Business Liability Insurance

Easy Money

Posted on by admin

Everyone’s looking to tighten up their budget these days. Many people prefer to  spread the cost of their insurance throughout the year by paying in monthly installments. But insurance companies charge an “installment charge” to cover the expense of sending those monthly bills, and to replace investment income they forgo by not collecting your premium up-front. The average “installment charge” is $5.00 per bill. That means if you pay your Maine auto insurance in monthly installments, you’re paying $50.00 or $60.00 extra a year.

Quick and Painless Savings

Instead of having the insurance company send you a bill, sign up for Electronic Funds Transfer (EFT) – automatic monthly withdrawal of your premium payments from your checking account. Most companies waive the installment charges completely for EFT customers. That saves you an extra $60.00, plus the cost of stamps, checks, and the time it takes to pay the bill.

Clients of our Maine insurance agency who are snowbirds or travel frequently love EFT. They don’t have to worry about bills being forwarded, or accumulating unpaid while they’re away.

One added benefit of EFT: no more risking cancellation notices by forgetting to pay your bill. Because your payments are automatically withdrawn, they arrive on time every month, without any action on your part.

For more information about insurance discounts, contact Noyes Hall & Allen Insurance at 207-799-5541.

Inheriting Property in Maine – Does the Estate’s Insurance Policy Protect Heirs?

Posted on by admin

2466829142_3c71a3e808_oMany clients ask us how to insure Maine property that they inherited. There are so many scenarios that it’s hard to generalize. Here are three we see often.

If Your Parents’ Property is Insured

When someone dies, their property in Maine becomes part of their estate. Most insurers will continue their Maine homeowners insurance or condo insurance until the policy expires. The insurance company wants to know who is looking after the property and protecting it from loss.

If the estate isn’t settled before the insurance policy expires, many insurers will refuse to renew. In that case, heirs must buy a new policy in the estate’s name, often with a surplus lines insurer. If the insured property is a vehicle, the Maine auto insurance company will ask where it is, if anyone is driving it, and what the plans are for the vehicle. They will make an underwriting decision accordingly.

If Your Parents’ Property is Not Insured

Too often, heirs or probate attorneys discover that one of the estate’s largest assets, the home, is uninsured. Insurance companies aren’t eager to insure previously uninsured properties. Homes without continuous insurance pose higher risks of damage. The policy may only be needed for a short time. Both scenarios are unattractive to insurance companies. Often a surplus lines insurer is the only available market.

If Probate is Cleared and You Have Inherited the Property

If you are the sole owner, simply insure it as you would your other property or autos. If you plan to use it as income property, you can buy a Dwelling Fire or business property insurance policy. If you intend to use it as a seasonal or secondary home, you can usually insure it on a personal policy.

Sometimes several members of the same family inherit property. Other times they create a trust to own inherited property. Some insurers will provide a personal policy in the name of a trust. If siblings inherit shared ownership, one buys a policy and includes the others as “additional insureds”. They all share the policy to protect their property interest and liability exposure.

Each Estate Situation is Different

Consult an attorney familiar with estate law, as well as your Maine insurance agent. Together, they will help you protect your interest and obligation in the property. If you want to insure property that you have inherited in Maine, contact a Noyes Hall & Allen Insurance agent in South Portland. We can help you evaluate your insurance options.