The Sun Is Shining so…What’s this talk about Umbrellas!?!

Yes, there is such a thing as an “umbrella policy” in insurance. This policy acts just like it sounds, it covers your underlying policies to protect you financially when dealing with a liability claim. This policy kicks in once your underlying policy limits are exhausted. For example, if your auto liability limit is $500,000 and you get into an accident that exceeds the $500,000 your umbrella would drop down and pay for the additional expenses. Umbrella policies typically run by the millions, starting as low as one million and are only eligible on auto policies that carry at least a single limit of $500,000. Premiums can vary depending on driving record, number of drivers in household, amount of homes etc. Typically a premium is between $150-$200 a year per million. The term “umbrella” in plain words, shields the insured’s assets more broadly then their primary policies would.

Not only does this policy drop down once the primary policy limits are exhausted but it also provides coverage to claims that may be excluded. False arrest, libel, slander and civil suits are prime examples. It used to be that only the wealthy needed or wanted this policy. However, now that anyone can sue for any reason, at any time, an umbrella adds the extra protection you might need. It is important to know that people can be declined from this type of policy and that is why it is important to work with your insurance agent to find out if you are a fit candidate for this extra insurance.

Don’t be caught out in the rain, get an umbrella policy so you aren’t trapped in financial pain!  

Always feel free to visit our site http://www.cisforyou.com/ for a free quote on your auto or home!

Wild Fire Season

Colorado has already experienced multiple wildfires this year that have already destroyed numerous structures and land. The dry and warm Colorado climate is a dangerous recipe for wildfires.  Whether you live in the mountains, on the plains or even in the city it is important to make sure you and your possessions are prepared for a fire. You can also do many different things to prepare your house and landscape to prevent a fire or reduce damage if a fire approaches.

How to prepare your home

·         Thin trees and shrubs that are within 75 feet from your home. Even further if it is on a slope.

·         Clear all vegetation within the first 15 feet of home. Beyond that trees and shrubs should be thinned to allow 10-12 feet between branches

·         Grass and weeds should be less than 6 inches high

·         Trim branches that extend over roofs and completely remove branches that hang over chimneys

·         Keep wood piles at least 30 feet from home

·         If possible use brick, rock or stucco for exterior of home and fencing

·         Roof is most vulnerable in times of fire. Use class A or B roofing materials such as shingles, slate, clay tiles or metal.

·         Cover exterior vents with metal mesh to prevent sparks from entering home

When a fire approaches

Try to remain calm and remember your evacuation plan and materials.

·         Grab your evacuation box (which was explained in previous blog)

·         Notify insurance company immediately to let them know where you are headed and how to reach you

·         Park vehicles in closed garage with keys in ignition and unlocked (this is so crews can move your vehicles if fire becomes threatening)

·         Attach garden hoes to spigots and fill up trash cans and buckets of water so fire fighters can find them

·         Close all doors inside the home and shut off petroleum gas/natural gas valves

·         Move furniture away from windows and remove curtain blinds

If home is damaged

·         Contact insurance company immediately. You will meet with a claims adjuster and someone will inspect the damage. The first check you will receive will most likely not be your final payment but some money for temporary repairs. Most insurance companies include an “additional living expense” clause which covers your expenses if you are ordered to evacuate or relocate for a period of time.

·         In most cases you will receive two separate checks, one for structural damage and one for personal belongings. This is why it is very important to complete a home inventory

·         Take photos of damages and losses, make temporary repairs and save receipts because you will most likely be reimbursed.

Now you know how to prepare your personal belongings, important documents, home and landscape for a fire or evacuation. Be sure to look over your insurance policy and if you have any questions about your coverage’s don’t be afraid to call your agent. At CO Insurance Specialist we have over 30 years of experience and are happy to answer questions or concerns at any time.

http://www.cisofryou.com/  

 Work Cited

Goertzen, J., Moreno, J., & Steffen, J. (2011, May 01). Advance planning critical. The Denver Post, p. 13A.

Plan Ahead

Plan Ahead for a Wildfire

Colorado has already experience multiple wildfires this year that have destroyed numerous structures and land. The dry and warm Colorado climate is a dangerous recipe for wildfires.  Whether you live in the mountains, on the plains or even in the city it is important to make sure you and your possessions are prepared for an evacuation.

Insurance Checkup

The first thing you should do is look over your insurance policy and make sure the replacement cost of your structure (Coverage A) is accurate and would cover 100 percent of your structure. Another coverage you need to check is your personal property (Coverage C) to be sure it is enough and is covered at replacement cost.

Home Inventory

It never hurts to have all of your most valuable and expensive possessions documented. You may want to take pictures or videos of each room and store them on a portable computer or USB port. Make a complete list of major possessions or appliances including where you bought them, make, model, serial number and copy of receipts or appraisals.

Know where documents are at

If you have made an inventory list but do not know where it is off the top of your head then it is not helpful! Try keeping a file box or folders that are easily assessable for you but also in a safe location. You should have a copy or actual document of the following:

House inventory

Insurance policy/contract/agent contact information

Social Security cards

Driver’s license

Credit cards

Vehicle Titles

Passports

Health insurance cards

Birth certificates

Vaccinations and registration records for pets

A disaster kit

It wouldn’t hurt to have an extra pair of clothes, shoes, blankets, towels, medications, car keys and gloves. In most cases there is a red cross at relief sites that would provide you with the essentials but it is always nice to have your own clothes on your back when going through a disaster.

Plan for your pets

Make arrangements in advance for where your furry friends would go in the event of an evacuation.  Also be sure to keep your pets registrations accurate including contact information. Supplies and information for your pet should also be kept in your evacuation kit. For larger animals include the essentials such as food, bandages, supplements, wire cutters, etc that would last up to 14 days.

Follow the steps

Now that you have these few easy steps to prepare for a wildfire take the necessary actions to be ready. When a fire is approaching your home and you have only minutes to evacuate you most likely will panic. Being prepared will lesson your chances of forgetting something and will help you get out of your house faster. Be sure to visit our blog next week to learn about how to prepare your home to lessen the chances of damage and fire-smart landscaping.

http://www.cisforyou.com/

Loss Assessment

Loss Assessment

When being an owner of a condo unit you also become a part owner of the “common area” of the condominiums association. For example, if there are 200 condos in your association you are 1/200^th owner of the common area. Your personal insurance covers everything from the sheet rock in while your HOA covers everything from the sheet rock out. Since you are an individual owner of a unit and a “part” owner of the common area it is very important that your individual property insurance includes loss assessment.

Loss assessment means if your HOA experiences a large loss involving liability claims or property damage (hail, wind, lawsuit etc) they will come after all the residents to reach the HOA’s insurance deductible. When you purchase loss assessment for your individual insurance policy you are protecting yourself in case of a large claim with your HOA. Loss assessment pays up to the limit on your policy without you being subject to your deductible. Many insurance carriers automatically include $1,000 of loss assessment, however it is important to talk to your insurance agent to see what it would cost to increase your limit. Some companies max is $10,000 while others can be up to $100,000.

You do not want to be the neighbor who is paying $2,000 or $10,000 to the HOA because you did not add or increase your loss assessment limits to your policy. It is a relatively cheap endorsement that could come in vital after your neighborhood has experienced a large loss.

Get a free quote today or review your coverage with one of our insurance specialist at CIS.

www.cisforyou.com

1-888-265-6467

Is your home protected??

Protect your home!
"Winter can be severe throughout many parts of the United States. Here are tips to help you prevent-and deal with-the damaging effects of snow and ice."

Click the link below and find out what to do in case of an ice dam. How to know if there is too much snow on your roof and the steps you should take to remove it. Plus, how to protect your pipes from freezing.
http://image.agent.thehartford.com/lib/fec71578706c057c/m/1/PL-Winter_tips_flyer_final022411.pdf

Don't Assume It's Covered

Did you get a nice piece of jewelry for Valentines Day this year? If so, it is important to understand what articles are automatically covered under your personal property insurance and which articles you may want to Schedule.

The contents of your home such as furniture, clothing, electronics etc. are considered personal property. Your personal property can be found under coverage C of a dwelling policy. These items will be covered as long as you own it as the insured and as long as it is used by you as the insured anywhere in the world. The limit of your personal property coverage is based off of the amount your home is insured for, typically this amount is 70% of the homes insured value.

There are limits of liability that apply to many items. The following is the common limit on each article but it is important to remember that many insurance companies vary.

*Money, bank notes, gold other than gold wear, silver other than silver wear, coins & medals: $200

*Securities, accounts, deeds, evidence of debts, letters of credit, passports, tickets & stamps: $1,000

* Water craft, trailers, furnishings, equipment and outboard motors all under 50 HP: $1,000

* Trailers not used with water craft: $1,000

* Theft of jewelry, watches, furs, precious and semiprecious stones: $2,500

*Loss of firearms by theft: $2,500

*Theft of silverware, silver-plated ware, gold ware, gold-plated ware and pewter ware: $2,500

* Property on the residence premises used for business purposes: $2,500

Discuss with your agent what limits you have on these certain personal property items and keep in mind you are subject to your deductible in case of a loss. If you feel that your articles are worth more than the policy limits then you should add the Scheduled Personal Property Endorsement. This endorsement allows you to increase your limits of coverage on your valuable articles and covers you for mysterious disappearance. This means for example if you drop your ring down the drain or lose it on a trip your item will be covered.Scheduling is not subject to your deductible and usually runs about ten dollars per thousand.

So make sure your valuable items you own are fully covered with the Scheduled Personal Property Endorsement.

Always remember, here at CIS we have over 30 years of insurance experience, which makes us not just agents but insurance specialist.

http://www.cisforyou.com/