Tag Archives: engagement

Who Is Covered Under Your Homeowners Policy?

keysOwning a home comes with many different freedoms and luxuries. In addition, you may have the flexibility to host others in your home.

Have you been faced with any of the following situations? *

  • Things are getting more serious with your significant other, and they find themselves staying over more often than not.
  • You have the opportunity to lend a helping hand and welcome a friend to stay at your place during troubling times.
  • You need assistance with paying the bills, and opt to get a roommate.

These examples, or any of similar circumstances, do not necessarily qualify an individual to be protected under your Homeowners Policy. Your Homeowners Policy only covers an “Insured.”

An “Insured” is defined in the policy as:

  • You (the person named on the policy)
  • Your Spouse (must be a resident of the same household)
  • Resident Relatives
  • Legal Domestic Partners
  • Any other person under the age of 21 who is under the custody of the person named on the policy

Clearly, your friends do not fit the definition of an Insured. Should you and your significant other get engaged, he/she would still not be covered. Therefore, their contents would not be covered under your policy. The definition of an Insured is also the same for condos, co-ops and renters policies.

Let’s look at this scenario for clarification: *

Hosting a gathering of mutual friends with your houseguest sounds like a fun idea. However, when one of your friends falls and gets injured in the home, they subsequently sue the both of you for their injuries.

Your policy will only defend you in this lawsuit and your houseguest will be left to hire an attorney at their own expense. Once again, they do not meet the definition of an Insured, so property coverage as well as liability coverage will not apply. This would turn into an unfortunate source of newfound stress.

The best way to ensure that everyone in your household has contents and liability coverage is seeing to it that additional residents purchase their own Renters policy. As always, please contact your broker for more information on all the possibilities. Every company has different guidelines for these situations.

* The examples in this post are intended to educate the reader generally about the benefits of insurance, through the use of hypothetical “details” including coverages, cash values and premium costs. These are approximations based on the author’s experience, but are not facts that would necessarily apply to the reader’s own situation or to that of any other person. Reliable information regarding such items as coverages, cash values and premium costs may only be obtained through formal communications with your broker.

 

Wedding Insurance: Protecting The Special Day

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We are sure you want to make your wedding day the most memorable day of your life. There are lots of decisions to be made regarding the banquet hall, the food, the dress, the flowers, the most delicious wedding cake, the music, and of course the best photographer available to capture all the special moments. Yet, even though you think that you have covered every contingency, sometimes things can go wrong no matter how carefully you plan.  

There are  horror stories of bridal shops going out of business and an entire wedding party unable to get their dresses. Or what about a reception venue that suddenly declares bankruptcy a month before your special day taking with it your non-refundable deposit? Suppose the culprit is a black-out, a hurricane or a severe  weather emergency which results in a postponement of the nuptials.

While a wedding is typically expensive, the insurance to protect your wedding plans is reasonable and certainly can fit into any budget! Are you aware that you can protect your investment with a Wedding Insurance Policy for as little as $180.00? Would you say this is a small price to pay for the peace of mind?

Let us share some information:

The Wedding Protection Plan covers such circumstances as:

  • Damaged or lost wedding bands;
  • Ruined photos;
  • Damaged Wedding Gifts

AND there is more. It can also reimburse you for non-recoverable expenses if you need to postpone your wedding because of situations such as:

  • A sudden illness on the part of the bride, the groom or even their parents thereby preventing them from attending the wedding; 
  • A commercial transportation shutdown resulting in a situation where the bride, groom or their parents cannot get to the wedding;
  • A bride and/or groom who are in the military and are unexpectedly called to active duty requiring postponement of the event.

If you want to learn more about this important and affordable insurance, please do not delay. Contact us at Petschauer Insurance, and we will  be happy to share more information with you….. and no worries – you don’t have to invite us to the wedding!

Happy wedding planning and here’s wishing you a lifetime of happiness!  We can’t wait to see the photos!

 

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