Archive for the ‘Property Owners’ Category

Ordinance of Law, Property Owners Take Note

Posted on: August 7th, 2017 by Agent Mark No Comments

ordinance of law

Your home or any other property you own all have one thing in common:

When it’s time to rebuild a damaged part of the building your repair/rebuild project may be subject to ever changing town building codes. Town building codes typically don’t change to save on construction costs,changes are often significant and costly.

Your home should be insured for its “Replacement Value.” This means that the limit of insurance you selected would be sufficient to “Rebuild” your home in its entirety with the same materials.

What happens when you insured your home at Replacement Value and three years later the town updated its building codes?

You may have a gap in your insurance coverage which is why every property owner needs to include Ordinance of Law coverage on their property insurance policy. This additional Ordinance of Law coverage would provide:

Coverage for loss caused by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Older structures that are damaged may need upgraded electrical; heating, ventilating, and air-conditioning (HVAC) or plumbing units based on individual town or city codes.

In New England we are blessed with lots of older homes and buildings that are unique in construction and architecture. Most of these homes and buildings would benefit greatly by including Ordinance of Law coverage in their insurance program. At our agency we have also seen several newer homes in need of this coverage as well. Coastal properties can be especially at risk.

The cost for Ordinance of Law? Not as much as you would think! Depending on the value and location of your property, most premiums we see are between $50-$75 per year.

What should every property owner know about Ordinance of Law?

1) You need it, and

2) The coverage may already be included on your policy. Check in with us before a loss occurs to review your Ordinance of Law coverage status.

Call or email us at Ordinance@herlihygroup.com to review this coverage on your property today.

Risky business: Two–thirds of homeowners are underinsured

Posted on: March 27th, 2017 by Agent Mark No Comments

protect-your-home1The J.D. Power survey indicates that two thirds of most homes in the United States are underinsured. Is yours one of them?

I think one of the most confusing parts of home insurance is that most consumers believe their policy limits are based on the real estate value of their home rather than the replacement cost of the physical structure.

Some clients in certain areas are upset with one simple issue; since the value of their home has declined why do they need so much insurance?

Your home insurance policy coverage limit should be for the cost to rebuild your home structure. With most rebuild situations we have seen that the cost to rebuild is frequently more expensive than building a new home. A few of the expenses that make this a fact are the demolition cost of the damaged building, the changes in local building ordinances and regulations and the increased cost of building materials.

Many consumers buy their home insurance policy when they purchase their home, pay their bills and do not review their policy coverage again.

We recommend that you take a look at your home insurance every two years to check the limit of coverage on your home or whenever you complete a home renovation project. At our agency we love when clients call us to review their home insurance coverage. It is a perfect opportunity to share with them how their policy works and what other coverage options they may want to consider.

The best way to find out the accurate rebuild value of your home is to review this with your local builder. In addition to checking with a builder you can also check out this website that provides you with an estimate rebuild value for homes.

Hope I got you thinking…………………..how much insurance do I have on my house?

Home Sharing and Your Home Insurance

Posted on: March 22nd, 2017 by Agent Mark No Comments

fuller-house-web-900x599

 

In our house there are not a lot of folks lining up to “home share” with us. Could be the kids, the bird or just me, but as of this posting, no inquiries have been made.

I do realize that there are a number of people out there who are using home-sharing companies to make some extra money. That is why I think it is important to review a few facts about most home insurance policies.

Home insurance policies were designed BEFORE home-sharing was a “thing”. On the standard home insurance policy provided in our office there are several provisions that may exclude certain coverages when you participate in a home- sharing service.

Here are a few things that may be EXCLUDED on your home insurance policy:

  • Loss to a structure (other than your residence ( garage, barn, carriage house) that is rented to others
  • Loss to personal property of your roomers, boarders and tenants.
  • Theft or your personal items from part of your residence that you rent
  • Your liability for bodily injury or property damage to others if rental is longer term

So if you do decide to home-share please contact your insurance agent to review your home insurance policy and any potential coverage gaps that need your attention.

So, Who Is Living With You These Days?

Posted on: March 10th, 2017 by Agent Mark No Comments

room-insuranceSo who is living with you these days? Do you have a “co occupant?”

We don’t mean to be personal………….but we do want your insurance to work!

If you happen to be living with a non relative person and you want to include them on your insurance, there are a few steps you should consider.

First your car insurance, please check that they are listed as a driver.  In Massachusetts they can be a “deferred” driver if they have their own MA car insurance policy. All household members should be listed on your policy.

On your home, apartment or condo insurance policy, check that you have added the Co-Occupant Endorsement that adds insurance coverage for your co-occupant. This added endorsement will extend property and liability coverage to your co-occupant.

When we ask you about who is living with you, we truly are not being nosy! We’re just making sure that we have provided you with the proper insurance protection.

Questions about how to provide insurance protection for other members of your household? We at Herlihy Insurance Group would be happy to assist. Email or call us today with your questions.

Why We Have Our Business

Posted on: July 20th, 2016 by Personal Insurance No Comments

To put it simply we provide insurance protection for people’s stuff.

During the past ten years our agency has had six total house fires. Typically this is not something that I dwell on in mid-July when half of our clients appear to be on vacation, but this recent fire picture that was emailed to me reminded that anything can happen!

First here is my photo:

Fire on Figure

A few facts about house fires from the National Fire Protection Association…

In 2014 there were 1,298,000 fires reported in the United States that caused $11.6 Billion in property damage.

One home structure fire was reported every 86 seconds.

When I review data like this, I think of all of our families, clients and friends.

  • Do they have enough insurance to replace their home if it is destroyed?
  • Do they have “ordinance of Law” coverage so that they can have the additional funds they may need to rebuild with today’s building code?
  • Do they have all their smoke detectors and or fire alarms working so no one gets injured?

I hope so! If you are not sure, just check in with your agent on these things. It really is worth the effort.

As a business we really do enjoy protecting people’s stuff, but we really need your help to make certain that the insurance protection you select continues to be adequate.

Weather in the News

Posted on: June 6th, 2016 by Herlihy Insurance Group No Comments

texas_barn_floodUsually it is never a good thing when the weather makes the news! Last week torrential rains wreaked havoc on already flooded parts of southeast Texas as one major river has swelled to levels not seen in more than 100 years.

Flash floods were an issue in many parts of Texas as a slow-moving storm system continued to soak the area.

As one meteorologist stated, “The thing that has been unusual about this, the past few weeks, is the amount of rain that we’ve seen.”

So Texas is far from Massachusetts where our clients reside but this news story brings up the topic of water damage and your stuff!

You want to make certain that your properties and your cars are covered for damage caused by “water”.

This can be a tricky one because coverage for FLOOD is typically NOT included on home or business properties. In order to secure flood insurance you do need a separate insurance policy.

We suggest that all property owners check out flood insurance. You never know when the 100 year storm will hit!

Another more common water damage claim is WATER and SEWER BACKUP. We suggest that all property owners consider adding this additional “water damage” coverage.

As for your cars and trucks, the good news is if you have “comprehensive coverage” the flood or water damage claim would typically be covered.

Not sure what you selected for WATER coverage on your insurance? Give your agent a call to go over this important topic.