Property Insurance… Coverage Is King!

Most every business owns business property, and may also own the building in which you run your operations. Property insurance protects the physical assets your nonprofit owns – such as computers, office equipment, buildings, furniture, fixtures, and other property.

Every business should have a comprehensive property insurance portfolio to respond to the many risks associated with property ownership. Property policies offer many unique kinds of coverage, some of which we have highlighted:

  • Building Coverage – allows you to quickly rebuild or repair buildings or other property damaged by fire, theft, natural disaster or other events, allowing you to return to normal operations.
  • Business Personal Property Coverage – covers costs to replace the contents in your building if they are stolen or destroyed by a covered unforeseen event.
  • Business Income Coverage – provides for continued income or lost revenues while the building and its contents are being rebuilt and replaced.  Business income helps you to cover operating and normal payroll expenses needed to keep an organization operating after a loss, usually for a specific time period.
  • Fine Arts Coverage – covers loss or damage to artwork or sculptures housed in your building.
  • Building Ordinance Coverage – covers the increased cost to comply with building codes, ordinances or laws that have changed after your building was originally constructed. For example, under revised building codes you may now be required to install sprinklers which would increase the value of construction.
  • Outdoor Signs and Property Coverage – covers costs to replace outdoor fences, signs, trees, shrubs or plants.
  • Equipment Breakdown Coverage – covers loss due to failure or breakdown of equipment such as boilers, heating systems, and electrical equipment.
  • Computer Coverage – covers costs to replace or repair damaged hardware, software, data or media vital to your operations.
  • Back-up of Sewer – covers costs to repair or replace items damaged by back-up or overflow of a sewer or drain.
  • Earthquake Coverage – provides insurance to repair or replace damaged equipment and/or buildings resulting from an earthquake. Earthquake coverage is typically excluded under most property policies.

Oakwood Insurance Agency operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals.  Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers, and our extensive knowledge of the insurance marketplace.

Is Insurance Different for Older or Historic Homes?

A Personal Insurance Update

With the cost of homes increasing daily, many people are considering purchasing older or historic homes.  If you have ever owned an older home, you know the issues that come with updating and making repairs.  Restoring a historic home to its original condition can cost considerably more than expected.

That is why it is important to have a homeowner’s insurance policy that is designed to address the needs of older and historic homes.  If your historic home is damaged you will want to keep the design, construction, and integrity of the original architecture.  Most standard homeowner’s insurance policies will not provide the necessary coverage to restore historic or older homes to their original architecture condition.

Most historic or older homes have detailed finish work, hand carved details, unique brickwork, custom tile and flooring, or exotic woods and other features not found in homes today.  A standard homeowner’s insurance policy is intended to replace materials with like kind and quality, but that term can be interpreted in many ways.

You may need historic coverage for your home.  We can provide a quote, so call us today!

Why Is Having a Home Inventory so Important?

If your home and personal property were damaged, would you be able to remember all your belongings?  Consider that you also are in a state of shock due to the loss and/or damage to your home.  It has been our experience that having a home inventory is one of the best ways to help you recover from a devastating loss.

Having a home inventory is the easiest and best way to manage insurance claims after a disaster or loss. This action also expedites the claim process, making it easier to be paid.

How to Start the Inventory Process

To create your home inventory list, go through each room of your house, list, and take photos of its contents.  Be sure to list large and expensive items individually (like appliances, jewelry, and furniture) and group together smaller items in sets (like books, toys, or linens).  Don’t forget to include items stored in your basement, attic, garage, or shed.

If you have a larger home, or many belongings, starting a home inventory list may seem overwhelming.  Try breaking the project into several, smaller tasks.  For example, inventory just one room a day or one category of items (furniture, for example) at a time.

Time Saving Tips

  • Record the serial numbers of your electronics and appliances.
  • Take many photos.
  • Count clothing by category, i.e., pants, shoes, etc.
  • Keep proof of purchases, receipts, and a detailed record of antiques, jewelry, and major appliances.
  • Use a phone app. There are several mobile apps that can help you.
  • Add new purchases as you go.
  • Backup your inventory file on the cloud.

Knowing this information ensures you have an accurate value to insure your home and possessions.  If you have too little coverage, you can’t replace lost property, and if you have too much, you are paying more than you need to on higher premiums.

Do You Have Insurance Questions? We Have Answers.

Insurance Question We Most Often Answer

As professional insurance agents, we are asked many questions regarding personal insurance.  We thought it might be good to offer answers to the most common kinds of questions we receive.

“Why buy from an agent when I can go online?”

When you buy insurance online, you are forced to become the insurance expert and if there is ever an issue, you have only yourself to blame.  In most cases, we can offer the same, or better, coverage with a licensed professional agent who is willing to actually meet with you and educate you on your choices.  The cost for these services is included in the cost of your insurance.

“How much insurance do I need?”

That depends on your personal situation.  If you have a number of vehicles, recreational vehicles, or a boat, we might recommend higher limits than if you are a renter with no “toys.”  We also recommend that you buy auto insurance coverage/limits above the state minimum.  If you have a growing family and own your home, we suggest higher limits and a personal umbrella policy to protect your assets.  A personal umbrella policy is very competitive and can provide an added layer of coverage and security.

“Which deductible should I select?”

The higher the deductible, the lower the premium.  In the long run, it may benefit you to increase your homeowner’s insurance deductible above a minimum amount, especially if you are claim free for a number of years.

Is It Time For An Insurance Check-Up?

Your insurance needs change over time, so it is important to review your policies periodically to make sure they are up-to-date. Tragically, many people are not insured after devastating natural disasters. It’s never too late to do a homeowner’s insurance checkup before the next threat heads your way. This article highlights some important insurance coverage you should consider such as:

  • Earthquake Insurance
  • Flood Insurance
  • Wind Insurance

Steps To Help Secure The Right Coverage

  1. Make sure your homes information is up to date. Your agent should shave to right square footage and replacement value.
  2. Research the replacement cost for new construction in your area.
  3. Have our agency provide you with coverage options for competitive insurance products.

Consider getting a “floater” to your home insurance policy. If you own valuable furs, jewelry, guns, collections, silverware, or artwork, a “floater” can cover the full value of those items. Consider adding building code or ordinance or law endorsement, which will help pay the higher cost of bringing plumbing, wiring, or other key systems up to current codes when rebuilding.