Thanks for the trust you have placed in us and for choosing to be our client. You are receiving this e-newsletter because we want to help you stay informed about issues that could affect you and your family. We hope you find it informative. If you ever have questions or concerns about your insurance policy, please contact your Hylant Select representative. We are here to help.
SUMMER PARTIES AND LIQUOR LIABILITY
With its abundance of graduation parties, backyard barbeques and pool parties, it is no wonder summer is many people's favorite time of year. As you make preparations to host family and friends, consider your responsibility and obligation to keep them safe.
Homeowner policies cover host liability and will provide liability coverage and medical payments to guests who are injured at your home. Having adequate liability coverage is important; you may want to consider increasing your liability limits to ensure you can protect your tangible property, investments and potentially your future salary.
Always exercise caution when hosting events where alcohol is being served. Some states extend the host's liability to anywhere an inebriated guest goes, even after the party's over, according to the Insurance Information Institute. Here are some tips to make sure your loved ones get home safely:
Protect yourself and your guests, and have a fun summer.
CAR RENTAL: DO I NEED TO BUY THEIR INSURANCE?
Question: I'm renting a car for vacation. I don't need to buy the rental agency's insurance, right?
When you're on vacation, the last thing you want to think about is insurance or spend money on something that's not fun. But even a minor fender bender can ruin your vacation and be a pain for years to come.
The personal auto coverage will extend to a rental, but be aware of potential gaps:
- The rental contract will require replacement cost if the rental car is totaled. Your personal auto policy will usually only pay the actual cash value. You may be responsible for the difference.
- If you have any kind of damage with the rental car, whether you are at fault or not, the rental company will charge your policy deductible to your credit card when they learn of the loss. That might be $500 or more that you don't have available for souvenirs or theme park tickets!
- If the rental car is damaged while you are using it, your personal auto policy may not cover rental car loss of use for the several days it takes for it to be repaired. That means you pay out of pocket for those days they can't rent that car.
- When the rental company sells the vehicle in a couple of years, it may have a diminished value after repairs. Who's going to pay for that? You are!
- A claim on your rental vehicle would be included in your claim history for three or more years.
It is recommended that you purchase, at the very least, collision/loss damage waiver from the rental company. (Be aware that damage caused by speeding or driving on unpaved roads may be excluded by the waiver purchased.) So if something happens to your rental car, you turn in the keys (a heartfelt apology may also be in order) and you're done with it.
INSURING YOUR JEWELRY AND OTHER VALUABLES
Your homeowner insurance policy covers a wide array of risks and items, but it is important to know that the basic policy has limitations. One of these limitations applies to coverage for certain valuable items such as jewelry, watches, furs, Oriental rugs, silverware, glassware, firearms and other valuable collectibles.
An important part of insuring your jewelry and other valuables is having recent appraisals showing detailed descriptions and values. It is best to update these appraisals at least every five years because the value of some of these items can fluctuate, depending on the market.
It is also important that you make sure you have coverage that will pay the "agreed or stated value" in the event of a claim. "Agreed or stated value" coverage generally means that you'll be paid the value listed on the policy instead of the cost to replace the item and makes the claim process much easier. Not all insurance companies offer this coverage, so give us a call and we will help get the coverage you need.
WHAT COULD POSSIBLY GO WRONG WITH MY WEDDING?
Ah, summertime. It makes us think of June brides, beautiful flowers and delicious wedding cake. Did you know that the average wedding in America is valued at $35,329, according to a recent study? If you live in Manhattan, it's a whopping $78,464.
If you are planning a destination wedding or even just an after-party in a rented barn, you'll soon discover how quickly the costs add up. But what if something goes wrong? What happens to your investment on the big day?
Would you consider driving your new car without insurance? Of course not. Likewise, you should consider insuring your special event. For as little as $160 with a $0 deductible, you can purchase the Wedding Protector Plan from Travelers Insurance Company. This policy offers a variety of coverages, including the following:
- Additional Expense: If a vendor suddenly becomes unavailable for your event but you can find a last-minute replacement, this policy can reimburse you for the difference in cost.
- Call to Duty: If an honoree is unexpectedly called to active duty or has his or her military service leave revoked, forcing you to postpone the event, the policy can provide reimbursement for non-recoverable expenses.
- Cancellation of Wedding
- Damaged Gifts: You can get repair or replacement cost if your wedding gifts are damaged.
- Liquor Liability: As an individual liability option to your policy, you can add this coverage when you purchase liability coverage to protect yourself against liability arising from alcohol-related occurrences (subject to policy conditions and exclusions).
- Lost Rings: You can receive repair or replacement cost if the wedding bands are lost or damaged.
- Postponement for Sudden illness: If the wedding needs to be postponed because of a sudden illness that prevents honorees or their immediate family from attending, you can receive reimbursement for non-recoverable expenses.
- Ruined Photos: If your photographer's film or data storage is defective, or negatives are lost or damaged, this policy can help cover the cost to retake the photos.
- Severe Weather: If weather such as a hurricane forces you to cancel your wedding, reimbursement is provided for non-coverable expenses.
- Special Attire: For repair and replacement cost if an honoree's wedding gown or tuxedo is damaged or lost.
- Transportation Shutdown: If you have to postpone the wedding because a commercial transportation shutdown prevents the honorees or their immediate family from getting there, you can receive reimbursement for non-recoverable expenses.
- Venue Requires Insurance: As an option to your policy, you can add liability coverage in case a guest is injured or causes damage to the property.
Contact us to learn more about the Wedding Protector Plan through Travelers.