Why Flood Insurance is Important for All Homeowners

Many homeowners choose to forego flood insurance simply because they don’t live in a high-risk area. However, the National Flood Insurance Program (NFIP) states that nearly 20% of all flood insurance claims come from homeowners in low-risk areas. Whether or not you are in a high-risk area, there is always a chance you and your family could be devastated by flood damage.

In recent news, thousands of Louisiana residents lost everything they owned, including their home, to one of the worst flooding disasters since Hurricane Sandy. Many of these homeowners did not have insurance to protect them in the case of a flood. Since they did not live in an area within a floodplain, they didn’t think it was important to have flood insurance.

It is important to note that standard homeowners insurance does not come with flood insurance. Without flood insurance, you’ll be paying out of pocket for all incurring damage in case of a flood. It only takes a few inches of water to incur thousands of dollars’ worth of damage.

It’s true that there is federal assistance in these trying times, but only if the President declares a disaster area. Even then, it is actually a loan that you’ll end up paying for with interest over time. Compared to the damage a flood can cost, flood insurance is relatively cheap and will protect you and your family when disaster suddenly strikes.

To find out more information in regards to Flood Insurance contact Walsh Insurance Agency  Visit us online at http://www.walshinsurance.com/home.html or call us  at 978-745-3300 

I am New Business Owner; How Do I know If I need Work Comp’s Insurance?

As a new business owner, you have probably gone down the list of all the requirements you may need to start your business. You have gone through the checks and balances, equipment, employees, and verifying that you are ready to provide services to clients. But did you consider insurance for worker’s comp?  Worker’s Comp insurance in Massachusetts is very important to consider and have, even if you only employed one person. Taking action to get insurance certifies that you and your employees are covered, should anything happen to them while on the job. It also protects you from potential threatening lawsuits to your business. It is Massachusetts Law to get Worker’s Comp insurance. Only under certain circumstantial cases are you able to be exempt from Worker’s Compensation?

 

Do I need to provide Worker’s Comp Insurance?

Depending on the nature of your business you may not need to require worker’s comp to your employees.

 If your line of business or employees does not fall in the list of the following cases below

It is Regulatory Required for you to be covered as a business owner of your employment.

1. Trade involves interstate foreign commerce and works on a ship with mariners
2. Professional Athletes under such contracts in which employer has discussed term and payments for athletic related injuries
3. Real Estate salesmen or women who have agreed to terms in which the employer is only liable for compensations from commissions in distinction to Home sales and or rental property
4. This also goes for salesmen and women of consumer products under contract in which they are only compensated for sales related to commissions. Salesmen have also agreed to terms where they are  not considered employees for federal tax functions as they are in no compatibility to hours worked. Does not apply to retail establishments.
5. Taxi Cab Driver who has leased a car from taxi cab company, and has agreed to contract in which said company is only responsible for said rental fees and other payments; but not in any way liable for taxi fare in a way that makes driver qualified as an employee for federal taxes functions.
6. A person employed by a business or trade involved in interstate or foreign commerce but only as far as the laws of the U.S are able to provide for compensation for their injury or death.
7. A person whose employment does not particularly match up with his employer’s line of business. This is in exception to a person who is definitely considered employee of said business under Chapter 26 under Massachusetts commonwealth Law.

 

If you would like to learn more about Massachusetts Worker’s Comp Laws visit Mass.Gov for more specifications.

 

If your line of business or trade does not fall into any of these categories, we strongly recommend for you to look into a policy that works for you. At Walsh Insurance Company, we are here to help. In Massachusetts having insurance is for your own benefit at having a no-fault insurance in which it protects you from liability for employee’s injuries at their place of employment.

Contact Walsh Insurance at 978-745-3300 or visit us online at WalshInsurance.Com and fill out a contact form for a representative to help you with your needs.

 

 

Spending the Summer on the Cape, Consider Getting Boat Insurance

It is that time of year when most residents of Massachusetts take out their boats and go on to  Cape Cod to enjoy their summer. Whether you have a small motor boat, sailing boat, or Yacht, getting insurance is always something you as boat owner should be aware about. Let’s be frank, anything can happen to your boat. You could acquire any damage, anything and you want to make sure you are protected, as it is a very valuable possession. Not everyone in Massachusetts has the luxury of owning a boat, so taking care of yours is of utmost importance.

As a Mass Resident, there are things you should be aware of when shopping for insurance policies. To make sure you are choosing the best one for you.

What kind of Coverage Should I Seek?

You should know that the higher the coverage the better protected you are; reason being is that if your boat needs to be repaired or be replaced you would be able afford the cost of materials for your boat or yacht.  Choosing a high deductible, can also be beneficial because the more you are able to pay of your own income for replacements can lead to a low premium which would benefit you long term.

What does Boat Insurance Include

At the most basic level boat insurance will assist in covering for property damage to the boat and equipment. It will also protect you against any personal liability that may occur.  Being out in the Massachusetts waters a boat owner is not alone, as many others also take out their boats to enjoy the season. Coverage for personal liability protects you, for any accountability that may be placed upon you for any property damages or physical injuries. If any physical injuries to other people do occur while the boat is in your ownership. Boat Insurance will also help you pay for any medical expenses that you may acquire, as a result of the injuries. Boat insurance also includes uninsured boat owner coverage, which is very important if your boat acquires any damages from a hit and run situation, or a boat owner who does not have boat insurance.  This would be the same case for personal effects coverage which boat insurance also covers for any clothes, fishing equipment. Some of the coverage highlighted above can be purchased on top of the basic level boat insurance you decide.

Want to learn more about what is the best coverage for you this summer Visit Walsh Insurance.com For more information about our boating insurance, or for a free quote, please give Walsh Insurance a call at 978-745-3300.

 

Why Get Renter’s Insurance, Learn How it Can Protect You

There have been so many occasions where we hear of families, or individuals losing everything inside their home whether it be in the event of a fire or a burglary. All they are left feeling is, what if there was something I could have done to prevent this? There isn’t, we cannot account for things that are going to happen because we don’t know the future. One thing we can do is be protected if something does happen. How do we do this you may ask?  Let’s talk about renter’s insurance.

                Renter’s Insurance and Home Insurance What’s the difference?

Getting Renter’s Insurance is probably one of the easiest ways for us to be protected from anything bad that might happen to our things and ourselves in our apartment or living space. The differentiation between renter’s insurance and home owner’s insurance is what it protects. While home owner’s insurance protects your home and the area surrounding, it does not protect the things inside, and the things you have probably spent so much on. It also definitely does not protect you if a thief comes to your home, takes everything in it, but the property is left unscathed. This is what Renter’s insurance is for and what it will protect.

Benefits of Renter’s Insurance

You will be amazed at how much everything you own costs, when you combine it all together. To be able to have a policy that will reimburse you for anything that is lost inside your home, is one of the best feelings in the world. If you have water damage, or smoke damage, it will protect you and will cover hotel expenses while repairs are done to your home. The many benefits and reasons why you should consider renter’s insurance. The best part about it is, that you can include an Umbrella Liability policy to your renter’s insurance. What this makes sure of is that anything the renter’s insurance doesn’t cover, you would be able to fall back on the umbrella liability. It serves as a safety net When anything in your primary renter’s insurance has been exhausted or used.

If you are a tenant and have considered getting renter’s insurance in Massachusetts, and looking for the best policy for you. Contact John J Walsh Insurance for detailed information on any questions you may have at 978-745-3300 or contact us via email at johnjw@walshinsurance.com.

Please visit us online for more information on our other services we serve making sure you are insured every possible way at http://www.walshinsurance.com/

Tips for Prospective Homebuyers

Are you thinking of buying a home? The Massachusetts home market is moving better this spring than it has in years, with favorable prices across most of the state. This has prompted some prospective homebuyers to make reckless decisions in an effort to secure their dream home. But care and caution can pay dividends down the road, and recklessness can have serious repercussions. This is especially true for an investment as significant as a home. So think about these tips as you move toward homeownership.

Don’t Bite Off More Than You Can Chew

Buying a home is a significant investment– likely the largest single purchase of a person’s life. You should make sure you’re getting what you want out of the purchase, as much as you can. But you should also be sure that you can afford the price, especially if you’re trying to purchase a home this year. Buyers are making above-asking offers due to the small number of homes up for grabs. While your dream home will be very tempting, keep in mind the sacrifices it will take to keep a home that stretches your budget thin, and everything that comes with it.

Include Day-to-Day Maintenance in Your Budgeting

Purchasing a home is a happy day, and it’s just the beginning. Home ownership comes with its own responsibilities and expenses. You’ll need to budget for all of the utilities, and establish a running fund for regular repairs and maintenance. Things wear out and break, after all. Will you be remodeling any part of the house? Will you want to in, say, ten years? And don’t forget the yards!

Be sure also to include the cost of your homeowner’s insurance policy. Whether or not this is required by your mortgage lender, homeowner’s insurance is always a good investment. A good policy will help protect you and your family from the immense loss that comes with losing a home should the worst happen.

Choose the Right Lender

There are many lenders that will gladly partner with you on this journey. Some will have better terms than others, be better to work with than others, and will have better reputations than others. You can do yourself many favors for years (or decades) down the line by selecting a mortgage lender carefully. Do your research. What kinds of terms are most important to you? What do people have to say about working with each company? Were they professional? Accommodating when the unexpected happened?

Don’t embark into a 30-year partnership with a company without doing your research. You’ll thank yourself years later for looking things up.

More MA Homeowners’ Insurance Rate Hikes

More Massachusetts insurance agencies are raising their homeowners’ insurance rates. This is the latest wave of rate increases following the record-breaking winter we experienced last year. The winter of 2015 started in earnest with Winter Storm Juno. By the time the following series of blizzards ended, over 110” of snow had fallen, taking the snowfall record for the Boston area.

Naturally, this immense volume of snow caused damage to homes in the area. Older and previously damaged homes took an especially heavy toll from the weight of the snow and resultant ice dams. Insurance companies have paid out over $1 billion in claims from last winter’s snowfall, and there are still claims left to be resolved.

This unprecedented snowfall, widespread damage, and number of claims have caused many insurance agencies, large and small, to raise rates in order to cover the expenses. This is added burden has been difficult for many homeowners in Massachusetts, especially as it comes right on the heels of comparable rate increases from Hurricane Irene in 2011. Irene also caused widespread damage, and a high number of insurance claims.

Massachusetts Independent Umbrella Insurance Agency

Umbrella liability insurance is liability coverage that goes over and beyond your currently existing plans. Umbrella insurance is unique in that it provides extra coverage in two different ways:

• Umbrella insurance covers a broader range of losses/liabilities than a primary insurance policy;

Umbrella insurance covers losses that may not be covered in primary liability insurance policies. This means you are protected even in cases where your primary policy does not provide coverage. Umbrella insurance is a great way to ensure your peace of mind by having truly comprehensive coverage.

• Umbrella insurance provides financial relief once the primary insurance policy has been exhausted.

Umbrella liability insurance is purchased in addition to a primary liability insurance policy. In some cases, the losses incurred may exceed the coverage amount. When this happens, the umbrella policy kicks in and covers the remaining losses, up to the umbrella policy’s limits.

 

The broader coverage and increased financial relief provided by umbrella liability insurance can be a lifesaver if the worst happens. If you’d like to explore umbrella coverage, contact John J Walsh Insurance Agency; we will help you decide if umbrella liability coverage is right for you.

John J Walsh Insurance Agency is a full-service Massachusetts insurance agency, with offices in Salem MA and Rockport MA. We are a values-driven agency and believe in delivering the best possible service we can to all of our customers. To learn more, visit our website at www.walshinsurance.com or contact one of our offices. The Salem MA office can be reached by phone at (978) 745-3300 or via email at johnjw@walshinsurance.com. The Rockport MA office can be reached by phone at (978) 546-6734 or via email at mmartin@walshinsurance.com.