Month: August 2022

Bicycle insurance?

Posted on by lovelynn@smollerinsurance.com
No matter where the location, biking is a family affair!

If you live in Greater Boston, you know firsthand how popular bicycles are! The number of protected bike lanes is rapidly increasing, as are the number of bike rental stations. For some, biking is way more than a hobby — it is a lifestyle, and their go-to means of transportation.

Whether you are a casual biker or a bike-commuter, it is important to understand how your bicycle may be, or may not be, insured. The key is your homeowners policy.

🚲 Your bicycle is covered under the personal property section of your home, condo, or renters policy. How? Well, if your bike is stolen or damaged, you’ll be reimbursed by your insurance company for it, after you pay the deductible. Therefore, it is essential to save receipts for any bicycle-related equipment you buy. Receipts will speed up claims processing. Plus, it should guarantee that you are accurately compensated if there is a loss.

🚲 Your homeowners or renters policy also provides coverage if you cause harm to someone else or their property in an accident. If the injured party decides to sue, you will be covered up to the liability limits of your policy. We will be happy to offer some guidance if you aren’t sure if your liability coverage is adequate or what your risk looks like.

🚲 If you’ve invested into an expensive, high-end bicycle, you may want to call your agent (us) to see if you need an additional endorsement.

More bicycle safety tips here.

No matter how or where you bike, don’t forget that helmet!

What does my Boston MA condo insurance cover?

Posted on by admin

Many people incorrectly assume that their condo is already covered. Smoller Insurance Agency knows this misinformation can be costly.

While landlords and building associations have their own policies, these protections are limited for condo dwellers. For this reason, condo insurance isn’t just a good idea. It’s a necessity.

Luckily, Smoller Insurance Agency in Boston, MA is ready to help.

While every condo insurance plan is personalized, here are four items that every policy should include:

Safeguards the interior

An owner’s insurance coverage extends only to the structure itself. The interior is rarely included. Luckily, condo insurance fills this gap. Flooring, fixtures, cabinetry, and even walls are shielded against destruction, vandalism, and other types of damage.

Protects belongings

This applies to your belongings too. Furniture, appliances, and electronics are covered against loss. But jewelry and other valuables are also likely included. While every policy will list specific events, damage from natural disasters is usually included. Vandalism and theft may also be covered.

Offers liability

Like any other insurance plan, liability coverage is key. If an accident occurs inside your condo, this coverage will reimburse you for most property, medical, and other injury-related costs you may have incurred. Legal expenses may be included as well. This extends to you, your family, and your guests.

Accounts for loss of use

Condo insurance is about being prepared. If you are forced to temporarily relocate due to a serious incident, your condo insurance policy can chip in. Additional living expenses, like meals, hotels, and travel, may be included.

Give Us A Call

When you rent or own a condo, only a specialized condo insurance policy can provide the protection you need. Smoller Insurance Agency in Boston, MA will find a personalized plan that’s right for you. Schedule an appointment today.

What is the “average” cost of auto insurance?

Posted on by lovelynn@smollerinsurance.com

The cost of auto insurance, like all other lines of insurance, is increasing countrywide. The most recent stats from the National Association of Insurance Commissioners show that the average auto insurance expenditure rose 1% to $1,070.47 in 2019 from $1,059.41 in 2018. This means it is even more important to understand your auto policy’s coverages, discounts, how your premium compares to the “average”, and why it stacks the way it does.

A 2021 AAA study found that the average cost to own and operate a 2021 model vehicle was $9,666 when the vehicle is driven 15,000 miles per year. The study also found that the average insurance cost for all vehicles, including pickups and hybrid and electric vehicles, was $1,342. The average insurance cost for medium sedans was $1,403, compared with $1,296 for a medium SUV.

But before you rush to compare these rates to your own, keep in mind that these cost estimates were based on specific parameters! The following coverage rates were used: $100K/$300K personal liability, $25K medical, $100K property, and $25K/$50K uninsured/underinsured motorist coverage, with a $500 deductible for collision and comprehensive claims. While these rates are pretty typical, yours may be higher or lower based on your specific needs.

Additionally, this average cost was analyzed for drivers under 65 years of age, with over six years of driving experience, no accidents, and living in a suburban/urban location. If you don’t fit those parameters, this may not be the most accurate comparison for you to consider. For example, young city drivers with some points on their license will likely have a higher average cost.

In conclusion, the “average” cost of owning and operating a vehicle is tricky to determine since there are so many variables. Your Smoller Insurance team will always provide you with the most updated facts and stats to help guide your understanding of your own auto needs. đź›»

If you’d like to search for a lower auto rate, give us a call at 617-965-1830 or email info@smollerinsurance.com.