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.
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.
NY Insurance Guys
Anything you would like more info on? Submit a form under Contact Us and we will be happy to write about it!
Any information provided on this website is for informational purposes only. All insurance policies are subject to their specific policy limitations and exclusions. Please check with your current insurance provider for the most accurate information on your insurance coverages, limits, and exclusions.