The ultra wealthy are not the only ones with valuable fine art. Many people have art in their homes that, if damaged, would not be covered at replacement cost. These specialty items often need separate insurance.

Fine art insurance, often called a “floater” by insurance companies, can be used to insure paintings, drawings, sculptures and other works that are not adequately covered by your homeowners policy. A review of your home insurance can determine the limitations in coverage.

You might decide to get an appraisal on your valuable items to get a better idea of how much insurance you should buy for them. Our service team can help. We can connect you to an insurance company that specializes in fine art insurance. Many such carriers will send a loss control expert to your home at no cost to help you find the best solutions to securing the art from potential losses, such as fire, theft and windstorm. Further, such a meeting will help you determine the safest methods to display your art to protect it from wear and tear, fading and other hazards that could compromise its value.

For more information on insuring your most treasured possessions, call our service team today.

Medical Payments Under Auto Policies

In your personal auto insurance policy, there is an important coverage called “medical payments.” This coverage in an auto policy is different from the coverage of the same name you would find in a homeowners policy.

Under home insurance, medical payments coverage applies only to other people’s injuries, not yours or your family members. Medical payments coverage found in the auto policy will pay for injuries sustained by you, your family members and passengers of your vehicle.

According to AAA, medical payments insurance provides coverage towards medical and funeral expenses resulting from injuries in an automobile accident. This becomes very important if you live in a state that does not require you to purchase personal injury insurance on yourself or if you do not have other medical insurance covering you or your family.

From a liability perspective, medical payments can be paid for injuries to passengers regardless of who caused the accident. This is in contrast to bodily injury liability insurance, which specifically requires some degree of legal responsibility.

You know the old line about boat ownership: A boat owner’s two happiest memories are the day he got the boat and the day he sold the boat. With the right planning, your in-between days can be great, too!

Boat insurance policies are typically valued one of two ways: at actual cash value or at an agreed value. The latter is more expensive; however, if your boat is damaged, your insurer will pay up to the agreed amount without any deduction for depreciation. This benefit may also apply to items on the boat, such as a navigational system.

Some boat policies will separate the cost of salvage from what you will receive for the damaged boat. This is preferable to policies that deduct salvage costs from the overall recovery. If the policy separates salvage from damage losses, the boat owner could receive up to the policy limit to repair or replace the damaged boat plus the costs to salvage.

Another important issue boat owners should not overlook is the deductible. For example, some boat policies may include a higher deductible if the boat is damaged during a hurricane.

You will want to tell your agent all of your plans for your boat, too: where it will be docked, how many passengers you will usually carry, where you will travel, and more. Planning for insurance ahead of your purchase should give you the peace of mind you need to enjoy those beautiful sunsets on the water for years to come.

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Do-it-yourselfers, are you planning a project on your home? Whether you plan to repair, replace, remodel or rebuild, doing it yourself may be the least expensive option to get the job done.

Just remember that doing the work incorrectly could cause damage to your home. For example, imagine the havoc you could wreak while trying to upgrade circuits, replace tubs and toilets or reshingle the roof.

The good news is that many home insurance policies will cover damage that results from your faulty work, provided the result is a covered loss. For example, if you try to rewire electrical lines in your home and accidentally start a fire, the resulting fire damage would be covered. However, many policies may not pay if the only damage is your faulty work, such as damaging the wall of your bathroom while replacing an old sink.

If you are planning a project of your own, give our service team a call. Your improvements, in the end, might increase the value of your home substantially.