Coastal Insurance Solutions

Do I need Workers’ Compensation insurance for domestic employees?

David Clausen — Wed, 14 Apr 2021 16:06:00 +0000

Like many states, New York requires most employers to carry Workers’ Compensation coverage for employees. New York State’s requirements for Workers’ Compensation coverage can seem confusing but once you understand the guidelines for required coverage, you’ll know if you need an additional policy to be compliant.

How to Cancel a NFIP Flood Insurance Policy

David Clausen — Wed, 14 Apr 2021 15:51:00 +0000

Changes that became effective October 1st, 2018 (updated April 2019), are still in effect and provide flood insurance customers with greater freedom to choose their own Private Flood Insurance Provider. If certain conditions are met, customers are eligible to cancel/nullify their NFIP flood insurance policy.

Prior to NFIP’s 2018 changes, canceling an NFIP flood insurance policy was price prohibitive in many cases because no refunds were available. Now, flood insurance customers can choose to cancel their NFIP policy using Reason Code 26 (duplicate coverage) if they meet NFIP requirements.

After One Claim Can My Insurance Company Drop Me?

David Clausen — Tue, 13 Apr 2021 18:24:00 +0000

It does not sound fair, but not only can an insurer drop you after a single claim, it can also drop when you have not made any claims. The insurance companies are more worried about future risks and can cancel your policy, especially if you live in areas prone to mudslides or hurricanes. In addition, filling more than one home insurance claim within a period of five years or having a claim that is not paid because it is less than your deductible, can also make you lose your insurance.

What is a good deductible for home insurance?

David Clausen — Tue, 13 Apr 2021 18:08:00 +0000

Many factors go into choosing the “best” deductible for your homeowner’s policy. First, let’s talk about the different types of deductibles. Typical homeowners insurance policies have 2 deductibles. The first deductible is known as the policy deductible and the second is commonly referred to as the hurricane deductible, or as known in the industry as the catastrophic windstorm deductible.

Who are Chubb’s Home Insurance Competitors?

David Clausen — Tue, 13 Apr 2021 17:59:00 +0000

Well-known national insurers dominate the home insurance market but specialty insurers that cover high-value homes service a segment of the market that broad-market insurers often can’t address properly. Chubb is among the largest of these high-value home insurers and with a history dating back to 1882, the now-global insurer has earned its stripes. Over the years, several competitors have emerged to service the growing market for high-net-worth households, including some providers that are new to the market. Let’s look at Chubb’s home insurance competitors and what makes them different from traditional insurers.

How Much Does a Diving Board Increase Insurance Rates?

David Clausen — Tue, 13 Apr 2021 15:29:00 +0000

Ah, summertime. Long days, warm sunshine, and afternoons in the pool or relaxing as the kids and their friends take turns doing tricks off the diving board. No doubt, you’ve cringed watching at least a few of those stunts because you know someone can get hurt if they aren’t careful or if they misjudge their distance from the diving board.

Pools are great fun but they also bring some additional insurance considerations and many homeowners have asked how much having a diving board can increase insurance rates.

How Much Personal Liability Coverage Do I Need on a Homeowner’s Insurance Policy?

David Clausen — Tue, 13 Apr 2021 15:11:00 +0000

It’s true that owning a home comes with a wide range of advantages, but also liabilities, including the fact that you’re going to be personally responsible for any accident that occurs on your property. The majority of homeowners insurance policies include personal liability insurance which offers coverage against financial loss if someone is injured in your home. However, it is recommended that you carefully check your policy’s limits in order to ensure that you benefit from the right amount of coverage should such scenarios ever materialize.

5 Home Insurance Endorsements & Coverages You Absolutely Need

David Clausen — Tue, 13 Apr 2021 15:01:00 +0000

Home insurance policies, in their basic form, are built to meet most needs of most people, which is to say, a home insurance policy can often be modified to provide better coverage for your specific needs, to fix gaps in coverage, or even to save money.

Is My Pool Covered by Home Insurance?

David Clausen — Tue, 13 Apr 2021 14:50:00 +0000

There are things you need to think about regarding your pool and your homeowner’s insurance. To be specific, how does your homeowner’s insurance policy treat potential physical injury claims and how much insurance coverage is provided to repair your pool in case it gets damaged?

5 Things to Know About Home Insurance & Renting Your House

David Clausen — Tue, 13 Apr 2021 13:30:00 +0000

Are you thinking about renting your home to earn additional income?

Maybe you’re considering entering the real estate investment business. With single-family rental homes in demand across the country, renting your own home after you bought another house could be a great way to get started.

Maybe you go away for two weeks every summer, and you’d rather earn money for your house than leave it unattended or pay someone to house-sit.

Or perhaps you have a second home or travel frequently and want to start renting your home to guests when you’re away through a service like Airbnb or VRBO. If you live in a desirable vacation area like the Hamptons, you can build a second business through home rentals.

But it’s important to be aware of added costs, including home insurance for your rental property.

Here are five things you should know about home insurance and renting your house.

Insurance Tips: How to Make a Home Inventory

David Clausen — Thu, 25 Mar 2021 19:55:00 +0000

About 1 in 20 homes has an insurance claim each year due to damage, theft, or other covered risks according to the Insurance Information Institute.

If you have a home insurance claim, creating a home inventory becomes a powerful reference tool that can help expedite your claim and ensure you get the correct claim settlement amount. As a matter of fact, your insurer will require that you provide proof of ownership and will request receipts or a proof of purchase.

Making a home inventory is easier than you might think, but there are some important steps you don’t want to miss. Here’s what you need to know before building your home inventory.