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
Contact Us page to reach a Dempsey Insurance employee today.
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
Contact Us page to reach a Dempsey Insurance employee today.
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
Contact Us page to reach a Dempsey Insurance employee today.
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
Contact Us page to reach a Dempsey Insurance employee today.