INSURING YOUR PERSONAL RESIDENCE :
Everyone should insure their residence. Package policies are available for all types of residences - APARTMENTS, CO-OPS, CONDOMINIUMS, and HOMES. These policies provide coverage for property, liability and can be enhanced with optional coverages. Most people who own a home have a Homeowners Policy because it is required by the mortgage.
For any type of residence, a policy should include Liability Coverage to protect you from a personal injury or property damage lawsuit. You could be sued if someone is injured on or off your premises and wants to hold you liable. Most policies offer a choice of limits from $100,000 to $1,000,000. This is a very important coverage and should be included on any residential insurance policy. It provides for costs associated with defending you in a lawsuit, and also if you are held legally responsible for fire damage to your apartment and the building where you live.
To discuss Property Coverage lets start with the simplest, least expensive type of residential coverage and progress to more complex policies:
RENTERS INSURANCE
Coverage is provided for your contents and personal property, including your possessions and belongings such as furniture, clothing, appliances, etc. There are limits on special items such as jewelry, silverware and fine arts but there are optional coverages available to provide broader coverage or to schedule Valuable Items for the broadest coverage. Most companies also offer Contents Replacement Cost which allows you to repair or replace most personal property with no deduction for depreciation. Another valuable coverage that should be included is for Additional Living Expense to cover the cost if you have to move out during repairs after a property loss.
CO-OP AND CONDOMINIUM INSURANCE
Coverage is added to the Renters Policy to extend to the special needs of Co-Op & Condo owners. An owner may have made substantial improvements to the property and needs more than just contents coverage. Coverage can be added to include the improvements & betterments made to the building structure within your apartment. Special Kitchen & Bath additions like cabinets & fixtures and expensive floorings are examples of property that is not contents. Also, coverage can be included to provide for a loss assessment which can be charged to all unit owners due to a loss on common property which exceeds the master building policy limit.
HOMEOWNERS INSURANCE
Homeowner policies include the Liability Coverage and Personal Property Coverages we’ve already discussed, and add a most important coverage for the buildings on your property. It is important to determine the correct replacement cost to rebuild your home after a loss, and insure the proper value to collect completely in the event of a loss.
In general, there are many options available to be properly insured and many limitations in the policy you should know about. Remember, Flood is excluded and should be covered on a flood policy. Choices of deductibles and available discounts for dead bolt locks, fire alarms, smoke detectors, and other equipment can reduce the cost off your insurance,
INSURING YOUR PERSONAL AUTO :
You should look for quality, value and service when getting personal auto insurance. This insurance is designed to protect your assets and you should choose the proper coverage to meet your individual needs. You and your family members should be covered whether the car you are driving is your own, a rental car, or one that you’ve borrowed.
An Automobile policy offers these basic coverages:
There are also many optional coverages available such as rental car reimbursement, full glass coverage, towing and labor. An agent can review your needs with you and recommend a complete automobile insurance policy designed to properly protect you.
In addition to coverage, the limits and deductibles you choose can have a great effect on the protection and price of your insurance. Many companies quote just the NY State minimum requirements of $25,000 / $50,000 / $10,000 for the lowest price. I would not recommend such low limits if you want the proper protection. Many people get limits of $300,000 or $500,000 and are able to get higher limits with an Umbrella Liability Policy of $1,000,000 or more.
To be competitively priced, most companies offer a wide range of discounts such as:
Today, insurance carriers use many factors to determine your rate. They use very sophisticated computer programs including the discounts above and also many other factors such as:
Because of the complexity of coverages, limits, and rates, I recommend having someone working for you to offer advice and find the best policy to fit your needs. There are many policies offered direct by insurance companies on-line or by telephone, but this does not give you the advice of an agent working for you. An independent professional insurance agent works for you and believes that your satisfaction with your personal insurance is of the utmost importance. In an increasingly self service world, it can be a welcome relief to turn over a question or problem to someone else who will handle matters quickly and professionally for you.
Call your insurance agent for an Insurance review, and make sure you are covered.
Insure your future, start planning NOW, before it is too late!
