Saxophone_Blog

Are Musical Instruments Covered by Homeowners Insurance?

Standard homeowners insurance policies often cover musical instruments, but it might not include coverage if the instrument is being played for compensation. Situations including fire damage, vandalism and theft are often covered by homeowners insurance.

You should check your policy to find out the total coverage limit for your personal property. If you have about $150,000 to replace all of your personal items in an incident of a fire or other disaster, but your instrument is worth $50,000 alone, that only leaves $100,000 for the rest of your belongings. In cases like this, it would be a good idea to insure your instrument separately. Here are some ways to determine whether or not you may need extra coverage for your instrument(s):

  • Take an inventory of your instrument(s).
  • Figure out the value of your instrument(s), and get a professional appraisal if your instrument(s) are extremely valuable.
  • If your homeowners insurance policy isn’t enough to cover your instrument(s) in addition to the rest of your belongings, consider getting extra coverage.

There are two options for getting extra coverage for your instrument(s). One option is to endorse coverage on your current homeowners insurance policy. The other option is to get separate coverage for your instrument(s).  An endorsement on your homeowners will most likely cover a larger range of disasters that involve your instrument(s) than a standard homeowners policy does.  If you perform for a compensation, the instrument(s) may not be able to be covered at all through a homeowners insurance policy. Standalone instrument policies also often cover the instrument(s) no matter where it is at any given time. Musical instrument policies may cover the following circumstances:

  • Damage caused by temperature changes and/or humidity
  • Theft
  • Water damage
  • Flood damage
  • Earthquake damage
  • Vandalism
  • Shipment damage
  • Repair damage

Musical instrument policies may not cover:

  • Gradual deterioration
  • Mold damage
  • Damage from insects, worms, rodents, or vermin

Separate musical instrument insurance policies usually provide an agreed value coverage as well. This is important for higher valued instruments that appreciate, so that they are being insured at their full value.

Source: https://www.rollingstone.com/product-recommendations/finance/theft-music-instruments-homeowners-insurance-1214015/

Cyber-Lock

What is Cyber Insurance and Why Do You Need it?

Cybersecurity insurance is a new and emerging industry. It has its origins in errors and omissions (E&O) insurance, a separate form of insurance that protects against faults and defects in the services a company provides. E&O insurance is analogous to product liability policies for companies that sell physical or digital products. At Peterson McGregor Insurance, it’s important to us that you and your business stay safe during these emerging times. Read on to learn more about what is Cyber Insurance, how does it work, and why do you need it.

What is Cyber Insurance?

Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is a contract that an entity can purchase to help reduce the financial risks associated with doing business online.

While some cyber insurance policies contain specific provisions for E&O, most providers sell these as separate and distinct policies. E&O insurance does not cover the loss of third-party data, such as customer credit card numbers; customers needing such protection can purchase a cyber insurance policy that covers it.

How Does Cyber Insurance Work?

Cyber insurance policies help cover the financial losses that result from cyber events and incidents. In addition, cyber-risk coverage helps with the costs associated with remediation, including payment for the legal assistance, investigators, crisis communicators, and customer credits or refunds. Vinson & Elkins discusses Cyber Insurance 101 in this short video.

Why is Cyber Insurance Important?

Cyber-SecurityThe loss, compromise or theft of electronic data can have a negative impact on a business, including the loss of customers and revenue. Businesses may be liable for damages stemming from the theft of third-party data. Cyber liability coverage is important to protect businesses against the risk of cyber events, including those associated with terrorism. Cyber-risk coverage can assist in the timely remediation of cyberattacks and incidents.

According to Thirdway.org, “There are approximately 300,000 reported malicious cyber incidents per year. Attacks cost the U.S. economy anywhere from $57 billion to $109 billion annually and these costs are increasing.” Cyber risk is real and let’s face it: almost everyone uses some kind of cyber technology every day. In an era when email is used for everything, and transactions often occur online, the world of cyber presents a great opportunity for criminals.

According to the Insurance Information Institute, “Insurance experts now consider the risk of cyber liability losses to exceed the risk of fraud or theft. In this tumultuous environment, your business can take several steps to limit risks, including purchasing cyber liability insurance.”

Contact Peterson McGregor Insurance at https://petersonmcgregor.com/ or call us 866-547-4474 today to discuss your Cyber Insurance needs with an agent!

Source: https://searchsecurity.techtarget.com/definition/cybersecurity-insurance-cybersecurity-liability-insurance and https://prowritersins.com/cyber-insurance-blog/how-does-cyber-security-insurance-work/

 

Luxury-Stone-Home

Homeowners Insurance Facts

When you decide you want to buy your first home, homeowners insurance may not be the first thing you think about. However, most mortgage lenders require you to have homeowners insurance before they will approve your loan. There are a few things you should know about homeowners insurance.

Certain losses are excluded from most homeowners insurance policies. Standard homeowners insurance policies don’t cover floods or earthquakes. If you want coverage for flood or earthquake damage, you will need separate policies for those. If you are in a flood zone, your mortgage lender may require you to purchase flood insurance.

We all know that our credit score is important for many things. Did you know it can also affect your homeowners insurance premium? Some states have banned this practice; however, in most cases your credit score can affect your insurance premium. The better your credit rating, the lower your premium. So while you’re spiffing up your credit rating to get a good deal on your mortgage loan, you should maintain a good rating to save money on your homeowners insurance.

home-repairPoor home maintenance may cause a claim to be denied. Not all damages are covered by homeowners insurance. If the damage that occurred to your home is due to your failure to properly maintain your home, your claim may be denied. When it comes to home maintenance, don’t be a procrastinator!

home-is-where-the-heart-isWhile you are living in your new home, you will acquire new valuables, personal possessions, and may do some home improvements. You should always report these to us right away so we can ensure your coverage is sufficient for your investment. Enjoy your new home, you deserve it! If you have any questions regarding homeowners insurance, please contact Peterson McGregor Insurance at 866-547-4474 or online at https://petersonmcgregor.com/ .

Source: https://www.hsh.com/first-time-homebuyer/facts-about-home-insurance.html

AA-Teenage-Boy-Drive

Auto Insurance Costs

 

women-in-carIf you own a vehicle, you should own an auto insurance policy. Have you ever wondered how the cost of your policy is determined? There are a number of different factors that impact the cost of your auto insurance. While not all companies use the same parameters, Peterson McGregor Insurance will help you understand what commonly determines the bottom line of your auto policy.

First, your driving record – The better your record, the lower your premiums. If you have been in accidents or had serious traffic violations, it is likely you will pay higher premiums. How much you use your car is also considered while determining the cost of your premium. The more miles you drive, the more chance for an accident. Even where you park is taken into consideration. Do you park in a secure garage? Or do you park on a street?

Other factors taken into consideration while determining your auto insurance costs are: your age, your gender, the car you drive, and the amount of auto insurance you wish to carry. Mature drivers generally have fewer accidents than beginners. Statistics show that women are involved in fewer accidents, and when women are involved in an accident they tend to be less severe than men. The cost of your car and the amount of insurance coverage you want to carry are major factors in the cost of your policy as well.

cardealershipThere are many different factors that go into determining the cost of your auto insurance policy. Some factors can vary from one area or state to another. To get the best idea of the cost you will pay for auto insurance, contact Peterson McGregor Insurance at 866-547-4474 or online at https://petersonmcgregor.com/ to request your free auto insurance quote!

Source: https://www.iii.org/article/what-determines-price-my-auto-insurance-policy