Insurance Coverage for Possessions You Store Onboard

Ensuring the Adequate Protection of Your Watercraft Possessions

Items stored on your watercraft can be damaged in accidents or due to natural weather events. Here are some key points to make sure your insurance policy satisfactorily covers your belongings.

Understanding the Scope of Boating Insurance

Boating insurance is designed to offer independent and commercial boat owners the required protection level. Boating insurance covers incidents such as theft or vandalism, providing replacement or repair. Additionally, the coverage ensures liability protection. The insurance will cover repair costs if your insured boat is involved in an accident.

Assessing the Condition of Your Possessions

Begin by evaluating the loose content stored on your boat. Draft a list featuring the identified items along with their monetary value. While it might be tempting to insure all the items on your list, it’s also crucial to implement protective measures to avoid having to file an insurance claim. Consider the use of waterproof covers and locked boxes to maintain the good condition of loose items.

Checking Structural Materials

Afterward, examine the materials your boat is built from. Regular maintenance of these materials can keep your watercraft in top shape.

Inspecting Electrical Components

Review the electrical components onboard. Such materials should be stored in a safe area, away from exposure to harsh elements. Pen down all significant materials that you would like to be covered by your insurance policy, including navigational equipment, lighting, and other valuable items.

Connect With Creative Risk Management LLC

Contact an agent of Creative Risk Management LLC to guide you in preparing your boating insurance documents. Serving New Jersey, we are ready to assist you.

Salvage Household Goods After A Flood

Your flood insurance policy will pay for the cost of repairing or replacing household goods that incur water damage. Review the tips below to salvage your possessions after a flood takes place. Then, contact a Creative Risk Management LLC agent serving New Jersey to file an insurance claim.

Report

Contact your insurance provider soon after a flood has occurred. Disconnect your home’s electricity if any of the wires within your residence have become wet. The report that is filed should include the location of the flood and a list of the items that became wet.

Photos

Take pictures of the items that were damaged by water. These pictures will support your insurance claim. They will indicate the severity of the water damage.

Removal 

Remove loose items from your home. Wet rugs, furnishings, and other possessions should be stored in an alternate area that is clean and dry. 

Cleaning Steps

Clean all the items that are wet. If any of the items are saturated, they may need to be professionally cleaned. A company that assists with flood cleanups can advise you on the proper cleaning steps to take.

A professional company uses commercial-grade cleaning products and equipment to restore the condition of items that are water-damaged.

Insurance Claim

You will need to fill out some paperwork in order for your insurance claim to be approved. If any of the possessions that are wet cannot be salvaged, you may be reimbursed for their value.

Your claim will cover the cost of professionally cleaning your items. It will also cover the cost of replacing household items.

We Are Here To Help

Contact a representative who serves New Jersey for further assistance. At Creative Risk Management LLC, our agents provide insurance claim services for all types of flood damage.

Navigating Common Misconceptions about Condo Insurance

Embarking on the journey of condo ownership in New Jersey requires a clear understanding of condo insurance. At Creative Risk Management LLC, we’re here to debunk common misconceptions and guide you through the essentials of securing your investment.

Condo Insurance: Common Misconceptions

Misconception #1: "The Condo Association’s Insurance Covers Everything"

Contrary to belief, the condo association’s insurance typically covers common areas and the building’s structure. Individual units and personal belongings require additional coverage to ensure comprehensive protection against unforeseen events like accidents, theft, or damage.

Misconception #2: "I Don’t Need Condo Insurance; I’m Covered by Renters Insurance"

Renters insurance and condo insurance are distinct. While renters insurance is tailored for tenants, condo insurance covers the unit’s interior, personal property, and liability. Understanding these differences is crucial for first-time condo owners in New Jersey.

Misconception #3: "The Master Policy Provides Adequate Personal Property Coverage"

While the condo association’s master policy may offer some coverage, it often falls short of protecting your personal belongings adequately. Customizing your coverage ensures that your furniture, electronics, and other valuables are safeguarded against potential risks.

Misconception #4: "Condo Insurance is One-Size-Fits-All"

Recognizing that every condo and homeowner has unique needs, we tailor insurance plans to suit specific requirements. Whether it’s adjusting coverage limits or incorporating additional endorsements, we ensure your policy aligns seamlessly with your New Jersey condo lifestyle.

Ready to dispel misconceptions and secure your condo with confidence?

Contact us today at Creative Risk Management LLC to learn more about condo insurance in New Jersey. Call us to discuss your coverage needs, and let us guide you through a personalized insurance plan for your valuable investment. Your peace of mind starts with us!

The Role of Life Insurance in Estate Planning: Passing on Your Legacy

Estate planning is a strategic way to secure your legacy and ensure the financial well-being of your loved ones after you’re gone. One crucial component of a comprehensive estate plan is life insurance, playing a pivotal role in providing financial stability and passing on your legacy seamlessly. Here’s more information from Creative Risk Management LLC, serving the residents of New Jersey.

Life Insurance & Estate Planning

Life insurance acts as a safety net, offering a tax-free payout to beneficiaries upon the policyholder’s death. This payout, known as the death benefit, can cover various expenses, including outstanding debts, funeral costs, and estate taxes. By alleviating financial burdens, life insurance allows your loved ones to navigate the aftermath of your passing without undue financial strain.

For those with substantial estates, life insurance becomes a powerful tool in mitigating estate taxes. The death benefit is typically exempt from income tax and can be strategically used to cover any tax liabilities, ensuring that the wealth you’ve accumulated is passed on more efficiently.

Moreover, life insurance facilitates the equitable distribution of assets among heirs. It provides liquidity to the estate, allowing for the smooth transfer of assets without the need for their immediate liquidation. This can be particularly beneficial for individuals with non-liquid assets, such as real estate or business interests.

We Are Here To Help

Selecting the right type and amount of life insurance is crucial in aligning your policy with your estate planning goals. Whether opting for term life or permanent life insurance, a well-structured policy ensures that your legacy is preserved and your loved ones are provided for, creating a lasting impact that extends beyond your lifetime. If you’re looking for a new life insurance policy in New Jersey, reach out to Creative Risk Management LLC to get started.

What should I consider when getting an auto insurance plan for my new vehicle?

Owning a car in New Jersey is always a good idea. When you are a car owner here, it will be very easy for you to get around the state and complete your typical daily tasks. If you are going to purchase a car here, it is important that you are fully insured at all times. When you are building a new auto insurance plan, there are various features you should consider getting. 

Comprehensive Coverage

When you are looking for auto insurance, you should consider getting comprehensive coverage. In this state, the only type of insurance you are legally required to have is liability coverage. However, this will not actually protect your vehicle. If you get a collision and comprehensive plan, you will have insurance against many risks that could affect your car, such as theft or accident damage. 

Gap Insurance

You should also consider getting gap insurance. A car is a depreciating asset, which tends to decline in value quickly over the first couple of years of ownership. Because of this, particularly in the first year of loan repayment, the value could be less than the loan balance. If you have gap insurance, it will cover the gap between the value of the car and the loan amount if it is totaled in an accident. 

We Are Here To Help

As you are shopping for a new auto insurance policy in New Jersey, you can quickly find there are a considerable amount of options and factors to consider. When you are ready to begin a search for this coverage, you can call our team of professionals with Creative Risk Management LLC. Our insurance team with Creative Risk Management LLC always knows the value of this coverage and can give the support necessary to build a plan ideal for your situation. 

Four things business owners sometimes don’t realize about commercial insurance

Failing to invest in adequate commercial insurance coverage can have drastic consequences for your company in New Jersey. That’s why you need to make sure that you’re meeting your company’s insurance needs. We offer commercial insurance coverage at Creative Risk Management LLC.

The following are four things that business owners sometimes don’t realize about commercial insurance:

Commercial insurance policies can be customized to protect against the unique risks that a company faces. 

Your company is unique, and your commercial insurance policy should be unique too. When you buy commercial insurance for your company, you can choose exactly what types of coverage you want to invest in. You can work together with a representative from your insurance company to find commercial coverage that’s customized for your company. 

Commercial insurance can protect companies against losses caused by employee theft.

Some business owners don’t realize that commercial insurance can cover costs resulting from theft even if a company’s own employees are responsible. 

Commercial insurance can compensate companies for losses faced due to business interruptions. 

Companies can expensive business interruptions due to incidents like natural disasters. Such incidents can completely stop revenue from coming in. Business interruption coverage can compensate a company in such a situation. 

Business owners need to meet any claims reporting requirements specified on their policies to use commercial insurance. 

It’s important for business owners to know about claims reporting requirements. Commercial insurance providers may require that companies report incidents within a given period of time or in a particular way for claims to be honored. 

Consult With Us

If you want to choose the right commercial insurance coverage, you need the right information. If you have questions on coverage for your business in New Jersey, we can provide you with valuable information at Creative Risk Management LLC. Get a quote today by giving us a call. 

Do I need to get a renter’s insurance plan in New Jersey?

Being a renter can be a great housing option for those who live in the state of New Jersey. When you are a renter, you will enjoy the flexibility and lack of obligation that comes with renting. While there are advantages that come with renting, you still need to have proper insurance. You will need to get a renter’s insurance plan for various reasons when you are going to rent a home in this state. 

Meet Lease Requirements

A common reason why people in this state and other areas will need to have a renter’s insurance plan is because it is an obligation under the lease. When you sign a lease, many landlords and property owners will require you to carry a full renter’s insurance plan until the end of the lease. If you do not have coverage, you may actually invalidate the lease and face various consequences. 

Obtain Insurance Benefits

It is also a good idea to get a renter’s insurance plan so you can take advantage of the benefits that it will provide to you. When you are going to rent a home, you will want to know that you have personal liability protection that can mitigate damages from an accident and that you have coverage for personal items. A full renter’s insurance plan will provide this important coverage. 

Creative Risk Management LLC Is Here To Help!

Renting a home can be a great housing option for those who are in the state of New Jersey. If you choose to rent a home when you are here, you can start your search for a renter’s insurance plan by calling our team at Creative Risk Management LLC. Our professionals are experienced when it comes to helping people understand their insurance options and building a quality plan. 

Boat Safety Tips for Every Family

Boats can offer a great way to spend time with family and friends. Yet if folks don’t take the proper precautions, a fun day on the lake, river, or ocean could turn into a tragedy. By taking the right steps, such as having the necessary safety equipment on hand and a good boat insurance policy, it’s possible to mitigate many risks. Contact Creative Risk Management LLC, serving New Jersey residents, to discuss boat insurance policy options.

Boat Safety Tips for Every Family

Personal Floatation Devices Are a Must

It happens every year: folks head out on a boat, skipping life jackets, thinking that such precautions are unnecessary. Then tragedy strikes and people desperately in need of a lifejacket or other device find that they’re in short supply. Make sure you have floatation devices for every passenger.

Have Waterproof Communication Devices on Hand

Smartphones may work on water, but with many models, if they get wet, they’re ruined. Further, depending on where you’re at, reception may be poor, and GPS might not work. It’s possible and wise to buy emergency communication devices that can work far from cell towers and that are waterproof.

Make Sure You Have Boat Insurance

In the event that someone is hurt, they may have to seek medical care. The right boat insurance policies can help cover some of the medical costs. Boat insurance may also pay for damage to boats and other vehicles, although obviously, health is the most important aspect.

Boat insurance may also provide assistance and coverage if a boat owner should face civil litigation over an incident with their boat. This can help protect families not just today but well into the future. Boat insurance plans can help in other ways, so it’s wise to speak with an insurance agent about policy options.

Reach Out To Us

Get in touch with Creative Risk Management LLC, serving New Jersey, to discuss boating insurance policies.

Lessons Learned About Flood Insurance In New Jersey

Many New Jersey homeowners underestimate the likelihood and potential impact of flooding on their homes and families. However, the increasingly frequent severe weather events and their aftermath suggest many New Jerseyans should rethink their attitudes around safeguarding their homes from flood events and the steps they can take in preparation.

While hoping these events never occur, our Creative Risk Management LLC team stands ready to review the flood and other insurance needs of New Jersey homeowners like you.

Lessons Learned and Takeaways in New Jersey

New Jersey is increasingly threatened by hurricanes and other severe weather events, drawing attention to the 10% of New Jersey homes in high flood-risk areas. However, FEMA reports that 25% of flood insurance claims in New Jersey are from outside the high flood-risk areas. This fact reminds us that flooding can impact those in moderate- and low-risk areas, and they should consider acquiring flood insurance. Thankfully, being in less risky areas means flood insurance coverage can be relatively inexpensive.

A second lesson is that disputes about flood claims commonly concern the extent of damage and loss and potential pre-existing conditions. This situation reinforces the need to prepare for future claims by regularly documenting your belongings and the condition of your home using a smartphone or similar device. Doing so limits the potential of future disputes and ensures you receive full and fair treatment for flood, fire, or other types of claims.

Working with Creative Risk Management LLC

Creative Risk Management LLC proudly serves New Jersey homeowners to handle their flood and other insurance needs. We will work with you to recommend an insurance plan that protects your home and family against unforeseen events. Call us or stop by today to discuss your insurance options.

Is Condo Insurance Required in New Jersey?

The experienced condo insurance agents at Creative Risk Management LLC serving the New Jersey area know how important it is for you to have a condo insurance policy. Even though condo insurance is not required in the state of New Jersey, it is very important to have it anyway. Also, if you owe money to a lender for your condo, you must have condo insurance for the length of your loan in most cases.

While most condominiums are governed by a condo association, the association’s insurance policy only covers certain things.  This means that in most cases, the property insurance policy held by the condo association will not cover the inside fixtures of your home. It also will not cover your personal belongings and other items inside your home, which is the reason you need to have your own condo insurance policy. Most of the time, a condo association insurance policy only covers common areas of the condominium complex, such as pool areas, patios, and recreation rooms.  

What Does Condo Insurance Coverage Cover?

If your condominium suffers a fire or it is damaged or destroyed by a natural disaster or an act of vandalism, your condo insurance policy will help pay for your personal belongings as well as your furniture, appliances, and other items. A condo insurance policy will also help you replace items that are stolen due to a theft incident or a burglary.

More than likely, you want to have visitors to your home, so once again, condo insurance is important to have in place. This is due to the fact if somebody slips and falls in the living room of your condo and is injured, your condo insurance policy will help pay for their medical bills and help you keep from being sued.

Three Types of Condo Insurance

There are three different types of condo insurance policies that you get to pick from. The most common one is the one described above that will cover the inside of your condo and all of your belongings. You can also opt to have an all-inclusive condo insurance policy that will cover everything inside your condominium as well as everything outside of your home. You can also choose a special entity condo insurance policy that will help cover the structure of your condo as well as the fixtures that are in place inside and outside of your condo.

Get Your Policy Started

To create the best condo insurance policy for you and your home, contact the experienced and trusted condo insurance agents at Creative Risk Management LLC serving the New Jersey area today!