Protecting Your Home While on a Winter Vacation

A great winter vacation can be ruined by returning home to damage caused by severe winter weather.

Most New York homeowners insurance policies require that you use reasonable care to maintain heat in the dwelling, or shut off the water supply and drain the plumbing system while the dwelling is unoccupied for extended periods of time.

Taking Care of Your Water Pipes While On Vacation
Water pipes are especially vulnerable to damage during cold weather. Water pipes can freeze and burst. Pipes that are most vulnerable are located in attics, crawl spaces, and outside walls. There are several simple precautions homeowners can take to reduce the chances of these pipes freezing.
-Pipes that are accessible can be fitted with foam or fiberglass insulation sleeves, or wrapping. The thicker the insulation, the better. It’s important not to leave any gaps in the insulation that expose the pipe to cold air.

-All cracks and openings in outside walls and foundations near water pipes should be sealed with caulking or foam insulation. Recheck sealed areas, as caulking can crumble with age and let in cold air.

-Keep kitchen and bath pipes exposed to warm air from your heating system by keeping cabinet doors open during periods of extreme cold.

-If you have a crawl space, make sure the outside air vents underneath the flooring are closed.

-For short absences, allow all your faucets to drip a steady stream of water. It is important to remember that if both hot and cold water pipes serve a single faucet, each one should contribute to the water flow, since both pipes are susceptible to freezing. You may wish to consider draining your water system and shutting off the main valve for extended absences

-If you return home and suspect a pipe is frozen, turn on all faucets. If a pipe has already burst, turn off the water at the main shut-off valve and call a professional plumber immediately. (Keep your faucets open until the pipe is repaired.) Never try to thaw a frozen pipe with a torch or other open flame!

Thinking About Mounting Your New TV? Consult Your New York Homeowners Insurance Before Installing

TV wall mounts have been designed to be easily put up by a homeowner who has fairly basic carpentry skills. However, installation of a TV wall mount may also require some electrical work to conceal the cables in the wall cavity. This part of the installation should be carried out by a licensed electrical contractor to avoid compromising your New York homeowners insurance coverage.

A TV wall mount is a device for mounting flat screen LCD or plasma TVs onto a wall. There are many different designs on the market, and designs are available in several sizes to suit different weights and screen sizes. Choose a design of TV wall mount that suits the type of TV it supports:

  • Arm mounts that allow you to swing the TV away from the wall can be suitable for small screen TVs that are watched in the kitchen. 
  • Tilting wall mounts are designed for large screen LCD or plasma TVs that will be viewed from chairs in the living room. This type of mount allows the TV to be placed high up on the wall and the screen can be tilted to offer the best viewing angle.
  • Motorized TV wall mounts that allow you to adjust the viewing angle remotely are suitable for large viewing rooms with multiple seating positions.

Most TV wall mounts are relatively inexpensive pieces of hardware and the mounting of the hardware on the wall is a simple job for a home handy person. Concealing TV cables in the wall cavity is a job best done by a professional. Don’t forget, if you are purchasing a big new television, keep your receipt and make sure you have adequate coverage for your home contents on your New York homeowners insurance. With C.H. Edwards, Inc., you can receive the coverage you need for your home. Contact us today for more information!

 

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WHAT ARE THE BEST LIABILITY POLICY LIMITS?

It is generally accepted among insurance agents that the state minimum policy limits are not enough. Most insurance professionals would agree for the average driver the best liability limits to have on New York automobile insurance are 100/300/100. This means:

 

·  100,000 per person for bodily injury

·  300,000 per accident for bodily injury

·  100,000 per accident for property damage

 

Since in most areas medical treatment is in fairly the same range, the last limit, per accident for property damage, is the one you may want to take into account if you are not the average driver. If you live in an area where you feel that if there was an accident, that was your fault, and property damage may exceed 100,000, you may want to consider higher limits. Remember, property damage is the other person’s car and any other property damaged during the accident if you are at fault. In some areas one’s landscaping can cost over 100,000!

Six Ways to Save on New York Homeowners Insurance Costs

New Yorkers are always interested in ways to save money or, at least, to avoid wasting money. It’s possible to make your home insurance dollar stretch further by purchasing appropriate coverage under New York homeowners insurance and taking advantage of any opportunity to claim premium discounts that may be available to you. We’ve listed six things that might help to lower your insurance rates.

  • Some security systems attract discounts. Although sophisticated systems to enhance home security can be quite costly, insurance discounts may make them more affordable.
  • Insurers sometimes offer discounts when no member of a household is a smoker and the risk of house fire is reduced. 
  • Retired householders are often eligible for insurance discounts because they tend to spend more time at home and are consequently at lower risk of theft and fire.
  • Loyalty discounts are offered by many insurance companies to encourage people to stay with the same company for three years or more.
  • Reviewing your insurance coverage for personal possessions can save on insurance costs. If the market value of some of your possessions has decreased, bringing down coverage so that it reflects the current value of your possessions can reduce insurance premiums.
  • Increasing deductibles may reduce insurance premiums – but remember that this cost-saving strategy is also likely to also reduce the amount that would be paid out if you had to file an insurance claim.

Installing security and safety systems, taking advantage of discounts for loyalty and adjusting the level of insurance coverage are all ways to reduce the cost of New York home insurance. Your agent or insurer will be pleased to discuss ways of ensuring that you get the best value for your insurance dollar. With C.H. Edwards, Inc., you can get the coverage you need for your home, so contact us today for more information!


 

Do you have Enough NY Commercial Insurance Coverage for Your Stock?

Your stock represents a valuable asset, and it
is also something that can be at variable levels of risk as it is moved around
between different locations. While the property clause of a NY commercial insurance
policy can usually protect your stock while it is on your premises, there may
be situations where that coverage isn’t adequate on its own.

Retail and manufacturing businesses regularly
carry and transport large quantities of stock. You may have enough space to
keep it all under your main roof, in which case, an appropriate level of
coverage as part of your property policy should be enough. If you have a
separate warehouse, you may require extra coverage. Moving your stock between
different premises also makes it vulnerable to damage and loss, so ensuring
it’s covered during transit is wise.

When you rent extra storage space for your
stock, be aware that the requirements for insurance may vary. You may have a
simple situation where the owner of a rented space has coverage for the
building and you just need to take out protection for your stock while you have
it in storage. However, check your lease agreement – as it is possible you may
also need to have coverage for the building.

It is a relatively simple thing to ensure that
your stock is covered against variable risks that you may face. Check through
your existing NY commercial insurance policy
to find out exactly what is covered and consider adding additional coverage if
needed to protect one of your most valuable assets.

Buying A New Home in a Buyer’s Market with New York Homeowners Insurance

Most people are aware that for some time, it has been a buyers’ market for people looking to buy a home. As a first-time house buyer with a limited budget, you may have a wide range of choices, but here’s a tip: while a property that’s located in an area prone to burglaries or natural disasters may have a low initial purchase price, ongoing costs such as New York home insurance can be higher than those for similar properties in safer locations.

First-time home purchasers in a buyers’ market have the luxury of being able to take time to make this important purchasing decision. Real estate experts advise house-hunters to get pre-approval for their home loan before starting to view properties. Knowing how much you will be able to borrow means that you know which homes in the market are within your price range and you won’t waste time and energy considering properties that are outside your price limits.

A buyers’ market situation, in which properties have been up for sale for some time, may encourage vendors to make concessions in order to secure a sale. A buyer may be able to negotiate a lower price or a more convenient closing date, or the vendor may offer to include valuable items like appliances.

Shopping around allows you to make the best choice from the many options open to you in the current housing market. Having secured the home of your dreams, your next task is to arrange New York home insurance coverage to protect this important investment. At C.H. Edwards, Inc., we’ll gladly serve you and give you the coverage you need!


Does My Auto Insurance Cover The Kids After They’ve Moved Out?

Parents of teens and young adults know the pattern all too well. A child hits the magic age when they can finally get a learner’s permit to drive. After multiple tries, they pass their driving test and get their drivers license. Mom and Dad open their wallets and tell the insurance company about the new driver. Their New York auto insurance policy covers them during high school, while they’re in college, and while they’re back home. At some point, however, they moves out on their own for good. Maybe they moves to a city with convenient mass transit, and their job doesn’t pay well enough for them to buy a car, so they go without auto insurance. 

 

Every insurance policy has specific descriptions of who the insurance company will cover. The standard Personal Auto Policy published by the Insurance Services Office says that the person whose name is on the policy and any “family members” have coverage for the ownership, maintenance or use of any auto.

 

Or the policy also has a specific definition of the term, “family member:” A person related to the person named on the policy. The family member must be related by blood, marriage or adoption and must also be a resident of the other person’s household. Chances are, the insurance company will decide he’s not, and it may have the law on its side.

 

A California court ruled in 1975 that an adult son who lived in a separate apartment on his parents’ street and who relied on his parents for financial support was not a resident of the parents’ household and not entitled to coverage under their auto insurance.

 

Circumstances may change the answer. Courts have recognized that college students, though they live elsewhere the majority of the year, are still residents of their parents’ household. A self-supporting child who lives in her old bedroom and pays rent to her parents also qualifies as a resident.

 

It’s when they move away from home looks permanent that the break in coverage may occur. Even if they do not own a car, they should consider buying an auto insurance policy with a special coverage called Named Non-Owner Coverage. This will cover them for liability for injuries or damage they may cause while renting or borrowing a car. Coverage will apply after other available insurance (such as the car owner’s coverage) is used up.

 

It could have saved them a whole lot of money.

What You Need to Know About Universal Life Insurance

Along with providing a death benefit, universal life insurance also incorporates a savings vehicle. In short, it is like combining a term life insurance policy with a tax-deferred interest accumulating savings account.

 

One benefit of purchasing a universal Long Island life insurance policy is that besides accumulating a tax-deferred savings, one may not have to pay premiums during the entire policy. If money to pay the death benefit and other related costs accumulates in the tax-deferred savings portion of the policy, then premiums may eventually not be required to keep the policy in force.

 

So who could benefit from a universal life policy? Since a universal life policy is an investment vehicle along with a life insurance policy, only people who feel they need life insurance into their 70’s would benefit from a universal life policy. This would give the savings portion enough time to possibly accumulate into an investment. Most persons will not need life insurance that late in life, and in the case life insurance is not needed that late, it may be more beneficial to purchase a term life insurance policy and plan a proper retirement investment savings account such as a 401K or annuity.

 

If a universal policy looks right for you there are a few important points to remember. Make sure you plan to have the policy long term since you will need to have the policy in force at least 15 years to be eligible for any return of the policy.

If Your Homeowners Policy Is Just Tucked Mindlessly Away

If your Long Island Home Insurance policy has been stuck in a drawer, cabinet or just tucked mindlessly away somewhere, it is probably about time to pull it out, shake off the dust and make sure it’s still up-to-date. This article is the first in a series of five articles that will help you decipher your homeowner’s insurance policy.

 

Who has time to labor through deciphering an insurance policy when the house needs cleaning, the fence needs mending, Fido needs a feeding and the kids need to be driven to soccer practice?

  

While keeping your homeowner’s insurance updated is a dismal task, it is of utmost importance. Not only is it important to purchase homeowner’s insurance, it is just as important to know what that policy covers.

 

The most obvious coverage is protection against damage to or destruction of your residential structure. In other words, if your home is destroyed by a tornado, fire, or whatever your policy covers, the insurance company completely replaces or repairs your home.

 

The most important reason to keep your homeowner’s insurance policy updated is because, in the event of disaster, the insurance company will only reimburse you for what your home is insured for.

 

For example, you purchased your home and homeowner’s insurance five years ago. It is very likely the value of your home has increased since the purchase date. If you purchased the home insurance policy five years ago and have not updated the policy to the home’s current cost to rebuild, the insurance company will only reimburse you for the price you paid five years ago. So, if you purchased the home for $300,000 and the value has increased to $500,000, you’re losing $200,000 – quite a large sum.

 

In the end, it is essential to keep your homeowner’s insurance policy updated because you want to be sure your home is insured for 100 percent of the replacement cost. (Some policies automatically update to your home’s current value. Does yours?) While it is easy to let that dust settle over your policy from year to year, keep in mind that putting it aside could cost you much more in the end. Your homeowner’s insurance policy may make heavy reading, but it will be even more burdensome should it be out-of-date.

How much building insurance is enough?

As a New York small business owner, you know the importance of preserving

your assets. For many business owners, the largest single asset they possess

is their building. Whether you occupy the building or operate as a landlord

(or both), consider key exposures in your risk-management and insurance planning.

 

Your New York business may be ill-prepared to afford damages to your building

that lead to major repairs and renovations. Your solution? Adequate property 

                       insurance written for the full insurable value of the building.

 

                       Policies take many shapes and forms, with coverage ranging from basics such as fire,

                       windstorm and vandalism; to the broadest forms, which cover any loss not

                       specifically limited or excluded. 

 

                       Talk with your independent insurance agent about what policies your business

                       is eligible for and decide what amount of coverage and price best meets your

                       business needs.