info@chedwards.net   (516) 249-5200
Menu

Author Archives: chedwards

Are Savings Bond a Good Value?

The savings bond has long been the iconic gift for young folks. But does tradition mean they’re a good value? Yes and no. Consider these:

 

Bonds are exceedingly safe.

They are backed by the credit of the federal government. Even if you lose the certificate, the feds will replace it.

 

Safety is one thing, value of investment is another.

Rates for the popular EE bond — which are fixed for the life of the bond — are very low. New bonds currently carry a lifetime rate of only 0.60%.

 

There are issues of ownership. Savings bonds are often given to newborns or graduates with the expectation that the earnings will be tax-free if used to pay for college. However, the bonds must be owned by the parents for income to be free of taxes. Also, there are limits on the parents’ income, so not everyone qualifies.

Equip Your Home with Strong Locks to Avoid Claims with New York Homeowners Insurance!

Have you recently moved to a new neighborhood in New York? As part of settling in to your new home you may be checking out local places you want to visit, and you may be making a list of contacts for essential services like medical centers, utility providers, contractors who carry out plumbing or electrical repairs and, of course, your New York homeowner’s insurance agent or insurer.

 

Does your list have numbers for a local locksmith? You never know when you’ll be faced with a broken lock or lost house key, so it’s important to find good locksmiths to include in your shortlist of emergency service providers.

 

Word of mouth referral can be a good way to find a local locksmith, so ask your new neighbors about businesses they would recommend. Online research and consulting the Yellow Pages will identify quite a few more locksmiths for your list.

 

There are a few things you need to check out before you add a locksmith to your short list.

  • Do they offer a 24/7 service?
  • Ask about their pricing structure, including minimum charges, call out charges and hourly labor rates.
  • Do they give written warranties for their work?
  • Are they insured for workers compensation and liability?

 

It’s important to be able to trust a locksmith, so undertake a little research into the company’s reputation. In case you are uncertain if locksmith work is covered by your New York homeowner’s insurance policy, read the terms of the policy or speak to your agent or insurer.

*


LOWER YOUR HOMEOWNER INSURANCE COSTS

Homeowners insurance premiums often take a substantial bite out of a
family’s budget. You may, however, be paying too much for this coverage.
The following are some approaches you can use to reduce your homeowners
insurance costs.

  •  Try to increase your deductible to the highest
    one you can afford, even if the premium savings do not appear to justify
    it. This will decrease your premium and increase the likelihood that
    your loss history will be excellent, since minor losses will be paid by
    you and not your insurance company. A loss-free record over time saves
    premium dollars. For example, if you currently have a $250 deductible on
    your homeowners policy, consider increasing it to $500 or $1,000.
  • Consider purchasing a monitored burglar alarm. Alarms have proven
    successful in reducing burglary rates. In addition, most insurers
    provide premium discounts to consumers with these alarms, some as high
    as 20 percent.
  • Maintain your home in optimum condition. If a repair
    is needed, perform it as soon as possible. For example, loose or
    missing roof shingles should be repaired or replaced immediately. A home
    in excellent condition is much less likely to experience a loss.
  • Buy your home insurance and your auto insurance from the same company. Discounts normally apply when you do.

If
you still have questions or concerns please feel free to contact our
representatives at C.H. Edwards and we would be more than happy to help.

Positive Thought for this Week
“Selfishness is not living as one wishes to live,
it is asking others to live as one wishes to live”.
Oscar Wilde
1854 – 1900 Irish dramatist, novelist, & poet

Is New York homeowners insurance still sufficient for a growing home business?

Have you been relying on your New York homeowners insurance protection for your home-based small business? The insurance needs of a business change rapidly as it expands, and while homeowners’ insurance may have been sufficient in the early days of your business there may now be a risk of being uninsured or under-insured.

 

Standard homeowners’ insurance policies offer a limited level of coverage for business equipment and liability. You may have a number of options if you wish to ensure your growing business is protected from the costs of accidents and mishaps that could erode profits and restrict business cash flow.

 

You could increase liability and property coverage of your homeowner’s insurance policy by adding an incidental business endorsement to the policy. Other options include a business owner’s or an in-home business policy; these products have been designed to protect a small business from a range of common risks faced by enterprises.

 

While property and general liability coverage are optional for business owners, there are some mandatory insurance requirements that may affect your home-based business; you may need to purchase auto insurance if there is a company vehicle or workers’ compensation insurance if you hire an employee.

 

Insurance is a complex area and you may be uncertain whether to adjust coverage on your New York homeowners insurance policy or purchase a business insurance product. Many busy entrepreneurs prefer to outsource the task of managing business insurance needs to insurance experts who understand the market. Talk to us: we know about running a small business in New York, and will be happy to help you to find the insurance solution that best suits your needs.

*

 

How To Get The Most Out Of Working From Home

These days it has become more common for people to work from home as opposed to heading out to the office everyday. Many employers are jumping on the bandwagon as remote-workers mean less overhead expenses. 

However, while working from home may now be a possibility for many, it still depends on the individual as to whether it will be a success. Consider these tips for getting the most of out of a work-from-home opportunity: 

Consider insurance benefits– If you work entirely from home you won’t be commuting like someone who drives back and forth to the job site each day. You will want to update your auto insurance ny policy to designate your vehicle as being used primarily for ‘pleasure’.

Create a Space– In order to stay productive and focused on the task at hand you should set aside a work space separate from the rest of your home life. Even if you don’t have an entire extra room to use as an office, you can designate one corner of a room for your work area. Treat that area how you would treat your work space at the office. This will also help keep you from over doing it and working when you should be enjoying down time. 

Consider the Tax Deductions– Don’t miss out on money-saving tax deductions that you may be eligible for.  This often includes a portion of rent or mortgage interest, a portion of utilities, insurance and office supplies. There are requirements, however, to qualify for this deduction. For example, according to the IRS website it is stated that in order to qualify you must use your home office “regularly and exclusively” as your principal place of business.  Talk to your tax advisor for more information. 

Set a schedule– In order to stay on task you will want to set a schedule for yourself and get into some normal routines for getting your work done. Set deadlines so you stay motivated.

Stay connected– “Cabin fever” is a common complaint of those that work from home as they begin to miss the social interaction that they previously had while working in an office environment. Have lunch with friends and network with others who work from home in your community. If possible, make plans to see office friends after work and on the weekends to maintain “face time”.  Make a point to take a walk or drive each day so that you are still getting out of the house at some point in the day.

If you are working from home part-time, you should talk to your insurance agent about reducing the number of miles commuting to work as it is listed on your auto insurance ny policy. Doing either of these will most likely reduce your auto insurance ny premiums. 

PROPERTY INSURANCE COVERAGE EXCLUSIONS

5 Basic Exclusions in Your Property Insurance Policy

Keeping your personal property safe is important. Property insurance coverage protects your property against many risks. However, have you thought about the exclusions in your property insurance policy?

Every property insurance policy has exclusions. It is important to realize that exclusions can be different depending on your particular property insurance coverage and what type of property is being covered under your property insurance policy. There are a few common exclusions that are usually contained in all property insurance policies; these property insurance exclusions are:

  • Losses Not Caused by an Accident: Since it is certain your carpet will get worn out, insurance will not cover worn carpets along with other things that are considered certain to happen and not a risk. Insurance is designed to cover risks and not something, that is bound to happen over time such as wear and tear, rust, and mechanical breakdowns.
  • Things that are Controllable: In order for an insurance company to make money, they need responsible people to maintain their property. This exclusion is designed to encourage policyholders to take care of their property. Scratching and breaking objects can be examples of things that are controllable by the insured.
  • Extremely Hazardous Events: Some events are very hazardous that the insurance company would have to charge a much larger premium for the property insurance policy. These events, such as earthquakes, floods, and mudslides are usually not covered under a standard property insurance policy but can be added on if an insured would like the extra coverage.
  • Major Disaster Losses: Huge losses such as a loss from a war or a nuclear disaster are usually not covered. These types of losses are not covered because catastrophic losses could cause an insurance company to go bankrupt and are generally rare.
  • Coverage Exists Elsewhere: If the property already has its own insurance policy then it would be excluded. An example would be a car. Cars are not covered under a homeowners policy since they are required to have their own car insurance policy.

Positive Thought for this Week
“We always like those who admire us;
we do not always like those whom we admire”.
Francois de La Rochefoucauld
1613 – 1680
French author & moralist

Planning for Business Growth with NY Commercial Insurance

Most entrepreneurs launch their businesses with ambitions to grow. Although you may start small with minimal NY commercial insurance and capital investment, the success of your enterprise depends on successfully implementing business growth strategies.

 

Some growth strategies are more effective than others. 

 

  • Adding new products to your inventory or providing new services may not be the best business development strategy for your enterprise. Attracting new customers may be expensive and success is uncertain. Why not concentrate some time on securing valuable repeat custom from your existing customers and clients who already know you for the products and services you provide?
  • It’s hard to get customers to switch to you if they are currently customers of the market leader in your category. Rather than trying to do exactly what the market leader does, consider offering a better alternative that the market leader does not offer.
  • Advertising and marketing that is designed to appeal to the widest range of customers may be ineffective because new customers are more likely to trust specialists than generalists. Consider appealing to your ideal customers by specializing rather than generalizing.
  • Plan for business growth. Let your growth plans inform all of your business decisions, but especially decisions that relate to what your business offers and what customers it intends to attract.

 

It’s important to implement your business growth strategy carefully, focusing on what you do best and who your best customers are. Remember your growing business will have changing insurance needs, and be sure to take time to review your NY commercial insurance and adjust coverage as necessary.

 

*

 

PROTECT YOUR IDENTITY

PROTECT YOUR IDENTITY

Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes.

The FTC estimates that as many as 9 million Americans have their identities stolen each year. In fact, you or someone you know may have experienced some form of identity theft. The crime takes many forms. Identity thieves may rent an apartment, obtain a credit card, or establish a telephone account in your name. You may not find out about the theft until you review your credit report or a credit card statement and notice charges you didn’t make—or until you’re contacted by a debt collector.

Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record. Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, housing or cars because of negative information on their credit reports. In rare cases, they may even be arrested for crimes they did not commit.

Contact a representative at C.H. Edwards to help you understand why Identity Theft Insurance is an important addition to your current insurance. Please click on our video below.

 Click here to watch our “Identity Theft” Video

Identity Theft.PNG

Positive Thought for this Week
“It is very important to generate a good attitude,
a good heart, as much as possible.
From this, happiness in both the short term and
the long term for both yourself and others will come.”
Dalai Lama
b. 1935
Spiritual Leader Of Tibet

NEW YEAR’S EVE SAFETY TIPS

New Years Eve is a huge night for everyone, which means crowds will be swarming toward all the metropolitan hubs around the world. People feed off each others’ excitement, and sometimes things can get out of hand if safety precautions are not taken. Everyone wants to have an unforgettable night (in a good way!). By simply using some common sense, we can keep it that way. Ring in the New Year safely!

  • Designate a Driver: If you are going to be driving New Years Eve, don’t drink and drive. If you have a friend who does not prefer to drink, make sure they take the wheel. You might even be on the water this New Years Eve. The person in charge of navigating the boat needs to be cautious, and this still applies to them! It is important to be safe on the water as well, so drink sensibly.
  • Don’t forget about your pets! They are just as much a part of the family as everyone else. If you are using fireworks, anything with loud noises, or fire, be sure that pets are kept at a distance as well as children. None of these are a good mix. Candles are also a potential hazard.
  • Be Alert: Be aware of your surroundings and how others are acting. Stay away from those who are out of control and might cause harm. Taking preventive measures is key. If someone is really intoxicated, prevent them from trying to drive or leaving with someone they do not know. It’s important to keep an eye out for each other.
  • Don’t Drive: If you don’t have to go behind the wheel, avoid it. More people will be driving under the influence on this particular night, so avoid a potentially dangerous accident by staying off the road. Otherwise, be alert and drive defensively. Most importantly, wear your seatbelt! Also, using public transportation is a wise option. If taking a cab is too expensive, crashing at a friend’s place nearby is a convenient solution.
  • Stick Together: This way we can look out for our friends and family. Going out to parties and nightclubs means a fast-paced, crazy night; so be sure to travel in groups. Having a safety net around you in this environment, especially for women, is imperative.
  • Monitor your Alcohol Intake: A majority of people will be drinking on New Years Eve, and there is nothing wrong with that. Just be sure to pay attention to how much you and others are consuming. Drinking too much alcohol can have lethal affects. Be responsible.

Follow up your New Years Eve by making some New Years Resolutions and starting fresh!

Have a safe and happy New Year from the Management and Staff of C.H. Edwards, Inc.

Positive Thought for this Week
“Prejudice is the reason of fools.”
Voltaire
1694-1778
Writer & Philosopher

Does New York Homeowners Insurance Cover the Full Replacement Value of Your Home?

The replacement value of a home for the purposes of a New York homeowners insurance policy is the amount it would cost to rebuild the house to its current specifications after a fire or other disaster. The cost of homeowners insurance premiums is heavily influenced by your home’s replacement value, so when you review homeowners insurance coverage it’s important to make an accurate estimate.

Don’t confuse the insurance replacement value of your home with its market value. Your home’s market value includes the plot of land where home is built, but if the home has to be rebuilt it’s only the structure that is replaced. 

The cost of building a house includes building materials and other cost factors such as labor. These prices tend to rise steadily over time, so to ensure that you are fully covered for the cost of reconstruction you should take some time each year to recalculate the building replacement of your home and adjust the building replacement coverage of your homeowners’ insurance policy accordingly.

Being forced to evacuate your home while it is being rebuilt after a disaster may involve heavy additional living expenses for you and your family, such as the cost of temporary rental accommodation. As part of your review of coverage, consider the extra living expenses you might face during rebuilding of your home after a disaster. Talk to your agent or insurer if you are unsure whether your New York homeowners insurance coverage for building replacement and additional living expenses is adequate for your needs.

*