Peace of Mind

In 1971, Memorial Day was declared a national holiday by an action of Congress.  Often called Decoration Day, the majority of Americans think of Memorial Day as the beginning of summer.  However, the intended purpose of Memorial Day is to honor the nation's war dead.  For those of us that do not have a war veteran in our family, we often associate Memorial Day as a day to remember any loved one that has passed.

Perhaps part of your Memorial Day is a visit to the cemetery. Be aware that across the country, there are increased instances of theft of grave markers. I can only image how violated I would feel if a visit to the cemetery revealed that the headstone of a loved one had been stolen, damaged or vandalized.  A recent theft of a $36,000 brass statue and grave marker occurred in Trumbull County, Ohio.  Police reports from around the country reveal that many markers are stolen and sold for scrap metal.

An obscure yet invaluable coverage of most home insurance policies is coverage for grave markers.  A typical policy might read:  "We will pay up to $5,000 for grave markers, including mausoleums, on or away from the "residence premises" for loss caused by a Peril Insured Against under Coverage C."  The "Peril Insured Against" would include tornado, vandalism, lightning and theft.

Today, many headstones are personalized with photos, detailed artwork, emblems and even QR codes, honoring the complexity of the individual's life.  Typical headstones can range from $750 to $2,000. The more customization the higher the cost.

The process of designing a permanent memorial is an extremely emotional experience.  It is the final word on someone's life journey.  Each and every visit to a grave marker stirs feelings of joy, sadness and perhaps, comfort.  It is reassuring to know that if something unforeseen harms your loved one's marker, you can look to your homeowners insurance policy for assistance.

Insurance is peace of mind.

Have a safe and blessed Memorial Day.

Sinkholes - Coming To A Home Near You

Imagine waking up to find the basement of your residence swallowed by a sinkhole.  That's just what happened to a couple renting a home in Cincinnati early this morning.   Luckily, no one was injured in the geological event.

You may remember the deadly sinkhole in Florida that claimed the life of 37 year-old Jeff Bush while he was sleeping in his bed. Since that event, neighboring homes in Seffner, Florida,  have been condemned and are being demolished.

Sinkholes are depressions in the surface of the land caused by the sudden settlement or collapse of the land.   According to a U.S. Geological Survey, sinkholes are found all over the world.   In the U.S., sinkholes are especially common in Florida, Missouri, Tennessee and Kentucky.

So, is the damage caused by a sinkhole covered on your homeowners policy?   In most states, NO.  In the states of Florida and Tennessee,  insurers are required by law to offer sinkhole coverage for an additional premium.  In other states, if the carrier offers the coverage, a homeowner can elect to purchase it for an additional premium.

Be aware that this optional sinkhole collapse endorsement covers only the  "actual physical damage arising out of, or caused by, sudden settlement or collapse of the earth ."  Emphasis on "actual physical damage".  So if your neighbor's home is damaged by a sinkhole and your home is condemned because of a potential sinkhole underneath, is there actual damage to your home?  The coverage you paid for may not apply.

Good news for Florida residents.  Because sinkholes are so common, the mandated coverage does pay for expenses when the home is "being condemned and ordered to be vacated by the governmental agency authorized by law to issue such an order for that structure."

As for businesses, most commercial insurance forms do provide sinkhole coverage.  As always, be sure to discuss this coverage and other potential coverage limitations with your agent on your specific policy.