The market value of my home has dropped. Is it possible that I’m overinsured?
A homeowners policy doesn’t insure the market value of your home. A homeowners policy insures the reconstruction cost or building cost of your home based on square footage and quality of construction.
My mortgage is much more than the insured value of my house. Is it possible that I’m underinsured?
Your mortgage is based on the market value of your entire property, which is what a willing buyer would pay a willing seller. This includes all the land, detached structures and intangibles such as neighborhood, curb appeal, taxes, view out the front window,etc… A homeowners policy insures the reconstruction cost or building cost of the main structure based on square footage and quality of construction. There is a separate sub limit for detached structures.
Does my policy include coverage for my vehicle stored in the garage?
No. A homeowners policy excludes all vehicles (including motorhomes and motorcycles) subject to DMV registration for both property and liability coverage. You would need to purchase an automobile policy to cover your vehicle.
My vehicle just slid off the road on ice. The officer said that’s an “act of god”. This would be considered a no-fault claim wouldn’t it?
No. Only medical claims are paid without regard to fault under the PIP (or no-fault) coverage. Fault has to be determined on all other aspects of the claim. The wording “act of god” doesn’t exist in the policy. This would be considered an at-fault accident based on the reasoning that the driver was going too fast for conditions. No one else caused the accident.
My neighbor wants to borrow my car. Am I covered?
Yes. Anyone driving your car with your permission is a covered operator. The policy will respond and defend both you as owner of the car and your neighbor as the operator of the car.
My basement has 3 inches of water in it. Am I covered?
Maybe. Under a homeowners policy it depends on how the water got there. If it’s from a broken pipe, a hole in the roof or overflow from an appliance, yes. If it’s from a back up of a sewer or drain there would be limited coverage if your policy were endorsed for it. If it’s from a rising water table seeping through the wall or surface water (i.e. flood), no and the policy cannot be endorsed to cover this. Water seeping through the wall is considered a preventable maintenance issue. Flood can only be covered under a separate flood policy underwritten by the National Flood Insurance Plan (NFIP), which we offer.
I’m going to rent a car. Do I need to buy the liability and collision damage waiver the rental car co is offering?
No if you have a NY State private passenger automobile policy in force. All NYS private passenger automobile policies covering 5 or fewer vehicles by law includes coverage for rental cars for rentals of 30 days or less. Your liability limits follow you in the rental car. Physical damage coverage automatically applies to the rental car. Be sure to carry an ID card from one of your owned cars with you. This represents your coverage. If there is an accident this is what is presented to the authorities and who you would call to report the claim for insurance purpose.
I am an employer who has a mix of both full and part time employees. I know my full time employees need to be covered by workers compensation, but do my part time employees need this coverage as well?
All of your workers need to be covered under workers compensation, as long as they are a paid employee.
What is the difference between an HMO & an EPO?
The 2 main differences are that the HMO provider networks have a definable service region where the EPO provider networks are national. This allows for a greater “freedom of choice” than an HMO and also solves some problems for full-time college students who are outside the HMO service area. An EPO also requires no referral to provider specialists.
How can I lower my cost?
Being an independent broker allows us to evaluate your personal needs and by having the availability of all carriers in NY we can design a plan to suit those needs. Just a few simple questions from us may be the solution to a reduced cost.
Didn’t find what you were looking for? Visit these sites for more information.
Kelly Blue Book
Insurance Information Institute
A.M. Best Company Ratings
Independent Agents Association
NY Department of Motor Vehicles
NY State Dept of Financial Services
Business Insurance Magazine
FEMA Flood Insurance
NY Safety Program
The Business Council of New York State