INSURANCE INSIGHTS AND UPDATES
BY BY ALAN PLAFKER, PRESIDENT & CEO
MEMBER BROKERAGE SERVICE LLC
A MELROSE CREDIT UNION SERVICE ORGANIZATION
WHAT TO DO AFTER AN ACCIDENT
Although car accidents are more prevalent in the winter months, what you need to do after an accident never changes. It can be hard to think clearly after a crash so it is important to know beforehand what to do first and what questions may need to be answered. This checklist may help you know what to do after a car accident. We encourage you to review it now and then print it out and keep a copy with you in your car.
Don’t panic. Panic may cause others to panic and make the situation worse.
Determine the extent of damage and whether there are any injuries that need immediate medical attention.
Take pictures. Almost every cell phone or smart phone now has the capabilities for photography. Take pictures from as many angles as possible. Take pictures of the scene, of all of the vehicles (if any) involved. It is also a good idea to keep an old cell phone in the car, either for camera purposes or to call 911. You do not need an active service for a cell phone to utilize 911.
File an accident report. Even for a minor accident, it is important to make sure there is a legal accident report. You are required by the New York State Vehicle and Traffic Law to stop and exchange information with involved drivers. Do not leave the scene until the police file a full report.
If the property damage of any person is $1,001 or more, all the involved drivers are required by this law to file form MV-104 no more than 10 days after the accident. If a person is injured or killed, you are required to notify the police immediately. If you need a copy of your accident report, call or visit the local police department where the accident occurred. Ask if the report is ready and what the fee is. If the report has been filed and processed by the DMV, you will need to contact them.
Do not discuss the accident. You should only talk about the accident with the police and your insurance agent only.
Call your agent as soon as possible. By keeping them involved from the start, they can help you in the administration of your claim.
DON’T BE SUNK BY SPRING FLOODING
We’re all happy when the mounds of snow that pile up during winter start to recede from the spring warmth. However, the relief of putting the shovels and snow blowers back in
storage could be counterbalanced by the knowledge that the water from melting snow has to go somewhere.
Combining this with reliable “April showers” means flooding can pose a very serious threat. Flooding can damage your property substantially, and as many discovered after Irene and Lee last summer, you don’t necessarily have to live near a body of water for it to occur. However, there are precautions you can take to minimize the risk.
The most important thing to remember is that a homeowners policy does not cover flood damage. To guard yourself against flooding call your agent and arrange to buy a policy from the National Flood Insurance Program. It’s also a good idea to acquire sewer backup coverage and, if you have one, a sump pump endorsement in case it fails. Aside from taking out policies, there are some practical precautionary steps one can take.
Putting items in the basement up on palettes instead of directly on the floor will prevent a few inches of water from doing mass damage. Store important documents and equipment in the attic, or bring them up to the first or second floor if a flood warning goes into effect. A backup generator will keep crucial equipment up and running during power outages. If you have a finished basement with carpeting, furniture, etc., make sure it’s covered as such on your policy; some will only cover major equipment in the basement like furnaces and hot water heaters.
As always, if you have any questions or need any advice, your insurance agent is always available to help you.
SMARTER HOME INVENTORIES
Should your household belongings be lost to fire or theft, how can you or your insurer possibly know exactly what you lost without an accurate and detailed listing of your valuables? A home inventory provides a practical way for you to ensure that everything you own is protected fully from loss. It gives your insurer a record that helps determine the amount of your loss, assures that you receive appropriate reimbursement and can accelerate the claims process.
With some new smart phone applications creating a home inventory easier than ever. The National Association of Insurance Commissioners recently launched an Android version of its popular myHOME Scr.APP.book iPhone app. It’s free and allows users to quickly capture images, descriptions and serial numbers of their possessions. The application organizes everything by room and category, and creates a back up file for easy off site recovery.
Be sure to update your inventory regularly as you acquire new items—particularly those of high value. Also, a standard homeowners policy generally limits the amount of coverage on certain possessions, for example, jewelry and silverware and may not be adequate protection for other possessions, for example, cameras and fine arts. Consider purchasing
additional insurance on these items. Call your agent today for more information and the best advice on your personal insurance needs.
YOUR CHILDREN AT HOME MAY STILL BE COVERED BY YOUR INSURANCE
As our children grow up, they move out of the house and take on the responsibilities of adulthood such as the purchase of their own car, house/apartment and health insurance policies. However, in these economic times, it is clear that more and more adult children continue to live at home nowadays. The good news about many insurance policies is that adult children in your household often are protected.
Auto. Regardless of age, everyone who lives in the same household (even if away at college) is eligible to be on the same auto insurance policy. Give your agency a call to make sure all drivers are named on your policy and search for all available discounts (i.e., safe driver, multiple car, etc.).
Property. A standard homeowners policy will cover the personal property of a household family member while that property is located anywhere in the world subject to specific policy limitations. A resident adult child will have the same protection as the parents. However, some personal property may need special treatment due to the limitations or exclusions in the policy. Your agency can help you determine if there is a gap that needs filling by reviewing with you the type of
property you and your children own.
Health. Changes to federal health care law allow children to remain on their parents’ insurance plan until their 26th birthdays, whether they live at home or not. Individuals who are less than 26 years old also can return to a parent’s health insurance policy even if they had been removed from it previously.
Also, under New York state law, the young adult may continue group health coverage through age 29 when certain conditions are met.
THE BENEFITS OF USING AN AGENT
By using an independent insurance agent to purchase insurance, you—as the policyholder—will receive more personal service. An agent with whom you have direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. Your local, independent agent is able to deliver quality insurance with competitive pricing and local personalized service.
Whether it's for your car, home, boat or any other special need you may have, they work with you to select the level of protection you need. Their staff of personal insurance
specialists will help you choose programs designed to fit your goals, budget and lifestyle. Give them a call today!
For more information talk to your financial professional, legal advisor, or the author of this article.
Your Professional Insurance Agent …
We want you to know about the insurance you’re buying.
Alan Plafker is President of Member Brokerage Service LLC, a Melrose Credit Union Service Organization. He is a licensed Insurance Broker and serves as Vice President on the Board of Directors the PIANY (Professional Insurance Agents Association of NY), serves on the Board of CIBGNY (Council of Insurance Brokers of Greater NY), and was appointed to the New York Independent Livery Driver Benefit Fund Board of Directors. His Agency insures thousands of polices for TLC Insurance as well as many policies for all types of insurance. You can reach him in his Briarwood, Queens office at (718) 523-1300 ext. 1082, or visit the website at: www.MemberBrokerage.com