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Why You Need Condominium Insurance in Salem OH

Why You Need Condominium Insurance in Salem OH

Condominium insurance in Salem OH is a policy that is purchased by the owner of a condo unit. It is important to remember that each condo association is different as to their insuring requirements and obtaining a copy of the condominiums declarations and by-laws is critical to insure your condominium properly. It helps cover the portions of the condominium (often the inside) the condo owner is responsible for insuring as well as the condo owner’s possessions as well as providing liability coverage.

What Does Condominium Insurance Cover?

This type of insurance typically includes a few customary coverages to help protect you, your condo unit and your possessions. Here’s a look at how these coverages work.

Personal Liability/Medical Payments Coverage : If someone is injured while visiting your condo and you are found to be at fault, condominium insurance in Salem OH may help you pay for associated legal expenses or the person’s medical bills.

Guest Medical Coverage: If a guest is injured at your home, medical payments coverage may help pay for medical expenses even if you are not at fault.

Building Additions and Alterations Property Protection: This coverage typically helps pay for repairs to the walls of your condo unit and its interior, including items such as built-in bookcases and fixtures if damage is caused by a covered hazard.

Personal Property Coverage: Possessions such as electronics, appliances, furniture and clothing are usually included under personal property coverage with your condominium insurance in Salem OH. If they are stolen or damaged in a covered claim, this coverage may pay to repair or replace them.

Condo owners can choose from different types of personal property coverage, which determine how much your policy will compensate you after a covered loss. They include actual cash value, which typically pays you for the depreciated value of your damaged belongings and replacement cost coverage, which does not take depreciation into account.
Keep in mind that each coverage comes with a limit, which is the maximum amount you can be reimbursed for a covered claim. You will likely need to pay a deductible before your coverage kicks in.

Other Protections With Condominium Insurance in Salem OH

Many insurance providers offer optional coverage you can purchase for incidences not covered by a standard condo insurance policy.

Loss Assessment Coverage: If your condo association issues a special charge, in some cases this coverage may help cover your share. For example, if a fire damages a common area, this coverage may help pay for your part of the bill.

Flood Insurance: Flood damage is typically not covered by standard condominium insurance in Salem OH. In some cases, you may even be required by your mortgage lender to buy flood insurance.

Umbrella Insurance: For added liability protection, you may want to consider investing in a separate personal umbrella policy that goes into effect when you reach the limit of your condo’s liability coverage. It may also help provide coverage if you are sued for libel or slander.

Endorsements: Additional personal property coverage, such as scheduled personal property, is typically available for an additional cost. Scheduled personal property also typically provides coverage for additional risks.

When it comes to condominium insurance in Salem OH, you should make sure you have the coverage that fits your needs. We can tailor a policy that’s right for you. Call our office today at 330-337-9557!

High Value Homes Insurance In Salem OH: What You Need To Know Before You Buy

High Value Homes Insurance In Salem OH: What You Need To Know Before You Buy

Homeowners insurance is a highly competitive market. Insurance companies spend millions of dollars each year to make sure their company name is the first to come to mind when it’s time for homeowners to purchase insurance. It’s a smart move because studies show that buyers do tend to use “top-of-mind” thinking when it comes to high-value homes insurance in Salem OH. They go with whatever company comes to mind first.

Homeowner’s Insurance: The Value Of An Independent Agency

High-value homes insurance in Salem OH should never be selected based on “top-of-mind” thinking. Examining a number of different carriers and the policy augmentations each one offers is key to securing the right coverage at the right price. This is where working with an independent insurance agency pays dividends because they have connections to numerous carriers and can provide personalized advice on which best suits the homeowner.

Not only does a good independent insurance agent provide access to multiple carrier options, but they also take time to explain all the specifics of the policy.

This is especially important when it comes to insurance for homes over $500,000 because the variations and possible enhancements at that level can differ greatly from one carrier to another.

High-Value Homes Insurance in Salem OH: Knowing The Risks And Opportunities

There are numerous things to take under consideration when purchasing insurance for a high-value home. The following list is not all-inclusive, but it is an excellent starting point.

Guaranteed Replacement Cost Loss Settlement home policies: Some select carriers offer a guaranteed loss settlement at the time of loss-if at the time of loss the cost to rebuild your home exceeds the amount listed on the declarations page, the company will pay the extra dollar amount to rebuild it-guaranteed!

Water And Sewer Backup Coverage: Water and sewer backup covers property damage done by water that flows back into the house. This is where an enhanced homeowners insurance policy pays dividends. For pennies on the dollar, much higher limits can be purchased.

Siding and Roof Restoration Coverage: For an additional cost, this endorsed coverage will match aluminum or vinyl siding or composite roofing materials that are no longer available by the manufacturer. The company pays for the cost to replace all of the undamaged portions with like kind and quality materials (excluded is the mismatch from weathering, fading, oxidizing)

Underground Service Line Coverage: Again, available by endorsement, this provides physical loss or damage up to a dollar limit for certain underground service lines. See agent for details.

Increased Collectibles Coverage: Increased amounts are available for collectibles of virtually all types

Personal Umbrella Policies for High Net Worth Individuals

Because homeowners seeking high-value homes insurance in Salem OH often have elevated personal exposure and depend on their physical well-being and reputation for career advancement, making sure that sufficient personal liability and personal injury limits are in place is of utmost importance to protect assets.

We hope that this list of considerations has offered a good starting point for information regarding high-value homes insurance in Salem OH.

Contact us today at 330-336-9557 for a complete review of your current policy and great advice on how you can get proper coverage for your home.

4 Things to Know When Buying Homeowners Insurance in Boardman

4 Things to Know When Buying Homeowners Insurance in Boardman

Purchasing a home can be overwhelming, so it’s easy for first-time buyers to overlook the homeowner’s insurance process. But, if something happens to your home, homeowners insurance in Boardman can make or break you.

Before you just sign on the dotted line, read are four tips to guide you:

1. Contact at least three agents to compare coverage. Do your research to compare coverage and price and read customer reviews. Be sure you are getting the right type and amount of coverage. Shop for value, not the lowest price. Because you’ll primarily deal with insurance companies during times of misfortune, make sure the company you choose offers great customer service and fair claims reviews.

2. Include your insurance payments into escrow with your mortgage payments. Most homeowners add monthly insurance payments to their mortgage payment. The lender will pay your insurance premiums out of your escrow account. Many lenders prefer this option because it lets them know your insurance premiums are being paid, and their investment is well protected.

3. Make sure you’re getting sufficient coverage. The most important part of homeowners insurance in Boardman is the level of coverage.

Here are the most common levels of coverage:

  • HO-2 – Broad policy that defends against the perils that are named in the policy;
  • HO-3 – An even broader policy that protects against all perils except those specifically excluded;
  • HO-5 – A Premium policy that typically protects newer, well-maintained homes and covers against all perils except those specifically excluded by the policy;
  • HO-6 – Insurance for co-ops/condominiums, which includes personal property coverage, liability coverage and coverage of improvements to the owner’s unit;
  • HO-7 – Similar to an HO-3 policy, but for mobile homes;
  • HO-8 – Policy specifically for older homes, with similar coverage to an HO-2 policy, but covers actual cash value.

4. Understand the details of your policy. Before you make a decision when purchasing homeowners insurance in Boardman, understand these terms.

  • Premium: This is the price you pay for insurance, usually annually or monthly.
  • Liability Coverage: This coverage will pay medical or legal bills if someone is hurt on your property, usually due to negligence.
  • Actual Cash Value: This kind of policy gives you the current cash value (with depreciation) for personal property or your dwelling.
  • Deductible: This refers to the amount you must pay out of pocket before your insurance takes effect; the higher the deductible, usually the lower the annual premium.
  • Riders: Also referred to as “endorsements” These can be included on your overall insurance policy to cover specific items such as expensive antiques, jewelry, and artworks.
  • Replacement Cost: This is the kind of insurance that pays the full cost of replacing your dwelling or personal property, up to a maximum dollar amount.
  • Personal Property: This is a physical property such as furniture, electronics, and clothing.
  • Sub-Limits: Homeowners insurance in Boardman will include limits on certain types of personal property, but they’ll also have sub-limits.

Be sure you understand how all of these terms work together in your homeowner’s insurance in Boardman.

Call our office today at 330-336-9557 and get the right amount of coverage at the right price!

What is Covered by Basic Personal Auto Insurance Policies in Boardman?

What is Covered by Basic Personal Auto Insurance Policies in Boardman?

While various states have different directives for auto insurance, most basic personal auto policies in Boardman consist of six types of coverage. Here’s what you need to know about each.

1. Bodily injury liability. Bodily injury liability coverage applies to injuries that you – the driver or policyholder – cause to someone else. You and others listed on the policy are also covered when driving someone else’s car (with their permission). It’s critical to have an adequate amount of liability insurance because if you are involved in a serious accident, you could be sued for a large amount of money. We recommend that policyholders buy much more than the state-required minimum liability insurance in order to protect assets such as your home and savings.

2. Property damage liability. This coverage pays for damage that you – or someone driving the car with your permission – cause to someone else’s property. This typically relates to damage to someone else’s car, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car hits.

3. Medical payments or personal injury protection (PIP). This coverage pays for the treatment of injuries to the driver and passengers of the policyholder’s car. PIP can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident. It may also cover funeral costs.

4. Collision. This coverage pays for damage to your car resulting from a collision with another car, an object (such as a tree or telephone pole), or damages caused by the vehicle flipping over.

Collision coverage is typically sold with a separate deductible. Even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, less the deductible. If you’re not at fault, your insurance company may try to recover the amount they paid you from the other driver’s insurance company and, if they are successful, you’ll also be reimbursed for the deductible.

5. Uninsured and underinsured motorist coverage. Underinsured motorist coverage reimburses you, a member of your family, or a designated driver if one of you is hit by an uninsured driver or a driver who doesn’t have sufficient insurance to pay for your entire loss. This coverage with personal auto insurance policies in Boardman also offers protection in the event a covered driver is the victim of a hit-and-run or if you are struck by an uninsured or underinsured motorist while walking.

6. Comprehensive personal auto insurance policies in Boardman. This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object. Comprehensive covers events such as fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds or deer. It will also pay to repair your windshield if it is cracked or shattered.

Shopping for personal auto insurance policies in Boardman? You need someone to help you find the right policy for you and your car. We can help!

Call our office today at 330-337-9557 to find out how!

Surety Bond vs. Insurance in Salem OH: What’s the Difference?

Surety Bond vs. Insurance in Salem OH: What’s the Difference?

Surety bonds are an important risk mitigation instrument, but it’s important to know that surety bonds and insurance in Salem OH are two different types of tools. The terms “surety bond” and “surety insurance” are often used interchangeably, causing some confusion. It’s important to note that surety bonds are not insurance and today we’re discussing the differences.

Comparing Surety Bonds vs. Insurance in Salem OH

Surety Bonds:

  • Include the person or entity requiring the bond, the principal needing the bond and the surety company that supplies the bond;
  • A commitment by the principal is guaranteed;
  • The party the principal is doing business with or providing services for is protected;
  • The principal must cover any losses as a result of a claim.

Insurance:

  • The consumer and the insurance company are involved;
  • Coverage of losses is guaranteed;
  • The consumer buying the insurance is protected;
  • The insurance company is responsible for claims.

 There’s an important distinction to make between surety bonds and insurance in Salem OH, though it can be confusing. Surety bonds are actually a form of credit. They’re often mistaken for insurance because they sometimes involve payment when things don’t go as planned. But with surety bonds, the risk is always with the principal (the person purchasing the bond), not with an insurance company.

With most insurance policies, the risk is typically distributed among a group of similar clients. Policyholders contribute to premiums that are put in place to help cover losses. Surety bonds are three-way agreements where no loss is anticipated, and premiums generally pay for pre-qualification services and the cost of underwriting. Think of it as paying interest on a bank loan, where the interest is a fee for borrowing money and not a means of covering losses on loan defaults.

Surety Bonds vs. Insurance in Salem OH: Who’s Protected?

For example, most municipalities and governmental agencies require construction bonds on public works projects. A contractor must obtain a payment bond that guarantees subcontractors and other workers will be paid in the unlikely event the contractor defaults.

The surety bond protects the city from financial harm, but it is not insurance. If a subcontract issues a claim against the payment promise, the surety company makes sure the maligned party is compensated by the contractor who obtained the bond.

The surety bond provides protection for the project owner, but they’re not obligated financially for any premium costs or potential losses. Typically, the principal, or entity whose obligations are guaranteed by a bond, will sign an indemnity agreement that specifies he or she will repay the surety bond company if it pays out a claim.

If the principal can’t cover the payment, compensation falls to the surety company that issued the original bond. That’s a relatively rare occurrence, though, as surety companies rely on strict underwriting guidelines to identify and avoid unreliable businesses.

Surety bonds and insurance in Salem OH are two quite different risk-management tools. If you are looking for a surety bond, call our office today to speak with one of our specialists who will help you navigate the process.

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