Monthly Archives: March 2020

What is the Difference Between Insuring a Home and a Duplex?

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A duplex or any other multifamily dwelling needs a different kind of insurance coverage than the insurance needed for a single-family home. The reason for this is that even if you live in a part of the duplex, usually the other part rents out. Renting a residential space is a commercial activity. Normally, this has no coverage under standard home insurance. If you use part of your home for an office, then, you need commercial insurance. The coverage is different. Many make the mistake of thinking that they have adequate protection when they may not.

There is no need to worry about this because the solution is simple. Work with your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the surrounding area to get the correct type of insurance coverage you need for a duplex. Make sure there are no gaps in insurance coverage that create extraordinary risk for you.

Add Professional Skills to Help

Do not hesitate to use the professional skills of your insurance agent to get recommendations. Their main job is to protect you, not force you to buy something you do want or need. They can be very helpful and are the perfect resource to ask for information even if your coverage is already adequate.

Call on them without hesitation when considering buying a home, duplex, townhouse, or other multifamily property. They can help you estimate the cost of insurance that needs factoring into the calculations to determine if the investment is a good idea. At the same time, they can review any of your existing policies to recommend any needed upgrades.

Summary

Many families are finding it more cost-effective to invest in a multifamily property, live in a part of it, and rent out the other part. Millennials call this “hacking” a residential property. In some cases, all or most of the expenses of the entire building may be covered by the rent collected for just part of it. This is a very clever way to build up a valuable real estate portfolio by starting with the purchase of a duplex. To get an insurance review and a quote, contact your agent at E.S.T.I.R. Inc. in Bloomfield, NJ.

Benefits of Full Coverage Auto Insurance

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It is common to wonder if it is better to carry the minimum liability or to attain full coverage for your vehicle. If you are trying to weigh out your options and understand the difference, E.S.T.I.R. Inc. is here to help. Let’s start with understanding what exactly full coverage auto insurance is for a Bloomfield, NJ driver.

Full coverage auto insurance is typically a combination of the following:

Liability Coverage- Coverage for other parties’ repairs and injuries if you are found at fault for an accident. In Bloomfield, NJ, the minimum required liability insurance is $15,000 for bodily injury per person (up to $30,000 per accident) and $5,000 in property damage per accident.

Collision Coverage- Coverage for repairs to your own vehicle if you are responsible for an accident with another car or object, such as a tree or stop sign.

Comprehensive Coverage- Coverage for auto repairs or replacement for certain covered events, such as theft, vandalism, fire, weather, and more.

You have the option to add on other coverage, such as uninsured motorist insurance to cover damage caused by another person who does not have insurance.

Though liability is all that is required by law, it is not always enough to cover the costs incurred during an accident. And it does not help repair or replace your car in the event that you are at fault in an accident, so you will have to cover those costs out-of-pocket. Without enough in savings, that could be a problem.

It is important to understand that no matter how careful a driver you are, there is no guarantee that you will never be in an accident. Safe driving does limit the possibility, but it does not eradicate it altogether. There will always be things you cannot control, such as the way other people drive or certain road conditions.

It is always better to be safe than sorry. Let us help you with the protection you need. Give E.S.T.I.R. Inc. a call or stop by today for a free, no-obligation full coverage quote!