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    Personal Insurance Blog

    Insurance Haikus

    Posted by Gordon Atlantic Insurance

    Fri, Feb 17, 2017 @ 12:54 AM

    Insure your home with homeowners and enjoy insurance haikus from Andrew Gordon IncYes, that’s right. Haikus. Like the ones you wrote for the much hated poetry projects in English class. These are the result of an attempt to diversify our blog towards other content. So if you like this, drop us a comment (maybe your own insurance haiku).

    Homeowner's

    Keep track of your stuff
    Take video and pictures
    For we will rejoice

    (Seriously, knowing what you own and keeping record will save you time and money if you file a homeowner's claim. Click here for our Homeowner’s Checklist)

    Prepare for storms and hurricanes with homeowners and haikus from Gordon InsuranceHurricanes

    No wind coverage
    Time is ripe for hurricanes
    Sorrow for the coast

    (Get a quote from us, or watch our educational Wind & Named Storm Video)

    It’s an act of God
    Tree bough rains down on your car
    Need comprehensive

    (Comprehensive coverage is designed for just such a situation. Comprehensive Coverage applies when a car’s been damaged by either a natural or civil disturbance (such as a hail storm, a falling tree, or an act of vandalism)).

    Understand driving laws and cover yourself and your automobile with auto and haikus from Gordon InsuranceAuto Insurance

    Failure to signal
    This driver cannot escape
    The standards of fault

    (The operator of a vehicle shall be presumed to be more than 50% at fault when operating a vehicle which is in collision while failing to signal as required by law before turning or changing lanes. Use your blinker!)

    There’s a new driver:
    Junior Operator Laws
    Are strict; drive safely

    (click here to see the Junior Operator Laws and implications)

    A new text message
    While driving on the highway
    Please don’t answer it

    (The new safe driving bill outlaws texting REGARDLESS OF AGE, for the details on this new legislation, click here)

    Andrew Gordon Inc provides all your home auto life and commercial insurance needsInsurance

    Visit our website
    It is Agordon dot com
    You will not regret

    Learn more about personal insurance here.

    Home Quote Request  
    Corbin Foucart

    Tags: rates, insurance, cheap, homeowners, rental, car, homeowner, poetry, haiku

    Rental Reimbursement on Auto Policies

    Posted by Donna Bellavance

    Mon, Jan 27, 2014 @ 09:00 AM

    When your car is laid up in the shop after a fender bender or when it’s been stolen, the thing you miss most, is your personal freedom of movement. Unless of course you have a loan car; or ‘substitute transportation’ as insurance companies properly call it.

    Substitute Transportation (let’s call it ST for short) covers the possibility of you using car rental vehicle while you are without wheels. With this optional comprehensive auto cover, ST is valued from $15 a day up to $100 / day. It is an optional piece of insurance (under part 10 of your policy), that needs careful thought at renewal time. The important word here is OPTIONAL.

    You can, of course, save some insurance costs if you can get by without ST. Can you?

    If personal ‘automobility’ is essential to you, say because of work or family commitments, then there follows another key question; Have you got your ST coverage at the right level? You get what you pay for:

    • ST will start 2 days after you report your car stolen and stops, if and when it is recovered. If you are without a car due to an accident, you can rent a replacement while yours is in the shop or before a new car is delivered. The standard of your ST depends upon the limit you signed up for on your policy - $15, $30, $45 or $100 a day - and for the number of days approved by the claims adjuster.

    • If you drive an SUV or van, it’s a smart move to buy one of the higher ST standards so you can rent a ‘like for like’ car.

    • Even if you don’t buy optional ST you can claim third party rental from the other driver’s insurer. But only if the other driver is at fault. This of course needs to be proven to the satisfaction of their insurer and will be subject to their approval. Normally the loan car will be ‘like for like’.

    The whole claims process will be less hassle if you go through your own carrier for all coverages. Let them do the job of getting your money back from the guilty party.

    Contact Us

    Donna Bellavance

    Tags: auto policy, auto, rental car, reimbursement, rental reimbursement, auto rental, rental

    Insurance for Investment Properties – DP3 vs. HO3

    Posted by Val Feeney

    Wed, Jan 18, 2012 @ 05:19 PM

    houseInvestment properties are purchased by individuals to make a profit.  That profit is usually realized 5, 10, 15, or 30 years after the purchase date depending on how the financing has been setup.  During this ownership period, the property needs to be adequately insured against fire and other destruction.   Obtaining a comprehensive insurance policy will allow an owner to rent out his or her investment properties with confidence.  It’s “sleep easy at night” coverage. 

    If the property is a multi family (2-4 family) and you, as the owner, live in one of the units, then you can use the tried, true, and tested HO-3 homeowners policy (with a few tweaks) to cover the entire building, its contents, and your liability exposure. 

    However, if you, as the owner, do not live at the property, you will need the proper Dwelling & Fire Policy to cover the building properly.  The most popular of the policies is the DP-3. 

    The DP-3 is an “open Peril” policy that covers losses to the home’s structure, loss of use or rental coverage, and personal liability.   

    If the multi-family owner has an HO-3 on the property and lives elsewhere, they will NOT be covered for any losses by the insurance company.  This is considered a material misrepresentation of facts.  Most rental properties that are not owner-occupied must be insured under a DP-3. 

    Here is a comparison:

    Homeowners’ Policy

    (HO-3)

     Dwelling & Fire Policy

    (DP-3)

    The HO-3 has been the most common homeowner’s policy for 60 years and is adequate for the majority of homeowners and their insurance needs. 

    The DP-3 is for rental properties that the owner does not occupy. It only covers the basics of the house.

    Coverage A. Dwelling. The amount of money your policy will pay to rebuild your home if it is destroyed.

    Coverage A. Dwelling. The amount of money your policy will pay to rebuild your home if it is destroyed.

    Coverage B. Other Structures. The amount of money your policy will pay to rebuild other structures on your property such as sheds & patios.

     

    Coverage C. Personal Property. The amount you have to replace all of your “stuff” in the event of a loss.

     

    Coverage D. Loss of Use.  The funds you will have to rent another place while your damaged home is fixed or rebuilt.

    Coverage D. Loss of Use or Fair Rental Value.  The funds you will have for the tenants to rent another place or stay at a hotel while your damaged house is fixed or rebuilt.

    Personal Property Replacement Cost.  Ensures you get the full price to fix or replace any lost personal items in a total loss.

     

    Coverage E. Personal Liability. In the event that you become a defendant in a lawsuit, the insurance company will provide up to $1 Million is coverage.

    Coverage E. Personal Liability. In the event that you become a defendant in a lawsuit, the insurance company will provide up to $1 Million is coverage. Especially important for rental properties.  Not all DP-3 policies offer Personal Liability and the insured may have to get a separate Liability Policy for this protection.  

    Coverage E. Medical Payments to Others. If someone falls and is injured on your property, the medical payments will be covered up to this amount.

    NOTE: If the insured owns a primary home and has personal liability on that homeowner’s policy, he/she can extend the liability to cover the rental (multi-family) property.

    Optional Coverages & Endorsements.  There are many additional coverage items you can add to your HO-3 such as sewer backup, personal jewelry, identity fraud coverage, business pursuits, etc. 

     
      Investment Properties &  Insurance eBook  

    Val Feeney

    Tags: policy, insurance, fire, DP3, HO-3 vs DP-3, financing, open peril, investment, destruction, homeowners, rental, properties, multi-family, HO-3, ho3, DP-3, HO3 vs DP3, comprehensive

    Rental Car Insurance and should I buy CDW?

    Posted by Geoffrey Gordon

    Wed, Oct 05, 2011 @ 06:30 PM

    grahame-jenkins-p7tai9P7H-s-unsplashWhat coverage do I have under the Massachusetts Auto Policy when I rent a car?

    In general, when renting a car on vacation, you get the same coverages as on your car you left at home: liability, comprehensive and collision.  And rental company insurance is expensive.  Consider that at $10 / day, that equates to $3,650 per year, a lot for auto insurance.  But if you don't buy their CDW coverage you may have other exposures.  For details, read on.

    How:

    It works this way: the Massachusetts Auto Policy (MAP) says that it will extend coverage to a “replacement vehicle”, usually meaning the rental while away from home on business or on vacation. Thus, the coverages you bought for your personal auto extend to the rental auto.  Thus, if you don’t buy collision for your car at home, you won’t pick it up for a replacement vehicle.  In this case we recommend you buy the rental Collision Damage Waiver (CDW) coverage.

     

    Where:

    Coverage from the Massachusetts Auto policy (MAP) follows you when you rent a car in “covered territory” which is the entire USA, its possessions and territories (like Guam and Puerto Rico), and in Canada.   Coverage does NOT extend too any other country, such as Mexico or most of the Caribbean, or Europe, Asia and so forth.

    When traveling outside of these 'covered territories', we suggest you buy the rental insurance coverage.   You can use your gold or similar high benefit credit cards, but realize that these offers are not always all you expect.  However, when traveling outside the U.S. or Canada, we suggest you buy the coverage so you can just give them the keys if something happens.

     

    Who:

    The Massachusetts policy protects you and "household members”  (e.g. related to you, and living in your household).  Careful here: the insurance carrier can deny all optional coverages if an operator is NOT listed, so check who’s listed and be sure only the drivers listed in the rental agreement drive.  

    "Unauthorized drivers" fall into the same category as someone who steals your car:  a car thief!  Many car companies charge an extra $10 or so per day per additional driver.  If you're covering any serious distance with a friend or spouse, splurge for the additional driver coverage to take breaks from these unfamiliar roads and traffic customs.   It's well worth the cost.  But if an unlisted driver drives the rental, both the rental insurance and your own have escape clauses, meaning you'll probably be on your own for any damage the unlisted driver causes.

     

    What about liability?

    The policy extends liability protection to a “private passenger auto”.  A rented car is fine; trucks and vans generally won’t qualify under the "replacement vehicle" definition so with these it’s prudent to buy their CDW coverage for larger vehicles to be sure.  If you rent something over 10,000 pounds your policy will definitely NOT extend.  We always buy the CDW for these rentals!

     

    What about collision & comprehensive (physical damage) - for damage to the rental itself?

    Collision and Comprehensive says coverage applies and extends to "other private passenger autos."   Some carriers interpret this as only allowing the rental of a 'private passenger car'; some may include pickups and vans less than 10,000 lbs.   So if you and buy collision and comprehensive insurance for your sedan at home, and you rent a sedan when you're away, those coverages, collision and comprehensive extend.  If the rental vehicle is substantially different from what you own and insure back at home, get the CDW to be sure.

     

    What will get paid? What won’t?

    When it does pay a physical damage (collision or comprehensive) claim, it will only pay actual cash value (meaning they deduct depreciation).  Some rental contracts require REPLACEMENT COST. The Mass policy will NOT pay on a replacement cost basis.  They pay based on like kind and quality (a five year old car has a five year old fender: that's how they do it).  This may involve an additional cost to you if the rental company insists on new parts on a high mileage vehicle.  As agonizing as it may be, read the rental contract for clarity.  Or buy the CDW coverage.

     

    What continued rental charges by the rental company?

    If you damage a rental car, you are usually responsible for 'loss of use' charges, or continued rental, as well as other “administrative” charges. Your insurance will NOT cover these.   This could be an expensive issue if a vehicle takes weeks getting replaced, so understand that you’re on your own for this part.  You can't buy this coverage back on a Mass auto policy  (except through the rental company's CDW)

     

    Collision Damage Waivers (CDW) through the rental agency and Gold Cards

    The rental companies “sell” collision or loss damage waivers that remove the responsibility for physical damage claims and resulting loss of use. Ask or check the fine print as it is easy to VOID these rental agreements from what you don't know (valet parking can be a problem, as it would be for any unlisted driver). 

    Gold cards and platinum cards also have requirements as to claim reporting periods, rental length periods and types of vehicles that can be rented. If you rely on the coverage from your credit card, we urge you to check the agreement before leaving home.

    While the Massachusetts Auto Policy provides a lot of coverage to your vacation rental vehicle, pay attention to who’s driving, and understand that if you are in an accident you’ll continue to rent that car while it’s being fixed.  It’s good, but not perfect.

    To discuss your personal insurance needs, call one of the Gordon Atlantic Insurance professionals toll free at 800-649-3252.  Prefer to type versus talk?  Click below

    REQUEST A QUOTE

     

    Tags: vacation, auto, insurance, cdw, collision damage waivers, gold, cards, platinum, Automobile, rental, car, temporary

    Should I Get Renter's Insurance?

    Posted by Val Feeney

    Mon, Sep 26, 2011 @ 06:15 PM

    If you are currently living in an apartment that you rent, you should consider getting your own renter’s insurance policy.  Here’s an explanation why. 

    Personal Property

    Cover your rental home with homeowners from Gordon Insurance

    If your apartment is damaged or destroyed by a storm or fire, the building would be covered under the landlord’s insurance policy.  But what about your flat screen television, your brand new iPad, or your laptop, couch, bed, fish tank, and all of your clothes?  Your landlord is not responsible for your stuff, you are.  Think about all of the stuff you own in your apartment, if it was all taken from you, how much would it cost to buy all of it brand new and at the same time, $30K? $40K? $50K? Regardless, you’d most likely be at a total loss and unable to immediately replace everything.  A renter’s insurance policy would cover the expense to replace all of your stuff. 

    Personal Liability

    If someone is hurt in your apartment, or their property is damaged on your property, you could be sued.  It’s not the most pressing thought on your mind when you first rent an apartment, but the threat of being sued is very real.  For example, you have friends over for a party and people are leaving at the end of the night.  On the way out of your house, a guest trips and falls down the front steps, and becomes permanently disabled.  Chances are, you are going to be sued, the landlord will be sued, and the builder of the stairs will be sued.  The landlord and the builder have insurance protecting them in this exact scenario.  Do you have insurance protecting you?  If you do not have a renter’s insurance policy, you could be in real trouble.  The court could potentially come after all of your assets and even your future earnings.  A typical renter’s policy will protect you in such a settlement up to $500,000 in damages, including a defense team provided by the insurance company. 

    Loss of Use

    If your apartment building is destroyed by a storm or fire, do you have money to immediately stay somewhere else?  Your renter’s policy would cover the expenses you incur to stay at a hotel or rent another apartment until the building has been fixed or rebuilt.

    Medical Payments

    If someone is injured in your apartment, like the example under Personal Liability, you could be responsible for their medical payments.  This could be a hefty amount directly out of your pocket.  Under your renter’s policy, you will have either up to $5,000 in coverage.

    Check out some apartment safety tips. Then getting a renter’s policy only takes a few simple steps.  Call an insurance professional today and get a quote.

    Learn more about renter's insurance here.

    INSURANCE QUESTION?  

    Val Feeney

    Tags: damage, insurance, rental, renter, apartment

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