In addition to protecting the physical structure of your home, your homeowner’s insurance could also include jewelry, collectibles, and other
scheduled items mentioned specifically in your policy. Homeowners insurance could pay for repairs on damage caused by fire, severe weather, frozen
pipes, and theft.
Your homeowner’s policy will include some liability coverage as well; that could protect your assets from lawsuits for libel or slander. If an individual files personal liability claims against you and their damages exceed the amount of liability coverage in your homeowner’s policy, then your umbrella policy can provide an additional layer of liability coverage.
In our annual review process we have encountered the following:
One customer was delighted when during an account review we discovered that they did not have renters insurance. When we quoted the coverage with the same company writing the auto (because of the companion discount), the decrease in the auto policy absorbed the cost of the renters insurance; resulting in more coverage for less money.
An account review uncovered the fact that the client was on the board of a nonprofit that did not have their own Directors and Officers insurance
leaving the volunteers unknowingly self-insured. Our recommendation of an umbrella policy closed this gap. We always tell our clients who are donating
their time as an instructor, coach, or board member to be aware of what’s at risk and don’t be without an umbrella. Give your time without exposing
your assets. A little known fact is that higher limits on your home and auto coupled with an umbrella will bring your premiums down. This is another
example of how we’ve helped clients get more for less.
Our annual reviews and quarterly newsletters are our way of keeping you abreast of important changes that may affect your insurance program as well as a reminder for you to keep us informed of any changes such as major modifications to your home like an addition, pool, or finished basement. Your teenager has started to drive. You entertain your clients on your boat or at your second home. You purchased a rental property. You started a family. You got engaged. You purchased an expensive watch or jewelry.