The prospect of a carefree lifestyle appeals to many condominium buyers, but they still must consider insurance coverage. The condominium association is responsible for the exterior of the units and the common areas and must have a master insurance policy to cover its liability for anything that happens on the property. Nevertheless, condo owners are not off the hook when it comes to insurance. They need to purchase home insurance to cover the inside of their home and their personal property as well as to protect themselves with liability insurance if they cause damage to another home in the community or someone is injured in their home.
Many personal lines insurance companies will not even cover homes exceeding $1 million in replacement cost. Having a specialized product available to cater to these high net worth individuals can be a valuable asset to personal lines agencies. High net worth programs also cover a wide range of other personal property. Valuable collections including jewelry, fine art, wine and antiques can all be covered, either as scheduled items or with a blanket policy. Although these types of policies can be provided elsewhere, there are normally limits on how high the value of these items can be on other policies. The advantage of going with a specialty market for high net worth homes is the many perks and additional coverages included in the homeowner's policy. Some of these include landscaping cov...
To belabor the obvious for a moment, personal umbrella insurance is over and above primary coverage. The insurance kicks in to cover personal liability claims in excess of the amounts covered by auto, tenants and homeowners insurance policies. Generally, the personal liability claim is the result of some kind of accident -- a person injured in a home owner's swimming pool, a child injured playing some sort of game on a person's property, a slip and fall. People should buy umbrella insurance because they can't afford not to, says Mike Bradley, president of PersonalUmbrella.com, a California-based online provider of stand-alone personal umbrella insurance policies. Today, the company writes limits of between $1 million and $10 million for standard risks and tough-to-insure clients such as...
Vanderburgh County has the highest number of federally subsidized flood insurance policies in place in Southwestern Indiana, but like the rest of the state, officials say, it's a drop in the bucket compared with how many property owners can participate. The National Flood Insurance Program subsidizes flood insurance for the owners of homes, businesses and condominium units, as well as renters. The policies are sold and serviced by private insurance companies and can cover damage to structures and personal property.
First is the widespread but ultimately ridiculous notion that free markets would require individual workers to rely only on personal savings or expensive corporate health insurance to cover high medical costs. [...] if we recognize the importance of freed markets to the prospect for a civilized solution to the health care crisis, it also quickly becomes obvious that there are many opportunities for "reform" that simply do not present the kind of tradeoff that Brooks wrings his hands over - specifically, "reforms" that get rid of the government interventions that cause costs to skyrocket in the first place.
If you live in a rented apartment, house or condominium, your landlord's insurance does not cover your personal property in the event that it is stolen or damaged as a result of a fire, theft or other unexpected circumstance.
Disability insurance planning has changed dramatically over the last decade. Professionals and their financial advisors have demanded more flexibility when structuring disability policies. Now more than ever, CPAs can help clients protect their most valuable asset -- the ability to earn an income. Disability insurance can be purchased on an individual or group basis. Premium rates are based on factors such as the insured's age, gender, monthly benefit, optional riders, and the occupational classification that the insurance company assigns to each profession. Self-employed professionals and service providers whose incomes are based solely on the number of clients or patients that they see must understand how recovery benefits work. While some policies have an unlimited recovery benefit b...
..., most need disability income insurance to cover the risk. Good planning on the part of a CPA can r...According to IRC section 104(a)(3), personal disability insurance benefits are received free of...
Over the last six months, die-hard supporters of idle Studio Arena Theatre wrote personal checks to cover its heating, electrical and insurance bills while they struggled to resolve a structural deficit approaching $3 million. It got them nowhere. Creditors have been told that the campaign to save the region's only resident theater has been dropped and that Studio Arena will move to liquidate its assets in U.S. Bankruptcy Court next month.
Most insurance agents are aware that a standard personal auto policy does not cover all rental-car exposures. There's a gap between a renter's responsibility under the rental contract and what an auto policy will pay. About five years ago, rental companies began holding the renter liable for a "diminution of value" charge when a rental car was damaged. Most auto policies cover most of the repairs, but few cover diminution in value. To make a sound decision on transferring or retaining this risk, the renter needs accurate information. Providing that information is one of the primary responsibilities of an insurance agent. The agent who continues to tell clients that an auto policy will cover the majority of the damage to the rental car is misrepresenting his product. Such a statement can...
The companies in your stock portfolio might have board members more interested in learning how to save themselves if a scandal hits than discussing strategy to compete in the global marketplace. Board meetings in corporate America are running longer, and not always because the directors are talking about strategy to make profits. Instead, there are a lot more "cover your butt" matters, such as personal liability insurance, that show up on board agendas, said Geoff Loftus, the vice president of the New York- based Society of Corporate Secretaries and Governance Professionals.
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