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You Can Get New York Flood Insurance

Flooding is the United States’ #1 natural hazard. We want consumers to know that while Long Island Home insurance won’t cover them against flooding, they can protect their home and property by purchasing a New York flood insurance policy separately through your independent insurance agent.

Many people are under the misconception that they are ineligible for flood insurance because of where they live, or their mortgage status. But the truth is, as long as your hometown is an NFIP community, most homeowners, business owners and renters can get flood insurance. We urge consumers to remember the flood insurance basics:

·                You CAN get flood insurance nationwide.

·                You CAN get flood insurance if you live in a floodplain or high-flood-risk area.

·                You CAN get flood insurance if you live outside a floodplain, or a low-to-moderate flood-risk area – and at lower cost.

·                You CAN get flood insurance if your property has been flooded before.

·                You CAN get flood insurance from your independent insurance agents in your area.

·                You CAN get flood insurance even if your mortgage broker doesn’t require it.

 

You CAN get New York flood insurance through C.H. Edwards. Inc…call us today!

Hurricanes: A Rare, but Real Danger to New Yorkers!

Few things are as scary as experiencing a natural disaster first hand. That was certainly true for the Long Island New York residents who recently lived through the fury of Hurricane Irene. From strong winds to flooding, the damage done to residents in the area could take more months to repair. However, having adequate Long Island home insurance along with flood coverage could make the aftermath of damaging weather events a little more manageable.




There are also many things you can do to prevent or minimize damage from hurricanes when you know your region is likely to be hit:

• Any unsecured or lightweight objects in your yard should be brought inside or anchored to the ground.
• Homeowners that do not have shutters should nail plywood boards over their windows.
• Cars, boats, and other vehicles should be moved to covered shelter.
• Drain one or two feet of water from your pool to prevent flooding.
• Sandbags should be placed along the bottom of exterior doors to stop water seepage.
• Before you evacuate, unplug appliances, and shut off utilities.

Many residents have begun to rebuild and repair their communities, a strenuous process for anyone who didn’t have sufficient Long Island home insurance in place. The overall damage of Hurricane Irene was estimated to be several billion dollars. Even a small shortfall on insurance coverage can present a significant problem in the event that a home is substantially damaged or completely destroyed, so make sure your policies are up to date!

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VERIFY THAT YOUR DWELLING LIMITS ARE ADEQUATE

VERIFY THAT YOUR DWELLING LIMITS ARE ADEQUATE

One of the painful aftermaths of fires and tornadoes that decimate homes may be the crushing realization that the home is dramatically underinsured. According to one of the largest residential building cost data companies, Marshall & Swift/Boeckh, 64 percent of U.S. homes are undervalued by an average of 19 percent. If this figure is applied to a home with a replacement cost of $400,000, it might be insured for only $324,000, a shortfall of $76,000.

This underinsurance results in a potentially huge coverage gap, particularly if the home is not insured with a guaranteed replacement cost provision. A survey by United Policyholders, a consumer advocacy group, said 75 percent of California home owners affected by the 2007 San Diego wildfires were underinsured by an average of $240,000.

Here are some general tips to consider reducing the likelihood of your home being underinsured:

  • Make sure your home has been physically inspected. This will increase the likelihood that it is insured for its replacement cost value. Ask for periodic re-inspections of your home (particularly high-end ones) to ascertain whether the dwelling limits are adequate.
  • Consider guaranteed replacement cost (or guaranteed rebuild) coverage; an alternative would be to procure coverage that offers a 30 to 50 percent cushion above the dwelling limit (extended replacement cost coverage).
  • Increase the ordinance or law coverage (10 percent of dwelling limit for many homeowners policies) to a higher percentage of coverage. Note that this recommendation is particularly important if you have an older home.
  • Keep the insurance company informed about any remodeling at your home, since remodeling can dramatically increase the need for higher dwelling limits. Americans spend more than $170 million annually on home improvement projects, according to the National Association of the Remodeling Industry.
  • If building costs are rising rapidly, an inflation guard endorsement is worthy of consideration. This endorsement increases the dwelling limit of insurance (along with other coverages) to reflect increases in values due to inflation.

Our insurance specialists at C.H. Edwards will be more than happy to assist you with any questions or concerns you may have. Call us today!

Positive Thought for this Week
“A great work is made out of a combination of obedience and liberty.”
Nadia Boulanger 1887-1979
French composer, conductor
& teacher

FREQUENTLY ASKED AUTOMOBILE INSURANCE QUESTIONS

FREQUENTLY ASKED AUTOMOBILE INSURANCE QUESTIONS

Below are some frequently asked automobile insurance questions that we hope you will find helpful and informative.

Does everyone have to have Long Island auto insurance?

Yes, automobile liability insurance, or proof of financial responsibility is required in all fifty states. Although each state sets their own limits on how much insurance is needed, these are only minimum limits and in most cases additional coverage is needed if you don’t want to have to pay additional expenses out of pocket. If you have a lease or loan on your car you are usually required by the lender to have comprehensive and collision coverage in addition to the state required liability coverage.

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 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!

What is the difference between comprehensive and collision?

Collision coverage is when you have a collision with another car. Comprehensive coverage is when it is anything else other than a collision such as fire or theft. Most people would have both coverages when using the car on a regular basis. Sometimes when one is just storing a car they may only keep comprehensive coverage since they are not using it on the road therefore, it is unlikely to be in a collision.

What are the minimum policy requirements?

Liability is required in every state unless you can prove financial responsibility otherwise. Limits vary widely from state to state and, if you carry the minimum limits, when you drive into another state you will automatically assume that state’s minimum liability requirements

Is anyone who drives my car covered?

In most cases, yes, as long as they have the permission or reasonable belief from the insured that they can use the vehicle. The insured is the person named on the insurance policy and their spouse if applicable.

There are some exclusions, so you would need to look at your particular insurance policy to make sure. Remember, everyone in your household must be listed on your insurance policy if they have a license. For example, if a girlfriend you live with uses your car, she may not be covered if you did not list her on your insurance policy. On the other hand, if you live separately, she could use your car with your permission and be covered.

Should you have any more questions or concerns you many contact any one of our C.H. Edwards insurance specialists for assistance.

Positive Thought for this Week
“Nothing’s better than the wind to your back,

the sun in front of you,

and your friends beside you.”
Unknown

TAX CREDITS AVAILABLE FOR CERTAIN ENERGY-EFFICIENT HOME IMPROVEMENTS

TAX CREDITS AVAILABLE FOR CERTAIN ENERGY-EFFICIENT HOME IMPROVEMENTS

Here is some information that you could use to get some credit for qualified home energy improvements this year. Perhaps you installed solar equipment or recently insulated your home? Here are two tax credits that may be available to you:

1. The Non-business Energy Property Credit: Homeowners who install energy-efficient improvements may qualify for this credit. The 2011 credit is 10 percent of the cost of qualified energy-efficient improvements, up to $500. Qualifying improvements include adding insulation, energy-efficient exterior windows and doors and certain roofs. The cost of installing these items does not count. You can also claim a credit including installation costs, for certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass fuel. The credit has a lifetime limit of $500, of which only $200 may be used for windows. If you’ve claimed more than $500 of non-business energy property credits since 2005, you cannot claim the credit for 2011. Qualifying improvements must have been placed into service in the taxpayer’s principal residence located in the United States before Jan. 1, 2012.

2. Residential Energy Efficient Property Credit: This tax credit helps individual taxpayers pay for qualified residential alternative energy equipment, such as solar hot water heaters, solar electricity equipment and wind turbines. The credit, which runs through 2016, is 30 percent of the cost of qualified property. There is no cap on the amount of credit available, except for fuel cell property. Generally, you may include labor costs when figuring the credit and you can carry forward any unused portions of this credit. Qualifying equipment must have been installed on or in connection with your home located in the United States; geothermal heat pumps qualify only when installed on or in connection with your main home located in the United States.

Not all energy-efficient improvements qualify so be sure you have the manufacturer’s tax credit certification statement, which can usually be found on the manufacturer’s website or with the product packaging.

If you’re eligible, you can claim both of these credits on Form 5695, Residential Energy Credits when you file your 2011 federal income tax return. Also, note these are tax credits and not deductions, so they will generally reduce the amount of tax owed dollar for dollar. Finally, you may claim these credits regardless of whether you itemize deductions on IRS Schedule A.

Positive Thought for this Week
“When you want to believe in something,
you also have to believe in everything that’s necessary for believing in it.”
Ugo Betti
1892-1953
Judge, Author & Playwright

Improperly Secured Chemicals: A Long Island Home Insurance Liability Issue?

Many American households could boast at having multiple household cleaning products in their cupboards. However, the danger of these chemicals is often ignored. Each year, emergency room staffs across the country deal with accidental exposure and ingestion of some very nasty substances. Consider how often your children bring friends home with them after school. Each play date has the potential to become fatal with cleaning agents and chemicals readily available. Such liability issues may be covered by your Long Island home insurance, but it is far more important you take steps now to address these hazards:

• Do not build a collection of cleaning products. Only keep in stock what you use on a regular basis.
• Keep chemicals in dry and cool environment that is not accessible to kids or pets. A sturdy lock could help keep out the curious.
• It is a good idea to always keep chemicals in the original container to avoid confusion later on.




• Always follow the manufacturer’s instructions for proper use. Remember to use products only for their intended purpose.
• Never mix the chemicals.
• You should avoid all open flames when working with chemicals. This includes smoking.
• Clean spills up immediately. Wear appropriate protective gear, including goggles or gloves.
• When it is time to dispose of any hazardous material, be sure to utilize the local collection program.

By safely handling and putting away chemicals, cleaning products, and other dangerous substances, you may be able to prevent injuries, damage to property, and possibly a Long Island home insurance claim. Where are your hazardous materials stored?

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What if I Want Even More New York Insurance Liability Coverage?

Many consider adding on a New York insurance umbrella policy for added coverage. Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection. This protection is designed to “kick-in” when the liability on other current policies has been exhausted.

 

Umbrella insurance is much more affordable than you may think. And in today’s world, anyone can get hit with a lawsuit. That’s why it’s more important than ever to consider an added layer of protection for your assets-and your peace of mind.

 

Consider adding a New York Insurance umbrella policy to provide enough coverage to where you shouldn’t have to worry about liability costs in the future

Long Island Home Insurance for Renters

Many renters are underinsured because they do not realize where their landlord’s coverage ends and their responsibility begins.  For example, if the cable guy slips and falls down while walking through your kitchen, you might be responsible.

 

Renters Long Island Home Insurance covers you up to the policy limit for accidental injuries to guests that happen within your unit.

 

As a renter, you may need for your furniture and other personal property such as clothes and shoes; audio, video and computer equipment; CDs and DVDs; sports gear; art; jewelry and everything else you own.  Think about how much it would cost you to replace everything you own.

 

Renters insurance protects you if your covered property is lost, stolen, damaged or destroyed no matter where it is when the loss occurs, such as while you are moving it, or while it is stored in your parents’ basement.

 

We are dedicated to making your Long Island Home Insurance purchasing experience hassle free.  We strive to give our customers more reason to insure with us.

Long Island Auto Insurance will Help You Protect All Aspects of Your Vehicle!

Did you know there are certain things you could do to get the most out your automobile? Whether your car is showroom-fresh or a piece of “junk” that has seen better days, routine maintenance is the first step in keeping that car on the road. Maintaining your vehicle properly requires more than checking tire pressures each week, getting regular tune-ups, and scheduled oil changes. Not allowing your comprehensive Long Island auto insurance policy to lapse is vital as well so you have the funds to fix any damage that occurs. What else is involved?




Avoid revving the motor unnecessarily and never subject your car to jackrabbit starts when the light turns green. These are habits that cost you extra money in fuel and cause damage to the motor and transmission. Make sure you have a mechanic inspect the belts, hoses, and battery cables every 2-3 months. Many automobiles are now equipped with computer sensors that alert you to engine problems, but remember that these electronic sensors are not infallible. You could avoid problems early with a little preventive maintenance.

There are some products that add a clear layer of silicone to the glass of your windshield. These may help prevent dings and cracks from debris that flies up while driving. The silicone coating may also improve driver visibility during a rainstorm. Even with the best care, there may still be damages or accidents involving your car. Long Island auto insurance may help ensure these events do not take you off the road for long. Speak to your agent about increasing your coverage or obtaining a policy if required!

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New York Life Insurance Choices and Annuity Investments

Choosing life insurance and annuities for retirement investments can be a complicated task, but because of the many choices, they should be thoroughly researched.

 

Making sure one has enough money for retirement can be worrisome and confusing.

 

Outliving one’s retirement funds could possibly be one of the scariest thoughts when thinking about retirement. But there is an investment product available that can help make sure there is enough money available no matter how long one may live.

 

An annuity can provide income for life. Unlike traditional life insurance where beneficiaries would get a payment when the policyholder of the life insurance policy died, with an annuity the policy holder can collect the life insurance money while they are still living. In fact, many companies that have retirement plans or pensions are actually using annuities to provide those retirement funds to their employees.

 

Annuities are a great tool for one to consider when choosing a retirement vehicle. Of course, as with any retirement portfolio, an annuity should not be the only retirement choice but should be used in conjunction with other retirement funds such as one’s personal savings and 401K plan.

 

There are four basic types of annuities:

 

·         Fixed Annuity: This annuity will provide a certain dollar amount of payments over a specific time period or term.

·         Variable Annuity: The variable annuity will provide varied payments because the payments are based on the performance of the investments in the annuity.

·         Immediate Annuity: In an immediate annuity the annuity payments would begin immediately after the payment of the annuity is made.

·         Deferred Annuity: With a deferred annuity the annuity payments would start at a later time period in order to give the annuity investments time to accumulate more.

 

Choosing the type of annuity for one’s investment portfolio can depend on many factors including the age of the individual, how much they already have saved for retirement, how much of an annuity premium can they afford, how much they want for retirement and how and when they want their retirement money paid to them.

 

Annuities are a complex product. There are many other considerations to factor such as the tax advantages and/or disadvantages compared to other retirement vehicles, annuity surrender charges, and available payouts if the annuity policy holder is admitted to a nursing home facility, varying fees such as commissions and surrender charges and the strength of the insurance company providing the annuity.

 

Because of these considerations and the complexity and importance of what the annuity is being used for, one should always consult a professional to help them find the best New York Life Insurance  and annuity for their personal retirement situation.