Insurance Tips For Kirkland, Washington Residents
When it comes to your to-do list, your property and casualty insurance may not be ranking very high. It can be easy to let the attention you give to your insurance fall to the wayside. Washington state auto insurance, cheap auto insurance Washington state, car insurance Washington state, are all terms you want to avoid when it comes to looking for auto insurance in Washington, if you have assets.
The more success you have, the more complicated protecting your assets will become since you will have more to lose.
What if you own a beach house, a condo and a historic home? Your properties are in three different states. The value of your collection of paintings is growing rapidly. Also, you are serving on the board of directors for a local charity.
Just about every component of this situation can cost you immensely. Laws vary for each state when it comes to insurance and different types of property require special coverage, meaning that it could be a challenge to protect you completely. Additionally, you can create added liability by serving on a board of directors.
Additional insurance is not necessarily going to be the entire answer. You need to sit down and assess your entire financial situation as a whole.
Below are six unique situations that you should be aware of that can be costly, if ignored.
1. Gaps In Your Property Policies
Any homeowner needs to review their coverage regularly to keep up with increasing replacement costs, however, insuring different kinds of homes in different areas poses additional challenges. If you purchase insurance from more than one carrier, you may face different rules, limits, and renewal dates. Liability limits for your secondary home, for example, can fall below the minimum to support the umbrella policy for your main home.
2. Ignoring Your Property’s Unique Amenities
One of the benefits of wealth is that you have the ability to own amazing properties. However, one drawback is that these properties can be challenging to fully insure. Standard homeowner insurance policies are not going to provide coverage for the special materials and labor you may have paid to restore your historic home. Coastal homes can endure hurricane damage, while a place in the California can be subject to earthquakes. Condos could need policies tailored to their buildings or associations coverage.
3. Underinsurance Of Art and Collectibles
Standard homeowners policies do limit coverage for the loss of antiques, furs, and other valuables. And while you could schedule additional coverage, insuring the real value of a collection of contemporary art or vintage muscle cars will require a specialty policy addressing several critical issues:
How is the value of the collection determined? You will have to acquire a professional appraisal when the policy is written, with frequent updates as items do appreciate.
4. Remember To Insure Nannies and Housekeepers
You can be liable for domestic employees who work for you if they are hurt on the job. Many states require employers to pay into a workers compensation fund, while in other states make it optional, but providing such insurance may be mandatory for ensuring your financial well-being. In the event that you have domestic employees driving your vehicles, add them to your auto insurance.
5. Don’t Ignore The Potential Liability Of Being On A Board Of Directors
Additional liability coverage can help protect you if you are sued as a director of a nonprofit’s board of directors. For better comprehensive protection, consider purchasing a special directors and officers liability insurance policy.
6. Forgetting Policy Reviews
Insurance needs are constantly changing. Your collections valuable are typically going to go up in value. Extensive home renovations could mean a significant rise in the value of your property. The re-titling of assets as part of your estate planning because of a divorce, a death in your family, or the birth of a child could require policy changes. Even in the event that you do not have major life changes, you should still participate in a review of your insurance at least ever 2 years.
When it comes to Washington state auto insurance, don’t let the idea of cheap auto insurance get in the way of protecting your assets adequately.
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