Tuesday, August 13, 2019

Owners of Rental Properties Need to Be Prepared in Today’s Litigious Society

Why you should consider creating an LLC for your rental property

By: Edward L. Blais, JD, CIC
President, Blais Insurance

As we move through life, we all try to accumulate wealth along the way. Possible sources may include investments, retirement funds, and perhaps equity in rental properties. Throughout this process, we need to protect our assets and perhaps even more importantly, contain liability exposures that could result in claims against our life time accumulations.

Rental properties present special concerns since claims for personal injury can result from even the most meticulously maintained properties.  Often times, it is what tenants do or don’t do, that result in a claim against the property owner by persons the tenants invited onto the premises.  If the property is owned in the individual name(s) of the property owner(s), then all of their assets – not just that rental property itself – may be in jeopardy in connection with a lawsuit against the property owner(s). 

Insurance doesn’t have to be the only line of defense against such claims, nor should it be.  Homeowners should consult with an attorney and explore the prospect of transferring their ownership of a rental property to a Limited Liability Company (LLC).

If you are looking to protect your assets through this strategy, after consulting with counsel, consider calling Blais Insurance at 401-725-0070 to make sure you have the proper insurance coverage needed.


Thursday, July 18, 2019

When Should You Delete Comp and Collision?

Relying Solely on Liability Coverage Isn’t Right for Everyone

By: Edward L. Blais, JD, CIC
President, Blais Insurance

Every motorist reaches the point when they are weighing the decision to remove comprehensive and collision coverage from their auto insurance policy. The decision, it turns out, often comes down to the unique financial situation of the policyholder. With people holding on to their vehicles for longer, Blais Insurance would like to share important information that can help you make an informed decision.

Comprehensive coverage and collision coverage are protections that cover the cost of repairs for policyholders’ vehicles for covered causes of loss.   While these coverages are considered optional, policyholders with liens on their vehicles are required to carry comp and collision coverage to protect the lending institutions’ financial interests.

Others without such liens often keep this coverage out of an abundance of caution to nonetheless protect their investment. To illustrate, imagine that you have finally paid off the note on your vehicle and its Kelly Blue Book value is listed at $15,000. If you were to cause an accident or hit a deer, these coverages could operate to pay to restore your vehicle.  In such instances, it might make sense to maintain the comp and collision coverage after the loan is paid off.

Alternatively, if policyholders feel confident they could easily afford to replace their aging vehicle in the event of an accident without the assistance of the insurance coverages, they might be better suited to delete the coverages and save the extra dollars before upgrading to another vehicle. Ultimately, it is up to each policyholder to decide what their tolerance of risk is.

While there is no one rule with regards to when to delete comp and collision, policyholders that are considering a change should contact Blais Insurance at 401-725-0070. Speak with our insurance agents to tailor an insurance policy that makes sense for you and is affordable for your family.


Tuesday, June 11, 2019

Safeguard One of the Most Memorable Days of Your Life with Wedding Insurance

By: Edward L. Blais, JD, CIC
President, Blais Insurance

*Created in collaboration with The Travelers Indemnity Company.

You’ve always dreamed of planning the perfect wedding, but no matter how carefully you plan it, there are many things that can go wrong. Whether you are just starting to make plans for your big day or have already made a deposit on the venue, the agents at Blais Insurance would like to remind couples about the importance of having a wedding insurance policy.

Imagine saving money for months, making a deposit, and then a hurricane derails your plans — a scenario that can happen to anyone as we head into the 2019 hurricane season.

That’s what happened to Becky and Aaron, who spent months planning their destination wedding to Cancun, Mexico, when the unexpected happened. A Category 4 hurricane swept through the city, making their reception site inaccessible. If the couple had the right wedding insurance policy, they could have been reimbursed for the lost deposits.

The financial cost of a wedding has skyrocketed over the last few decades, and for the average couple, weddings are roughly $30,000 when you factor the costs of rings, dresses, venues, food, photos, and more. Having the right wedding insurance policy can help mitigate significant losses from a variety situations.

Wedding insurance policies have helped people recover:

·      The cost of replacing or repairing damaged dresses and tuxedos.
·      Lost deposits from businesses that closed or filed for bankruptcy.
·      Expenses related to the repair or replacement of the bride or groom’s wedding bands.

These are just a few examples that highlight the importance of having the proper wedding insurance coverage. Help secure one of the most memorable days of your life, and speak with a Blais Insurance agent at 401-725-0070 to learn more about your insurance options.