A condominium insurance policy explained

Whether you’re buying your first home, looking to downsize, or retiring somewhere else, understanding condominium insurance coverage is important. Especially now with the impacts of inflation.

Master Policy Coverage

Most condo/homeowners’ associations (HOAs) have what’s called a master policy which provides coverage for the exterior of the building and common areas. Common areas may include hallways, elevators, gathering rooms, and pools. Losses covered by the master policy are storm damage, fire, and liability exposures like slip and falls in the common areas. The master policy won’t provide liability, structure, or contents coverage for you and your unit. 
 
Structure/Dwelling Coverage

Condominium coverage is very different from Homeowners as the structure coverage doesn’t offer replacement coverage or have an inflation factor built in. As a result, you may not have enough coverage in a loss situation. If you’re wondering, what can you do, check your HOA documents to see what coverage the master insurance policy provides. Most common is either “bare walls in” (responsible from studs in) or “all in” (responsible for mostly just personal property). There are some variations to this which is why import for you to review the HOA. With this information you can have a conversation with your agent about getting the best coverage. 

Contents Coverage

Contents is all the furniture, dishes, clothing, and anything else you have brought into your condominium. This is easily the most underestimated coverage. Most of us don’t realize how much it would cost to replace everything in our home, condominium, or apartment after a total loss. My recommendation when selecting this coverage amount is to think of buying everything without any sales, paying full price. When doing that don’t forget to include unique or expensive items like jewelry, artwork, musical equipment, and more. 

 Loss Assessment

All of us are looking for ways to save money and HOAs aren’t different. One of the easiest ways to reduce insurance cost is to take higher deductibles. HOAs are considering $5,000, $10,000, $25,000, or higher. What that means for you is after a loss you can be assessed for the cost. Good news is your condominium policy will usually come with some coverage called Loss Assessment, and you have the option to add more. Our recommendation is again to review the HOA’s master policy to decide how much coverage you should have. 

Posted by Scott Stueber on Dec 6, 2022 8:56:10 AM

https://www.thesilverlining.com/westbendcares/blog/a-condominium-insurance-policy-explained

Home improvement projects you can take on this winter

You might think the warmer seasons are the only time to take on home improvement projects, but there are a lot of things you can do this winter. Whether it’s some fresh paint, furniture updates, or minor cosmetic changes, you’ll be able to get a lot accomplished during the colder months of the year so you can spend more time enjoying your home when warmer weather arrives.

Add a Fresh Coat of Paint

Painting the interior of your home can seem intimidating if you haven’t done it before, but a lot can be done in a few simple steps. The first thing you’ll need to do before painting is take any decorations off the walls. This includes pictures, shelving (if it can be easily removed), sconces, and outlet covers. Before doing this, it’s a good idea to take photos of where your decorations were hung if you want to put them back in the same places after your painting is complete. You should also take the time to outline your baseboards, window trim, ceiling, and doors with painter’s tape. This will make the process of painting the walls easier and help you avoid making mistakes or painting outside the walls.

Once your space is painted, you can add in some new decor if you choose. This will give your
room a fresh, new look while keeping costs low. Even if you decide not to change anything else, the new coat of paint will modernize your home. This will especially help if you choose a
trending color palette to elevate the look of your home.

Refresh Your Space with New Furniture

If painting isn’t something you want to take on, there are other things you can accomplish
without getting your hands dirty. Taking the time to purchase some new furniture and
accessories for your space can give your home a beautiful new look without having to undergo any major renovations. If you’re looking for some ways to transform your space on a budget, upcycling might be a great option for you. Upcycling is purchasing outdated or damaged furniture at a low cost and adding some minor cosmetic upgrades to give it a new look. This can be as simple as some paint and new hardware or can even include adding cabinet doors to a bookshelf if you’re handy. Many people also have success finding slightly used brand-name furniture on sites like Facebook Marketplace. This is more common if you live in a larger city but is a great way to get quality pieces at a slightly cheaper price than in a retail store.

Make Small Upgrades to Your Kitchen

The kitchen is truly the heart of your home. So many gatherings with family and friends are
centered around meals and having a beautiful kitchen for entertaining will take your get-
togethers to the next level. In a kitchen especially, minor upgrades can go a long way. Painting
your cabinets and adding new hardware can modernize the space and keep costs relatively low. You can also splurge on some new stainless-steel appliances if yours need a refresh. New
appliances are definitely a large expense, but modern, energy-efficient appliances can often
save you a lot of money on your utility bills in the long run.

The winter months are also a great time to renovate your tiles or countertops. Although these projects are more involved, they make a huge impact on the style of your home. If you want to upgrade your backsplash tile, there are many budget-friendly DIY options you can utilize. Adding a peel-and-stick white subway tile backsplash will give your kitchen a modern look, but will be timeless enough that you won’t be ready for a new design three years down the road. The best upgrades are ones that will sustain you for many years to come and give your home a timeless look.

Stick to a Budget

It’s important to keep your budget in mind when tackling winter projects. Getting in over your head in terms of expenses can lead to unfinished projects and a messy financial situation if you’re not careful. Consider your budget and how it corresponds with your available funding options, whether that be a dedicated savings account or use of your home’s equity. Then, set a price cap for each room in your home based on the amount of work needed. This can help to both prioritize projects and prevent any impulsive spending on projects you don’t necessarily need. Talk to your lender to learn more about financing your next home improvement project.

Posted by Scott Stueber on Dec 20, 2022 10:25:52 AM

https://www.thesilverlining.com/westbendcares/blog/home-improvement-projects-you-cantake-on-this-winter

Deer hits and increased repair time, what you need to know

Unfortunately for many people, this time of year is the peak for deer and auto collisions. If you’re wondering why, it’s because mating season for deer runs from October through December so the population is more active during this time, accounting for that increase in collisions.

What’s different now is that supply chain and labor challenges can make getting your car repaired more difficult. Here’s some things to know.

Reasons for delay

Today’s car repairs can take longer than in the past. The reasons for this include:

• Delivery delay for parts
• Parts distribution is impacted by driver shortages
• Limited number of technicians to do the work
• Hard to find qualified technicians to hire
• More older cars on the road which also need repairs

What does this mean for you?

• Increased frustration during an already stressful time.
• More time spent driving a rental car.
• Paying out of pocket for your rental car because policy limits have been exhausted.

Insurance coverages explained

Collision means the upset of your covered auto or its impact with another vehicle or object. For instance:

1. Running a stop light and hitting another car.
2. Swerving to avoid a deer and hitting a tree.
3. Hitting a parked car, mailbox, or building.

Comprehensive coverage (other than collision) is for losses caused by missiles/falling objects, fire, theft/larceny, explosion or earthquake, windstorm, hail, water or flood, vandalism, contact with a bird or animal, or breakage of glass.
Both collision and comprehensive coverages are optional unless you have an auto loan or leased vehicle. If you don’t have these coverages, you’re responsible for paying for your own repairs.

Rental car reimbursement coverage / Transportation expense helps you pay for a rental car or alternate transportation if your car is damaged by a covered cause of loss. The maximum coverage limit is limited to the amount of time reasonably required to repair your covered auto. However, due to labor shortages and supply chain issues, repair time may take much longer than normal causing you to pay for your rental car out of your pocket. In addition, inflation has caused rental car prices to rise. It’s important to talk to your insurance agent to see what options are available to you for increasing your policy limits. A basic limit of $30 – $50 a day may not be enough. In addition, to get a rental car that’s equivalent to what you drive may require a higher limit. A luxury car costs more to rent per day than an economy car. Here are some limits that may be available to you. 

Per day coverage limit	Max coverage limit
$40	$1,200
$50	$1,500
$75	$2,250
$100	$3,000
$150	$4,500
$200	$6,000

Again, reviewing this coverage and your options before you need it will give you peace of mind during these unprecedented times.

For safe driving tips this time of year click here.

Posted by Scott Stueber on Nov 15, 2022 10:47:18 AM

https://www.thesilverlining.com/westbendcares/blog/deer-hits-and-increased-repair-time-what-you-need-to-know

Preventing distracted driving when pets are in the vehicle

Pets are a big part of many families. More than 63 million households own a dog. Because they’re considered part of the family, they often accompany families during daily trips and vacations.

Depending on where you travel, allowing your dog to sit on your lap while driving may be illegal. Some states consider this a form of distracted driving and require pets to be in proper car restraints.

Here are the basic rules to follow when traveling with pets:

1. Don’t drive with your pet on your lap.
2. Never allow a pet to travel in the front seat of the vehicle. 

Doing either of these things can lead to distracted driving, possibly resulting in injury or death.

Before you head out and travel with a pet you should consider these different options for restraining your dog as well as additional safety tips.

1. Always use the proper size pet carrier. If you have a van or SUV, a pet crate or carrier is a nice option. Your pet and the carrier can be loaded through the tailgate. In addition, the carrier will sit on a relatively flat surface. Then, don’t forget to secure it. Be sure your carrier is the right size to allow your pet to stand, sit, turn around, and lie down.

2. Consider other options. If a pet carrier won’t fit in your vehicle, consider other options to restrain your pet. The restraint that will work best for you depends on the size of your dog. These links provide some different options. 

Sleepypod Official Store – Clickit Sport Dog Car Safety Harness‎

Sleepypod mobile pet bed

petego.com/Carriers/JetSetFormaFrame?color=80&size=195

ar Safety Items for Your Pet | PetMD

3. Practice. Not planning your route leads to indecision, and indecision leads to distraction. If you’ve welcomed a new dog into your family, consider taking it on a test drive. Never assume your new pet enjoys car rides. Watch for signs of anxiousness and car sickness. These things can lead to distraction while you’re driving.
 
4. Allow plenty of travel time. If you have a long drive ahead, be sure you allow for pit stops along the way. The American Veterinary Association recommends a stop every two to three hours.

 5. Plan your over night stays ahead of time. Many hotels allow pets now, but while you’re driving isn’t the proper time to be searching for these hotels. 

Posted by Scott Stueber on Nov 8, 2022 9:19:54 AM

https://www.thesilverlining.com/westbendcares/blog/preventing-distracted-driving-when-pets-are-in-the-vehicle

Tips for safely backing up your car

As the amount of daylight decreases it’s important that we adjust our driving habits. Driving in darkness can make normal driving maneuvers more difficult. One of those maneuvers is backing up your car. While new cars have backup cameras and other technologythat can assist, you shouldn’t rely solely on them. Blind spots and the extra hours of darkness can be dangerous for pedestrians.

Whether you’re a veteran or a new driver, here are some tips that can help you navigate this darker time of year:

1. Turn your head. Before backup cameras and sensors, the only way to safely back up your car was to place your right arm on the passenger seat and turn your head and shoulders to the right to look out your back window. This is still a good procedure to follow. While the backup camera is a great tool, it shouldn’t be relied on exclusively.

2. Check your blind spots. Every car, big or small, has blind spots. Knowing where yours are can help you when backing up. It’s these areas where you’ll need to pay extra attention. To find yours, have a friend or family member position themselves in different areas around your car.

3. Check your surroundings. Whether backing out of your driveway or a parking spot at your local grocery store, the environment around you can change quickly. When walking to your car, take note of what’s happening. Are your neighbor’s children playing in their yard? Could they run into your driveway to get their ball? Are people fighting for parking spots and doing aggressive maneuvers? Or is there a light pole directly behind your car. Having an awareness of what’s happening around you already makes you a better driver.

4. Ask for help. Big vehicles have larger blind spots. Ask your family or friends for help when backing out. An extra set of eyes can help tremendously.

5. Take your time. Being in a rush can cause you to ignore your surroundings and cause you to make poor decisions. Don’t worry about if someone is waiting for your parking spot or if you’re running behind for an appointment. A few extra seconds of caution can prevent a tragic accident.

6. Use extra caution in bad weather. Heavy rain or snow can impair visibility. Be sure to turn your head a few extra times to ensure you see everything. Backup cameras may be covered with water or snow rendering them useless.

7. Practice reverse parking. Depending on the situation, reverse parking may be a better option, especially in high pedestrian areas. Reverse parking allows you to back into a parking spot and then allows you to pull straight out when it’s time to leave. This provides an overall better line of site. The downside to reverse parking is if you need access to your hatchback or trunk. This technique makes loading or unloading things more difficult.

8. Practice pull-through parking. This technique allows you to pull into and drive through a parking spot. The problem comes into play if you and another driver have the same idea. Always use caution when practicing this maneuver as well.

Posted by Scott Stueber on Oct 18, 2022 8:57:35 AM

https://www.thesilverlining.com/westbendcares/blog/tips-for-safely-backing-up-your-car