Clarke & Sampson Blog

Protecting Your Assets With An Umbrella Policy

Posted by Scott Jefferson

Jan 29, 2014 2:29:00 PM

Your home and auto policies are designed to protect you from liability losses up to a certain dollar limit, but what if that limit is exhausted? Consider this scenario: you caused a major auto accident that resulted in $750,000 worth of bodily injury and property damage. Your auto insurance only covers $500,000. Who is responsible for paying the remaining $250,000? You are - unless you have an umbrella policy.  

An umbrella policy is designed to protect you above and beyond your home and auto policies. With umbrella liability insurance, you are safe, your family is safe, and so is your lifestyle.

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Topics: Personal Insurance, Personal Liability, Alexandria VA, Personal Umbrella, Umbrella policy, Umbrella Liability

HO3 vs. HO5 Homeowners Insurance

Posted by Scott Jefferson

Jan 22, 2014 10:12:00 AM

Many homeowners operate under the assumption that all homeowners insurance is created equal. A common notion is that as long as the coverage limits match, a policy or quote comparison is "apples to apples." The reality is that that homeowners policies differ substantially even though they may appear to be identical. One major difference between homeowners policies is whether coverage is provided on a HO3 or HO5 form.

 

 

 

 

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Topics: Personal Insurance, Historic Home, Alexandria VA, Homeowners Insurance, HO3 vs. HO5

Insuring Your Wine Collection

Posted by Scott Jefferson

Dec 31, 2013 10:27:06 AM

Wine is a delicate investment. A simple a slip and fall could turn one of your most precious bottles into a puddle on the floor. When you consider some of the other threats to your collection (theft, fire, power outage, flooding, earthquake, etc.), it's apparent that there is a lot at stake.

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Topics: Personal Insurance, Alexandria VA, Wine Insurance

Ten Principles of Historic Property Preservation

Posted by Scott Jefferson

Dec 16, 2013 3:16:00 PM

In the 1989 issue of Historic Preservation, Susan Morse described what she called, "The Do's and Don'ts" for those who have invested their time and resources into restoring historic properties. The list that she compiled is still widely circulated and regularly cited by the National Trust for Historic Preservation. While the list was intended for owners of historic properties, it is also relevant to our work as insurers of historic properties. We'd like to share the ten principles with you, and add some helpful guidance from an insurance and risk management perspective.

 

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Topics: Personal Insurance, Home Security, Historic Home

How To Protect Your Home From Water Damage

Posted by Scott Jefferson

Dec 12, 2013 11:58:00 AM

Whether it’s a dripping refrigerator hose or a backed up sump pump, water is a homeowners worst nightmare. It leaks, drips, seeps, and floods its way to the top of the list as the most damaging cause of loss to homes. Fortunately a little hard work and planning can help you reduce the likelihood of major water damage. Here are some helpful pointers for homeowners:

- Install an automatic leak detection system. These systems can detect leaks, and automatically cut the water supply.

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Topics: Flood Insurance, Personal Insurance

Understanding Home Replacement Cost

Posted by Scott Jefferson

Dec 12, 2013 8:18:00 AM

Whether you are purchasing coverage for the first time or reevaluating coverage that has been in place for years, every homeowner should understand what "replacement cost" means relative to homeowners insurance. To start, here is a simple definition:

The replacement cost of a home is the cost to rebuild that home exactly as it is now, in its current location, with like kind and quality of materials, in the event of a total loss.

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Topics: Personal Insurance, Historic Home, Alexandria VA

Family Trust Management: Am I Personally Liable?

Posted by Scott Jefferson

Nov 26, 2013 9:30:00 AM

Over the next decade, trillions of dollars will transfer hands through family managed trusts in an effort to preserve and distribute family assets. Generally a volunteer or designated family members act as the managers of the trust. With a sense of duty, the trust manager carries out the tasks at hand with the very best of intentions. Unfortunately, the best intentions don't always result in the desired outcome for each and all. As a result, trust managers are increasingly finding themselves faced with legal suits for alleged breach of duty.

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Topics: Personal Insurance, Personal Liability, Historic Home

Protecting Your Home With Thermal Imaging

Posted by Scott Jefferson

Nov 15, 2013 12:02:00 PM

Thermal imaging has become a hot topic amongst homeowners. Originally developed to identify enemy soldiers at night, thermal imaging is now used in everything from medical applications to building construction. The technology is catching the attention of homeowners because it provides valuable information on three major concerns of homeowners: heating and cooling efficiency, water damage and mold, and unwanted guests such as termites and rodents.

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Topics: Personal Insurance, Home Security, Thermal Inspection, Thermal Imaging

Protecting Your Trusts and LLCs

Posted by Scott Jefferson

Nov 8, 2013 8:03:00 AM

Holding personal real estate in a Trust or LLC is a common practice in the United States, whether it is for estate planning, limiting personal liability, or tax reasons. According to the IRS, the personal use of LLCs and trusts has increased substantially over the last decade. Most people are not aware, however, that the use of these instruments influences how your property insurance should be structured. In our experiences, it is a common misconception that assets held in LLCs and trusts are protected from liability. The reality is that even a trust or LLC could be liable if there is an injury on the property.

How are trusts and LLCs used?

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Topics: Personal Insurance, Home Security, Personal Liability

Insuring Your Historic Home

Posted by Scott Jefferson

Oct 30, 2013 4:41:00 PM

Whether you live in a revolutionary war era farm home or an early 1930s federal style townhome, it's probably the charm, elegance, and history of the home that you fell in love with. Your home may also have a special place in your heart because, frankly, they just don't make homes like they used to.

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Topics: Personal Insurance, Home Security, Historic Home