Many times your life’s work is tied to your business and that is the only reason I need give to convince you to call a knowledgeable Insurance consultant. Did you know your commercial property insurance will cover most natural events such as wind, lighting ect… but not flood. You will need a special policy if your business floods. Flood in specifically defined by the National Flood insurance program as: “1. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (one of which is your property) from: a. Overflow of inland or tidal waters; b. Unusual and rapid accumulation or runoff of surface waters from any source; c. Mudflow.” In other words, flooding generated by hurricane storm surges would normally be covered under your flood policy, not your typical commercial insurance policy. Is it worth the money? If your business is located in a high risk flood area you absolutely should research the benefits of having flood insurance, in some cases it is mandatory. There might be good reasons to add the coverage in other instances; either way, you should sit down with a knowledgeable insurance agent and discover what coverage you do and don’t have prior to needing it. For example, business autos (flood coverage) and business interruption insurance will become important as you attempt to push your business forward after a major catastrophe. For some, it is the difference between losing your life’s work and starting over again.
Take photos of every room and piece of valuable furniture or electronics before you leave. These will be critical if you need to file an insurance claim.
Put your important documents, heirlooms and photos in double plastic bags and seal them.
Family documents, copies of insurance policies, IDs, bank account records, birth certificates, passports in a waterproof, portable container and/or saved electronically.
Make sure your insurance is intact- no payments lost in the mail, or incorrect payment information.
Comprise a family safety plan in the event you get separated. Make sure all members have important phone numbers.
My son is leaving for college……there I said it. I have been fighting back the tears for weeks, I know this is a good thing for him but I have only had 18 summers with him and it does not seem to be enough. As a Financial Planner it raises a great question that I had not considered before. Does he need a separate insurance policy for his things. I asked the insurance broker in our office, he is an expert at commercial and residential Insurance. I am sharing his answer with all of you mom and dads that may be wondering the same thing: If you own a home then you certainly have homeowners insurance. As long as your child is living on campus, they are covered under that policy…Whew….not another unscheduled expense. If you are a renter then you and your child should purchase individual renters insurance. In the case that you have homeowners insurance, the liability limits will be the exact same amount reflected on your policy but the content coverage (look under coverage C on your policy) normally will be 10% of the total content coverage. If your child is living off- campus, they will need a renters policy. That policy will only cover their stuff so the roomy will need his/her own.
Here is a good checklist:
Take inventory of what is going off to college. Pictures are always good and keep receipts.
Decide If they are leaving their car at home and moving 100-150 miles away, if so, it is a great time to shop car insurance. You may receive big discounts! However, even if they are taking the car to college with them, you need to let your agent know.
If they get good grades you may also qualify for “Honor Roll” discounts. Of course, you can call us at the Evolve Group with any additional questions or to shop rates.