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!

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!

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.

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.

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 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.

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.

As stated above, penalties for driving without New York automobile insurance vary from state to state; however, a few of the most common penalties include:

        ·        Having your driver’s license suspended.

        ·        Having your vehicle registration suspended.

        ·        Receiving a traffic ticket for a no insurance violation. This is in addition to the traffic ticket(s) you receive for the original reason you were pulled over. Depending on the officer and where you receive the ticket, you might be able to have the ticket dismissed if you can show proof of New York automobile insurance within a certain time period following the date of the citation; however, this generally only applies if you really did have coverage at the time of the traffic stop and just happened―for whatever reason―to not have your insurance card with you.

·        Meeting SR-22 requirements. Some states might only impose this if you cause an accident while driving without insurance; others may impose it simply for driving uninsured.

·        Hefty fines. In addition to meeting other requirements, you’ll have to pay to have your license and registration reinstated. Plus, you’ll have to cover the traffic ticket fines.

Keep in mind, that these are just a few of the most common penalties. Check with your state’s DMV for specific details.

Call us at C.H. Edwards for a fast, free and easy New York automobile insurance quote!

Experienced landlords will agree that there is nothing quite as comforting as a good tenant; especially if the tenant spends his own money making improvements to your building during the lease term.

But if a tenant plans to spend big bucks on improving your property, you’ll want to consult your Trusted Choice^® insurance professional first. That’s because improvements that become part of the building are calculated into the building owner’s property insurance limit for the purposes of determining adequate insurance. So a building owner must amend his insurance to reflect the value of the improvements or he could be in for an unpleasant surprise at claim time.

Business insurance policies determine how much of a loss is paid by using the value of “covered property” at the time of the loss, not when the policy was purchased. The building insurance limit must at least equal a certain percentage of value, typically 80%, 90%, or 100%.

Consider this example: A landlord leases his retail building to a tenant who sells custom floor coverings. The current value of this building is $2 million and the landlord’s insurance policy has a limit equal to 100% of that amount, as required by his policy. With the landlord’s permission, the tenant installs a new floor in the showroom valued at $1 million. A fire damages part of the building. The showroom and custom flooring are not directly damaged. However, while processing the claim, the insurance adjuster determines that at the time of the fire, the value of the building includes the new floor, thus bringing it to $3 million: $1 million greater than the limit on the landlord’s policy. The landlord is severely underinsured and therefore will not receive the full amount of the loss.

So what if the lease makes the tenant responsible for providing insurance for the betterment? Realty laws in most states say that once an improvement is made to a building it becomes part of the building and is therefore included in that building’s overall value. While it is common for landlords to require that tenants insure the betterment itself that may not be sufficient. In this example, it was not the damage to the floor that caused his problem, but rather that the value of the new floor increased the overall value of his building and the landlord did not amend his insurance for the spike.

Claim time is no time to discover that you are underinsured. You have already suffered a loss, so the last thing you want is an insurance adjuster explaining why a larger portion of the claim cost will come from your own pocket. If improvements are being considered for your building, call your Trusted Choice^® insurance professional immediately. The good news is that most insurance policies can be easily amended to reflect the change in value. Such a change will ensure that your building’s new value does what it’s supposed to do: Put money in your pocket.