What in the World is “Named Peril” vs “All Risk”?

What is a Named Perils Policy?

In the insurance industry, a named peril is a term used to describe a particular type of cause of loss that is a covered “named peril” in your policy.  In insurance, what does a named peril mean? Typically, covered causes of loss for named perils are one of  these 16 events:

  1. Fire or lightning
  2. Windstorm or hail
  3. Explosion
  4. Riot or civil commotion
  5. Aircraft
  6. Vehicles
  7. Smoke
  8. Vandalism
  9. Theft
  10. Volcanic eruption
  11. Falling object
  12. Weight of ice, snow, or sleet
  13. Accidental water overflow or steam
  14. Sudden and accidental tearing apart, cracking, burning, or bulging of certain household systems
  15. Freezing
  16. Sudden and accidental damage from artificially generated electrical current

What is an All Risk or Open Peril Policy?

An all risk or open peril policy covers everything except what is specifically excluded in the policy. An all risk or open peril policy is the superior coverage form.

What are Common Exclusions?

Every insurance policy has exclusions. The most important thing you can do is have a conversation with your experienced, local independent insurance agent to determine your specific coverage needs. Below is a list of common exclusions under most property insurance policies.

Earthquake or Flood | Generally, traditional homeowners insurance does not compensate for damage caused directly by either flooding or earthquakes. We would like to assume that these are rare events, but as we have seen, the effect can be financially damaging.

Wear and Tear | Generally, the intent of an insurance policy is to protect against losses that are “sudden and accidental.” Most policies do not provide coverage when an item wears out due to age and simply needs to be replaced.

Again, the most important thing you can do is have a conversation with your experienced, local independent insurance agent to determine your specific coverage needs and to understand your policy exclusions.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“I have been dealing with Erica Gates for almost 8 years now. She has helped me with my house insurance, car insurance adding my wedding ring to my home owners insurance and now with my earthquake insurance. Erica does what she says she’s going to do, whether it’s check on something for you or return your phone calls. She has been “OUTSTANDING” since day one. You just don’t find people like Erica everyday. Her customer service has been above and beyond. A real keeper. Thanks Erica for all that you do.”
Norma Gold – Winchester, CA – Client Since 2010

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Discover What You MUST Know About Protecting Your Mobile Home

Insuring a manufactured or mobile home doesn’t have to be complicated, whether you live there year-round or seasonally. A manufactured or mobile home insurance policy provides coverage for your home, your personal belongings, and structures on the land you own, lease or rent, for things like fire, windstorm, falling objects, visitor injuries and more.

Mobile Home Insurance versus Homeowners Insurance

In terms of purpose and definition, mobile home insurance is much like standard homeowners insurance. If your manufactured home gets damaged, this insurance coverage offers you protection against financial hardship that may come with having to pay for the repairs or rebuild out of your own pocket.

Typically, a policy for a manufactured or mobile home covers the structure, electronics and appliances, furniture and clothing, a shed or other unattached structures and medical expenses and/or legal fees if someone is injured on your property. Similar to homeowners insurance, you’ll want to get additional coverage if you are concerned about possible damage from earthquake or flood.

Want to keep reading?

What Does Mobile Home Insurance Cover?

Mobile home insurance provides coverage for the dwelling, personal belongings, liability coverage and more.

  • Dwelling coverage: This coverage is for the actual manufactured or mobile dwelling as well as other permanent structures on the property. In other words, any damage done to your home or other structures on the property (like a deck, garage or shed) that is a covered peril is covered under your dwelling coverage.
  • Personal property coverage: This coverage is for your personal belongings. If the items you own are damaged or stolen, your policy covers you, subject to your policy limitations.
  • Liability coverage: This coverage is to protect you in the event someone is injured on your property and you are held liable. Liability protection may cover legal fees and medical costs up to your coverage limit.
  • Additional Living Expenses: This coverage applies, up to the policy limits, when there is damage covered by your dwelling coverage that requires you to live somewhere else temporarily. This may include things like rent or hotel costs.

Make sure you understand the full scope of what is and isn’t covered before purchasing one of these policies, and that you can afford the full cost of repairs not covered.

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Do You Need Mobile Home Insurance?

Mobile home insurance isn’t mandated by law, but before negotiating with you, mortgage companies and mobile home parks can require evidence of insurance. Therefore, mobile home insurance is required for anybody who plans to get a mortgage or establish their home in a mobile home park.

Considering that a new manufactured home in the U.S. costs an average of $70,600, we recommend purchasing mobile home insurance to protect your home and belongings. While policies can be costly, forgoing coverage means putting yourself at risk of a large financial loss.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“Let me start out by saying I have insured our “toys” with Stromsoe for years, and have always been very happy with service, responsiveness, et al. Today though, I called for a quote on a property we are starting escrow on in AZ, needing a quote for the lender for homeowners insurance. In AZ. (Did I mention it’s in Arizona?)
Bobby jumped on it, such a great personality! And because he heard the stress in my voice during our original call, wanted to make sure he had information for me by close of business. (Wow!) And .. well .. my other carrier (shall remain nameless) was more than FIVE TIMES the annual premium than what Bobby quoted me! Done deal. I know who I’m going with, and will stay with. Plus I get birthday cards. 😊 Mike Stromsoe and his entire staff .. just wonderful.”
Adria Poindexter – Murrieta, CA – Client Since 2015

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

The Secrets to Helping with Your Claim

Imagine this: It’s Saturday afternoon and you hear a loud noise. Your fence has blown down due to high winds. Should a claim be reported to your insurance company immediately?

This is what you should consider to determine if filing a claim is a good idea:

Reporting Your Claim | The very first thing you’ll want to do when you think you may have a claim on your hands, is to contact our agency immediately to discuss your claim. There are some cases where filing a claim may not be in your best interest. For example, if the amount of work to be done will not exceed your deductible, then the cost will be out-of-pocket and you now have a claim listed on your policy. Once you’ve discussed the situation with your agent, you’ll want to make a record of any damage and be ready to submit photos, videos and documentation of all pertinent facts, including names, phone numbers, witnesses, etc. The last immediate step to take is to prevent any further damage.

If you decide to submit a claim after a conversation with your agent, here are some of the next steps you will experience:

  1. Assigning Your Claims Adjuster| An adjuster is assigned to you to assist with all of the steps of your claim. This is the person who will give you information about next steps and help you if you need payment assistance, such as additional living expenses. It’s important to remember, that just because you have been assigned a claims specialist, this doesn’t mean your Stromsoe Insurance Protection Team isn’t here to support you through the process. We’re just a call, text or click away!
  2. Evaluation & Inspection | Your claims adjuster will gather information about your case and the level of damage sustained while evaluating your claim. This is when you may be asked to provide documentation of damage, such as photos or an inventory list.    Quick Tip: Keep all of your receipts, make notes of who you talk to along with phone numbers, emails and everything that happens during your claims process! From temporary repairs to additional living expenses and food.
  3. Estimating & Determining Coverage | After gathering all of the facts and your documentation of the event, your adjuster will review their findings and your policy and if coverage applies, will prepare and estimate of what they propose to pay for your damages.
  4. Payment & Repair | Your claims adjuster can now issue payments based on the terms of your policy! If you have a mortgage, your lender may have the right to be included as a payee.    Quick Tip: If a contractor asked you to sign a “direction to pay” your insurance company may be required to pay the contractor directly. Again, contact your independent insurance agent before signing anything.
  5. Resolution | Your claim is now resolved, but we are here to help you keep your investments safe. If you or your contractor discover additional damages, contact us immediately so we can help!

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“Stromsoe Insurance is a reliable agency, it has provided fast and excellent service and made the process of finding the best homeowners insurance for our home.”
Betty Harrington – Murrieta, CA – Client Since 2014

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Non-Profit Spotlight: Assistance League of Temecula Valley

Our community is full of incredible people and organizations, out making a difference for others! In this month’s Non-Profit Spotlight we’d like to recognize the Assistance League of Temecula Valley!

Assistance League of Temecula Valley is an all-volunteer, non-profit organization that transforms lives and strengthens our communities through philanthropic programs in Southwest Riverside County.  They run through the strength and support of approximately 200 volunteers! The initial goal of ALTV was to provide local assistance to children and families living in poverty. Although the core goal has remained consistent over their more than 30 years of service, the organization continually works with community partners to determine the needs of the community and to adjust and broaden their service goals as necessary. Adjusting to the impact of COVID-19 on local disadvantaged families has resulted in creative solutions needed to provide substantial services to recipients.

COVID has not only affected their fundraising ability but has also changed how they deliver services. The ALTV Thrift Shop is their main fundraiser, but due to COVID they were required to close the for several months. The shop has now reopened, but on a very limited basis. ALTV continues to develop alternative methods of delivering services after the closure of schools.

Yet another way that ALTV is cultivating change in communities is with their support of a teen auxiliary, Assisteens! With more than 50 members, the Assisteens provides volunteer opportunities for youth in grades 7 through 12. They learn to develop a sense of community and personal responsibility, as well as self reliance, poise, public speaking and leadership skills.

For the month of March 2021 Stromsoe Insurance will donate $21 to Assistance League of Temecula Valley for every referral that comes to our team!

Learn More about The 2021 Vision Referral Rewards Program HERE…

 

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The ALTV non-profit provides a variety of services through philanthropic programs to disadvantaged children and families in the communities of Temecula, Murrieta, Menifee, Lake Elsinore, Wildomar and Romoland in Southwest Riverside County.

  • New school clothing and shoes are provided to qualified students in five school districts and at Camp Pendleton
  • One weeks provisional supplies are provided to foster youth that are entering the social system
  • Graduation assistance is provided to homeless and foster youth
  • Teddy bears are provided to local hospitals for children in trauma
  • Financial literacy classes are provided to at-risk high school students
  • Through partnerships with other nonprofits ALTV provides assistance with services that they do not have a program for
  • ALTV meeting room is provided free to other community nonprofits for meetings and events

ALTV’s main philanthropic program is Operation School Bell, a signature program that provides new school clothing and shoes to students living in poverty. Because ALTV is strongly identified with this program, it comes as a surprise to many that they have a multitude of programs supporting their local community!

Donations are always welcome and will support their efforts to support disadvantaged children and families in Southwest Riverside. There are many ways that you can support ALTV in their mission: (1) shop at the ALTV Thrift Shop at 28720 via Montezuma, Temecula 92590 Wednesday-Saturday, 1:00-4:00PM, (2) donate gently used items to the Thrift Shop during business hours, (3) donate through their website, or on their social media platforms! All funds are used for programs serving the local communities. For more information you can also visit their website.

Assistance League currently has a face mask distribution for their thrift shop customers, due to generous donations by Temecula Valley Chamber of Commerce and the Temecula Rotary. Each customer receives a package of 5 face masks at check out! The campaign is, “For those you love”, WEAR A MASK!

If you would like to help support Assistance League of Temecula Valley, please engage with them using the following:

For the month of March 2021 Stromsoe Insurance will donate $21 to Assistance League of Temecula Valley for every referral that comes to our team!

Learn More about The 2021 Vision Referral Rewards Program HERE…

Would you like to learn more about how we can help protect your non-profit , call your Stromsoe Insurance Total Protection Team at (951) 600-5751 or email insure@siaonline.com today!