Month: August 2019

Home Insurance Myths

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Home Insurance Myths Debunked!

Purchasing a home is probably one of the greatest joys there is. Finding home insurance is usually one of the first tasks on your lengthy to-do list. Your house is of great value, so protecting it, along with your possessions, should be a top priority.

As with any insurance policy, the hope is that you’ll never need to make a claim. With this mindset, many misconceptions about home insurance have ensued. Educating yourself on home insurance before you make a final decision is always a good idea.

To get started, let’s examine and debunk some of the most common and problematic home insurance myths.

Myth #1: The coverage limit on your policy should match your home’s value

It seems understandable that homeowners would want to look at the market value of their home to determine how much home insurance coverage to have. However, this only one aspect of what the policy is for. Sure, you want to be able to recover from an unexpected event, but the cost to rebuild your home is not necessarily equal to the value of the home. It may cost more to rebuild from scratch because your home was built with older materials, or the value of certain features in your home has decreased over time. Either way, the amount of coverage needed should be based on the cost to rebuild your home, independent of your property value.

Myth #2: Your insurance policy covers valuable possessions in your home

This home insurance myth is a dangerous one because those who fall prey to it could find themselves ill-prepared and troubled when they try to file a claim. An accident resulting in damage or loss could be met with limitations on the coverage of valuable items. For this reason, you should check to see what property is covered by your home insurance, adding supplemental coverage for valuable articles if necessary.

Myth #3: Businesses run out of the home are covered

If you’re running a business from your home, it’s common to think the business assets would be included as property under your home insurance policy. However, most standard home insurance policies will spell out that businesses and business-related property must be covered under a separately purchased plan.

Myth #4: My home insurance policy includes flood insurance by default

This is another dangerous home insurance myth, as standard home insurance will cover water damage but that’s separate from flooding. Plumbing issues and associated water damage is considered ‘water damage’ and is included in home insurance policies. Floods are the naturally occurring swells of water from storms or overflowing bodies of water which require a supplemental policy. Knowing the difference is important.

To find out more information about home insurance, contact Schechner Lifson today! Discover how we can make sense of the world of insurance, providing you with the best and most affordable coverage possible!

Don’t Skip Your Travel Insurance!

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Why Travel Insurance is a Must On Vacation

These days, enjoying unbeatable experiences seems to be the goal for many. Vacations are something everyone looks forward to for extended periods of time. Planning where to go, figuring out the best activities to do, and saving up money and vacation days are all on the to-do list. With all the planning and funds going into your vacations, it’s more important than ever to consider travel insurance to protect your plans.

In the past, you might have skipped travel insurance, but there are a lot of reasons to seriously considering protecting your trip on your next vacation. Here’s why.

Trip costs and what’s at stake

Travel insurance ensures that you’ll be protected, covering at least a portion of what you paid for the travel and its associated expenses should you need to cancel. Should a medical or family emergency occur, travel insurance will allow you to rest assured that you’re not out all of the funds you used to book the trip.

Medical emergencies in foreign countries

If you have to go to a hospital or doctor while traveling overseas, the cost could be immense. Not only are the costs high, but your existing medical policy won’t be much help in an international medical facility. These facilities may require payment upfront. Should an accident occur, having travel insurance can alleviate this burden and even cover the cost of transportation to the appropriate medical facility.

Lost baggage

If an airline has ever lost your baggage, you know it’s one of the most frustrating things that can happen on vacation. Airlines will do what they can to find your bags or cover the costs, but you’re still left without your essentials and valuables. Travel insurance allows you to plan for these higher value items to be covered.

To find out more information about travel insurance, contact Schechner Lifson! Discover how we can make sense of the world of insurance, providing you with the best and most affordable coverage possible.

Boiler and Machinery Insurance

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What Equipment Is Covered Under Boiler And Machinery Insurance?

For industrial businesses, the equipment they invest so heavily in is the backbone of their production and success. Top of the line equipment could easily cost millions, and the breakdown or loss of that equipment could bring business operations to a standstill. For these reasons, insurance coverage on such expensive and complex equipment is critical.

Heating and cooling systems, boilers, and other operation-focused equipment are typically running 24/7 at your place of work, the breakdown of this type of equipment could be detrimental to your bottom line due to their repair costs and lost productivity.

What is Boiler and Machinery Insurance?

Boiler and Machinery insurance was initially created to cover heavy-duty industrial machinery. Boiler and Machinery Insurance, sometimes abbreviated as B&M Insurance, covers a business for physical damage and costs of broken-down equipment. As such, B&M insurance is also sometimes referred to as just equipment breakdown insurance. If anything happens that takes critical equipment out of service, B&M insurance will pay out to fix the equipment, keeping the business afloat while repairs are taking place.

What type of equipment does Boiler and Machinery Insurance Cover?

B&M insurance isn’t necessary for all businesses, particularly those who don’t own and operate their own building and machinery. But for any business that has invested money in costly equipment, B&M insurance can be critical. Typical types of equipment that insurance companies can include in a B&M policy include:

  • Boilers
  • Computers
  • Telecommunication equipment
  • Copiers and printers
  • Generators or other electrical equipment
  • Refrigerators

Given how much is at stake if something unexpected arises and your operations come to a halt, you might not be able to afford to skip Boiler and Machinery insurance.

To find out more information about insurance policies for employers, contact Schechner Lifson! Discover how we can make sense of the world of insurance, providing you with the best and most affordable coverage possible.

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