5 Important Things to Know About Flood Coverage

The Ins and Outs of Flood Insurance

Many homeowners who are not in a flood zone often say they don’t need flood insurance because they are not in a flood zone. However, that is not exactly true.

Did you know most of the country is in a flood zone? Whether it’s flooding from the ocean or a river near you. Some areas are often more severe than others and thus, you may want to purchase flood insurance.

So here are five important things to know about flood insurance:

1. Homeowner’s insurance policy does not cover you from flooding. Thus, you might be required to buy a separate policy depends on the location of your home. You can contact a local agent to help you find the coverage that is right in your area.
2. Many coastal areas in Massachusetts require you to purchase flood insurance. However, flood insurance also applies homes located near a major river. A flood could happen if you live near a river that has flooded in the past such as the Merrimack River.
3. Flood zones determine the costs of flood insurances. The FEMA zone along with other factors will determine the costs and if you decided to purchase a house next to a major body of water, your insurance rates are going to be higher than houses that are in a less severe zone.
4. If you buy the home that is located in a flood zone by paying the entire amount or pay off your mortgage, you might have the choice of carrying the coverage or not. However, if you borrowed from a lender, you are most likely required to buy flood insurance.
5. Make sure when you purchase a policy, you understand what is covered and what is not. Contact a local agent for help.

It is important to remember flood zone maps are always updated. Your house could be located in a less or more severe flood zone from time to time. Whenever a change happens, you may want to contact an insurance agent to discuss you are still insured at the level you want.

Contact Flood Insurance Agent, John J Walsh Insurance Today

If you have questions about a new or existing flood insurance policy, contact us today. We can answer any questions you have about flood zones and policies. We are proud to serve Salem, Beverly, Danvers, Gloucester and more.

 

 

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What Happens If Your Employee Is Injured At Work

Oh no, your employee is injured at work. What happens now? How do you protect your worker and your business amid the chaos?

It should be no surprise that accidents happen all the time at a workplace especially for contractors. While you probably have workers compensation insurance to cover the expenses, you still need to learn about the steps to take in order to handle these incidents the right way. If there is a mistake made, you may get penalized for breaking the law.

Steps to Take Before an Employee Injury

Before an injury happens, getting workers’ compensation insurance, which required by law is an easy decision. Without any insurance, you would have to pay a lot for your injured worker’s medical bills.

You should also develop an investigation checklist so nothing gets skipped. Medical treatment consent forms, return to work release form and others should be placed in a place where it can get in handy.

So here are the steps to take when an injury happens at a workplace:

1. If you are on site when the injury happens, get medical attention immediately. However, if you are not on site, an employee has the responsibility to notify their employer of the injury obtained on the job.
2. Investigate the accident and record any circumstances that may lead to the accident. Getting any written accounts from the injured employee and witnesses will help to determine whose responsibility it is that caused the accident. If you have a smartphone, take pictures at the scene of the incident. The pictures may reveal important info that was not disclosed by employees.
3. The final step is to file a workers’ compensation claim. If you are not sure how to file it, contact your insurance company. Do not try to avoid filing a claim by paying your injured worker’s medical bill directly because that might hurt you at the end.

If you are looking to purchase workers’ compensation insurance in Peabody, Danvers, Salem and Rockport area, contact John J Walsh Insurance today for a quote. We would be able to walk you through the details of the insurance and help you choose the right plan for you.

 

 

 

What Happens to Your Insurance If A Fire Caused By Someone Else Destroyed Your Yacht

Did you know on December 12, 2015, a 3 alarm fire destroyed the Annapolis Yacht Club? It took 90 firefighters about two hours to control the fire. Oil paintings and wooden models of sailing ships were completely destroyed by the fire.

This proves the need of having a well-covered insurance policy because just like cars, yachts and boats are vulnerable to damages and accidents like this.

So here are some things you must know about your yacht insurance.

1. You are not covered automatically under your homeowner’s insurance

As yacht owner, you cannot assume your homeowner’s insurance will cover your yacht as well. The policy might probably cover you if you have a small boat that has a small engine or no engine at all. However, if it’s a yacht, you will need to purchase extra coverage. It is the same with your automobile, your homeowner’s insurance is not going to cover your car. However, you can still purchase them together in a bundle so you can save a considerable amount of cash.

2. Fire Damage Isn’t Always Included

Before you purchase a boat insurance, you will need to shop around and look for the policy that specifically provides coverage for fire damage. Pick a policy that will protect your boat in worst case scenario. In the case of a fire or hurricane, you will sleep well knowing hat repairs and replacements are insured.

 

 

 

3. Check Your Current Policy

Another popular reason for a boat insurance claim is hurricane damage, other factors are theft, collision, and sinking. It is important to check your insurance policy to see if you have limited coverage or full coverage. You should know what’s covered and what’s not.

John J Walsh Insurance in Salem & Rockport, MA

If you are buying a boat or own a boat in Salem, Rockport, Gloucester or other communities in the Cape Ann area, contact John J Walsh Insurance today for a quote on your boat insurance.

 

 

3 Myths About Flood Insurance

Many homeowners who are in the flood zone are required to purchase flood insurance and many ponder if your home is flooded, is the insurance going to cover you? Three factors are going to affect the final decision: the value of your home, the level of water damage, and whether you have flood insurance.

In addition to that, because regular homeowners insurance policies don’t cover flood water damage, you will need to purchase flood insurance. Floods don’t mean total loss, in fact, the average flood claim in the U.S is about $30,000.

So here are three myths that many people have about flood insurance

Myth 1: You must live in a flood plain to purchase flood insurance

This myth is actually false. You are most likely required to purchase flood insurance by your mortgage company. However, even if you live outside of a flood zone, you can still purchase it and it is cheaper than someone living in a flood plain. The price of insurance via the federal flood insurance program tends to be based on standardized rates plus the home’s value, and if the location is located in a flood zone. According to Property Casualty Insurers Association of America, the average price for flood insurance is about $600 annually.

Myth 2: Flood Zones Don’t Change

False, flood zones change consistently, your home could be required to purchase flood insurance after a few years you bought the home. It is highly recommended to check the flood plain maps constantly.

There are a few ways you can check to see if you are in a flood zone:

• Floodsmart.gov: Simply type in your address and it will tell you if it is in a flood zone, and provide information on risks, premiums, and available agents.
• Contact an agent: You would want to consult a flood insurance agent before making your final decision and go ahead to purchase your flood insurance.

Myth 3: Flood Insurance Covers Everything

False, federal flood insurance policies top out at $250,000 so let’s say you have a $500,000 house that’s a total loss because of a flood, you will only recoup half of the total value to cover the house structure itself. In terms of personal possessions, a maximum of $100,000 is given under the federal program.

Those figures should be kept in mind before buying a high-value home in an area that has a possibility of being flooded. You also have the option of buying additional flood insurance that would cover claims above the national limits.

Contact a Flood Insurance Expert in Salem, Rockport, MA Today

If you have any questions or looking to purchase flood insurance in the Salem and Rockport area, contact John J Walsh Insurance today. We have the experience and knowledge to fully assist you in your journey to purchase flood insurance. We are proud to serve Salem, Rockport, Beverly, Marblehead, Danvers, Gloucester, and more. Contact us today at 978-745-3300 to learn more.

 

Why It’s More Expensive to Not Purchase Home Insurance

If you are a homeowner living in the Salem and Rockport area, the budget can sometimes be an issue with all the real estate taxes and utility bills. Thus, it is understandable that you start to question the value of purchasing home insurance every year. However, before you drop your coverage, you should think about the consequences of going bare. You might indeed end up paying more for not having insurance. So here are some reasons why not having insurance can cost you more.

Disasters: Although catastrophes like hurricanes and tornados don’t happen in New England as frequent as other places in America, yet, floods or snowstorms can cause serious damages to homeowners in New England. When disaster strikes, expensive losses can impact someone financially for a long time. Coverage tends to be inexpensive because of low frequency of occurrence. So, if you are trying to save money, increasing your deductible could be an option to go. When you consider how much money you will save in terms of a disaster, it’s worth it at the end.

Future Insurability: Did you know that almost all insurance companies will ask you how long you have continuously maintained insurance? They ask because they place applications who continuously are insured as a stable, reliable risk when they decide to provide you their service. If you have been unstable by switching companies all the time, they might suspect that you will make a claim soon.

Liability Claims: If you are currently or planning to go without insurance, there is a chance that you might be sued by another party in a claim. Without any liability insurance,  your personal assets will be exposed in the court and by having insurance, you can have a buffer protecting you in a lawsuit from all your assets. The cost of hiring a lawyer could cost more than the settlement. Liability coverage is usually even less expensive than property insurance, so it is an easy decision to make.

Contact John J Walsh Insurance Today

Contact us today at 978-745-3300 before you make any decision to buy or cancel your home insurance. We can help you evaluate your options. We are proud to serve Salem, Rockport, Beverly, Peabody, and other areas in Cape Ann.

 

How to Save Thousands of Dollars Next Year in Your Insurance Policies

Your insurance policies save you from spending extra money on your home and property. However, many families either have not enough coverage, or uninsured expensive properties.

The first place you should look to save some money is in your valuables. Perhaps this year you received an expensive gift, or acquired a new piece of jewelry or art. Before adding a new piece to your policy, you should have the items appraised so you know their worth. After the appraisal, protect your new items with a personal property policy. These policies are available as an add-on to your current policy.

If your valuables came in the form of a remodel for your kitchen or bathroom, you should consider a builder’s risk policy. Builder’s risk policies cover any issues you may have while working with contractors. While the remodel is happening, be sure to document progress with photos, so that you can show your insurance company.

If you are starting the new year with a new car, you will need comprehensive and collision insurance. Comprehensive insurance will protect you from vandalism, theft and falling objects.

In addition to these additions, you will want to look at your life insurance policy. If you had any type of change in 2016, such as a marriage, children, or finding a new job, you will want to adjust your life insurance policy. As depressing as it might be, it is a good idea to review your death benefit policy to see if you have the correct amounts and monthly payments.

With each type of these policies, taking a closer look will help you to save some money in the long run. If you have questions, or need guidance on insurance, this is where we come in! John J Walsh is here for all your insurance needs. Call Today!

Is Insurance a Good Idea for Your Family’s Pet?

 

Your pet is often a large part of your family. You raise him/her, and your children and you become attached to the animal almost instantly. Your love for the animal makes you feel that you would do whatever you could to ensure he/she gets the best medical care. However, your wallet may not support these ideas. Purchasing pet insurance is a big financial and emotional decision that is based on what you are willing to pay to protect your pet.

Aside from forming an unbreakable bond in your family, you never know what kind of health your pet will have when it is a baby. The animal could grow up completely healthy, or grow up with health problems. Even if the pet has a healthy start, of course health problems can develop over the course of its’ lifetime.

Health problems can cause serious financial issues for owners. Medical bills are not cheap, and often run around thousands, depending on what services your dog or cat needs.

Once first adopting your dog or cat, this is the perfect time to consider insurance. The policy will be cheaper when the animal is young, and it will cover you in case of any emergency that you are unable to pay for.

Many pet owners don’t save money “just in case” their dog or cat gets sick. For example, dogs eat everything! You never know if your dog will ingest something, perhaps while you are at work, or not watching him for a minute, that will cost you thousands. Some people on the flip side of the coin argue that a perfectly healthy dog doesn’t need insurance. Even though this MIGHT be true, you never know what circumstances you will encounter with your pet, so it is best to protect them in case. Don’t wait until you are in the lobby of the veterinarian’s practice, with a sick puppy, feeling anxious and trying to figure out how to pay a bill.

If you are financially able, pet insurance is the best decision to provide your animals with a long and healthy life.

Call us today for more information, and let’s get your pet protected.