How does condo insurance differ from home insurance?

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From condominiums to free standing homes, there are many structures that people call their personal residences. Houses have always been the most popular, but condos offer a number of advantages that are allowing them to gain in popularity. A standard homeowner insurance policy offers coverage for the house, yard, related structures such as a garage, personal property such as furniture and electronics, and liability if a visitor is injured while in your home or on the property. A condo insurance policy offers many of the same coverages; however, it differs when it comes to the actual building. Condos are managed by an association that is responsible for certain aspects of the ownership process such as covering all common grounds of the building and the exterior of your unit. 

When insuring a condo, it is imperative that the owner reads the condo association’s bylaws with a fine tooth comb to ensure that they know everything they will be responsible for. The condominium declaration or master deed will include a section on insurance requirements and association bylaws that outlines exactly what the condo owner is responsible for. Any property that is not insured by the association is the responsibility of the condo owner. Being aware of these key details will enable the condo owner to purchase a policy that has the ideal amount of coverage. 

At Creative Risk Management LLC in New Jersey, we have been helping condo owners for years with their insurance needs. From answering questions to helping with the claims process, to being a partner for years to come, we want to earn your business. Give us a call today to learn more. 

Can life insurance be used to cover funeral expenses?

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If you are a resident of New Jersey and have questions about life insurance, the team here at Creative Risk Management LLC is here to help! We understand how important it is to protect your family, even after you are gone. Call our office today and set up a consultation to learn more.

Life insurance and funeral expenses

End-of-life expenses can be a lot, especially when a family is dealing with an unexpected death or one following a prolonged illness. Whatever the situation of the passing, the reality is that there are a number of expenses that will need to be addressed.

When you have a life insurance policy in place, it can help to defray all of these expenses. If you are concerned about funeral expenses, the death benefit of your family member’s life insurance policy can help with those costs. Your family will be suffering from the emotional impact of your loss, and it may be overwhelming for them to also have to deal with financial worries.

By having an appropriate life insurance policy in place, your family can have the funds available to promptly deal with funeral expenses. This can be a great comfort to them as they will have a lot of practical matters to deal with. Protect your loved ones from additional stress by providing them with the funds necessary to deal with all of your end-of-life expenses without having to bear the financial burden themselves. 

Would you like to learn more? Give us a call today

Creative Risk Management LLC is here to help New Jersey residents with all of their insurance needs, including life insurance. If you want to make sure that you have the protection your family needs, give us a call today.

6 Facts about a New Jersey boat insurance policy

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While it’s known as the "Garden State," New Jersey offers a lot of fun on the water too.

Boating can be both enjoyable and relaxing. However, not having the proper insurance can leave you anchored.

Creative Risk Management LLC can throw you a lifeline. Their trusted agents share six facts about boat insurance to help you find the perfect policy.

Boat insurance protects your watercraft.

As simple as it sounds, these policies are designed to shield all motorized watercraft against damage, loss, or an accident. This is achieved primarily through collision and comprehensive coverage.

But, it covers so much more too.

Boat insurance protects you, your guests, and other boaters as well. Bodily injury and property damage liability are just a couple of ways these policies secure you and your assets.

Boat insurance isn’t required in New Jersey.

Although it’s not mandated, boat insurance is advised. The risk doesn’t outweigh the security that boat insurance provides.

Homeowners’ policies aren’t enough coverage alone.

Some homeowner’s plans will extend to your boat. However, these are often limited and come with a cap on claims. Only boat-specific policies can offer full coverage.

Keep boat insurance all year long.

Accidents can happen even in storage. Although it seems like a good idea to cancel your boat insurance over the winter, problems could still arise. Theft, vandalism, and other natural disasters can leave you paying more money out of pocket if your policy lapses.

The cost of boat insurance can vary.

Just like watercraft themselves, pricing fluctuates for boat insurance too. A motor’s size, type, and age of the boat are all taken into account.

Call Creative Risk Management LLC 

Don’t get stranded by having inadequate coverage. Creative Risk Management LLC will craft an individualized boat insurance policy to keep you afloat. Schedule an appointment today.

When is flood insurance mandatory

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Some people may never have to think about flooding because it is so uncommon it happens in their area. But if you live in an area where this isn’t the case, you might not be so lucky and flood insurance can protect you from devastating losses.

At Creative Risk Management LLC in New Jersey, we proudly offer flood insurance for your home. You can contact us to discuss possible quotes with us. Below we explain a little bit more about when you absolutely should consider flood insurance. 

Flooding risks

Do you have any idea if your home is at risk of flooding? You might not be aware of any floods in the area that have happened for many years. But that does not mean your home is not at risk of flooding, you should always check this.

Many places in New Jersey come with flood risks. It is near large bodies of water after all, but also due to its weather conditions. For those reasons, flood insurance is really important because you could lose everything in case of a flood. You can check if your house is at a high risk of flooding by checking FEMA’s flooding map. 

Mandatory

Okay, so let’s say you think your home is at a risk and you still want to take the risk. Well, in that case, you can’t. Getting flood insurance is a requirement for you if you live in a high-risk flood area, but this is definitely for your own good. 

If you live in New Jersey and want to discuss your flood insurance options with us, call Creative Risk Management LLC in New Jersey. We also let you compare quotes on our website. 

Benefits of Having Condo Insurance

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Condo insurance (also known as HO-6 insurance) covers condos and personal belongings if they were damaged or stolen. It is similar to home insurance because it replaces property belongings to an owner of the condo or family members. If you own a condo and now thinking about whether to buy condo insurance or not, Creative Risk Management LLC serving New Jersey prepared a list of benefits of condo insurance:

What Are the Benefits of Condo Insurance?

Condo insurance has certain advantages that you should know about: 

  • Liability coverage. If something happens inside your condo and someone gets injured, you are responsible for covering their medical bills and other fees and costs related to an incident. 
  • Loss of use. If your condo is damaged and, not inhabitable and requires repairs, your condo insurance will pay for your temporary stay somewhere else. 
  • Personal belongings. Condo insurance will cover such personal stuff as your clothes, furniture, electronics, jewelry, and other stuff. However, you should be aware of the certain limitation that your type of insurance has. 
  • The interior. The insurance policy protects the inside of the condo as well. For example, standard condo insurance will cover damage of such things as fittings, carpets, drywall, and others. 

Condo insurance is similar to home insurance, and it provides protection for vandalism, theft, fire damage, water damage, and other things. It is not a mandatory type of insurance, but it is recommended to carry it to protect your home and you as a condo owner. If you own a condo in New Jersey and you are looking for an insurance agency to help you, Creative Risk Management LLC is ready to help you. Feel free to give our agency a call or visit our website for more information. 

New Jersey Commercial Insurance: The Importance of Director’s and Officer’s Insurance Today

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If you have a board of directors or governing body for your organization, Directors and Officers insurance is one insurance that can not go ignored. In a day and age where lawsuits are threatened at every turn, every organization big or small needs financial protection for their leadership group, and for themselves.

At Creative Risk Management LLC, we know how important it is for New Jersey businesses to be covered for every risk that your Directors and Officers are exposed to. It has never been more important for every business to be covered for this risk than it is today.

Directors and Officers Insurance: Lawsuits From Employees

One of the biggest sources of claims to insurance companies on Directors and Officers policies is connected to employees the business already has. The people at your table may be the ones you need this insurance for.

There are a number of reasons you may face lawsuits, or be exposed to them, in today’s business and non-profit world. These include workplace discrimination, wrongful termination, health and safety compliance complaints, or any breach of an employment contract.

That is not to say that you are guilty or already liable to these problems. But today, they are coming up more than ever before.

Directors and Officers Insurance: Lawsuits Against Employees

When you are running a business, you have a lot of things to worry about internally. Today you are looking at all the same issues from the other side of the fence. That is, you are concerned about wrongful termination, health and safety compliance concerns, breach of contract, false discrimination complaints, and more.

Your employees, directors, and officers have a duty to conduct themselves with diligence, loyalty, responsibility, and avoid recklessness. When they don’t, you have cause to file claims. 

To feel protected in all of these scenarios you need the right commercial insurance policy.

Get a Quote

When you are running a business or non-profit, Directors and Officers insurance is a critical coverage for New Jersey businesses today. At Creative Risk Management LLC, we can help you design the policy you need to feel secure. Call us for a quote today.

Is Classic Car Insurance Necessary?

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Classic car owners often wonder if their classic car insurance policies are necessary or if they can get away without them. We at Creative Risk Management LLC are always happy to help New Jersey residents understand more about this topic, and a policy can help you.

Why You Need Classic Car Insurance

We’re here to tell you that you need classic car insurance for your collection. Without it, you’re putting yourself at severe financial risk. A good classic car insurance policy:

  • Protects Against Damage – When you’re transporting your classic car to shows or a mechanic shop, you need coverage to protect your unique investment and minimize your potential loss. 
  • Helps With Liability – If you crash into someone with your classic car, a high-quality insurance policy will make sure that you don’t end up getting sued for severe financial issues as a result. 
  • Covers Replacement Costs – If your classic car is destroyed in a crash or a natural disaster, you’re going to need a high-quality and specialized policy to cover your replacement expenses.

You’ve sunk too much money into your classic car to let one moment or mistake take it away from you forever. So instead, it would help if you got a high-quality classic car insurance policy to protect yourself. Though it might not seem evident at first, such an option is a wise investment for long-term collectors.

Where You Can Get a Policy 

If you believe that you need high-quality classic car insurance to meet your needs as a collector, please don’t hesitate to reach out to us at Creative Risk Management LLC to learn more. Our team will help to educate you on why New Jersey classic car collections need an insurance policy. And we’ll also do what we can to find a coverage option that works for you and follows all of your guidelines.

Benefits of Renters Insurance

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Most people mistakenly assume that when they have rented a place, the landlord’s policy covers them as well. However, that is not the case, and if you want to protect yourself, you will need to insure your property. The landlord policy only covers losses related to the building itself. Apart from protecting your property, there are many benefits to renters insurance. Creative Risk Management LLC of New Jersey explains below some of the advantages of renters insurance.

Covers Temporary Accommodation Cost

If, for instance, your home is affected by water damage or fire and you have to move for it to be repaired temporarily, renter’s insurance covers those extra costs. You do not have to be stranded as your home is fixed, as this policy can help cover the cost of temporary accommodation, transport, and food till your home is okay to move back in.

Protect Your Belonging

Take a look at your home and think of the value of all your property. If a thief were to break in and steal your possessions, or if there was a fire breakout damaging your belongings, would you be able to replace them? Renters insurance helps you replace or repair your belongings, saving you from a financial loss.

Liability Protection

If a guest walks into your home and accidentally gets injured, renters insurance will help cover the medical expenses that your guest incurs. This includes damage to the guest’s property, where it might need replacing or repairing. In addition to that, if the guest sues you due to injuries or property damages, renters insurance provides cover against such claims.

Peace of Mind

Purchasing renters insurance is like having an invisible shield protecting your belongings. It buys you peace of mind and you do not have to keep worrying about how you will replace your items when exposed to risks.

As discussed above, you can see how valuable renters insurance is. If you reside in New Jersey looking to purchase renters insurance, contact us at Creative Risk Management LLC. We are ready to help you, ensuring you are fully covered.

Which optional RV insurance coverages should I consider buying?

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Recreational vehicles provide luxury and convenience to their owners. Whether you want to tour all cities in New Jersey or the surrounding states, you can do so without worrying about flight cancellations and hotel bookings.  However, this massive investment requires a proper RV insurance policy from a certified insurance company like Creative Risk Management LLC.

Apart from the basic required coverages, RV insurance comes with many additional coverages to protect you, your home on wheels, and your personal belongings. So which extra coverages should you buy to be adequately covered? Here are a few options to get you started.

Roadside assistance

 Roadside assistance is one of the most critical coverages for long-distance travelers. RVs are not immune to mechanical problems, which can be worrying if you get stranded in the middle of nowhere. Roadside assistance helps tow your vehicle to the nearest repair facility in case of a mechanical problem or when you get stuck on the roadside due to snow, mud, or other issues.

Total loss replacement

This coverage helps replace your RV in case it is totaled. You get a brand-new RV, the same or better than what you had.

Pet injury coverage

If you will be taking your pet with you as you travel, pet injury coverage helps pay for veterinary care if your pet gets injured in a covered accident while in your RV 

Vacation liability

Vacation liability is quite critical, especially if you travel often. The coverage pays for any property damage to bodily injury resulting from an accident while using your RV as a temporary vacation residence.

Custom equipment

 RVs with custom equipment need separate coverage to repair or replace these parts in the event of an accident. Depending on the value of the custom parts, your insurance should assess how much you should pay to avoid being underinsured.

Looking to buy or review your RV insurance in New Jersey? Creative Risk Management LLC can help answer all the questions you may have and help you choose the right coverages based on your needs. Call us today.

Adding Umbrella Coverage to Your Home and Auto Policies

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Umbrella insurance is a type of coverage that is unique in the way it protects you. It adds to the liability coverage that you have with your home and auto policies. If you want better liability protection for your home and vehicle, contact us at Creative Risk Management LLC in New Jersey. 

Umbrella Coverage and Home Insurance

When you have a home insurance policy, it includes several different types of coverage. One of the types of coverage it offers is liability coverage if someone becomes sick or injured in your home or on the land around it. When you have standard coverage, the liability amount is generally quite small. That means that with a serious accident, your policy could max out on its liability coverage and require you to pay the rest from your own pocket. Umbrella insurance gives you extra liability coverage on top of your home insurance. With this coverage, the maximum is far higher than with your home policy. 

Umbrella Coverage and Auto Insurance

Just as it adds to the liability coverage of your home policy, it adds to the liability coverage of your auto insurance. Once your auto policy has maxed out when paying for the medical costs and property damage from an accident, your umbrella policy then adds more liability coverage for better financial protection. It keeps you much safer if you get into a serious accident that is judged to be your fault. 

Get Your Umbrella Insurance

If you already have home and auto insurance, getting an umbrella policy to enhance those coverage types is a smart way to stay protected. With this policy, you have a very high maximum payout that will cover far more than your home and auto policies. To talk about your own umbrella policy, call us at Creative Risk Management LLC in New Jersey.