Insurance is not simple. Whether you’re purchasing Connecticut homeowners insurance or you’re already covered, it’s important to know your policy. The more you know, the more able you are to strike a balance between staying safe and saving money. Here are a few basic points to consider when looking over your policy.
Don’t Underdo It
It can be tempting to choose the cheapest option out there because saving money in the short-term feels good. However, the feeling of saving a buck now can lead to severe losses in the future. According to a 2008 survey by Marshall & Swift/Boeckh (MSB), 64 percent of U.S. homes are undervalued with regard to insurance. Moreover, of that 64 percent, the average person only has enough insurance to reconstruct 81 percent of his or her house.
With these numbers in mind, it’s imperative to thoroughly research your Connecticut homeowners insurance and to calculate what it would cost to rebuild your home. This is particularly true if you consider the potential effects of a New England storm like Hurricane Irene, which destroyed its fair share of houses in 2011.
Another important part of assessing your homeowners insurance is flooding. Sometimes people assume that flooding insurance is included, but this is not always the case. If you aren’t sure, you can contact your insurance provider to get more information. They will be able to help guide you in the right direction. In the end, you want to be certain that you have all the information you need to make the right choices.
Would you have any idea of the first thing to do if you learned an imminent flood was headed your way? Even if you have flood insurance in New Jersey, there’s still a lot more you can do to minimize your losses while maximizing your safety as well as the safety of your family.
Get Your House in Order
If possible, move your furniture, essential documents and valuables to a safe place, make sure your sump pump is in good working order and install a water alarm in your basement in order that you’ll know if water has started to infiltrate.
Protect Your Possessions
Should you hear even a hint of there being a potential flood, take measures to safeguard your valuables. This means making sure you have hard and electronic copies of your policy for flood insurance in New Jersey as well as your agent’s contact information. Go through your house and thoroughly document all valuables that might become damaged and that you’d like to replace.
Outline a Flood Emergency Plan
Now that your home and belongings ready, you want to do the same for yourself and your family. See if an out-of-state friend or family member is willing to be your emergency contact; know all safety exit routes from your home, work and school; and gather an emergency kit packed with bottled water, canned food, a flashlight, thick blankets and a first aid kit.
While you may not be able to prevent a flood, you can most certainly prepare for it.
One out of every six Americans will get food poisoning each year, leading to 128,000 hospitalizations as well as many recalls and lawsuits. This means that food contamination is a serious threat to many businesses. Food growers, processors, distributors, and even restaurants can all face significant losses due to accidental contamination or malicious tampering, but there are ways to mitigate these risks. Food contamination insurance keeps food businesses protected.
Because the definition of “property” varies, some food contamination claims might be covered under general liability or business property insurance—but that only works when the definition happens to vary in your favor. In most cases, losses due to spoiled food can only be covered with a specialized food contamination policy.
Types of Insurance
There are different types of food contamination coverage; policies specifically for food spoilage can protect you from losses due to a damaged inventory. In addition, food recall insurance might be a good idea for manufacturers, since a recall can seriously hurt a company. It’s important to find a custom policy that fits your business well.
Risk management is one of the best courses of action for food companies. It helps to prevent problems from occurring in the first place, protects consumers, and keeps a business running smoothly. You can protect yourself by seeking professional advice on issues such as vendor agreements, risk transfer, and food safety. Combining risk management with a quality food contamination insurance policy ensures that your business will be as safe as possible.