Why You Need a Renters Insurance Policy

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Renters insurance is the coverage that helps to protect you from the risks that may come with potential damage or theft of your property as you rent a home. It is also known as tenant insurance.

While it is not mandatory to have this insurance according to the law, it is a requirement by most landlords in Boston, MA that you have renters insurance. Smoller Insurance Agency is here to assist. 

Benefits of Renters Insurance

This coverage serves to protect you against distress in the event of:

Sustained injuries.

When you have renters insurance, you need not worry about any extra finances that you may need to cover the cost of treatment in case of any injury that has been sustained by you or any other person who was on your property at the time of damage.

Damage to your or another person’s property.

In the unfortunate event that your property has been damaged, or your property has caused damage to another person’s property, the insurance cover will see to it that the person has been compensated. It will also be of assistance where you may need to repair your property or the landlord’s property.

Apart from the potential damage and injury that may occur during a burglary, you are also very likely to lose your property. Even if you were not in your house at the time of loss, the insurance could compensate you for the present-day cost of your property.

Additional expenses associated with moving to a temporary residence.

Some situations such as natural disasters or renovations may need you to move to a temporary residence. The insurance will cover the expense that you need to part with to stay at the temporary residence.

Contact Us Today

It is worth noting that you are not covered by your landlord’s property insurance. It is therefore important that you put in your priorities a cover for all the property that you have in your rental in Boston, MA. Smoller Agency Insurance is here to help with renters’ coverage. Give us a call today. 

Electric vs Gas-Powered Cars

Posted on by lovelynn@smollerinsurance.com

Forbes Advisor compared hypothetical annual insurance costs on electric versus gas-powered vehicles. Check out their findings in this image!

These rates were determined using a hypothetical female driver with a clean record getting the following coverages:

  • $100,000 in bodily injury liability per person
  • $300,000 per accident
  • $100,000 in property damage liability
  • Collision coverage
  • Comprehensive coverage
  • Uninsured motorist coverage
  • Any other coverage required in the state
  • $500 deductible

Read more about Forbes Advisor’s findings here.

So, electric vehicles are great for the planet and will save you gas money. But, electric vehicles may not save you insurance money. Why? Because the repair and replacement costs for electric vehicles are higher than that of gas-powered vehicles.

However, the other factors that go into determining your insurance premium are still relevant too! These includes age, driving and claims history, and coverage levels, to name a few.

If you want an electric vehicle, you don’t have to let the insurance cost change your mind! Simply give us a call or send us a message and we’ll help to get your rate as low as possible without sacrificing your coverages.

Insuring My New Motorcycle

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Congratulations! You’ve bought your first motorcycle and joined the family of two motorized wheels. You have joined a nationwide community of people who, at least in warm-weather months, ride astride heavy metal thunder. You might have serious questions about your motorcycle, its insurance, and how it’s different from a car. Your Boston, MA insurance partners at Smoller Insurance Agency are here to help with your questions.

Motorcycle insurance is more expensive than car insurance

You’ve undoubtedly already noticed that your motorcycle premiums are more expensive than the equivalent auto premiums and probably also wondered why that is. A motorcycle, of course, is less expensive than a car. Unfortunately, motorcycle insurance is a much bigger risk than auto insurance, so motorcycle coverage is more expensive even though the vehicle it’s covering is less expensive. Fortunately, your coverage will get less expensive as you prove you’re a good driver on your motorcycle.

Personal Injury Policies

Car interiors are designed around keeping drivers and passengers safe from harm. Motorcycles are not. If you’re in a motorcycle accident at any real speed, there is a real chance that you’re going over your handlebars. Because of this, personal injury protection coverage, very seldom purchased as a rider on auto insurance, is almost obligatory for motorcyclists.

Laid Up Insurance

It’s no secret that Northeastern winters are harsh. Because of this, many Northeast motorcyclists put their bikes in storage over the long winter, leaving them in storage until the spring comes and they can get out again. Laid-up coverage reduces your insurance costs, but you won’t be covered if you take it out during this time.

Contact Us Today

There are additional coverage add-ons to consider with your new bike Consult your professionals at Smoller Insurance Agency serving Boston, MA for answers to these questions on your motorcycle insurance.

Wedding Insurance?

Posted on by lovelynn@smollerinsurance.com

Did you know you can insure your big day?! 💒🍾

We know firsthand how much time, effort, emotion, and money goes into planning a wedding. And if there is anything we learned from COVID, it is to always have a back-up plan. That is why we are thrilled to be able to write our clients wedding insurance policies!

Wedding insurance covers any potential mishaps on the wedding weekend. These include:

đź’’ Cancellation or postponement

đź’’ Extreme weather

đź’’ Vendor no-shows

đź’’ Injury or sickness

đź’’ Damage to gifts

đź’’ Special attire and jewelry

đź’’ Wedding photos and videos

And more!

The best part? There is no deductible for these reimbursements!

You can purchase your plan as early as two years ahead of time or just a few days before, although we advise getting it sooner rather than later.

Your wedding is a big investment. A wedding protector plan will help protect those memories that will last a lifetime.

Give us a call or send us an email if you’d like a quote. We’d love to help make your big day as special and stress free as possible!

Three signs that it’s time to update your boat insurance policy

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Boat owners shouldn’t assume that they should keep the same boat insurance policy indefinitely. In certain situations, boat owners may need to update their policies. Smoller Insurance Agency is an insurance company that boat owners in Boston, MA can turn to when they are interested in purchasing boat insurance or changing their boat insurance coverage.

The following are three signs that it’s time to update your boat insurance policy:

You want to be able to navigate in an area that’s not covered under your existing policy

Boat owners always need to be aware of the navigational limits of their policy. If they want to expand on these navigational limits, they will have to discuss this with their insurance provider. Expanding the navigational limits of your policy is likely to result in an increase in your premium costs. 

You’ve bought a new boat

Your boat insurance policy is specifically underwritten for the particular boat you own. If you replace your boat or want to add a second boat to your policy, you’ll need to let your insurance provider know so that your policy can be updated. 

You’ve relocated to another state

It’s important to discuss a move out of state with your boat insurance provider.

Your boat insurance provider might not provide insurance in the state to which you’re moving. In this case, you’ll have to purchase boat insurance from a different company. 

Get The Right Coverage Today

We’re here to help boat owners in Boston, MA in need of coverage. You can call us at Smoller Insurance Agency to get a quote on boat insurance. You can also get a quote on a boat insurance policy from our company by getting in touch with us online. 

How does COLOR affect a car’s value?

Posted on by lovelynn@smollerinsurance.com

Mythbuster: the color of your car does NOT affect its insurance premium! It can, however, greatly impact its resale value.

A recent study by iSeeCars compared the Manufacturer’s Suggested Retail Prices (MSRP) of more than 650,000 recently sold 3-year-old used vehicles. Here are some highlights from their findings:

🛞 The average depreciation rate of a car is 15%.

🛞 Bold colors tend to hold their color best, so their value depreciates very little. For example, yellow cars only depreciated an average of 4.5% over three years! “Yellow is among the least popular car colors with the lowest vehicle share and is commonly a color for sports cars and other low-volume vehicles that hold their value relatively well,” said iSeeCars Executive Analyst Karl Brauer. “Because yellow vehicles are so novel in the secondhand marketplace, people are willing to pay a premium for them.”

🛞 More “neutral” colored cars tend to depreciate in value more quickly, with brown having the worst rate of 17.8%. Brauer explains, “If a color doesn’t resonate with enough used car shoppers it will hurt resale value, even if it’s uncommon.”

More here.

Whether you are buying a new car or planning reselling your current car, be sure to carefully consider its color!

5 Facts about boat insurance

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Don’t rock the boat by going without boat insurance.

Smoller Insurance Agency knows that boat insurance isn’t splashy. But it is a necessity. Serving the greater Boston, MA community, our experienced team offers safety and security while you cruise the waterways.

Here are five facts about boat insurance:

Boat insurance covers any type of watercraft

Boat insurance is unique. It applies specifically to motorized watercraft. Although every policy will vary, nearly all boat insurance policies shield against loss, damage, and damage through comprehensive and collision coverage.

But the benefits extend much further

Boat insurance isn’t just for your boat. It grants personal protection for you, your guests, and other motorists. Liability provides these safeguards. If you are found to be at fault, costs associated with bodily injury or property damage would be covered.

Boat insurance isn’t mandated in The Bay State

Like most states, boat insurance isn’t required in Massachusetts. But that doesn’t mean it’s not a good idea. Owning a boat without it is risky. There is little downside to maintaining full coverage.

Boats aren’t covered by other plans

Some homeowners mistakenly believe they are already protected. Your homeowners’ policy may overlap with boat insurance but just barely. At best, this coverage is limited. Avoid falling into this trap. Only a specific, designated boat insurance plan will be sufficient.

Boat insurance is needed all year long

Boat insurance isn’t seasonal. This is another common misconception. Even in storage, accidents, damage, and natural disasters can occur. Canceling or letting your policy lapse can be costly in the long run.

Contact Us Today

Inadequate coverage can leave you stranded. Let Smoller Insurance Agency in Boston, MA throw you a line. Our agents can craft a designated boat insurance policy that’s perfect for you. Set up an appointment today.

How Much Flood Insurance Should I Carry When I Have a Home-Based Business?

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At Smoller Insurance Agency in Boston, MA, we provide competitive flood insurance quotes to help keep your home-based business running. 

Here are some facts that you need to know:

Historical Flooding Near Newton and Boston, MA

According to the National Weather Service, the Boston and Newton region has seen nearly 15 inches of historical precipitation in a month, flooding many ground floor and basement offices and homes. Moreover, business disruptions due to power outages and equipment damage cost the city of Newton and the Boston area $75 million during flooding in 2010. But flooding does not have to be deep or extensive to be expensive.

Flood Damage and Business Disruption

Zakia Sultana and others at the GFZ German Research Centre for Geosciences define business disruption as lost income caused by the inability to provide or receive services, economic output, or profit. For example, a flood may cause lost inventory and damage your location, but real damage occurs afterward. From delivery delays to supply-chain woes, your business reputation for getting things done right and on time could suffer for months.

Assessing Your Commercial Flood Insurance Needs

At Smoller Insurance Agency, we know how crucial getting your business back into operation after flooding can be. And your homeowner’s policy will not cover flood damage. You need a commercial flood insurance policy if you have a home-based business. We can help you decide how much coverage to buy based on how flood damage could affect your home-based business. For example, a ground-floor home office in a 1932 building could require over $400,000 to replace.

Get Flood Insurance Today

Contact us today at Smoller Insurance Agency before the next flood for a free consultation about your commercial flood insurance needs.

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?

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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.