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Whether you own a condominium or a co-op, you have common and personal insurance needs.  

What Protection Does It Offer? 

Designed specifically to meet your unique homeowner needs, a condominium/co-op insurance includes coverage for your personal possessions, structural improvements made to your living space and extra living expenses sustained due to an accident. 

It is important to know what is covered by your association’s master policy and what items are your responsibilities when choosing condo/co-op coverage. Typically, a condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement, etc.  

Property Protection 

A personal condominium/co-op policy can help protect you from losses to your personal property and the interior of your unit. As such, you will need to estimate: 

• The cost to repair or replace the inside of your home if it were damaged 
• The cost to replace the contents of your home

It is recommended that you insurance your personal property for its replacement-cost value to help you replace yesterday’s purchases at today’s price tags. 

Liability Protection 

In addition to your possessions, the liability-to-others portion of your policy covers you against lawsuits for bodily injury or property damage that you or a family member—and some cases, pets—cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy, and covers you at home or away.  

Additional Coverages to Consider 

Unit assessment coverage: This insurance reimburses you for the expense passed on to you by the association as long as the cause of loss was covered by the association’s policy. 

Sewer backup: This coverage insures your property for damage by the backup of sewers and drains (does not include flood protection).  

Flood or earthquake: These can strike anywhere, so you need to understand your risks and obtain the appropriate coverage.  

Top Ways to Save On Your Premium 

There are numerous ways to save on your premium. These are the top seven. 

1. Raise your deductible. 
2. Invest in a home security system.
3. Update exterior locks to dead bolts. 
4. Install smoke alarms.
5. Choose automatic payment. 
6. Monitor your credit rating. 
7. Explore multi-policy discounts. 

When it’s time to purchase a business insurance policy, it’s time to research some unfamiliar terms. Selecting a comprehensive liability package might be easier than you think—but adhering to your state’s laws and regulations may be a bit tougher. 

Often, prospective business insurance policyholders have a question: What are admitted insurers? What are Non-admitted insurers? Do their differences impact the type of coverage protecting your business? Let’s find out. 

Admitted Insurance Carriers 

An admitted insurance carrier has a license to sell insurance in their state. These insurance carriers contribute to the state’s Guaranty Fund. This fund, which exists in every state, protects insurance buyers from licensed insurance companies, financially. If the selling company goes bankrupt, and if they can’t compensate policyholders, a fund will pay the policyholder instead. More or less, the state Guaranty Fund is a type of policyholder backup insurance. 

Non-Admitted Insurance Carriers 

Non-Admitted insurance carriers don’t interact with their state’s Guaranty Fund. While it might seem normal for a company to become Admitted and have backup insurance, some companies simply can’t afford the costs. Some states, of course, require Admitted carrying status regardless for all their operators. If a state believes carriers should have more options, however, they’ll let Non-Admitted carriers have an excess line or surplus coverage. 

Determining Financial Risk 

It’s natural to assume that Non-Admitted carriers are riskier than Admitted carriers, but this isn’t necessarily the case. Non-Admitted carriers, for instance, have more flexibility in offering premium prices. They can set rates high to fund additional risks. 

A company’s financial risk, experts report, doesn’t match its Admitted or Non-Admitted status. Instead, a company’s financial rating is a better gauge. It’s a good idea to check out an insurance company assessment with your insurance agent. These assessments give insurers letter grades for easy comparison. The most reliable companies have grades of A+ or A++. 

Benefiting Your Business: Admitted or Non-Admitted? 

There are situations where either Admitted or Non-Admitted insurance companies are better for business owners.

If you’re purchasing coverage from an Admitted carrier, you often won’t need to pay any taxes or fees when purchasing a policy—as the Admitted status usually removes the need for the insurer to charge these expenses. You can also appeal a company’s claim decision to your state insurance department if you feel the claim decision was unnecessary. 

If you buy from a Non-Admitted carrier, you’ll probably find coverage options many Admitted carriers don’t offer. Non-Admitted carriers, for example, may cover weather-related damages in high-risk areas—whereas Admitted carriers won’t. 

Browse the best policies available with your insurance agent, and take care in determining which type of policyholder you’d like to buy from. Both Admitted and Non-Admitted carriers can benefit your business—and both can offer incredible coverage options. 

Driving after dark is very common in the late fall and winter months. The sun sets sooner, making it harder to navigate the way home after work.  

The risks are many. Deer are crossing the street virtually unseen. A child could be walking along the edge of the road, hard to notice until you are right next to them. And, of course, it is hard to tell if a road is wet or icy. You don’t want to spend your evening filing an auto insurance claim. For that reason, consider these tips for safer driving at night. 

Recognize the Risks 

To be safe on the road, you need to realize risks are numerous. Even drivers with years of experience are more likely to be in an accident at night. Remember, depth perception is off at night. You cannot see color as well. And, your peripheral vision is likely to be low.  

For these reasons, give yourself more room between your vehicle and other vehicles. You also want to slow down a bit. Just these two things give you the ability to help avoid an accident. You have more room to react and stop. 

Ensure Your Headlights Are All On 

It is easy to get in your car and just go. Before you do, check your headlights. Are they all working? Don’t forget your turn signal and brake lights. You want to ensure that your headlights are as new as possible. They are brighter when new. Also, speak to your mechanic about their location. Be sure they aim directly out in front of the vehicle. This ensures you have ample visibility. 

Keep Interior Lights Low 

Dim your dashboard lights. Turn down the lights on any devices in the vehicle. When you make it darker in the vehicle, you do not have the glare outside. Interior lights should be as low as possible. This gives you better vision outside. 

Have Your Vision Checked 

If you wear glasses, talk to your eye doctor about nighttime driving. Many people have difficulty seeing well at night. Prescriptions can have an adjustment to them that allows for better driving at night. You’ll likely appreciate the difference and less glare. 

Car insurance agents are available to help you if you do find yourself in an accident. Yet, safe driving at night can help you to avoid those types of situations. For more information on auto coverage, give Jordan Insurance Services & Associates a call today.