Is Condo Insurance Required in New Jersey?

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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!

4 Critical Reasons You Need Life Insurance

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Life insurance isn’t usually a fun product to purchase, but it’s one of the most important financial decisions you’ll ever make. Unexpected events occur, leaving people stunned and uncertain about the future. If you’re debating whether or not to purchase life insurance in New Jersey, here are four critical reasons to consider. 

Why Life Insurance?

1. Take care of your family and loved ones.

Most people get life insurance in New Jersey to offer financial security for their families and loved ones. When you die, life insurance often replaces your income, and your family can utilize what you left to pay for their daily costs. The policy is critical for parents with young children.

2. Pay off your mortgage, loans, debts, and other obligations.

Life insurance can be used to pay for anything, including school fees for children, mortgage payments, funeral bills, and other family requirements. Creative Risk Management LLC may recommend that you get term life insurance and set the duration as the number of years you will need to offset the loan or pay off a debt, depending on your needs.

3. Boost your financial security.

The last thing you want is to get sick, die, and leave your children with a mountain of medical costs. You want to know that they will be well taken care of while you are away. When life insurance pays the death benefit, it helps you do this.

4. To have peace of mind

Whether you are young or seriously ill, life insurance provides peace of mind knowing everything is taken care of. You can live a fulfilled life without thinking about death.

We Are Here To Help New Jersey Residents

We care about those who are important to you, which is why we walk you through the process of obtaining life insurance coverage that fits your needs and budget. Contact us at Creative Risk Management LLC right away.

Does auto insurance cover a rental vehicle

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Renting a vehicle is something that most people face at some point or other. It may be for a family visit or a vacation, but when you fly to your destination, you will need transportation when you arrive. At Creative Risk Management LLC in New Jersey, we work hard to make sure our customers have the information they need to make an educated decision about their auto insurance. 

Auto Insurance & Rental Vehicles

The question of whether your auto insurance covers a rental car is dependent on the coverage you have. If you have basic auto insurance, you will only be carrying liability coverage. While you need liability coverage when you rent a car, you will also need coverage that protects the actual vehicle. If you have an auto loan or are leasing your personal vehicle, you will have the coverage you need. If you carry comprehensive and collision coverage, you are good to go. 

Check the declaration page of your insurance policy or call your insurance agent to ask if you have the required coverage. When you reserve your vehicle online, after you have chosen your drop-off and pickup location and the dates, you will then choose the type of vehicle you require. After these basics are complete, the insurance questions will begin. At one car rental company, it begins as:

  • Protect the car
  • Protect yourself from liability
  • Protect yourself, your passengers, and your belongings

If you even have basic coverage, your liability coverage protects you and your passengers. If you have rental, condo, or home insurance, your belongings are covered by that insurance. So, if you are happy with the coverage you have, you are covered for a rental vehicle. 

Give Us A Call

If you need help with your auto insurance, our experienced team at Creative Risk Management LLC in New Jersey is here to help. 

Small Business Insurance in New Jersey

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Being a business owner gives you full control of everything, including your debt, expenses, and income. Unfortunately, building a small business as a lone ranger is challenging. You’ve to motivate, manage, and assemble a team- development, partners, sales, and customers. Undoubtedly, start-ups are tough on even the most passionate and dedicated founders—others fail and become unhappy! That’s where small business insurance comes in strongly.   

Why Small Businesses Need Coverage

Small businesses in New Jersey face high hurdles like taxes, financing, cash flow management, and other challenges. Fortunately, Creative Risk Management LLC can help protect your business against losses, risks, damages, and lawsuits and provide true peace of mind.    

Here are some of the common types of small business insurance in New Jersey:

1. Commercial Auto Insurance 

It’s mandatory for all vehicles owned by small businesses in New Jersey to be covered by commercial auto insurance. It helps pay the cost of an auto accident involving your business car. 

2. Workers’ Compensation Insurance

If your worker has a work-related illness or injury, worker’s compensation insurance can help pay for their: 

  • Lost wages
  • Rehabilitation 
  • Medical treatment 
  • Disability benefits 

It can also help you pay for legal costs if an injured worker or their family sues your business. 

3. Cyber Insurance

Due to weak security infrastructures, small businesses are prone to frequent information theft and cyber-attacks. Cyber insurance can cover claims and losses due to cyber-attacks if your business operates online. 

Reach Out To Us

Any small business that owns equipment or property, meets with clients, or advertises itself is prone to real risks. And your hard work and courage should stay protected. That’s why Creative Risk Management LLC strives to help protect your business. Contact us today for small business insurance tailored to your business needs.

The Importance of Renters Insurance

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When you are a renter of your home, it’s important that you have renters’ insurance so that you can be protected against a wide range of risks. There are many things that can happen to renters that would cost them a lot of money, but many of these risks can be mitigated with renters’ insurance. There is also the fact that most renters are required to have a renters’ policy as a part of the lease agreement.

When you are in need of this type of insurance, call us at Creative Risk Management LLC in New Jersey to get started. 

Why Renters Insurance

Coverage for Your Possessions

The home itself doesn’t have to be insured by you, but the things inside it do. You need renters’ insurance to protect all of the items inside your rented home. It’s important to have this coverage in case there is an occurrence that ruins your possessions.

If your things are destroyed, you will end up with nothing if you don’t have renters’ insurance. With this insurance, the policy can pay for you to replace your things. There are many disasters and other incidents that can cause a loss of your items, so it’s always best to be prepared. 

Liability Coverage

When you have a rented home, you have liability for what happens there. You are able to get coverage for that liability with renters’ insurance. It’s always possible for someone to come in and have an accident in your home.

If that were to happen, you would have to pay for all of their medical bills plus a number of other expenses. Renters’ insurance pays for these bills so that you won’t have to worry about them.

Get The Right Coverage For Your Needs

When you need renters’ insurance, we can help. Call us at Creative Risk Management LLC in New Jersey.

     

Four problems you can avoid by choosing the right boat insurance policy

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Boat insurance is important if you enjoy boating and own a watercraft in New Jersey. Creative Risk Management LLC can come to your assistance when you’re meeting your boat insurance needs.

Your boat insurance policy can save you from a lot of problems as a boat owner.

Here are four problems you can avoid by choosing the right boat insurance policy:

Having to pay out of pocket for boating accident expenses

Boating accidents can result in expenses due to medical bills, property damage, and more. With boat insurance, you can avoid having to pay out of pocket for these expenses. 

Losing all the money you’ve invested in your boat

A boat is a valuable possession. If you own a boat, you have had to invest a considerable sum of money to purchase it. When you have collision coverage on your boat insurance policy, your insurance provider will pay for damage to your boat in many accident situations. This protects the funds you’ve used to buy your boat. 

Being stressed out when you’re boating

Boaters may find it stressful to enjoy using their boat when they’re not covered by insurance. Fortunately, carrying boat insurance can give you peace of mind so that you’re not worried about financial problems as a boat owner. 

Paying high costs to have your boat towed after an accident

Many boating insurance policies include coverage for towing expenses. A boat accident could make it so that you need to have your damaged boat towed. Carrying boat insurance can save you from having to pay high costs for towing. 

Contact Us Today

Do you have questions about boat insurance in New Jersey? We can answer your questions and provide you with a quote on a policy at Creative Risk Management LLC. Get in touch with us to learn more. 

What are some things that are exempt from flood insurance coverage?

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New Jersey was recently named one of the top 10 states in the country most at risk for flooding. So it’s no surprise that many residents choose to purchase flood insurance to protect their homes and belongings. Creative Risk Management LLC can assist you with everything you need to know about flood insurance coverage in New Jersey.

What Does Flood Insurance Cover?

Most standard homeowners insurance policies do not cover damage caused by flooding. So if your home is damaged or destroyed by a flood, you could be left footing a very large repair bill. A separate flood insurance policy can help cover the cost of repairing or rebuilding your home if it is damaged by a flood.

Flood insurance can also help cover the cost of replacing your personal belongings, such as furniture, clothing, and appliances.

However, some things are excluded from most standard flood insurance policies, including:

  • Damage caused by earth movement (such as earthquakes or landslides)
  • Damage caused by sewage backup (unless you have purchased additional coverage for this)
  • Mold or other fungal growth (unless it occurs as a direct result of a covered event, such as a burst pipe)
  • Damage caused by war or nuclear accidents
  • Losses incurred while your home is unoccupied for more than 30 days

Get The Right Coverage For Your Needs

Now that you know what’s NOT covered by flood insurance, you can make an informed decision about whether or not purchasing a policy is right for you. Remember that even if you don’t live in a high-risk area, your home could still be damaged by a flash flood or another type of flooding event. Contact Creative Risk Management LLC today and we can help you make the right decisions for you.

How to Protect Your Condo from Guest Damage

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As a condo owner, you want to make sure that your property is well-protected against any potential damage that guests could cause. You can take a few simple steps to help safeguard your investment and keep your mind at ease while entertaining. By following these tips from Creative Risk Management LLC in New Jersey, you can help ensure that your next get-together is a success.

How to Protect Your Condo from Guest Damage

What are some common ways that guests can damage condos?

Some common ways that guests can damage condos are smoking indoors, spilling food or drinks on the carpet, leaving dirty dishes in the sink, not taking out the trash, and leaving the condo in a general state of disarray. These are all things that can be easily avoided with a little bit of forethought and common sense. Still, unfortunately, some people do not take the time to consider how their actions will affect the property they are visiting.

How can you protect your condo from damage caused by guests?

You can do a few things to protect your condo from damage caused by guests. First, ensure your condo insurance policy is up to date and covers any damage. Secondly, set some ground rules with your guests before they arrive. Let them know what is and is not allowed in your condo, and make sure they understand that they are responsible for any damage. Finally, inspect your condo before and after your guest’s stay to look for any damages. If you find any, document them and contact your insurance company as soon as possible. 

Contact Us Today

At Creative Risk Management LLC, we understand that your condo is a valuable investment. That’s why we offer comprehensive insurance coverage to protect your New Jersey property and your finances in the event of an unexpected disaster. Whether you’re looking for basic coverage or comprehensive protection, we can tailor a policy to meet your needs. Contact us today to learn more about our condo insurance options.

Did You Co-Sign On Someone’s Loan? The Importance of Taking Out a Life Insurance Policy On Them

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At Creative Risk Management LLC, serving the entire state of New Jersey, we can help individuals take out life insurance policies. Most people take out life insurance policies on their spouses or partners. But, life partners are not the only people you should take life insurance policies out on. If you have co-signed on a loan for someone, you may want to consider taking out a life insurance policy on them as well. 

The Importance of Taking Out a Life Insurance Policy On Co-Signed Loans

When someone passes away, their debts are not always forgiven. This is especially true if there is a co-signed loan. If you co-signed on a car loan or a student loan and the person you co-signed for passes away, you are still responsible for paying off that loan. If you fail to do so, the lender could take legal action against you, including garnishing your wages or garnishing your wages or bank account.

As such, taking out a life insurance policy on someone that you co-signed a loan for helps to ensure that you can use the life insurance proceeds to pay off a loan in the event someone passes away unexpectedly. 

If you have co-signed on a loan for someone, and you would struggle to pay that loan off yourself if that individual suddenly passed away, you should consider purchasing life insurance on that person. If you are interested in learning more about life insurance policies and who you should consider taking a policy out on, reach out to the team at Creative Risk Management LLC, serving the state of New Jersey. We can help you with all of your life insurance needs. 

What coverage comes with auto insurance in New Jersey?

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In the state of New Jersey, being a vehicle owner is a necessity for many car owners. With a car, you will have an easier time getting around your community and enjoying all that the state has to offer. When you are looking for a vehicle in this area, it would also be wise to get an auto insurance policy.

A proper auto insurance policy will come with various types of insurance support:

Liability Risk Mitigation

A type of coverage that will come with any auto insurance plan in this state is liability risk mitigation. If you want to drive a car in this state, you will need to have liability coverage at the bare minimum. With this coverage, you will have support in the event you are at fault during an accident and have to pay for damages. Having this coverage ultimately protects you and other motorists and is also a legal requirement. 

Comprehensive and Collision Coverage

Depending on your situation, it can also be a good idea to have auto insurance with comprehensive and collision coverage. If you have a loan against the car, or would like to protect the value of your vehicle, upgrading to this insurance is a good idea. With a full comprehensive policy, you will have coverage if your car is stolen, damaged in an accident, or you incur other types of loss. 

Give Us a Call

Drivers that are in the state of New Jersey need to have auto insurance and should take this coverage seriously. If you are looking for coverage in this part of the state, it would be wise to call the team from Creative Risk Management LLC. The professionals with Creative Risk Management LLC will give the advice and support you need to select a new auto insurance plan.