Insurance Insights

 It’s almost time for nicer weather here in Ohio & Michigan… and with the nice weather comes vacation! If you or your family own and operate a short-term rental property, there’s special insurance for that. A standard homeowner’s or dwelling fire policy doesn’t provide coverage for short-term rentals. Fortunately we have just what you need!

  MAR 16   WRITTEN BY  CHRISTOPHER BECERRA Has your much-anticipated and brand new Corvette Z06 just rolled off the assembly line? Has your old vehicle been deemed a total loss after a recent accident and you just got the insurance settlement check? You might be wondering how long you have to add a vehicle to your current auto insurance policy… The answer? In Ohio, specifically, there is no state law that mandates a carrier must grant a specific amount of time to add a new (or replacement) vehicle. Generally speaking, however, most carriers will allow anywhere from 7 -30 days. Best bet is to get your new (or replacement) vehicle added before you ever drive it off the lot. The clock is ticking!

  Do you know how long your insurance company will allow your auto insurance to continue after a missed payment? While the timeline varies somewhat, a good general rule of thumb is one week (7 days). This is because insurance companies have little tolerance for providing coverage to drivers who haven’t paid their premiums - the insurance carriers are effectively insuring someone for free or worse, paying claims for free. If you’re the type of client that likes to have a longer grace period and a little more flexibility on when payments are due, go for a paper bill. Because the insurance carriers have to send a bill via USPS, they allow a longer grace period to account for transit times. In the event you’re unable to pay in time and your auto policy lapses, most insurance carriers will give credit for prior or continuous insurance history so long as you get another policy going within 30 days. Please note, some carriers don’t and you’ll have to start back at square one after a laps...

  Does your agent or broker know to automatically include gap coverage on that new vehicle you just financed? Or how about including the maximum premises liability limits on investment/rental properties automatically? We bring a wealth of experience and know to do these things without ever having to be asked. Why? Because it's the right thing to do for our clients... and because it may save you a ton of headaches (and money) in the long run!

  This morning I'm reminded of a commonly misunderstood scenario: 2 vehicles, 1 driver. One will be used very rarely, and the client is uncertain if she should maintain insurance on both. In Ohio, ANY car that has a valid registration sticker is required to be insured. If the state sends a request for proof of insurance on your vehicles, and one isn't insured, they will suspend your license. #insurance #carinsurance #Ohiolaw

  For when those state minimum limits just aren't cutting it anymore... Give us a call and we'll help guide you through life as you continue leveling up! (440) 545-1026