If you’re not with an independent agency, there is a good chance that you are — at this very moment — paying too much for your car insurance.

There are lots of ways to save money, so why not take a moment and ensure you’re getting the best value for your dollar?

Cover What It’s Worth – If you have a car that’s not worth much, or an older car, there’s not much point in getting collision and comprehensive coverages. If it isn’t worth much (a good rule of thumb is $1,000 or less), the monthly cost and payout from the deductible (in the event of an incident) usually end up being higher than the car is worth. The cost tends to outweigh the benefit.

Find out much your car is worth.

Discount Fever – There are a number of discounts available to you. The reasons are varied, but here are a few examples:

• Low-risk occupations (such as teachers or engineers)
• Professional organizations
• Associations
• Recent completion of Defensive Driving course.
• Car safety features, such as: Air bags, Anti-lock brakes, Anti-theft devices, Lo-jack, etc.
• If the driver is a good student
• Senior citizens

Make sure you are taking advantage of all the discounts available to you! It never hurts to ask!

Combine Your Insurance – Most companies offer multi-policy discounts, which are often in the range of 10%. Some companies even take that 10% off each policy! Make sure you talk to your Balcos agent about getting multi-policy discounts.

If you have multiple cars, or motorcycles, homes, or have renters insurance… make sure they’re all insured with the same company! If you don’t, you’re probably paying too much for all of them.

Stay Insured – Never let your insurance policy lapse. If your policy expires, you will be left without coverage for that period, you may find it difficult to obtain insurance again, and your insurance may be more expensive than it was before. Insurance is a business of statistics – a person exhibiting higher risk behavior pays more than a lower risk customer… And customers who let their insurance expire—even for a couple days—are statistically higher-risk, so often get charged extra.

Keep Your Nose Clean – It’s a simple formula – if you’re a good driver, you’ll often get a better price on your car insurance. There are even discounted premiums available to most people that qualify as “good drivers.”

Insurance companies categorize drivers into types – “worst,” “middle,” and “best.” Each type of driver typically gets insurance with a different type of company. But most people typically just get lumped into the “middle driver” type.

Most people categorized in the “middle” have driving records that are about the same as those in the “best,” but don’t get the discounted premiums. Because most people don’t know that they can get a better price. There is no reason, if your driving record is clean, why you shouldn’t be paying the lowest price available. It pays to be a safe driver!

Lawn Ornaments – If you don’t drive it, don’t insure it. If one of your cars broke down and has been sitting in the backyard for a year, make sure it’s not still on your insurance policy. Keep in mind, though, that many states require that you have any registered vehicle insured, so if you drop insurance you may want to register the vehicle as “inoperable” to avoid any complications or penalties. Only drop a vehicle from your policy if you’re sure you’re not going to be driving it for a long time.

Bus It Up – You pay more if you drive to work. And the more miles you drive, the more you pay in insurance costs. You may want to weigh out how much you pay for insurance against the cost of a bus pass, and the savings in gas.

Something else to take into consideration is how much you get paid per hour versus the amount of time you’d spend on the bus (Relax… They’ll do the driving – you’re free to read a book, or listen to music!) or in your car stuck in traffic. When you add up all the changes in time and cost, it is often much more affordable to use a form of mass-transit to get to work.

Pay Up Front – Buy a longer policy. Sometimes you pay processing fees or price penalties if you have short policies or pay monthly. The longer your policy term, and the more you pay in lump sums, the cheaper your rates will likely be. If installments are the only affordable option, you may be able to avoid fees by having your premiums automatically deducted from your bank account each month. Another option that many companies offer is larger installments - instead of a monthly fee, you can pay two-months worth every two months to avoid some of the fees. Talk to your Balcos agent to see what they can do for you.

Low Mileage Drivers – Insurance companies use “average use” to help them decide whether individual drivers will pay more or less for their insurance. This is usually 400 – 1,000 miles per month. If you drive less than the average, you can sometimes qualify (with certain insurance companies) for low-mileage discounts.

Monitor Your Teen Driver – Some car insurance companies have programs that monitor teen drivers - and some even offer discounts for participating. Some programs use cameras that provide you with video and audio footage of your teen driving. The camera that is triggered “on” by aggressive driving. Others use global positioning systems (GPS), which tracks:

• How your teen drives
• Speeding
• Sudden breaking
• Fast acceleration
• Where they go

This may help you open discussions with them about their driving, and helps ensure that they will drive safely (if not because of your words, because they have the feeling that “Big Brother is Watching”). You can even set the system to send you an e-mail or text message when your teen arrives at a specific address.

Waiting to Drive – Young, newly licensed drivers are the most prone to car accidents. As a high-risk group of people, you will pay more to insure them. If they get their drivers license, you must pay the extra premium. Though it may be difficult to make them wait, if your insurance bills are already an issue, it might be your best option.

If they already have a license, you may be able to exclude them from coverage by signing an exclusion form. Normally, rates go down a little after the driver turns 18, and the price plummets later, usually at age 21 and/or 25.

Type of Car – What kind of car you drive makes a big difference in how much you will pay. Is it a Sport or Racing edition? Is it a car that is targetted by theives? Is it expensive to repair?

These are all factors that cause the price of your insurance to skyrocket. If you haven’t bought a car yet, but have one in mind, talk to your agent to get a quote. You may be surprised at what they say.

For detailed information contact the Insurance Institute for Highway Safety and request a “Highway Loss Data Chart.”

Assume More Risk – You pay a deductible when you have an accident/loss. This is your responsibility to pay before your insure will kick in.

Let’s say you have an accident that causes $500 in damage, and your deductible is $100. You pay the $100 (deductible) first, and then the insurance company pays the rest.

• If your deductible is lower, you pay more for insurance.
• If your deductible is higher, you pay less for insurance.

This is because you are taking more of the risk upon yourself. If you have the money to afford the additional cost and are a safe driver, you can probably afford to pay more in the event of an accident and less monthly. This is often less expensive in the long run.

Professional Organizations, Memberships, Clubs & Associations – Find out if you qualify for any group plans. For example, if you are an alumnus of a college or university, or a member of a professional organization, you may qualify for a discount or a special group plan with one or more insurance companies.

Location, Location, Location – If you’re planning a move any time soon, don’t forget to factor in the cost of insurance. Typically:

• If you live in a rural area, you pay less for insurance.
• If you live in an urban area, you pay more for insurance.
• Costs can vary, even within a community.
• Rates vary greatly depending on which communities, cities, or states you plan on moving to.

On Guard! – Discounts are available by many companies to those who have completed a Defensive Driving Course recenly. Typically, this is within the last three (3) years.

Credit Report – Many insurance companies use your credit history as a tool to finding out how great a risk you are. If your credit report is in good standing, you may be able to get discounted premiums by insuring with a company that uses credit reports as a rating factor. Or, if you have a messy credit report, switching to a company that doesn’t use credit history might be advisable.

The best way to ensure you’re getting the best coverage and premium available to you is by getting the help of an experienced independent agent. Why take on the job of sifting through thousands of companies yourself? An independent agent will do this for you and help make sure you’re getting the most bang for your buck. Our professional agents are here to help you. Call today for a free, no-obligation car insurance quote.

(877) 783 – 0335

© 2009, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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Without Proper Insurance, it’s a Dangerous Investment…

Owning buildings can be a very good way to build your equity. However, it can also be a huge liability - without the proper insurance, you’re left wide open to financial disaster. Unfortunately, the most damaging mistakes are also things that are easily preventable with the right steps. Many of these steps will also save you money in both the long and short term. Take these points into consideration and take corrective, preventative actions now to ensure your property is a success.

Liability for Tenant Injuries

If you’re going to own them, maintain them! You can be held responsible if your negligence causes an injury.

• Make sure you maintain the premises and remove safety hazards.
• Take all reasonable steps to avert accidents.
• Fix problems quickly, especially if it is not expensive or difficult.

Tenants can file a personal injury lawsuit or claim against your insurance company for:

• Medical bills
• Lost earnings
• Pain and other physical suffering
• Permanent physical disability and disfigurement
• Emotional distress
• Damage to personal property

Ensure you take care of your property and have the proper liability limits set in place, just in case you’re faced with an unforeseeable  liability.

Insure All of Your Properties

If you have more than one property, or multiple buildings, it can be easy to miss insuring additions such as garages, mother-in-law additions, sheds, etc. Ensure all of them are covered by reconciling your list of insured locations against your property taxes or federal income taxes. You should have your insurance agent review this list with you annually to ensure you don’t have any gaps in your protection program.

Liability Can Be a Shocker

Did you know you can be held liable for dangers you didn’t even know about? For instance, you could be held liable if:

• The wiring in your rental is very old and you don’t check it, if there is an electrical fire, or if the tenant is injured.
• Your chimney isn’t cleaned for many years and the tenant is injured or their property damaged by a flue fire

Even if you didn’t know about it, you could be held liable. A “reasonable person” would take preventative steps and clean the chimney regularly and check or replace old wiring.

Insure Full Value of Building

If you insure your building at less than full value, your insurance company will be receiving premiums that reflect a less-than-full-value coverage. This causes the assumption that if there is an incident, you will be responsible for loss sharing (“coinsurance”).

If you have an incident, the amount you could potentially receive is lessened by the percentage of your coinsurance. For instance, if your coinsurance is 20% and your building is worth $250,000, your potential payout on claims would be only $200,000. Worse, if your property value has gone up but your policy doesn’t reflect it, you face additional deductions from your possibly payout.

Can you afford to eat a loss like that? If not, be sure to insure your property to full value.

Personal Injury Insurance

Personal injury means injury other than bodily injury, such as:

• False arrest, detention or imprisonment;
• Malicious prosecution;
• Wrongful entry or eviction;
• When you say (libel) or write (slander) something about a person or organization that defames their character, or;
• Violation of a person’s right of privacy.

As it may or may not be included on your insurance policy, be sure to discuss it with your insurance agent. Even if you are meticulously careful and hold no guilt whatsoever, you will still have to defend yourself in court. This can lead to staggering bills from lawyers. However, if you have Personal Injury Insurance, if you have such allegations brought against you, your insurance company should defend you.

When Bad Decisions Bites You In the…

Negligent conditions don’t have to be physical problems with the building, like lighting or broken steps. It can be other things, such as dangerous activities of tenants or mean/vicious dogs.

• If you know of a tenant doing dangerous work with powertools in a common area, if someone is hurt, you may be held liable.
• If you know of a dangerous dog, and don’t take (Document it! Always make a copy!) action to evict the tenant or get them to control or get rid of the dog, you could be held liable if the dog hurts or kills someone.
• If you’ve given the tenant notice already, and the dog bites someone before the notice period is up, you probably won’t be held liable, as you’ve done all you can under state law.

Liability isn’t limited to just dog bites, either. Horses and other large livestock in public areas can also pose a risk.

Replacement Cost Coverage vs Actual Cash Value

Simply put, Replacement Cost is better. In the event of a claim, Actual Cash Value means the insurance company will:

• Pay out the amount that item is worth currently, or pay out the cost to replace the item, minus depreciation.
• Reserve the right to replace or repair the item instead, if this is more economical.

With Replacement Cost, the insurance company will pay you what you paid for the item at the time of purchase, assuming you have kept the proper documentation and the item’s value is stated in the policy at the time of signing.

Another way to ensure you have a fair payout on your claim is to get Inflation Protection, which protects against property being values decreasing due to inflation. Talk to your agent to discuss the best option for you.

Reduce Maintenance Costs

You can avoid denial of claims for many property damage, tenant liability and injury claims by maintaining your property and keeping solid documentation. Here’s how:

• Before move-in, use a checklist. Inspect the premises and fix any problems before new tenants move in.
• Ensure tenant signs statement/checklist that shows condition upon move-in.
• Every 6 months, give tenants a checklist for reporting potential safety hazards or maintenance problems.
• Personally inspect all rental units once a year with a checklist. Have the tenant sign off on the annual inspections.
• Your commitment to repair and maintenance procedures should be clearly set out in the lease or rental agreement.
• Encourage immediate reporting of problems in private and common areas, such as:
  • Broken sprinkler systems
  • Outdoor path or hallway lights burned out
  • Security problems
  • Broken doors or windows
  • Broken or damaged steps
  • Heating, plumbing or electrical issues
  • Garage door malfunctions
• Ensure all complaints and repair requests are documented, as well as details about when and how the problem was addressed. Don’t forget to include who did the repairs in your records.
• Urgent repairs and safety issues should be handled within 24 hours. Maintain clear communication with tenants about the problem, when repairs will be made, and if it will affect their use of the property.

Exclusions to Your Policy

1. Boilers and Machinery: If you have a boiler, your HVAC system is not covered by your insurance policy. It requires a separate Boiler Policy.
2. Electrical Arcing: Artificially generated electrical current that disturbs electrical devices, appliances or wires.
3. Mechanical Breakdown: Mechanical breakdown, including rupture of bursting by centrifugal force.
4. Explosions of Steam Boilers, Piping, Engines: Explosion of steam boilers, piping, engines or turbines caused by or resulting from any condition or event inside such equipment.
5. Loss or Damage to Steam Boilers: Loss or damage to steam boilers caused by or resulting from any condition or event inside such equipment.
6. Loss or Damage to Hot Water Boilers: Loss of damage to hot water boilers, or other water heating equipment caused by or resulting from any condition or event inside such boilers or equipment.

When The Money Dries Up…

If your business suddenly goes up in smoke, what happens next? It’s been razed to the earth…

• You have zero income coming in.
• How will you pay your mortgage? Your car payments? Kids tuition?
• What will happen to your employees?
• If it ends up being months before business can resume… will your customers come back?
• Will your insurance pay for setting up a temporary location?
• If you MUST keep your business in operation, how will you fulfill obligations to clients?

To protect yourself against these losses, in addition to loss of your physical property, talk to your insurance agent about:

• Business Income Insurance: This coverage will give you coverage for the net income earned, and protection is also provided for normal operating expenses (including payroll). Ask your insurance agent for a business income worksheet and go over it with your accountant.
• Dependent Property Insurance: If your supplier has a fire in their building, and because of this, your own business is interrupted, this coverage will provide you with protection from losses. Ask your insurance agent about the options available with this coverage.
• Time Until Normal Operations: If you think there is a possibility that when you reopen your doors to business, it will be off to a slow start, you should consider purchasing Extended Loss After Operations Resume coverage. This will help you by supplementing your income stream while business returns to a pre-incident state of operations.
• Extra Expense: If you need continuing operating costs (for instance, if your business has public demand and can’t close, or if your competition is tight, as with small businesses), Extra Expense Insurance will provide this. This includes a temporary setup for your business location until your permanent location is repaired or rebuilt.

Documentation

Keeping good records are critical to running any business, including landlords. Ensuring there are proper records, should the need arise, will keep your business running smoothly.

• Files on Current Tenants, such as:
  • Application
  • Criminal background checks
  • Records / Checklists reporting the condition of space prior to move-in
  • Security deposit record
  • Lease
  • Any other documents from the application process
• Files on Previous Tenants, such as:
  • Current file
  • Exit inspection records
  • Security deposit records and refund receipts
  • Any other pertinent documents
• Maintenance Records
  • Task journal from maintenance crew
  • Maintenance expenses (most easily tracked through accounting records)
• Key Management
  • Ensure that the proper people have the necessary keys/spares. It is important to security to also collect keys from old employees/tenants.
• Accounting and Customer Data Records
  • If using a computer system, BACKUP YOUR FILES on a regularly scheduled basis!!! Store the backup copy of your files off-site.
  • Keep as many records as possible in your accounting system (Accounts payable, Accounts received, Fixed asset purchases and disposal, Security deposits, and Depreciation schedule).
  • If a claim for loss of rent is ever filed, your main evidence will be your accounting records.

Records are also to be kept in an accurate manner as well as complete. This is especially true for accounting records. These records are critical when settling and insurance claim.

(877) 783 – 0335

© 2008, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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Before you take your trip, have you remembered everything? Are you sure? Check your tasks against our Vacation Checklist and make sure there’s nothing you’ve missed.

HOME

1. Clean the refrigerator of all perishables.
2. Take out the trash and recycling.
3. Lock all windows and doors.
4. Turn off water to external faucets.
5. Turn off water to washing machine, especially if your hoses are older.
6. Have the newspaper and mail held until you’re back.
7. Ask a trusted neighbor to keep an eye on your home for you. Leave them your contact information.
8. Never leave your house key hidden outside your home.
9. Store jewelry and valuable papers in a safe deposit box.
10. Mow your lawn just before you leave.
11. Arrange for the care of pets and plants.

ELECTRICITY & HEAT

1. Set timers on interior lights.
2. Make sure to unplug TVs, computers, and appliances that are susceptible to lightning and power surges.
3. Turn off all electrical appliances.
4. Set the heating system to provide minimum heat of 55 degrees (to help prevent mold).

CAR

1. Double check your auto insurance policy for collision coverage and how it applies to rental car insurance.
2. If taking your car, get tune up, check tires, battery, major fluids, etc.
3. If you’re leaving your car, leave it parked in the driveway.

FINANCIAL

1. Get tickets and accomadations.
2. Buy travelers checks.
3. Advise your credit card and alarm companies and local police if you will be gone for an extended period.
   • If a credit card is stolen, you can report it and stop additional charges. If your debit card is stolen, stopping additional charges can freeze your access to cash. Consider using your credit card when away from home.
4. Check your health insurance policy to make sure it covers you while you’re traveling. If not, call your agent to acquire a temporary vacation add-on to your current insurance.
5. Renew or obtain passport if needed.
6. Pay upcoming bills that can’t wait.

WORK

1. Update work voicemail with absence notification.
2. Turn on email’s automatic vacation reply.

ERRANDS

1. If traveling outside the US, make sure you check on the requirements for travel immunizations.
2. Replace expired prescriptions and medications.
3. Replace expired sunblock (most SPF lotions lose potency over a year’s time).
4. Restock toiletres kit.
5. Buy extras you might need:
   • Sun screen
   • Insect repellant
   • Anti-nausea pills
   • Money / passport bag
   • European power converter
   • Entertainment for kids or yourself during travel time
   • Camera batteries
   • Extra memory card

INFORMATION

1. Get maps.
2. Buy/check out guide books.
3. Talk to others who have been there to get suggestions.
4. Put name and destination phone number or destination address in luggage. Don’t put the address of your vacant home.
5. Record phone numbers for reporting lost or stolen credit cards or debit cards and put them in a location other than your purse or wallet.
6. Record emergency phone numbers to leave with trusted neighbors, relatives, or pet boarding facilities.

DON’T FORGET

1. Tickets.
2. Passport / ID.
3. Reservation confirmations.
4. Prescriptions.
5. Contacts / Eyeglasses and supplies.
6. Camera.
   • If leaving the country, proof of purchase for expensive camera equipment can avoid problems at customs.
7. Bag for dirty clothes.
8. Leave room for souvenirs.
9. Wallet and/or purse and cash (we often forget the most obvious things).
10. Credit cards and/or traveler’s checks (plus list of numbers of both).
11. Car and house keys (plus duplicate sets kept in different bags).
12. Medical insurance cards.
13. List of phone numbers.
14. Maps and directions.

PACKING

Most of us know how to dress when we travel, so we’ll be leaving off the obvious items like tops, undergarments, etc… But we’ve included a list of the commonly forgotten items:

1. Lightweight sweater or jacket and long pants for cooler evenings.
2. Swimsuits (two per person, so you’ll always have a dry one).
3. Towels (again two per person is ideal).
4. Sun hat.
5. Sunglasses with UV protection.
6. Sandals.
7. Beach Bag.
8. Family-size beach blanket and beach chairs.
9. Ensure toiletres/liquids are in containers of 3oz. or smaller and all fit in one quart-sized bag per person.
10. Flashlights.
11. Pillows.
12. Music and headphones.
13. Wristwatch.
14. Cell phone and battery charger.

UPON ARRIVAL (tips for parents)

1. Hand-test the hot water temperature.
   • A child can suffer third-degree burns in a matter of seconds if exposed to water above 120 degrees F. Hand-test the water to avoid accidental scalding.
2. Examine bunk beds for proper installation and support of the mattresses.
   • Bunk bed guardrails, like crib slats, need to be close enough together to avoid head entrapment. Avoid allowing children under the age of 6 to sleep in the top bunk.
3. Place all household cleaners and other potentially dangerous chemicals in a locked cabinet or closet.
4. Inspect the rental crib to make certain it is sturdy, properly assembled and in good condition.

At Balcos Insurance Inc., we take a personal interest in our customers. We like to share information with you to help you protect yourself and your family from financial loss. If you have any questions, regarding this information or your insurance coverage, please don’t hesitate to give us a call or email.

(877) 783 – 0335

© 2009, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Community Home |   Balcos Insurance Main Website

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Avoid Your Restaurant’s Financial Disaster with the Right Protection.

Trying to sneak by without restaurant insurance exposes your establishment to grave risks. Can you really afford not to have adequate coverage? You never know when an accident will strike, or when an employee will get hurt on the job. Not having the right coverage can cost you and your family your restaurant as well as your home, savings, retirement, the education of your children, and everything else you’ve worked so hard to achieve.

What If…

• Your chef misses an ingredient on the menu and your customer, who has a severe allergy to nuts, has to go to the hospital?
• You come to work to find your restaurant robbed. The desk has been rifled through, and files are missing. Business checks, personnel files, and business contacts… all gone. Now what?
• A customer breaks their tooth on something that worked its way into one of your restaurant’s appetizers. Are you liable?
• One of your line cooks needs surgery and months of physical therapy to correct their tendonitis.
• You arrive at work to find that all the expensive kitchen equipment has been stolen.
• One of your waiters is talking to a friend, and a client overhears them calling your competitor an “idiot,” joking that they have been known to date underage girls. Your competitor promptly sues you for defamation.
• A customer slips on a freshly washed floor and breaks her ankle.
• One of your employees has been stealing restaurant supplies.

Unfortunately, bad things happen to even the most conscientious restaurant owners. That’s why insurance is here to protect you. Getting insurance isn’t just the responsible thing to do. Getting insurance is what earns you your peace of mind.

Many restaurant owners pay too little and end up with coverage that isn’t adequate. A whole other set of restaurant owners pay too much on their insurance. The best way to avoid either group and ending up with the insurance you need is by talking to an independent insurance agent. They can put together a professional, no-obligation insurance proposal for you.

Risks to Your Business

You never know when things like fires, flooding, lawsuits, accidents, food-borne illness, theft, or loss of records will stop your restaurant in it’s tracks. But it’s key that you protect it for when things like this DO happen. It’s better to be prepared than to be pummeled by large bills afterwards.

With all the things to keep track of with your restaurant, you shouldn’t have to add the worry of “What If…” With the right coverage, you can sleep easy knowing you’re protected.

If Something Happens…

Do you have the right coverage, at the right amounts, to make sure you can reopen your restaurant to customers quickly? There are very important questions to ask of yourself and your insurance agent:

• Do I have workers’ compensation coverage or disability?
• If a natural disaster were to strike my business, will I be able to set up and continue operations in another location?
• Do I have coverage for income loss if my restaurant is unexpectedly closed?
• If my grocery supplier has problems delivering, and as a result, my restaurant can’t prepare a large portion of the menu, do I have coverage for the interruption of business?
• If my restaurant goes up in flames, do I have enough coverage to demolition AND completely rebuild, refurnish and restock my restaurant?
• Will my insurance cover the revenues I’ll lose?
• Does my insurance help me pay bills if my usual revenue stream is gone?
• Will it reimburse me for the expenses I incur in getting my restaurant back up to speed?
• If complaints about food poisoning start coming in, will my insurance protect me? Was it an ingredient? Maybe the problem came from the supplier? Was it the storage? Was it hygeine? Was it prepared improperly? How long will I have to be shut down, and how much will spoil, before I can open my doors to business again? What happens in the meantime?
• Do I have Commercial Auto coverage on my delivery vehicles?
• What if our computers get a bug and our customer lists, special event contacts, or table reservations are lost?
• Can the information be recovered, and will insurance cover the cost to do so?
• If one of my employees gets hurt, do I have disability coverage to pay part of their salary if they can no longer work?
• Am I protected from claims or actions taken in conjunction with my website?
• What happens if the losses from a claim go over my policy limits? Should I get umbrella insurance to protect me?
• If my employee sues me for discrimination, will I be covered? Does my Employee Practices Liability Insurance (EPLI) cover it?

Insurance is all about the worst-case scenarios. You need to be prepared for problems of every size, so that if something happens, you, your restaurant, and your employees won’t be left out to dry.

Anything less than full coverage isn’t adequate protection.

Consult with a knowledgeable restaurant insurance agent before purchasing any policies. If you are just launching your restaurant, make sure you have adequate coverage before you open your doors. And don’t fall into the trap of getting too comfortable.

Many restaurant owners purchase their policy and never look at it again. This is dangerous - if details of your restaurant change, your policy needs to reflect the changes so that, in case something happens, your claim won’t be denied.

Set a date on your calendar a couple months before your renewal to review your policy with your insurance agent.

Two-Step Restaurant Protection Program

1.     Draw up a disaster recovery plan for your restaurant

Insurance can’t cover everything, and each coverage has its limitations. So you need a plan that allows you to get your restaurant back up and running as quickly as possible. If you feel you don’t have the expertise to design this plan, there are plenty of professionals out there who can do it for you.

For this recovery plan to be effective, you need to do the following:

    Make duplicate records of both computerized and written documents.

    Identify your restaurant’s critical business activities and the resources needed to support them.

    Plan for the worst-case scenario. Do research before a disaster strikes:

• Alternative facilities
• Equipment and supplies

    Set up an emergency response plan and train your employees how to carry it out. Consider:

• Alternative power sources
• Alternative communication systems
• Evacuation routes
• Fire safety procedures
• Supplies such as first-aid kits and flashlights

    Compile lists of important phone numbers and addresses (lists should be kept off-premises), including:

• Local and state emergency management agencies
• Major clients
• Calendar of special events or catering jobs – with contact information
• Suppliers
• Financial institutions
• Insurance agent
• Insurance claims representatives
• Phone numbers and addresses for your staff.

    Implement a communications strategy to prevent the loss of clients. The strategy should enable your clients to contact your restaurant at its new, temporary location.

2.     Get a independent business insurance agent to look at the your restaurant’s risks

Cookie-cutter solutions don’t work for restaurant insurance programs. No two restaurants are the same, even two that are in the same business or franchise. You need to have your restaurant looked at individually, and you need an expert to assess your restaurant and the specific risks it faces. They will help you put together a comprehensive restaurant insurance plan to protect you.

Additionally, you should have as many options available to you as possible for your restaurant insurance program. This is best achieved (and with the fewest headaches) by using an independent insurance agent. They can ensure you get the comprehensive coverage at the best price available to you by:

• Shopping around for you;
• Knowing which markets will work the best for your business;
• Having an awareness of which companies have good claims services, and;
• Negotiating with companies on your behalf.

At Balcos Insurance, inc., we’re happy to get you the information you need to help create a successful restaurant insurance protection program. We’ll take care of your risk analysis at no cost, with no obligation to buy. We know that we provide services and prices that are highly competitive, and even provide resources that few (if any) other restaurant insurance agents provide.

As independent agents and having been professionals in the restaurant and hospitality insurance industry for over 20 years, we have been able to develop restaurant insurance programs and relationships with the right companies to get you the best protection program we can offer.

Our efforts have even been recognized by the Washington Restaurant Assosication, who has made us their endorsed commercial insurance provider.

We want to help you find the best restaurant insurance solution.

Protect your business – and your future – and call us for a free evaluation today.

(877) 783 – 0335

© 2008, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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“Just how much is my stuff worth?”

Most people don’t realize how much their possessions are worth. The average single renter in the U.S. owns $20,000 worth of property – not including their car or other investments. So how much would you be able to replace, if something were to happen?

If you were robbed, you would likely only need to replace your jewelry and electronics. But if there were a fire, you would probably have to replace everything… Jewelry, electronics, your bed, your entire wardrobe, furniture, appliances, movies, music, and other personal effects.

You can’t rely on your luck, nor can you rely on your landlord’s insurance. Their insurance does not protect you or your belongings - only the structure itself. It’s up to you to ensure you and your assets are covered.

Renters insurance Will Cover:

• Your possessions.
• Liability if someone sues you for an injury they got at your home.
• Possessions when they are away from your home, including in your car.
• Additional living expenses. If you can’t stay at the place you’re living because of something like fire, or pipes exploding, your renters insurance policy will cover some of the costs for living somewhere else while repairs at the residence take place.
  • Living expenses coverage is usually limited to either a specific period of time, or what the insurance company considers a “reasonable length of time.”
  • To prevent abuse, there is a cap on the amount of additional living expenses the insurer will pay, usually a percentage of the total liability limits.

Renters Insurance Won’t Cover:

• Like homeowners insurance, renters policies do not cover damage or losses resulting from flooding, landslide or earthquake – although it is possible to buy coverage for these risks separately.
• Certain types of coverage in a renters insurance policy may have dollar limits. Additional coverage or specific policies (endorsements/floaters) may need to be added for the items below:
  • Money, bank notes, coins
  • Business property (on and off premises)
  • Securities, negotiable instruments
  • Watercraft, including trailers, furnishings and equipment
  • Trailers (other than boat trailers)
  • Jewelry
  • Furs
  • Firearms (limitation applies to theft only)
  • Antiques
  • Collectibles
  • Silverware and goldware (limitation applies to theft only)

The Big Decision – Actual Cash Value or Replacement Cost… What’s the Difference?

There are two ways to insure your possessions – Actual Cash Value, or Replacement Cost. Simply put, Replacement Cost is better.

Insuring at Replacement Cost has a higher up-front cost (about 10% to 15%), but if something happens to your possessions, the potential payment from the insurance company tends to be much higher.

Overall, though, renters insurance tends to be fairly affordable - usually between $80 and $400, depending on your limits.

How To Save Money on Renters Insurance

• Like other kinds of insurance, you can save money by raising your deductible.
• If you are married, living with a significant other, or live with a roommate, you ought to have everyone - and all the possessions - on the renters insurance policy.
• Combine your policies (auto insurance & renters insurance, for instance) with the same insurance company. Discounts can go as deep as 15% for multi-policy clients.

What Do You Own?

You should be keeping a written and visual inventory of all of your possessions. Especially for items with higher sticker prices, you should write down:

• Model numbers
• Serial numbers
• Date of purchase
• Price

Make a written copy of your inventory and keep it at another location, along with your photographs and/or video of the items. A safe deposit box is a good place to keep such records.

Because the risk that you’ll have a claim is statistically higher, if you own a dog, particularly a Rottwiler, Doberman, or Pit Bull, it might be more difficult to get renters insurance.

At Balcos Insurance, inc. we’re here for you. Our insurance professionals are independent agents and can shop many different companies for you to find the best price and coverage available to you. Call today for a free, no-obligation quote.

(877) 783 – 0335

© 2008, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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After a major disaster like an earthquake, sometimes we lose access to things such as running water, telephones, electricity, and refrigeration. At bare minimum, you should be ready to survive on your own for three days.

Your disaster kit should be kept in an easily accessible location in a large, watertight container that can be moved easily. For instance, a large plastic garbage can with a lid and wheels would work beautifully.

WATER

• Store one gallon of water, per person, per day. Don’t forget to ration for your pets, too!
• Change this water every six months.
• Use household liquid bleach to kill microorganisms:
  • Use only regular household liquid bleach that contains 5.25 percent sodium hypochlorite. Do not use scented bleaches, colorsafe bleaches or bleaches with added cleaners.
  • Add 16 drops of bleach per gallon of water, stir and let stand for 30 minutes. If the water does not have a slight bleach odor, repeat the dosage and let stand another 15 minutes.
  • The only agent used to treat water should be household liquid bleach. Other chemicals, such as iodine or water treatment products sold in camping or surplus stores that do not contain 5.25 percent sodium hypochlorite as the only active ingredient, are not recommended and should not be used.

FOOD

• Ready-to-eat canned meats, fruits, vegetables.
• Canned juices, milk, soup
• Sugar, salt, pepper
• High energy foods such as peanut butter, jelly, crackers, granola bars, beef jerky, trail mix. Try to pick low sodium snacks.
• Vitamins
• Foods for infants, elderly, persons with special dietary needs
• Comfort/stress foods: cookies, hard candy, sweetened cereals, lollipops, instant coffee, tea bags.
• Pet food, at least one ounce per animal pound per day.
• Avoid foods like rice, pasta and dry beans that require a great deal of water to prepare. Remember to restock your food once a year.

FIRST AID KIT

• Sterile adhesive bandages in assorted sizes
• Assorted sizes of safety pins
• Cleansing agent/soap
• Latex gloves (2 pairs)
• Sunscreen
• 2-inch sterile gauze pads (4-6)
• 4-inch sterile gauze pads (4-6)
• Triangular bandages (3)
• Non-prescription drugs such as Pain relievers, Anti-diarrhea medicines, Antacid, Syrup of Ipecac (used to induce vomiting with the advice of a Poison Control Center), Laxatives, Activated charcoal (used with advice from the Poison Control Center)
• Various roller bandages
• Scissors, Tweezers
• Needle, Thread, Floss
• Eye/medicine dropper
• Moistened towelettes
• Antiseptic
• Thermometer
• Tongue depressors
• Tube of petroleum jelly or other lubricant
• Instructions on use of first aid items for injuries
  
  

TOOLS AND SUPPLIES

• Battery (or hand-crank) operated radio and extra batteries
• Flashlight and extra batteries
• Cash or traveler’s checks, in case banks are closed in the days following an earthquake
• Non-electric can opener or a utility knife
• Cooking, serving, and feeding supplies
• Small fire extinguisher
• Crowbar, Pliers
• Hammer & Nails, Staple gun
• Bungee cords
• Matches in a waterproof container
• Aluminum foil
• Plastic storage containers
• Signal flare
• Paper, pencil
• Adjustable wrench, to turn off gas and water
• Disposable camera
• Plastic sheeting & duct tape for broken windows

SANITATION

• Toilet paper
• Hand sanitizer
• Soap, liquid detergent
• Feminine supplies
• Plastic garbage bags and ties
• Plastic bucket with tight lid
• Disinfectant
• Household chlorine bleach
• Poop bags and scooper for pet waste

CLOTHING AND BEDDING

• Sturdy shoes or work boots (keep near your bed)
• Heavy work gloves
• Rain gear
• Blankets or sleeping bags
• Towel
• Warm clothing
• Sunglasses (keep your spare eyeglasses in the emergency kit, too.)
• Any special needs items for children, seniors, or people with disabilities

DOCUMENTS

Store copies of these in a waterproof container, ensure they are in a safe place! You don’t want these getting into the wrong hands.

• Will, insurance policies, contracts deeds, stocks and bonds
• Passports, social security cards, immunization records
• Bank account numbers
• Credit card account numbers and companies
• Inventory of valuable household goods, important telephone numbers
• Family records (birth, marriage, death certificates)

In case you need to evacuate quickly, you should create a bag (a backpack is ideal) you can grab and run with. Each person should have their own, and each should have and identification tag. Since you may not be home when disaster strikes, you may want to keep one at work and in your car as well. Consider the places you spend the most time, and prepare for it. Your evacuation-to-go bag should have the following items:

• Flashlight
• Radio – battery operated
• Batteries
• Whistle
• Dust mask
• Pocket knife
• Emergency cash in small denominations and quarters for phone calls
• Sturdy shoes, a change of clothes, and a warm hat
• Local map
• Some water and high-energy food
• Permanent marker, paper and tape
• Photos of family members and pets for re-identification purposes
• List of emergency point-of -contact phone numbers and addresses
• List of allergies to any drug (especially antibiotics) or food
• Copy of health insurance and identification cards
• Extra prescription eye glasses, hearing aid or other vital personal items
• Prescription medications and first aid supplies
• Toothbrush and toothpaste
• Emergency blanket
• Extra keys to your house and vehicle
• Any special-needs items for children, seniors or people with disabilities. Don’t forget to make a Go-bag for your pets.

Earthquake coverage is, most likely, NOT INCLUDED in your home or renters insurance policy. With the number of earthquakes happening all over the world, it is more important than ever to protect your assets. Call Balcos Insurance today.

(877) 783 – 0335

© 2010, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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EARTHQUAKE:

If you are indoors when shaking starts:

• “DROP, COVER AND HOLD ON.” If you are not near a strong table or desk, drop to the floor against an interior wall and cover your head and neck with your arms.
• Avoid windows, hanging objects, mirrors, tall furniture, large appliances and cabinets filled with heavy objects.
• Do not try to run out of the structure during strong shaking.
• If you are downtown, it is safer to remain inside a building after an earthquake unless there is a fire or gas leak. There are few areas downtown that are far enough from glass or other falling debris to be considered safe refuge sites. Glass from high-rise buildings does not always fall straight down; it can catch a wind current and travel great distances.
• If you are in bed, stay there and cover your head with a pillow.
• Do not use elevators.
• If you use a wheelchair, lock the wheels and cover your head.

If you are outdoors when shaking starts:

• Move to a clear area if you can safely walk. Avoid power lines, buildings and trees.
• If you’re driving, pull to the side of the road and stop. Avoid stopping under overhead hazards
• If you are on the beach, move to higher ground. An earthquake can cause a tsunami.

Once the earthquake shaking stops:

• Check the people around you for injuries; provide first aid. Do not move seriously injured persons unless they are in immediate danger.
• Check around you for dangerous conditions, such as fires, downed power lines and structure damage.
• If you have fire extinguishers and are trained to use them, put out small fires immediately.
• Turn off the gas only if you smell gas.
• Check your phones to be sure they have not shaken off the hook and are tying up a line.
• Inspect your home for damage.

If you are trapped in debris:

• Move as little as possible so that you don’t kick up dust. Cover your nose and mouth with a handkerchief or clothing.
• Tap on a pipe or wall so that rescuers can hear where you are. Use a whistle if one is available. Shout only as a last resort.

TSUNAMI:

A local earthquake may generate tsunami waves that can reach shore in minutes. If you are on the beach or other low-lying area close to the ocean or bay, immediately evacuate by walking to higher ground if:

• Officials issue a tsunami warning and order evacuations;
• You hear the Outdoor Warning System (and it’s not Tuesday at Noon);
• The earth shakes so much that you can’t stand;
• Shaking lasts longer than 20 seconds; and/or
• You notice water receding from the shoreline.

Earthquake coverage is, most likely, NOT INCLUDED in your home or renters insurance policy. With the number of earthquakes happening all over the world, it is more important than ever to protect your assets. Call Balcos Insurance today.

(877) 783 – 0335

© 2010, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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Your home is more than just a roof over your head. It is probably one of, if not THE biggest investment you’ve made in your life. But did you know that it can also result in one of the biggest losses you might ever have? If you are improperly or underinsured, one bad accident, storm, or injury could cost you your home – and more. It is critical that you have the right kind - and right limits - of insurance for your home.

There are ways to get the right coverage without being “insurance poor.” The best way is to talk to an independent insurance agent - they will make sure they get you the best deal possible by comparison shopping different companies. There are steps you can take, on your own or with your insurance agent, that will help ensure that you have the best possible chances of spending less for better home insurance coverage.

Home Security – Some companies offer a varying degree of discounts for home security improvements. Insurance companies have been known to offer 5% – 20% discounts for having systems to prevent loss, such as:

• Smoke detector
• Burglar alarm
• Dead-bolt locks
• Sprinkler system
• Fire & Burglar alarms that dial the authorities or monitoring stations

Not all systems qualify for a discount, so it is important to find out what kind of system is recommended by the insurance companies, how much it would cost to have the system, and how much you would end up saving on your insurance premium.

Don’t Insure the Land - What you paid for your house is not the same as what your rebuilding costs would be.

The price you paid includes the land under your house. But you don’t need to insure this. The land isn’t going to be stolen, or burn down, or blow away. If you include the land on your home insurance policy, you are paying too much.

Annual Reviews – The cost of your insurance is a reflection of what you owned when you signed up for the policy. Say your five-year old computer is no longer worth the $3,000 you paid for it. Reduce or cancel your endorsement. Don’t pay for what you don’t have!

Have you downsized, sold, or gotten rid of things in your home? Have you made major purchases? You should review your insurance policy annually to check your limits and what’s covered.

The most common changes to watch for are in the endorsements to your policy, which cover items like jewelry and computer equipment. Conversely, if you have upgraded or purchased items, make sure they’re on your policy!

If something happens and they’re not on the policy, they won’t be covered. Worse, if an accident occurs in part because of your purchase and it isn’t on the policy, your entire claim could be denied!

Replacement-Cost Coverage vs. Actual-Cash-Value Coverage -

• Actual-cash-value coverage reimburses you for the cost of your property at the time of the claim, minus the value lost in depreciation over time, minus the deductible. This can result in a lower claim payout than you expect. If your TV is worth $50, for example, that’s all you’d get to buy a new one.
• Replacement-cost coverage will reimburse the full value of an item based on the cost of purchasing a new one. The upfront cost is greater, but you are more likely to receive accurate compensation for your possessions. Make sure you keep at least two copies (and store one off-site) of:
  • Receipts,
  • Serial numbers,
  • Photos, and;
  • A Video recording of your possessions if possible.

Going Shopping – There are thousands of insurance companies to choose from, and somewhere out there is the best policy for you. The easiest, and often most affordable option is to have an independent agent prepare a home insurance quote for you. As independent agents, they are able to shop around for the best coverage and premiums available to you. But don’t base your choice on price alone – you should also consider:

• Coverage and limits
• Quality of service
• Promptness
• Claims service
• Resources & Tools made available to you
• Financial stability of company (should be “A” rated)

Raise Your Deductible - Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums.

If you can afford to raise your deductible to $1,000, you may save as much as 25 percent. Remember, if you live in a disaster-prone area, your insurance policy may have a separate policy/deductible for certain kinds of damage.

• If you live near the coast in the East, you may have a separate windstorm deductible…
• If you live in a state vulnerable to hail storms, you may have a separate deductible for hail…
• If you live in an earthquake-prone area, your earthquake policy has a deductible…

Disaster-Proof Your Home - Talk to your insurance agent about what you can do to make your home more resistant to windstorms and other natural disasters. By modernizing your home and reducing the risk of damage, you can often save money on your premiums. The most common additions are:

• Updating plumbing
• Updating electrical systems
• Adding a sump-pump to your basement
• Storm shutters
• Reinforcing your roof or buying stronger roofing materials
• Retrofitting your home to protect it from earthquake damage

Combine Policies - If you have more than one kind of personal insurance (home insurance, renters insurance, motorcycle insurance or auto insurance), you can often save at least 10% by combining your policies with the same insurance company.

When Buying a Home – If possible to get a newer home, this is often better. You can sometimes get discounts of up to 15% on your home insurance, because newer homes are less likely to have something go wrong with the electrical, heating, or plumbing systems. Plus, the home itself is usually in better shape than their older counterparts.

Discounts – Discounts vary from state to state and company to company. Common discounts on insurance are senior discounts, employer discounts and professional organization discounts.

• Seniors are often retired, which means they are home more than working people. Because of this, they are less likely to be burglarized and may spot fires sooner. If you’re 55 or older and retired, you may qualify for discounts of up to 10%.
• Some employers and professional associations administer group insurance programs. These may offer better deals than you can get elsewhere.
• Membership in particular organizations can also get you discounts – insurers tend to look positively on membership to organizations that show you are vested in the safety of your home or the community. Ask your agent about what organizations are included for your insurance carrier.

Stay with the Same Insurer – If you like your insurance company and you’ve been with them awhile, it’s often better to stay put. Long-term policyholders get discounts. Common discounts are at the three to five (3 – 5) year mark and six (6+) or more year earmark with an insurance company, which pull 5% and 10% discounts respectively. However, it never hurts to check periodically and get quotes.

Clean up Your Credit – A solid credit history can reduce your insurance costs. Check your credit record on a regular basis and correct any errors promptly so that your record stays accurate and in good standing.

High-Risk Areas – If you live in a high-risk area and use a government insurance plan, call your local insurance agent. There are often steps you can take that will allow you to buy insurance at a lower price in the private market.

Choose Your Location Wisely – Picking the location of your home wisely could cut your premiums by 5% to 15%. Common factors in premium reduction are:

• Proximity to a fire station or fire hydrant.
• Home is in a community with a professional, rather than volunteer, fire department.
• Electrical, heating and plumbing systems are less than 10 years old.
• East coast typically has more windstorms. Brick or masonry homes are more wind resistant.
• West coast usually has more earthquakes. Wooden frame homes withstand earthquakes better.

Flood and earthquake insurance are not part of your standard homeowners policy. In high-risk areas, you may be required to buy flood insurance, which costs roughly around $400 per year. Earthquake policies are also available at most insurance companies, and cost depends on the risk in your area.

Get a CLUE - Check the CLUE (Comprehensive Loss Underwriting Exchange) report of the home you are thinking of buying. These reports contain the insurance claim history of the property and can help you judge some of the problems the house may have.

Quit Smoking – Annually, thousands of home fires in the U.S. are caused by smoking. Some insurance companies have adopted discounts if all of the residents are non-smokers.

Electronic Payments – Many companies now charge up to $5 for mailed payments, so have your payments automatically deducted to shave that cost. Sometimes the deductions can come from your credit card, so you don’t have to worry if the money is in your bank account when payment time comes.

It is vitally important to make sure you, your family, and your assets are properly insured. Make sure you talk to an independent insurance agent. They will be able to get you the most complete coverage, and often, at the best price. Don’t risk financial disaster - get the assistance of professional to review your insurance policies. Our office will do it, for free, with no obligation to buy.

At Balcos Insurance, we do this because we’ve built this business on our reputation. We’re all in this together, and the better service we provide you, the better it is for all of us. Please call us today. Ensure you’re getting the protection that you and your family deserve.

(877) 783 – 0335

© 2009, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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How to Make Sure You Don’t Pay Thousands of Dollars Out-of-Pocket

Building Ordinance Coverage is often overlooked, but is very important.  Even so, some policies may not offer this type of coverage at all.  So what is building ordinance coverage… and why is it so important?

If three-fourths of your building were destroyed in a fire, your insurance company would pay you for the damaged three-fourths of the building and no more.

The city may tell you to knock down the remaining one-fourth of your building, as it is not livable.

• If you don’t have enough of building ordinance coverage A, you would be paying for one-fourth of the building costs out of your pocket.
• If you didn’t have enough of coverage B, you would be paying to demolish and remove that one-fourth of the building as well.

These costs can add up to tens of thousands of dollars.

Coverage A: Covers loss in value of the undamaged portion of the building due to demolition pursuant to a building ordinance or law.

Coverage B: Covers the cost of demolition and removing of debris of the undamaged portion of the building, if building ordinance law requires demolition.

Coverage C: Covers the increased cost to repair, reconstruct or remodel damaged or undamaged parts of the building to comply with a building ordinance or law.

Make sure that you contact your agent at least once a year to review your coverage and make appropriate updates. Taking the time before something happens protects yourself and your investments.

(877) 783 – 0335

© 2008, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Community Home |   Balcos Insurance Main Website

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