Category: Insurance

Life Insurance Awareness Month

September is Life Insurance Awareness Month.  Life Insurance is not one of those fancy things you want to go out and buy, but it is absolutely necessary.   Here is why….

Take getting married for example, once you are married many of your finances are combined. You make joint investments, such as buying a house/condo. With such large joint investments, it would be difficult for just one of you to make all the payments. This is why life insurance is so crucial. Even if both of you have life insurance through work, it is also smart to buy a separate policy for each of you. If one of you loses his/her job, all the money invested into the company life insurance is gone. You don’t have life insurance anymore. On the other hand if you are putting money into personal life insurance policies it is always there.

How much life insurance do you need to buy? Many times people only buy 4 times his/her annual income, when in reality you will probably need closer to 10 times your annual income. Think of all the expenses life insurance needs to cover: funeral costs, mortgage, car loans, credit card debt, taxes, education, retirement, and list goes on. An equation you can use to help determine your life insurance needs is:

current and future financial obligations – (spouse’s earnings, savings, investments and life insurance already owned) = amount of life insurance

There are two main types of life insurance: term and permanent life insurance. As the name implies, Term Life Insurance is for a specified term or time period. Policies can range from 1-30 years for a term. This type of life insurance is relatively inexpensive because it does not build any cash value and it just ends when the term expires. The payments are at a fixed rate until the end of the term. If future life insurance is needed, the rate will most likely go up because the person buying it is now older (an influence on the rate of a policy) and could have health issues that were not present when first buying the term insurance. If the purchaser does die during the term of the policy, the beneficiary will receive full payment of the policy. This type of life insurance can be used for the purpose of covering a mortgage. If you have a 30 yr mortgage, you may buy a 30 yr term policy just to cover your mortgage payments if you die within that time period.

Permanent Life Insurance, such as Whole Life, will initially be more expensive. However, the rate on the policy will not change regardless of any changes in health or occupation, as long as timely payments are made. A significant difference from Term Life Insurance is that Permanent Life Insurance will build up cash value. Over time, the policy value will be increasing by more than the actual premiums. The owner will have access to this cash if so needed. In the end, Permanent Life Insurance will be more cost effective and provide a better solution to family planning.

During Life Insurance Awareness Month, please review your personal and family needs for the future.  Call us at Mancuso-Nowak to help set up a policy or ask questions.

Hurricane Preparedness Week in Massachusetts

Governor Charlie Baker declared this week, July 11-17, to be Hurricane Preparedness Week here in Massachusetts.  It is never to early to get ready for a storm, as we can see with Tropical Storm Elsa.  The National Oceanic and Atmospheric Administration (NOAA) predicts an above normal Atlantic Ocean hurricane season for 2021.

Preparation 

Preparation is the best way to be ready for a dangerous storm such as a hurricane or tropical storm. Have a few flashlights with extra batteries, your cell phone fully charged, a battery powered radio. Keep all of your personal documents in a fire proof box in a readily accessible area. Make sure you have plenty of non-perishable food items, such as canned food, bread, peanut butter, crackers and lots of water. The American Red Cross suggests having 1 gallon of water per person per day. A first aid kit is essential. Find out exactly what to put in a first aid kit.

Evacuation Zones

Massachusetts coastal regions are labeled as Evacuation Zone A, B, or C. It is important to know your zone at home and at work, since many people commute to Boston which is part of all three Evacuation Zones. The Massachusetts Emergency Management Agency has created a map to help residents determine if they are in a hurricane Evacuation Zone.

Storm Surge

The most damaging element of a hurricane is the storm surge. A storm surge is when the winds from a hurricane force huge amounts of water from the ocean on to the land. If a hurricane hits at high tide the storm surge is most destructing. It is important to have an evacuation route and destination planned out in case your home or work is evacuated. Massachusetts Public Safety Administration has outlined how to make a plan.

If we have a hurricane this season make sure to call us with any damage that has occurred to your home or auto. Remember that flood and earthquake damage are not covered by your homeowners policy unless you add the respective endorsement/policy. Read our blog about what type of storm damage is covered by your policy, 

Classic Car Insurance – What You Need to Know

Whether you have a 1951 Ford Pick-up Truck or a 1957 Corvette, you want to make sure your classic car is properly insured for the best price.  Classic car insurance is a boutique type insurance that focuses on the unique features of classic cars.  Individuals who collect classic cars are passionate about their hobby.  We are able to protect their investments in a custom way.  Classic car insurance is different from standard car insurance in the following ways:

  • Classic cars are not covered for daily commuting, just leisurely rides.  The premium is considerably less than a standard auto policy.
  • Classic cars have a higher theft rate.  The older parts can be sold for a premium in the open market, so coverage takes this in to consideration.
  • Classic cars are insured at an agreed value rather than actual cash value for standard cars.  Agreed value is a value that you and the insurance company agree on as the value of the classic car.  In an accident the company guarantees the policy will pay the full insured amount without depreciation in cases of a covered total loss.
  • You must have a standard auto policy in order to get a classic car policy.
  • Driving mileage is restricted on a classic car policy.
  • Clean driving records are required for classic car coverage.

At Mancuso-Nowak we provide insurance through Hagerty Classic Car Insurance Program.  Their online system allows the insured to view coverages and options to choose from and the agency will tailor a policy for you.  Please contact us with any questions on your classic car insurance www.mancuso-nowak.com.

Dehydration and Children

Summer is here…finally!  There are so many fun activities going on during the summer months here in Massachusetts.  With so much going on, it is important to remember to hydrate your children properly.  According to Dr. Holly Benjamin, Associate Professor of Pediatrics and Orthopedic Surgery at the University of Chicago, by the time children say they are thirsty they are already 3% dehydrated.   The amount of water/fluids a child needs depends on their age.  Children ages 1-3 need 4 cups a day, ages 4-8 need 5 cups a day, ages 9-14 need 7 cups a day and over 14 yrs old need the adult recommendation of 8-10 cups of water a day.  The scary part of this is that only 10% of girls and 15% of boys get this recommended amount of water a day.  The culprit is sugary drinks instead of water.

Here are some easy ways to keep your child hydrated this summer:

  • Make drinking water fun and colorful, freeze strawberries with water in an ice cube tray and add them to your child’s drink
  • Buy some crazy straws that make drinking water cool
  • Eat high water content foods like watermelon
  • Bring water bottles with you whenever you leave the house…and remember to use them!
  • Have children drink a full cup of water 30-60 minutes before vigorous activity then continue with water breaks every 20 minutes
  • Popsicles!  The best are homemade, non-sugar loaded type, but there are many healthy options at the store

Some signs of dehydration are dizziness, dark urine, irritability, and lethargy.  Children are more prone to dehydration, so it is important to keep a watchful eye on their water intake. If you believe your child is mildly dehydrated then get them to a cool, shaded spot and have them drink water.  Preventing dehydration can be as easy following some of the tips above.  We want you to have a fun and safe summer!

Do You Need Business Insurance for Your Home-Based Business?

The short answer is yes.  Many people believe that a standard Homeowners Policy will cover a business out of the home.  This is an incorrect assumption.  Here is why it is important for you to have a Business Policy.  Let’s look at a popular home-based business, LuLaRoe, and some situations that could arise.

Not Covered by Homeowners, Covered by Business Owners: 

  • There is a fire and your LuLaRoe inventory is ruined
  • From that fire you not only lost your inventory, but your business income has been interrupted
  • Someone slips, falls and is injured at one of your parties at your house
  • The UPS delivery person slips on your property and is injured while delivering a box of LuLaRoe leggings
  • Someone from one of your LuLaRoe parties has a little too much to drink and gets in an accident on the way home
  • A hacker steals all of your LuLaRoe client information, including credit card numbers

Now that you want to protect yourself from these types of situations, you will need to set up a Business Policy.

Most popular options for coverage:

  • A Rider to your Homeowners Policy will provide limited coverage, but is a low cost option (this is better than nothing!).
  • A Business Owners Policy (BOP) will have more comprehensive coverage to protect against the losses above and many others.

According to the Independent Insurance Agents & Brokers of America, 61% of at-home businesses do not have adequate coverage.  Do not be one of those people.  Call us today to find out more information about protecting your home-based business!  www.mancuso-nowak.com.

Halloween Horrors for Homeowners

Halloween can be a scary time of year, but don’t let your home turn in to a horror show!  We are talking about protecting your home from two of the most common homeowners claims during Halloween: fire and trip and fall.  Accidents from knocked over candles can turn alarming quickly.

To prevent fire accidents:

halloween-safety

  • Avoid any open flames!
  • Use flashlights or battery powered lights to give your jack-o-lantern or decorations an eerie glow
  • Inside and outside only use lights that have been tested by a reputable fire safety agency

Trip and fall claims can be numerous and scary on this spooky holiday.  Kids are wearing masks and costumes that are bulky and sometimes hard to walk in.

Here are a few simple steps to help prevent slip and fall accidents:

  • Install railings on you stairs (with most insurance companies this is a must or you will not be covered)
  • Keep your house and steps well lit for the trick or treaters
  • Properly light outside walkways
  • Keep cords and decorations close to the wall and out of the way
  • Clean up spills immediately…kids are pretty tricky with where they drop things, so be mindful of your walkways
  • Fix all broken steps: outside and inside (make sure stair rugs are properly secured)
  • And if applicable, properly shovel and use a non-slip ice melt

It is always a good idea to have an umbrella policy also. Our motto: You don’t need to be a millionaire to be sued for a million dollars! A $1M umbrella policy is an inexpensive way to give you that extra protection in case you have a slip and fall accident on your property and are sued. Call us for details www.mancuso-nowak.com.  Have a happy and safe Halloween!

As the Weather Cools Down, Don’t Let Your Fireplace Cause an Accidental Fire!

The cold weather is slowly settling in to our area. As temperatures drop, it may be time to start up the fire place. Your children may enjoy sitting in front of the fire on crisp cold nights and sharing fun stories. Your fire place may also be a central meeting area for guests and family members. Whatever the case may be, it is important to put safety first, or problems could ensue. The last thing you want to happen is damage to your home due to an accidental house fire.

fire

Whether you have a wood, metal, or another type of stove, you should be aware of the potential accidents that could occur. This is especially true if the fire place is the primary source for heat in the house. Here are some tips that can help you and your family take the proper precautions for protection:

  • Before you light the first fire of the season, make sure your chimney has been inspected. This should be done by a certified specialist so no one gets hurt.
  • Never burn other materials in the fire place besides seasoned hardwood. Putting cardboard, paper, or flammable liquids in there is not a good idea.
  • Keep the front area of the fireplace clean by removing all flammable items surrounding it. Have your family help you keep this space organized and clear of debris.
  • Stack the firewood you use for the stove at least 30 feet away from your home. This is for safety so if a fire were to start, more damage will not occur.
  • Every year, make sure your smoke alarms and carbon monoxide detectors are functioning correctly.

At Mancuso-Nowak Insurance Agency, we hope these fireplace safety tips help you make it through the fall and winter with no fire problems. If a fire does grow out of control, immediately contact your local fire department. In addition, having the right level of home insurance can help protect you from financial loss when the unexpected occurs. The goal of our team is to make sure that Massachusetts residents understand their insurance options. Our dedication to your needs makes us different than the rest!

Hired and Non-Owned Coverage: Does Your Business Need It?

First of all what is hired and non-owned coverage?  Hired liability coverage provides protection when an owner or employee rents or borrows a car for business purposes. “Non-owned automobile insurance provides liability protection when an employee occasionally has to drive his or her personally owned vehicle for business purposes. It assumes that the vehicle is not owned, registered or contracted in your (the owners) name or on your behalf.”

driving-a-car

Almost every business has exposure from hired and non-owned auto liability.  Some small businesses don’t own any vehicles, but they need to use vehicles in some aspect for work.  You need hired and non-owned coverage if your business:

  • has employees or owners that use personal vehicles as their company vehicle
  • has employees use their own vehicles to run errands for work
  • rents cars during business trips
  • subcontracts delivery drivers

If you have this type of exposure it is wise to get a commercial auto policy with symbols 8 (for hired) and 9 (for non-owned) in the liability section.  If you have any questions about commercial auto and hired and non-owned coverage, please call us www.mancuso-nowak.com.

Natural Disasters Covered and Not Covered By Insurance

Most people have a homeowners and an auto policy, but most of us don’t know exactly what types of natural disasters are covered. So, what natural disasters DO these policies cover? In Massachusetts the most common types of storms we see are: snow and ice storms, thunder/lightening storms, hurricanes and hail storms. A homeowners policy covers most damage from these storms. The exceptions are flood damage and earthquake damage, these are not covered. If you want coverage for these disasters, you can buy a separate flood policy or if you want earthquake coverage you can add an endorsement to your homeowners policy for additional premium. Don’t try to add flood insurance right before a storm, as there is a 30 day waiting period before federal flood coverage is effective. A convenient chart was created by the Insurance Information Institute to quickly see the types of perils covered by a homeowners policy.

lightening

Under a homeowners policy if your house is struck by lightening and it catches fire, you will be covered up to the policy limits. What if heavy, wet snow causes structural damage to your roof? This is also covered under a homeowners policy, unless the damage was from lack of maintenance. For example, if you have an old deteriorating roof, that has missing and worn shingles and it is damaged from a storm, this might not be covered. As a homeowner, it is your duty to maintain your property to an adequate state. In 2009, 2013 and last August the area had hail storms that caused a lot of property damage to houses. These claims were covered. Watch the 2015 hail storm in Waltham, MA.

In regard to auto policies, if you have comprehensive coverage most of these physical damage claims will be covered. Check out this damage done by the hail last August to this man’s car: car hail damage. The car may be considered totaled after all the damage is assessed. All of this damage should be covered if he had comprehensive coverage on his Honda. If you have any questions about your homeowners or auto policy, please call us and we are happy to help!

One Last Road Trip, Make It a Safe One!

It is August and we are all trying to stretch our summer out as long as possible!  Have you planned one more road trip to enjoy the last of the summer sun?  Driving longer distances can be taxing, but with safety in mind you can make the trip more enjoyable:

road trip

Make you last summer road trip a memorable and safe one!  Happy last month of summer vacation!