We provide professional insurance services for personal to commercial risks, as well as life and Health insurance, Bonds, and more.

Our agency is broken down into the following 4 specialized departments

Personal Lines Insurance

Manager: George F. Russell

HOMEOWNERS INSURANCE

This comprehensive package policy, often  referred to as Hazard insurance by mortgage companies, provides a home owner financial protection for accidental damage to their personal property, including a dwelling, other structures on the residence premises, and your personal belongings.  In addition, this policy will provide you with your comprehensive, worldwide liability coverage in the event you are sued from anything from a “slip and fall” to dog bites, and in some cases even protection for

libel, slander and defamation cases. 

A homeowner’s policy is a critical piece of risk

management.  For most of us, the purchase of a

home represents the single largest investment we

will ever make. Protecting it properly by transferring

risk via a tailored insurance policy is the best

defense against catastrophic financial loss.  If it

wasn’t, your mortgage company wouldn’t be so

persistent in ensuring you maintain your policy.

At The Russell Agency, we are in a unique

situation.  We have aligned ourselves with a

plethora of companies that offer some of the

most comprehensive policies in the industry. 

Considering that according numerous studies, over

60% of homes are underinsured, purchasing a policy that ensures you aren’t one of those people is critical.  We offer 100% Guaranteed Dwelling Replacement Cost policies.  There is no cap or upper limit on how much one of our companies will pay to rebuild your home.  If you hear your insurance company tell you they offer replacement cost with extended limits, they aren’t telling you something good, they are spinning around the fact that there is a hard CAP on when they will stop paying for your insurance.   (CLICK HERE TO READ ABOUT WHAT HAPPENS WITH THESE POLICIES)

•NOTE: In some cases, whether it be due to loss history, distance to shore, or other factors, it is possible that you may not qualify for a standard market company offering this coverage.   In those cases, we have access to an external market of companies that will only offer capped policies.  If this is the case, we will take the extra care necessary to ensure that you are getting the proper coverage limits and backed by a replacement cost extension of at least 125%, if not 150%.

On a homeowner’s policy your home will be insured is provided “Open Peril” coverage.  This means you are covered for all causes of loss to your home, but subject to some exclusion.  Your contents on the other hand are typically covered (on a replacement cost basis) for the following types of loss:

•Fire

•Lightning

•Windstorm

•Hail

•Sudden and accidental escape of water

•Glass Breakage

•Theft

•Collapse

•Explosion

•Electrical Surge

•Smoke

•Falling Objects

•Impact by vehicle

•Impact by aircraft

•Riot & Civil Commotion

•Vandalism & Malicious Mischief

With most companies, you may elect to purchase the same Open Peril coverage for your contents as you have protecting your home.  In most cases, this coverage is worth the $10 to $20 a month of additional cost.

Probably the most overlooked part of a home insurance policy has to do with how insurance companies carve out riskier types of property by limiting the amount they will pay for any one item if they are stolen, misplaced, lost, or mysteriously disappear.  These items tend to be valuable in nature and/or items that are most often stolen from homes.   Here is a list of categories most often limited in a homeowners (Home, condo, Co-op, and renters) policy:

•Jewelry, watches or precious and semi-precious stones, Furs

•Plated ware, silverware, gold ware, pewter ware, tableware, trays, trophies,

•Cameras

•Musical instruments

•Business property

•Property in or upon a motor vehicle

•Watercraft, including their furnishings, equipment, & outboard motors Trailers

•Money, Money Orders, checks, drafts, bank notes, bullion, gold, silver, or platinum

•Securities, accounts, deeds, evidences of debt, letters of credit,  manuscripts

•Firearms

The categories above are also subject to your chosen policy deductible.  Now, there is a means by which to bypass these limitations and that is by scheduling your valuables.  The cost of which varies by category and company.  When you schedule something you bypass both the sublimit and the policy deductible by essentially “Agreeing” up front with the company to the loss payout. 

•Note: If you elect not to schedule, in a claim situation your deductible is taken off of the loss first, then the sublimit is applied.   For instance, Chub has a $5000 per item limit for Jewelry.  If you had your engagement ring stolen and it was valued at $10,000 and you had a $1000 policy deductible.  The deductible reduces the possible claim from $10k to $9k, and then the $5k sublimit is applied.  The total payout is $5k.  If scheduled you would be eligible for the full $10k.

Here is a list of other various coverage inclusions and endorsements that are worth inquiring about:

•Building code law & Ordinance Coverage

•Water Back up of Sewers, Drains & sump overflow

•Personal Injury protection: Libel, Slander, Defamation Coverage

•ID Fraud

•Debris Removal Coverage stemming from a covered loss

•Lock Rekeying

•Food Spoilage

•Cash out option in total loss scenario

•Waiver of deductible for losses over $50k

•Equipment breakdown coverage

•Landscaping coverage

What are the primary rating factors that go into rating a policy?

• The primary premium driver, is the dwelling coverage.  Your home's cost to build is based on the actual estimated rebuidling costs incurred by an insurance Company to rebuild your home after a loss.  This value is NOT based on market value or a purchase price.   Market valuations are more or less an opinion of what the value of a property or what someone is willing to pay for a home.   Because of this, it is very possible that the cost to rebuild a home using liek kind and quality could easily exceed the purchase price of a home. Older homes cost more to rebuild because the materials and quality of craftmanship is different than today's building materials and quality.
  

• location by town, state, & distance to shore
  

• Claims history
  

• Alarm systems and other superior protection
  

• enhancements such as back up generators, temperature monitors, etc.
  

• Age of the dwelling
  

• Quality of coverage.  Guaranteed Replacement
  

• Cost policies, because of their open ended nature are on average
  

• more expensive than policies with capped coverage.  The reason is                                                           simple, those companies can accurately determine when they can                                                    STOP PAYING YOUR CLAIM.  (Court cases have determined that                                        YOU are responsible for insuring your home correctly, not the company.  Which begs the question...why buy capped when you can buy Guaranteed?)
  

• Your Credit.  YES....it was determined years ago and subsequently proven that there is a direct coorelation between someone's credit score and the likelihood of them filing a claim.  They will run your credit, but its with a predetermined algorithm and will not affect your credit score or appear as a hit.  By law you can dispute theiir findings.    The higher your credit, the lower your rates. Most companies essentially set their base rates on a particular score and then they either apply a surcharge or credit based on how far above or bleow that baseline you are. 
  

Products and Services

The Russell Agency, LLC is licensed in CT, NY, NJ, MA, RI, VT, NH, ME, NC, NM, FL, & DE. 

317 Pequot Avenue

PO Box 528

Southport CT 06890

203-255-2877 P

203-254-8427 F