INSURANCE FOR CALIFORNIA LAUNDROMATS
YOUR FIRST IMPORTANT INSURANCE COVERAGE
Vandalism coverage is a part of your "property" coverage and is another common type of claim, although troublesome, it will seldom put an owner out of business or be the cause of a major claim. Theft of your washers and dryers is rarely seen. It would be a notable feat to have someone enter your Laundromat and disconnect, unbolt and remove your washers and dryers. This portion of "property" coverage is in my opinion optional unless required by your lender.
YOUR SECOND IMPORTANT INSURANCE COVERAGE
When you review your lease to determine if the landlord requires his name to be
You may be paying for overlapping coverage if you are paying for the landlord's build-
Too much insurance is a waste of your money, while too little can be tragic. Only you
DEDUCTIBLES ON YOUR INSURANCE
Insurance companies give a discount for a "loss free history" and you will lose this discount for three to five years after filing a claim. Assuming a 10% discount, and a policy cost of $2,000.00, you could lose a discount worth $1,000, and still become classified as a "high risk" if you have to file another claim for a loss in the next three years. The end result could be a non-renewal letter in the following year or an increase in your premium if you are able to be insured by another company.
Remember, you buy insurance for a rainy day and when it starts to pour you want someone who not only owns an umbrella but knows how to open it. Use common sense and ask questions. A good agent will encourage you to read your lease, especially the insurance requirements and will be able to answer your questions.
FREQUENTLY ASKED QUESTIONS
A second question asked is to explain an "admitted insurance company." This is related to your protection and the potential insolvency of the insurance company. A company admitted to conduct business in California operates under the rules and laws of California (including policy provisions and rates) and the policyholders are protected under the California Insurance Guaranty Association. CIGA provides benefits like the FDIC does to bank deposits. I recommend only using California admitted insurance companies.
A third question relates to the annual report produced by the Alfred M. Best Company and used as a measurement in the insurance business to calculate an insurance company's ability to satisfy policyholder's needs. The Best's Ratings range from A+ (superior) to NA-10 (state supervision-insolvency). I suggest you select only those insurance companies with a B+ and higher rating. A.M. Best also rates insurance companies based on financial size. This is important if you think a larger size company will survive better and have the ability to pay your claim at the time of a catastrophic loss. These categories range from Class I to Class XV.
SELECT, COMPARE AND VERIFY
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WHAT YOU SHOULD KNOW ABOUT INSURANCE
STOP PAYING TOO MUCH FOR YOUR LAUNDROMAT & COIN LAUNDRY INSURANCE
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