Spring has finally sprung and we’re sure happy to welcome it back! March is almost over, but we managed to attend the Missouri Small Agency Conference, in Columbia, as a team last week! We talked a lot about Artificial Intelligence and the changes in our industry due to the “hard market” we’ve been experiencing the last few years; we learned how reinsurance (insurance for insurance companies) impacts policyholders; and how to keep moving forward and plan for the future in the best ways possible. We’re grateful to the Missouri Association of Insurance Agents for keeping us “in the know,” so that we may pass on our knowledge and be the best agents possible, for you, our policyholders.
In other Spring news, things are starting to turn green and bloom, allergies are about to kick us in the nostrils and rain is in the forecast! Hopefully, we get the perfect amount of showers to avoid drought conditions, but nothing too severe.
It is the perfect time to remind our homeowners about some “auxiliary” coverages that are available to you, but are not automatically included in your policy.
- Inland Flood – for homes in low-risk flood areas, this coverage provides a limit for damage to the structure and/or contents caused by an unusual, rapid rain accumulation that doesn’t drain away or soak into the ground and also mudflow. Additional living expenses and debris removal are also covered.
- Service Line – provides a limit of coverage for damage to underground piping or wiring that connects a home to a public or private utility (electric, gas, water, waste disposal, internet access, etc.) This coverage responds even in the event of “wear and tear” on the line.
- Equipment Breakdown – provides a limit for damage to equipment (furnace or A/C units, hot-water heaters, home appliances, generators, security systems, etc.) caused by mechanical, electrical or electronic breakdown, rupture, bursting, bulging, implosion or explosion.
- Interior Matching Protection – some carriers offer this to cover the replacement of undamaged interior features in a home (cabinets, countertops, floor and wall coverings, interior doors and trim) in the event of a covered loss to a portion of feature, when similar materials, colors or designs are no longer available.
- Undamaged Siding or Roofing – covers the replacement of undamaged roofing or siding when only a portion is damaged and similar siding or roofing material is no longer available. This coverage is typically only available for roofs under 15 years old.
Commercial Corner
Commercial property policies can also cover Equipment Breakdown when damage to boilers; pressure vessels; vacuum vessels; air conditioning or refrigeration systems; mechanical, electrical, electronic equipment; or fiber optic equipment occurs. Chances are that your commercial policy is already protected against Equipment Breakdown, but please look over your policy, or call Stacey at 573-442-1105, to double-check.
Inflation is almost a four-letter word, but due to the increased cost of everything, there is another optional coverage limit that may not have kept up with your needs. Business Income and Extra Expense is a commercial property coverage that could be severely undervalued on your policy. This coverage provides lost revenue and can pay the ongoing operating expenses (rent, payroll, taxes) to limit downtime if your business has to suspend operations due to a covered, physical loss. Some businesses generate a lot of income, especially during “peak” times of the year, and may only have a property endorsement package that provides $50,000 for Business Income and Extra Expenses. A limit of $50,000 could be exhausted in a very short time when you start to add things up. How much are your annual operating expenses? Please call Stacey to review your individual policy and possibly explore higher Business Income limits.
Insure With the People You Trust
No matter the weather, or the season, Kasmann Insurance strives to make sure you have the insurance information you need. There are a lot of exclusions in property insurance coverage forms, both in personal lines and commercial lines. This Spring, we want our homeowners to be to make sure you’re aware that you can purchase Inland Flood, Equipment Breakdown, Service Line and Matching endorsements to enhance your coverage. Businessowners may already have Equipment Breakdown coverage for their commercial property, but they may want to review their policy for Business Income and Extra Expense to determine if their limits are still adequate. Reach out to your agent by email or call us at 573-442-1105 if you have any questions about your current coverage, or would like to discuss adding any other endorsements.