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You might be surprised to learn that your homeowner’s or renter’s insurance policy probably does not offer full coverage for your engagement ring and other fine jewelry. Your insurance policy probably covers jewelry theft, but not loss that occurs for other reasons.

Typical Insurance Policies

Renter’s and homeowner’s insurance policies set limits for the loss of certain categories of personal property, including jewelry. Homeowner’s policies typically pay a maximum of $1,000 for jewelry theft. A renter’s insurance policy might have a lower limit for jewelry loss–$500 is common.
Does your insurance policy cover jewelry loss for reasons other than theft–such as for lost or damaged items? Read your policy carefully and ask your insurance agent to clarify the types of losses that are covered on your standard policy.

Additional Jewelry Insurance

You can usually purchase additional insurance for your fine jewelry, but be sure to ask your agent questions so that you have a good understanding of the coverage:

  • Is there a deductible? If so, how much is it and how does raising or lowering the deductible affect your policy costs?
  • Is an appraisal required prior to obtaining insurance? Are there only certain types of appraisers whose reports are accepted?
  • Are the items covered no matter where they take place? Would the policy cover you for a loss that occurs during domestic or international travel?
  • Are items covered for full replacement cost? Must you replace the item, or can you obtain a cash settlement?
  • Does the policy cover repairs to damaged jewelry?

For those in the metrowest area of Massachusetts contact us at (508)-653-3131 or visit our website http://www.fyins.com/ for more information.

Massachusetts flood insurance agentA flood can devastate your home and your financial security. Any flood—even a small one—can cause thousands of dollars in damages.  Even homeowners in low to moderate-risk zones are at risk. Up to 25% of all flood claims come from people living outside high-risk zones.
Flooding happens anywhere including right here in Massachusetts.  You don’t have to live near a major waterway to be flooded. Sudden severe storms can cause flooding. Just because it has never flooded in your area, doesn’t mean it won’t.  You might think that your Homeowners insurance covers flooding, but it doesn’t. It covers all kinds of things, but not flooding.  Flood insurance gives your home that crucial layer of protection your Homeowners insurance doesn’t provide.

What Is The Definition A “Flood”?
In simple terms, a flood is an excess of water on land that is normally dry. Anywhere it rains, it can flood.  A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. Many conditions can result in a flood: hurricanes, broken levees, outdated or clogged drainage systems and rapid accumulation of rainfall.

Myth: Flood Insurance Costs Too Much
You might be surprised how inexpensive it is. The average flood insurance policy costs less than $570 per year. Most homeowners live in a moderate-to-low risk area and are eligible for coverage at a preferred rate with building and contents coverage for one low price. In fact, building and contents coverage starts at just $119 per year. If you live in a high-risk area, a standard rated policy is the only option for you. It offers separate building and contents coverage.  If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, you are required to purchase a flood insurance policy.

How to Purchase Flood Insurance
Flood Insurance is written through the National Flood Insurance Program (NFIP), a federal program authorized by FEMA.  Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. You need to contact a Massachusetts Flood Insurance Agent for a quote and/or application (all policies written by the NFIP are written through insurance agents).  Typically, there’s a 30-day waiting period—from the date you purchase the flood insurance—before the policy goes into effect. The waiting period, however, does not apply to a new home purchase or refinancing of a mortgage if the mortgagee requires flood insurance.

What is Covered by Flood Insurance – and What’s Not
The following is a summary of items covered and not covered by flood insurance.  For specific details as to what is covered, you have to refer to the actual policy.

What’s covered under Building?

  • The insured building and its foundation.
  • The electrical and plumbing systems.
  • Central air conditioning equipment, furnaces, and water heaters.
  • Refrigerators, cooking stoves, and built-in appliances such as dishwashers.
  • Permanently installed carpeting over an unfinished floor.
  • Permanently installed paneling, wallboard, bookcases, and cabinets.
  • Window blinds.
  • Detached garages for up to 10% of the building limit; other detached buildings require a separate Flood policy

What’s covered under Personal Property?

  • Personal belongings such as clothing, furniture, and electronics
  • Curtains.
  • Portable and window air conditioners.
  • Portable microwave ovens and portable dishwashers.
  • Carpets not included in building coverage
  • Clothes washers and dryers.
  • Food freezers and the food in them.

What’s never covered by flood insurance?

  • Damage caused by moisture, mildew, or mold that could have been avoided by the property owner.
  • Currency, precious metals, and valuable papers such as stock certificates.
  • Property and belongings outside of a building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools.
  • Living expenses such as temporary housing.
  • Self-propelled vehicles such as cars, including their parts.

Limitations to coverage in a basement

  • Coverage in a basement is very limited. It includes cleanup expense and items such as furnaces, water heaters, washers and dryers, air conditioners, freezers, utility connections, and pumps.
  • There is no coverage for the contents of a finished basement and improvements, such as finished walls, floors, and ceilings.
  • Personal property located in a basement is not covered.
Don’t let the unpredictability of weather control your life, ask about Flood Insurance.  Flood Insurance protects your home and contents from damage caused by rising water and mudflow.  Flood Insurance provides that protection that is excluded by your Homeowners policy.   Please contact one of our fine Customer Service Representative to discuss and answer any of your Flood Insurance questions.  http://www.fyins.com/ or (508)-653-3131.
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