Hospitality News

“Protecting What Matters Most, Don’t be Under Insured”

RE: For Hotel Insurance Needs

“Protecting What Matters Most, Don’t be Under Insured”

Keeping your home or business properly insured can save you a lot of grief and disappointment later if you have to file a claim.  Many buildings including homes in America are underinsured. Here are 6 steps you can take to help keep your property from being underinsured.

1. Know your policy type and what it covers:
Depending on the type of home or business you have, your insurance policy type should reflect your needs. It is important to understand your insurance policy basics.  It is also important to ask your agent what other types of policies are available in order to compare insurance coverages.

2. Keep up to date on building prices in your area:
Besides insurance liability protection, your home insurance policy amount insures the building structure and various possessions, not the land. Most good policies have an annual built-in inflation protection increase in the insured amount, but check to make sure the annual increase is enough to cover your home. The best way to get an idea for rebuilding costs in your area is to research the average per square footage cost. You can research this in a variety of ways such as talking to building contractors or real-estate agents.

3. On a regular basis assess your personal property:
It is important to review your personal property and business personal property insurance needs and make sure you have enough coverage on your policy.   These are the items in the house or building like furniture, clothes,  and personal belongings.

4. Don’t forget those remodeling projects:
Those remodeling and renovating projects add value to your property and in turn drive-up the cost to re-build. Make sure you contact your agent on a regular basis about any past remodeling projects or future ones planned. In addition, your agent should be able to give you an estimate of how a particular home improvement project will affect your insurance costs.
5. See what additional coverages are available:
With the ongoing occurrence of hurricanes, floods, and mudslides, you will want to make sure your policy covers any gaps in your current insurance, so take the time to check about any additional coverages that may be available to you.  Additional coverages are not just a way to spend extra money, it is a way to protect your investment at a very small price.

The following is a list of common additional polices clients purchase to protect their properties.

6. Communicate with your agent:
After implementing the 5 steps above, it is important to review your findings and concerns with your insurance agent. Your agent may also be able to offer you additional coverages that would best fit your insurance needs.   Communication with your agent will help eliminate a lot of problems for you concerning your insurance.

For more free  tips on how to save money on insurance or how to  better manage your insurance program, call RCI Insurance Group at  800–753 -5797.

If you have any questions or concerns about your policies contact our office by phone 800-753-5797, or e-mail us at mcottom@rci-insurance.com, or visit our website at www.rci-ins.com for Commercial Hotel Insurance assistance.  We would love to answer any questions you may have regarding our National Hotel Insurance Program (NHIP) or discuss your policy and what coverages would be best for you and your hotel.

We hope you enjoyed this feature, brought to you by HospitalityNews.net and Southeast International Hotel Brokers.

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