Monthly Archives: April 2013

Does my flood policy cover my personal property in the basement?

floodFirst, congratulations for making the wise decision to have a flood policy. Second, most flood policies have only limited contents coverage in the basement. Flood policies usually only cover items meant for a basement. Now-a-days we have everything from game rooms to home theaters to wine cellars that would be the envy of the Queen of England down there. However, flood policies only cover basement items such as:

– Air Conditioning units-portable or window type

– Clothes washers and dryers

– Food Freezers other than walk-in and the food in the freezer

There you have it, very limited coverage. Already have a home theater in the basement and not sure what to do? May I recommend a dike and a windmill? Seriously though, you can’t get flood protection for these kinds of items in the basement. Therefore, this is something you should seriously consider before finishing a basement, talk to your agent first to see if it is possible to get coverage for what you are planning to do.

Is Workers Compensation required for family member employees?

What type of insurance is required by state law for employers who have any employees?

Workers Compensation. Failure to maintain this policy in full force and effect at all times can result in large fines, in the thousands of dollars, imposed by the state government. Just because an employee is a family member does not exempt an employer from providing this coverage.

Does My Landlords Policy Cover Fire Damages to my Personal Possessions?

Since I rent an apartment, would my landlord’s policy cover any fire damage to my personal possessions?

No. Your landlord’s policy covers the actual building itself; the walls, roof, wiring, plumbing, etc. It does not cover your personal possessions such as your clothing, furniture, or electronic equipment. To obtain coverage for your own items, you need to purchase a Renter’s Policy. Also, your landlord’s policy doesn’t cover you for loss of use while your apartment undergoes renovations after a fire. However, a Renter’s Policy would reimburse you for any extra expenses you incur should you require temporary lodging.

Does a Renter’s Policy Cover An Engagement Ring?

Would My Renter’s Policy Cover My Engagement Ring?

No. While some Homeowner’s policies cover jewelry; up to a specific limit, engagement rings should be scheduled on a separate Inland Marine Policy or added as a Floater to your existing Homeowner’s Policy. Otherwise it is unlikely that there will be coverage for such a “big ticket” item. For more information on this, see our blog “Floater Policy: Insuring Your Valuables”.