Tag Archives: Replacement Cost

4 Emerging Risks for Today’s Homeowners

4-emerging-risks-for-todays-homeowners

By Richard A. McGrath, CIC, LIA Are you a homeowner or soon-to-be homeowner? Or maybe you have an expensive wine collection, jewelry collection or art collection? Homeowners and collectors have a significant amount to lose. As a homeowner, there are a few emerging risks that could greatly impact you and your financial security. Risk #1: […]

Read More Comments Off on 4 Emerging Risks for Today’s Homeowners

Does My Homeowners Insurance Cover Home Improvement Projects?

Does My Homeowners Insurance Cover Home Improvement Projects?

By Richard A. McGrath, CIC, LIA Are you planning on making updates or renovations to your home this spring? Maybe you’re thinking of remodeling your kitchen or bathroom, or you finally decided to finish your basement or build that addition onto your house. Before you start construction on these types of projects, it’s important for […]

Read More Comments Off on Does My Homeowners Insurance Cover Home Improvement Projects?

Understanding Actual Cash Value and Replacement Cost

Understanding Actual Cash Value and Replacement Cost

Deciding on what coverage you need for your personal property can be a difficult task. Typically, a standard homeowner policy will protect your personal belongings only at a set percentage of your dwelling cost. The extent of this coverage will vary depending on the policy’s loss settlement clause. This clause determines what property will be […]

Read More Comments Off on Understanding Actual Cash Value and Replacement Cost

How to Avoid a Coinsurance Penalty on Your Property Insurance Policy

How to Avoid a Coinsurance Penalty on Your Property Insurance Policy

The word “coinsurance” is often one of the most misunderstood and confusing terms used in the insurance industry. When used in context with property insurance, the word’s meaning differs from when it’s used in context with health insurance. For the purposes of this blog, we are going to look at coinsurance as it relates to […]

Read More Comments Off on How to Avoid a Coinsurance Penalty on Your Property Insurance Policy

5 Preparation Tips to Deal with Natural Disasters

5 Preparation Tips to Deal with Natural Disasters

Every day we are reminded that disaster can strike at any time, any place. For the city of Worcester, disaster struck the day before Labor Day: an EF-0 tornado. Thankfully, the devastation was not as wide spread as that of the tornado that swept through the area in June of 2011. Yet, the storm was […]

Read More Comments Off on 5 Preparation Tips to Deal with Natural Disasters

Update Your Home Insurance When Renovating

Update Your Home Insurance When Renovating

The moment you’ve been waiting for is finally here! Construction on that updated kitchen, finished basement, enclosed patio or home addition has begun, and in the midst of a huge renovation project, the last thing you want to worry about is whether or not your home insurance provides adequate protection. “When renovating and remodeling, you […]

Read More Comments Off on Update Your Home Insurance When Renovating

Five Tips for Insuring Your Home to Value

By Megan Cooney, Marketing Assistant After experiencing a total loss, the last thing you want to worry about is whether or not your financial situation can fully cover the cost of rebuilding your home. By taking steps towards insuring your home to value before a loss, you can eliminate the stress of potential financial turmoil. […]

Read More Comments Off on Five Tips for Insuring Your Home to Value

Renters Need Insurance Coverage, Too

By Richard A. McGrath, CIC, LIA Just because you don’t own a home, it doesn’t mean you don’t need insurance. Renters insurance can provide much-needed protection and it is relatively inexpensive, yet most renters do not have it.  In fact, only 31% of renters – less than one in three – have renter’s insurance, according […]

Read More Comments Off on Renters Need Insurance Coverage, Too

If Your Home Is Insured Based On Market Value, You May Be At Risk

By Richard A. McGrath, CIC, LIA Many victims of the tornado that recently hit the Sturbridge area learned the meaning of “replacement costs” the hard way. In today’s housing market, with the price of housing having fallen, many homeowners have reduced their insurance coverage, based on falling market values.  But a home’s market value is […]

Read More Comments Off on If Your Home Is Insured Based On Market Value, You May Be At Risk