Dog breeds that could raise your insurance rates.
Your dog might be your best friend, but chances are it is not best friends with everybody who visits your home. People adopt dogs for many reasons, including companionship, protection and breeding. Some dogs are put to work at an early age guarding livestock or being watchdogs, but most dogs earn their living loving us as much as we love them.
All homeowners are aware that they have to carry insurance to protect themselves in case someone gets injured on their property by an overprotective dog. But the truth is that certain dog breeds have a bad reputation for being too aggressive.
If you’re planning to adopt a dog, you should consider how your new pet could affect your insurance rates. Some breeds can raise your rate, and other breeds could cause your insurance company to cancel your policy. Your dog may be the sweetest little buddy you’ve ever had, but these dog breeds, in particular, are noted for attacking people and other dogs. You might want to rethink adopting a pooch from this list.
• American Pit Bulls and Staffordshire Terriers share a similar appearance and the ability to cause serious harm. They can be sweet and affectionate one minute and vicious the next. Their size and jaw strength have put them front and center among dogs that injure and kill. They’re even notorious for attacking their owners. They were responsible for over 60 percent of the 38 fatal dog attacks in the U.S. during 2012.
• Dobermans used to be extremely popular, but after a rash of attacks in the 1970s, many people have shied away from the breed. They tend to be very protective and aggressive, which makes insurance companies fear the worst.
• Rottweiler’s aren’t as tall as Dobermans, but they are stockier, and their jaws generate over 300 pounds of pressure per inch. They can quickly and easily break a person’s arm or seriously injure or kill a child.
• Chows have earned a reputation among vets as being unpredictable. That unpredictability makes them a very dangerous breed to own, especially around children.
• German Shepherds make great police dogs and pets. However, they are territorial and protective. If unfamiliar relatives, friends or strangers come calling, they might be met by a not-so-welcoming host.
Almost any dog can be provoked, but the ones on this list are notorious. Keep that in mind when you’re choosing a new pet to join your family.
Mulit-family, duplex or a three decker insurance information
Searching for Massachusetts multi-family property insurance can be complex. The coverage’s, limits and exclusions will be different based on if it is a general apartment-style multi-family property, a duplex owner-occupied home, or a triple- or three-decker insurance plan. However, there are some basic coverage options you should know that apply to all types.
Read your options carefully because you don’t want to discover after a fire or storm that you aren’t completely protected. While cost is a factor, avoid the mistake of choosing solely based on price. There are other important factors to consider in coverage options that could save you tens of thousands of dollars if a loss occurs.
All Risk Insurance
Some of the most important aspects of duplex owner-occupied and triple- or three-decker insurance will be to choose a policy that is “all risk” as opposed to “named peril.” The named peril insurance will only cover for those types of losses that are specifically named and defined in the policy. Insurance companies can take advantage of that by denying claims that might not perfectly fit in the defined category.
All risk coverage will protect for all loss unless it is specifically excluded; exclusions do apply, so be sure to read over them and know what they are. Typical exclusions often include losses due to wear and tear, earthquakes, and floods. Another advantage of all risk policies is coverage limits of personal contents are expanded.
Coverage for Flood
If your multi-family property is in a flood zone or an area that could be prone to flooding, you can buy a flood policy separately. The Federal Emergency Management Agency takes on the risk to pay out flood claims but is usually processed and managed through an agent or insurance company.
Coverage for Sewage Backup
Unless the coverage is specifically mentioned on the quote or policy, water and sewer backup is not automatically covered. This loss could occur as something as minor as a toilet backup or as major as a city sewer backup, but both could add up to costly repairs.
Another option to carefully consider is the amount of liability protection from lawsuits due to slips and falls, negligence, third party negligence or accidental death. You should have several layers of protection that include high limits of liability on your property policy and an excess (umbrella) liability policy. This is vitally important if the property includes a pool, playground or work out facilities. The more tenants you have, the more liability protection you should consider on multi-family, duplex owner-occupied, or triple-decker insurance.
Rental Income Loss Coverage
Lastly, carefully consider the financial impact of losing rental income because of a fire or other loss. Your policy will pay to have repairs made, but it’s also strongly suggested to include insurance to recoup rental income loss. Each multi-family property poses its own unique insurance needs. Seek the help of a qualified and experience agent to ensure your insurance protection is designed for your individual needs.
The importance for property owners to hire only insured contractors.
Hiring only insured contractors can provide a safeguard for your business. The Property that you own can face significant liability if a contractor does not complete the work both properly and appropriately or if he is injured while on the job. O’Connor & Co. provides Property Owners’ insurance as well as Contractors Liability insurance to clients throughout Central Massachusetts.
All contractors that you hire should be licensed as well as insured. A contractor who is licensed must often pass a background check, possess a specific amount of experience, and pass a business management exam. Most contractors will not receive a license if they have outstanding legal complaints that have not been resolved.
Although unlicensed contractors often offer to work at decreased pricing your savings come at your own expense! The reason is that these savings are due to their lack of insurance and employee benefits such as Workers Compensation. Hiring unlicensed or uninsured contractors can be painfully problematic and costly. For example, you may not have recourse against these contractors if there is an ordinance that is neglected or improperly adhered to. A court may even consider your contract null and void in any action you may need to take against an unlicensed contractor. The court may refuse to provide you with relief or recourse against the contractor based upon your own willing participation in certain situations. With a licensed contractor, you have the right to make a complaint against his license. This option provides you with a way to respond if the work that is done is below an objective standard of quality workmanship or below the building codes in your area. You may also be able to receive compensation from a recovery fund in order to have the work corrected or in order to hire a different contractor to complete the work.
A contractor’s failure to comply with Workers Compensation requirements or other legal responsibilities, while working on your property, can have devastating implications for you as a property owner. Remember, ignorance of the law is not a viable legal defense and it is always the property owners responsibility to verify that the people hired are working within the law.
O’Connor & Co. can provide you with property owners’ insurance as well as other valuable advice on how to protect your most treasured assets. Hiring properly insured and licensed contractors is only one of the valuable pieces of advice that we offers.