Three signs that it’s time to update your boat insurance policy

Boat owners shouldn’t assume that they should keep the same boat insurance policy indefinitely. In certain situations, boat owners may need to update their policies. Smoller Insurance Agency is an insurance company that boat owners in Boston, MA can turn to when they are interested in purchasing boat insurance or changing their boat insurance coverage.

The following are three signs that it’s time to update your boat insurance policy:

You want to be able to navigate in an area that’s not covered under your existing policy

Boat owners always need to be aware of the navigational limits of their policy. If they want to expand on these navigational limits, they will have to discuss this with their insurance provider. Expanding the navigational limits of your policy is likely to result in an increase in your premium costs. 

You’ve bought a new boat

Your boat insurance policy is specifically underwritten for the particular boat you own. If you replace your boat or want to add a second boat to your policy, you’ll need to let your insurance provider know so that your policy can be updated. 

You’ve relocated to another state

It’s important to discuss a move out of state with your boat insurance provider.

Your boat insurance provider might not provide insurance in the state to which you’re moving. In this case, you’ll have to purchase boat insurance from a different company. 

Get The Right Coverage Today

We’re here to help boat owners in Boston, MA in need of coverage. You can call us at Smoller Insurance Agency to get a quote on boat insurance. You can also get a quote on a boat insurance policy from our company by getting in touch with us online. 

How does COLOR affect a car’s value?

Mythbuster: the color of your car does NOT affect its insurance premium! It can, however, greatly impact its resale value.

A recent study by iSeeCars compared the Manufacturer’s Suggested Retail Prices (MSRP) of more than 650,000 recently sold 3-year-old used vehicles. Here are some highlights from their findings:

🛞 The average depreciation rate of a car is 15%.

🛞 Bold colors tend to hold their color best, so their value depreciates very little. For example, yellow cars only depreciated an average of 4.5% over three years! “Yellow is among the least popular car colors with the lowest vehicle share and is commonly a color for sports cars and other low-volume vehicles that hold their value relatively well,” said iSeeCars Executive Analyst Karl Brauer. “Because yellow vehicles are so novel in the secondhand marketplace, people are willing to pay a premium for them.”

🛞 More “neutral” colored cars tend to depreciate in value more quickly, with brown having the worst rate of 17.8%. Brauer explains, “If a color doesn’t resonate with enough used car shoppers it will hurt resale value, even if it’s uncommon.”

More here.

Whether you are buying a new car or planning reselling your current car, be sure to carefully consider its color!

5 Facts about boat insurance

Don’t rock the boat by going without boat insurance.

Smoller Insurance Agency knows that boat insurance isn’t splashy. But it is a necessity. Serving the greater Boston, MA community, our experienced team offers safety and security while you cruise the waterways.

Here are five facts about boat insurance:

Boat insurance covers any type of watercraft

Boat insurance is unique. It applies specifically to motorized watercraft. Although every policy will vary, nearly all boat insurance policies shield against loss, damage, and damage through comprehensive and collision coverage.

But the benefits extend much further

Boat insurance isn’t just for your boat. It grants personal protection for you, your guests, and other motorists. Liability provides these safeguards. If you are found to be at fault, costs associated with bodily injury or property damage would be covered.

Boat insurance isn’t mandated in The Bay State

Like most states, boat insurance isn’t required in Massachusetts. But that doesn’t mean it’s not a good idea. Owning a boat without it is risky. There is little downside to maintaining full coverage.

Boats aren’t covered by other plans

Some homeowners mistakenly believe they are already protected. Your homeowners’ policy may overlap with boat insurance but just barely. At best, this coverage is limited. Avoid falling into this trap. Only a specific, designated boat insurance plan will be sufficient.

Boat insurance is needed all year long

Boat insurance isn’t seasonal. This is another common misconception. Even in storage, accidents, damage, and natural disasters can occur. Canceling or letting your policy lapse can be costly in the long run.

Contact Us Today

Inadequate coverage can leave you stranded. Let Smoller Insurance Agency in Boston, MA throw you a line. Our agents can craft a designated boat insurance policy that’s perfect for you. Set up an appointment today.

How Much Flood Insurance Should I Carry When I Have a Home-Based Business?

At Smoller Insurance Agency in Boston, MA, we provide competitive flood insurance quotes to help keep your home-based business running. 

Here are some facts that you need to know:

Historical Flooding Near Newton and Boston, MA

According to the National Weather Service, the Boston and Newton region has seen nearly 15 inches of historical precipitation in a month, flooding many ground floor and basement offices and homes. Moreover, business disruptions due to power outages and equipment damage cost the city of Newton and the Boston area $75 million during flooding in 2010. But flooding does not have to be deep or extensive to be expensive.

Flood Damage and Business Disruption

Zakia Sultana and others at the GFZ German Research Centre for Geosciences define business disruption as lost income caused by the inability to provide or receive services, economic output, or profit. For example, a flood may cause lost inventory and damage your location, but real damage occurs afterward. From delivery delays to supply-chain woes, your business reputation for getting things done right and on time could suffer for months.

Assessing Your Commercial Flood Insurance Needs

At Smoller Insurance Agency, we know how crucial getting your business back into operation after flooding can be. And your homeowner’s policy will not cover flood damage. You need a commercial flood insurance policy if you have a home-based business. We can help you decide how much coverage to buy based on how flood damage could affect your home-based business. For example, a ground-floor home office in a 1932 building could require over $400,000 to replace.

Get Flood Insurance Today

Contact us today at Smoller Insurance Agency before the next flood for a free consultation about your commercial flood insurance needs.

Bicycle insurance?

No matter where the location, biking is a family affair!

If you live in Greater Boston, you know firsthand how popular bicycles are! The number of protected bike lanes is rapidly increasing, as are the number of bike rental stations. For some, biking is way more than a hobby — it is a lifestyle, and their go-to means of transportation.

Whether you are a casual biker or a bike-commuter, it is important to understand how your bicycle may be, or may not be, insured. The key is your homeowners policy.

🚲 Your bicycle is covered under the personal property section of your home, condo, or renters policy. How? Well, if your bike is stolen or damaged, you’ll be reimbursed by your insurance company for it, after you pay the deductible. Therefore, it is essential to save receipts for any bicycle-related equipment you buy. Receipts will speed up claims processing. Plus, it should guarantee that you are accurately compensated if there is a loss.

🚲 Your homeowners or renters policy also provides coverage if you cause harm to someone else or their property in an accident. If the injured party decides to sue, you will be covered up to the liability limits of your policy. We will be happy to offer some guidance if you aren’t sure if your liability coverage is adequate or what your risk looks like.

🚲 If you’ve invested into an expensive, high-end bicycle, you may want to call your agent (us) to see if you need an additional endorsement.

More bicycle safety tips here.

No matter how or where you bike, don’t forget that helmet!

What does my Boston MA condo insurance cover?

Many people incorrectly assume that their condo is already covered. Smoller Insurance Agency knows this misinformation can be costly.

While landlords and building associations have their own policies, these protections are limited for condo dwellers. For this reason, condo insurance isn’t just a good idea. It’s a necessity.

Luckily, Smoller Insurance Agency in Boston, MA is ready to help.

While every condo insurance plan is personalized, here are four items that every policy should include:

Safeguards the interior

An owner’s insurance coverage extends only to the structure itself. The interior is rarely included. Luckily, condo insurance fills this gap. Flooring, fixtures, cabinetry, and even walls are shielded against destruction, vandalism, and other types of damage.

Protects belongings

This applies to your belongings too. Furniture, appliances, and electronics are covered against loss. But jewelry and other valuables are also likely included. While every policy will list specific events, damage from natural disasters is usually included. Vandalism and theft may also be covered.

Offers liability

Like any other insurance plan, liability coverage is key. If an accident occurs inside your condo, this coverage will reimburse you for most property, medical, and other injury-related costs you may have incurred. Legal expenses may be included as well. This extends to you, your family, and your guests.

Accounts for loss of use

Condo insurance is about being prepared. If you are forced to temporarily relocate due to a serious incident, your condo insurance policy can chip in. Additional living expenses, like meals, hotels, and travel, may be included.

Give Us A Call

When you rent or own a condo, only a specialized condo insurance policy can provide the protection you need. Smoller Insurance Agency in Boston, MA will find a personalized plan that’s right for you. Schedule an appointment today.

What is the “average” cost of auto insurance?

The cost of auto insurance, like all other lines of insurance, is increasing countrywide. The most recent stats from the National Association of Insurance Commissioners show that the average auto insurance expenditure rose 1% to $1,070.47 in 2019 from $1,059.41 in 2018. This means it is even more important to understand your auto policy’s coverages, discounts, how your premium compares to the “average”, and why it stacks the way it does.

A 2021 AAA study found that the average cost to own and operate a 2021 model vehicle was $9,666 when the vehicle is driven 15,000 miles per year. The study also found that the average insurance cost for all vehicles, including pickups and hybrid and electric vehicles, was $1,342. The average insurance cost for medium sedans was $1,403, compared with $1,296 for a medium SUV.

But before you rush to compare these rates to your own, keep in mind that these cost estimates were based on specific parameters! The following coverage rates were used: $100K/$300K personal liability, $25K medical, $100K property, and $25K/$50K uninsured/underinsured motorist coverage, with a $500 deductible for collision and comprehensive claims. While these rates are pretty typical, yours may be higher or lower based on your specific needs.

Additionally, this average cost was analyzed for drivers under 65 years of age, with over six years of driving experience, no accidents, and living in a suburban/urban location. If you don’t fit those parameters, this may not be the most accurate comparison for you to consider. For example, young city drivers with some points on their license will likely have a higher average cost.

In conclusion, the “average” cost of owning and operating a vehicle is tricky to determine since there are so many variables. Your Smoller Insurance team will always provide you with the most updated facts and stats to help guide your understanding of your own auto needs. 🛻

If you’d like to search for a lower auto rate, give us a call at 617-965-1830 or email info@smollerinsurance.com.

What Should I Do If I’m In An Accident?

Being in a car accident can be a traumatic experience. If you’re ever involved in an accident, it is important to know what to do to protect yourself and your loved ones.  Smoller Insurance Agency in Boston, MA is here to assist you with any queries. Here we discuss the steps you should take after being involved in an accident.

Stay calm and follow these tips to ensure you’re safe and get the help you need:

1. If You Are Able, Move Your Car to the Side Of the Road

If you are able to move your car, do so carefully and slowly. Pull over to the side of the road, turn on your hazard lights, and set up a warning sign if you have one. You should only move your car if it is safe to do so and if you are able to. If you’re not able, do not try to move your car as this could make your injuries worse.

2. Check Yourself and Your Passengers for Injuries

After you have moved your car to the side of the road, check yourself and your passengers for any injuries. If anyone is hurt, call 911 immediately. Even if there are no obvious injuries, it’s important to get checked out by a medical professional as soon as possible after an accident.

3. Call the Police

Even if there are no injuries, you should always call the police after an accident. The police will create a report of the accident, which can be useful if you need to file an insurance claim or take legal action.

4. Exchange Information With the Other Driver

Get the contact and insurance information from the other driver involved in the accident. You will need this information when you file an insurance claim. Do not admit fault or sign anything without talking to a lawyer first.

5. Take Pictures of the Accident Scene

If you have a camera or your phone, take pictures of the accident scene. These pictures can be helpful when filing an insurance claim or taking legal action. Be sure to get photos of the damage to both cars as well as any injuries that may have been sustained.

Give Us A Call

Being in an accident can be a scary experience. But by following these tips, you can help ensure your safety and the safety of your passengers. If you are ever involved in an accident, stay calm and call Smoller Insurance Agency in Boston, MA. We’ll help you through the process of filing an insurance claim and getting the compensation you deserve.

Will Insurance Help Me if My Business Is Sued?

When you open a business, you first think about the name, logo, and concept. You spend hours researching your market and finding the best suppliers and vendors to help you build your brand. But the first thing most of us don’t think about is the possibility that our business could be sued. This happens much more frequently than you think.

A lawsuit does not have to be the end of your business. If you’re a small business owner in the greater Boston, MA community, Smoller Insurance Agency can help.

Will Business Insurance Cover Me If I’m Sued?

Yes, if you have the right coverage. Business insurance, also called commercial insurance, can have different types of coverage. Some of the most common types of coverage include property, general liability, and excess liability.

When you are sued for damaging another person’s property or causing bodily injury or death in your business, liability insurance can help you pay for the damages. When you purchase a Business Owners Policy (BOP), it will typically include liability coverage.

Do I Need Business Insurance To Operate Legally?

Two types of insurance are required to legally operate a business in Massachusetts: worker’s compensation and commercial automobile.

Worker’s Compensation – This is mandatory insurance that covers your employees if they are injured on the job. It is required for all your employees whether or not they are full-time. Sole proprietorships or self-employed individuals are not required to have worker’s compensation, but they can elect to have it.

Commercial Auto – As a no-fault state, Massachusetts mandates that all drivers must have Personal Injury Protection (PIP), liability insurance, and bodily injury liability insurance. This is true even for vehicles that are used for business purposes.

Contact Us Today

Make sure your Boston, MA business is covered! Contact Smoller Insurance Agency today to see how we can help you.

5 Common Home Insurance Myths Debunked

Home insurance is one of those things that everyone knows they should have, but few people actually take the time to understand. As a result, there are a lot of misconceptions about what home insurance covers. Smoller Insurance Agency in Boston, MA can dispel some of the most common myths about home insurance and help you better understand your coverage. So, whether you’re a first-time homebuyer or a long-time homeowner, read on to learn more about this essential coverage. 

5 Common Home Insurance Myths Debunked

Myth 1: Home Insurance Covers Anything and Everything

One of the most common myths about home insurance is that it covers everything. In reality, home insurance has limits and exclusions. For example, most home insurance policies will not cover damage caused by floods or earthquakes. Additionally, home insurance typically excludes damage caused by pests, such as termites or rodents. So, if you live in an area with a high risk of these infestations, be sure to ask your insurer about coverage options.

Myth 2: Home Insurance Is Expensive

Another common myth about home insurance is that it’s expensive. While the cost of coverage will vary depending on factors like your home’s value and location, the cost of insurance is always lower than the cost of repairing or rebuilding your home without insurance.

Myth 3: Home Insurance Only Covers the Structure of Your Home

Another common misconception about home insurance is that it only covers the structure of your home. In reality, home insurance also covers your personal belongings, such as furniture, clothing, and electronics. Additionally, most home insurance policies also provide liability coverage, which can protect you financially if someone is injured on your property.

Myth 4: Everyone Needs the Same Amount of Home Insurance

One of the most common myths about home insurance is that everyone needs the same coverage. In reality, the amount of coverage you need depends on several factors, such as the value of your home, the age of your home, and the number of personal belongings you have. Additionally, your coverage needs may change over time as your home ages or as you acquire new belongings.

Myth 5: Home Insurance Is a Waste of Money

Another common myth about home insurance is that it’s a waste of money. In reality, home insurance is one of the most important investments you can make in your home. Not only does it protect your most valuable asset, but it also gives you peace of mind knowing that you’re covered in the event of a disaster.

Get Home Insurance in Boston, MA

Now that you know the truth about some of the most common home insurance myths, you can make an informed decision about your coverage. If you have any questions about your home insurance policy or are ready to get a quote, contact Smoller Insurance Agency today. We’re happy to help you find the right coverage for your needs.