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R&R Insurance Blog

Jenna Moehrke

Recent Posts

Summer Boat Rental: What You Need to Know

Posted by Jenna Moehrke

iStock-951416356Have you thought about renting a boat on a hot summer day? Do you own a boat and want to make some extra money by renting it out? If the answer is “yes,” there are a few things you need to know first.

I recently came across a website for boat rentals where you can either rent a boat, or rent out your boat for a fee. Being an insurance agent, it had me thinking about coverage for these types of situations and I did some further investigating. My concerns were right—I found the statement from the boat rental company explaining that they do not offer any insurance coverage.

If you are renting a boat…

  • Each insurance company has its own restrictions on the type, size and horsepower of boats that they provide coverage to. Depending on the type and size of the boat, there may be no coverage at all from your insurance policy if something were to happen.
  • Check with your agent before renting the boat to make sure the boat fits within their guidelines

If you’re planning on renting out or chartering your boat for a fee…

  • Renting out a boat or chartering it for a fee is typically excluded from your homeowners or watercraft insurance policy.
  • You would need a special policy to cover the risk, because it’s considered a business exposure since you’re receiving compensation for it. Without one, there may be no coverage in an accident.
  • It’s best to talk with your agent before you decide to rent or charter it. They can help you get the type of policy you would need for this exposure.

More and more websites and apps are popping up every day for vacation home and boat rentals. They can be an inexpensive and fun way to spend your summer, but you want to make sure you’re not opening yourself up to a potential coverage gap. If you’re planning on providing any type of service or rental for a fee, make sure to contact your agent to get the right policy put in place.

Contact a KnowledgeBroker for more information!

Topics: Personal Insurance

Do I Really Need Renter's Insurance?

Posted by Jenna Moehrke

Renter-Insurance.jpgAs more and more people are renting instead of buying properties, the topic of renter’s insurance comes up more frequently. I don’t have a lot of stuff, do I really need it? What does it cover? Is it expensive? Doesn’t my landlord’s policy cover me? These are all frequent questions that come up when thinking about getting a policy.

 

I don’t have a lot of stuff, do I really need it? What does it cover?

Regardless the amount of items you own, there are other important parts of having a renter’s policy. Even if you think you could afford to replace every item you own out of pocket, there are other very important coverages in a renter’s policy.

The three big parts of the policy are—personal property, liability and loss of use. Most people simply think of the personal property, but that’s just a fraction of the coverage provided.

 

Personal Property

This includes all of your belongings - clothes, furniture, kitchen items, etc. Any items that you own would be covered up to the limit that you have chosen. A really important thing to check is if your contents are being insured at Replacement Cost vs Actual Cash Value. If your items are insured at Actual Cash Value, you will receive the depreciated value of your items, i.e. rummage sale prices. Paying a few dollars extra to receive Replacement Cost on your personal property is worth it as your insurance company will pay what it costs brand new. In the event of a loss, an average renter could easily have between $20,000-$30,000 of damaged personal property.

Example:  Think about that old couch you’ve had for years. How much would that be worth at a rummage sale? $30? That’s probably what you would get for it at Actual Cash Value. How much does a brand new couch cost? Anywhere from $500 and upwards? Replacement Cost coverage would pay for the brand new couch. Imagine trying to replace all of the items in your apartment with a fraction of what it costs to buy new ones. Which option do you want in the event of a loss?

 

Personal Liability

This is a very important part of the policy. This would provide coverage for any damages that you cause or any bodily injury that may occur in your apartment. Even though you don’t intend to cause damages, accidents do happen and could be financially detrimental without insurance.

Example:  If you left a candle burning and it burned your apartment and neighboring complexes — unfortunately you would be responsible for the damages. For one simple mistake, you could end up owing hundreds of thousands of dollars for all the damages that are done.

 

Loss of Use

This coverage provides a place to stay if something happens to your apartment and makes it unlivable. Your insurance company will pay for you to stay somewhere comparable to where you were living. In addition, they will pay for expenses you incur, such as going to a laundromat and meals you may have to eat out.

Example: Apartment fires can happen for a variety of reasons and can spread very quickly. Even if your apartment isn’t burned, it may still have a lot of smoke damage, causing it to be unlivable. Where are you going to go? It could take a month or more to get everything cleaned up. Without renter’s insurance, you’re going to have to pay for a hotel, stay with a friend, or even rent a new place to live—all on your dollar. A renter’s policy will find you a place to stay and pay for it up to the limit noted on your policy.

 

How much does it cost?

Renter’s policies vary in price depending on the coverage amounts you choose. The typical price would be cost of one take out meal per month ($10-15). You can even get your renter’s policy for much cheaper if you bundle it with your auto insurance carrier.

 

Does my landlord’s policy cover me?

Most landlord’s policies are built to only cover the building itself, not the tenants belongings. Even if the landlord’s policy covers the building, if you were to cause damage to it, you would still be held responsible. The landlord’s insurance company would come after you for the monetary damages. Without having a renter’s policy, you would be responsible.

 

Renter’s policies are recommended for anyone who is renting, but if you are still unsure or have more questions, please contact your Knowledgebroker.

Important Tips to Keep in Mind After a Car Accident

Posted by Jenna Moehrke

Car-Accident-Personal-Auto-Insurance

Have you ever been in a car accident? Did you feel prepared for what steps to take? Was there anything you forgot to do?

 

As a CSA in our Personal Lines Department here at R&R, I frequently assist clients after they’ve been in a car accident. Unfortunately, I was recently in one myself and learned what it’s like to be on the other side of the phone. Being the client was a great reminder about what steps someone should take immediately following their accident. I encourage you to keep these tips in mind, and never hesitate to contact your knowledge broker for more information.

 

  • Safety First! Make sure yourself or the other party is not seriously injured. Call for medical assistance, if needed. If cars can be moved out of the road to a shoulder or side street, try and do so to avoid another potential accident. If they cannot be moved, stay in your vehicle with your seatbelt on. Don’t forget to put on your emergency flashers!
  • Call the police. They can help get tow trucks, direct traffic out of the way, and can file the policy report right there. Having a police report on file for your insurance claim will be very helpful down the road.
  • Don’t discuss fault with the other driver or a police officer. Leave it up to the officer and insurance companies to determine it. Just explain what happened so the police can document it on their reports, don’t admit fault or place blame on the other driver.
  • Gather information. Take a picture of the other party’s insurance card and driver’s license if you don’t have a pen and paper available. Make sure to get their name, phone number, license plate number, insurance carrier and insurance policy number. If possible, take some pictures of the damage done on both vehicles.
  • Witnesses. If there are any witnesses at the scene who have stopped to help, get their information as well. It may be important in helping determine who is at fault later on.
  • Call your insurance agent. It may take around 10 minutes to get the claim started, so make sure you’re in a safe place and out of traffic to do this. If you are in need of a tow truck or a rental car, they can help you out with that as well.
  • Seek Medical Attention. It may take some time before you realize that you've been injured. Once the shock of being in an accident wears off, you might realize you’re swollen or sore in places. It doesn’t hurt to get checked out by a doctor. Make sure that your doctors document everything, in case your pain gets worse later on.

 

Contact a knowledge broker for more information on car accident safety.

Topics: Safety, Personal Insurance, Accident Investigation, car safety, car accidents