Insurance Category | Coverage Tips and Information Hub

Fun 4th of July Events – Plan Your Entire Weekend!

The 4th of July is such a joyous occasion when we come together with family and friends to celebrate the signing of the Declaration of Independence and the birth of our country! So many fun activities around Shrewsbury. Here is a plan for your entire weekend:

July 1st Worcester Fireworks: http://www.worcesterma.gov/calendar/fireworks,

July 1-4 Millbury Lions Club Festival: http://www.millbury-ma.org/Public_Documents/MillburyMA_WebDocs/docs/07-01_Lions_Celebration.pdf

July 2-4 Old Sturbridge Village: https://www.osv.org/event/independence-day-celebration-2

July 4th Shrewsbury: https://shrewsburyma.gov/DocumentCenter/View/2099

Happy 4th of July! Have fun and stay safe.

Keep Your House Safe While Vacationing

The summer is a popular time to take a vacation. Burglars also know this. Break-ins are most prevalent when a homeowner is on vacation. Here are some ways to deter a burglar:

Install a home alarm system. Not one that just sounds when a window or door is opened. The new alarms let you monitor your entire house from your smart phone. You can turn on lights, lock doors, turn off the A/C.

Put a few lights on timers. This may not always work because if your lights go on at the exact same time everyday, then a burglar watching your house will realize the lights are on a timer, not that someone is home turning them on. So your best bet is to change the time your lights go on every week. Also, have a few lights on timers, one in each section of your house.

Update your front door. The new type of door that is top for security is a steel door. The fancy windows on the side of your door make breaking in easier. Replace the whole unit with a steel door.

Have a neighbor or relative stop by occasionally to check on the house. This benefit is two-fold: a human presence to deter a burglar and to check to make sure everything looks ok.

Leave a radio or tv on. The sounds are a good deterrent for someone looking to break-in.

Lock all doors (even inside garage doors) and windows. This is obvious, but the most common break-in spot is a bedroom window. We open them and then close them often for fresh air. But we often forget to lock them every time.

Hide your valuables. In a good spot…not under the mattress! There are many creative spots, some good ones are found here: www.apartmenttherapy.com/

Make sure your valuables are scheduled on your Homeowners Policy!!!

These are great preventative actions to take before going on vacation this summer. If you have any questions on scheduling items on your Homeowners Policy, please call us. Have a fun and safe summer vacation!

Insurance for Multi-Generational Houses

It is very common these days to have many generations living under one roof. Elderly parents often need help as they age and may move into their adult child’s house with his/her family. That family could also have adult children of their own still living in their house. The market has been difficult for Millennials to get jobs, so many of them have moved back in with their parents after college or after losing a job. How does this affect home and auto insurance? Do you have the proper coverage?

Auto Insurance Changes:

If your parent and/or child is living under your roof and could possibly use your car (and does not have a policy of his/her own), you need to list them on your policy

If your parent and/or child has a policy of his/her own, make sure they are listed on your policy as deferred

You can add your parent and/or child to your policy and have them drop their current policy also. The tricky part with this is if they have a bad driving record. Your premium will increase.

Home Insurance Changes:

If you build an in-law apartment in your home, have your parents get a separate renters policy

With any additions it will increase the value of your house, make sure you are insured for the actual new value.

If your loved one is just staying in a room in your house make sure to account for any valuables they bring with them, antiques should be appraised and scheduled separately on your home policy

Also, if you do not already have an umbrella policy, you should get one. As we have said before, you don’t need to be a millionaire to get sued for a million dollars! Make sure you have the proper coverage, it will pay off in the long run. mancuso-nowak.com

Safety for Graduation Parties

It is the season for graduation parties – colleges and high schools. We all love to celebrate, especially after the year of Covid, for a joyous occasion. Graduating is a big accomplishment and many parties will be thrown to congratulate the students.

In order to have a successful party keep these things in mind:

Do not serve alcohol to minors.
Encourage each car to have a designate driver.
Take away keys from party goers who have had too much to drink.
Have a lot of water (flavored water is much more enticing, so make a few pitchers and keep them on all tables) available for people to stay hydrated and not drink more alcohol.
Good food is essential. If the guests are busy eating they may be too full to drink a lot!
Remember that you have neighbors, respect them. Keep the noise to a respectable level and don’t let the party rage all night.
Alert your neighbors that you will be having a party and let them know you will clean up any trash that may get in their yard.
There are many outdoor games that all ages will enjoy, have lots of activities to entertain guests.

Graduation parties are fun, just make them safe too! You are liable for the people drinking at your party, so make sure everyone is ok to drive before they leave. It is important to also have a personal umbrella policy! Our motto: “You don’t have to be a millionaire to be sued for a million dollars!” Protect yourself and your assets, call us about adding an umbrella policy to your account www.mancuso-nowak.com.

How an Umbrella Policy Can Prevent Financial Distress

What is an Umbrella policy and why do you need one?
An Umbrella policy has a minimum coverage of $1M and as the name implies it goes over your auto and home/tenants policies. It provides an additional $1M (or more) of liability coverage over the underlying policies which typically carry limits of $250K per person/$500K per accident for auto and $300K for homeowners. Certain carriers require more/less limits on the underlying but these are the most common underlying coverage requirements.

Umbrella policies are not super expensive for the amount of coverage they provide. Most policies range from $200-$350 a year. The coverage not only pays for damages that occur on your property, but also damages that your family (including pets and kids) cause to someone else’s property. The additional coverage is necessary because it provides the added protection most of us need in the litigious society in which we live. The large awards the court systems have been granting are astonishing. If someone slips and falls on your property or you get in a car accident that is your fault, an injured party could be awarded a sum that exceeds your home or auto policy limits. The umbrella policy would protect you and your assets by paying the additional money up to the policy limit. You could easily prevent financial distress by having an Umbrella policy.

Families with dogs should seriously consider buying an Umbrella policy. Even if you have the most gentle, non-biting dog the statistics are there. The average dog bite claim has rose from $19,162 in 2003 to $29,396 in 2011. These numbers are for the average dog bite. If a visitor to your home is severely injured the cost could exceed $1M. According to the Insurance Information Institute dog bites account for a third of all homeowners claims. The statistics are alarming and definitely warrant a look into getting an Umbrella policy. Protect your family and assets.

Umbrella policies are one of the smartest ways to protect you and your family from a devastating financial loss. Call us for more information and to review your options: www.mancuso-nowak.com.

Keeping Your Commercial Property Safe

As a business owner, you understand the risks that your business faces each and every day. Even while you are not around—your company will still face the unexpected. Just because it is after hours, does not mean you do not need protection. To keep your company safe, it is important to take the proper precautions and prevention methods.

This week, our agents are here to extend a few pieces of advice to business owners. These preventative safety measures may help to keep a target off of your commercial property.

#1: Install an alarm system. Whether you look into a blaring alarm or a silent alarm, something should be installed. This tactic will not only scare intruders away and prevent crime, but will notify the police.

#2: Lock all windows and doors. Of course you remember to lock the doors, but how about the windows? Make sure you use deadbolts where need be and remember to lock ANY entrance points. Burglars do not mind climbing into windows and you should be prepared for this type of break-in.

#3: Keep it lit. A well lit place is more likely to keep vandals away than a building that is left in the dark. It is also important to remain well lit if you have security cameras on premises. If the area is too dark, the camera may not catch any action.

#4: Keep small amounts of cash at the business and make sure it is noted on the door that you do not keep large amounts of cash on premises

#5: Try to keep the cash register visible from the outside, so people can see if anything bad is happening inside

#6: If feasible, install security cameras. If there is a break-in, vandals will be caught on camera and it will be easier to find/arrest them. And if there is an unfortunate “inside job” you will be able to determine the employee(s), address the issue and determine action.

#7: Look into commercial property insurance. Having this coverage in place, you can be sure that your building and property is protected from vandalism, crime, fire damages, electrical issues and much more.

Though these tactics will help in preventing crime and damages, they may not be enough. Your best bet is to be prepared for the worst with a solid business insurance package. Not only can you protect your building with commercial property insurance, but you can also look into commercial vehicle insurance, general liability, excess liability, and much more. Your business is far too important to become a victim to vandalism!

Term vs Permanent Life Insurance

Buying life insurance is not on the top of everyone’s priority list. It makes us think about dying and how we have to plan for it when we leave family members behind. Morbid, yes. Necessary, absolutely. Life insurance is the best present you can give your family. There are two main options when buying life insurance – Term Life Insurance 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, sometimes called 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.

If you have any questions about life insurance and family planning, please call us! mancuso-nowak.com

When Should You Drop Collision On Your Auto Policy?

Dropping collision coverage on your auto policy can be an easy decision once you consider the various factors. The first things to check are the premium cost for the coverage and the actual cash value (ACV) of your automobile. To find an estimate of the ACV of your car it isn’t an exact science. It is a combination of looking at Kelly Blue Book value and what your car is selling for at local dealerships. The closer the premium is to your ACV the easier the decision is to drop collision. The deductible on the auto is also an important factor to consider.

A good example is: if the value of your car is $2,000 and the premium is $450 with a $500 deductible and you get into a single vehicle accident, you are already invested $950 on a $2,000 car and that’s just one year of premium. This is when you would consider saving money on your $450 premium and drop the collision. However, if you are living pay check to pay check the $1,500 ($2,000 ACV – $500 ded) you would get from the insurance company if the car was totaled would at least give you some cash to buy a new car.

Some times when your car is older and/or has very high mileage you can consider dropping collision because the older your car is the lower its actual cash value is. However, if you are very dependent on that vehicle and you must repair it for daily transportation, then the decision may be a bit more difficult. Also, can you afford the out of pocket cost of an accident or is it easier for you to manage paying for the collision coverage in small amounts throughout the year?

Everyone’s financial situation is different, so consider all the factors before deciding to drop collision. If you would like to talk to us about this decision, please call us! We are always happy to help: www.mancuso-nowak.com

Homeowners Policy: Basic vs Special Form

There are many confusing parts of insurance. One of them is the type of form/policy that you have for your homeowners insurance. There are a few different types of forms, but we will discuss a Basic Form or “Named Perils” versus a Special Form.

The Basic Form is commonly called “Named Perils” because it only covers the perils that are specifically named. If a peril is not named, there is no coverage for the loss. The common named perils are fire, lightening, windstorm, hail, explosion, riot, smoke, vandalism and damage caused by aircraft or vehicle. Some of the common losses NOT covered by a Named Perils form are water damage from a broken or frozen water pipe. Also, damage caused by ice dams, which are formed from the freezing and melting of snow on your roof. These types of losses are very common in Massachusetts. So even though a Basic Form is less expensive, it is rarely recommended.

The most comprehensive coverage will be the Special Form. This type of policy covers almost all losses to the building, with the exception of flood and earthquake damage. The Special Form is used almost exclusively on our homeowners policies. The Special Form pertains to the actual building and not to the personal property and contents of the building. The form can be extended to cover contents for an additional premium. There are a few occasions when a Special Form can not be used; such as, when a property has substandard conditions.

If you have any questions about your homeowners policy and what type of coverage you have, please call us to discuss. We are happy to explain all of your options and give you the best type of coverage for your needs. www.mancuso-nowak.com.

Pool Safety

June is HOT, especially this week! One of the best ways to cool off is a dip in the pool. Unfortunately, in the news recently there have been incidents of people, mostly children, drowning. You can prevent most pool accidents with some basic pool safety guidelines:

Have proper pool safety equipment readily available. Have a 4 foot tall fence surrounding the entire pool area with a quick latching door that locks.
If your house is the 4th side of the fence then make sure you have alarms on the doors and windows facing the pool. This will alert you if a child is outside near the pool.
Make sure the pool cover fits securely around the pool itself. The best type of cover is a lockable pool cover.
Have a safety flotation device located right next to the pool.
Keep a first aid kit in the pool area.
Post CPR instructions on a fence or pool house. It is much more helpful if you are CPR certified.
Make sure you are a good swimmer, if not take lessons. Same is true for your children. Start swim lessons early.
Never leave children unsupervised in the pool area.
Always have one person in charge of directly watching children in the pool. Never assume someone else is watching the kids. Talk about who is in charge before the kids go in.
If a child is in the pool and not splashing around…check them! This can often be “silent drowning.”

Pools are a fantastic way to beat the heat. If safety comes first everyone will have a great time! Look at our Homeowners page to find out more information on what your policy covers: mancuso-nowak.com/coverage/home. Call us with any questions!

Mancuso Nowak

Category: Insurance