Posted on 8/20/2014 1:24 PM By RJ Weiss
When it comes to high net worth homeowners insurance, it can get complicated.
But...it doesn’t have to be.
High net worth homeowners tend to make these self imposed mistakes, that make their situation more difficult to insure.
Fortunately, by avoiding these mistakes, a high net worth individual, could also save money.
Here are the six most common...
1. Lack of Organization - You have acquired your assets over time, so it’s not uncommon to insure these assets in different ways. Your cars, for example, may be with a different insurance carrier than your primary home. Your jewelry may be insured independently from your cars. You secondary home, independently from your primary. Whatever the combination, the end result is fragmented, making insurance more difficult and expensive to manage. This unorganized approach could also cause gaps in coverage that aren’t revealed until a claim is denied.
Posted on 8/14/2014 8:44 AM By RJ Weiss
If you played 20 questions with members of your closest friends and family, would they be able to guess a password to an online account of yours?
If you answered yes or even maybe, I have some bad news for you, you’re at risk.
As more and more private information comes online, more and more hackers are trying to steal your information.
On August 5th, CNET reported on a potential data breach of 1.2 billion username and password combinations. While information is still leaking about the potential breach, the fact is, breaches are becoming more common.
Here’s the scary thing...if a hacker has one of your passwords, he could have all of them.
Too many consumers’ password combinations are incredibly easy to hack, especially if they figured out just one of them.
The purpose of this blog post is to discuss the best practices for password management.
While you can’t control if a company you do business with gets breached, you can control how valuable your password is to the hacker.
So here are 8 best practices you can use to protect your passwords:
Posted on 8/6/2014 8:17 AM By RJ Weiss
If you're looking to insure your townhome, the first thing you need to find out is what the master policy covers.
The master policy is the policy owned by your townhome association. Most townhome associations have one, and if yours does, ask for a copy.
When reviewing the master policy, find out what exactly what the townhome association does and doesn't cover.
Most master policies provide coverage only for the exterior of your unit. In addition, coverage for common areas such as parks, pools, club houses, etc...
As the owner of a townhome, in most cases, you own only the inside of the unit and share ownership in all common areas. Thus, you're insuring the interior of the dwelling (including your contents), the structure, and the property it's built on.
If this is the case, you're looking for an HO-6 policy, which is the fancy insurance term for townhome insurance you may come across.
Posted on 7/30/2014 7:35 AM By RJ Weiss
For nine years, IBM has sponsored an annual Cost of Data Breach Study.
I referenced the study in blog posts on the definition of cyber liability and cyber liability claim scenarios. But there's more good research contained inside the study for business owners.
Today, I wanted to give you a 10,000 foot overview on the current trends occurring in data breaches.
If you want to dive in more, you can download the report for free (registration required).
Posted on 7/23/2014 8:38 AM By RJ Weiss
If water comes into your home through surface water, that's considered a flood claim.
Flooding, as discussed before, is not covered under standard home insurance. To have coverage for flood, you must buy a separate policy.
But what if there's no surface water and water still comes in your home? Specifically, what if the water comes up through your drain via a backup of a sewer or drain.
That's where sewage back up, also known as sewer backup or water backup coverage comes in.
Sewer back up is coverage for damages that occur when there's no surface water or flooding.
What's important is...
...sewer backup is not covered on a standard home insurance policy.
Instead, it's added in on most home insurance policies as a rider. Also, most have a separate limit and sometimes even a separate deductible.