Insurance

More than one-third of all homeowner claims involved dog bites, totaling aggregate damages of an estimated $602 million in 2016, according to the Insurance Information Institute.¹ For most homeowners (and renters) a standard policy generally covers any legal liability that may result from their dog biting or harming another individual.²Typically, this coverage is designed to extend to places outside the home (e.g., a walk in the park), but may not include what happens inside a [...]

One of the attractions of leasing a car is that it generally requires a much smaller upfront outlay of cash compared to what purchasing a car might require. This preference to minimize an upfront cash payment may mean that some individuals may also roll into the lease payment other associated costs, including the capital-reduction amount (or down payment). While the predictability of a known payment amount for a set period of time may be convenient, [...]

Despite the overwhelming research documenting the health and behavioral consequences of underage drinking, some parents believe that allowing minors to drink under their supervision may lead to more responsible drinking in their adult years. Other parents believe that allowing minors to drink in the home is a better alternative to drinking outside the home. Regardless of your parental approach to your teen children and drinking, when teens drink at home, you may be exposed to [...]

An insurance deductible is the amount you, the insured, pay before any claim is paid by your insurance carrier. Depending upon the type of insurance, a policy may set the amount of deductible, or offer you the ability to select a deductible amount. Deductibles serve a dual purpose: they save the insurance company money (including the administrative cost of processing small claims) and may help keep your premium costs lower. Choosing the Right Deductible Amount [...]

Errors and Omissions (E&O) insurance has many names. For some healthcare professionals, it’s called malpractice insurance. For lawyers, it may be called professional liability insurance. Whatever name it goes by, E&O insurance is designed to protect you or your company from potential financial damages that may arise from a client holding you responsible for a service you provided that did not meet an expected or promised outcome. Some E&O policies are designed to protect you [...]

One landmark study found that credit-based insurance scores are used by about 95 percent of all auto and home insurers in calculating the cost of insurance to individuals.¹ While the vast majority of insurance companies use credit-based insurance scores to help determine the price of insurance, it is banned in the states of Massachusetts, Hawaii, and California. Some states only allow it as a factor for property insurance like auto and homeowners insurance. Other states [...]

If you own a gun, you need to consider whether you are covered in the event the gun is stolen or destroyed and protected against any potential liability should your firearm cause an injury. Gun ownership is a big responsibility and having the proper insurance coverage is an important element in meeting that responsibility.¹ Personal Property For most standard homeowners policies, guns are considered personal property and are covered as such. However, they may be [...]

As a homeowner, are you responsible for the damage caused by a tree on your property that hits your neighbor’s home or other insured structure, such as a garage or shed? In most cases, the answer is “no.” When such damage occurs to your neighbor’s home due to forces outside your control, e.g., weather events, your neighbors may have to file a claim with their insurer to receive a reimbursement for the damage a down [...]

Nearly 60% of Americans do not have a home inventory of their possessions, and of those that do, 48% do not have any receipts evidencing their value.¹ It’s great to have insurance against damage and loss, but if you can’t show proof of your possessions, it may result in a protracted settlement process with your insurance company. Four Tips for Creating an Inventory Creating an inventory may take a bit of upfront work, but it [...]