Q-Hi friends! What do you normally tell your peeps when they ask about taking the insurance out on a rental car while being on vacation? I feel like it’s such a gray area. TIA!

A-It is a temporary substitute auto, so whatever you have on your car, extends to the rental. So no collision on your own car, no collision on the rental. But also things to consider:
*With no waiver, that claim now shows up as a claim on your insurance
*The rental company MIGHT get you for diminished value of the rental car
*They could demand "loss of use" for the rental car until repaired

We tell them the coverages that extend to the rental but always recommend they take the coverages from the rental company to fill any potential voids in coverages if a claim were to arise.

Every small business should have an endorsement on their insurance policy called Hired & Non-Owned auto insurance. This is coverage for your business when you tell "Sally" to run the bank deposit to the bank for you. Or you tell "Bob" to go to Office Depot to pick up more envelopes.

You see, when you ask an employee to use their own vehicle to runs errands for your business, it could put their own auto insurance in jeopardy. Some personal auto insurance policies could deny coverage for using their vehicle for business use. I've seen it happen, not often but it does happen. If you are the business owner, you don't want to see an employees auto accident get denied when doing you a favor.

So just know there is a way to not get into this mess by adding hired/non-owned auto coverage on your small business insurance policy. As you can see in the example above, it doesn't cost that much money.

Earthquake insurance is not something that is ordinarily covered on a homeowner insurance policy. It is, however, an endorsement to a homeowner policy where it can be added on for a fee. The typical earthquake coverage is approximately $125-$200 a year. This would be for a New York homeowner because in California, this would be several thousand dollar - not a few hundred.

In the Northeast, many homeowners prefer not to add this on to their insurance policy due to the infrequency of the occurrence.

Considering Going All In for a Fixer-Upper? Here’s What You Need to Know Before You Do 
Fixing up and flipping a property is a popular trend many entrepreneurs are buying into nowadays, mainly because of its lucrative profit-earning potential. Furthermore, many ‘flippers’ will agree that it’s one of those projects that’s worth seeing through to the end because you’ll undoubtedly be proud of all that you’ve managed to accomplish in such a short space of time. If you’re already sold on flipping properties, Larsen Insurance provides what you need to know before you get started.
How to select a feasible fixer-upper property 
When selecting a fixer-upper, not all properties will be feasible in terms of profitability. While some may look great at first glance, it can be deceiving if you haven’t done the necessary research. Moreover, not investigating properties can lead you into a lot of financial trouble. Here are some things you should look into.
 

Location matters a great deal 
As is generally the case with the housing market, location matters significantly when it comes to your return on investment when you eventually sell the property.  As a general rule, the more upmarket the area, the more profit you’re likely to make when closing a deal (provided you’ve worked out the profit margin correctly).
 
It’s wise to investigate current home trends when evaluating properties. Knowing what desirable features a home already has, and those that can potentially be added, can help you separate the best candidates for flipping from those that leave something to be desired. Having several desirable features will make your flipped house more attractive to potential buyers.
Try to keep renovation costs as low as possible 
Indeed, your main aim will be to make as much profit as possible when you flip the property. However, renovation costs can quickly eat into your profits if you’re not careful. Therefore, you’ll want to ideally choose a fixer-upper that needs mainly superficial renovations if you're going to keep costs as low as possible.
 
What not to buy into 
There will be specific properties that will be a no-go from the very start. These include fixer-uppers that don’t have a sound structural foundation or roof,  those that have faulty electrical installation, insect infestations, water or mold damage, and more. These are the types of costs that can put you instantly in the red-for good.
 
What to address first 
As far as tackling renovations goes, it can be overwhelming when you have to decide on what to start on first and the many factors that can influence this. For instance, it can come down to something as simple as your available budget, as well as addressing any safety concerns that require urgent attention to get the property as move-in ready as quickly as possible. When it comes to renovations, you can do it yourself. The more straightforward tasks are usually the best, like painting and general decor, if you don’t have specialized knowledge of more in-depth processes like electrical wiring or plumbing, for example.
 
Don’t neglect what’s outside the home. An attractive landscape can make a home much more appealing. Search online for tips for finding local tree trimming services and landscapers to give ​the natural features around the home some TLC. And read service reviews first; you want to source companies with a reputation for quality work. Once you have a list of good companies, reach out to them to get quotes for work.
 
Other potential business prospects 
Apart from fixing and flipping a property, you could opt to hang onto it a little longer and turn it into a vacation rental instead. Just remember to register your new venture as you would any other business. For example, applying for an Employer Identification Number or EIN can help you obtain tax deductions down the line.
 
In summary, flipping a property you helped transform into something new is extremely rewarding. This is one of the reasons why many choose this career path. And they have never looked back since. So, if you're considering heading this route, it could be one of the best things you ever decide to do. Reach out to Larsen Insurance for custom insurance solutions to protect you and your investment during your house flipping journey.

A-Most of the “so called” auto comparison sites are there to sell your information as a “lead” to insurance agents. In my office we do NOT buy leads, as they sell them to 4 or 5 agents. Do yourself a favor and look up Independent Insurance Broker in ______________ (your town inserted). Most will have 6 or 8 or 12 insurance companies they quote through. They will give you an honest answer and comparison from all the companies.

​This is what we do in my office.

Do you have at least $1,000,000 of life insurance protection? Why not? Isn't your ability to earn money now and in the future worth at least $1,000,000? Or pay off your home? Or give your family peace of mind?

We have a wholesale life insurance company, who represents over 30 life insurance companies, that can do a free analysis of you current policy. No obligation, no sales pitch, just a free review of your current life insurance.  Not sure if it is performing well? They will tell you. Should you stop paying it and get a new policy? Will it run out of funds?

A lot to think about, which is why a free analysis would be smart to do. We have a form to get you started that goes directly to the insurance wholesaler - not us.

Email me if you'd like the form tom@larseninsurance.com

Funny Insurance TV Commercials - Miss the Mark!

    When they think they are being "cute & funny" (I say NOT!), what the message is...buy me, buy me, buy me! That is not the way a smart consumer buys insurance today. You don't want to be sold to, want an insurance policy not covering your important assets. But they are all following each other to see who can not only be cute but gain market share from each other.

    On the other hand, their are insurance agents like us, who want to create relationships, not sell insurance policies. Ever been asked to buy a personal umbrella insurance policy? No? Because those other auto & homeowner insurance companies don't know your need, never ask! Only sell on price, as if that is the end game!

    Oh sure, price is important, that is why we represent 18 insurance companies to find you the best price but not at the expense of coverage! Imagine being sued for, oh $500,000 and you have a $100,000 insurance policy (liability on your cars or home), where are you getting the other $400,000 from? Know where? You salary, your income will be garnished at 10%! Do you wish to lose 10% of your income until this is paid off?

    Smart insurance consumers know to seek out an insurance professional they can get to know, like and trust. Then they are in a relationship status and not a sold policy status. You'd be wise to seek out such a relationship.