Insurance Advice Archives - Page 6 of 8

IMPORTANT INSURANCE TIPS

With the busy season quickly approaching, many people are renting their homes. If you are considering this, be aware that your Homeowner policy may have coverage exclusions or limitations. The duration, frequency, and way in which you rent are all factors that may affect your insurance protection. Each insurance carrier takes a different position on the rental of a Primary or Secondary home.

Many Homeowner policies provide continuous coverage for monthly or even seasonal rentals (Memorial Day through Labor Day) when it’s rented to the same tenant. On the other hand, frequent rentals to multiple tenants can be considered a business exposure that may exclude coverage by your policy.

1. Clearly communicate with your insurance broker about your rental plans.

2. Be aware that renting to multiple tenants through websites like Air BNB and HomeAway may trigger coverage exclusions or limitations.

3. Failure to notify your insurance carrier before renting may result in the denial of a claim and potential cancellation of your policy.

4. If you decide to rent your home, be sure to require your tenant to provide proof that they have their own liability coverage while in your home.

5. With renting comes increased liability exposure. Please review your personal liability limits and be sure to add any home that you own or rent to your Excess Liability (Umbrella) policy.

IMPORTANT INSURANCE TIPS

Cyber crime is grabbing the attention of the whole country and has been one of the hottest topics of 2020. Not only are businesses of all sizes being targeted but there has been a sharp uptick in cyber crime against individuals and families. While it’s impossible to completely prevent, there are measures that you can take to mitigate your risk:

1. When setting passwords for your online accounts, use at least 10-15 characters that are complex and include numbers, letters and symbols.

2. Use multi-factor authentication for all accounts where this is available.

3. Never open attachments or click links in emails from senders you do not know.

4. Never use public Wifi.

5. Limit posting on social media, especially when on vacation or away for an extended period of time.

6. Do not allow applications to use geo-location.

7. Never click “Unsubscribe Me” links on spam and promotional email, as that can validate that you’re an active user, which can invite more spam. It’s also possible that the unsubscribe link can be corrupt and will download malware. Instead, mark the email as spam, and delete it.

8. Speak with your insurance broker about what cyber coverage may be available for you and your family. Many homeowner policies have optional cyber coverage that you can purchase.

Category: Insurance Advice

Will You Be Renting Your Home This Season?

IMPORTANT INSURANCE TIPS

Cyber Security: How to Mitigate Your Risk

IMPORTANT INSURANCE TIPS