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The Royersford Insurance Agent

Pools and Homeowners Insurance. What you need to know.

Congratulations to you on your decision to get a pool.  You are going to have a blast!  Before you get too crazy, there are a few things you need to consider regarding your insurance policies.

 

Dog and boy swimming in a pool. Make sure you are covered by liability insurance. Chris Richmond via Compfight

 

Homeowners Policy

Other Structures (Coverage B)

Your Homeowners policy comes with automatic coverage for Other Structures.  This can be rather annoying if you live in a townhouse, like me.  We have NO other structures! Why do they automatically give us this coverage!!

Relax, the coverage is included.  Meaning you could reduce the coverage to zero and your rate would not decrease.  Usually the Other Structures coverage is adequate for what you have.  Most of us don’t have a $50,000 barn on our property.

Sometimes though, we do have a detached garage, a deck and a pool.  If this is the case for you then you absolutely need to let your agent know that you are adding on a pool.  In fact, a good rule of thumb is to let your agent know anytime you are adding anything onto the house, detached or not.

So if the pool you are building is costing you $20,000, make sure you make your agent aware so that your policy limits for Other Structures can be increased if need be.

 

What does your pool need?

The pool itself will require a few things in order for the insurance company to stay off your back.  Most insurance companies will require a fence around the pool.  This is a good idea anyway as you don’t want stray animals or neighborhood children wandering into the pool.

Another thing most insurance companies will require is a locked gate leading into the pool.  This can just be a Master Lock.  Anything that shows you need a combination in order to get through the gate on the fence that surrounds your pool.

 

Umbrella Policy

This is the big one.  Everything mentioned in this article is important but this is absolutely essential.  Pools put you at risk.  Kids running around on wet ground tend to slip and fall, adults enjoying themselves a bit too much could get hurt, and God forbid the worst case scenarios which you can imagine but I won’t mention.  I’m not trying to instill fear in you, but you need to be aware of some of the possible risks that are associated with adding a pool to your property.

Umbrella policies cost anywhere between $200 and $500.  Sometimes a little more, sometimes a little less.  There are many factors that go into the cost.  They provide an additional $1 Million of liability coverage.  They protect you if an injury occurs to someone at your house and you are found to be responsible.

At our agency, we believe if you own a house you should have a $1 Million Dollar Umbrella policy.  If you have a pool at your house, you should consider a $2 Million policy.

Have a great time with your new pool.  Be safe but more importantly, be covered!

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My name is Keith Laskey. My goal is to educate the everyday consumer and to help them make intelligent decisions with their insurance policies. Please contact me at my office, 610-948-4830 or Email Me for any insurance related questions or concerns. You can also visit the Ron Black Agency website or like us on Facebook! Thank you for stopping by, have a great day!

 

 

Understanding Your PA Auto Insurance Policy – Bodily Injury

Marshmallow man

 

For the next 2 weeks this site will be focusing on understanding the Pennsylvania Auto Insurance policy.  What your coverage options are, what is recommended, how you can save money and much, much more.

This isn’t exactly the most exciting of topics but it is important to know.  And it could save you money and a lot of headaches.  Especially if you are under insured.

The first coverage we will cover is the Bodily Injury Coverage

 

Bodily Injury (BI)

What does BI cover?

Bodily Injury, or BI, is a coverage on your Auto policy that pays for damages for bodily injury for which any Insured (the policyholder) becomes legally responsible because of an auto accident.

This coverage pays for the injuries of other drivers or passengers due to an accident in which you are at fault.

 

Is BI optional?

No, Bodily Injury coverage is a mandatory coverage.  The state limit, as of this writing, is $15,000/$30,000.

 

What is the Risk if you don’t have enough BI coverage?

If you have the state minimum coverage and you are involved in an at-fault accident that causes injuries to the driver and passengers of the other vehicle or vehicles, than you are at risk of being sued.  If you hit a person with the Full Tort option on their Auto policy and they are injured as a result of the accident than there is a good chance a lawsuit will be filed.

 

The coverage is shown on your policy in one of two ways.

  • Split Limits

    • A common example is $100,00/$300,000.
  • Combined Single Limit

    • A common example is $300,000

 

Split Limit Option

Using the example for Split Limit coverage above, $100,000/$300,000, the policy would provide coverage up to $100,000 per passenger and $300,000 per accident.  So if you are in an accident and three people are injured, your policy would pay up to $100,000 per person and $300,000 in total for the accident.  If the accident caused injuries to 4 people, the policy would still only pay $100,000 per person and $300,000 in total for the accident.

 

Combined Single Limit

This coverage option provides up to a limit that you select and combines the Bodily Injury coverage with the Property Damage coverage.  We will discuss Property Damage in the next post but I’ll provide a quick summary here.  The Property Damage coverage provides funds for damage to property that is damaged as a result of an accident caused by you.

Say you are in an accident that causes damage to a vehicle valued at $50,000 and cause injuries to 4 people.  If you have a Combined Single Limit of $300,000, the most your policy would pay for the injuries sustained and the property damage to the vehicle is $300,000.

 

What is the recommended Limit?

I would suggest not going lower than $100,000/$300,000.  If you own a home or if you have assets that are at risk if you were to be sued, then I would suggest the max, $500,000/$500,000 or a Combined Limit of $500,000.  You should also consider a Personal Umbrella Policy which provides an additional $1 Million or more worth of coverage.

Liability coverage is relatively inexpensive.  We do not think you can ever have too much especially if you have a lot to lose in the event of a lawsuit.

 

What you should do now.

Contact your agent and review your Bodily Injury coverage.  Is it advisable to increase it?  What would the additional cost be if you did?

 

 
My name is Keith Laskey. My goal is to educate the everyday consumer and to help them make intelligent decisions with their insurance policies. Please contact me at my office, 610-948-4830 or Email Me for any insurance related questions or concerns. You can also visit the Ron Black Agency website or like us on Facebook! Thank you for stopping by, have a great day!

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