Vacant Home or Rental Property

Home and rental property owners might have periods during which their properties are vacant or unoccupied. This may occur for a number of reasons.

Property insurance policyholders need to be aware of coverage limitations that apply during these periods. The first set of limitations states that damage caused by frozen pipes is not covered unless the property owner has maintained heat and drained the plumbing systems before vacating the property.

The second set of limitations applies to vandalism and glass break coverage. Most policies state that vandalism and glass break coverages are suspended if the property has been vacant for the prior 30 days. A property under construction is not considered vacant.

Feel free to contact us to review any important coverage provisions that concern you.

Tips for Winter

The approaching winter gives us the oppportunity to consider cold weather risks and how to minimize them.

Last winter's ice storm caused significant tree-related damage. Tree limbs hanging over structural components should be trimmed back in the fall so that ice-covered limbs fall harmlessly to the ground.

If you have a woodbunring fireplace, the chimney should be cleaned at least every other year. Creosote buildup is a major cause of home fires this time of year.

Many fortunate northerners spend significant time in warmer climates during our winter months. Before leaving your home for any length of time, make sure your water supply is shut off and your pipes are drained. This will prevent damage from frozen and burst pipes even if there is no heat due to a power loss.

Contact out offices with any inquiries you may have.

Coverage for Fine Arts and Collectibles

We are frequently asked about the need to schedule fine arts on a valuable items policy. Inquiries have been made about artwork, antiques, and other collectibles.

Some of this property does not need to be itemized and scheduled separately as long as you are satisfied that your unscheduled personal property limit is adequate for a total loss. This limit is indicated as item C on your homeowners policy and is normally 70-75% of your dwelling limit.

Fragile collectibles such as vases, crystal, and other types of pottery or glassware are not covered for breakage incidents. Items of this nature that have significant value should be scheduled in order to pick up breakage coverage.

Please contact us if you have any questions or concerns about valuable personal property.

Rental Car Agreements

If you regularly rent cars, you know that the rental agent will ask if you want to purchase the "Loss Damage Waiver" (LDW). What should you say?

If you have a personal auto insurance policy for your own vehicle(s), it will extend to cover your use of a rented car. However, there are important limitations that could result in large out-of-pocket expenses. Consider the following:

You may have to pay for any coverage gap. Your auto insurer will pay if you currently carry collision and/or comprehensive on at least one of your vehicles. Even so, your auto policy will cover only the actual cash value of the damaged vehicle. This is the cost to replace it, minus depreciation. Your rental contract likely makes you responsible for paying the cost of the depreciated amount as well as other administrative costs, and these could add up to hundreds or thousands of dollars that your personal auto policy will not pay.

If you do not purchase the LDW and you damage the rental car, you are responsible for paying the rental company's loss of use. At best, your personal auto policy severely limits payment for loss of use to a rented car. Often, such costs are not covered at all.

Contact our offices with any questions you may have.

Coverage for Trees, Plants, and Shrubs

Many homeowners are under the incorrect impression that the insurance coverage on their dwelling extends in a similar fashion to their trees, plants, and shrubs. Unfortunately, homeowner policies limit the amount and types of losses that apply to these items.

The most common problem for trees is wind. This is typically not covered unless a tree is entirely uprooted. Lightning damage is typically covered but only up to $500 per occurrence.

Proper care for trees helps prevent these problems. Few homeowners have their trees thinned by a qualified arborist often enough. This helps lessen the risk of high winds creating an umbrella effect and damaging trees. Sick or dead trees should be removed to prevent injury or damage to nearby structures if they fall.

Contact our office with any questions you may have.