Storage (follow-up thought)

Most homeowner's insurance policies do not cover (or cover adequately) your stuff while it's in storage... there are policies that do cover it quite well - and they're not cost-prohibitive.

~ Jon

Merriam Insurance Agency

Storage!

More and more Americans are storing their excess personal property in self storage rental units. In fact, the Self Storage Association indicates that approximately 11 million households in the United States rent some type of storage unit.

The first consideration, after deciding to rent a storage unit, is which self storage facility to select. The following are some tips for selecting the appropriate storage facility.

• Select a rental company that has adequate security, such as proper lighting, formidable fencing, coded security pads, and 24-hour video surveillance cameras.
• Look for a unit that you can access any time of the day.
• Consider your need for a climate-controlled environment—particularly important if you are storing items that could be damaged by damp, cold, or hot weather such as upholstered furniture and archived items.
• Choose a unit that is well-maintained, clean, and pest-free.
• Ascertain the reputation and history of the rental company through referrals and the Better Business Bureau.
• Select a rental company that offers competitive rates for insurance for your property in order to give you more options; the rental company should also have its own commercial general liability insurance if someone gets hurt on its premises.
  ~ Jon
  Merriam Insurance Agency
  
  
  Used with Permission, Copyright 2012
  International Risk Management Institute, Inc.

Protect! (Historic Homes) p3

If you are planning any type of restoration to your home, make sure you hire contractors and architects that specialize or have experience in restoring historic homes. Note that the local historical commission typically has to approve any renovation plans.

~ Jon

Merriam Insurance Agency

Used with Permission, Copyright 2012
International Risk Management Institute, Inc.

Protect! (Historic Homes) p2

If you want to replicate custom or historical features of your historic home, such as stained-glass windows, antique wood floors, ceiling moldings, or hand-carved banisters, ask us about a restoration cost homeowners policy or about adding an endorsement onto your policy providing this coverage.

~ Jon

Merriam Insurance Agency

Used with Permission, Copyright 2012
International Risk Management Institute, Inc.

Protect! (Historic Homes) p1

Historic homes pose more challenges for home owners as they are typically subject to historical renovation regulations. Here are some recommendations worthy of consideration for your historic home.

You should avoid any type of functional replacement cost endorsement because this allows less costly construction materials and methods to be used to repair your home. These materials and methods may reduce the value of your home.

~ Jon

Merriam Insurance Agency

Used with Permission, Copyright 2012
International Risk Management Institute, Inc.

Ouch!

A friend, whose daughter is away at college, recently loaned her car to a friend. Unfortunately, the friend had no insurance, but was at fault in an accident. So, the burden of responsibility fell to my friend's insurance policy.

Personal Risk Management Tip...

Unless you intend to insure your kid's friends and their choices, it's probably worth discussing the ground rules with your kids if they're going to stay on your insurance policy.

Such risk may not be covered under a personal auto policy because the roommate's car is "available for regular use." If prohibition is not the risk management method of choice, adding the extended nonowned endorsement to the personal auto policy would also solve the problem.

~ Jon

Protect! (Older Homes) p2

Difficulty in estimating replacement cost

Older homes are often constructed with materials and using techniques that are either no longer available or extremely expensive to duplicate, making it quite difficult to accurately forecast what the cost would be to rebuild following a loss. As a result, there is a risk that the value for which your home is insured is too low. 


Sometimes a guaranteed replacement cost endorsement is available to protect against this contingency. With it, the insurer will pay the actual replacement cost to entirely rebuild your home after a total loss, even if it is much higher than your dwelling limit. If guaranteed replacement cost coverage is unavailable, consider extended replacement cost coverage, which might allow an additional 20 percent or 30 percent of the dwelling limit in the event of a total loss to your home.


~ Jon
Merriam Insurance Agency


Used with Permission, Copyright 2012
International Risk Management Institute, Inc.