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Christmas Presents, Christmas Perils

Christmas Presents, Christmas Perils

Tis almost the season! With the holidays shortly upon us, we thought it would be a good idea to examine how the holidays might impact your homeowner’s insurance coverage. This season is a joyful one, but sometimes bad things happen. How will your current coverage respond? The Peril of Fire As seen in this classic scene from National Lampoon’s Christmas Vacation, Christmas trees are highly flammable: According to the National Fire Protection Association (NFPA) the likelihood of fire increases in December and January. A huge spike in home fires occurs in the 10 days after Christmas, when homeowners have stopped watering the tree regularly, and are more lax about turning the lights off. Electrical shorts from overloaded circuits near a source of kindling (a dried out Christmas tree) accounted for about 40% of Christmas tree fires. See more facts about Christmas tree fires here. The good news: your homeowner’s insurance will cover the peril of fire unless the fire was intentionally set (and 24% of them are). The Peril of Theft All types of theft increase during the holidays, including shoplifting. However, the worst kind of theft to experience at this time of year is the theft of holiday gifts. Christmas lights on the house, a brightly lit tree glowing in the window and no cars in the driveway are a beacon to thieves looking to cash in on some holiday spirit. This family was hit in 2013:  There are many ways to keep your home from being burglarized, including making sure the home looks occupied at all times, installing a security system, and keeping gifts out of sight...
Preparing for a Fire Threat: Insurance

Preparing for a Fire Threat: Insurance

We’ve all seen the incredible and horrifying pictures of the devastation from the Camp and Woolsey fires in California over the recent weeks. Whole towns demolished. Property damage estimates are expected to exceed $19 billion for homes and businesses. The amount of uninsured or underinsured losses has not yet been calculated, but it is sure to be some portion of that amount. How could those home and business owners have better protected themselves with insurance? How could you better protect your home and business? First Things First If there is a fire bearing down on your area at this time, you cannot purchase new coverage or  make changes to any of your property or auto insurance policies. Insurance companies will put moratoriums on binding new policies or making changes to existing policies in the face of imminent threat of property damage. Call your broker after the threat has passed to discuss purchasing new coverage or making changes to existing coverage. Properly Insuring Your Property How much is your property worth? It’s an interesting question that has more than one answer. There is, of course, sentimental value. Unfortunately, that cannot be insured. Then there is market value, which fluctuates over time. Your expensive home or business can increase in value in times of economic upturn, but can decrease in times of peril, such as an oncoming fire. While this is a good starting point for insuring a home it does not accurately reflect how much coverage you may need in the event of a covered cause of loss. Replacement cost value is what property insurance policies are based on. Depending...