Posted on 5/1/2018 6:00 AM By Joe Hershey
Learn the difference between Actual Cash Value and Replacement Cost Value and how it can effect your out of pocket expenses when it comes to an insurance claim. Check the scope of your insurance coverage with Definitive Insurance. 1- 717-537-1104
Posted on 4/19/2018 10:11 AM Joe Hershey
Why are insurance rates so different? Discover the reasons why your insurance rates may differ so much between two different insurance companies. Contact Definitive Insurance Solutions today to find the best insurance for you.
Posted on 11/28/2017 1:24 PM Joe Hershey
Protect your insurance rates and insurance availability by requiring renters insurance!
Posted on 10/31/2017 11:30 AM Joe Hershey
Battery operated smoke detectors not enough to prevent landlord liability. Protect yourself and your tenants from fires with these tips. Definitive Insurance Solutions your apartment building insurance experts. 717-537-1104
Posted on 10/16/2015 5:02 PM By Joe Hershey
Your tenants impact your commercial property insurance and not all tenants are created equal. Find out why and how to make the impact minimal.
Posted on 4/30/2015 10:04 AM Joe Hershey
There is no direct correlation between these two events however, they both have something in common. These events were mostly unexpected and they both caused substantial bodily injury and property damage. In the event of the Earthquake there is no one who could be considered liable for that event, although if it was here in the United States their could be some lawsuits over how buildings weren't constructed to withstand earthquakes. As for the Riots in Baltimore very few of the rioters were caught and of the ones that were they likely have no assets to go after to compensate the people who's properties were damaged. That means that if you didn't have your own insurance in place at the time of the occurrence then you lose those assets that were damage or stolen.
Aaahh yes, that dreaded word insurance. Of course no one likes paying insurance premiums because for the majority of people they pay in quite a bit more than they g ...
Posted on 4/17/2015 10:45 AM Joe Hershey
It seems that our society continues to lose grasp on the norm of being self reliant and responsible for our actions. In recent years it appears that society believes everything is someone else's fault and not our own. I see increasing examples of this on a regular basis and recently I spoke with a person that had 7 days of jury duty involving the unfortunate drowning of a 3 year old boy at a Lancaster County apartment complex. While the drowning occurred a few years ago the trial took place earlier this year (2015).
This topic hits home for me because insuring apartment buildings is one of my larger commercial niches and so I was quite interested in the details and the results of the case. The plaintiff was the boys mother and the defendants were the apartment complex owner and the management company that ran the complex. A few interesting items were noted in the case, the plaintiff's attorney pointed out several factors in the case
The 3 year old boy was allowed to run around ...
Posted on 3/19/2015 6:22 AM Joe Hershey
Irresponsible Tenants Cost you more than you think!!
An irresponsible tenant is costing you more than just the disturbance they may be causing in your apartment building. Such tenants can cause other tenants to move out and advise others to not move in, they cause property damage to your building, they are most likely to sue you, they are costing you extra money with your insurance.
Yes there are the obvious things that you can do to reduce the likelihood that you end up getting this type of tenant but there is one more item that you can do that you may not have considered. Require all of your tenants to carry a renters insurance policy. Such a policy will not only protect the tenant for damage or theft of his stuff but it will protect you the property owner for accidental damage to your property. Examples of the type of damage that would be covered are: Tenant overflows a tub or sink and causes water damage, tenant puts holes in walls when moving furniture in/out of th ...
Posted on 3/16/2015 10:18 AM Joe Hershey
Yes the Homeowner Flood Insurance Affordability Act of 2014 did provide some immediate relief from increased flood insurance rates, however, that revision to the law only slowed increases down. Beginning April 1, 2015 the next wave of increases are here. While there are many factors and ways that changes will be made and increases applied it all can be simplified in a few bullet points, see below:
- Overall the National Flood Insurance rates can't increase on average more than 15% across all policies backed by the NFIP (National Flood Insurance Program).
- Any single policy may not see an increase of more than 18%.
- The HFIAA(Homeowner Flood Insurance Affordability Act of 2014) calls for a policy surcharge of $25 on each policy that insures a primary home. All other policies will see a surcharge of $250. These surcharges fall outside of the premium increase caps mentioned above.
If you want to keep up to date with the various changes you may want to be sure to visit FEMAs Flood Insurance Reform webpages and read the related WYO Bulletins.
If you have any questions about flood insurance please feel free to give me a call.
While I can sell and service Flood insurance policies insured by NFIP there are also some excellent private insurance companies offering competitive flood insurance pricing/coverage.
Posted on 2/28/2015 8:00 AM Joe Hershey
Employment practices liability insurance also known as EPLI is a vital part of any business asset protection plan if they have employees. EPLI protects
businesses against claims made by employees or potential employees that claim the company is violating their rights or discriminating against them in an
illegal way. There has been a huge increase in the number of employment practices liability lawsuits filed against employers in recent years. Insurance
companies are recognizing the increasing need for this coverage and many are responding by adding some incidental coverage to their package policies. Keep
in mind that these automatic coverage limits are limited. In most cases the insurance companies offering the automatic EPLI coverage often are offering
higher limits on the package policy (Either a BOP or Enhanced CPP). Some insurance companies offer EPLI policies as an stand alone separate policy rather
than within a BOP or CPP. EPLI policies offer protection against several types of claims, some of ...
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