Posts Tagged ‘Home Insurance’

Five Thoughtful Holiday Gift Suggestions – Insurance Agent Approved!

Friday, November 25th, 2011

It’s Black Friday, the traditional start of the holiday shopping season. If you’re stumped for gift ideas this year, we have a few suggestions for thoughtful gifts that are approved by your local Maine insurance agent.

Smoke & Carbon Monoxide Detector

Not only could they save hundreds of lives each year, carbon monoxide detectors are required in Maine before you can sell or rent any residence. They are a inexpensive, easy to install, and a great way to protect those you love.

Data Backup Solution

All electronic and mechanical devices fail eventually. It’s not a matter of IF, but WHEN it will happen to your loved ones. With the popularity of digital photography and music, we risk losing irreplaceable memories and expensive entertainment media.  Why not give a data storage subscription or an external hard drive? A recent study of home computer users indicated that nearly 90% did not regularly back up their data. By giving an easy means to back up their information, you are helping spare someone from heartbreak, expense, and inconvenience. How thoughtful!

Personal Emergency Response System

The “I’ve fallen, and I can’t get up” TV ads became the unintentional source of humorous imitation several years ago. But there’s nothing funny about the thought of a loved one being unable to call for help when they need it most. If someone on your gift list lives alone, and has health or mobility challenges, they probably do worry about that scenario. Why not show them that you care about them by giving them a portable call button system?

Tree Pruning Gift Certificate

In our business, we see a lot of damage from fallen tree limbs. Another common question we get is “my neighbor’s tree fell on my property“, which can lead to community discord. Tree maintenance is not for the faint of heart, or the fragile of health. Proper pruning requires special tools and knowledge, good balance, strength and fearlessness. It’s best left to a professional. A gift certificate for a local tree pruning service can help preserve your loved one’s property, health, and neighborly relations.

Bicycle

When you were a kid, didn’t you often wish for a bike? More and more adults are rediscovering the joys of riding a bike. It’s healthy, saves money, is good for the environment, and – most of all – it’s fun! Who wouldn’t feel loved if you gave them a new bike?

The Noyes Hall & Allen team wishes you a safe and happy holiday season.

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Posted in Condo Insurance, Renters Insurance, safety | No Comments »

Do I Have to Wait for the Insurance Company Before Repairing Storm Damage?

Monday, August 29th, 2011

Hurricane Irene visited Maine yesterday. Fortunately, the southern Maine hurricane damage was mostly limited to fallen trees and limbs – at least judging by our clients who contacted us to report an insurance claim.

The most common claim question today is “A tree fell on my house. Can I remove it, or do I have to wait for the insurance company to inspect it”? As this prior post explained, fallen trees aren’t always covered by insurance. But, if a tree lands on your home or other structure, your homeowners or business policy probably covers both the damage it causes and the cost to remove it.

Generally, it’s fine to remove the tree from your home or driveway to assess the damage and to  make temporary repairs to preserve your property. You don’t need to wait for the insurance adjuster to see it; they can usually tell what happened by the scars that the tree or limb left behind.

5 Things to Do if a Tree Falls on Your Property

  • Document the damage with digital photos or video.
  • Take action to preserve your property from further damage. Remove the tree from the structure, make temporary repairs, or move property indoors.
  • Save damaged property for the insurance company to inspect.
  • Schedule – but don’t begin – permanent repairs. Repair contractors are very busy after a natural disaster. The earlier you schedule your job with a reputable, experienced and insured contractor, the better the chance of your property being repaired faster. Do not start repairs until the insurance company has a chance to see your damage.
  • Report your claim. Noyes Hall & Allen clients can contact an agent to start the process.

If you have questions about Maine homeowners insurance, condo insurance, renters insurance or insuring your Maine business property, call Noyes Hall & Allen at 207-799-5541.

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Posted in Business Property Insurance, Condo Insurance, Current Affairs, Home Insurance, Homeowners Insurance, News, Personal Insurance, safety, Weather | No Comments »

Does a Maine Homeowners Insurance Policy Cover Hurricane Damage?

Wednesday, August 24th, 2011

That may be the most popular insurance question of this week as Hurricane Irene curves its way toward the East Coast.

The Good News…

Most Maine homeowners insurance policies cover wind damage, wind-driven rain, damage to a home from falling trees, and other common types of hurricane damage.

BUT…

In the past 5 years, many insurers have introduced special deductibles for property located within a quarter-mile of the coast. Sometimes, the deductible applies only in the case of a hurricane, or other “named storm”. Other insurers’ policies have higher deductibles for all wind damage, even from a February nor’easter.

These deductibles are usually expressed as a “percentage deductible”. Common deductible percentages are anywhere from 1 to 3% of your property insurance amount. In other words, on a $250,000 home, a 2% wind deductible would be $5,000, and would apply to any wind damage.

You should check your own policy to find out what kind of deductible is on your homeowners, Maine renters insurance or Maine condo insurance policy, and how large that deductible is.

What About Other Hurricane Claims?

Standard homeowners policies do not cover damage from loss of power, such as food spoilage or basement water backup caused by a sump pump not working. Often, you can buy some power failure coverage.

Likewise, homeowners policies have little or no insurance coverage for fallen trees, unless they strike a structure or block a driveway. Some insurers sell endorsements that offer limited coverage for this.

Finally, flood damage is NOT covered by homeowners policies. You must buy NFIP Maine flood insurance to have flood coverage.

FMI

For more information about Maine hurricane insurance for homes, autos, condos, boats or other property, contact Noyes Hall & Allen Insurance at 207-799-5541. If you are already a client, and need to report a Maine insurance claim, visit our web site, or call the number above for instructions.

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Posted in Boat Insurance, Car Insurance, Condo Insurance, Current Affairs, Home Insurance, Homeowners Insurance, Personal Insurance, Renters Insurance, safety, Weather | No Comments »

Should Maine Homeowners Escrow Their Home Insurance?

Thursday, January 14th, 2010

As a Maine insurance agency, our clients often ask whether they should have their bank or mortgage company pay their homeowners insurance, or whether they should pay it themselves.

Often, lenders give you no choice; they insist on escrowing property taxes and insurance – especially if you’re a first-time homebuyer, or your credit rating is close to their eligibility threshold. The “golden rule” applies: the one with the gold makes the rules. If you want to borrow from them, you’ll escrow.

 But if you’re an established homeowner, have a very good credit score, or are an especially desirable credit risk, you can ask to pay your own insurance or taxes.

How Escrow Works
Lenders collect some money at closing to seed your escrow account – commonly, 3-4 months of taxes and insurance. That way, they always have YOUR money to pay the bills when they arrive, instead of theirs. Part of your monthly mortgage payment goes to your escrow account. You pay 1/12 of your property taxes and homeowners insurance premium each month.  By Maine Law, your lender must pay you interest on the balance in your escrow account.

Escrowing Your Insurance is a Good Idea if:

  • You’re not good at budgeting money for big payments.
  • You’re not good at paying bills on time.
  • You want to spread your payments over 12 months, without billing charges.
  • You don’t mind the bank holding onto hundreds to thousands of your dollars.
  • You don’t make lots of changes to your homeowners policy.

Problems with Escrow
Escrow works pretty well, as long as things don’t change. The most common problems occur when:

  • Your bank sells your mortgage, and no one tells your insurance company.
  • Your bank changes its address, and your policy is not updated.
  • Your bank loses/never gets/doesn’t pay your insurance premium, and your policy cancels.

To be fair, the first two would be problems even if you didn’t escrow. The bank wouldn’t get their copy of your policy, and soon you’d get a nasty note, saying that they need a copy of your insurance policy. But at least your policy would still be in force. That’s not the case if #3 happens.

The Bottom Line
If you’re financially disciplined and business-savvy – or just a control freak (you know who you are), you probably want to pay your own insurance premiums – unless your bank forces you to escrow. After all, once you pay off your mortgage – and you will someday – you’ll pay the premiums and taxes yourself anyway. Why not get used to it now?

If you have questions about escrowing or buying home insurance in southern Maine, call Noyes Hall & Allen Insurance at 207-799-5541.

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Posted in Condo Insurance, Finance, Home Buying, Homeowners Insurance, Personal Insurance | No Comments »

Should You Insure Your Maine Middle Schooler's Laptop?

Thursday, September 17th, 2009

As another school year begins, our clients who are parents of middle school students are asking us about insuring the laptop computers issued through the Maine Learning Technology Initiative. As a Maine insurance agency, Our understanding is that the State does not have a “blanket” insurance program; however, many school departments appear to offer separate insurance coverage.

Apple laptop In general, we recommend that our clients buy the coverage through their child’s school. Here’s why:

  • School property – The laptop belongs to the school, not the student. Therefore, it’s not considered owned personal property as defined by a homeowners policy.
  • Lower Deductible – The standard homeowners insurance deductible is $500.00. Most school programs feature a $50.00 deductible.
  • Broader coverage – Most homeowners policies don’t cover such perils as dropping the computer, closing it in a locker, etc. The school contracts we’ve seen cover most damage, unless it’s intentional and willful.

Each school insurance program has restrictions; for example, some prohibit taking the computer out of Maine. Be sure to read yours before choosing how best to protect your child’s computer. For more information, contact us at Noyes Hall & Allen at 799-5541.

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Posted in Condo Insurance, Current Affairs, Home Insurance, Homeowners Insurance, Personal Insurance, Renters Insurance | No Comments »

Maine Ins. Commissioner: Consider Flood Insurance

Sunday, March 1st, 2009

Two days after this post on our blog, Maine’s Insurance Superintendent, Mila Kofman, echoed our recommendation to consider flood insurance, especially following this winter’s heavy snowfall.


Her bulletin points out that “now is the time for home and business owners to seriously consider the advantages of flood insurance”. She further points out that 9 of 11 federal disaster declarations in Maine from 2000 to 2008 involved spring flooding, and that the damages “impacted every county in Maine on multiple occasions”.

Don’t forget that flood damage is not covered by homeowners or standard business policies, and that the National Flood Insurance Program has a mandatory 30 day waiting period before coverage takes effect (unless it’s a new property purchase). Now really IS the time to think about protecting your property.

For more information about flood coverage, visit the Bureau of Insurance’s flood information page, read our February 18 blog post, or contact us via our web site, or on Twitter.


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Posted in Business Insurance, Home Insurance, Weather | No Comments »

Forecast: Wicked Cold. Prevent Frozen Pipes

Tuesday, January 13th, 2009

The local forecast is for cold weather for the rest of the week. By Thursday or Friday, Greater Portland could experience the coldest air mass we’ve seen in 5 years.

Many homes experience frozen water pipes in weather like this. Often, the homeowner made improvements to the home (additions, remodeling, etc.), and the insulation that was placed in the remodeled area wasn’t sufficient to protect the domestic water pipes.

If you’ve made such improvements in the last 5 years or so, this week will be the harshest test your home has had to endure since then.

Save yourself some trouble by checking the insulation (if it’s visible) in these areas of your home.

Here are some other cold weather hints:

In Especially Cold Weather

  • Keep cupboard doors open below sinks. This allows warm air to circulate, and helps keep pipes from freezing.
  • Turn on hot and cold faucets enough to let them drip slowly. Keeping water moving through the pipes prevents freezing.

If You Leave Home for More than a Day

  • Keep the temperature at the minimum 65 degrees F. People often set their thermostats lower than this and assume they’ll be ok. They find out the hard way that the temperature in the living space may be fine, but the temperature inside the walls, where the pipes are, may not.
  • Have someone check your home regularly. If there is a problem with frozen pipes or water leakage, early discovery can save major damage.
  • Use a “temperature alarm”. Many people use a low-cost fixture available at the hardware store that installs on a household lamp, turning on the lamp when the temperature drops below 60 F. Install a colored bulb in the lamp, and alert your neighbors to keep an eye out for the light. Others tie a low-temperature alarm into their home security system.

If You Think Your Pipes are Frozen

Don’t wait for them to burst. Take measures to thaw them immediately, or call a plumber for assistance. Do NOT attempt to thaw them yourself with any sort of flame!

If Your Pipes Do Burst…
Even a 1″ split in a pipe can cause thousands of dollars in damage in a short time. You need to act quickly to prevent additional damage.

  • Turn off the water!
  • Clean up the water. You don’t want more damage than you already have. An insurance adjuster doesn’t need to see the water, but will want to inspect any damaged items.
  • If you have a lot of water, contact a remediation contractor. Your insurance agent can help you locate one.
  • Remove any carpets, furniture, or other items that can be damaged from further seepage.


Making an Insurance Claim

Many standard homeowners policies cover most of the kinds of damage that can result from a freeze. If house pipes freeze and burst, or if ice forms in gutters and causes water to back up under roof shingles and leak, the resulting water damage is normally covered. Not all policies are alike. Contact your agent to be sure what your policy covers.


Filing a claim:

  • Call your agent or company as soon as you notice the damage. Noyes Hall & Allen clients can find their insurance company claim emergency phone number and other instructions here. If your agent or company requests you to do so, follow up with a written explanation of what happened.
  • Make temporary repairs and take other steps to protect your property from further damage.
  • Save the receipts for what you spend and submit them to your insurance company for reimbursement.
  • Make a list of damaged articles. If your home is so severely damaged that you cannot live there, save the receipts from any additional living expenses you incur for accomodations while repairs are being made.


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Posted in Home Insurance, safety, Weather | No Comments »

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