It is motorcycle season again and as the bikes hit the road, the insurance questions pick up concerning these vehicles. We write many policies for motorcycles and each one can be a little different from the next. Whether you are a seasoned motorcyclist, a newly permitted rider, use a 250HP bike or have a customized chopper you need insurance to ride in Massachusetts.
There are several important things to consider with the motorcycle policies and in many ways they operate like auto insurance. One of the top differences is Medical Payment coverage, on the motorcycles it is much more expensive, but more likely to be utilized. Another key difference is that the bikes tend to be customized, but your insurance won't always cover that chrome muffler or custom leather seat. You will need to make sure alterations are included under the valuation of the bike.
When you have a motorcycle and an active drivers license you will only need a motorcycle permit to get insurance coverage, although if you have a motorcycle license (for over 6 years) it can be less expensive and if you have completed the training course make sure you get a copy of your certificate to your agent.
What happens in the winter when your bike is in the garage? Sometimes people will cancel the registration in the winter and take the bike off the road, which cancels the insurance. Other times people will "drop or strip" coverage to minimal amounts as the bike sits in the garage (it can be helpful to keep comprehensive coverage which includes theft and fire). Make sure you restore those coverage limits before you use the bike!
Motorcycles can be placed onto policies with cars now, but many times people keep them separate. Contact Dempsey Insurance Agency in Norwood if you have questions about insuring your motorcycle.
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Flood loss is excluded from your personal homeowner insurance, so how do you get coverage? You could add water back up and sump overflow to your homeowner insurance, but if you are at a higher risk, it might not be enough. Our agency is located in Norwood, Massachusetts and it is not an area known for flooding, but there are still many flood policies written in the area and we are asked questions all the time about flood insurance.
What if you are in a high risk flood zone? You will be required to purchase flood insurance if you are financing your home. Everyone is in a flood zone, but most are in low risk zones where flood insurance isn't a requirement.
How much coverage do I need? Personal Flood policies have a range of coverage available, but they max out the dwelling coverage at $250,000. Contents coverage is available to purchase on the policy as well. Sometimes the mortgage company will have a figure they need to see minimally for the dwelling and other times you can select according to what you would like to have on the policy. You can always speak with an agent for options and costs.
Isn't flood insurance really expensive? In many cases flood insurance is not high priced, especially if you are in a lower risk zone. If you are in a high risk zone the prices can be higher, but there are ways to keep the premium down including selecting higher deductibles. The other option in high risk zones is to obtain an elevation certificate from a certified engineer (contact local town hall for approved individuals). An elevation certificate can cost a few hundred dollars to have completed, but if you are found to have a high elevation within a high risk zone it can dramatically lower your premiums on flood insurance.
Recent changes in 2012 to flood insurance include a 5 year extension to the National Flood Insurance Plan and also many counties in Massachusetts have been re-mapped, so you might not have been in a high risk flood zone 5 years ago, but with the new maps you might be in one now or maybe were moved out of a high risk zone.
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
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On July 20th at the Hyatt in Boston there was a charity event, "Over the Edge Event," for the Massachusetts Special Olympics. I was one of just over 100 participants and I am pleased to report that with the generosity of many individuals along with two insurance companies (Plymouth Rock and Safety Insurance), that I was able to raise $2,435. All of the money that I raised will go towards the Massachusetts Special Olympics August Games.
I cannot thank everyone who donated enough! I know/hope that this event raised awareness for the Special Olympics and it is a wonderful organization that does great work, not only in Massachusetts, but across the country.
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Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
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Buying a Home and Don’t know what to do about insurance? Here are 5 things to consider from a Norwood Insurance Agent:
1) You will need insurance prior to the closing and a lot of times you have to pay the first year in full to satisfy the mortgage requirements.
2) Is the home in a high risk flood zone? If so you might need to purchase flood insurance as well as homeowner insurance.
3) Make sure that your home insurance agent, closing attorney and mortgage company all have each other’s contact information.
4) Does the home have a fuse electrical system? Is the roof in bad condition or is there existing damage? This could limit your insurance options.
5) Take the opportunity to quote the home with your auto insurance.
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
Contact Us page to reach a Dempsey Insurance employee today.
“My auto insurance went up, but my vehicle is a year older”
Auto insurance in Massachusetts was decreasing for a few years once the state opened the market and deregulated the pricing, but the costs associated with repairing vehicles and liability claims have not decreased. Companies therefore do increase rates annually (sometimes semi-annually) and it is usually the main reason for cost increase. Other things to consider are driving record (were you in an accident or did you get a ticket since last year?), did you get a new vehicle, did you add a driver, or has your address changed. Still stumped? Contact your agent and let them take a look.
“I have other structures listed on my home insurance, but I don’t have any other structures”
The most important coverage on your home insurance policy is your dwelling coverage A. That is the coverage you pay for on the policy and other structures, personal property and loss of use are all percentage amounts based on the dwelling. “Other structures” is usually 10% of your dwelling coverage. You do not pay extra for this amount unless you increase over the allotted amount (say you had a barn on the property and needed a lot more coverage than 10%). Want to go over the dwelling coverage and think that is too high or low, call your agent.
“What happens if my neighbor’s tree falls on my house?”
This would actually be your home insurance policy that responds; unless the tree was rotted or decayed in which case it could be a liability claim against the neighbor’s policy. Best to contact the agency and file a claim and have the company determine the circumstances, but be sure to mention details surrounding the claim and if safe and or possible photos can always help in the claims process.
“What if I have a claim on my home insurance, will my company cancel me?”
Home insurance can be non-renewed due to claim frequency; filing one claim would typically not give the company reason to cancel a homeowner policy. If there have been multiple claims in only a few years it makes it appear as though that trend could continue and companies will cease coverage when the term expires (they will notify in advance).
“I am traveling on vacation and renting a car, will my insurance cover me?”
The Massachusetts personal auto policy can follow you in most cases when you are operating a temporary substitute vehicle. You can utilize the coverage you have purchased on your primary use vehicle. This coverage does not typically apply internationally. If you are renting a car in Europe or say your policy does not have collision coverage than you would want to purchase insurance on a rental. We recommend purchasing rental coverage on any vehicle you rent, certain coverage such as “loss of use” cannot be covered by your Massachusetts auto policy. Sometimes certain credit card companies will offer this coverage if your use their card to rent the vehicle. Always make sure to report and list all potential drivers to the rental company.
"I have a boat, but won't the insurance be expensive?"
Actually boat insurance can be affordable and conveniently you can insure your boat through your homeowner insurance in most cases. Depending upon the waters navigated, the value of the boat and the extent of coverage you can get the coverage and price you want.
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
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An umbrella policy is excess liability coverage. Basic home and auto policies have limits in liability coverage. If your auto policy cuts off coverage at $500,000, but you have assets over that amount you should consider an umbrella policy. The umbrella covers excess liability loss over all personal exposures (provided they have underlying insurance with approved companies). Your auto, home, boat, motorcycle, secondary home, etc. all have a liability exposure and the umbrella is designed to protect that risk once the basic policies have reached their limits. These policies will not cover business related exposures, so you would want to check into commercial umbrella insurance for that type of risk. Contact an agent if you want to get an umbrella policy quote.
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
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Recently we have been seeing a large number of questions relative to Condo Insurance. Hopefully this blog post will help answer some of the more common questions. If you still are unsure about your condo coverage, contact our office.
What is Loss Assessment Coverage and why do I need it?
Loss Assessment Coverage is for situations where a claim occurs that either isn't covered by the condo master policy or not covered completely by it. The Condo Unit Holder's policy can step in and provide coverage (as long as it is covered by your policy). This coverage can be purchased up to $50,000 in most cases and typically won't cost more than $25. In some cases you can even purchase more than $50,000.
How much coverage should I get for the dwelling?
Condo dwelling coverage can vary for every policy. The first thing you want to do is locate the Condo By-Laws. In the by-laws it will describe the type of insurance purchased under the master policy. The master policy itself and the condo documents don't always include this information. Once you know the type of insurance coverage (studs-in, walls-in, betterments and improvements) then you can determine correct range of coverage.
You should minimally meet the deductible of the master policy to protect yourself, but some mortgages can require higher amounts of coverage (i.e. 20% of appraised value). Again each person can require different dwelling coverage, working with an insurance agent, your mortgage company and your condo association is the best way to make sure your policy is as accurate as possible.
What is unit owner special coverage?
Typically referred to as Special Form HO-32, unit owner special coverage is an endorsement to the dwelling coverage that greatly increases the types of claims covered by your unit owner policy. After you add the HO-32 special coverage you should consider exclusions from the master policy that you can include on the unit holder policy such as earthquake and water/sewer back up. You need to add these coverage options and the amount and cost can vary, contact your agent to discuss.
I rent my condo, is there anything I need to do?
If you rent any property you may need to update or even change your policy. For condo unit holders policies most of the time we add the HO-33 "unit owners rented to others." This lets the company know that you as the owner won't be living in the condo. If the condo is vacant that is another change that you would need to alert your agent.
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
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When you are involved in an auto accident it can be a traumatic experience. Here are some tips to get through the ordeal from the perspective of a Massachusetts Insurance Agent.
1) Make sure that you are safe, if there are injuries be sure to get help.
2) If the car is able to be safely moved from the roadways, take that precaution, if not contact the appropriate authorities. Be careful of any leaking fluids or glass.
3) Exchange information with the other involved parties. Key items will be the other driver's license number and contact information as well as the license plate number for the vehicle (make, model, and color help too). The other parties insurance company and owner of the vehicle (if not the driver) are also helpful.
4) If you are able to take photos of the location and damage, it can help if claim details become unclear later on in the process. If not, try to note the location of the accident.
5) Authorities can be contacted if you deem necessary.
6) Make sure the car is safe to drive (i.e. no leaking fluids, all doors shut, head/tail lights operational, no grinding or scrapping when vehicle moves). If the car is towed make sure you know where it is being taken.
7) When things settle down and you are able contact your Massachusetts Insurance Agent to have them help you file claim information with your auto insurance company. In certain cases a State Accident Report Form will need to be completed.
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
Contact Us page to reach a Dempsey Insurance employee today.
I have decided to look at the Boston Skyline from a different perspective. Yes I am only 1 of 100 people going "Over the Edge" for Special Olympics and rappelling from the rooftop of the Hyatt Regency, Boston.
Why would I do something so crazy? Because individuals with intellectual disabilities face their fears every day and Special Olympics has been there helping them do that for over 40 years. Special Olympics Massachusetts provides year round sports training and competition programs for over 12,000 individuals with intellectual disabilities for free. Sports is the platform from which athletes gain self esteem and confidence to achieve their everyday objectives. Special Olympics is truly providing "Training for Life".
Please join me in helping Special Olympics Massachusetts provide this wonderful program. Click on the link below and you will be taken to my personal donation page where you can make a secure on line credit card donation. All Edgers need to raise a minimum of $1,000 for this cliff hanging experience. Your support is greatly appreciated.
For more on the Athletes of Special Olympics Massachusetts and how you can get involved visit www.specialolympicsma.org.
Thank you so much for your support!
Follow This Link to visit my personal web page and help me in my efforts to support Special Olympics Massachusetts My Special Olympics Donation Page
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
Contact Us page to reach a Dempsey Insurance employee today.
Looking for Condo Insurance, but don't understand much about the policy? If you need a condo unit policy you should read the article below.
1) You are not responsible for the entire building, only a portion. How much are you responsible for and where does your insurance start? The answer is in the by-laws of the condo association and can range from walls-in, studs-in or betterments and improvements. Your policy will work off the master insurance of the building and every condo association can set the master policy up differently, so the by-law documents are key to have when selecting insurance. Some associations will even provide a cheat sheet of the insurance you should try to purchase on the dwelling. Make sure your dwelling coverage is minimally the same as the master policy deductible.
2) You will want loss assessment coverage on your condo policy. The condo association can assess losses to each individual condo unit owner, loss assessment can allow for your policy to step in on a covered loss if the associations’ policy can’t.
3) Mortgage companies are changing their requirements and may ask for you to insure to a percentage of the appraised value. Check if this will be the case in advance.
4) What section of the building you live in could make you want to add certain coverage (i.e. have the basement unit and a sump pump? Add sump pump coverage).
Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent. Visit our
Contact Us page to reach a Dempsey Insurance employee today.