Car 1

Will my insurance cover renting a car after an accident?

Rental Reimbursement Coverage:

Many drivers don’t think about the details of their insurance coverage until after they have an accident. They then call their insurance company and file a claim to help pay for car repairs and other expenses such as the cost for a rental car while their vehicle is being repaired.

However, many insured drivers may be surprised to find out that their auto insurance does not automatically cover the cost of a replacement rental car after an accident. Since the average car is in the repair shop for two weeks after an accident, the cost to rent a car can be several hundred dollars. With rental reimbursement coverage added to their policy, drivers can be covered for the cost to rent a vehicle while their car is being repaired.

Rental reimbursement coverage is available for pennies a day, but it is frequently passed up by those who believe they will not have a car accident or those shopping only for the lowest cost premium. The cost of a rental replacement car adds up fast, so even if you don’t have an accident for many years, the coverage pays for itself when you need it most.

 

 

Flood 1

I have a “flood” in my basement. Am I covered for flood?

In order to properly answer this question, we must first define what a “flood” is. According to the Insurance Institute of America, a flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. A flood is when water originates from a source OUTSIDE of the home, such as a nearby body of water, and spills into the home. Standard homeowners and renters insurance does not cover flood damage. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program We will obtain that coverage for you upon your request.

It is important to note that water inside a home that originates from a faucet, drain, pipe, sewer line, or storm drain, is NOT considered to be under the definition of “flood. If a break occurs inside the home, and causes water damage, that damage is already included in a standard HO-3 policy. If the water backs up through a drain or pipe system without a break inside the home, (for example, through a sump-pump), this is actually referred to as “water and sewer back-up”. This would be covered under homeowner’s policy but ONLY IF water and sewer back up coverage is added. We strongly suggest adding this coverage to your home insurance, so that you are not left “high and dry”. (Or is that low and wet…?)

The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.

Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.

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Construction Honored with AGC Builders

Last night, Construction was honored to accept a Best Builders Award from the Associated General Contractors of Vermont for the construction of the $31.3 million Vermont Public Health Laboratory. There is so much to celebrate about this project – from both a construction and community perspective – and it was so gratifying to have that impact formally recognized in the contracting community.

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