Uber, Airbnb and VRBO may increase your personal liability risk. We live in a digital world that now allows us to share everything from our car, bike, boat, apartment and even our home with total strangers. Smart phones, and the applications that can be added, offer many useful tools, but some of these things create new and increased liability for you. Before you decide to jump into the sharing economy consider the following:
Do these sharing sites have the ability to protect your confidential information? Many times you are giving your credit card information to companies that may not have the ability to protect it.
If you use Airbnb to sublease your apartment, you might check your lease. Many lease agreements have “no sublease” clauses that do not allow for this kind of activity. Also, some big cities are now actually considering outlawing the Airbnb services as it reduces hotel/motel taxes.
Uber offers a taxi service where individuals can offer rides to those who subscribe. Are you confident that these individuals have had proper background checks? Are they experienced drivers? Do they have the correct insurance? Remember, even in states that have mandatory auto insurance laws, over 25% of drivers don’t have insurance.
Personal auto insurance issues should be considered if using your car for hire. There is a big difference in the auto insurance world between a car pool for work and being paid to deliver people.
If you rent your primary home to others, it may limit your personal insurance coverage. Call our office for a review.
The use of the new sharing economy will most likely continue and may be a good way to save money. However, if you have an uninsured claim, the cost may be much greater than the savings. Be aware that using these services may increase your risk of loss. The insurance industry will respond over time to the sharing economy, but in the meantime, there are limitations and restrictions in your current homeowner’s and personal auto insurance policies of which you need to be aware.
As we edge closer to back to school and hopefully a much cooler fall, please consider contacting us for an 'autumn checkup' on all your insurance policies. 218-430-0400.
As always all, of us at Wadena Insurance, a Strong Company appreciate your business and the trust you have placed in us.
A Personal Insurance Update
We offer competitively priced homeowners insurance to people throughout all of California. Homeowners insurance is designed to protect your home from damage resulting from fire, wind, theft, vandalism and other perils as described in your insurance policy. However, there is much more to a homeowner’s, renters, or condominium policy.
One problem we see is that many people do not know what their homeowner’s insurance covers and does not cover. Some damage not covered by a typical homeowner’s insurance policy includes:
•Damage to vehicles
Loss from business operations
Some Good News About Homeowners Insurance
Homeowners insurance offers many coverage benefits other than covering damage to your home or other dwellings.
Renters, condominium, and homeowner’s policies will generally cover replacement of your personal property after a covered loss. When you think about the value of your clothes, furniture, electronics, toys, and other items, this is a wonderful value. These policies can also be amended to include unique items like guns, artwork, and expensive jewelry. If you have personal property coverage, that can also include some limited value while items are away from your primary residence.
Art, Guns, and Collections
As stated above, your homeowners insurance can be expanded to include coverage for unique collections, antique furniture, coin collections, expensive art, jewelry, and other items. For example, if you own an expensive diamond, you can add it to a floater policy that covers the ring wherever you go. It can also provide coverage if the ring is lost or the stone falls out and cannot be found.
Identity theft is a significant problem for individuals today. Your renters, condominium, or homeowner’s insurance policy can be amended to include identity theft coverage. If someone steals your personal information, you may be subject to hours of time and expense trying to restore your credit. Identity theft coverage can help offset expenses associated with identity theft. Usually, this kind of coverage has a sub-limits attached to it.
Additional Living Expenses
If your home is damaged by a covered loss, additional living expense can provide funds to allow you and your family to live in a secondary location while your home is being repaired. This kind of coverage can also include the cost of food. We recommend each family review and consider this coverage. We can modify the limits to reflect your individual family’s needs.
Protect what matters most to you with Car, Home, Health, Life & Business insurance. We offer the best combination of competitive rates, coverage and personal service in Wadena.
Most business owners buy commercial insurance to cover fire, theft, and certain liability risks. However, did you know there are many unique insurance products that can also protect your business? Your business insurance should be able to respond to almost all the activities in which you are involved, but if you are not properly insured, it may not. Therefore, we thought we would explain several business coverage’s you may not have considered.
Unique Kinds of Business Insurance
Political Risk Insurance—The world is becoming a very dangerous place, so there is coverage for business owners and executives who travel to foreign countries. Kidnap and ransom coverage can protect your executives in case of an unforeseen event.
Giving Advice—Do you or your employees give advice to your customers? If so, you may need Professional Liability Insurance.
Foreign Liability—If you export products to a foreign county, your business is at risk of a product liability claim if the products cause an injury or loss.
Loss of Value—If you rely on your voice or other talent to produce income, you can buy insurance to cover yourself in the event you are unable to perform.
Environmental—Environmental insurance is there to protect humans and physical assets from the effects of pollution exposure, so you can carry on running your business without worrying about major oil spills or other catastrophic events.
Chicken insurance—Many people insure their pets, but you can also buy coverage to insure your chickens or other animals.
Tax opinion insurance—Acquisitions, reorganizations, mergers, or other changes of ownership can present complicated tax problems. Tax insurance protects the business in the event the transaction produces a larger than expected tax liability.
Protect what matters most to you with Wadena, MN. Car, Home, Health, Life & Business insurance. We offer the best combination of competitive rates, coverage and personal service in Wadena.
Boating is a great adventure on any type of boat and is being enjoyed by many on a daily basis, but with that comes a great responsibility. It is not mandatory to do a boating course at this time, but there are some excellent reasons to get your self-informed about the rules of the road.
You will learn about safety equipment and what you are required to have on your boat before you undertake any boating excursion. This is very important because what you don’t have with you could make the difference between being able to handle a situation or not.
You will learn that driving a boat is vastly different from driving a car. You are dealing with air and water currents. If you have never docked a boat you may think that it is easy until that is, the current is pulling you in the opposite direction that you want to go.
Knowing how to work with lines and tying knots is part of boating. You have to be able to secure a boat properly. If your boat gets away, it is amazing how quickly the current will take it out of your reach, and you will probably require the assistance of another boater to help you get to it.
You will learn what the channel markers mean. We learned the hard way the first time we went out on a boat and ran aground outside the markers. We also had no clue what the red and green markers meant on the poles. This you also learn on the course.
There are speed limits on certain water ways, but unlike the roads, they may or may not be posted. Ignorance may not be enough to get you out of a ticket.
Using charts for coastal navigation can be a lifesaver. It’s your roadmap that helps you stay away from the shallows and shows where all the markers and bridges are, and by using measurements, you can calculate the distance and time it will take to get somewhere.
Just like on the roads, there is the right of way. On a boating course, you will learn who has the right of way and why.
Every boat should have a horn. You may hear one long toot or 2 short toot and so on, and you’ll learn what they mean.
There are boating regulations and laws that must be followed by all boaters, for example, (and I have seen this rule broken so many times), you are not allowed to sit on the bow of the boat with your feet hanging overboard.
Anchoring a boat is not just a matter of plopping it down in the sand. There is a mathematical technique applied to anchoring that has to do with the size and length of your boat. Knowing how to do this correctly will give you that extra insurance of knowing your boat is going nowhere until you want to move it.
Thanks for choosing Wadena Insurance, a Strong Company. We know you have many choices when purchasing insurance and we want to thank you for choosing us as your insurance agency. As a professional insurance agency we pride ourselves on maintaining long term relationships. Please keep us in mind when your family and friends are looking for a referral.