Entries by Murphy Insurance

What is Oil Spill Clean-Up Coverage? Why You Should Have It.

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If your home relies on a heating oil tank, ensure you explore obtaining an Escaped Liquid Fuel Endorsement, also known as Oil Remediation coverage, for your home insurance. Home insurance policies commonly exclude coverage for fuel contamination to personal property, groundwater, and neighboring properties unless you have opted for Oil Remediation coverage, which is not automatically included. Considering that not all homes are heated with oil, it’s crucial to assess your insurance policy and potentially add this optional coverage to protect against potential liabilities.

Keys to Properly Insuring Your Home

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Regularly reviewing and updating your insurance is essential to safeguard both your home and financial stability in the face of significant fires or other disasters. It’s crucial to ensure you have adequate insurance coverage to rebuild and replace your possessions in the event of complete destruction to your home. Maintaining appropriate insurance coverage can mitigate the financial burden and help you recover from unforeseen calamities.

Community & Volunteer-Related Liability Loss Exposures

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Numerous individuals encounter community and volunteer-related loss exposures, particularly if they or a family member hold leadership roles in organizations such as community, charity, religious, not-for-profit, or political groups. Such roles may entail liability for decisions or actions taken within those capacities. Engaging in volunteer work or participating in community events also presents risks like personal injury or property damage liabilities, underscoring the importance of obtaining suitable insurance coverage to mitigate potential legal and financial consequences associated with such activities.

What is Gap Insurance?

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When purchasing or leasing a new vehicle, it immediately depreciates in value once driven off the lot, a factor covered by standard auto insurance policies. With minimal down payments on financed purchases, the loan amount may surpass the vehicle’s market worth in the initial years of ownership.