When Home Values Increase, Should You Increase Your Homeowners Insurance?

It is commonly held that when home values go up, you should increase your homeowners insurance. Of course you want to protect your most valuable investment. This question has plagued homeowners and it is one that should be discussed with your insurance agent. When the value of a house increases significantly, you want to be sure it is covered for the full amount. If you have purchased expensive artwork or furniture these should be inventoried with your homeowners insurance as well. Discussing periodic homeowners insurance reviews is something to do with a professional agent.  Bogle Agency Insurance staff have years of experience in answering questions about all types of insurance coverage.

Does a Remodel Mean You Need More Coverage?

Not every increase in the value of a house requires additional insurance. If the value of your home increases due to the usual market reasons, such as supply and demand, NJ homeowners insurance probably doesn’t need to be changed.

But, if you have had a major addition built, or had a kitchen or basement completely re-done, this could impact the amount of insurance coverage you should have. Again, a question that needs to be discussed with your agent.

REVIEWING YOUR HOMEOWNERS INSURANCE PERIODICALLY

We all know home values increase over time. To be sure your home is adequately protected with the right amount of homeowners insurance, talk to a professional insurance agent. Periodic reviews of your homeowners insurance coverage are a good idea, and the agents at Bogle Agency Insurance have the experience and expertise to guide you. Our team based in Bergen County is always available to evaluate your homeowners, automobile, business, umbrella and all the insurance coverages you have. Our goal is to help you understand what you need and help you get it in the most affordable way. Give us a call at (201) 939-1076 for a consultation.

Expensive and Complex Automobiles

Whether you drive an SUV or a Rolls Royce, automobiles have become complex and expensive. Car construction for fuel efficiency is lightweight, and the technology contained in the car adds safety protections. This makes your automobile an expensive vehicle to maintain.  Automobile safety and Chubb Masterpiece coverage go hand in hand.

Repairs Cost More

Although lighter materials used in the construction of a car make for more fuel efficiency, they also can make collision damage more severe. Complicated construction along with modern technology makes repairs expensive and challenging. Safety enhancements such as additional airbags, collision avoidance and parking sensors, etc., make repairs more difficult and costlier.

Chubb’s Commitment to Our Clients

Chubb is committed to the highest standard of repair or replacement of your automobile. The response to an accident is fast and professional. Chubb is always insistent on the highest standard of repair to keep our clients safe. The Auto Technical Specialists make sure your vehicle is repaired correctly, to manufacturer’s standards. They are certified collision repair experts. If repair is not possible, Chubb covers you for a total loss.  This makes automobile safety and Chubb Masterpiece coverage so important.

Talk to Bogle about Chubb’s Masterpiece Coverage

Bogle Agency Insurance offers the Chubb Masterpiece Auto Preference coverage to NJ clients. This is the premium insurance for complete protection of your automobile. We are proud to offer this excellent coverage for our clients and welcome a call regarding automobile insurance. Our focus is always on the safety and protection of our clients with the finest insurance products available. Give us a call at (201) 939-1076 and make an appointment for a consultation with one of our expert agents. Ask about our High Value Asset Person Lines Insurance coverage through Chubb.  

Questions for First Time Home Buyers

First time home buyers should be full of questions regarding Homeowners Insurance. If you are purchasing your first home, begin by choosing a trusted, experienced insurance agency with a long record of customer satisfaction. Usually an agent is chosen by getting a recommendation from a close friend or family member. Real Estate brokers can also be of help in choosing a good insurance agency. When you have chosen an insurance agency, you can then sit down and discuss your questions and concerns regarding the coverage of your new home. Below are some items of discussion regarding what you should know about Homeowners Insurance.

House Value

First thing to determine is the home’s insurance value. This is based on replacement cost, not necessarily on the market value. Your agent will help you figure this out considering size and building materials used.

Choosing a Deductible

A deductible amount will have to be determined when buying a homeowners insurance policy. Going for a higher deductible will save you money on the premiums. If you choose a higher deductible try to have an emergency fund to cover that amount should you need to file a claim.

Are Contents of My Home Covered?

Homeowners Insurance automatically covers possessions up to a percentage of the home’s insurance value. This is often set at 75%. If you have a lot of valuable items, such as jewelry, you may want to purchase additional coverage. To make this process easier, take an inventory of your contents with photos or a video of each room in the house. Update the list regularly.

Are Floods or Earthquakes Covered?

Standard Homeowners Insurance policies do not cover flood damage. If your home is at risk of flooding due to proximity to a body of water or other flood peril, you should have flood insurance. Mortgage companies usually require flood insurance if the house is at risk of flooding. All of this would apply to earthquakes as well. You would need to buy additional coverage if your house is in an earthquake prone location.

“All Risk” Coverage

Ideally when buying Homeowners Insurance you want “All Risk” coverage. Most Homeowners Insurance policies cover fire, theft, and wind damage. There are many additional risks to your home and property that may not be covered by traditional Homeowners Insurance. These excess risks are something to discuss with your insurance agent so that you will feel fully protected.

Talk to a Professional For Full Homeowners Insurance Protection

The staff of experts at Bogle Agency Insurance are available to guide you to the best and most comprehensive coverage for your home. We have been helping New Jersey homeowners for over 100 years. Of course insurance coverage has changed in that time, but we are always updating our knowledge and stand ready to offer the newest, latest protection available. If you are a first time home buyer or are moving to a different location, Bogle Agency Insurance offers the most professional assistance in purchasing Homeowners Insurance. Give us a call at (201) 939-1076 and let’s talk!

Comprehensive Cyber Protection

We always think of insuring ourselves and our families against unexpected threats. We have homeowners insurance, auto insurance, health insurance, life insurance – but sometimes forget about insuring our digital lives. Cyber crime can have a lasting impact on your life and is a major concern in this day and age. Technology has made our lives easier and better in so many ways, but there is danger lurking on the internet. Things like identity theft, hacking, cyberstalking and harassment are just a few examples. The more sophisticated your internet activity is, the more sophisticated the cyber threat can be.

Bogle Agency Insurance in partnership with Chubb offers Comprehensive Cyber Protection. Chubb understands the complexity of cyber threats and provides a broad range of protection. This kind of protection is no longer a luxury, it is a necessity.  We offer the benefits of Masterpiece Cyber Protection.

The Benefits of Masterpiece Cyber Protection

Chubb protects against threats to release your personal information and destroy your personal network. There is protection against loss of funds in financial accounts and related expenses. Help is available in dealing with online harassment that may result in termination, discipline in school, and emotional stress caused by the harassmant. Support in handling cyberattacks that prevent access to your home, or the interruption of a small business that you operate from your home, is provided. Also offered is help dealing with the theft of access to personal data which results in defamation of character, or compromises your physical security, your family’s security, the security of your home.

Restoring your online identity after an attack can be a long and stressful process. Chubb is with you every step of they way to recovery. Because of Chubb’s partnerships with crisis management firms, you will benefit from resources that are aware of cyber security concerns and know how to help you deal with them. The aim is to make you whole again after any kind of cyber attack and its consequences.

Get Help From Experts

Cyber protection is a major concern of Bogle Agency Insurance together with Chubb. We want to offer the top-of-the-line protection that Chubb can provide after an internet attack. Your online security is our focus with this premium coverage. To learn the benefits of Masterpiece Cyber Protection, please give Bogle a call at (201) 939-1076.

Ways to Save Money on Health Insurance Premiums

We all know that health care costs and health insurance are major subjects of conversation and consideration. In New Jersey health insurance is required! The rising cost of health insurance is a concern for most of us, so here are some ideas for finding ways of saving money on NJ Health Insurance.

Low Premiums Don’t Always Save You Money

When looking for a health insurance plan, the monthly cost is probably the biggest concern. The range of monthly premiums is very wide, and you will undoubtedly want the lowest cost you can find. Low cost doesn’t always mean savings. For instance, you might find a plan for $300 a month, but the deductible could mean a much larger payment out of your pocket if an unexpected illness should arise. Lower monthly premium costs sometimes also mean choosing from different networks of doctors and pharmacies. This could mean out-of-network fees. You should try to balance your monthly premium cost with the size of the deductible.

“Wellness Programs” Sometimes Mean Discounts

Here’s something to consider.  Some employers and some plans offer discounts for healthy activities. These can offset the monthly cost of a gym membership, offer policy discounts, or sometimes cash incentives for staying healthy and active. Some plans offer discounts for people who are working to lose weight or to stop smoking. This is a win-win situation where you save money and stay healthy.

Health Savings Account or HSA

There are government policies that can help you save when it comes to health care. A Health Savings Account (HSA) gives you the ability to save pre-tax income, which in turn help s cover co-pays, deductibles and more. Such an account is a “tax-advantaged” savings account. This means you can add your pretax income into the account, and let it grow tax-free. There are requirements and limits for Health Savings Accounts, so you need to quality.

Take A Good Look At Your Medical Bills

Medical billing is rife with error. Simple mistakes can cost you a lot of money. Always ask for itemized bills and take the time to review them. Ask questions, and request a corrected invoice if there is an error.

Talk To An Experienced Insurance Broker

Buying insurance can be complicated and stressful. Brokers or agents like the team at Bogle Agency Insurance have long experience, and are experts relative to policies, federal health insurance mandates, and money-saving possibilities. We can help you navigate the Health Insurance Marketplace, and find the best plan for you, your family or your business. We want you to find the best price, with ample coverage and a reasonable deductible. At Bogle our focus is toward saving money on NJ Health Insurance for our clients. If you are looking for NJ Health Insurance and need professional help give us a call at (201) 939-1076 for a consultation.  

Protection At Sea and On Shore

If you own a boat, you know the feeling of peace and calm you experience while moving across the water. Your time on the water should be stress-free and with Chubb’s Masterpiece coverage we hope to make that happen. If you encounter a mishap while on the water, we offer repair or replacement of your boat, and towing should you need it. We also make sure you and your family are protected.  It is our intention to provide the finest Recreational Marine Insurance available.

Protection That Is Tailored to You!

We provide comprehensive protection to cover your needs. Everyone’s experience is unique and we want to cater to your personal requirements. We know your watercraft is special to you, and we always work to be as empathetic to your feelings as possible. If your boat suffers damage, we allow you to choose where the repairs are to be done. If you have any special technology that has been damaged, we’ll replace it with like quality equipment. If anything else needs to be replaced or repaired we are on it. You can rest assured Chubb will be on your side to repair or replace anything that is lost or damaged.

Accidental Injuries Covered

Should the unthinkable happen, such as someone being injured in an accident on the water, there is coverage for medical expenses. Our adjusters work quickly and are focused on getting you and your boat back on the water as soon as possible.

When Looking for Marine Insurance Call On The Best

Bogle Agency Insurance working together with Chubb, provides the most comprehensive and professional Recreational Marine Insurance service. The coverage is tailored to your specific needs, and we are always happy to discuss any special protection you seek. Claims are handled promptly and efficiently, and you are made whole very quickly. We want you to continue to enjoy the pleasure of boating in the future. You have worked hard to make sure your family enjoys the fruits of your labor. Boating is one of the most satisfying and enjoyable activities available to those who love being on the water. We want to be sure you are well protected with the proper marine insurance for your boating experience.

What A First Time Home Buyer Needs

Buying your first home is exciting and a little scary. Embarking on this quest takes time, resources, and lots of research. It can also create a stressful situation, so you should be prepared. A first time home buyer’s checklist should include a good real estate agent, a trusted mortgage lender and an expert insurance agency. If you have never bought a house before and are considering doing so, here are a few tips.

Have a Budget in Mind

Step number one in buying your first home is establishing a budget. You must know how much you can afford to pay for a house and what your monthly payments will be. Start off by knowing what the monthly income will be that contributes to the house payment. Put together a list of monthly expenses. Most experts recommend that you spend no more than 30% of your income on housing. This is a good guide toward determining what you can afford to spend. In determining these numbers remember that there are additional costs to owning a home over and above the mortgage payment. Some of these are maintenance, utilities, insurance. It’s a good idea to have cash on hand that can be used toward a down payment.

Find a Real Estate Agent

A trusted real estate agent can be a lifesaver, and their advice is invaluable. Don’t go with the first agent you talk to, shop around. Feeling comfortable with your real estate agent is important so you should interview more than one. Recommendations from family members or good friends can help. Your realtor will have the experience to answer all your questions and offer advice as well.

Your real estate agent can also recommend a mortgage lender. This doesn’t mean you shouldn’t do a little homework on your own. There are different types of mortgage loans and you want to find the one that suits your needs best. Be sure to get a credit report and have it on hand when talking to mortgage lenders. Once you have settled on a mortgage lender, try to get pre-approved for a loan. Showing a letter of pre-approval will indicate to sellers that you are serious about buying.

Another area in which that trusted real estate agent can help is buying first time home buyer homeowners insurance. You’ll need to talk to insurance agents, but the realtor can recommend reliable ones. Again, you need to do some research on your own. Find out what coverages you will need, and what levels of protection you can afford.

Find Your Ideal Home

When you are comfortable with your real estate agent, mortgage lender and insurance agent, find your dream house. This is the fun part, but it can be an arduous task. Don’t rush, and check out the neighborhood as well as the house. Find out about schools, recreational facilities, shopping, police and fire departments, etc. You and your real estate agent will work well together and you will soon be enjoying home ownership.

Homeowner’s Insurance Is A Key Element

It is important to have trusted agents working for you in the process of buying a home for the first time. When it comes to insurance, Bogle Agency Insurance has unmatched experience and expertise. We’ve been around for 100 years helping people in New Jersey insure their most valuable asset, their house. When you have decided to buy a house, give us a call at (201) 939-1076 and make an appointment to meet and discuss your first time home buyer’s homeowners insurance requirements. Let us guide you toward the best protection for your new home.

What Are Considered “High-Value Assets”?

High-Value Assets often include expensive homes in ultra-desirable locations, exotic automobiles, jewelry collections, art collections, yachts, high liability risks, and even internet security. Bogle Agency Insurance has partnered with Chubb to provide “insurance coverage for successful families and individuals with high-value assets“.  The benefits of high-value asset coverage are superior expertise and service.

What Are The Benefits of this Insurance?

1. We offer qualified experts to evaluate assets and then correctly insure them. Our experts are experienced in assessing the value of antiques, artwork, rare books, jewelry and other items that are irreplaceable to you.

2. If you are a first-time home buyer, we cater to your unique situation. You may be building your dream house and furnishing it with one-of-a-kind pieces. You may be purchasing a large house on a large piece of property that requires a bit more coverage than regular homeowner’s insurance offers. We are here to offer years of experience in advising first time home buyers.

3. If you have unusual or distinctive assets that need to be replaced, we identify the quality of the items. We never offer inferior replacements.

4. We recommend the use of top quality contractors and specialists.

5. The coverage is comprehensive, not partial.

6. Claims Service is responsive to your needs. If you should have the unfortunate experience of needing to enter a claim, our adjusters work swiftly to help you. Whether the claim is for replacement of a stolen or damaged item, or because of an accident, our staff is always ready to support you. We offer compassion, as well as the information you need to carry on.

7. We offer protection against inflation.

These are just a few of the benefits of our special coverage. For a full examination of your insurance needs, and to see what coverages we can offer, you should consult with one of our agents. Call Bogle Agency Insurance at (201) 939-5378 in Lyndhurst NJ to talk to one of our insurance experts.

Coverage Focused on Your Individual Requirements

This extra coverage is suited to dealing with unusual circumstances and extraordinary personal assets. You have worked hard to build a lifestyle for yourself and your family and should have them protected to the fullest. Life is full of surprises, but you should be prepared for them. Bogle Agency Insurance, together with Chubb, is offering protection, support and service based upon years of experience. We have dealt with unique individuals and situations like yours many times before. We are ready to give you our fullest attention and always respond with ways to say “yes”!

Returning to Work and Benefit Eligibility Considerations | Bogle Agency Insurance 

Employers with employees returning to work after a leave of absence, reduction in hours (e.g., furlough) or termination of employment (e.g., layoff) may have questions about the implications for medical benefit eligibility and the effect on the ACA’s employer shared responsibility rules.

Eligibility

The answer to the benefit eligibility question will depend heavily on whether the employee was terminated from employment (a termination and rehire) or kept active as an employee (e.g., while on furlough) with continued benefit eligibility. Employers should first determine whether the plan document addresses furloughs, rehires, or unpaid leaves of absence. If the employer is interested in waiving waiting periods for rehired employees or otherwise extending coverage beyond what is described in the plan document, it should make sure to get the carrier’s approval and amend the plan document if necessary.

Premium Payments

If employment was not terminated and the employee was kept active on health benefits, the employer may resume taking employees’ premiums out of the employees’ pay. The employer may recoup the cost of any missed contributions during the period the employee was furloughed without pay. Employers should check state wage and hour laws, as some states have limits on what can be deducted from an employee’s pay.

Cafeteria Plan Considerations

Restoring Previous Elections: An individual rehired within 30 days may only make a new election if there has been an intervening event that would permit an election change. When more than 30 days have elapsed between an employee’s termination and rehire, the cafeteria plan may (by design) allow a new election or require the old election to be reinstated.

Status Change with No Loss of Eligibility: If an employee has a reduction in hours but maintains eligibility under the plan, he or she should generally not be given the opportunity to drop or change a pre-tax salary reduction election to discontinue benefits. There must be both a status change such as a commencement of an unpaid leave of absence and the status change must affect eligibility under an employer plan (except for group term life insurance, dismemberment, or disability coverage). However, there are two exceptions:

• Benefits can be discontinued for nonpayment of premiums when an employee is on an unpaid leave.
• A cafeteria plan may allow an employee to prospectively revoke an election of coverage under a group health plan that provides minimum essential coverage or better coverage when there is a reduction in hours of service of a full-time employee that otherwise does not affect group health plan eligibility. Cafeteria plans are often not amended to address this circumstance.

ACA Considerations

Full-Time Status under the ACA: Some employers may be rehiring employees who were previously considered full-time employees under ACA rules. If the employee is rehired within 13 weeks (26 weeks for education organizations), the employee will be considered a continuing employee. This means that if the full-time employee was enrolled in coverage, s/he should be offered coverage no later than the first day of the month following resumption of services. If the employee is rehired after more than 13 weeks (26 weeks for educational organizations), the employee may be treated as a new employee and subject to a new waiting period (or a new initial measurement period if the employee is a part-time, variable hour, or seasonal employee). Part-time, variable hour, and seasonal employees rehired after the end of a stability period do not need to be offered coverage unless the employee worked enough hours during the previous measurement period to achieve full-time status for the subsequent stability period.

Hours of Service: Hours of service do not include hours incurred after the employee has terminated, or when payment is made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment compensation, or disability insurance laws. When counting an employees’ hours to determine full-time employee status under the ACA look-back rules, hours of service include periods where the employee is entitled to pay due to vacation, holiday, illness, incapacity (including disability unless coverage was paid for after-tax and no employer contributions), and leaves of absence (including leave taken under the Families First Coronavirus Response Act).

For special unpaid leaves of absence (such as leave under the FMLA and USERRA), the employer has two options for crediting hours. One option is to exclude the period of special unpaid leave from the applicable measurement period. The other option allows employers to credit the employee with hours equal to the average hours worked during weeks not part of the unpaid leave.

Employers who furlough employees without terminating employment will need to make careful determinations as to whether employees need to be credited with hours of service under the applicable look-back period. The failure to correctly credit hours could cause the employer to misclassify employees as not full-time and cause penalties under the ACA employer shared responsibility rules. Careful records should be kept so that the employer knows each employee’s status as full-time or not full-time during each month of 2020 in order to be prepared for ACA reporting that is done in early 2021. Employers may wish to go ahead and credit employees with hours service during the furlough period. While this would be one way to avoid penalty under employer mandate rules, the employer should get the carrier’s approval before proceeding.

At Bogle Agency Insurance, we are here to help in any way possible. Please do not hesitate to call the office at (201) 939 – 1076 for any questions or concerns.

Everyday Risk Factors That Can Affect Your Homeowners Insurance Policy

Did you know that the risk factors that you present to your home owners insurance can have huge effects on the premiums you pay? It’s true! Risk Factors, by definition, are the characteristics and factors that increase the likelihood of a claim being filed. These can include everything from the condition of your home to your financial standings. In order to save as much money as possible on your home owners insurance policy, you need to not only be aware of your personal risk factors but also how to lessen the risks that insurance companies see! Below, we describe ten of the most influential risk factors that can affect your homeowners insurance policy’s premium. If ignored, these factors can cost you thousands of dollars a year in coverage.

The Most Common Risk Factors For Home Owners Insurance

1. Your Deductible
   One of the most commonly known factors that can affect insurance premium prices is the deductible. An insurance policy deductible is an amount the policyholder will pay before insurance covers repairs or reparations. This is not a way for insurance companies to save money but rather a risk management factor that has been proven to reduce negligence on the policyholder’s side. The idea behind deductibles is a monetary way to increase awareness of potential risk in hopes to mitigate negligent behavior. Naturally, a higher deductible means a lower premium!
2. The Cost To Rebuild or Replace Your Home
   Another commonly associated risk factor with homeowners insurance is the overall value of a home. Like car insurance, the more expensive the item you are insuring becomes, the more the insurance company would need to pay out in the event of damage. Contrary to popular belief, the value the insurance company decides upon is not the same as the market value provided by the tax association.
3. The Condition of Your Home
   Unlike car insurance, the condition of your property is a major concern for homeowners insurance policies. Damages to parts of your home such as a roof or foundation are not just costly repairs, these damages can cause catastrophic failure if not fixed promptly. When it comes to pre-existing damage to your home, insurance companies may charge more for a premium due to the potential for costly claims in the future. Some companies will even deny your application if the roof or foundation is not up to code!

The Most Surprising Risk Factors For Home Owners Insurance

1. Your PETS?!
   Yes, your pets may cause your homeowners insurance rates to increase! Certain dog breeds are considered more dangerous and liable than others according to insurance providers. While this characteristic may not apply to your fur child, it is simply based on a statistical analysis performed by insurance companies.
2. How Close The Home Is To A Fire Station
   Another shocking risk factor that insurance providers take into account when calculating your insurance premium is the travel time between your home and the closest fire station. According to the Insurance Information Institute, Household fire claims make up over 25% of property damage claims in the past 10 years. While using safety precautions to prevent household fire damage is extremely important, neglect is not the only cause of household fires. Your proximity to the fire station may be the difference between having to build a new home or simply remodel the kitchen.
3. Your Credit History
   Yes. Unfortunately, credit history is a factor in even your insurance rates. Aspects like your payment history, current debt, and length of credit history are all considered when calculating your premiums. The thought behind this is not just to see whether the policyholder will be able to pay their premium each month but also to reduce the risks of fraud.

Risk Management Is The Most Effective Way To Reduce Homeowners Insurance Premiums

Simply put, making sure you are doing all you can to reduce the risk of a claim will help to lower your yearly insurance costs. Bogle Agency Insurance experts in Lyndhurst NJ can help you discover any potential risk factors you face before you are hit with a large insurance premium. Although some risk factors are easier to fix than others, it is important to know what these risk factors are so you can work on them and continue lowering your premiums over time!