising your deductible. But, a higher deductible does mean you'll pay more out of pocket if you have a claim. Don't risk more than you can afford. 
  6. If a brand new vehicle is totalled in an accident, an auto policy may not always provide enough coverage to replace the vehicle and/or pay off the loan/lease balance.  Check to see if your auto policy provides new vehicle replacement coverage and loan/lease gap protection.  If not you may want to purchase this additional coverage.
  7. If you drive in a carpool, you might need to increase the medical coverage on your auto policy to fully protect your passengers. 
  8. An employee who is injured while driving a business vehicle in the course of doing business is covered under workers' compensation -- not under the commercial auto policy.
  9. Among people turning 65 today, 69 percent will need some form of long-term care, whether in the community or in a residential care facility. (Source: www.AAHSA.org) A long term care policy can help protect you from the financial burden of nursing home costs. 
  10. Your company could be liable if an employee has an accident while operating their own vehicle for work purposes.
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