The beginning of the year is a good time to review your insurance policies to make sure you have adequate limits and coverage.

Insurance companies use a cost per square foot to determine what they would need to pay out to replace your home. If you have a standard 2,500-square-foot home and the insurance company is paying $175 a square foot, your limit would be $437,500.

If the insurance company changed it to $150 a square foot, your limit would be $375,000. You would see a savings in premium based on the lower limit of coverage.

If you don’t agree with the limit of coverage on your home, another option is to get an independent appraisal of your replacement cost. Insurance carriers generally honor these reports and will charge you based on the limit that you request.

Another area to review is contents coverage. Have you bought or sold any big-ticket items throughout the year? If you purchased electronics for your new home theater or specialized equipment for a hobby, you may want to adjust your limit of contents coverage to make sure it is adequate.

This is where your insurance agent can shine and help you determine the best choice in coverage for your needs. Your agent can tailor your coverage to your needs.

Agency News:
 
Thank you for helping Moran Insurance reach our goal of having 500 “likes” to our page.  As a result we donated $500 to the Hospice of the Chesapeake. When one goal is achieved, it’s time to start another.   When we reach 1,000 likes, we will donate $1,000 to Providence Center.  Providence Center is  local non-profit who has been  providing important services to adults with developmental disabilities for 50 years. Please visit their website  at www.providencecenter.com
 
 
Refer a friend campaign: Refer a friend for an insurance quote and be rewarded with a $10.00 gift card and be entered into our $200.00 Apple Gift Card drawing.
 
Congratulations to Account Manager Renee Smith who is the employee of the Month for December 2011. 

5 Tips for Losing Weight After the Holidays

After weeks of parties, baking, extravagant dinners and holiday-themed cocktails, many people wake up in January to find they’ve added a few extra pounds.

According to several studies from the last 10 years, the average adult gains at least one pound during the holiday season. A study by The New England Journal of Medicine indicates most people don’t ever shed that weight.

Following are some tips and tricks to help you sensibly shed the holiday weight:

Trade Sugary Juice and Soda for Water: Drinking water will help your body flush out toxins and can stop you from overeating. If you overindulged in seasonal cocktails, try eliminating all alcoholic beverages in January.

Eliminate Starch and Sugar From Your Diet: This can help kickstart your weight loss. Refined sugars and starches – like those found in candy and white bread – can add to waistline bulge.

Eat Small Meals: Christmas meals usually involve long, sit-down meals with several courses. Try eating five small meals instead of three large ones, with no snacking in between. Aim to include protein, whole grains, and fruits or vegetables in each meal.

Snack Responsibly: Have a container of washed and cut vegetables and fruit in the fridge so that an easy and healthy snack is always available.

Eliminate Processed Foods: Highly processed items such as potato chips, some granola bars and frozen meals are often high in sugar and sodium.  

 INSURANCE
General Liability: Are You Properly Covered?

General liability is an essential type of coverage for a business owner.

If you run a bakery, manufacture a product or have clients come to your office, there is a liability exposure.

Commercial general liability insurance comes with six different components of coverage.

Following is a sample of how most liability declarations pages would read for someone with a $1 million limit:
 

• General Aggregate – $2,000,000
• Products-Completed Operations Aggregate – $2,000,000
• Each Occurrence – $1,000,000
• Personal and Advertising Injury – $1,000,000
• Damage to Premises Rented to You – $500,000
• Medical Expenses – $10,000

The General Aggregate and Each Occurrence categories correspond with each other. If there is a general liability claim (Each Occurrence) such as a slip and fall at the grocery store, it would contribute to the General Aggregate. There can be two claims of this type, up to $1 million each, before the limit of insurance is exhausted.

The Each Occurrence limit corresponds with the Products-Completed Operations Aggregate limit. If a customer swallowed on a piece of one of your products, like food or small plastic pieces, and got sick because of it, this claim would fall under the Products-Completed Operations Aggregate limit of insurance. As with the General Aggregate limit, there can be two claims of this type, up to $1 million each, before the limit of insurance is exhausted.

Personal and Advertising Injury provides coverage for oral or written material that may be libelous or slanderous or that copies another’s advertisement, logo, slogan or other artistic work so closely that it can be confused with the original, as well as discrimination or humiliation that ruins someone’s reputation. The limit of coverage on claims of this type is $1 million. There is no General Aggregate limit provided.

If you are renting the space for your business and you accidentally cause a fire that destroys part or all of the building, the limit of Damage to Premises Rented to You will cover this cost. This coverage is sometimes called Fire Legal Liability. There is no aggregate on this limit either. Insurance carriers offer various limits on this one. Some may offer half of the Each Occurrence limit, while others may offer up to the same limit.

If there is a minor accident that results in some small injury or damage, Medical Expenses will pay the claim up to the limit of insurance. For claims in excess it would require the claimant to prove you were responsible. If you are responsible,your liability occurance would apply.

Higher limits are also available. Many companies offer $2 million to $4 million limits, and some are even beginning to offer $3 million to $6 million limits as well.

Also, deductibles generally do not apply with liability insurance as they do in property insurance.