Is that detached structure REALLY insured?

A homeowners policy usually provides coverage for detached structures, such as a garage or shop building, equal to 10% percent of the value of the home. But if that detached building is used for business in any way, there is no coverage; even incidental use like storing business equipment or inventory.  Business use is some activity where you make money or make a trade in value for your service, even if there are no customers visiting the premises. The same exclusion applies to a detached structure which is rented for residential purposes, like a guest house or apartment. That small business requires special insurance to cover the building, equipment, inventory and liability exposures. 

So if you are painting cars, building birdhouses, a contractor, or have an apartment, office studio, school, day care, etc. You need special insurance. Give MIM a call to get a quote today!

www.moderninsurance.com

National Walk to Work Day - Friday, April 5th

When : First Friday in April

U.S. Secretary of Health and Human Services Tommy G. Thompson declared the first National Walk to Work Day as April 2, 2004. With obesity and sedentary lifestyles growing at an alarming rate, National Walk to Work Day was initiated to draw attention to the need to get out and exercise, and to get in shape.

On this day, Americans are encouraged to walk to work. If you can't walk to work, walking during lunch time, or another time of the day. The goal is to walk 30 minutes a day. Health officials are hoping this will encourage people to add a 30 minute walk to their daily lives. Health officials, medical agencies, and medical organizations around the country state that a 30 minute walk will significantly improve you health. The benefits are many, including lower weight, less chance of heart disease, less risk of diabetes, and much more. This translates to a longer and healthier life.

Unmentioned in other articles, is the emotional and mental benefits of walking. Walking is relaxing and peaceful. If you walk in a park, or along a waterfront, it can be captivating. Need a quick picker upper? Take a walk today.

Note: Walking is free of charge. And, as of this writing there is no tax on walking, either.

So, if you can't walk to work today, walk 30 minutes at a convenient time. Then, make it a apart of your daily life.

The ABC's of Personal Lines Insurance

Personal lines insurance refers to the many different policies designed to protect individuals and families. It is a term meant to distinguish personal policies from business, or commercial lines policies. A line of insurance means a certain category of insurance policies. Personal lines insurance agents typically offer car, home, health and life insurance to individuals and families. It is important to purchase the correct type of policy to have the proper protection and avoid claim exclusions.

Car Insurance

o    Personal car insurance protects vehicles used for personal use, including driving to and from work. If a vehicle is used for business purposes, such as for making deliveries or hauling construction material on work sites, then it requires a business auto policy.

Home Insurance

o    Personal home insurance is intended to protect a house that is used as a primary or secondary residence of the owners. Rental properties should be covered by business properties. Also, if you are running a business out of your house, that business should have business insurance or an additional business endorsement on your home insurance policy. Business ventures are typically excluded on personal lines insurance unless specifically endorsed.

Life Insurance

o    Life insurance is a contract between an individual and an insurance company that pays a specified amount if the individual passes away during the set policy term. Personal life insurance is intended to help pay off debts, supplement lost income and fund an inheritance when and individual passes away.

Health and Disability Insurance

o    Individual health and disability insurance is bought by an individual to help pay for their medical costs and supplement lost income if he gets injured or sick. Group health and disability insurance is purchased by a company or large purchasing group to cover the individuals in that group. Health insurance pays for medical costs and disability insurance pays for lost income by becoming sick or injured.

Miscellaneous Personal Insurance

o    Other lines of personal insurance include boat, all-terrain vehicle, motorcycle, snowmobile and multiple other types of personal insurance policies. The key to understanding if a policy is a personal insurance policy is how the object being insured is used. If it is for personal use, then it should be insured by a personal line of insurance. If you use something for business purposes then you should purchase a business insurance policy or speak with your insurance agent to find the correct policy or endorsement. If you purchase the incorrect type of policy then you might be exposed to exclusions and gaps in coverage.