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Highlights from Keefe In Touch - Spring 2007

BUYER ALERT - Business Exclusions in Your Homeowner's Policy

The standard homeowner's policy offers NO liability coverage for business activities in the home. There is also very limited business personal property coverage. Just $2,500 for in-home business property such as equipment, desks, bookcases, supplies, etc.

Our Annual Reviews and renewal checkups with clients often turn up these situations that can cause liabilities and financial losses for a homeowner.

Homeowner is vulnerable when:

• In-home business parties. The client conducts a group business meeting in the home. An attendee suffers an injury during the session. The host is liable and sued. There is no liability insurance coverage in almost all cases.
• At-home business office. The client operates a business from the home. A customer visits the office and suffers a slip-and-fall injury on an icy sidewalk. No liability coverage.
• Business vehicle. The client works on the vehicle in a detached garage on a regular basis. There is a garage fire. In this scenario, there is no insurance coverage for the damage to the garage.
• Business personal property. The client stores property used for his business in his home or a detached garage or shed. A fire or theft occurs. There is a $15,000 loss. The standard homeowner's policy pays the limit of $2,500.
• Client acts as general contractor. The client decides to build an addition to the home. He makes a decision to manage the job himself using sub-contractors. A sub-contractor is injured. The client's homeowner's policy does not cover the injury claim because he was acting in a business capacity as general contractor. He should have purchased workers' compensation and general liability insurance before starting the project. Or hired a general contractor who has those coverages!

Proper protection

We have reasonably-priced options to cover home business property and liability situations. These options provide peace of mind against potentially devastating personal financial losses caused by accidents, fire or theft. Without proper coverage, homeowners are at high risk.

For more information and a Home Insurance checkup, call us at 508-528-3310.

LOSS PREVENTION - Interior Water Damage Coverage

If you suffer losses caused by water backups and leakage at your roofline, your standard homeowner's policy will pay for repairs to the ceiling, floors and walls. But any damage to contents (furniture, drapes, artwork, et al.) is not normally covered. This can be amended by purchasing enhanced coverage for a modest additional premium.

For information about contents coverage, call us for details and a projected cost. By the way: Now is a good time to take action to prevent wintertime ice dams and water losses. Here are a couple of suggestions.

• Consider professional installation of electric heating cables on your roof this spring or summer.
• Check your roof area insulation and ventilation conditions.
• Purchase a roof rake designed for snow removal and keep roof lines clear after snowfalls next fall and winter.

TouchPoints

• Checked your smoke alarms lately? More than 90 per cent of homes in the U.S. have them, but one-third is estimated to have dead or missing batteries. How about carbon monoxide detectors - have you installed yours yet? It's a state law.
• Have furniture in self-storage facility? There are two ways to insure personal property that is not on your premises. It may be covered up to the off-premises limit for personal property in your homeowner's policy, subject to your deductible. Or you can purchase the coverage from the self-storage business.
• Insuring against flood damage. The cost for insurance coverage for flood conditions is less than most think, especially if you live in a relatively low risk area.
• Hurricanes and high winds. It is not out of the question for hurricanes and high-wind storms to hit New England as early as May. The hurricane season is traditionally designated as June through September. Make sure your home is properly insured against damages caused by these events. Call us for a checkup.

YES, WE SELL ANTIQUE AND CLASSIC CAR INSURANCE. SUPERIOR COVERAGE AT REASONABLE RATES!

THANK YOU FOR REFERRING US TO A FRIEND!

Disclaimer: It is understood that the publisher is not engaged in rendering legal, accounting or other professional service. If legal or other expert advice is required, the services of a professional should be sought. Insurance information is general in nature; for specific coverage provisions, review contractual policy provisions.