Newsletter (page 10)

As summer approaches, many people are moving outdoors. This includes using ATVs, boats, RVs, golf carts, and more. All these vehicles need insurance to protect you against damage and liability. It is important to have the right insurance for your recreational vehicles. Most of these are not automatically covered under your home or auto policies.

If you don’t want to insure physical damage on your recreational vehicles, that is an option, but you still need liability insurance. If you have loans on these vehicles, you may be required to insure them.

RV Insurance
RV insurance rates differ from company to company, so it pays to have us shop for your insurance. Some markets offer better rates for trucks, RVs, and campers, while others can offer better rates for motorcycles. To properly insure your RV, you may need liability, collision, comprehensive, uninsured motorist, medical payment, and towing coverage.
Boat/Watercraft Insurance
It would help if you considered watercraft/boat insurance for liability and damage to the hull and personal property. Boat insurance can include physical damage coverage, medical payments, liability, and trailer coverage.
ATV and Golf Cart Insurance
A standard auto insurance policy doesn’t cover ATVs. Even if you are not required to carry physical damage insurance on your ATV, it is still important to protect yourself from liability claims if you injure a third party.  
 
 

It seems that in today’s world, we are using sharing our homes and cars with total strangers. The questions that need to be asked are; does this create new risks, and how do I make sure there is proper insurance place.

Many people are using online platforms or other home renting sites to rent out homes or find vacating spots. While this may be a great way to find a vacation rental or rent out your home, it could pose issues if you rent out your primary home, condominium, or apartment to others for a fee. It may be wise to read through this, and a related article, before you rent out your primary residence.

1. Your homeowner’s, renter’s or condominium insurance most likely will not provide coverage if you rent out your residence. So, if the renter damages your property or burns your home down, you will be uninsured under your homeowner’s policy.
2. The rental sites say they offer some level of insurance, but it is usually secondary to your policy, and most likely will not respond.
3. Read your leas, community standards, or rental agreement; many of these prohibit sub-leasing.
4. It may actually be illegal in your city to rent out your residence on a short term basis. Check the zoning laws in your community. If you live in an area with a community association, there may also be regulations to consider.
5. By placing pictures of your primary home online you may open yourself up to loss of privacy.
6. Finding the right tenant is crucial to a positive landlord experience, so be sure to screen potential renters carefully. You need to verify employment and income for potential renters, as well as check their credit history, call their former landlords, and have a face to face meeting with them to make sure you are allowing the right people to move in to your home

One final thought, you could also create increased liability if the renter somehow damages your neighbor’s property or injures a third party on your property.
 
 

The FBI reports that in 2014 there were over nine million home property crimes in the United States. There are many things that you can do to protect your home from potential burglaries. Most homeowner’s insurance policies do cover loss from burglaries, but we know you would prefer not to have to deal with this situation.
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Prevention Tips

• Get a security system.
• Be careful with your trash; don’t toss out personal information.
• Stop your mail and newspaper when traveling.
• Limit landscaping close to your house.
• Don’t advertise your vacation on social media.
• Leave lights on when gone.
• Always lock your garden sheds and garages.
• Use a variable light timer to activate lights inside your home.
• Lock your doors and windows.
• If you are gone, arrange for your lawn to be mowed.
• Have adequate exterior lighting.

 

Replacement Cost Coverage?
Replacement cost coverage essentially means that the insurance company will replace the damaged or destroyed property with new property up to the policy limit, as long as it is with “like kind and quality”.  This may seem simple, but it's not quite that simple in every case. If the value is not accurate, your loss may not be fully covered.

Coverage Terms Defined
Here are some key coverage terms that you should be aware of and familiar with their definitions:

• Agreed amount- Waives the coinsurance clause on the specified property. As long as this endorsement is in effect, there would be no coinsurance penalty at the time of a claim.
• Insurance to value- When applying for insurance, each property insurance buyer must decide what policy limits to request.  Insurance-to-value provisions found in many property insurance policies encourage the insurance buyer to purchase policy limits that reflect the values exposed to loss.
• Stated value- The amount that you say your property is worth when you buy insurance, and is the maximum amount the insurer will pay if your property is lost, damaged, or stolen.
• Functional replacement cost- The cost of acquiring another item of property that will perform the same function with equal efficiency, even if it is not identical to the property being replaced.
• Actual cash value- Actual Cash Value is the replacement cost of property damaged or destroyed at the time of loss, with deduction for depreciation. Actual cash value cannot exceed the applicable limit of liability shown in the declarations of the policy, nor the amount it would cost to repair or replace such property with material of like kind and quality within a reasonable amount of time after a loss.
• Market value-Your market value is based on current economic conditions, building usage, the value of the land, location, and other factors. It’s what your real estate agent would probably list your building for if you put it up for sale.

​The Neate Dupey Insurance Group had its beginnings in 2010 with the establishment of AMD Insurance Services in Scottsdale, Arizona.
 
Since then, we have grown to become a boutique independent insurance broking and risk management firm, supported by a large panel of national carriers, with clientele throughout the United States.
 
We occupy the niche between the big national insurance agencies and the typical suburban or captive agency. This makes us the ideal insurance partner for those clients seeking a combination of personal service and technical expertise.
 
We focus on tailoring innovative insurance solutions for clients who require more than "off the shelf" financial services.
 
As a full- service insurance agency, our clients range from large multi-state enterprises, to small and medium business, along with residential home, scheduled personal property, auto, liability umbrellas and all other ancillary personal insurance products.
 
When you form a relationship with Neate Dupey, you can rest assured knowing you will always be treated as an important client, and that your business or family's future will be fully protected.

We are approaching our nation's birthday, July 4th, and we hope everyone has a great day of celebration with friends and family. In 2020 over 5,800 people went to the emergency room as a result of fireworks-related injuries. There were an estimated 13,750 reported fires started by fireworks. These fires resulted in an estimated eight reported deaths, and $40 million in direct property damage. This is why it is a good idea to have a free home insurance review and quote, call us today!
 
Homeowner's Insurance
 
If you over-celebrate and do have a loss or damage, please call our office. It is very likely that the claim would be covered under your homeowner's insurance policy.
 
General 4th of July safety
 
Be a safe swimmer. Water sports and fireworks are two of the biggest pastimes for the Fourth of July celebrations, and these are both linked to numerous deaths and injuries each year. Never swim alone, and make sure that kids' water play is adequately supervised at all times.
 
Be a safe boater. Never consume alcohol while driving a boat. Set water safety rules for your family and passengers.
 
Use alcohol responsibly. Alcohol and fireworks can be a hazardous and dangerous combination.
 
Use sunscreen. At the start of summer, skin is especially tender, so use a high SPF.
 
Keep alert for local weather conditions. Check to see if any warning signs or flags are posted.
 
Remember your pet. They are not used to all the fireworks, so keep them inside.
 
Grill safely. Before you use your grill, make sure all hoses are secure and leak-free. Never grill inside. Keep grill away for al structures.
 
Fireworks Safety

• Never try to make your own fireworks.
• Light fireworks on a smooth, flat surface away from the house, dry leaves, and flammable materials.
• Only use legal store-bought fireworks.
• Don't point sparklers or fireworks at yourself or others.
• Make sure spectators are out of range before lighting fireworks.
• Always keep matches and lighter fluid far away from fireworks.
• Read labels and carefully follow directions.
• Only light fireworks on the ground and in areas that are dry and fire-resistant.
• Don't attempt to light multiple devices at the same time.
• Never allow young children to handle fireworks or sparklers.
• Teach children to "stop, drop, and roll" if their clothes catch fire.
• Always keep a portable fire extinguisher close by. Also, keep a water hose or buckets of water nearby to put out fires.