How Renters’ Insurance Works

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Renting a home comes with a number of risks that can happen while you live there. That’s why it’s so important to make sure you have renters’ insurance for as long as you rent your home. This insurance comes with a number of types of protection for you. If you don’t have renters’ insurance yet, you need to call us at Creative Risk Management LLC in New Jersey to find out more. 

Renters’ Insurance: What You Need To Know

Liability Risks

One of the ways that this insurance keeps you covered is by protecting you against liability. If you had someone into your home and they had an accident, you are likely to be held liable for all of their expenses. This includes medical bills, lost wages, and certain other expenses. If you don’t have renters’ insurance, all of that is yours to pay. With this coverage, the policy can pay for those bills so that you don’t have to.

Damage to Possessions

When you have a rental home, it’s likely that all of your possessions are there. That makes it important to keep those belongings covered with insurance. Renters’ policies protect all of your possessions so that you are covered in case of a damaging incident that ruins them. If this occurs, your policy can pay you for those items so that you can get them replaced quickly. This is an important protection to have so that you aren’t caught without any belongings after a serious incident. 

Living Elsewhere

If a major incident does happen to your home, it may need to have a lot of repairs. When this happens, a renters’ policy can pay for you to live somewhere else until it’s inhabitable again. 

Get Your Renters’ Policy

You should always have a renters’ policy while you live there. To get your policy, call us at Creative Risk Management LLC in New Jersey.

Demystifying 4 Common Myths About Umbrella Insurance

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Several misconceptions can cloud your judgment when purchasing umbrella insurance in New Jersey. Fortunately, Creative Risk Management LLC is here to set the record straight by debunking common umbrella insurance myths.  

Here are the common myths you are likely to hear whenever people talk about umbrella insurance. 

Demystifying 4 Common Myths

Umbrella insurance is for the super-rich only

You don’t have to be among the super-wealthy to invest in umbrella insurance. Since anyone can be sued, even if you have a moderate asset base, umbrella insurance is a worthy investment to keep by your side.

Umbrella insurance covers you against everything

Perhaps, because of the word umbrella, most people assume that umbrella insurance covers them against all risks. The truth is that umbrella insurance is liability coverage — it protects other people but not you. Umbrella insurance helps you pay for medical costs and property damage when accused by third parties. At no point will umbrella insurance cover damage to your property or injury to yourself.

Umbrella insurance is expensive

You will hear this a lot when you suggest to someone you want to buy umbrella insurance. Saying umbrella insurance is expensive is a blatant lie. Since umbrella insurance takes over after exhausting underlying coverage, it’s surprisingly affordable. If you think we are exaggerating, contact us for a quote.

Umbrella insurance is a stand-alone policy

Umbrella insurance doesn’t exist on its own. This coverage rides on other insurance coverage, such as boat, car, home, or renters insurance. Umbrella insurance boosts an existing policy.

Learn more about umbrella insurance in New Jersey

What other myths have you heard about umbrella insurance? Have you heard someone say something about umbrella insurance, and you aren’t sure it’s the truth? Please get in touch with Creative Risk Management LLC, and we will help you separate facts from myths.

 

How Does Umbrella Insurance Work?

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When you have a home and a vehicle, you likely have an insurance policy on each of them. When you have these two policies, you may feel that you’re well-protected against certain risks. However, it may be that you don’t have enough of some of the coverage types to pay for the medical bills that can come from a serious accident. When this is true, an umbrella policy can help. To get started, call us at Creative Risk Management LLC in New Jersey.

Liability Insurance Coverage

Both home and auto policies have different types of coverage wrapped up in the policies. Part of that coverage is for liability. In auto insurance, it is coverage that pays for the medical bills after your vehicle causes an accident in which third parties are injured. In home insurance policies, this pays for the medical bills required after someone visits your home and is injured there. If you have little of this coverage, there may be a lot of medical bills left over to pay once the policy has reached its maximum. You are responsible for all of that overage. That’s where umbrella insurance can help. 

Using Umbrella Insurance

When one of these types of accidents happens, your home or auto policy will kick in first. That policy pays for the medical bills, but it will only pay up to the maximum on the policy. When you have umbrella insurance, it pays that overage up to a very high maximum. It’s a smart idea to have this coverage in place so that you can have any overages taken care of for you. 

Get Umbrella Insurance 

When you have umbrella insurance, you are better protected. If you want to know more about these policies, call us today at Creative Risk Management LLC in New Jersey.

 

What New Jersey boat owners need to know about insurance

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The team here at Creative Risk Management LLC is proud to serve the insurance needs of residents in the great state of New Jersey. We are here to protect all of your possessions, including your boat!

What boat owners need to know about insurance

Boat insurance can be confusing as there aren’t always a lot of hard and fast rules and regulations addressing this situation. If you are wondering if you have the level of protection you and your boat need, it only makes sense to take a closer look.

Many owners find that liability coverage is the most important part of their insurance policy coverage when it comes to boat insurance. This is because it can potentially be the most financially impactful. Also, if your liability damages exceed the protection levels provided by your boat policy coverage, you can be financially responsible for any excess damages.

Finding a boat insurance policy that meets all of your needs doesn’t need to be an impossible task. Working with a local agent can make the decision and selection process easier. Having someone who understands your needs and tolerance for risk can make a very positive difference in the whole insurance selection process.

Give us a call today and find out more!

Creative Risk Management LLC is here to help the residents of New Jersey with all of their insurance needs. If you wonder if your boat insurance policy provides the protection you need, we can help. Give us a call or stop by our office today. We are here to help!

How does condo insurance differ from home insurance?

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From condominiums to free standing homes, there are many structures that people call their personal residences. Houses have always been the most popular, but condos offer a number of advantages that are allowing them to gain in popularity. A standard homeowner insurance policy offers coverage for the house, yard, related structures such as a garage, personal property such as furniture and electronics, and liability if a visitor is injured while in your home or on the property. A condo insurance policy offers many of the same coverages; however, it differs when it comes to the actual building. Condos are managed by an association that is responsible for certain aspects of the ownership process such as covering all common grounds of the building and the exterior of your unit. 

When insuring a condo, it is imperative that the owner reads the condo association’s bylaws with a fine tooth comb to ensure that they know everything they will be responsible for. The condominium declaration or master deed will include a section on insurance requirements and association bylaws that outlines exactly what the condo owner is responsible for. Any property that is not insured by the association is the responsibility of the condo owner. Being aware of these key details will enable the condo owner to purchase a policy that has the ideal amount of coverage. 

At Creative Risk Management LLC in New Jersey, we have been helping condo owners for years with their insurance needs. From answering questions to helping with the claims process, to being a partner for years to come, we want to earn your business. Give us a call today to learn more. 

Can life insurance be used to cover funeral expenses?

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If you are a resident of New Jersey and have questions about life insurance, the team here at Creative Risk Management LLC is here to help! We understand how important it is to protect your family, even after you are gone. Call our office today and set up a consultation to learn more.

Life insurance and funeral expenses

End-of-life expenses can be a lot, especially when a family is dealing with an unexpected death or one following a prolonged illness. Whatever the situation of the passing, the reality is that there are a number of expenses that will need to be addressed.

When you have a life insurance policy in place, it can help to defray all of these expenses. If you are concerned about funeral expenses, the death benefit of your family member’s life insurance policy can help with those costs. Your family will be suffering from the emotional impact of your loss, and it may be overwhelming for them to also have to deal with financial worries.

By having an appropriate life insurance policy in place, your family can have the funds available to promptly deal with funeral expenses. This can be a great comfort to them as they will have a lot of practical matters to deal with. Protect your loved ones from additional stress by providing them with the funds necessary to deal with all of your end-of-life expenses without having to bear the financial burden themselves. 

Would you like to learn more? Give us a call today

Creative Risk Management LLC is here to help New Jersey residents with all of their insurance needs, including life insurance. If you want to make sure that you have the protection your family needs, give us a call today.

6 Facts about a New Jersey boat insurance policy

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While it’s known as the "Garden State," New Jersey offers a lot of fun on the water too.

Boating can be both enjoyable and relaxing. However, not having the proper insurance can leave you anchored.

Creative Risk Management LLC can throw you a lifeline. Their trusted agents share six facts about boat insurance to help you find the perfect policy.

Boat insurance protects your watercraft.

As simple as it sounds, these policies are designed to shield all motorized watercraft against damage, loss, or an accident. This is achieved primarily through collision and comprehensive coverage.

But, it covers so much more too.

Boat insurance protects you, your guests, and other boaters as well. Bodily injury and property damage liability are just a couple of ways these policies secure you and your assets.

Boat insurance isn’t required in New Jersey.

Although it’s not mandated, boat insurance is advised. The risk doesn’t outweigh the security that boat insurance provides.

Homeowners’ policies aren’t enough coverage alone.

Some homeowner’s plans will extend to your boat. However, these are often limited and come with a cap on claims. Only boat-specific policies can offer full coverage.

Keep boat insurance all year long.

Accidents can happen even in storage. Although it seems like a good idea to cancel your boat insurance over the winter, problems could still arise. Theft, vandalism, and other natural disasters can leave you paying more money out of pocket if your policy lapses.

The cost of boat insurance can vary.

Just like watercraft themselves, pricing fluctuates for boat insurance too. A motor’s size, type, and age of the boat are all taken into account.

Call Creative Risk Management LLC 

Don’t get stranded by having inadequate coverage. Creative Risk Management LLC will craft an individualized boat insurance policy to keep you afloat. Schedule an appointment today.

When is flood insurance mandatory

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Some people may never have to think about flooding because it is so uncommon it happens in their area. But if you live in an area where this isn’t the case, you might not be so lucky and flood insurance can protect you from devastating losses.

At Creative Risk Management LLC in New Jersey, we proudly offer flood insurance for your home. You can contact us to discuss possible quotes with us. Below we explain a little bit more about when you absolutely should consider flood insurance. 

Flooding risks

Do you have any idea if your home is at risk of flooding? You might not be aware of any floods in the area that have happened for many years. But that does not mean your home is not at risk of flooding, you should always check this.

Many places in New Jersey come with flood risks. It is near large bodies of water after all, but also due to its weather conditions. For those reasons, flood insurance is really important because you could lose everything in case of a flood. You can check if your house is at a high risk of flooding by checking FEMA’s flooding map. 

Mandatory

Okay, so let’s say you think your home is at a risk and you still want to take the risk. Well, in that case, you can’t. Getting flood insurance is a requirement for you if you live in a high-risk flood area, but this is definitely for your own good. 

If you live in New Jersey and want to discuss your flood insurance options with us, call Creative Risk Management LLC in New Jersey. We also let you compare quotes on our website. 

Benefits of Having Condo Insurance

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Condo insurance (also known as HO-6 insurance) covers condos and personal belongings if they were damaged or stolen. It is similar to home insurance because it replaces property belongings to an owner of the condo or family members. If you own a condo and now thinking about whether to buy condo insurance or not, Creative Risk Management LLC serving New Jersey prepared a list of benefits of condo insurance:

What Are the Benefits of Condo Insurance?

Condo insurance has certain advantages that you should know about: 

  • Liability coverage. If something happens inside your condo and someone gets injured, you are responsible for covering their medical bills and other fees and costs related to an incident. 
  • Loss of use. If your condo is damaged and, not inhabitable and requires repairs, your condo insurance will pay for your temporary stay somewhere else. 
  • Personal belongings. Condo insurance will cover such personal stuff as your clothes, furniture, electronics, jewelry, and other stuff. However, you should be aware of the certain limitation that your type of insurance has. 
  • The interior. The insurance policy protects the inside of the condo as well. For example, standard condo insurance will cover damage of such things as fittings, carpets, drywall, and others. 

Condo insurance is similar to home insurance, and it provides protection for vandalism, theft, fire damage, water damage, and other things. It is not a mandatory type of insurance, but it is recommended to carry it to protect your home and you as a condo owner. If you own a condo in New Jersey and you are looking for an insurance agency to help you, Creative Risk Management LLC is ready to help you. Feel free to give our agency a call or visit our website for more information. 

New Jersey Commercial Insurance: The Importance of Director’s and Officer’s Insurance Today

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If you have a board of directors or governing body for your organization, Directors and Officers insurance is one insurance that can not go ignored. In a day and age where lawsuits are threatened at every turn, every organization big or small needs financial protection for their leadership group, and for themselves.

At Creative Risk Management LLC, we know how important it is for New Jersey businesses to be covered for every risk that your Directors and Officers are exposed to. It has never been more important for every business to be covered for this risk than it is today.

Directors and Officers Insurance: Lawsuits From Employees

One of the biggest sources of claims to insurance companies on Directors and Officers policies is connected to employees the business already has. The people at your table may be the ones you need this insurance for.

There are a number of reasons you may face lawsuits, or be exposed to them, in today’s business and non-profit world. These include workplace discrimination, wrongful termination, health and safety compliance complaints, or any breach of an employment contract.

That is not to say that you are guilty or already liable to these problems. But today, they are coming up more than ever before.

Directors and Officers Insurance: Lawsuits Against Employees

When you are running a business, you have a lot of things to worry about internally. Today you are looking at all the same issues from the other side of the fence. That is, you are concerned about wrongful termination, health and safety compliance concerns, breach of contract, false discrimination complaints, and more.

Your employees, directors, and officers have a duty to conduct themselves with diligence, loyalty, responsibility, and avoid recklessness. When they don’t, you have cause to file claims. 

To feel protected in all of these scenarios you need the right commercial insurance policy.

Get a Quote

When you are running a business or non-profit, Directors and Officers insurance is a critical coverage for New Jersey businesses today. At Creative Risk Management LLC, we can help you design the policy you need to feel secure. Call us for a quote today.