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.

Is Classic Car Insurance Necessary?

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Classic car owners often wonder if their classic car insurance policies are necessary or if they can get away without them. We at Creative Risk Management LLC are always happy to help New Jersey residents understand more about this topic, and a policy can help you.

Why You Need Classic Car Insurance

We’re here to tell you that you need classic car insurance for your collection. Without it, you’re putting yourself at severe financial risk. A good classic car insurance policy:

  • Protects Against Damage – When you’re transporting your classic car to shows or a mechanic shop, you need coverage to protect your unique investment and minimize your potential loss. 
  • Helps With Liability – If you crash into someone with your classic car, a high-quality insurance policy will make sure that you don’t end up getting sued for severe financial issues as a result. 
  • Covers Replacement Costs – If your classic car is destroyed in a crash or a natural disaster, you’re going to need a high-quality and specialized policy to cover your replacement expenses.

You’ve sunk too much money into your classic car to let one moment or mistake take it away from you forever. So instead, it would help if you got a high-quality classic car insurance policy to protect yourself. Though it might not seem evident at first, such an option is a wise investment for long-term collectors.

Where You Can Get a Policy 

If you believe that you need high-quality classic car insurance to meet your needs as a collector, please don’t hesitate to reach out to us at Creative Risk Management LLC to learn more. Our team will help to educate you on why New Jersey classic car collections need an insurance policy. And we’ll also do what we can to find a coverage option that works for you and follows all of your guidelines.

Benefits of Renters Insurance

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Most people mistakenly assume that when they have rented a place, the landlord’s policy covers them as well. However, that is not the case, and if you want to protect yourself, you will need to insure your property. The landlord policy only covers losses related to the building itself. Apart from protecting your property, there are many benefits to renters insurance. Creative Risk Management LLC of New Jersey explains below some of the advantages of renters insurance.

Covers Temporary Accommodation Cost

If, for instance, your home is affected by water damage or fire and you have to move for it to be repaired temporarily, renter’s insurance covers those extra costs. You do not have to be stranded as your home is fixed, as this policy can help cover the cost of temporary accommodation, transport, and food till your home is okay to move back in.

Protect Your Belonging

Take a look at your home and think of the value of all your property. If a thief were to break in and steal your possessions, or if there was a fire breakout damaging your belongings, would you be able to replace them? Renters insurance helps you replace or repair your belongings, saving you from a financial loss.

Liability Protection

If a guest walks into your home and accidentally gets injured, renters insurance will help cover the medical expenses that your guest incurs. This includes damage to the guest’s property, where it might need replacing or repairing. In addition to that, if the guest sues you due to injuries or property damages, renters insurance provides cover against such claims.

Peace of Mind

Purchasing renters insurance is like having an invisible shield protecting your belongings. It buys you peace of mind and you do not have to keep worrying about how you will replace your items when exposed to risks.

As discussed above, you can see how valuable renters insurance is. If you reside in New Jersey looking to purchase renters insurance, contact us at Creative Risk Management LLC. We are ready to help you, ensuring you are fully covered.

Which optional RV insurance coverages should I consider buying?

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Recreational vehicles provide luxury and convenience to their owners. Whether you want to tour all cities in New Jersey or the surrounding states, you can do so without worrying about flight cancellations and hotel bookings.  However, this massive investment requires a proper RV insurance policy from a certified insurance company like Creative Risk Management LLC.

Apart from the basic required coverages, RV insurance comes with many additional coverages to protect you, your home on wheels, and your personal belongings. So which extra coverages should you buy to be adequately covered? Here are a few options to get you started.

Roadside assistance

 Roadside assistance is one of the most critical coverages for long-distance travelers. RVs are not immune to mechanical problems, which can be worrying if you get stranded in the middle of nowhere. Roadside assistance helps tow your vehicle to the nearest repair facility in case of a mechanical problem or when you get stuck on the roadside due to snow, mud, or other issues.

Total loss replacement

This coverage helps replace your RV in case it is totaled. You get a brand-new RV, the same or better than what you had.

Pet injury coverage

If you will be taking your pet with you as you travel, pet injury coverage helps pay for veterinary care if your pet gets injured in a covered accident while in your RV 

Vacation liability

Vacation liability is quite critical, especially if you travel often. The coverage pays for any property damage to bodily injury resulting from an accident while using your RV as a temporary vacation residence.

Custom equipment

 RVs with custom equipment need separate coverage to repair or replace these parts in the event of an accident. Depending on the value of the custom parts, your insurance should assess how much you should pay to avoid being underinsured.

Looking to buy or review your RV insurance in New Jersey? Creative Risk Management LLC can help answer all the questions you may have and help you choose the right coverages based on your needs. Call us today.

Adding Umbrella Coverage to Your Home and Auto Policies

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Umbrella insurance is a type of coverage that is unique in the way it protects you. It adds to the liability coverage that you have with your home and auto policies. If you want better liability protection for your home and vehicle, contact us at Creative Risk Management LLC in New Jersey. 

Umbrella Coverage and Home Insurance

When you have a home insurance policy, it includes several different types of coverage. One of the types of coverage it offers is liability coverage if someone becomes sick or injured in your home or on the land around it. When you have standard coverage, the liability amount is generally quite small. That means that with a serious accident, your policy could max out on its liability coverage and require you to pay the rest from your own pocket. Umbrella insurance gives you extra liability coverage on top of your home insurance. With this coverage, the maximum is far higher than with your home policy. 

Umbrella Coverage and Auto Insurance

Just as it adds to the liability coverage of your home policy, it adds to the liability coverage of your auto insurance. Once your auto policy has maxed out when paying for the medical costs and property damage from an accident, your umbrella policy then adds more liability coverage for better financial protection. It keeps you much safer if you get into a serious accident that is judged to be your fault. 

Get Your Umbrella Insurance

If you already have home and auto insurance, getting an umbrella policy to enhance those coverage types is a smart way to stay protected. With this policy, you have a very high maximum payout that will cover far more than your home and auto policies. To talk about your own umbrella policy, call us at Creative Risk Management LLC in New Jersey.

Why Umbrella Insurance Is An Asset

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Creative Risk Management LLC offers insurance coverage to New Jersey residents. We strive to make sure that our clients have the coverage they need to protect themselves regardless of the situation. We specialize in offering custom policies.

Why Umbrella Insurance Is An Asset

Umbrella insurance is supplemental coverage that assists you in emergencies. Accidents can happen at any time. In some cases, those accidents have serious consequences. While it’s great to have liability coverage, sometimes that isn’t enough. If you are responsible for a serious accident, your assets may be at risk if you don’t have enough coverage to deal with the charges. That’s why umbrella insurance is important.

Umbrella insurance adds an extra layer of protection if you are involved in a liability dispute. Imagine someone visits your New Jersey home, and they accidentally trip over your rug and hurt themselves. You may be held liable for their injury and responsible for their recovery. If your child and their best friend are in your backyard playing around on the trampoline and your child’s friend is seriously injured, you will be held responsible. During serious situations like these, traditional liability insurance may not be enough. You can rely on umbrella insurance.

Another common situation involves auto accidents. Perhaps you take your eye off the road for a split second. That split second is all it takes for you to end up swerving and hitting someone. If you injure someone with your vehicle or cause extensive property damage, umbrella insurance can help cover your assets if you are involved in litigation. If you have a family pet, umbrella insurance is also beneficial. Perhaps your pet is having a bad day and attacks someone or damages your neighbor’s property. If the injured party pursues litigation, umbrella insurance provides an extra layer of protection.

Creative Risk Management LLC Will Help You Protect Your Assets

Visit our website today to learn more information about umbrella insurance.

What Does Boat Insurance Cover?

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When you want to play, you have to pay, which is why you went ahead and purchased a boat. Boats don’t come cheap. As a matter of fact, some cost as much as your vehicle. That said, protecting your boat against potential mishaps should always be in the back of your mind. But how can you protect your boat? 

One way is to obtain watercraft insurance from Creative Risk Management LLC, serving New Jersey and the surrounding areas. This way, you, your passengers, and your boat will be covered, as shown below.

Bodily injury

Assume you are involved in a boating accident, and you injure a fellow boater or a swimmer. You can imagine the medical costs involved if it’s a severe accident. Fortunately, with boat insurance, medical expenses arising from boating accidents are covered regardless of who is at fault.

Property damage

Similarly, if you cause third-party damage during a boating accident, and you are at fault, your insurance covers for damages up to your policy limit. Additionally, if you are sued for negligence, boat insurance pays for legal costs.

Theft, fire, and some natural perils

Your comprehensive boat insurance protects against damage or loss to your boat. Suppose there is a fire outbreak in your boat. It can be devastating watching your precious investment going up in smoke. Fortunately, boat insurance can compensate for damages to your boat up to the policy limit.

Emergency assistance

When your boat is disabled in the water, boat insurance with an emergency assistance add-on can come to your rescue by providing the services below, depending on your policy.

  • Gas delivery
  • Battery loan
  • On-water towing
  • Minor mechanical repairs

Does boat insurance cover boats only? This is one of the questions often asked by our clients. And the simple answer is no. Boat /watercraft insurance covers several water vessels. Some include:

  • Jest Ski
  • Yacht
  • High-performance boats
  • Fishing boats
  • Sailboats

Boat insurance has been made easy by Creative Risk Management LLC, situated in New Jersey. If you want to purchase one or renew, contact our team, and we shall provide you with the right boat insurance coverage.

Flood Insurance Options in New Jersey

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If you want to know more about flood insurance in the state of New Jersey, you should definitely see what an insurance agency has to offer in terms of information. One place you can go is Creative Risk Management LLC.

If you are a homeowner in the state of New Jersey, flood insurance is not required. However, in some cases, it will be a requirement if you are trying to qualify for a mortgage in an area that is thought to be at a high risk of flooding. You may be near the Delaware River or the Atlantic Ocean, for example. It would be best if you kept in mind that homeowners and renters insurance coverage will not help you when it comes to flood damage. Additionally, costs associated with flooding disasters will hardly ever be reimbursed by the government. This means that if a flood damages your home and you do not have flood insurance, you will have to pay for all the damage out of pocket, which you may not be able to do.

If you happen to live in an area designated a Special Flood Hazard Area and have a mortgage on your home that is federally backed, you will have to purchase flood insurance. An SFHA is an area that has at least a one percent chance of flooding every year. One percent may not seem significant, but over the course of a standard 30-year mortgage, this would mean approximately a one in three chance of flood damage at some point. You should also keep in mind that if you live somewhere that poses a moderate risk of flooding, you may require certain mortgage lenders to purchase flood insurance.

Anyone interested in learning more about flood insurance and how it applies to them in New Jersey should feel free to contact the Creative Risk Management LLC professionals. They will be able to answer any questions that you might have and point you in the right direction regarding what policy might actually be right for you.