AP Blog

By Guy Sansom, 05/27/2020
Ever since ship owners first started meeting at Edward Lloyd’s coffee house over 300 years ago, insurance in London, particularly Lloyd’s, has been conducted on a face-to-face basis. In truth, this has provided London underwriters and brokers a distinct advantage. No matter the size or complexity of a...
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By Cathy Knopf, 05/26/2020
The 2020 monthly webinars focus on best practice approaches, regulatory updates, operational and risk management techniques to help senior living communities better care for their residents and staff while protecting their business. We invite you to join our specialists at these upcoming exclusive...
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05/20/2020
Earlier this week, the Department of Health and Human Services (HHS) published finalized 2021 Benefit Payment Parameters with an $8,550 out-of-pocket maximum for self-only coverage and $17,100 for family coverage for health plans beginning in 2021. See the 5/14/2020 Federal Register publication here. Under the...
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By Alyssa Blake, CPRIA, 05/19/2020
When looking at coverage limits, you may question why your home’s value is so much higher than the current construction cost or that of purchasing a new home of like kind and quality. The difference between the market value and the insured value/reconstruction costs are due to the difference in costs that...
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By Ashley Johnson, Lisa Salter, 05/18/2020
While COVID-19 continues to impact our economy, business income coverage, sometimes referred to as business interruption coverage, has become a widely popular topic in the insurance industry. As many business owners struggle to keep their businesses afloat, several questions have emerged on how insurance policies...
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Under normal circumstances, maintaining appropriate nursing staff levels to deliver quality resident care is a daily struggle. Add in severe weather, flu outbreak or a pandemic and the scales are tipped. Traditionally, senior living healthcare communities shy away from utilizing agency nursing staff due to high...
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By Greg Stock, 05/12/2020
2020 has been a year the aviation community will not soon forget, and we’re not even halfway through. In January, we started hearing about something called the coronavirus, though even through February we weren’t entirely sure what to make of it. Then came March roaring in like a lion, tearing through...
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By Kelly Hagan, 05/06/2020
We are all looking forward to the day that we can reopen our businesses to our employees and customers following the COVID-19 virus. As we begin to think about bringing employees back to work, we need to consider how to re-onboard employees. While the decisions we make will include health and safety issues and...
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By Kristy Dickens, 05/05/2020
Even though your organization likely has always had the required Infection Control Program in place, your team had very little time to prepare for the rapid escalation of the COVID-19 outbreak. Many senior living communities have already encountered their first positive test result, but others have been fortunate...
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04/30/2020
The Department of Labor's (DOL's) Employee Benefits Security Administration (EBSA) issued deadline relief and other guidance under Title I of the Employee Retirement Income Security Act of 1974 (ERISA) to help employee benefit plans, plan participants and beneficiaries, employers and other plan sponsors,...
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Common Home Insurance Policy Questions to Ask
02/07/2020

There can be misconceptions about the details of insurance policies. It takes time and attention to secure the right insurance coverage, limits and premiums.  Many policyholders do not realize the level of coverage they have or how much liability protection is needed to completely protect their personal assets. Here are some common policy questions to consider when choosing your home insurance coverage:

1.    What is covered on a standard home policy? 
Homeowners policies include four types of coverage: 

  • Coverage for the structure of your home – your policy pays to repair or rebuild your home if it is damaged by fire, hurricane, hail lightning or other disasters that are listed in your policy. A standard policy does not pay for damage caused by a flood or earthquake
  • Coverage for your personal belongings – This includes coverage for your furniture, clothes, sports equipment and other personal items if they are stolen or destroyed by fire, hurricane or other insured disasters
  • Liability protection – liability covers you against lawsuits for bodily injury or property damage that you or a family member causes to other people
  • Coverage for additional living expenses – this coverage pays the additional costs if a homeowner is displaced from their residence. This covers costs such as hotel bills and meals

Standard homeowner’s insurance also covers other structures including fences and detached garages. 

2.    What affects home insurance premiums?
There are multiple factors that can affect your home insurance premiums such as:

  • Location: Your home insurance rate can be affected if your home is located in an area exposed to extreme weather such as tornadoes, hurricanes and earthquakes
  •  Home Characteristics: The structure and age of your home can affect your premium. Older homes cost more to rebuild due to architecture of the home
  • Making Your Home Disaster Resistant:  If you live in an area that is prone to disasters, you can prepare for these by customizing your home with solutions such as shatterproof glass or storm shutters to prevent excessive damage that withstand disasters such as storms and earthquakes

3.    Are there any disasters my home insurance will not cover?
Damage that is caused by floods, earthquakes or mudslides is not covered on most insurance policies. If you reside in areas where these are a common occurrence, it is recommended to seek a quote for additional insurance that covers these disasters.

4.    How can I save money on my home insurance policy?
Homeowners who protect their homes against theft and accidents could qualify for policy discounts. Some precautionary steps you can take to protect your home include but are not limited to the following:

  • Installing a security system
  • Installing an automatic water shut off system
  • Customizing your electrical system
  • Securing your home with window locks
  • Installing fire alarms
  • Installing storm shutters
  • Reinforcing your roof

5.  What is an umbrella policy?
An umbrella policy provides extra liability coverage in addition to what is covered by your standard home insurance policy. The coverage of an umbrella policy starts at $1,000,000.  

Home insurance coverage needs to be adequate to ensure your home is properly protected.  AssuredPartners has a team of personal insurance specialists across the country to help you protect your home, automobiles and other personal assets.  To learn more, visit  AssuredPartners Personal Insurance.

Source: Insurance Information Institute