Do I really need to think about insurance during the holiday season? I am already so busy and being pulled in lots of different directions! I don’t like to think about insurance on a normal day, much less in December!
I am right there with you! My to-do list is ever-growing.
However, Merry Christmas can become Miserable Christmas quickly.
Here is a short and easy list of things to remember during this time.
1. Are you purchasing any jewelry this holiday season? If so, be sure you contact your insurance agent, especially if it’s an expensive piece. Engagement ring? Special bracelet? The value of the item may push it out of range for the basic coverage on your homeowner’s policy or your renter’s policy. Quickly email your agent with a description of the piece and the valuation and find out if it needs to be scheduled on your policy separately. Do this as soon as you buy it, just in case.
2. DO NOT LEAVE VALUABLES IN YOUR CAR. Whether your car is parked in the mall parking lot or your driveway, be sure you remove everything from your car that could be attractive to thieves. Remind guests at your home to do the same. A smash and grab can happen so quickly! You would hate to have to replace the items stolen AND file an insurance claim.
Breaking into Vehicle
3. Be aware of extra fire risks. Lots of people use more candles, light fires, etc. at this time of year. Extinguish anything burning before you leave the house. Pay attention to curtains, pillows, extra blankets, the Christmas tree skirt and coats.
House Fire
4. Slip and falls accidents are a real hazard with the icy weather and more guests visiting your home or business. Keep up with ice/snow removal and assist guests or family members as needed.
Home in Winter
5. Your furry family members disguised as dogs might need some special attention this time of year too. Extra people in the house and lots of excitement can put pressure on your dog and cause them to behave in ways that are outside of their norm. Dog bites are one of the top homeowner’s claims so be aware of how your pet is dealing with the fun and put them safely away.
Scared Dog
A couple of extra minutes to ensure your home, vehicle and family members are safe can keep your holiday season merry.
Thinking about renting out your house? Here are items to
consider.
Buying property here in Central Kentucky can be a very
appealing investment! Rental prices are higher than ever, and there is no
shortage of qualified tenants. Here at Castle insurance we often work with
homeowners who are acquiring additional properties to rent to others. This can
be a great way to create residual passive income through an investment that
will often appreciate. In most cases, a consistent stream of additional income
can help you reach your retirement goals a little easier. We are always excited
to help our customers reach their financial goals, and one way we can do this
is to ensure your rental property is covered.
Before you consider investing in a rental property, there are a few things that must be considered. There are several situations where rental properties can become a serious liability; one that can severely hinder your assets.
First, we recommend that a landlord establish an LLC to ensure their assets are separated from their business operations.
Secondly, ensuring your tenant keeps an up-to-date renters policy will help to protect you from any liability that arises from their actions. For example, if your tenant’s dog bits someone visiting your rental, their renter’s insurance liability will cover damages incurred up to their limits of liability. Without renters insurance, a lawyer may choose to challenge you for the damages, and a costly lawsuit can be devastating for you and your business.
Another great coverage option is a personal or business catastrophe liability policy. This policy is often referred to as a PLUP or umbrella policy and can provide millions in liability coverage for your auto and homeowners policy. While your rental property should be insured as a rental-dwelling, your policy may not contain enough liability coverage to offset a litigious tenant. Even those landlords who are mindful oftenant screening and property upkeep, the unforeseen lawsuit can ruin your ability to run a profitable operation.
In closing, renting property can be a profitable long term
investment. Managing the insurance for this type of business can be confusing,
but you should always understand what you are covered for.
If you rent property here in Kentucky, please contact us for
a comprehensive review of your insurance, and let the expert agents at Castle protect
your assets.
