All posts in Real Estate

3 Reasons to Invest in House Insurance

3 Reasons to Invest in House Insurance

Many people avoid paying for extra insurance in order to save some cash. While saving money is important, so is keeping you and your family protected in the event of disaster. There are many reasons why you shouldn’t cut your Glen Rock house insurance out of your budget entirely, a few of the most important ones including:

Protection From Fire

When you experience a house fire, the damage can be extremely expensive to repair, especially if the flames managed to linger around long enough to reach key structural elements. Your home insurance is designed to mitigate the costs associated with fire damage and get repairs done sooner.

Weather-Related Damages

The weather is unpredictable at the best of times, and disaster can strike without warning. If you experience unexpected severer weather and your home is damaged, it’s good to have your insurance provider there to assist you with paying for repairs.

Personal Liability

Regardless of how careful you are, accidents are bound to happen. Unfortunately, if they happen on your property, you could be subjected to a lawsuit. Glen Rock house insurance sends out an agent to assess your risks and covers you accordingly when it comes to injuries and other such issues.

While there are many other reasons why you should invest in home insurance, the above three benefits should be enough to make anyone consider consulting a representative of their chosen provider as soon as possible.

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Is the Property You’re Handling Covered?

Is the Property You’re Handling Covered?

Companies who hold property for a client for any amount of time are automatically entered into a bailment relationship. The owner of the property is considered the bailor, while the person holding the property is considered the bailey. When this relationship occurs, it is vital not only to have insurance against damage, but also to have proper bailee coverage.

To understand more about the bailment relationship, it is important to understand the type of business carriers there are to determine what type of coverage is needed. There are private carriers and common carriers. Private carriers have the right to refuse to enter into a bailment relationship and can give stricter limitations on culpability and the amount of coverage they offer. In addition, handling of property or goods may not be the primary function of the business.

Common carriers, on the other hand, have much less control over their bailee coverage as they are highly susceptible to culpability of damage. It is prudent to point out that the common carriers primary role of the business revolves around bailment. This culpability is increased because the bailor generally keeps property in its possession until the transaction is complete.

After understanding the crucial differences between the types of businesses that may carry bailment clauses, it is important to have the proper amount of insurance. Bailee coverage is easy to obtain, but difficult to live without, so companies that need insurance should look for appropriate coverage.

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Key Insurance Coverage Areas for Commercial Shopping Centers

Compared to other commercial real estate businesses, shopping centers face unique areas of risk. Unfortunately, many New Jersey shopping centers are only covered by standard commercial real estate policies, which can leave them significantly exposed. Shopping center owners who are reviewing their policies for real estate insurance in New Jersey should strongly consider adding the following two types of coverage if they are not already in place.

 

Crime Insurance

 

Although thieves can target virtually any business, commercial retailers are especially vulnerable. Crime insurance can mitigate this risk by providing reimbursement for stolen merchandise. When choosing a policy, shopping center owners should carefully review its specific provisions. In addition to simple cases of theft, crime insurance may cover employee theft, forgeries, and fraud, but these are not necessarily standard areas of coverage on every policy.

 

Alcohol or Food Borne Liability

 

If a shopping center includes restaurants, bars, or liquor stores, owners should consider taking out one or both of these policies. Alcohol liability policies protect against liability for accidents caused by alcohol served or sold on the property. Food borne liability policies protect against claims brought by people who suffer from food borne illnesses. These claims present a real risk even to businesses that strive to be careful and legally compliant.

 

Other Areas to Consider

 

Shopping centers owners buying real estate insurance in New Jersey may also want to look into cyber liability, pollution liability, and other coverage areas that are becoming increasingly necessary. An insurance agent can help a shopping center owner understand these various policy options and decide which ones to choose to ensure optimal coverage.

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