Renters Insurance

Preventing Clothes Dryer Fires

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Now that the Maine weather is turning cooler, many families will be using their clothes dryers more frequently. As a Maine fire insurance agent, we urge you to be careful when using your dryer to avoid the tragedy of a fire in your home, apartment, condominium or business property.

The National Fire Protection Association estimated that nearly 18,000 dryer fires occurred in the U.S. in 2006, killing or injuring more than 350 people, and causing nearly $200 million in property damage.

Common Causes of Dryer Fires

Clothes dryer fire
Dryer fires cause $200 million damage annually. (City of Fitchburg, WI photo)

The leading cause of dryer fires is failure to properly clean the appliance. Lint can build up in the exhaust duct or the dryer itself. This blocks the flow of air, causing heat to build up to the point of combustion. Another common cause is heat build-up in the clothes being dried. This can occur when clothing that the manufacturer labels to be air-dried is placed in the dryer. Clothing with padding is a common culprit; heat builds up in the dense fabric. Clothes that have been soiled with flammables such as gasoline or paint thinners can also cause fires if they are not thoroughly cleaned first.

Dryer Fire Prevention Tips

  • Clean the lint screen before or after each load.
  • Periodically clean the dryer vent and duct. If you notice that your dryer is taking longer than normal to fully dry your clothes, this can indicate a blocked exhaust duct. Check the outside vent while your dryer is running to be sure that air flow is steady and strong. Don’t forget to reconnect the ductwork after cleaning!
  • Install a metal exhaust duct, not the plastic accordion-style ductwork.  Rigid ductwork is better than the flexible type, which can more easily trap lint.
  • Follow clothing manufacturer cleaning instructions. If the label says “air dry”, don’t put it in the dryer.
  • Keep the area around your dryer free of clothing and clutter.
  • Vacuum behind the dryer to prevent lint buildup.
  • Promptly remove dried clothes from the dryer. Do not leave them in the appliance or piled in a laundry basket.

Following these safety tips can help you avoid having to report a homeowners insurance claim, and keep your property and family safe. If you are looking for a Maine independent insurance agency representing many preferred homeowners and condo insurance companies, contact Noyes Hall & Allen Insurance at 207-799-5541.

Does Insurance Cover Damage From Water Main Breaks?

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After the recent rash of water main breaks in South Portland Maine, many locals wonder if their Maine business insurance policy or Maine homeowners insurance covers water damage from such an occurrence.  Here are some answers, depending on what kind of Maine insurance policy you purchased.

Is the Water District Responsible for Broken Water Mains?

In general, Maine public utilities are not considered liable except in cases of negligence. If they were repairing a main and forgot to shut off the water before disconnecting, causing a flood, you might have recourse. If the break is caused by an unforeseen circumstance, wear & tear, etc., you are probably on your own to repair the damage.

Basic Insurance Policies

Off-the-shelf Maine business property insurance policies do not cover water backup or flood damage. Neither do basic  Maine homeowners, renters or condominium policies. While most do cover damage from leaking, freezing, or breaking of plumbing fixtures and appliances on the premises, damage from water that comes from the ground or under the ground is excluded.  The two most common coverages that you can purchase are Water Backup Coverage , Underground Line Insurance Coverage and Flood Insurance.

Water Backup Insurance Coverage

Maine businesses and residents can purchase an endorsement to their property insurance policy that covers backup of sewers and drains. Water backup insurance is relatively inexpensive, because it only covers damage from water that backs up into your building. Damage from surface water or seepage through a foundation are not covered. If the water main break caused your drain to overflow, backing water into your building, you may have coverage. Unfortunately, that’s not usually what happens with a water main break. Usually, the water bubbles to the surface and inundates an area. To get coverage for that, you need to buy flood insurance.

Underground Line Insurance

Some Maine insurance companies now offer underground service line coverage. They have a coverage limit – often $10,000, with a $500 deductible. Insurers now selling this coverage in Maine include Andover Companies, Concord Group and Vermont Mutual. Some sell the coverage a la carte, while others include it in a special bundle of coverage. In all cases, you have to purchase it – it’s not automatically covered by homeowners policies.

Related Post:

More Maine Home Insurers Cover Water & Sewer Lines

Flood Insurance in Maine

Only a small percentage of residents and businesses in Greater Portland purchase Maine Flood Insurance. That’s unfortunate. They think that because they’re not in an area that susceptible to flooding, they’ll take their chances. Maybe they never even thought about buying flood insurance.  But, many events can cause a flood, from heavy rains to hurricanes to snowmelt.

To be defined as a flood, surface water must cover area that is normally dry land. If that area is more than 2 acres, or at least 2 contiguous property parcels are affected (including yours), you have experienced a flood. The only way to buy flood insurance is to buy a special flood policy (except for specially policies generally reserved for large corporations and commercial projects). Flood insurance policies exclude damage from water than seeps or leaks onto your property, unless a flood was the proximate cause of the leak.

If your home or business is in southern Maine, we would be happy to answer your questions about insuring your property. We have provided Maine business property insurance and personal insurance services to the Portland Maine area for more than 75 years. Contact a Noyes Hall & Allen Insurance agent at 207-799-5541.

Homeowners Insurance and the Party Host

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It’s summer in Maine, the short, sweet season we all wait for. Our social calendars fill up this time of year. From back yards to beaches, function halls to to city streets,  it seems there’s a festival, party, wedding or other event to celebrate every weekend.

If you host a party, are you liable for injuries to a guest? What if you rent a hall? Does it make a difference if you provide alcohol for your guests, or they bring their own? Are you responsible for your guests after they leave? If you are liable, does your Maine homeowners insurance cover you? Here are some answers.

What is Negligence?

To be legally liable for injury or damage, you have to be found negligent. Negligence is a very complex subject. There are entire books written about the subject. But at its most simple, negligence requires 4 things:

  • A duty of reasonable care – for example to keep your steps in good condition.
  • A breach of that duty –  e.g. leaving your child’s tennis ball on the stairs.
  • Harm – injury to a person or damage to property – e.g. your guest, a Division I scholarship pitcher, falls down the stairs and breaks his pitching arm.
  • Proximate cause – e.g. the ball caused the guest to fall, which caused the injury.
Let’s consider some possible party scenarios, and how your Maine homeowners insurance, condo or renters insurance might respond.

Someone is Injured at Your Home

You hold a high degree of care to people you invite onto your premises. If you host a party for your son’s baseball team, you could be considered liable if:

  • someone twists their ankle in a hole in your yard;
  • someone slips on water in your kitchen;
  • your deck collapses when people are on it;
  • someone is injured when horsing around the deck of your pool.

Homeowners, Condo or Renters Insurance – If you’re negligent, the liability section of your policy would pay damages to people who are injured, along with any legal expenses to defend you.

Someone is Injured Away From Your Home

If you rent a function hall or hotel for a wedding  reception, bat mitzvah or other party, you will probably sign a contract. The contract specifies who is responsible for any damage or injury. The hall may ask you for proof of Maine liability insurance. Usually, your homeowners or renters insurance is sufficient. For an large or involved function, you may need to buy Special Event Insurance. Your local Maine insurance agent can help you evaluate this.

Homeowners, Condo or Renters Insurance – Your local agent can help you evaluate the contract and whether the liability section of your policy would pay damages  or legal expenses to defend you.

Hosting a Party With Alcohol

There is a special area of negligence called “host liquor liability”. In short, if you provide alcohol to guests, the chances of injury or damage increase. You may be held responsible for injuries or damage caused by intoxicated guests, even after they leave your premises. The best way to protect yourself is to hire a professional bartender, and ask them for proof of insurance.

What if your party is not at your home? It doesn’t matter; if you are the host or organizer of the party, you can be found responsible.

What if your party is BYOB? You’re still not off the hook. If you allow people to consume too much alcohol on your premises, or allow them to leave while drunk, you might be found responsible for the consequences. Needless to say, if you allow minors to consume alcohol, you can be subject to criminal law and penalties, not just negligence law.

Homeowners, Condo or Renters Insurance – Most policies provide liability coverage for host liquor liability at your home or another location, as long as you’re not charging for alcohol.  No insurance policy covers criminal penalties or defense against criminal allegations.

If you are a Maine resident, and have questions about insurance, we’re happy to answer them. Contact a Noyes Hall & Allen agent at 207-799-5541. We’re independent and committed to you.

How to Be an Instant Insurance Genius With 1 Easy Move

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Did you buy home, condo or renters insurance from one company and auto insurance from another? You’re not alone. Maybe you bought a policy online to insure your first car. Then, when you bought your house or condo, you found a local agent who found you a good deal with another company. Each of your insurance companies has probably solicited you for the part they don’t insure.

Knowing that combining your home and auto insurance is smart is one thing; actually doing it is another. The good news is, it’s not that hard. Having separate insurance companies may not have hurt you too much so far. Sure, you might have paid a few dollars more, or put up with the hassle of multiple insurance bills, but you didn’t feel enough pain to motivate you to combine them.

That will likely change in 2012.

It’s only May, but 2012 has already brought big changes in Maine home and auto insurance. U.S. insurers have lost money on property insurance for several years in a row, due to natural disasters, broadened coverage, depressed pricing and increased reinsurance costs. With today’s low interest rates, insurance companies’ investment income is depressed as well. As a result, homeowners and Maine condo insurance prices are increasing significantly, and underwriters have become much more picky.

The single best personal property/casualty insurance move you can make right now?

Combine Your Property and Auto Insurance.

Here are 10 reasons why you should bundle your insurance today:

1) Save Hundreds of Dollars
Insurers are increasing the “package discount”, making it more attractive to insure your home and autos together. Many companies have increased the discount from 10% to 15%, 20% or even 30% discounts. This can save you hundreds of dollars a year.

2) Better Homeowners Rates and Coverage
Insurance underwriters (the people who choose whether to accept or reject your insurance application) have become VERY picky about home insurance. If you’re buying a home anywhere near the water, you might be quoted a premium nearly twice what the prior owner paid. You might also have a wind deductible of $5,000 or higher, when the prior owner had a $500 flat deductible.  If you only insure your home with that company, you have no leverage with the underwriter.  Bundling your coverage “sweetens the pot” for the insurance company, and levels the playing field a bit.

3) Avoid Non-Standard Insurance on Camp or Second Home
They don’t call Maine “Vacationland” for nothing. Maine has the highest ratio of secondary and seasonal homes to primary homes of any state in the US. Preferred insurance companies have willingly insured these homes for decades, even if they didn’t insure your primary home. In 2012’s tighter property underwriting environment, many insurers refuse to insure these properties unless they insure your primary home and auto. We still have access to insurers who will insure a Maine secondary or seasonal home; but, the rates are higher, and the terms less favorable than those of the preferred companies.

4) Reduced Risk of Non-Renewal
The more business you do with an insurance company, the more likely they will consider you a preferred customer. If you have multiple claims in a 3-year period, your name appears on an underwriter’s list of policies to review. Will they consider you “naughty” or “nice”? One factor they consider is the number of policies you have with the company. They’re more likely to cut some slack to a multi-policy customer than to one with a single policy.

5) Increased Convenience, Reduced Risk of Cancellation
If you have policies with different companies, you’re getting billed by each, and paying a billing charge to each. Most insurance companies can bill all of your policies in one bill. They call it “account billing”. It saves you money (billing fees and postage) and time, and reduces the chance of a late payment by at least 50%.

6) Preferred Umbrella Rates
Many financial advisors are shocked to find how little liability insurance many of their new clients have. Most advisors recommend that their clients buy a Maine personal umbrella policy, which provide liability insurance in excess of their home and auto insurance limits. Preferred umbrella insurers require that they insure all of the policies that their umbrella extends over (called “underlying policies”). We have access to companies that provide umbrella coverage without insuring all of your underlying policies, but they’re usually more expensive.

7) More Favorable Deductibles
Some insurance companies require a higher property deductible ($2,500 or more) if they don’t also insure your autos. They will allow a lower deductible if you have other policies with them.

8) Improved Service From Your Agent
An insurance agent’s worst nightmare isn’t losing you as a client; it’s seeing you suffer an uncovered loss that they could have helped you recover from. The more they insure for you, the better they can help you identify and close expensive coverage gaps.

Let’s say your company starts allowing you to work from home. You might tell your auto insurance company you’re no longer commuting, to get a break on your car insurance rates. But you might not think to tell your home insurance company. When your home is broken into and your work computer stolen, or when a business associate visiting your home slips and falls, you could be shocked to find that you have no coverage for that. If one company handles both, they have the full picture, and can better protect you.

9) Almost Free Renters Insurance
Most Portland Maine renters insurance policies start at about $100 a year. Most Maine car insurance policies are about $600 per year. If you get 15% off each by combining them, you’ve saved $105 a year – in essence getting your renters’ policy for free.

10) Smug Self-Satisfaction
Isn’t it satisfying to read one of these blog posts, and say “Already done that!” Yeah, we thought so.

If you would like a Maine auto insurance quote, or would like to discuss your insurance, contact a Noyes Hall & Allen agent at 207-799-5541.

Buying Your First Home in Maine – Tips from 5 Real Estate Pros

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Buying your first home is a big decision – probably the biggest financial move you’ve made so far. If you’re like most first-time buyers, you are on a tight budget; you may not be able to afford your “dream home” today. But, by focusing on the right factors, you may be surprised how close you can get.

To help improve your odds, it pays to consult an expert. In home-buying, that means a knowledgeable real estate agent who knows you and the area where you want to live. We recently asked some of our friends in the real estate business for their tips for first-time Maine home buyers. We think they’re worth keeping in mind as you look to buy a home.

Use Your Social Media Skills to Find The Right Real Estate Agent

Admit it…you cyberstalk other people, don’t you? Why not use social media to look for a compatible real estate agent? In addition to a web site, see if the agent and/or their real estate office has a page on Facebook, Twitter, Linkedin or even Pinterest.

Frankee Chapa of RE/MAX Alliance in Westbrook Maine says “social media is a great way to get a first impression and help you find an agent who will fit your personality, making the whole home buying process much more enjoyable! While browsing, you may also stumble across posts with photos of homes, details or spaces you like, for example: open floor plan, locations, wrap-around porches, lakeside dock access, large family rooms, etc. Mention these when you meet with your agent to help them get your search started.”

Look at the Big Picture

Choosing a home is kind of like that old Serenity Prayer. You have to know the difference between what you can and can’t change about a property, and be able to focus on the important things. Of course, you already know the 3 most important factors in real estate: location; location; and location.

Mary Jo Cross of Legacy Properties, Sotheby International Realty in Portland agrees. “Try to look beyond the furnishings, peeling paint and other imperfections when looking at houses because there are many wonderful opportunities that are missed because of cosmetic flaws”, she says.

“If the home is in a great location, try to have some vision as to what it could look like with some tweaking. Many buyers make the mistake of buying a fixed up home in a marginal location and that will greatly affect the resale in the future. You can change the house but not the location!!”

Don’t be Afraid of a Dated House

April Cohen of the Maine Real Estate Network at the Maine Real Estate Network in South Portland  says “so many first time buyers walk into a dated home, are scared of the project and walk right out. A dated home doesn’t mean the house is not livable or in bad shape, it just needs to be brought into the 21st Century. Tracy shares a few tips to deal with some common dated features and gain A TON of sweat equity:

  • Paneling: There is a special paint that you can buy to paint over paneling. Pick an earthy/beachy color to make your home feel like a beach cottage!
  • Wallpaper: Not as hard as you think to remove. Vinegar and fabric softener mixed with hot water have been used to help remove wall paper! GOOGLE IT!
  • Colored Bath Tubs: Most hardware stores carry painting kits to paint bathtubs and surrounds. You can turn that avacado green tub white in an afternoon!
  • Cabinets: Just because they look dated doesn’t mean they aren’t functional. Sand them down a bit and paint them the color of your dreams for a fresh, fun kitchen.

Consider Borrowing Money to Improve a “Fixer-Upper”

Janice Selig of Allen & Selig Realty in Freeport says “loan programs such as an FHA 203K or RD/MSH loans allow you to finance repairs and renovations into your loan.  This allows you to buy a distressed property, foreclosure or short sale, which often will give you more house for the money”.

“If you’re handy, you can do many of the renovations, or hire professionals to make the repairs and start with equity in the home.  Depending on the type of property you may be in for longer closing time as many short sales can take months to get bank approval”, Selig cautions.

Personalize Your Offer

So, you’ve found the perfect house, at a price you can afford. This is the one! You’re going to make an offer! How do you increase your chances of it being accepted? Brian Linscott of Linscott Real Estate in South Portland says that personalizing your offer can make the difference between getting the house you want and being just another bid.

“Write a short two paragraph letter to the owners and let them know who you are, why you love the home and why the home is great for your family. The owners will be able to differentiate you from other potential buyers and if yours is the only offer, the owners will see you as a family and not just as numbers on an offer”, Linscott says.

Sometimes, insurance questions arise in the home buying process. Which Maine insurance companies accept knob & tube wiring? How much does home insurance cost in Maine? Which are the best insurance companies for coastal homes in Maine? If you have questions about Greater Portland Maine home insurance, please contact Noyes Hall & Allen Insurance at 207-799-5541. We represent many insurance companies, and are happy to advise you.

 

 

Does Homeowners Insurance Protect You Against Ill-Advised Posts?

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Most of us have said something in the past that we wish we could take back. Years ago, we could hope that once said, the words went no further. These days, your comments can last for years, and be shared among millions. With so many of us using Twitter, Facebook and other social media, ill-advised words and videos can spread at blazing speed.

Hurtful Words Can Be Costly

Bullying Facebook updates, accusatory tweets, teasing posts, or videos revealing private information about someone can expose you to liability under slander, libel or invasion of privacy laws. The most recent public example of this is the guilty verdict against the New Jersey college student who posted video of his college roommate, creating ridicule that led to the roommate’s tragic suicide. What if your child was accused of one of these crimes? You may be surprised to find that a standard Maine homeowners insurance policy wouldn’t provide protection for this.

A Small Coverage Addition Makes a Big Difference

Maine homeowners policies provide liability protection against bodily injury and property damage due to negligence. Damage to someone’s reputation doesn’t fall into either category. That’s why our South Portland Maine Insurance agency recommends that our clients choose Personal Injury coverage. What is Personal injury insurance? It protects you against accusations of slander, libel, defamation of character and invasion of privacy. It can pay the damages in a civil suit, and more important, the legal costs of defense. Personal injury coverage is usually an add-on endorsement. The cost is usually about $25 per year – a bargain for up to $500,000 in protection.

Talk to Your Children About Online Behavior

Of course, the best defense against these kinds of accusations is to stay away from risky behavior. Talk to your children about social media, how they use it and what’s expected of them. Let them know how their behavior could impact their own reputation – not to mention your insurance. Some parents choose to actively monitor their children’s computer activities. Various commercial software programs are available to parents who want to closely monitor what their children’s online activities.
No matter what you choose to do, we should all encourage respectful discourse and behavior – online and “IRL” (In Real Life).  For more information about Personal Injury Insurance in Maine, contact a Noyes Hall & Allen agent at 207.799.5541.

“Can I Take My Spouse Off My Insurance?” How Divorce Affects Your Maine Insurance Policies

Posted on by Bob O'Brien

Divorce is a major life-change. It’s a complicated and emotional process that takes time to work through. It’s not surprising that it also can have a great effect on your personal insurance coverage. Here are answers to some commonly asked questions about how divorce affects your auto and home insurance. You should discuss your individual situation with your agent and your attorney.

I Want to Take my Spouse Off My Auto Insurance

Until your divorce is final, your insurance agent should not remove anyone’s name from the policy without their written consent. An insurance policy is a contract. Your agent is responsible to BOTH parties to the contract. Each has the same rights under the policy. A professional agent will not only want to make sure that both parties remain covered; they are obligated to honor each person’s policy rights.

We Own Separate Vehicles. Can’t We Get Separate Insurance?

Maybe, but you should consult your attorney first. Maine “joint property” laws may render the registration immaterial. If the property is considered “joint property”, you both should maintain one policy until the divorce is final, and the property is separately owned. Your attorney can help you with this issue.

The Insurance Bills Go to My Spouse. Will My Policy Cancel if They Aren’t Paid? 

Yes. That’s why it’s important that your agent knows how to reach BOTH of you; you need to keep them updated. If payment of bills is a problem, discuss this with your attorney; they may be able to arrange for timely payment.

My Spouse Isn’t Reimbursing Me for Their Share. Why Should I Pay for Their Insurance?

It’s important to keep your coverage in force. The best way to do that is to pay the premium that you are billed. Otherwise your policy could cancel – and you would both lose coverage. Don’t “cut off your nose to spite your face”. Talk to your attorney about how to settle the financial details.

I’ve Moved Out. Does Our Homeowners Policy Still Cover My Stuff? 

It depends. It is very important that you contact your agent to discuss your individual situation.

My Spouse and I Can’t Agree on Anything.

Sometimes, it is best to let your attorneys deal with these insurance issues. Give your agent permission to talk with them. Have them contact your agent.

If you are looking for a Greater Portland Maine insurance agency that understands how divorce affects your insurance, and can help you protect your assets now and later, contact Noyes Hall & Allen Insurance at 207-799-5541. Our agency represents several insurance companies, so we can offer one-stop insurance shopping.

 

6 Best Practices to Deal With Maine’s Rising Property Insurance Rates

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Most insurance companies doing business in Maine would like to forget 2011. Maine narrowly escaped many of the disasters that plagued other Northeastern states (one Maine insurance executive tells of nervously, repeatedly “refreshing” the online map of Hurricane Irene’s storm track). Still, virtually every insurer was affected because they do business in those neighboring states.

Remember the terrible flooding in Vermont? Hurricane Irene in southern New England? The tornadoes in Central Massachusetts? Widespread power outages from falling snow-covered tree limbs? Insurance companies do. They paid all those claims.

Many people don’t know that insurance companies also buy insurance – called reinsurance – to protect themselves from financial disaster. Reinsurance spreads the cost of risk throughout the world, leveling loss experience. Reinsurance works: despite the recession and the heavy losses, insurance companies remain financially solvent and able to pay claims.

Unfortunately, 2011 set a world record for disasters . Losses were $105 billion, the highest number ever. About 1/3 of those losses, and 4 of the top 10 events, were in the US. That means that reinsurance companies are now increasing the rates that insurance companies pay for property reinsurance. Of course, that translates to higher homeowners and business property rates for you and me.  So, what can you do?

Map of major disasters in the US in 2011
click to enlarge

6 Ways to Help Offset Rising Property Insurance Costs

  1. Don’t overinsure. Your Maine business property insurance agent  or homeowners insurance agent can help you determine the insurable replacement cost of your property, so you can adjust your protection accordingly.
  2. Compare rates. There are 2 ways to do this: call around yourself; or consult a Trusted Choice independent insurance agent.  This kind of  insurance agent represents several insurance companies, and can compare prices and coverage for you.
  3. Get the discounts you deserve. Don’t pay too much by failing to get the business or  homeowners insurance discounts you’ve earned. Have you recently replaced your roof, electrical, heat or other system? Installed an alarm or a generator? All of these improvements may qualify for discounts. Talk to your agent, and ask if there are other discounts available.
  4. Combine and save. Most insurers give a discount when they insure both your property and vehicles. That goes for business or personal insurance. If you own coastal, seasonal or secondary property, some preferred insurance companies will accept you if they insure your primary home, too. This can rescue you from paying higher non-standard rates with another insurance company.
  5. Choose deductibles wisely. If you’ve owned your property for a long time, you may have more financial ability to repair small losses (it’s not a good idea to file multiple, small claims anyway). If so, ask your agent how much you could save by increasing your property deductible.
  6. Maintain your property. It should go without saying, but deferred maintenance leads to claims, and claims lead to higher premiums. Replace your roof or heating system before it causes a loss. Clear leaves from your gutters every fall to prevent ice dams. Regular paint and upkeep can prevent trouble later.
Maine property insurance rates are expected to rise for some time. In times like this, it makes even more sense to develop a relationship with a local agent. In the area of Portland Maine, insurance agents are plentiful. Find one whose professional advice you trust, and who represents many preferred insurance companies. If you have questions about your personal or business property insurance, contact our experienced agents at 207.799.5541.

Is Your Valentine’s Day Jewelry Insured Properly?

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Americans spent $4.1 billion on jewelry this Valentine’s Day, the National Retail Federation estimates. If you were one of the lucky recipients, you might be wondering:  does my homeowners or renters insurance cover my jewelry?

The short answer is “somewhat”. If your jewelry burns up, or is blown away in a tornado, it’s covered. But that’s not usually what happens to jewelry. Most commonly, jewelry is stolen or lost, or a stone falls out of its setting.

What Kind of Jewelry Should I Insure Separately?

More expensive jewelry pieces should be separately insured, for several reasons. Because they’re subject to limitations on your homeowners policy, they may be only partially covered – or not at all. Certainly, any jewelry with precious stones, especially valuable ones, should be separately insured.

How Much Does Jewelry Insurance Cost?

Jewelry insurance is surprisingly affordable. Insuring $5,000 of jewelry on your Portland Maine  renters insurance, condo or homeowners insurance usually costs less than $40.00 a year.

Do I Need to Have My Jewelry Appraised?

Jewelry pieces valued greater than $5,000 must be appraised to be added to most insurance companies’ policies. Insurance companies also require appraisals about every 5 years. Gemstone, gold, platinum and silver prices fluctuate based on popularity, supply and demand, and condition. Appraising your jewelry makes sure that your coverage keeps pace, and also provides an opportunity to have the settings, strands and gems checked. This can avoid the heartbreak of lost jewelry.

Should I Take Pictures of My Jewelry for Insurance?

Photographing your jewelry is always a good idea. Even if  your pieces were not separately insured, photographs can help the police recover stolen jewelry, or help a claim adjuster identify exactly what you had prior to a loss.

Our Portland, Maine area insurance agency hosts periodic free jewelry inspection events, where you can have your settings checked, and jewelry cleaned and photographed for insurance purposes. If you would like to be notified of future events, like Noyes Hall & Allen Insurance on Facebook.

For answers to your personal or business insurance questions, contact our experienced Maine insurance agents at Noyes Hall & Allen Insurance: 207-799-5541. We represent many different insurers, so we can offer a solution customized to your needs and situation.

 

 

Avoiding Used Underwear & Red Cross Socks for $10 a Month

Posted on by admin

You rent a house, condo or apartment. Maybe you’ve been meaning to buy renters’ insurance.  Or maybe, you’ve been thinking something like this:

My Stuff Isn’t Worth Much

You think you have minimal furniture, electronics and clothes. But, you acquired it a little at a time; maybe you even bought some of it used. After a fire, you’re going to have to replace it all at once, and in a hurry. Even a 1-bedroom apartment easily holds $10,000 of stuff – more if you have a decent computer or a hobby like photography, mountain biking or music. That’s more than most of us have in the bank.

When you get Maine property insurance buy replacement cost coverage; it’s always worth it. Otherwise, the insurance company pays you “actual cash value”: the difference between replacement cost and depreciated value.

Replacement cost =  cost of new underwear in the store.

Depreciated Value = what I’d pay for the stuff in your underwear drawer (not much).

My Landlord’s Policy Covers Me

Your landlord’s insurance (IF they have any) covers them, and them alone. Whether the plumbing leaks on your sofa, a fire burns up your apartment, someone steals your computer, or someone slips on an ice cube in your kitchen, you have no insurance unless you buy it yourself.

I Can’t Afford It

Renters’ insurance is cheap: often less than $10.00 a month. That’s a few cups of coffee. Know what you really can’t afford?

  • To replace all your stuff (“new for old”, right?)
  • To rent a hotel room while your apartment is damaged.
  • Medical bills if someone falls in your house or your dog bites someone.
  • That fancy vase you accidentally knocked over in that gift shop on Exchange Street.

 

My Friends/Family/ The Red Cross Would Help Me

Your friends and family rock. And they mean well. But, do you really want to wear your sister’s hand-me-downs; move back into your old bedroom in your parents’ house; or  have your brother say ” you owe me one”? No, you don’t.

The Red Cross is amazing. There they are on the TV news, delivering clothes and putting people up for a few days when they’re burned out of their homes. But, you probably don’t want to be that poor girl on the news. It’s always better to pick out your own clothes and choose your own place to stay.

If you live in the area of Portland Maine, renters insurance quote is just a few mouse clicks away. Or, you can contact Noyes Hall & Allen Insurance at 207-799-5541. We represent several insurance companies, so we can compare to find the best deal for you.