Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

November/December 2024

What Homeowners Insurance May Not Cover

Real Estate House Insurance. Domino Chain Challenge And Risk Protection

Your home is your castle. You don't want to risk anything that might diminish its value or comfort. But many people do this by not knowing what their homeowners' insurance policy covers and inadvertently underinsuring their property. Year-end and the start of a new year is a good time to review all your insurance needs with your trusted professional. Here's some information to know beforehand.


For Any Homeowner
Homeowners' policies generally don't cover damage from natural disasters like floods, landslides, sinkholes, and earthquakes. You can secure flood insurance from the National Flood Insurance Program or a private insurer. Additional insurance is also advised if you live in an earthquake-prone area or are at risk for landslides or sinkholes.


For High-Net-Worth Individuals
First, make sure your property is covered for 100% replacement value of your residence and all outbuildings on it, such as a guest house, hobby studio, greenhouse, pool house, stable, and so on. This coverage should automatically increase annually for inflation in your home's value. Also, carry damage and liability insurance for any pool on your property and coverage for any animals stabled.


Expensive jewelry, collections such as art, cars, and antiques, and costly hobby equipment (for cars, woodworking, and other crafts) generally require additional coverage. To insure these items for full value, you should have jewelry and collections professionally appraised and maintain purchase receipts for all items. A personal property endorsement or floater to supplement your homeowners' insurance will be needed for adequate protection. Rates vary between insurers.


Home Offices and Equipment
Standard homeowners' insurance is unlikely to provide adequate coverage for your home office or other business-related activities. According to the Insurance Information Institute, a typical homeowners' policy provides only about $2,500 coverage for business equipment. Further, they often provide no liability coverage for business-related actions, including client meetings.


If you operate a home office or run a small business from home, you'll need insurance that fills business coverage gaps in your standard policy. For professionals who keep a secondary home office—contractors, attorneys, accountants, real estate agents, writers/editors, and bookkeepers—consider adding a permitted incidental occupancies rider to your homeowner's policy. With a primary home office, you'll need to step up to a home business endorsement. This endorsement covers various home-based business activities while falling short of a more costly full business policy.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.