Are You Covered During Your Construction Project?

Interior view of a house under construction home framing
SMART INSURANCE TIPS

When building or renovating your home, you have an increased exposure to both liability and property loss. It’s important that you understand your risk and make sure you have the right insurance coverage.   


Here are a few things to be aware of:

1. If you’re doing a minor, cosmetic renovation, notify your homeowner insurance carrier and make sure they allow for this. Many insurance companies will allow short term renovations taking no longer than 30 – 60 days as long as you’re still living in the home during the work.  

2. For a major renovation or a new home from the ground up, notify your homeowner carrier as you may need a separate Builder’s Risk Policy. This covers the structure and theft of building materials and takes the place of your Homeowner Policy until the project is done. The coverage limit should reflect the replacement cost of the home at the end of the project.

3. During any construction project, you have an increased exposure to a liability claim. Anyone injured on the jobsite can sue both the homeowner and the general contractor. Make sure you have adequate primary and excess (umbrella) liability coverage and that your carrier is aware of the construction project.

4. Ask for an insurance certificate from all contractors working on your home. This provides proof that the contractor has both General Liability and Workers Compensation coverage. The certificate should name you as an “Additional Insured.”

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com

Cyber Security Tips

SMART INSURANCE TIPS

Cyber crime is a hot topic and something almost everyone needs to be concerned about. Not only are businesses of all sizes constantly targeted but cyber crime against individuals and families happens every day. While it’s impossible to completely prevent, there are measures that you can take to mitigate your risk. These include:


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. Ask your insurance broker to add cyber coverage to your homeowner policy. Cyber coverage can protect against identity theft, online extortion threats, cyber bullying, data breaches, and more.


For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com