Habitational Insurance | Power Risk Management & Insurance

Can an Insurance Carrier Force You to Raise the Value of your Buildings?

Ted Apostolopoulos — Thu, 06 Apr 2023 00:30:09 +0000

Can an Insurance Carrier Force you to Raise the Building Value on your Insurance Policy? As a property owner, it is essential to understand the importance of insurance and the factors that can affect your coverage. One of the critical aspects of property insurance is the value of the property being insured, which is usually […]

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Considering using your home as a short-term rental? Insurance facts you need to know.

Sam Quijano — Sat, 04 Mar 2023 01:15:23 +0000

Are you considering your home or investment property as a vacation rental through platforms like Airbnb or VRBO? In Illinois, it’s essential to understand the insurance requirements and potential liability risks involved. While hosting guests in your home can be a great way to earn extra income, ensuring you have the right insurance coverage to […]

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Property Owners: Insurance Red Flags You need to be aware of

Tom Klonowski — Sat, 11 Feb 2023 00:03:39 +0000

Whether you are a first-time homebuyer, buying your dream vacation home or just looking to switch insurance carriers – securing a homeowner’s insurance policy that will give you peace of mind is crucial! There are several red flags that could prevent you from getting a favorable insurance quote. Understanding these red flags and how to […]

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Managing your Claims after a Catastrophic Weather Event

Steve Mikuzis — Thu, 08 Dec 2022 00:56:02 +0000

Catastrophic weather events in the United States are on the rise – hurricanes, wildfires, tornadoes, ice storms – all cause significant property damage to owners. The toll is both financial and emotional for individuals dealing with the aftermath. Here are some tips to help you get through the insurance claims process a bit easier […]

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Property Insurance: Matching Exclusions – what are they?

Steve Mikuzis — Thu, 08 Dec 2022 00:47:00 +0000

Most property insurance policies contain a provision that obligates the carrier to “repair or replace and insured’s damaged property with material of LIKE KIND and QUALITY or with SIMILAR MATERIAL. For all intents and purposes this is fine it’s when there is a specific “matching exclusion” that things get tricky. Let’s break it down using […]

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What is an “Excess Lines Insurance Carrier” and why are they important?

Steve Mikuzis — Mon, 24 Oct 2022 23:34:04 +0000

Excess or surplus lines insurance carriers are “non-admitted insurers” and that simply means they sell policies that are not backed by your state. These carriers typically don’t fall under traditional insurance regulations. Although some states do regulate them, the rules and regulations they follow are far less strict than those admitted carriers must adhere to. […]

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Illinois Condo Associations – Understanding your property Insurance Deductibles

Steve Mikuzis — Tue, 21 Jun 2022 00:04:12 +0000

Whether you are on the board of a Condominium or Homeowner’s Association (HOA) or own property in one, you should take the time to understand the By-Laws of the Association and how the insurance policies in place for that Association work at the time of a claim. In the State of Illinois, depending on the […]

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Illinois Flood Insurance – Do you need it?

Steve Mikuzis — Fri, 17 Jun 2022 00:03:00 +0000

According to the Illinois Department of Natural Resources, Illinois has one of the largest inland systems of rivers, lakes, and streams in the U.S. – with nearly 15% of the total land area of 7,400 square miles subject to flooding. The total stream flow in IL averages over 25 BILLION gallons per day – that’s […]

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Illinois Homeowners Association & Condo Association Insurance Requirements

Steve Mikuzis — Fri, 17 Jun 2022 00:00:18 +0000

In the state of Illinois, Homeowners Associations (HOA) and Condo Associations – organizations that are typically governed by the owners and/or residents within a neighborhood or gated community are required by law to carry specific types of insurance: Property Insurance, General Liability Insurance, a Fidelity Bond and Directors & Officers Insurance. The coverages not only […]

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Investment properties are Underinsured…and it’s a problem!

Steve Mikuzis — Sun, 08 May 2022 18:17:21 +0000

To say the past 18 months have been a seller’s market is an understatement when it comes to real estate habitational property. As people left the cities, small apartments & condos for larger homes in the suburbs and countryside to accommodate the need for home office space, home schooling and outdoor recreation – investors quickly […]

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