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SUMMER INSURANCE TOPICS by Alan Plafker, President & CEO
Summer is here and the time is right for dancing in the street. With all due respect to Martha and the Vandellas, make sure there are no glass shards and check for on coming traffic before you dance in the street this season.While we’re at it, what else do we need to be aware of in summer? We all know that kids can grow like weeds so when they want to ride their bikes this summer make sure their helmets fit properly. If there was a new bike for someone this winter—is the bike fitted properly for them to ride? A child should be a able to touch the ground and balance the bike while straddling the seat. If they can’t then it’s too big, and too dangerous! Do you have a trampoline in your backyard? Don’t forget to install the netting that surrounds it.This reduces the potential for someone bouncing their way off and into the urgent care clinic thereby reducing your chance of having to call: "Hello, claims department, I’d like to report …" Swimming pools also can be an issue for safety. A good reminder: If your pool has a deep end and shallow end make sure that you have a rope which separates the two.This way the little kiddies can’t drift into the deep end on their floats. Another good idea is to put a nickel jar pool side.This way every time you have to yell “NO RUNNING” the culprit has to contribute to the jar.This all but guarantees a great year end barbecue—all expense paid. All kidding aside, pool safety is really nothing to joke about. Please ensure that you have a locking gate either surrounding the pool or for your backyard in general.Your town may even require this. Also, think about investing in a pool alarm which will sound if something accidentally falls into the pool. Your swing set should be built on level ground with a good cushion substance underneath. Wood chips, or pea stones make a great soft landing if an accident happens. Summer is here. Let’s just take a few precautions to ensure that it is a safe one.And, put that stick down.You’ll poke your eye out! Vacation homes. Get the coverage you need When you insure a home, any home, you secure two types of coverage:
While a separate policy will be needed to insure property damage to your vacation home, an endorsement on your primary homeowners policy usually is enough to extend liability coverage. However, keep in mind that having a second home increases the value of assets you have at risk. You’ll want to work closely with your insurance agent to make sure you have adequate coverage. In fact, you may want to consider purchasing extra liability insurance also known as a personal umbrella policy. If needed, a PUP can increase the liability coverage on your home, vacation home or auto to $1 million or more. A vacation home doesn’t have to be an exclusive, eight bedroom villa on the shore.A camp cabin or even permanently parked trailers are considered vacation homes that should be insured. Whether you use it year round, all summer, or only on weekends, you want your vacation home to be as well protected as your primary residence.Also, it would be nice it you didn’t go broke trying to insure it.We can help. Location, location, location Location is everything.Those sunset views on the beach are lovely, but they also are the source of some particular insurance issues. Insurance underwriters don’t consider the subjects of their coverage in a vacuum. It’s not just three bedrooms, two baths, 2500 sq. ft.; it’s three bedrooms, two baths, 2500 sq. ft. on the coast. For much of the Northeast it’s particularly important to see if you have proper coverage for hurricane or windstorm damage. Many homeowners policies may provide limited coverage on hurricane damage or windstorm protection. Also, call your agent for information on flood insurance. Most homeowners policies do not provide flood coverage and the National Flood Insurance Program, which writes most flood paper, requires a 30 day waiting period before coverage takes effect. Keep the green from your garage sale in your own pocket The seasonal weather may have you thinking about having a yard/garage sale. Great idea. Don’t forget to organize your items. Label each item with a price tag. Hang up signs advertising the date and time. Get a cash box together with small change, and check your homeowners or renters insurance policy. That’s right. Most standard homeowners and renters insurance policies provide liability protection which offers you coverage if someone is injured on your property or causes damage to your property. But why not give your agency a call to make sure you have all the necessary coverages in place? The last thing you want is to have to pay someone’s medical fees when you were just trying to clear a little space in your attic or basement. To avoid any potential injury make sure your property is in good shape. Repair anything that might fall on someone or anything someone might trip over and fall. Keep sharp objects out of the reach of children and don’t sell anything that you know is unsafe or hazardous. And, keep your pets inside during your sale. Keep in mind that though a one time yard sale should be covered under your homeowners or renters insurance policy if you plan to host frequent yard sales or use a yard sale as a fundraiser for charity you should double check with your agent first to make sure you are covered. Do you have a home inventory? If your household belongings are lost to fire or theft your homeowners policy will likely provide you with funds to repurchase those items. However, without an accurate and detailed listing of your valuables how can you possibly know exactly what you lost? A home inventory can help. It provides a practical way for you to ensure that everything you own is protected fully from loss. It gives your insurer a record that helps determine the amount of your loss, assures that you receive appropriate reimbursement and can accelerate the claims process. Creating a home inventory is easy and requires only a few simple steps: Start writing. List all of your major belongings and furnishings, room by room. Include items tucked away in drawers and hidden in storage. Don’t forget to provide a brief description of any big ticket items, noting details such as purchase price, serial numbers, etc. Produce records. Back up your inventory list with receipts or appraisals when possible.Take photographs of your belongings noting the date and shown contents on each picture. Or, you can videotape each room describing the contents as you go. Store it offsite. It wouldn’t be helpful to keep your inventory in your home. What happens if a fire destroys everything including your records? Make copies of your list, receipts, photos, etc., and keep them in a safe deposit or with a relative. Update regularly. Be sure to update your inventory as you acquire new items, particularly those of high value.Also, it is essential to conduct a new inventory whenever you move into a new home. Be aware that policies generally limit the amount of coverage on certain possessions (for example: jewelry and silverware) and may not be adequate protection for other possessions (for example: cameras and fine arts). Consider purchasing additional insurance on these items. Call your agent today for more information and the best advice on your personal insurance needs. Some things just can’t wait If you forget a friend’s birthday, but you make up for it a few days later, the old saying,“better late than never,” has relevance. However, some things just can’t wait.The duty dictated by your insurance policies to report a claim promptly is one of those that cannot be put off without risking the denial of your claim. Let’s suppose an evening guest at your home is leaving, and on the way out to the driveway that person trips over an object of yours left out in the darkness.That person limps to the car, assures you he is fine and actually seems apologetic about the incident.As a result, you do not report it to your insurance company. However, some time during the three year statute of limitations, that person decides to file suit and serves you with a summons and complaint. For policies written or renewed before Jan. 19, 2009 you probably will receive an unconditional denial of your claim for not reporting this incident a short time after the person fell. The law prior to this date gave insurance companies the right to deny a claim based upon an unexcused or unreasonable delay in reporting the claim, regardless of whether the insurance company was hampered in its investigation by that delay. But there’s good news.The law has been revised to prohibit the denial of a claim for late reporting of a liability claim unless the untimely report impacts the ability of the insurance company to investigate the validity of the claim.While this new law protects your rights under certain conditions, don’t take it as a signal to neglect your obligation to report incidents that possibly could develop into a claim promptly.As always, be sure to call your agent if common sense leads you to believe an injury or property damage has been sustained by someone on your property, or as a result of your activities away from home. Carpooling:The latest old fad These days most everyone is looking for ways to save money, and suddenly the carpool is back in style. And, why not? By carpooling you’ll save on gas, your vehicle will enjoy less wear and tear, you’ll endure less stress on your commute, and, by driving less, you’ll be doing the environment a favor.You may even save on you auto insurance premium. Since insurance carriers base premiums at least partially on the number of miles you regularly drive your vehicle.A substantial cut in that number via carpooling may be worth some money in your pocket. Call your agent to see if you should be paying less for coverage. This is one of those rare occasions where the only insurance concern is how much you’ll save. Insurance policies vary so double check with with your agent.The general liability portion of your policy covers passengers, and most policies would not exclude carpool members. In some instances carpool driving isn't covered by your regular insurance policy as it's considered business use of your car. However, such policies are uncommon, and when you call your agent odds are you’ll be discussing how much you’ll be saving. For more information, talk to your insurance professional, or the author of this article.
Your Professional Insurance Agent—… Alan Plafker is President of Member Brokerage Service LLC, a Melrose Credit Union Service Organization. He is a licensed Insurance Broker and serves on the Board of Directors the PIANY (Professional Insurance Agents Association of NY) and on the Board of CIBGNY (Council of Insurance Brokers of Greater NY). His Agency insures thousands of polices for TLC Insurance as well as many policies for all types of insurance. You can reach him in his Briarwood, Queens office at (718) 523-1300 ext. 1082.
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