From a Ribbon Cutting of our new office to multiple charity walks to an awesome Halloween party, 2014 was a truly memorable year for the Sovereign family!
Enjoy our short Year in Review video:
2014 in Review from Sovereign Risk on Vimeo.
Condo Insurance? Yes, you need it, and here’s why:
Typically, as a condo owner, you’ll receive some level of insurance under the condominium’s Master Insurance Policy, however, the level or degree of insurance can vary drastically from one building/complex to another.
Master Insurance Policies cover the common areas such as the structure, lobby, elevators, and even swimming pools, but do not provide coverage for any building additions or alterations (upgrades or changes from the original build) made to an individual unit or the personal belongings inside of it.
A unit owner can be held liable for damage to the building or to other units caused from plumbing issues, water, fire, and many other acts, which highlights the need for adequate liability coverage under the Condo Insurance policy. Also, when there is a major claim and the Master Policy limits are exhausted, any additional coverage needed for indemnification will be passed along to the unit owner. This coverage is otherwise known as “Loss Assessment” and is included on an HO-6 or Unit Owners policy and variable limits are available. [Read more…]
CAUTION: If you are an UBER driver, you may NOT be protected!
UBER has taken America by storm!
At a time when technology is advancing our lives in every imaginable way, UBER has single handedly transformed passenger transportation unlike any other single entity since Ford Motor Company! UBER’s software application allows a person desiring transportation to almost immediately electronically hail a vehicle from many locations in North America, and countries around the world. The primary reasons for UBER’s success is SIMPLICITY and CONVENIENCE, especially as compared to the old school methodology of calling a taxi dispatch company, waiting from someone to answer, waiting an unknown period of time for the car to arrive, and facing an unknown fare for the trip. UBER solves these inconveniences by communicating immediately with the passenger relative to the transport vehicle’s arrival time, trip cost, which is electronically billed to the passenger’s credit card, and in some cases including a photo of the driver. What could possibly be better?
For all the conveniences UBER has presented, there is a wake of destruction being created when something goes wrong for both the UBER driver AND passenger. [Read more…]
Higher deductible lower premium or lower deductible higher premium?
We all have to pay our insurance bill every month – it’s certainly not the most pleasant bill to pay, but we can all agree it’s necessary.
What makes paying this particular bill more unpleasant than any other bill we pay is that our insurance bill consists of money we pay out that we do not see a direct and immediate benefit from. Other goods and/or services we routinely pay for such as our groceries, electricity, mortgage or rent, we get a direct and immediate benefit from.
We all know that the best way to keep our insurance costs down is to have as few claims as possible for as long as possible. Another simple way to lower your insurance bill is to raise your deductible. As an insurance agent this is a conversation I inevitably have with all of my clients at some point in time. So, the question is: higher deductible and lower premium, or lower deductible higher premium?
The purpose of insurance is to ensure that you will be restored financially given an accident or catastrophic event. [Read more…]
Do you know who’s really in your home?
We all entrust individuals to help take care of our family, including our home and our financial well being.
These individuals could be nannies, carpenters or even financial planners. The access we give these individuals into our lives expose us to a wide range of risks, and too many people have become victims by not thoroughly researching the individuals they’re bringing into their homes. Many people rely on friends’ recommendations or resumes, which doesn’t always provide the details needed to asses an individual.
A thorough background check is an essential tool in determining the trustworthiness, financial stability, and the safety of your family when employing these individuals. [Read more…]
Small Difference in Premium, Large Difference in Value
We all know that obtaining insurance is a must. Without the proper insurance in place we run the risk of losing everything from material possessions to our entire home or business, and when shopping for insurance we all want the lowest possible rate we can get. But, more often than not, when a consumer is shopping for insurance coverage they become fixated primarily on the yearly or monthly premium amount… what am I going to have to pay now? How much later? This is a question that should be at the forefront of your mind, as we all have budgetary constraints, however, every policy comes with a specific charge for each line of coverage, and for any specific coverage extensions that might be needed. With careful evaluation of each quotation, you can often reduce coverage in one area you may not need and boost coverage in another area of high exposure.
It is important to discuss with your insurance agent about the differences between the policies being offered. Often times there is very little premium difference between two policies, but a great deal of differences in the value each policy is offering in terms of overall protection. I’ll illustrate this with an example. [Read more…]
Baseball Season, Injuries, and Personal Liability
A sport near and dear to my own heart is baseball. My son has been active in this sport his entire life, keeping him out of trouble and tired. This sport is truly America’s original pastime, and a cherished one for many.
What can be scary, and all too common, are sports injuries. An estimated 110,000 children are treated from baseball-related injuries each year. I have personally witnessed batters being hit in the face, sprained ankles and even broken legs, which I experienced with my son last year. Although most injuries are accidental, many can be avoided, such as overuse injuries, which are a result of extremity overuse: Little League Shoulder, Little League Elbow, Olecranon Stress Fractures and Ulnar Neuritis are the most common.
These injuries can be minimized by athletes, [Read more…]
5 Important Questions Uninsured Renters Should Ask Themselves
How did someone surrounded by insurance policies, professionals, and jargon every day find myself uninsured for nearly a week?
I asked myself this question a few days after I moved into my new place of residence and then quickly went into action-mode, trekking up the stairs to talk with our Personal Lines Client Advocate, who promptly assessed my needs and helped me get insured.
A recent I.I.I. (Insurance Information Institute) poll found that 96% of homeowners had homeowners insurance, but only 35% of renters had renters insurance. When the average renters insurance premium across the U.S. is $187 annually, you wonder why more [Read more…]
Partnering with the right insurance broker
Let’s face it, shopping for insurance isn’t something we all want to do, but rather something we must do. We all experience changes in our personal and professional lives, and many times those changes will come with more or less exposure to risk.
There is no shortage of “do-it-yourself” websites available when shopping for insurance. However, wouldn’t you rather have a seasoned professional do the work for you for the same cost? As insurance brokers and risk management advisors, it is our duty to evaluate your personal set of circumstances, uncover any flaws in your current policy, and most importantly, help you better protect yourself. [Read more…]
Your valuables are covered under your homeowners policy… or are they?
A widespread misconception is that if you have “Replacement Cost Coverage” on your contents, then all of your possessions would be replaced by your insurance carrier in the event of a loss. Unfortunately, this couldn’t be farther from the truth.
Regardless of the overall policy limit, homeowners policies generally cap limits on “contents/personal property” coverage, and items may be subject to depreciation or excluded altogether. [Read more…]
What kind of insurance agent works for you?
There is a big difference between a transactional insurance agent and a risk management-minded insurance broker and it is time to evaluate who is really working for you!
Many times clients do not know the difference between an insurance agent and a risk management-minded broker. An insurance agent is typically an order taker that sells your company insurance products, collects the premium, and calls or visits you twelve months later when it is time for your insurance products to renew. A risk management-minded broker is one that [Read more…]
Top 10 Most Expensive Cities for Auto Insurance
A new study found that Detroit’s average car insurance rates are more than ten times that of the Winston-Salem, North Carolina, the city with the lowest average.
State Farm offers an insurance policy there for $25,300 a year while Hanover offers a policy for $4,854. Politics and law play a major role in a city’s car insurance rates. Detroit’s average annual premium is $10,723.22, making it the most expensive city in the country for auto insurance.