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3560 Grand Ave, Oakland, CA 94610
From first time home buyers, to retirees looking to simplify their
lives, condo’s can be a great choice for your next home. Insuring a
condo is a bit different from a single family home because the coverage
for damage to the building is separated from the coverage for the
interior of each owners unit. The building coverage is the
responsibility of the Homeowners Association. This policy is referred
to as the HOA Master Policy, and a portion of your HOA dues are used to
pay the premiums of this policy. The policy that covers the interior of
your unit is referred to as a condo unit owners policy or H-06.
As an owner, you own the H-06, and can customize it to your
individual needs. Lenders historically have required only a copy of the
HOA Master Policy as verification of insurance. With stricter lending
requirements, a unit owners policy (HO6) may also be required .
Here’s a description of both policies for your comparison:
Unit Owners (H-06) Policy
Masters policy (Policy for homeowners association)
Why is the unit owners policy important? Imagine a fire in your
building, and the interior of your unit is damaged. You need to replace
sheet rock, flooring, and remove the smoke damage for a cost of
$20,000. Most of us do not have a cash reserve that would prepare us
for a loss of this size, and if we did, we’d probably want to save it
for other purposes. Whether required by your lender or not, a condo
unit owners policy will protect you in the event of this type of loss.
Buying a condo? Call us for a quote today. 510-842-3600.
The Importance of Hired and Non-Owned Auto Insurance Coverage
Some companies own large fleets of vehicles with drivers hired
specifically to operate them. Many more have employees who operate their
own personal vehicles on company business. This can be as innocuous as
an administrative employee who uses a personal vehicle to go to the post
office or bank for the company. Or it can be as extensive as a large
sales or customer service force that receives a monthly car allowance
for using their own vehicles.
Safety and/or risk managers can forget, or might not realize, that
the business may have an additional and potentially serious exposure to
loss from employees or others using a hired or non-owned vehicle for
company business. What is the difference between hired and non-owned?
If you have a large number of employees who use their own cars on
company business, the same fleet controls should be established and
applied as for drivers of company-owned vehicles. This would include all
the steps above, plus driver training programs and formal collision
Please give us a call to review your policy to help make sure you’re business is properly insured. 510-842-3600
I am an Insurance Agent in Oakland, California, servicing the East
Bay communities of Oakland, Berkeley, Emeryville, Alameda, San Leandro
These days I’m hearing an increased desire to “go green”. Whether
it’s to save the environment, to save your wallet, or some combination,
more and more of my clients are opting out of traditional auto
ownership. Some become confirmed walkers and public transit takers,
others grab a cab, but everyone has the occasion need to use a vehicle.
You might want to drive to an important client meeting, a weekend
getaway, or simply do the monthly household shopping. So the question
arises, “do I still need an auto insurance policy?”
Here’s a few simple tips:
First – establish ahead of time the amount of Liability coverage
you need. In CA, most drivers will need more than the minimum required
limits if they are ever involved in an auto accident. For starters, I
encourage my clients to cover their income, and if they own property or
investments, to make sure those are covered too. This may be more
coverage than you’ve had in the past. Need help? Call us!
Next: talk to the people who will lend you their vehicle
Cars Share Programs: Car share programs have become increasingly
popular for urban and student drivers. Some “car share” programs offer
$1mm coverage which will take care of most people’s needs. Read the
fine print because insurance coverage varies between programs, and if
you have larger insurance needs, you’ll want a program that offers
Traditional Rental Car programs: Renting cars is a great option
for longer trips, and for business travelers. Liability limits at
Rental Car companies are typically designed to cover State mandated
coverage. Most drivers get their increase coverage needs met by their
auto policy. If you don’t own a vehicle, you’ll need a different
Borrowing cars from friends or family: We all do this in a pinch,
so let’s talk about how you are covered when you borrow a car. The
answer is “it depends”. Typically auto insurance follows the vehicle,
not the driver. Some very popular policies however have a “named
driver” clause which means ONLY the people named on the policy will be
covered in the event of an accident. The other situation I’m sometimes
concerned about is that your friend or family member may be driving on
lower limits than you need. In those cases, if you owned a car, your
policy would pick up the difference. If you don’t own a vehicle, you
may want your own coverage.
Solution: If you are a safe driver, you may not realize that
there’s a type of insurance policy called a “non-owned” auto policy.
People who’ve with driving blemishes, especially DUI’s are required to
carry this type of policy in order to maintain a drivers license.
However, there’s no stigma for the rest of us to purchase one. The
benefits of a Non-Owned Auto policy are that you know that you (and your
home, savings, retirement, paycheck) are fully protected whenever you
Need a non-owned auto policy? Call for a quote today at 510-842-3600
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This listing is intended for informational purposes only and does not constitute
an offer to sell or an offer to buy any product. This site is published in the United
States for U.S. residents only.
This information and the products and services described here are intended only
for individuals residing in a state where the agent is properly licensed
Ruth Stroup | Insurance Agent | State License #:0F00956 | 3560 Grand Ave | Oakland,CA 94610
*Life insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island WA 98040. Products and features may not be available in all states and may vary by state.
**Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd.
Bldg. 1 Agoura Hills, CA 91301.
FINRA & SIPC.
Property and casualty insurance is offered through Farmers Insurance Exchange, Truck Insurance Exchange, Fire Insurance Exchange
and their subsidiaries and affiliates. A complete listing of the insurers and the states where they are licensed can be found