Tag Archives: 2016

Exclusions Homeowners Insurance

Insurance Exclusions You Should Know

Homeowner’s insurance covers many damages, including theft, wind or fire perils and more. It adds liability insurance to the standard hazard policy to cover any injuries to people on your property. Your homeowner’s insurance kicks in, for example, if your dog might bite a child.

But many potential disasters aren’t covered, such as flood and earthquake damage. Look at the exclusions category of your homeowner’s insurance to see what your existing policy doesn’t pay for. If you’re at risk for these scenarios, additional insurance policies are available (and may even be required from lenders if you’re taking out a mortgage).

Here are common exclusions not covered by Home-owners insurance

  • War
  • Neglect
  • Water damage (can be covered in certain geographical regions)
  • Earth movement (can be covered in certain geographical regions)
  • Power failure
  • Ordinance or law
  • Intentional loss
  • Nuclear hazard

In the case of the destruction of your home, many policies cover your loss up to an initial estimate, but some policies provide guaranteed replacement, which covers the complete repair or rebuilding costs.

Also, check your deductibles, the amount you must pay out of pocket before your benefits kick in. If you have the cash flow to handle the initial costs should anything happen, you may want to opt for a higher deductible to lower your premium. Claiming small losses on your homeowner’s insurance can increase your rate, and the insurer can cancel your policy in some circumstances.

Renter’s insurance protects against the loss or destruction of your possessions. If you are a renter, you want to make sure you have it, because your landlord’s insurance doesn’t cover you.

Renter’s insurance is often very affordable, and many landlords require it before accepting a lease. Similar to homeowner’s, renter’s insurance also provides your personal liability coverage. If someone visiting you is injured in your home, the insurance company pays. But there are also exclusions present in Renter’s insurance. Here are some common ones:

*Jewelry
*Electronic
*Computer Equipment
*Art
*Collections or Collectibles

To get the best possible coverage on your Homeowner’s insurance make sure to contact us at Parr Insurance
773-489-3001
2157 N. Damen Ave
Chicago, IL

10 Predictions: Sharing Economy 2016

2015 definitely marked the ever-increasing rise of the sharing economy company, with Uber continuing its massive fundraisings and quest for world domination, a complete lack of public offerings, and other big headlines. For all business in the sharing economy, insurance is still one of the most primary concerns. Insurers will be closely watching what happens  as they craft new coverage to respond to the evolving market.

Here’s a prediction for the sharing economy 2016 via Ronny Kerr @ Vator.tv

1. The bubble will continue to deflate

M any analysts a year ago expected that 2015 would be the year that the technology bubble burst. I classified it as a missed prediction because a burst suggests a more cataclysmic end along the lines of what we saw at the end of the dot-com era.Entrepreneurs will have to work harder to demonstrate the value of their startups if they want to raise capital. And those that do stand out and secure investor interest will not be raising as much money as their counterparts did in early 2015 or 2014.In other words, the market will come back to reality, which is a good thing.

2. Uber won’t file for an IPO
In a sense, Uber is like a puppy that grew huge really quickly, but still acts like a puppy. Though the company has expanded internationally in its quest for world domination, the company resembles a young startup in its ability to test new, innovative schemes (like UberEATS) relatively quickly.

3. Airbnb will file for IPO
Airbnb, on the other hand, is ready for primetime.
Today the company doesn’t have much serious competition, except from HomeAway, which was acquired by Expedia for $3.9 billion in November, and the traditional hotel industry. So not only will this IPO happen, but it will be a hot one.

4. Didi Kuaidi will acquire Lyft
Consolidation in the ride-hailing space is inevitable. In fact, it’s already underway.

5. Uber will succeed where Sidecar failed
Sidecar, one of the earliest ridesharing companies, announced earlier this week that it was shutting down. After serious competition with Uber and Lyft, the company had pivoted in early 2015 to food delivery. Unfortunately, competition in that sector is just as fierce, and ultimately Sidecar couldn’t cut it.

6. Several food delivery startups will go out of business

7. More unions will be approved for Lyft and Uber drivers
At the end of 2015, the relationship between Uber/Lyft and their drivers was looking really interesting.

8. Uber will invest heavily in fully autonomous car
It’s a bit optimistic to think we’ll be seeing fully autonomous cars on city streets by the end of 2016, but it could realistically come to fruition by 2020.

 9. Uber for friends (and maybe more than friends)
In 2016, we’ll see the rise of a line of apps and services promising the ability to “hail” or “rent” a friend on the fly.

10. Taxis will thrive
People still buy taxi medallions in the city, and I predict the number will even go up next year. Of course, for this to actually become reality will require more than just technology like Flywheel. We’ll need tighter regulations on the upstarts (Lyft and Uber) and more equal rules for the taxi industry.

Read more at http://vator.tv/news/2016-01-01-top-10-predictions-for-the-sharing-economy-in-2016#YgWCy68OJDbDQsLs.99