by Penny Insurance Agency | Feb 23, 2023 | Equine Insurance
Are you planning a trip with your horse? Whether you have plans to enter a competition or are just traveling to greener pastures, traveling with your horse can be a unique and rewarding experience. However, it also requires a bit of careful planning. From finding the right transport to ensuring you have the right equestrian insurance, here are the top five tips for a successful trip.
1. Choose the Right Mode of Transportation
When it comes to transporting your horse, you have a few options available to get from Point A to Point B. What you choose will likely depend on how far you plan on traveling, the size of your horse, and your budget.
One option is to transport your horse in a trailer. This is probably the most common way for people to move their horses around, as it offers the most security and safety for your horse during the journey. If you plan on doing long-distance trips with your horse, purchasing is likely the best option, but keep in mind: it can be an expensive option, depending on the size and type of trailer you need.
Another option is to hire a professional horse transportation service—a great option if you don’t have the time or ability to transport your horse yourself. Professional services will make sure that your horse is comfortable and safe throughout the trip and can take care of any potential paperwork needed, and they can offer door-to-door service, which can save you a lot of hassle.
If you’re planning on a shorter trip and you have access to a reliable vehicle, you could always opt to drive your horse yourself. While this is definitely the most cost-effective option (all you would need to pay for is gas), it may not be the safest option and you’ll need to make sure that you’re comfortable driving with a large animal in tow.
2. Consider Your Horse’s Health and Well-Being
Traveling with a horse can be a great way to explore something new, but you need to make sure your horse is safe and healthy throughout the journey. Before you leave, consider doing the following:
- Have your horse checked by a vet. Make sure your horse has had all its necessary vaccinations and is free of any contagious diseases. Also have the vet check for any signs of illness or injury, as these can quickly become an issue when traveling.
- Prepare a first aid kit. Put together a kit of items to help deal with minor injuries or illnesses while on the road. Include items such as bandages, gauze, antiseptic spray, a thermometer, and a list of phone numbers of vets in the area.
- Check the weather. Check the temperature and the weather forecast for your route and your destination. If you’re traveling to a warmer climate, ensure that your horse has adequate protection from the sun and heat, including a fly sheet or hood and plenty of shade.
- Pack plenty of water. Make sure you pack enough water for both yourself and your horse for the entire journey. Pack more than you think you’ll need just in case you get delayed or stuck somewhere.
- Make rest stops. Plan frequent stops along the way so that your horse can rest and stretch his legs. This will help reduce stress levels, and provide him with an opportunity to eat and drink before continuing on.
3. Get Your Paperwork in Order
You wouldn’t think that taking a trip would require a file folder of documents, but when traveling with a horse, it’s important to have your paperwork in order to avoid any unnecessary hassle. Here are some of the most important documents that you should have in place when traveling with a horse:
A valid passport for your horse.
Your horse’s passport should include information such as its name, breed, microchip number, and description.
Proof of vaccinations.
It’s essential to make sure that your horse’s vaccinations are up to date in order to avoid any potential health risks during your travels.
Health certificate.
Depending on where you’re traveling, you may need to obtain a health certificate from a certified veterinarian in order to prove that your horse is healthy.
Identification documents.
It’s also important to have identification documents such as a valid driver’s license or other government-issued ID when traveling with a horse
Shipping documentation.
If you’re planning on shipping your horse, make sure that all necessary shipping documents are in place before you depart.
Keep in mind, you’ll also want to keep copies of all of these documents in case they are requested at any point during your travels.
4. Make Sure You’re Fully Insured
Traveling with your horse can be a stressful experience, but having the right insurance coverage in place provides peace of mind and makes the journey a lot smoother. It is important to make sure you are covered in case of an accident or other unexpected events that could cause harm to your horse or your property.
Equine insurance typically covers things like medical care, loss of use, death and theft, and depending on the policy you choose, it may also cover liability for property damage or bodily injury caused by your horse. However, it is also a good idea to investigate travel policies that may provide extra coverage while traveling, so you can have additional coverage for unique risks associated with horse travel, such as trailer damage or breakdowns. Some policies will even provide coverage for loss of entry fees for competitions if you have to cancel due to your horse becoming ill or injured.
Regardless of the kind of policy you choose, make sure that you have the coverage you need, understand the details of your coverage and know how to file a claim if necessary—before you hit the road.
5. Always Have a Plan B
Traveling with a horse requires planning and preparation, but even the best-laid plans can go awry. That’s why it’s essential to always have a Plan B in place in case something doesn’t go as planned. Here are some scenarios to consider:
1. A Backup Plan for Transportation.
If you’re driving with your horse, have a backup plan in case of car trouble or delays. Make sure you know the routes and locations of nearby stables, trailer parks, and other horse-friendly places so that you can make alternate arrangements if necessary.
2. Emergency Contacts on Hand.
Have contact information for your veterinarian and other horse professionals you may need in case of an emergency. You should also have contact information for local authorities and the nearest equine hospital on hand.
3. Carry Emergency Supplies.
Bring along all the supplies you may need in an emergency, such as medication, medical supplies, and items for quick repairs (like duct tape). You may also want to bring along food and water for both yourself and your horse in case you get stranded.
4. Have an Emergency Fund.
Unexpected expenses can pop up when traveling with horses. Be prepared by having an emergency fund set aside for any unplanned costs.
Traveling with your horse can be a wonderful experience, but it takes planning and preparation to make sure that you and your horse have a safe and successful journey. Before you leave, make sure to contact your insurance broker to make sure that your horse and your trip are covered. If you’re looking for a new policy, or want to ensure you’re fully covered for all your insurance needs, contact us at Penny Insurance to schedule a consultation and get a quote.
by Penny Insurance Agency | Jan 23, 2023 | General Tips
Valentine’s Day is a day to celebrate love and show someone special just how much you care. That often means giving expensive and valuable gifts, such as jewelry. But after the joy of gifting has passed, it’s important to make sure your most precious items are properly protected.
That’s where valuables and jewelry insurance come in. This blog post will explore the importance of properly insuring your valuables and jewelry to ensure you’re covered in case of loss, damage, or theft.
What items should I insure?
When it comes to insuring valuable items like jewelry, it’s important to ensure that you have adequate coverage to replace or repair them in the event of loss or damage. While there is no one-size-fits-all approach to determine which items should be insured, generally speaking, expensive or sentimental items like engagement rings, watches, bracelets, and necklaces are a good place to start.
When it comes to deciding how much coverage you need, it’s important to take into account the item’s current value, as well as the cost to repair or replace it if necessary. While some insurance companies may have a minimum amount of coverage required, typically items with a value of over $1,000 should be considered for additional insurance coverage.
>But remember: these suggestions aren’t only for jewelry—other items worth considering for insurance coverage include fine art, antiques, family heirlooms, and collectibles. If you have questions about what items you own that should have these special protections, make sure to discuss your individual situation with your insurance agent or broker to ensure you have the right amount of coverage for your entire collection.
When should I insure it?
Although it may be the furthest thing from your mind at this point, when it comes to insuring jewelry and other precious gifts, the best time to get insurance is as soon as possible. Ideally, you should purchase an insurance policy before you even make the purchase to ensure that your valuable items are covered from the moment you bring them home.
It’s also important to remember that a standard homeowner’s or renter’s policy typically does not cover precious items like jewelry and engagement rings unless you’ve added a special rider to do so. You may be able to obtain additional coverage through your current provider, but it’s always wise to compare different policies to make sure you’re getting the best coverage for the best price.
In most cases, it’s better to purchase a separate policy for valuable items like jewelry and engagement rings, since they often require more coverage than other items. A standalone policy will provide you with greater peace of mind knowing that your items are fully protected in case of theft, damage or loss. Keep in mind that some insurers offer discounts if you purchase multiple policies at once, so it could save you money in the long run.
How much coverage do I need?
When it comes to insuring your most valuable gifts, such as jewelry, it’s important to make sure you have the right amount of coverage. Determining how much coverage you need can be tricky, but it’s essential in order to make sure your gift is properly protected.
To figure out how much coverage you will need, start by finding out how much the item is worth. This can be done through an appraisal, which will give you an accurate assessment of the current market value of the jewelry. Once you have that number, you can use it as a guide to decide how much coverage you need. Generally speaking, it’s a good idea to get at least double the appraised value in order to be sure you’re covered if anything happens to the jewelry.
Once you have a ballpark number for the amount of coverage needed, you can then talk to an insurance agent about getting the appropriate policy for your jewelry. The agent will be able to go over all of the options and make sure that your jewelry is covered for any eventuality, but don’t forget to ask about any special riders that might be necessary for your specific piece of jewelry—riders could include things like a rider for diamonds or gems, or a rider for replacing pieces if they are lost or stolen.
Insuring family heirlooms
When it comes to insuring family heirlooms, it’s important to remember that these items often carry more sentimental value than monetary value, and so it’s important to research the exact type of item and take into account the age of the item when determining how much coverage is needed. Heirloom items are typically considered collectibles and therefore require special attention and care.
In reality, insuring heirlooms is typically a bit more complicated than insuring traditional jewelry or gifts. To do so, you will need to provide a comprehensive list of the item or items you are wanting to insure, including any known appraisals, certificates of authenticity, purchase information, photographs, or any other documentation, as well as a written description of the item, which should include details about the age and condition of the item. Lastly, you’ll need to know the retail replacement cost for similar items in similar condition—even if you consider it to be irreplaceable.
If that’s the case, you may want a policy for an heirloom for more than its current market value, and therefore you may need to find a company that offers “agreed value” insurance. This type of coverage protects against inflation and guarantees that the item will be replaced at the amount agreed upon by both parties, regardless of what it costs to replace the item today. While agreed-value policies can often be more expensive than standard jewelry or gift policies, they are well worth the extra cost if you want to ensure that your family heirlooms are fully protected in the event of a loss.
Whether your jewelry collection is vast or just starting out, we at Penny Insurance are here to help you keep your most cherished and sentimental possessions safe. Contact us to schedule a consultation or get a quote for any of your insurance needs.
by Penny Insurance Agency | Jan 8, 2023 | General Tips
If there’s anything that the past few years have taught us, it’s that we should always expect the unexpected, and when it comes to the unexpected, there’s no better time to set yourself up for the best possible outcomes than the first of the new year.
As 2023 begins, take a few minutes to ensure that you have the right insurance coverage in place—especially taking into consideration the life changes that may have occurred since you last reviewed your policies. Whether you’re looking for a new policy or simply reviewing your current coverage, this checklist will help you make sure that you have all the protection you need.
Step 1: Review Your Coverage
Starting off the new year, it’s important to review your current insurance coverage and ensure that you are adequately protected. Your current insurance policies will have premiums, deductibles, and limitations on what is covered, and it’s important to make sure these still meet your needs as they may have changed over time.
You should also look into your overall coverage and determine if you have enough liability coverage to protect your assets in case of an unexpected event. If you own a home or vehicle, ensure you have adequate property and casualty insurance coverage to cover any damages. Finally, it’s important to review what your health insurance policy covers and if you need to add any additional coverage.
By taking the time to review your current coverage, you can ensure that you are fully insured for the new year and well-protected from unexpected events.
Check Your Limits
One of the first steps in assessing your insurance needs for the upcoming year is to review the limits of your current coverage—the amount your policy will pay out in the event of a claim. Different policies have different kinds of limits, such as the maximum number of days or the amount of coverage you’re entitled to in a single policy period, so it’s important to understand what your current limits are so you can decide whether they’re appropriate for your needs in 2023.
Additionally, limits can vary from year to year, based on factors like changes in the cost of living, or changes to the rules and regulations related to certain types of insurance. (For example, auto insurance limits may be adjusted depending on local traffic laws or changes to state regulations, and homeowner’s insurance limits can also change based on inflation and other economic factors.)
And, if you’re considering a major life change—such as getting married, buying a home or boat, or starting a business—it’s important to make sure that your existing limits are still appropriate for the new situation. For a comprehensive look at what you have covered already, make sure to get in touch with your agent.
Compare Quotes
It’s easy to take the first quote you get as a final estimate, but it’s important to shop around and compare quotes to ensure you are getting the best deal when it comes to insurance. That means getting a few different options for policies—and maybe sometimes even reaching out to a different agency.
Keep in mind that while cost is an important factor, the cheapest option doesn’t always mean it is the best coverage, and you should consider not only the monthly premium but also the coverage limits and deductible amounts. It may seem like a lot of work, but it’s worth spending some extra time researching and comparing options as it could save you money in the long run.
Protect Your Valuables
The holidays are a great time for new gifts, and sometimes those gifts—jewelry, vehicles, or artwork—should be protected separately from a regular homeowners or automotive policy. So, as the new year approaches, take a quick inventory of your high-worth assets, and make sure they are fully covered.
If you have acquired new items since the last time you checked, make sure to include them in your policy and increase your coverage if necessary. If your policy does not cover the full value of an item that you think may have increased in value, you will want to get it re-appraised.
Finally, make sure to keep a record of all your valuable possessions in case they are lost or stolen. This may include keeping photos and serial numbers of electronics, jewelry, artwork, and other items. Having these records will make filing a claim much easier and help ensure that you receive the full amount of coverage.Then, make sure to revisit your policy each year to keep up with changes in value and potential risks, so you can be sure that you’re fully covered in the new year.
Prepare for the Unexpected
No matter how much we plan, life can still take us by surprise. That’s why it’s important to be prepared for the unexpected with adequate insurance coverage. Consider protecting yourself and your family from natural disasters, floods, life and other health events with individual and appropriate policies.
As examples, if you live in an area prone to flooding or natural disasters, you should consider purchasing flood insurance. The Federal Emergency Management Agency (FEMA) offers both flood insurance and mitigation assistance for those living in areas at risk of flooding. For those with health concerns, look into getting health insurance or supplemental coverage to help cover some of the costs associated with medical bills, emergency treatments, and more. Finally, if you have dependents who would be financially affected if something were to happen to you, consider getting a life insurance policy that covers your burial costs and provides financial support for your family during a hard time.
For any policy you’re considering, the main thing is to be sure to read the policy details closely so you understand what is and isn’t covered. By preparing for the unexpected, you can help ensure that you and your family are protected if anything ever happens.
No matter your position in life, we know that protecting yourself, your family and your assets is of vital importance, and that’s why we at Penny Insurance are here to help. If you’d like to schedule an annual check-in and have one of our agents advise you on comprehensive coverage for everything in your life, please contact us and let us know.
by Penny Insurance Agency | Dec 9, 2022 | General Tips
As winter approaches, it’s easy to forgo home maintenance and want to put it off until spring. What you might not realize, though, is that procrastinating on winter-proofing your home (or ignoring it altogether) can cause expensive property damage—and those insurance claims are more common than you think!
For that reason, it’s a good idea to make sure your home is winter-ready and will remain in good condition over the cold season. Fortunately, winterizing your home is a lot like preparing for a storm. You need to be aware of what’s coming and prepare in advance. After all, you can’t close the door on winter weather—even living in the temperate South.
So for a winter season you can enjoy to the fullest, use these tips to keep your home safe and winter-ready all season long. Then, enjoy everything that comes with the cold weather—without having to worry about costly insurance claims.
#1. Avoid the Ice Dam
An ice dam is a sheet of ice that builds up along the edge of your roof, blocking meltwater from running down and away from the edge of your roof, which can cause water to back up and instead leak into your home.
There are many ways to prevent an ice dam from forming on your property, but the simplest is to clear snow and ice off the roof before it accumulates too much weight. Additionally, make sure you have the proper insulation in place and that there’s enough heat inside the house to warm your home from the inside out.
#2. Protect Your Pipes from Freezing
Probably the biggest challenge for most homeowners in the winter—even in the South—is freezing pipes, which can cause a lot of damage and costly repair if you’re not prepared to prevent them.
To get started, keep an eye on external or exposed pipes by wrapping them with insulation or heating tape and make sure any drainage spouts are clear of snow. Regularly check outdoor hoses and pipe connections for leaks, so there won’t be costly damage come springtime when warmer temperatures melt ice off walls, roofs, and other structures where the problem may not have been noticed previously.
Also, make sure you keep a faucet in your home dripping slightly any time below-freezing temperatures come calling—this will keep water moving through your system and help prevent the pipes from grinding to a frozen halt.
Finally—don’t forget your outdoor plumbing! Covering your pool pump will protect it from freezing when exposed; if water has already frozen around the pump, then drain water away first to avoid additional damage.
#3. Clearing the Walkways
When driving conditions get tough, homeowners should be extra cautious about moving around, and one easy way is by clearing the walkways and driveways of any buildup from snow or ice. Not only will this help your family (or friends, visitors or even postal workers) avoid slipping on the ice, but also help you avoid expensive insurance claims should a slip-and-fall happen.
To effectively—and easily—clear your walkways and driveways, simply use a shovel and broom to remove the snow, and sprinkle some salt down to prevent them from freezing over.
#4. Don’t Forget the Inside
It’s easy to consider the outdoor needs of your home when preparing for cold weather, but don’t forget the inside, too!
First, make sure smoke detectors are working properly and have fresh batteries installed—especially if you like the feel of a roaring fireplace during the cold snaps. While you’re at it, replace the air filter so your heat pump can work efficiently, and, if you need a little heating “boost” for your basement or other cold-prone areas, check out insulated curtains or even heated sub-flooring to maintain an even temperature.
From homeowner’s insurance to protect you from the worst that winter can throw your way—to an automotive policy that protects you from icy roads, Penny Insurance is here for you. We’d love to help you with any of your insurance needs – home, auto, life, business, equine, premium and more, so if you’d like to schedule a consultation or get a quote for any of your needs, please contact us and let us know.
by Penny Insurance Agency | Oct 27, 2022 | Insurance
The Carolinas are one of the most diverse and beautiful regions in the United States, offering opportunities for people of all ages to experience their fair share of fun and adventure throughout the year. It’s one of the main reasons that Penny Insurance calls this area home—with office locations in both Hendersonville and Tryon, North Carolina.
With this area offering a wide variety of places to visit, you have the opportunity to explore many areas and find your perfect fall experience. With this guide to fall in our own backyard, you will be sure to make the most of your time enjoying all that our area has to offer in this beautiful season of autumn.
Drive the Blue Ridge parkway
If seeing the fall colors and changing leaves is top of your “to do” list, one of the best (and easiest) things to do is to drive The Blue Ridge Parkway. This scenic, four-lane highway runs for 469 miles through the Appalachian Mountains, connecting Shenandoah’s Skyline Drive to the Cherokee National Forest near Gaffney, South Carolina. With incredible views all the way, this winding, remote path is great for adventuresome souls looking to explore.
Fortunately, the drive can be completed in less than a day if you’re looking for a quick getaway, although you can see plenty with picnic spots and a few hours in North Carolina’s section of the drive. If you decide to drive it, make sure you check out Clingmans Dome in the Great Smoky Mountains National Park—the highest point on the parkway at 6,643 feet.
Pick some apples
Fall means apples, and apple picking is an excellent way to spend a fall day in Hendersonville, North Carolina. There are plenty of places for apple picking, but some of the most popular—Mountain Fresh Orchard, Justus Orchard and Sky Top—provide incredible experiences surrounding your pick of your favorite fruit.
If you can’t decide where to go, just decide when. Plan to visit the area over Labor Day weekend, when you can attend the Apple festival, and sample apples, ciders, donuts, and other treats from around the state—all within a mile’s stretch of downtown Hendersonville.
Fly through the air
For those looking for adventure and a bit of adrenaline, look no further than The Gorge in Saluda, N.C. This zipline is one of the steepest and fastest ziplines in the nation, and is an adventure like no other. You’ll soar over a picturesque gorge on a suspended cable, and enjoy breathtaking views of the surroundings below.
Once you’re done with your flight, there’s still plenty more to explore. Seek out Green River Adventures for everything from whitewater trips to rappelling down one of the local waterfalls. Whatever you do, you’re sure to have a rush after doing it.
Take a hike
Looking for beautiful sights and a little fresh air? You’re in luck—both North Carolina and South Carolina have some of the prettiest spots to take a hike anywhere in the southeast. Check out the trails at Lake Jocassee, head toward Sassafrass Mountain (right on the NC and SC border), or head out toward Caesar’s Head, Flat Rock, or any number of gorgeous locations. If waterfalls are your thing, check out the Carolina Mountain Club’s WC100—a list of 100 waterfalls in the region that are “must sees”.
In short, Western North Carolina is the best place to hang out in the fall. The mountains and the lakes are breathtaking, and it’s a great place for outdoor recreation and exploration. Fall means that all the leaves are changing colors and falling from the trees, so there are photo opportunities a plenty for nature lovers. Even better: there are lots of events happening during this time, too—like festivals, arts fairs and live music.
We fell in love with Western North Carolina, and we know you will, too. And whether you’re new to the area, looking to buy a second home in the mountains, or just stopping in, we’d love to help you with any of your insurance needs – home, auto, life, business, equine, premium and more. If you’d like to schedule a consultation or get a quote for any of your needs, please contact us and let us know.
by Penny Insurance Agency | Oct 5, 2022 | Equine Insurance
Horse owners have known the importance of equine insurance for decades; those who don’t often discover it the hard way. Whether you own one horse or an entire stable, it’s important to make sure you and your animals are protected in case they fall ill or sustain an injury while you’re away from home. The best horse insurance policy can cover all of your most valuable assets at reasonable prices, so if you aren’t sure where to start looking, consult this guide on why equine insurance is important and how to get the best coverage possible.
What is Equine Insurance?
Equine insurance is a type of insurance that covers horses and their owners against injuries and other losses. There are two main types of equine coverage: liability insurance, which pays for any damage done by your horse, and property insurance, which covers anything your horse damages while in your care. There are many more types of equine insurance policies available today than there were decades ago; it’s important to read up on the differences between these policies before deciding which one is right for you.
Why should I have insurance on my horse?
It’s a sad reality that we live in a world where accidents can happen at any time, but if you own a horse, it’s important for you to have equine insurance, which can help cover veterinary costs and lost earnings due to injury. Having coverage will also help you avoid going into debt if your horse needs expensive medical treatment. But more than anything, you want to have peace of mind that if something does happen, your horse will be taken care of, and your financial investments will be well-protected.
Our Policy Solutions
At Penny Insurance, we always want to find the best solution to the daily challenges that our clients face. For our equestrian clientele, it was important to us to find coverage that not only protected the animal themself but also reinforced the relationships that most owners have with their animals.
For this reason, we have recently expanded our policy coverage for horses and their owners—and include options in both areas of life and health insurance through Core Specialty Equine. We truly believe that we can offer some of the best insurance options through this new program. Here’s a quick download on what makes these policies so great:
Major Medical Coverage
If you own a horse and have bought health insurance before, you may be aware that not only do you have to consider the deductible for each visit, but typically will also have a percentage-based co-pay as well—something that can quickly add up in the case of a problem. But with our policies, you don’t have to worry about that sneaking up on you; we can offer plans with no co-pay requirements at all.
In-House Claims
When you purchase an equine policy through Penny Insurance, you don’t have to worry about claims taking forever or being “farmed out” to other claims departments. With Core Specialty, the claims department is all in-house, allowing them to respond quickly. And not only that, but they are in the same space as underwriting, allowing them to know each policy and its benefits intimately.
Loss of Use; Not Loss of Horse
If your horse is an income generator—whether riding, breeding or racing—then a loss of use policy is a must-have, and will protect you in case something happens to your major breadwinner. But should the worst happen, you don’t want your only option to be euthanization—something that most other policies require in order to gain your payout. With Penny Insurance, you have options: either rehab the horse in an adoptive scenario for the full payout, or keep your four-legged friend for half. Either way, your loss of use doesn’t have to mean the end of an era.
If you’re looking for a new policy for your equine companion, you’ll want to take a look at our new policies immediately. If you’d like to schedule a consultation or get a quote for any of your home, family or business needs, please contact us and let us know.
by Penny Insurance Agency | Sep 8, 2022 | Insurance, Valuable Items Insurance
Insuring Your Art Collection: Everything You Need to Know
How to insure your collectibles and collections
Your art collection is probably one of your most prized possessions, but it can also be one of the most difficult to insure. That’s because art insurance often comes with high premiums and plenty of exclusions, and you’ll need to take the proper steps to protect it from damage or theft.
The good news? If you have enough appraised value in your collection, you may qualify for extra protection from your home insurance provider—or even full coverage under certain circumstances. So whether you’re looking to start or expand your collection, here are some of the basics you should know about insuring art collections and collectibles.
What’s a collectible insurance policy?
A collectible insurance policy is a premium policy that covers art and collectibles. This type of policy is designed to protect your investment—whether that be antique art, legacy jewelry or a priceless vase—in case of damage or theft. However, while collectible insurance policies are usually more expensive than standard homeowners or renters insurance policies, they also offer more comprehensive coverage specific to the needs of the owner, as well.
Considerations for Policies
If you’re considering getting an insurance policy to cover your collectibles, it’s important to know that it’s not as simple as a one-size-fits-all policy. In fact, there are a lot of coverage areas you should consider, so if you’re in the consideration phase, make sure you sit down with a trusted agent to go over your options. Here are a few things you should review when shopping for a collectibles policy:
- Coverage Settlements
When you itemize your pieces of artwork, many insurance companies will cover them for the agreed value. That way, in the event of a total covered damage or loss, you receive the full amount of the agreed value, with no depreciation. However, other policies allow for market appreciation and may pay over the agreed value if the value has increased considerably. Another option is to receive a cash payout in the event of damage or loss if an item is irreplaceably damaged. - Newly Acquired Items
Still building your collection? You’ll want to ensure you have immediate coverage for new acquisitions. Then, within 90 days, you’ll be covered for at least some of the total itemized coverage. - Pairs, Sets and Parts Coverage
When dealing with sets (like antique chess or even jewelry) you always have to consider the value of the item alongside its other pieces. With Pairs, Sets and Parts coverage, you can hand over the remaining pieces, and coverage will be paid out for the entire set. - Loss of Market Value
Sometimes, if a work of art is damaged, it can lose a lot of market value—quickly. With Loss of Market Value coverage, your insurer may not only pay to repair the item, but also compensate for any loss to value.
How much does collectible insurance cost?
On average, collectible insurance policies cost between 1% and 3% of the total value of the collection. That means, if your art collection is valued at $100,000, you can expect to pay between $1,000 and $3,000 per year in premiums. However, it’s important to note that these are just averages, so it’s worth getting a quote from your trusted insurance broker, first, before committing to a particular policy.
While there are many things to consider when insuring your art collection, one thing that shouldn’t deter you from doing so is cost. When deciding how much collectible insurance costs, it helps to remember that owning valuable artwork provides financial security as well as emotional benefits. After all, we all want our collections to grow in value over time!
Hiring a professional appraiser
One of the first steps in insuring your collection is knowing its market value, and the best way to do that is through a professional appraisal. Hiring a professional appraiser is the best way to do this, as they will have the expertise and experience needed to accurately assess your collection. Fortunately, the cost of having an appraisal done is small (especially when compared to the value of your collection) and ranges from $200 to $500, depending on the size and type of items in your collection.
Whether you’re an accomplished collector or just starting out with your first purchase, we at Penny Insurance are here to help you keep your most valued possessions safe. If you’d like to schedule a consultation or get a quote for any of your needs, please contact us and let us know.
by Penny Insurance Agency | Aug 4, 2022 | General Tips
If you’ve followed recent news about Yellowstone, you may have realized that floods are one of the most devastating natural disasters to exist. However, they also happen to be the most common, and occur far more often than people realize. In fact, according to the Federal Emergency Management Agency (FEMA), there are approximately 500 flood-related events in the U.S. every year. What’s more, major floods can cause billions of dollars in damage and destroy countless homes, so it’s important to know whether you live in an area that’s at risk of flooding and what steps you can take to protect your home.
But even if you don’t live in an area with an especially high risk of flooding, it’s important to make sure you have considered flood coverage on your home insurance policy before disaster strikes. If you need it, flood damage can be surprisingly extensive and hard to cover out-of-pocket, so there’s no sense in taking unnecessary risks when you don’t have to.
What is flood insurance?
Flood insurance is a type of insurance coverage that helps protect your home from damage caused by flooding. Most standard homeowners insurance policies do not cover flood damage, so it’s important to purchase separate flood insurance if you live in an area at risk of flooding, or you suspect that a singular flood in your area will damage your home or other property.
What does flood insurance cover?
Flood insurance is vital for homeowners in flood-prone areas, but many people don’t know what their policy covers. Generally, there are two types of insurance that can protect you against this danger: building and contents insurance policies. Building insurance will cover any damages caused by flooding during a storm event, including damages to your home itself as well as any fixtures inside it (such as plumbing). Contents insurance will cover anything that was damaged by water or ruined due to wet conditions during the event (like clothing).
When pricing out a policy, insurance companies consider your risk level—the higher your risk level, the more expensive the policy will be. That means if you live in a flood plain, or your property has a long history of flooding during big weather events, you may find it to be quite expensive.
How do I know if I need flood insurance?
As a homeowner, you should always be prepared for the worst, and in some cases, that means having insurance to cover you in case of a flood. But how do you know if you need flood insurance?
A homeowner will likely know they need to purchase a policy when they see changes in their neighborhood that could indicate an increased likelihood of flooding, or if they notice that their own property has flooded previously. For example, if a water pipe broke upstream and water levels started rising or there was an increase in river levels or heavy rain storms near their home, then they may have some indicators that they should purchase this type of coverage.
More generally, there are two important questions to ask yourself before purchasing a flood policy.
- Is your home at risk for flooding?
- What would happen if it did flood? How much money would I lose?
If either of these questions can’t be answered with a positive and reliable outcome, then flood insurance may be something you should consider.
What policies are available?
There are two standard types of flood insurance available for homeowners: the National Flood Insurance Program (NFIP) and private flood insurance. Depending on the level of risk, homeowners may consider either or both of these options for coverage.
The NFIP
The NFIP is a government-backed program that is available through participating insurance companies. NFIP policies are available through the Federal Emergency Management Agency (FEMA) and have standard coverage limits. NFIP insurance may be required if you have a government-backed loan for your mortgage.
Private Insurance
Private flood insurance is offered by some insurance companies and may provide additional coverage not available through the NFIP. You can get this type of insurance through a variety of different insurers, who will offer a variety of flexible coverage options. Private insurance is a great way to cover all types of risk for any type of home.
If you’re concerned about flooding at your residence, or any other type of coverage to protect it, we would love to chat with you further. Whatever your needs, we at Penny Insurance are here to protect what you hold dear. If you’d like to schedule a consultation or get a quote, please contact us and let us know.
by Penny Insurance Agency | Jul 13, 2022 | General Tips
Just as you lock your doors and windows to prevent thieves from entering your home, you should take steps to protect yourself online as well. In fact, according to the Pew Research Center, more than half of American adults are concerned about their online privacy and security. And it’s no wonder—with hackers, cyberbullies, and other online threats constantly lurking around every corner, it’s not difficult to understand why people would be worried about their safety and security on the Internet.
However, when it comes to staying safe online, the main thing you need to know about security online is that if you don’t take steps to protect yourself, you’re putting yourself at risk. That means you could become the victim of an attack or crime and lose your money, your reputation or your peace of mind in the process. To help you protect yourself against these kinds of threats, here are eight cyber security tips you should follow as much as possible.
1) Stop Password Reuse
As dangerous as it is, many people have a single password for all their accounts, or at least very similar passwords. This is a recipe for disaster if any of your accounts are compromised; the thief only needs to access one account to see that same password on others, and all it takes is one hacker with a big enough bank of stolen passwords to get in.
To keep your passwords safe, follow these tips:
- Use different passwords on each account
- Never use words you’ve used before
- Avoid overly simple ones like 12345, pet names or other identifiable info
- Change your password regularly—at least every six months or so, and
- If you ever suspect an account has been hacked, change your password immediately
2) Avoid Phishing Scams
Phishing scams are among one of the most common ways that hackers steal information. These scams work by tricking you into visiting a website that looks legitimate, but instead steals your login credentials or other private information. To avoid phishing scams, take some time before entering any personal information online—even if it appears on a trusted website. Think about what types of websites you’re comfortable sharing information with and stick to them for as long as possible, and never re-enter sensitive info unless you’re absolutely sure that site is actually where it claims to be.
3) Do Not Click On Links From Unknown Senders
This is one of those pieces of advice you should take from time to time, regardless of how often you think it applies. It’s almost impossible to look at a strange text or email and not click—especially if you’re curious! But clicking links or attachments from people you don’t know can land you in trouble. The reality is that if someone asks for any of your personal information, whether it be passwords or social security numbers, they’re probably up to no good. Do not engage with them—block their number and delete texts/emails asking for sensitive info immediately.
4) Change Passwords Regularly
To stay safe online, experts recommend changing your passwords at least once every six months. Longer than that and hackers could have enough time to crack any passwords you haven’t changed recently, which is especially risky if you use a password across multiple accounts. So when it comes to passwords, less is more. Try using a password manager like LastPass that creates complex passwords for you, then stores them in an encrypted database so you only need to remember one master password.
5) Use Two-Factor Authentication
Two-factor identification is a security measure that requires two different forms of identification (hence, two-factors) to gain access to a user’s account. This means that someone attempting to access your account will need not only your password but also some additional information from you—think an SMS code or a unique secret key—to get in. Set up two-factor authentication on all your accounts and you’ll be far more secure than most people are online.
6) Stay Away From Rogue Wi-Fi Networks
Public wi-fi is dangerous, especially when it comes to using your personal devices. Hackers can easily access unprotected public Wi-Fi networks and steal private information like passwords, credit card information and other sensitive data you may be transmitting. To avoid these risks and stay safe online, use a VPN whenever you are on an unsecured network (such as public wi-fi at a mall, store or an airport). A VPN creates a secure connection between your device and the server, preventing hackers from accessing your data.
7) Backup Your Data Regularly
While backups won’t necessarily prevent a problem online, backups of your data can help you get your system back on track if you’re hacked or a device is damaged. It can also help you prevent data loss in case something happens to valuable information.
8) Insure Yourself against Cyber Threats
In an age where cyber threats are getting more sophisticated by the day, it’s essential to be proactive in protecting yourself online. A cyber insurance policy can help you guard against potential online disasters, whether it’s hacking into your accounts or identity theft. And since most of us are novices when it comes to online safety and security, cyber insurance can take some of the guesswork out of keeping you safe online. Whether it covers identity theft, online personas or your own stored information, think of your cyber insurance policy as a proactive investment that will pay for itself in case something goes wrong.
Whatever your needs, risk tolerance or online lifestyle looks like, we at Penny Insurance are here to help you stay safe. If you’d like to schedule a consultation or get a quote, please contact us and let us know.
by Penny Insurance Agency | Jun 14, 2022 | Insurance
A vacation home can be the perfect place to get away from the constant grind of the week. But while your primary home has certain protections and insurances in place, a vacation home may not be quite as protected. With more and more people deciding to own vacation or secondary homes, it’s important to protect those investment properties as much as possible. Here’s what you need to know.
What is Homeowner’s Insurance?
Homeowners insurance is a type of property insurance that covers damage or destruction to your home. If your home (whether primary or secondary) is damaged by fire, flood, theft, or other disaster covered by a standard homeowners policy, you’ll be able to recoup some of your money spent on repairs.
As an owner of multiple properties, it’s important for homeowners to know what their home insurance covers them for—and what it doesn’t. While every policy varies slightly from company to company (and person to person), there are a few key details all homeowners policies must cover:
- major catastrophes;
- accidental damage;
- vandalism and theft;
- natural disasters such as storms and floods;
- repairing damage caused by excluded perils (think earthquakes);
- water leaks; and
- mold remediation after natural disasters.
How is Insurance Different for a Second Home?
Insurance on your vacation home is important for a variety of reasons. A large investment like a vacation home, along with its contents, can mean having some peace of mind for yourself and your family.
Primarily, you don’t want your hard-earned money spent on an unexpected repair or other similar expenses if something unexpected were to happen while you’re away. In addition, vacation homes tend to be located in more remote areas like lakes, forests, beaches or mountains, so there may not be nearby resources if you need help immediately in an emergency situation, meaning more time for damage to occur. And finally, because they are more remote and often uninhabited, vacations homes can be a beacon for burglaries or vandalism, so you’ll want to make sure you’ve covered yourself—and your home—well.
Unfortunately, many second homes are not covered by the primary homeowner’s insurance policy, so you need to take steps to insure and protect your vacation home in order to get the coverage you need at the best possible price. When you’re considering insuring a vacation home, there are three main areas to focus on: the dwelling itself, the contents of the home, and any additional liability.
Dwelling
This type of coverage ensures that the building itself is covered from damage and loss, in cases of fire, burglary or other damages. (However, it’s important to note that if your second home is in a high-risk area—like for hurricanes or floods—that you carry additional umbrella coverage as well.)
Belongings
This covers the items within the home—furniture, electronics, clothes—ensuring that they can be replaced if lost, damaged or stolen.
Liability
Because many vacation homes are hubs of activity, having an additional liability policy to cover any accidents is a good idea. That way, if anyone is injured or an item is damaged—you have the coverage to make it right. In some cases, you may be able to extend your liability coverage from your first home over to your second—so you’ll want to talk to your agent about what is preferable, as well as what is the most cost-effective option for you.
How to Determine your Insurance Needs for a Vacation Home
Having proper insurance guarantees that you won’t have any issues when it comes time to make repairs or replace items that are damaged or destroyed due to unforeseen circumstances, but it can be complex to determine how much coverage you need, what types of coverage and what policies you should consider.
For this reason, having an insurance agent with specialized concierge service can help. At Penny Insurance, our agents are positioned to be your trusted advocate in the journey, and can walk you through every option available to you to help you find the right insurance. Not only that, but because Penny Insurance is an independent agency, you can be sure you’ll always have someone on your side—even when something goes awry.
Whatever your needs, what types of coverage you need or questions you may have, we are always here to help you along the way. If you would like to schedule a consultation or get a quote, please contact us and let us know.
