Today, a client called me inquiring about coverage on his auto policy. The conversation did not go as well as we both had hoped. He had started out by telling me his car was broken into; well that's simple, he had full coverage so EVERYTHING must be covered. Unfortunately NOT. There was no damage to the car, no broken glass, no scratches, nothing. He had mentioned about $30 in loose change and bills was probably taken, but hey they didn't take the car. What they did take was a $2000 piece of electronic equipment from his trunk. 

When he told me that, I immediately asked him if he owned a home, to which he responded, "I'm a renter." I came back with what I thought was an obvious answer, "great!  your renter's insurance will cover what was stolen from the vehicle."

"I don't have renter's insurance," he responded; there was a moment of silence on the line. He couldn't get over the fact he didn't have what he NEEDED, especially something he had turned down in the past. Telling someone that they aren't covered is not a conversation any insurance agent wants to have with a client, and it isn't something that an insured wants to hear. 

The conclusion to this story is that personal property in your vehicle is NOT covered by your auto insurance, but rather your home/condo/renters insurance policy. When Mr. X had turned down having his renter's insurance with the same company as his auto insurance for a premium of about $100 a year he was losing a lot more than just a multiline discount. Now Mr. X is out $30 in loose change and a $2000 replacement on his equipment. 

The moral of the story is to check what your policies cover, talk to your insurance agent, and cover your loose ends. No one needs insurance until something happens.

Recently, New York has been hit with an exorbitant amount of fraudulent insurance claims. There are staged accidents, faked doctors reports, rate jumping and beefed up esitmates. No matter how these criminals are accomplishing their end, it all means one thing: it is affecting each and every one of us that pays an insurance premium in New York. Not only does it cost us money, but it makes the insurance industry warey and untrusting of their clients, forcing you to have to provide even more documentation in the event of a truly VALID claim.

Major companies such as Allstate have been going to the legislature to try and get this issue fixed. This problem has gotten too big, is costing US to much money, and is only going to lead to even bigger rate hikes. The more money your insurance company is shelling out due to these fraudulent claims, the more money they

    Your condo or co-op is a valuable investment. In addition to purchasing the unit itself, you've spent a lot of time, effort, and money on personal belongings - furniture, computers, dishes, clothing, accessories, jewelry - and much more. If you were to lose these items all at once, replacing them would be a considerable expense.          
    Additionally, as a condo or co-op owner, you assume a share of the responsibilities of your entire complex. So, if a fire or liability loss to the complex you live in isn't adequately covered by your association's insurance, you could get stuck with a sizeable share of the expense.
    An insurance policy offers protection for you as well as your personal belongings. In addition to protecting your personal property from loss, you’ll get liability coverage- in case someone is accidentally injured on your property. There are also a variety of options to help us tailor the policy to your needs.
    If you already have renters, condo, or co-op insurance, when is the last time you had a second opinion? Are you sure you have the best policy -- at the best price?

Do you have enough $$$ to replace your stuff?                                                                     

Please take a moment right now and add up the cost of your TV, stereo, computer, PDA, furniture, CD's, DVD's, and clothing. I think you'll be surprised at how much it could cost you to replace your belongings. The average renter has $30,000 worth of stuff -- that's right, $30,000!        
Think your landlord's insurance will cover you? Think again. Most landlord policies only cover the building -- not your personal items. Renters' insurance can help protect your belongings for around 50 cents a day.  

As the owner of a multi-family dwelling, it is more than likely that you rent out the additional units and chances are your tenants DO NOT carry a renter’s insurance policy.

Reason #1- Reduction of Liability

What if someone get injured while visiting your uninsured tenant? You would end up being liable. You could lose quite a bit of money by paying for a claim made with respect to injury, which can also cause your homeowner’s insurance premiums to rise significantly.

Reason #2 - Payment of Accommodations

You don’t have to worry about what living arrangements insured tenants will need to make if the apartment is unlivable, due to a covered claim, during repairs (that you are already paying for), and who will cover the cost.

Reason #3 - Coverage for Personal Property

While you are responsible for repairing damage to the dwelling, you cannot and do not cover the belongings of your uninsured tenants.

Chances are if anything was to happen, your uninsured tenant would come after you to recover financial losses. Renter’s insurance will give you peace of mind that should something happen, you do not have to deal with the renter’s losses and can concentrate on your own property and liability.

I recommend talking to your tenant today, for your protection and theirs. It's very inexpensive, and easy for your tenant to obtain a policy; a typical policy covering up to $15,000 in property damage and $100,000 in liability coverage costs about $100 per year.

Shop around…
The insurance premiums you pay to insure your automobile often varies greatly between individual insurance companies, agents and brokers. In fact, identical coverage can vary by hundreds of dollars annually. Before you renew your automobile policy, take the time to call several different insurance companies or go online to check out comparison rates. This will give you an idea of which companies offer the fairest prices…but don’t let price alone determine your decision. Sacrificing service for cost can be a huge mistake.

Consider a higher deductible.
Your deductible is the amount of money you have to pay out of pocket when and if a claim is filed. Simply by increasing your deductible from $100 to $500 on your collision coverage, you might be able to reduce your annual cost by as much as 10% to 30%.

Before you buy a new car, find out how much it will cost to insure the new vehicle.
Some vehicles seem to be magnets for car thieves and this “curb appeal” is reflected in the price of comprehensive coverage (fire and theft) which is a generally a standard part of your automobile policy. Expensive automobiles whose cost of repair (in case of collision) is very, very high also can raise your auto premiums substantially.

Ask if there are discounts for insuring your home and auto with the same company.
Many companies offer a discount on your automobile policy if you have a home is also insured through their agencies. If you don’t own a home, sometimes a renter’s insurance policy qualifies you for a discount as well.

Find out if the insurance company offers a discount for automatic seat belts, airbags, anti-lock brakes or anti theft devices.
Always ask if there are any additional discounts for “safety” devices. Even a small savings adds up.

If you have a student, inquire about discounts for good grades.
Many companies offer a discount to students whose grade average is above a 3.0 or B+. All you have to do is provide a school transcript to your agent.

Inquire about discounts if you are over 55 years of age and retired.
Some companies offer reduced rates for senior citizens and retirees.
 
Ask about Good Driving discounts
Great driving records are usually rewarded in reduced rates. Even with the rising cost of insurance you should see a reduction in your premium.

Ask if there is a discount for low mileage.
Some companies offer reduced rates to drivers whose work is close to their home or who drive less than a set number of miles per year. Find out if this discount applies to you.

We hope that you have found this information helpful. Our goal is to help you make an intelligent, informed decision when choosing an insurance agent and insurance company that can offer you the most affordable premiums as well as superior service.

As of 2/16/2011, the NYS DMV added 2 points to the $100 penalty for using your handheld cellphone. Texting and driving is 2 points plus $150 fine.

A 2009 study by the Federal Highway Administration said that drivers who texted while driving were 23 times more likely to crash. The same study showed that talking on a hand-held cell phone... while driving made drivers four times as likely to crash.