Amity Insurance Newsletter — February 9, 2016

What Travelers and Homeowners Need to Know about Home Vacation Rentals and Insurance Gaps
Airbnb estimated that over 1 million people would celebrate the beginning of 2016 in an Airbnb rental. Many people are using the popular option of renting out a room in a home or renting out an entire apartment directly from an owner during a getaway. However, gaps in insurance policies can spell disaster for guests and homeowners who use these sites. While sites such as Airbnb provide generous host liability insurance limits, they do not provide coverage for many of the losses suffered by guests. However, there are exclusions for what is covered for homeowners. In addition to this, many personal home insurance policies of the owners who rent their spaces out do not cover guests' personal property losses.Read More>>

Why You Need an Umbrella Policy
Do you have enough liability insurance? If there were a vehicle accident for which you were at fault, and a family breadwinner were disabled, would your auto liability policy offer enough coverage to pay for a lifetime of lost wages should it result in disability? Keep in mind, the legal system holds you accountable for injuries you cause to others. This may include garnishing your wages and seizing any assets you have to pay-off a legal judgment. We'd all like to believe that such events will not have any financial impact on our lives, but if you are medium to high income earner or own a home, it can financially ruin you and can further result in a huge setback in your standard of living. More>>

The Importance of Insurance Company Ratings and Financial Strength
Insurance is a very special industry. The whole value of an insurance policy of any kind resides within a simple promise: The promise to pay a potentially large benefit in the event of a claim. But the claim could happen many, many years in the future. For example, life insurance policies routinely pay no benefit for several decades - during which time the policy owner is paying premiums.More>>

How Telematics Devices have Changed the Behavior of Drivers
In a recent survey conducted by the Insurance Research Council, more than 55 percent of participating drivers reported making changes in the way they drove after having a telematics device installed. More than 35 percent reported making small changes in the way they drove, and almost 20 percent said that they had made considerable changes in their driving habits. Nearly 40 percent of respondents reported making no changes to their driving behavior after having a telematics device installed.More>>