NYC Insurance Blog

Insurance Questions Most Often Asked

Taking up a personal insurance policy can be confounding. You need to consider the different types of insurance policies in the market and choose the one that best suits you. It could be insurance for your vehicle, home or business. 

Either way, there are many questions revolving around insurance covers. To help decipher the complex world of insurance, we try to answer some of the most frequently asked questions about insurance.

Do I need Auto-insurance?

Almost all states require their drivers to have auto insurance. Therefore, you must have vehicle insurance for your truck or car. However, the amount you pay in premium will differ depending on where you live or drive.

What is a Homeowner’s Policy?

The homeowner’s policy is an insurance cover taken by people who own homes to protect themselves from losses arising from interior/exterior damage, loss/damage of personal property and any injury that occurs on their property.

What Does Under Homeowner’s Policies Not Cover?

All homeowners’ policies are different. However, some do not provide coverage for natural disasters like earthquakes and floods. For these circumstances, you may have to buy additional coverage.

Also, the homeowner’s policy does not cover natural wear and tear and intentional acts of damage to your property. New homeowner? Not sure if you have the right amount of coverage, call us today and allow us to review your insurance needs.

What is an Auto Bodily Liability Cover?

This insurance cover caters to the medical costs of injured parties, excluding yourself, when your vehicle is at fault in a car accident. The policy covers costs like ambulance fees, legal expenses when you end up in court and medical bills.

What Does the Auto Bodily Liability Cover?

The auto bodily liability covers 4 main categories:

1. Medical expenses for the injured party, including emergency services, follow-up appointments and medical equipment used
2. Legal fees if the wounded party end up suing you for emotional and physical hurt
3. Funeral costs, if the injured party loses their life in an accident you caused
4. Lost income caused by the inability of the injured party to work due to an accident you caused

Is my Boat included in my Homeowner’s Policy, or Should I Buy its Insurance Separately?

Depending on your boat’s type and size, it can be included in your homeowner’s policy or not. And even if it is included, the coverage is limited. 

If you want to cover your boat, the best approach would be to get a separate policy tailored explicitly towards protecting your boat. Boat insurance is an example of one such excellent cover.

Does my Homeowner’s Insurance Policy Cover Stolen Jewelry?

Most homeowner’s policies will include the cost of lost jewelry, but only to a specific limit. However, if you want to raise your limit, you can get additional coverage for your jewelry, depending on its worth.

What Insurance Should I Get for Water Backup & Sump Pump Failure?

You should get a water backup and pump failure coverage. This policy complements the homeowner’s cover against property damage due to broken pipes, sewers, sump pumps, water services, and other fluid transfer systems.

What is The Best Level of Homeowner’s Insurance For Me?

Your level of home insurance will depend on how much homeowners’ policy you need. The coverage should be enough to protect your assets.

There are three basic levels of the homeowner’s level of coverage; the actual cash value, replacement cost and extended replacement value. 

If your coverage can cover the replacement cost, you are good to go. Give our Agency a call today to find out the best level of Homeowner's Coverage you need.

What is an Umbrella Insurance Policy, & How Does it Work?

Umbrella insurance is additional coverage you get to cater to the cost of damage not included in your current policy or pay for the extra amount that exceeds your coverage limit. 

You must have a valid underlying policy to get an umbrella insurance policy. For instance, if you want to protect the boat on your premises, you should first have a homeowner’s policy before you complement it with boat insurance.

When you reach the limit on your baseline coverage, the umbrella insurance kicks in to provide the surplus coverage.

What is Renter’s Insurance?

A renter’s insurance covers the needs of people who do not own the homes they stay in. It is like a homeowner’s insurance cover, only this time; you do not own the building. 

Usually, the renter’s insurance cost is low, and it covers you for personal property and personal liability, among others. Not having insurance because you rent, can be a costy mistake. Call us Today for a competative rate on rental coverage.

Does My Home-Based Business Need Insurance?

You may not need worker’s compensation insurance, but you need additional property and liability insurance.

What is The Difference Between Condo Insurance & Homeowner’s Insurance?

If you buy a condominium, you own a unit in a building. When you buy a home, you own the whole building. So, the condo insurance will take care of your unit only, excluding the external structure, while the homeowner’s insurance covers the structure and contents of the house. 

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