Boyd and Boufford Insurance Agency LLC
Insurance Review Topics

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Are you interested in getting more information on flood insurance coverage?
Did you know that 1 out of every 4 flood insurance claims is for an occupant that is NOT in a flood zone? Most important of all, your homeowners insurance does NOT cover damage resulting from flood.

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Are you interested in endorsing your policy for earthquake coverage?
Earthquakes happen in New England more frequently than you might think. There were 38 recorded earthquakes in New England from 9/22/06 to 12/29/06 (see www.bc.edu/research/westonobservatory/northeast/recenteqs). Your homeowners policy does NOT cover damage resulting from earthquakes, but it can be endorsed to do so.

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Do you have any valuable items that may require additional insurance?
Fine arts, jewelry and furs are some examples of policy items that have limited coverage under your homeowners insurance policy. You may need additional coverage to replace these items in the event of a loss.

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Do you operate a business out of your home?
There may be some limited coverage under your homeowners insurance for business personal property, but there is no coverage for business liability. You can, however, endorse your homeowners policy to cover incidental business use.

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Are you interested in a higher deductible?
Higher deductibles can save you significant premium dollars. Considering the fact that the average homeowner has a claim every 18 years, your savings over time could be substantial.

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Any betterments or changes to the home?
If you have made any additions or alterations to your home, you will need additional insurance to cover these changes. Also, if you added a security system, you are entitled to a discount on your homeowners insurance policy.

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Are you interested in a Personal Umbrella Policy?
If you have a claim that exhausts your home or auto liability coverage, you can be held personally liable for additional damages. In such cases an umbrella policy will help protect your personal assets. If properly endorsed, your personal umbrella policy can also provide coverage for you while serving as a director or officer of a nonprofit organization.

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Do you carry life insurance currently? In what amount? Did you know that if you carry group life insurance through work, your life insurance policy terminates when you leave your job? It may be worth your while to consider buying your own life insurance policy now. Waiting will only increase its cost.
Question – Do you have enough life insurance to take care of your family in the event that they lose your income?

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Do you have disability coverage in place now?
Disability insurance protects your most valuable asset, your income. If you are self-employed, the need for disability insurance is especially important because it will cover you in the event that you are injured on the job.

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Have you been advised about Long Term Care insurance?
Have you thought about the cost of a nursing home or home health care in the event that you are unable to take care of yourself? The average cost of a nursing home is around $5,000 per month. Long term care insurance is the least expensive way to pay for this cost.

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Has your commute or use of your vehicle changed? Are there any additional drivers not listed on your current auto policy?
Your premium could change, if the distance that you drive to work has changed. Also, if your car is used for business purposes (other than commuting to and from work), it may be necessary to endorse your auto policy for ‘incidental business use’. Finally, it is important to list all licensed household drivers (or anyone else who uses your vehicles on a regular basis) on your auto insurance policy.
A claim may be denied in the event that an unlisted driver is in an accident.

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Do you need insurance on any recreational vehicles or watercraft?
ATV’s, snowmobiles, boats, wave runners, etc. need to be insured separately or endorsed on your homeowners insurance policy for liability and physical damage coverage. Any vehicles registered for use on the roadways (such as mototcycles or motorhomes) should be added to your existing auto policy or covered under a separate auto policy.

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Does the insurance on your business or rental properties cover Equipment Breakdown?
Insurance covering commercial property excludes coverage for equipment breakdown. Equipment breakdown includes such things as pressure vessels (e.g,, boilers) that burst, phone lines or computer networks that go down and refrigeration units that fail. In each of these cases substantial property damage or loss of income can result that would otherwise not be covered without endorsing your policy for equipment breakdown coverage.

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