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Jan 20th
Narragansett Bay Insurance Co. (NBIC) will insure homes built up to the water’s edge. Formerly, those living in north shore coastal homes valued at less than $600,000 had few choices, the main one being the Massachusetts Property Insurance Underwriter’s Association (MPIUA) a.k.a The Fair Plan.
MPIUA features a basic, no-frills homeowner policy. However, the premium is often higher than coverage offered in the voluntary market for similar homes. Another problem is that MPIUA policies are not actively serviced by the insurance agent. Any applications, changes, or modifications need company approval, resulting in time delays.
The NBIC homeowner (HO-3) policy provides several strong features at competitive rates. First, and unlike the MPIUA, there is no separate wind deductible. There is only the “all perils” deductible. Policies from the MPIUA and many other insurers of properties within a mile of tidal waters have a 1% wind deductible. So, a home with a $400,000 dwelling value will require the owner to pay $4000 up front, in event of a windstorm loss!
Second, NBIC offers discounts for such things as: auto insurance written by the same agent handling your homeowner’s policy; renovations for recent system upgrades to your home, and a credit for stay-at-home owner’s who do not work away from the house for more than 20 hrs./week.
Third, NBIC’s SHELTER PRIDE home survey done with all new applicants at no additional cost provides the homeowner with valuable information regarding property details, a safety assessment and recommendations. This type of detailed review is standard on million dollar home policies.
Finally, NBIC’s Mariner Plus Endorsement is a low-cost option that offers enhanced coverage on such items as sewer back up, higher limits on personal property, personal liability, medical payments, tree removal, lock replacement, identity fraud, etc.
Whether you are near the ocean or miles away, contact us to review and quote on your home’s coverage.
Jan 20th
You may have seen the TV commercials touting accident forgiveness. At Beacon Insurance we offer accident forgiveness coverage on Safety and Plymouth Rock auto insurance policies. How does this work? Can anyone get it?
You never have accidents, but one day you rear end another vehicle at a red light. Your merit rating points go from 99 (no accidents or moving violations in 6 or more years) to 04 – one major accident (claim payment of at least $2,000 in excess of the deductible) or 03 (claim payment between $500 and $2,000). You lose your 17% excellent driver plus discount, and each point could increase your premium 15% on insurance policy parts 1, 2, 4, and 7. Your record will reflect this accident for up to 6 years. OUCH!
With the accident forgiveness endorsement, your insurer ignores this accident. So, assuming you don’t have other accidents or moving violations, upon renewal your premium is rated as if you still had a merit rating step 99. So, what’s the catch?
Although insurers are free to define the terms, with Safety and Plymouth Rock, the driver needs to be a step 99 and purchase the accident forgiveness endorsement prior to the accident. If other listed drivers on the policy aren’t step 99 and are at fault, accident forgiveness won’t reduce the renewal premium for their accident.
Keep in mind that the insurer does not remove the accident from your merit rating record. Rather, they do not include that accident in the calculation of your premium. If you change insurers, you will probably be surcharged for that accident.
Bottom line, accident forgiveness is not a gimmick, but it’s not a panacea either!
Call us to see if accident forgiveness works for you.
Aug 6th
Eventually, most of us will be in an auto accident. Hopefully, there won’t be serious bodily injury. (To limit your injury always wear a seat belt!) In any case, it’s good to review what to do before an accident occurs.
1. Stop immediately, but do not obstruct traffic.
2. Assist the injured. Call 911.
3. Secure names, phone numbers, and addresses of other drivers, passengers, witnesses, and any injured persons.
4. Obtain make, model, license numbers of all cars involved. To be most accurate, exchange licenses and registrations. The owner and insured could be different than the driver. Also, get the other vehicle’s insurance company from the registration or insurance card.
5. Make a rough drawing of the scene, showing position of cars, street names and other details. You may want to use your camera phone to record damage to vehicles.
6. Note any police citations and if available, get police motor vehicle crash exchange forms.
7. Don’t hastily accept claim settlements at the scene of the accident.
8. Remain calm, courteous and consistent in your version of the accident.
9. Notify your insurance agent as soon as possible, and where necessary, complete a Massachusetts RMV Accident Report Form.
Here’s an accident information form you can print out and keep in your glove box. To find further instructions from the RMV, click here.
To learn more about reporting a claim, getting an Accident Report Form or the status of your claim, use the claims page our web site.
We’re here to help you get the situation corrected as quickly and completely as possible.
Jun 26th
We designed Beacon’s web site www.GoToBeacon.com to be a valuable resource for all your insurance needs with links to many other informational sites. But one of the most significant tabs on the site is the billing tab. Here you can link to insurance company sites to review your billing status 24/7 with Safety, MetLife, and some of the other companies we represent. You can pay bills on line with Safety, MetLife and MPIUA. So, you may be able to avoid late charges if you forgot to make a payment. Check it out. Let us know if there are other things you’d like to see on our site.
Jun 6th
Everyone who cares for the financial well being of another should consider buying life insurance to ensure death won’t cause financial hardship. In some cases, for example, caring for children, the majority of the financial need may be eliminated when they grow up. So, the need may be covered with term life insurance
But what if the child has special needs and may never be totally self sufficient? Working with an attorney, you may want to set up a trust that is funded upon the death of one or both parents. Unless you knew the parent or the special needs child would die within the term policy’s term, a whole life policy would provide more assurance that the trust would be funded, as intended when the parent(s) died. Also, there would be no need to fund the trust with investments during the parent’s life, avoiding the additional cost of generating tax returns prior to the insured’s death.
Whole life insurance policies ensure one’s financial plans for the beneficiary – be it for a loved one, a favorite charity or a business partner – actually occur the way the policy owner intended it to occur. Whole life, including variants such as universal life, variable life, etc, is a very simple and tax efficient way for one to transfer one’s financial estate to others. Call us to discuss your estate plans and concerns. You’ll be surprised how whole life will allow you to do things you never thought you could do. For more information, check out our life insurance web page.
INVEST Financial Corporation (INVEST), member FINRA, SIPC, a registered broker dealer and federally registered investment advisor, is not affiliated with Beacon Insurance Group, Inc. INVEST does not offer health, or property or casualty insurance or provide tax or legal advice. Please consult your tax or legal adviser for guidance on your particular situation. Securities, advisory services and variable insurance products are offered through INVEST and affiliated insurance agencies. Advisory services are offered through INVEST Financial Corporation, a federally registered investment advisor.
