Archive for March, 2017

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

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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.

Wait…Did That Billboard Say Herlihy?

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

If you are driving down 290 this month you just might see our name………………

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Now I know a lot of people do not think that insurance is WICKED GOOD and might be confused by this.    I know that many consumers  think of insurance as a bill they  pay for something they never get.

For many fortunate families and businesses that may be  true.  Then there are another group of families and businesses that have experienced insurance losses and know the benefit of  “wicked good”  insurance coverage and a “wicked good”  insurance advocate at claim time.

What makes us WICKED GOOD?

After more than 90 years, we are still a group of local insurance professionals providing “REAL” insurance protection to our clients.  Our goal each day is to meet or exceed our client’s expectations.  I must admit we are a much more diverse group in 2017 than we were in 1927!  Our agency diversity has  definitely enhanced our capabilities to meet our goals.

Herlihy Insurance Group is proud of its local roots and local insurance talent as well as our Team Herlihy commitment to our local community.

We thank our loyal clients for the opportunity to work with them and look forward to serving more of our neighboring family and businesses in 2017.

Just take it easy going by our billboard!!

 

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.