Disaster Proofing Your Finances

There’s little you can do to prevent a disaster, but you can take steps to mitigate the financial aftermath. For homeowners and renters, one of the most important steps is to be sure your insurance coverage is adequate and current.

As a renter you should know that your landlord’s insurance will not cover you, so having your own coverage is vital. It may seem like an unaffordable luxury, but having good coverage can make all the difference when disaster strikes.

Most homeowners have insurance, so the most important consideration for them is to be sure their coverage is adequate. Too many people assume their policy protects all their property and possessions, for any eventuality. But that’s not always the case, so it’s important to review your coverage regularly.

When reviewing your homeowner’s policy, be sure you have enough insurance to rebuild the dwelling. Don’t calculate the value of your home based on the market value or assessed value. The amount of insurance must be calculated on the building’s replacement value. That’s why it’s important to include guaranteed replacement cost as part of your insurance, to protect you from inflated material costs following a natural disaster.

You may also want to consider a building code upgrade add-on. This additional coverage helps cover the costs associated with meeting updated building standards— crucial for older homes.

Take steps to protect your financial situation from disaster. For help reviewing your policy and for more information about added coverages, give us a call today. We’re happy to help.

Convenience vs. Risk

Many online retailers are working to solve delivery issues. Package theft in particular, is a key concern. For its part, Amazon has begun rolling out “Amazon Key”, a service that combines an electronic lock and a cloud-based camera system. With these in place, delivery drivers can place packages inside your home, rather than leave them outside where they might be stolen.

As convenient as this type of secure delivery may seem, it actually adds potential risks that force insurance companies to play catchup. So many questions arise with this
new service:
• What if a delivery person slips and falls?
• What if the delivery person causes a fire in your home?
• What if the system is hacked?

Currently, many of the answers to these questions are unknown because this is all so new. Given this, many security and insurance professionals advise against such services, suggesting instead that people have packages delivered to work or a friend, family member
or neighbor.

In the near future, look for insurers to revise existing policies and develop new coverages/add-ons to accommodate and mitigate the risks associated with new technology and services. For now, if you’re considering Amazon Key or a similar service, it’s a good idea to review your existing insurance. For help in doing so, give us a call today. We’ll help identify any weak points or gaps in your coverage.

April Showers Bring May Flowers … and Floods!

Spring rains and snow melt can pose a threat to homeowners. For many in Massachusetts, this may not seem like much of a concern, but Massachusetts is in the top 20 states whose properties face a moderate to high risk of flooding.

If you’re unsure if your home lies in a floodplain, or is otherwise at risk, check with us today. We’ll review floodplain info with you and help you review your existing coverage and show you how to best protect yourself and your family in case of a flood.

Fire Extinguisher Recall – No Kidde-ing

Smart renters and homeowners have at least one fire extinguisher. One popular brand is manufactured by Kidde, who recently announced a recall of multiple products. This recall involves two types of Kidde disposable fire extinguishers:

Plastic handle fire extinguishers

Plastic push-button fire extinguishers

This recall does not include Kidde Professional or Badger branded fire extinguishers or units with metal handles/valve assemblies.

For details and to see if your Kidde fire extinguisher is included in the recall, visit the following link.: https://goo.gl/fHjvc2

Community & College

In addition to serving the insurance needs of multiple communities, Estabrook & Chamberlain strives to do more for our neighbors and the people we serve. To this end, we provide three separate scholarships to worthy students in the surrounding communities.

Each year, we provide a college scholarship that’s awarded to 2 high school graduates – one from Bridgewater Raynham Regional High and one from West Bridgewater High. Many years ago, we also established a self-funded scholarship for the business department at Bridgewater State University. Each spring, the scholarships are awarded when the business school chooses two deserving students working toward a degree in management or accounting.

Life is about more than protecting what you have. It’s also about giving back where you live. At Estabrook & Chamberlain, we’re proud to help make a difference in the communities we serve.

Rants & Repercussions

The Internet has made it significantly easier to express yourself. But that’s not always a good idea. This is especially true when voicing your opinion,
complaining or venting your frustrations. These days, the news is filled with stories of people being sued for comments they’ve made or acts of Internet-based revenge they’ve taken on people/companies.

Sadly, many people believe they can say/do whatever they like online and the perceived anonymity of the Internet will protect them. Typically, that’s not the case though. The same may also be true of your homeowners insurance.

Whether deliberate or accidental, your damaging rant may open you up to charges of harassment, defamation, libel or slander. While most homeowners policies contain liability coverage, this usually only applies to bodily injury and/or property damage. The bottom line? You may incur significant financial damages and possibly prison!

So if you’re prone to outbursts of excessive vitriol on the Internet, may we suggest putting down your phone or stepping away from the keyboard, taking a deep breath and counting to ten. Then, give us a call to learn more about personal injury coverage and whether your homeowners insurance is sufficient for your needs.

Beware of Hurricane Cars

This year, the U.S. was hit by 3 significant hurricanes – Harvey, Irma and Maria. The damage caused by these storms impacted millions in the regions where they hit. The same may be true for people hundreds or even thousands of miles away.

Typically, thousands, if not hundred of thousands of vehicles are damaged in hurricanes that hit populated areas. Many of these cars are considered “totaled”, but they may not be consigned to the scrap heap. They’re often cleaned up, shipped to distant locations and sold to unsuspecting buyers.

So what can you do to avoid these clunkers? Check the vehicle history. Using the vehicle identification number (VIN), you can search a variety of sites to learn if a vehicle has been marked as salvage or beyond repair. CarFax, VINcheck and National Motor Vehicle Title Information System are three such sites. Some sites/services are free, but others do charge a fee, so be sure to do your homework. The National Auto Defense Association (NADA) offers 10 tips to help you spot and avoid “swamped” cars. Visit our blog for a link to more details.

Ice Dam Damage

As the weather turns cold, we once again urge our customers to do what they can to learn about and prevent ice dams. They can cause significant damage, which can go unnoticed until it’s too late. We’ve written about ice dams in the past and even posted an informative video to our website. To view it, visit the Homeowners page on our site, scroll down and look for the video labeled “Preventing
Ice Dams”.

Cold Weather, Hot Cars

 You may not know it, but car thefts increase during cold weather. Many people foolishly leave their cars idling in the driveway or while they run into the store. Their intent is to keep the interior warm, but what they’re doing is providing thieves with an ideal opportunity.

The problem of owners having their vehicle stolen after leaving them idling has grown so much that some communities have outlawed the practice. It’s not all bad news though. Technology is helping to reduce car thefts, but a car can be stolen in less than a minute, so owner vigilance is still the best deterrent. This winter, think twice before choosing between convenience and possible car theft.

E&C Community Involvement

On the evening of Saturday, September 30th, Laurie Hartrey, a local Bridgewater resident, arranged for 50 or so people to stroll from the center of town and visit several historic landmarks which included 3 homes, the Masonic Lodge and an old cemetery. One of the homes visited was the Estabrook & Chamberlain offices. As you may know, our building has ties to Paul Revere.

We served cider to those who visited and explained the connection between Paul Revere and
his family to the building. We also showed the visitors our collection of old Bridgewater photos that we possess and answered questions about the building. If you’re unfamiliar with the history of our building, please ask the next time you stop by.
We’re happy to talk with you about more than just insurance.

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