Posts by Colleen Woods-Esposito
Who are High-Net Worth Individuals, and Why do they Need Wealth Protection?
How is Net Worth Calculated? An individual’s net worth is calculated by adding up what is owned and subtracting what is owed; in other words, assets minus liabilities. Assets generally include homes and properties, motor vehicles, investments, cash, and luxury items such as jewelry, fine art, and collectibles. Liabilities generally include bank loans, mortgages, liens,…
Read MoreHoliday Kitchen Fire Safety Tips
We are in the midst of the holiday season, and that means many families will be spending a lot of time in the kitchen cooking and baking for big meals and celebrations. Unfortunately, it also means extra fires in the home. According to The National Fire Protection Association (NFPA), cooking was the leading cause of reported…
Read MoreFull-Time Workers in Your Home: Are You Covered?
by Colleen Woods-Esposito Who Works for You? Are you currently employing or planning to employ a full-time worker on your property, such as an au pair, caretaker, home health aide, or any other type of domestic service employee? If so, you may need to update your home insurance policy to cover a full-time worker. Who’s…
Read MoreHow The Building Industry is Being Affected by Climate Change-Related Weather Events
Confirmation Through Scientific Data Climate change is here to stay, and with it, more frequent and intense storms and other weather events, like wildfires. The subsequent rise in sea levels is also leaving more areas vulnerable to storms and floods that were not areas of concern in the recent past. A recent report by FEMA…
Read MoreUnderstanding Increasing Auto Prices and Insurance Rates
If you’ve shopped for a vehicle recently, you have undoubtedly experienced sticker shock. That’s because the price for new cars and trucks rose by 11.4 percent between June 2021 and June 2022, while the used car and truck market saw a 7.1 percent increase. In a scenario not seen in decades in the auto industry,…
Read MoreNew Jersey Raises Minimum Coverage Limits for Motorists with Standard Auto Policies
On August 5, Governor Murphy signed a law raising the minimum liability, property damage, uninsured motorist, and underinsured motorist coverage limits for personal auto policies. The new law applies to all standard auto policies. The current minimum coverage for a standard auto policy is $15,000 per person for bodily injury coverage, $30,000 per accident for…
Read MoreNew Jersey Establishes Liability Insurance Requirements for Business Owners and Landlords
On August 5, Governor Murphy signed into law a new regulation requiring all New Jersey business owners to maintain no less than $500,000 in liability coverage. Landlords will be required to maintain minimum liability coverage of $300,000 for properties with four or fewer units, while properties with five or more units will be required to…
Read MoreWhat is PEX Plumbing and What Should You Know About It?
Cross-linked polyethylene, or PEX, is a type of piping that has revolutionized the plumbing industry. Although it has been in use in Europe since the 1970s, it’s only become widely seen in the United States over the past 20 years. While the gold standard for plumbing pipes has generally been considered copper, PVC (polyvinyl chloride)…
Read MoreInflation is Affecting Everything—Including Insurance
Supply chain disruptions, high production costs and pent-up demand for services due to the pandemic have led to the highest level of inflation in decades. Government stimulus programs and the rebounding labor market caused by the pandemic have also contributed. But according too many economists, that should ease as pandemic recovery progresses. However, the current…
Read MoreAvoid Cancellation Notices by Ensuring Your Payment is Received On Time
Due to U.S. Postal Service changes instituted in October of 2021, the pandemic, and other factors, Americans are facing frustrating postal delays. These delays are causing important correspondence, including payments that are subject to service cancellations, to be delayed for excessive periods of time. The unfortunate result is that you should no longer depend on…
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