PHH Insurance Blog

Stafford Springs, CT

25 May 2012

Types of Homeowners Insurance

Homeowners Insurance is a multiline policy which means it has two parts to it. One covers the dwelling, which is the property you use, and the other is liability, which is used in case someone gets injured because of the insured’s negligence. There are six types of homeowners policy: HO-2, HO-3, HO-4, HO-5, HO-6 & HO-8. HO-8 is not available in CT but it is still offered in various states. It covers the least amount of coverage. The most common homeowners policy is HO-3 which is also known as special form. It offers protection against all perils (open peril), except flood and earthquake for your home. Your personal property is covered on a named perils basis which means you have to state which disasters would cover the damage.

The HO-5 policy, also known as comprehensive policy, is the best policy available for homeowners. It provides open peril coverage for both dwelling and personal property. In other words, your home and personal belongings are covered against all listed perils such as hurricane, hail, wind, theft, etc. As the protection goes up, so does the premium but in the long run, it is safer to have the HO-5 policy because you never know when disaster can strike and you want to be fully covered so you don’t face more problems than you have to.

If you would like to know whether your current policy is the right choice for you or would like to get a new quote on a better policy, don’t hesitate to give us a call at 860 684 2721 or visit our website.

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25 May 2012

Sorry for the Two Week Delay

Hello subscribers and readers. I apologize for no new posts for the past two weeks. I was busy studying for the insurance exam (It’s such a pain in the behind) and now that’s out of the way, I can provide you all with helpful information once again. Hope all of you were patient enough and would continue reading the blog. I will try not to let that happen in the future and if a situation does occur, I will notify you all beforehand this time. If you would like me to cover a specific topic about insurance, don’t hesitate to ask.

Happy weekend everyone :)

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11 May 2012

How Much Television Do You Watch?

Jersey Shore is killing you—and not just by destroying your will to live. A new British Journal of Sports Medicine study found that—on average—your life expectancy decreases nearly 22 minutes with every hour of television you watch.

There’s nothing magical about watching TV, of course. “A high amount of TV watching is likely a reflection of an overall sedentary lifestyle,” says Robert L. Newton, Jr., Ph.D., assistant professor of inactivity physiology at the Pennington Biomedical Research Center.

Americans spend about 8 hours per day engaged in sedentary behaviors, such as sitting at a desk, playing video games, talking on the telephone, and watching TV, says Newton. “As a start, we should aim to reduce the time we spend sitting by at least 2 hours every day,” Newton says.

Try setting up a standing computer desk either at work or at home to cut back on sitting time, Newton recommends. Or try cooking dinner or folding your clothes while you watch TV.

Keep in mind that 22 minute stat is an average number that’s associated with decreased lifespan. An hour of TV doesn’t actually cause you to die 22 minutes earlier. Still, curiosity gets the best of you so here’s a comparison of how TV affect you versus other activities.

Since most people hate exercise, do the next best thing which is laughter. After all, we’ve all heard that laughter is the best medicine and that is no lie.

Source: Men’s Health

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10 May 2012

Personal Inland Marine Insurance

The homeowners policy can cover many of the risks to which an average household is exposed. But there are certain risks for which the insured will require additional coverage. That’s where Inland Marine Insurance comes in. The term was developed from ocean marine insurance which provides very broad coverage for property being transported over water. Once the cargo arrived at the port of entry, it was then transported over land – thus, the term inland marine. Inland marine insurance provides the same type of broad, flexible coverage for portable personal property. Since coverage is provided to portable property, it is sometimes called “floaters”.

Today, inland marine insurance policies can insure a wide variety of property that generally falls into four categories:

  • Property that is in transit – such as cargo aboard a truck or train
  • Specialized property at fixed locations – such as radio & TV towers, bridges, signs, fencing, piers, building materials, computer equipment, accounts receivable, valuable papers, leased equipment
  • Property that moves – such as mobile medical equipment, contractors tools & equipment, exhibitions, construction equipment, golf equipment, guns, jewelry, furs, fine arts
  • Property held by a bailee – such as clothing left at a dry cleaner, riggers’ liability, warehouse liability

Personal inland marine floaters provide open peril coverage, although a few exclusions apply, such as:

  • War
  • Nuclear Hazard
  • Wear and Tear
  • Gradual Deterioration
  • Insects
  • Vermin
  • Inherent Vice (a condition or defect that exists within the property)

Inland marine coverage forms can offer broader coverage than found in standard property insurance forms.  Due to less regulation, underwriters have greater flexibility in terms of the type of property that can be insured as well as pricing.

If you have any questions about this topic or would like to get a quote, give us a call at 860 684 2721 or visit our website for more information.

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08 May 2012

Dwelling Insurance

Dwelling Insurance provides protection for individuals and families against loss to their dwelling and personal property. Homeowner’s insurance covers dwellings and personal property but these two policies are different from each other. Let’s take a look.

1. The dwelling policy provides more limited property coverage than the homeowner’s policy.

2. The unendorsed dwelling policy provides property coverage only, while the homeowners policy provides a package of property and liability coverages.

The dwelling policy has three separate forms.: the basic form, the broad form, and the special form, each providing a higher level of coverage than the last.

To be covered under a dwelling policy, a dwelling may have up to five boarders and up to four apartments. The dwelling doesn’t have to be occupied by the owner. A dwelling policy may also be used to insure a mobile home meeting certain qualifications, including that it be permanently located. Mobile homes can only be covered under the basic form. The policy is also used to insure homes that do not qualify for homeowners insurance. For example, the owner of a home that is rented to tenants could not insure the home under a homeowners policy but could insure it under a dwelling policy. Dwelling policies are also frequently used to insure vacation homes.

Eligible dwelling property does not have to be exclusively residential. Certain incidental business and professional occupancies are allowed. Examples of permitted occupancies include beauty parlors, photography studios, and professional offices.

If you would like more information on this topic or would like to know which policy will be better for you, give us a call at 860 684 2721 or visit our website.

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02 May 2012
1 Comment

CT Receives $9.7 Million in Grants for Health Centers

Connecticut is getting $9.7 million in federal grants for community health centers as part of a series of capital investments related to federal health care reform. The new Affordable Health Care Act includes $9.5 billion to expand services nationally over a five year period and $1.5 billion to support construction and renovation projects at community centers. Thanks to this grant, the health centers will be able to serve thousands of new patients.

Funding includes two types of grants.

1. Building Capacity

2. Improve Facility’s Program

Recipients include $5 million for the Community Health & Wellness Center of Greater Torrington; $3.5 million for East Hartford Community Healthcare Inc.; $485,850 for Cornell Scott Hill Health Corp. in New Haven; $500,000 for Generations Family Health Center Inc. in Willimantic; and $232,098 for Staywell Health Care, Inc. in Waterbury.

Community health centers, for many Americans, are the major source of care that ranges from prevention to treatment of chronic diseases. This investment will expand U.S. Health and Human Services’ ability to provide high quality care to millions of people while supporting good paying jobs in communities across the country.

For information on the health center program, click here .

Source: Courant

Posted in Health, Health Insurance and tagged , , , ,
27 Apr 2012

$1.3 Billion Health Insurance Rebates

Rebates totaling $1.3 billion from health insurance companies should go to more than 3 million individual policyholders and thousands of employers this year because of President Barack Obama’s health care law.

Here’s how the law works:

- Insurers covering individual consumers and small employers must spend at least 80 percent of the premiums they collect on medical care and quality improvements. The benchmark is 85 percent of premiums for insurers covering large employers.

- Insurance companies must provide rebates if they do not meet those standards.

Who gets refunds:

- Almost one-third of consumers in the individual market will get rebates averaging $127. These are consumers who are not covered by an employer and purchase their policies directly from an insurance company.

- Average amounts will vary significantly by state. The highest will be paid to consumers in Alaska (average of $305), Maryland ($294) and Pennsylvania ($243). On the opposite side of the scale, no individual market insurers in Hawaii, Maine and Washington, D.C., expect to issue rebates.

- Nationwide, rebates to individual consumers will total $426 million.

- In the small employer market, 146 insurance plans covering nearly 5 million workers and dependents will issue $377 million in refunds. Employers do not have to pass those on to workers. They can also opt for a discount on next year’s premiums.

-In the large employer market, 125 plans covering 7.5 million workers and dependents will issue $541 million in rebates.

Source Seattle Times

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25 Apr 2012

Flood Insurance

Flood insurance coverage is fairly new since it was generally unavailable until the federal government became involved. In 1968, Congress created the National Flood Insurance Program (NFIP) to make flood insurance available to eligible communities through federal subsidization. What that means is that flood insurance is only available through government entities since insurance companies don’t provide coverage for it. The program is managed by the Federal Insurance Administration (FIA), which is a branch of FEMA.

There are two types of flood insurance programs available: emergency and regular. The emergency program goes into effect when the community applies to the NFIP and remains in effect until the government finalizes the flood insurance rates for that community. Under emergency program, insured may purchase limited amounts of flood insurance for buildings and contents at subsidized rates. Under regular program, additional coverage may be purchased that wouldn’t be allowed under emergency program.

The following scenarios are covered under flood insurance.

1. An overflow of inland or tidal waters

2. Unusual and rapid accumulation or runoff of surface water from any source, unless general flooding exists.

3. Mudslides caused by accumulations of water on the ground or underground.

4. Collapse of land as a result of excessive erosion due to flood.

(Sewer backup into a dwelling is not covered.)

Almost any building that is walled and roofed, is principally above ground, and is fixed to a permanent site is eligible for coverage under a flood policy. The policy may cover a building, its contents, or both. Coverage does not take effect until after a waiting period of 30 days following the date of application.

If you have any questions about flood insurance or would like to know more about it, give us a call at 860 684 2721 or visit our website for more information.

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24 Apr 2012
2 Comments

Cell Phones And Germs

We, as human beings, are undeniably creatures of habit. We tend to wake up at the same time, sit in the same seat on the bus and pack our bags in the same way. It’s a good way to stay organized, but according to Nowsourcing’s infographic below, some of our most seemingly benign habits, such as using a cell phone, may be making us sick!

If you like to stay healthy, clean your cell phone once a month. Just because you can’t see the bacteria doesn’t mean it’s not there.

Posted in Fun and tagged , , ,
23 Apr 2012
3 Comments

Commercial Umbrella Insurance

Just as personal umbrella policies are available to cover the catastrophic liability exposures of personal risks, high-limit Commercial Umbrella policies are designed to provide catastrophic liability coverage for business risks. Because the umbrella policy is not designed to handle usual or everyday exposures, the insured must have underlying liability coverage, such as Commercial Auto or Commercial General Liability coverage, before an Umbrella policy will be issued.

A commercial umbrella policy provides coverage in three types of situations:

1. The policy limits applying to a loss under an underlying policy have been exhausted.

2. A loss is excluded under an underlying contract but not excluded under the umbrella (the insured must first meet the retention limit)

3. Previous losses reimbursed under an underlying policy have reduced its aggregate limit so that a subsequent loss is not fully covered.

If you own a business, it is a wise decision to have an umbrella policy because if something were to go wrong, you’d have peace of mind knowing you’ll be covered.

Visit our website to get a free quote.

Posted in Business, Umbrella and tagged , , ,

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