Blog

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.

1.     Give immediate notice to your insurance company of your home insurance claim. Call your independent agent (C.H. Edwards, Inc.) to file a claim for any damages that may have incurred. C.H. Edwards, Inc. will give you information on what steps to take next for your particular policy. It is best to keep your C.H. Edwards’ phone number and policy number in your wallet so you will have the information if it is not accessible in your home. Also, keep track of all communication by you and your C.H. Edwards regarding your homeowner’s insurance claim.

       2.     Document and assess the damage to your property. Try to document damage by using a video camera and/or digital camera along with written documentation of all damage you immediately notice and keep those documentation items handy for any future damage you discover.

3.     Make any temporary repairs you can. You are responsible for preventing future damage, so try to make any immediate repairs you can such as putting a tarp over a leaky roof. Also, make sure you save the receipts for supplies that were used so you can be reimbursed for these expenses (make sure the expenses are reasonable to avoid a denial in reimbursement).

4.     Compile a list of items you suspect are damaged or missing. Go one room at a time and have the whole family there to help remember everything that was previously in the room. If you have replacement cost coverage on your personal property items, many of your items should be replaced new, even if their current value is below that cost (ex: a new couch will replace an old couch that may have been only worth a few dollars) so it is important to remember everything that was damaged. This step is much easier if previously an inventory list of items that was already compiled and kept in a safe place away from the home.

5.     Wait patiently. If your area has just been through a severe disaster, people with more severe damage will most likely be handled first. Keep in touch with C.H. Edwards during your waiting period to get updates on how your homeowner’s insurance claim is coming along. If you feel you are not being treated fairly or your claim is being handled inappropriately, you can contact your state insurance commissioner to file a complaint. Do not forget your loss of use coverage usually available in your homeowner’s insurance policy, which will cover reasonable living expenses if you cannot live in your home during repairs or have been denied access by a government order.

As always, our professional customer service representatives at C.H. Edwards are here to help you with any questions or concerns should the need arise.

New York Homeowners insurance usually does not cover “hurricanes” per se, instead, the coverage or exclusion is based upon which element of a hurricane (such as wind or flooding) directly caused the damage.

These issues are not easily resolved and many legal contests continue over who is responsible for certain losses during Hurricane Katrina and many other storms. For example: a house was flooded by a storm surge and the New York homeowner claims that since the surge was produced by wind that the damage should be covered. The insurance company maintains that they do not pay for flood damage. Many of these types of cases – based upon definitions and impacts – remain unresolved.

Persons who buy New York properties in areas that might experience hurricanes should learn about the types of hazards that come with these storms and how they impact the specific location where they will live. History is often a very good teacher. For example: if a location was inundated by storm surge in the past then a future inundation will probably occur. Detailed guidance can be found at the websites listed at right.

Your independent insurance agent as well as your insurance company provides an adjuster for no charge to you. Adjusters who have no relationship with your insurance company and charge a fee for their services also may contact you. These are public adjusters. You may use a public adjuster to help you in settling your claim.

Public adjusters may charge you as much as 15 percent of the total value of your settlement for their services. The fee isn’t covered by your insurance policy. Sometimes after a disaster, your state’s insurance department sets the percentage that public adjusters may charge.

If you decide to use a public adjuster, first check his or her qualifications by calling your state insurance department. Ask your independent insurance agent, a lawyer or friends and associates for the name of a professional adjuster they can recommend. Avoid individuals who go from door-to-door after a major disaster, unless you are sure they are qualified.

Sixty-two percent of U.S. households, or 72.9 million homes, own a pet, according to a 2011 survey from by the American Pet Products Association.

Over the years, many states have passed laws with stiff penalties for owners of dogs that cause serious injuries or deaths. In about one-third of states, owners are “strictly liable” for their dogs’ behavior, while in the rest of the country they are liable only if they knew or should have known their dogs had a propensity to bite (known as the “one free bite” principle). 

Dog Owners’ Liability:   Dog owners are liable for injuries their pets cause if the owner knew the dog had a tendency to cause that kind of injury; if a state statute makes the owner liable, whether or not the owner knew the dog had a tendency to cause that kind of injury; or if the injury was caused by unreasonably carelessness on the part of the owner. 

Three kinds of law impose liability on owners: 

1)    A dog-bite statute: Where the dog owner is automatically liable for any injury or property damage, the dog causes without provocation.

2)    The one-bite rule: where the dog owner is responsible for an injury caused by a dog if the owner knew the dog was likely to cause that type of injury—in this case, the victim must prove the owner knew the dog was dangerous.

3)    Negligence laws: where the dog owner is liable if the injury occurred because the dog owner was unreasonably careless (negligent) in controlling the dog. 

In most states, dog owners are not liable to trespassers who are injured by a dog. A dog owner who is legally responsible for an injury to a person or property may be responsible for reimbursing the injured person for medical bills, time off work, pain and suffering and property damage.