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What is Personal Umbrella Insurance and How Much Do I Need?

Posted on June 24th, 2024 by admin

High-net-worth (HNW) individuals work hard to build their wealth. But a lawsuit, even a seemingly unfounded one, could threaten a HNW family’s financial security and their reputation if adequate and comprehensive insurance protection is not in place. In today’s litigious environment, wealthier individuals are unfortunately often more susceptible to lawsuits due to a perception of “deep pockets.” Imagine this: Your teenager recently got his driver’s license, and you allowed him to use your new SUV to take his friends out for a drive and fast-food. Unfortunately, while speeding around a corner, he lost control of the vehicle and crashed into a…Read More

Client Advisory: Change Healthcare Cyber Attack Downstream Impacts

Posted on May 16th, 2024 by admin

This past February, Change Healthcare, a subsidiary of United Healthcare, suffered a ransomware attack that caused Change Healthcare to take its systems offline. As Change Healthcare provides revenue and payment management software that connects payers, providers, and patients to over 50% of the healthcare industry, many pharmacies, hospitals, and other healthcare organizations suffered interruptions to their business, resulting in the inability to serve their customers and causing them to suffer revenue and income shortages. Change Healthcare was offline for weeks and the downstream impacts are still ongoing, so much so that the CEO of Change Healthcare has been called to…Read More

Optimizing Risk Management for Healthcare Professionals

Posted on December 21st, 2023 by admin

In the complex and ever-evolving world of healthcare, managing risk is not just a necessity – it’s an art. Healthcare professionals face a unique set of challenges that require specialized attention and expertise. From navigating the intricacies of patient privacy laws to handling the financial risks associated with running a medical practice, the stakes are high, and the consequences of mismanagement can be severe. This is where Risk Strategies Insurance Center of North Jersey steps in, offering guidance and support in healthcare risk management. Whether you’re a solo practitioner or part of a large healthcare organization, understanding the nuances of…Read More

What is Reinsurance, And How Does It Affect Your Insurance Premium?

Posted on July 19th, 2023 by admin

Millions of Americans carry some type of insurance coverage, from auto, homeowners, and umbrella, along with business and professional insurance too.  Reinsurance coverage plays a critical role in varying scenarios, from devastating accidents resulting in fender benders to catastrophic natural disasters that decimate hundreds of homes. Like their policyholders, most insurance companies buy reinsurance coverage. These policies are an essential piece of the insurance cost puzzle, offering much-needed protection for the insurer in many situations. But as insurance premiums rise in tandem with reinsurance costs, many policyholders question the correlation between the two. This article dives into the specifics of…Read More

Spotlight On: Dog Bite Liability

Posted on April 21st, 2023 by admin

About 69 million U.S. households own dogs, according to the American Pet Products Association’s 2021-2022 Pet Owners Survey. The American Veterinary Medical Association states there are nearly 85 million dogs living in U.S. households. About 4.5 million people are bitten by dogs each year, most of them children. Homeowners and renters insurance policies typically cover dog bite liability legal expenses, up to the liability limits (typically $100,000 to $300,000). If the claim exceeds the limit, the dog owner is responsible for all damages above that amount. Dog bite liability and homeowners insurance Some insurance companies will not insure homeowners who own certain breeds…Read More

Does My Homeowners Insurance Cover a Storage Unit?

Posted on January 23rd, 2023 by admin

If you are a homeowner, getting a homeowners insurance policy can financially protect your house from theft, burglary, fire, or natural disasters.  A standard homeowners insurance policy covers your house, attached structures like a garage, and unattached units like a shed inside your property. It will also protect your personal belongings that are kept inside the house. While most homeowners’ insurance would cover personal property, like jewelry, furniture, clothes, appliances, and other expensive items kept inside the house, it will cover them on a limited basis when kept in a storage unit away from home. Belongings kept in a separate…Read More

The Homeowners Insurance Vacancy Clause and Unoccupancy Clause- What You Need to Know

Posted on January 4th, 2023 by admin

If you are a homeowner and have purchased home insurance to protect your property, you must get familiar with the ‘homeowners insurance vacancy and unoccupancy clauses.’ To understand more about the homeowner’s insurance vacancy and unoccupancy clause, here are some terms you need to know: Vacancy Clause: According to Merriam-Webster, a vacancy clause is typically defined as an amendment made to the property insurance coverage that doesn’t allow the property to be vacant beyond the period mentioned in the contract. When included in the homeowner’s insurance, the vacancy clause would limit the insurance coverage for your home during the period…Read More

How To Lower Insurance Costs Without Reducing Coverage

Posted on January 3rd, 2023 by admin

While insurance is necessary to protect you from the uncertainties of life, you can take specific steps to ensure your overall insurance costs stay within your budget. Although there are some direct-to-consumer insurance companies whose idea of lowering your insurance costs is to reduce your insurance coverage as a quick way to save money, it’s certainly not advisable.  Here are some ways you can lower your costs for insurance while maintaining appropriate coverage. Car Insurance There are many ways to reduce car insurance costs without sacrificing coverage.  Reduce car insurance costs. Insurance companies base your car insurance rate on a…Read More

Different Insurance Needs for a Condo Association vs. Unit Owners

Posted on April 22nd, 2022 by admin

Condominium unit owners and condo associations have different needs than traditional homeowners. If you own a condo, you probably have insurance for your own unit, and the condo association will have its own insurance policy. There are many misconceptions about the insurance needs of a condo owner and the insurance association itself. For example, some people believe that the condo association’s insurance policy is enough to fully protect them, but this is not the case.  It’s important to understand the difference between the condo association and unit owner insurance policies in the case that something happens to your condo. Below…Read More

What’s Affecting Your Insurance Rates?

Posted on February 9th, 2022 by admin

Here are some of the factors that may influence premiums moving forward. Auto Insurance Home Insurance Have Additional Questions? We’re here for you. Please contact us and we can help answer questions you may have about the insurance market trends, assess your current coverages and explore discounts for which you may be eligible. The above graphic is credited to The Travelers Indemnity Company

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