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Category: Insurance Tips

Vacant Versus Vacation Rental – Why it Matters

Posted on by Ownby-Client-Login

Having a Homeowners insurance policy is crucial when you own a home, but what if you don’t live in the home? Homes that are left vacant for 30-60 days or more may be considered as “vacant” by the standards of your policy and may leave you with coverage gaps. Here are a few situations to consider for your properties’ insurance coverages:

Unoccupied Homes
Having a property that is completely unoccupied or rarely occupied can increase risks. Small problems that would normally be noticed by those on the property (e.g. leaks, non-working devices, etc.) can go for days or weeks without attention. These can lead to big issues, and that is why a standard homeowners policy is unlikely to provide coverage. In addition, you may have liability for accidents that occur on the unmonitored property. Not to mention, standard perils like fire, wind, and hail may occur without immediate attention.

Vacation Rentals
Properties being used as vacation rentals are likely monitored more frequently than unoccupied homes. However, they still likely have periods of being unoccupied, and they also have larger liability risks with various guests using the property. Regular homeowners policies generally exclude “business activities” like earning rental income. Have a homeowners policy with a “rental rider” or other similar endorsement? Make sure the policy covers you for the amount of times you’ll be renting. More frequent rentals are often excluded by the language in these policy additions.

Determine or Estimate Total Use
Try to determine or estimate the total use of your property for the year, whether it be unoccupied for a certain amount of time, rented for a certain amount of time, and/or owner-occupied for a certain amount of time. This will give you the information to discuss with an insurance agent so that they can help you determine the coverages you will need to adequately protect your property. Otherwise, a claim scenario may leave you with an exclusion you weren’t aware you had.

Don’t let the wrong insurance leave you with a vacancy on coverage. Contact us at 865.453.1414 to discuss the right coverages for your property.

Don’t Let Your Christmas Get Scrooged with Tree Trouble

Posted on by Ownby-Client-Login

Decorating your house for the holidays is part of the fun of the season. Many people go all out with lights, wreaths, garland, displays, and of course – the Christmas tree. These are often beautiful displays of color, family heirlooms, and more. But they can also be dangerous. So, what are the risks of these festive firs? Here are a few to keep in mind, and how your insurance may come into play if an accident happens:

Tree Fires
As you would imagine, tree fires are a concern. But did you know there are an average of over 200 tree fires per year in the U.S. (according to National Fire Protection Agency), and that they result in millions of dollars in property damage? In fact, around 1 out of every 33 Christmas tree fires results in a death. Although not that common, these concerns warrant taking the right measures to avoid them. Having the right homeowners coverage is important, but what about Holiday collections or other high valuable articles that might be on display this season? Talk with an agent about making sure you have all the right coverages in place.

Water Damage
Live trees are beautiful, but they also need care – including water. Tree bases filled with water can often leak, causing damage to floors, furniture, rugs, and more. Not to mention, a slip and fall could occur when “rocking around the Christmas tree.” You homeowners coverage and contents protection is likely to cover most of the damage, but a fall of a friend or family member could result in a large hospital bill – or even a lawsuit. Make sure you have an umbrella policy in place for additional liability coverage.

Transporting the Tree
We’ve all seen movies like National Lampoons Christmas Vacation, where traveling with a tree can end in disaster. But in real life, accidents happen as well. Tree limbs can scratch and dent your vehicle, fly off and cause other damage, or even be the cause or contributor to an accident. Do you have the right auto coverage if the worst occurs? Make sure to talk with an agent and be prepared.

Don’t let one of these Holiday headaches ruin your season. Contact us at 865.453.1414 to discuss the coverages that you need to protect your family and your possessions.

A Holiday Disaster Strikes – Would You Be Covered?

Posted on by Ownby-Client-Login

The Holidays are a great time of year, and it’s always fun to spend time with friends and family. We’ve all been to a Holiday party, and maybe even hosted one before. But let’s say the party you host this year ends in disaster. Everyone is having a good time, but then one of guests has too much to drink. On their way driving home, they cause an accident and are also charged with a DUI. They then sue you, claiming they were “overserved” at your party. The victim of the accident also sues you, and things are not looking good. Would you have any coverage from your current insurance policies?

Your car wasn’t involved, but the event did take place at your home. Your homeowners insurance will generally include some liability coverage – but the limits are often $500,000 or less. They may even be as low as $100,000. With lawsuits that could include medical bills, disability, and more, even $500,000 may leave you well short. But there is a way to increase your liability coverage and protect your assets outside of your home and auto coverage – a personal umbrella policy.

Personal umbrella policies, also known as PUPs, can provide protection over your home and auto policies. And often, an additional $1 million in coverage may cost you just a few hundred dollars per year. While these policies are generally written by the same insurance company that covers your home and auto, there are “standalone” policies available that can be written over different companies.

If your total assets (home, vehicles, boat, checking, savings, investments, etc.) are over $1 million, you need a policy(ies) that cover those assets. Higher limit PUPs are available as well, and you should talk to your insurance agent and financial advisor and be sure that you have the coverage you need in place.

Need help with an insurance review? Give us a call at 865.453.1414 and we’ll help you start the process!

*Coverage and claims payments are always subject to the language in your insurance policy. Be sure you discuss it with your agent.

A Guide to Preventing Slips and Falls Around Your Business

Posted on by Ownby Insurance Service

Whether you actually hurt yourself or just suffer from a bruised ego, slipping and falling is always a nasty shock. At home, you can usually just dust yourself off and forget about it, but if you own a business, slips and falls suddenly become much more serious. Maintaining a safe business property for your employees and customers becomes paramount, both to give them a great experience, and to prevent any big insurance claims from knocking at your door.

Reduce your business’s potential for hazardous slips and falls by implementing these safety tips:

Secure Stairways and Ramps

Stay up to date with your city’s local building codes, and install the proper handrails along every stairway and ramp. Even tiny platforms comprised of 1 or 2 steps should have some kind of banister in place. This gives stability to your pedestrians and helps protect you if someone falls in those areas and decides to pursue legal action against you. Also consider lining your stairs and ramps with a non-slip material.

Maintain Walkways and Lawn Areas

Remove obstructions from any walking paths that your employees or customers have to use. It is also important to repair uneven, broken, or bumpy surfaces in the parking lot or on the sidewalk. In the winter, make sure your sprinkler systems are turned off and drained to prevent leaks and icy patches around your establishment.

Keep Safety in Mind All the Time

Aside from covering the basics to keep your business up to code, just make it a habit to look for potential slipping/falling hazards located all around your business.

  • Maintain adequate lighting in all areas where pedestrians will be walking.
  • Keep “Wet Floor” signs in areas where your employees can conveniently access them to warn people away from spills.
  • Repair torn carpet, loose or missing floor tiles, and other flooring materials as soon as you can after they are damaged.
  • If you live in an area with heavy snowfall, establish a snow removal plan for parking lots, sidewalks, and dumpster areas.
  • Keep emergency phone numbers posted in areas where people can see them easily.
  • Stay stocked up on first-aid kits and keep them in plain site. These emergency resources help you and your staff minimize the damage of a bad fall.

When an employee or a customer takes a fall at your business, the consequences have the potential to be dire. Prevent them as much as you can by keeping the area clean and maintained. People will be safer and your business will look better for your efforts! Overall, make sure you are protected by a solid insurance policy that will cover your company if someone gets hurt anyway. You can never be too secure!