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Frequently Asked Questions
What limits of liability should I carry on my auto policy?
There are many factors to consider to include the state your vehicle is titled and registered in. Below is an example of what New York State requires for liability insurance limits.
Auto insurance requirements in New York State
Minimum Liability Coverage: 25/50/10
$25,000 for bodily injury per person
$50,000 for bodily injury per accident
$10,000 for property damage per accident
Uninsured/Underinsured Motorist Coverage 25/50
$25,000 for bodily injury per person
$50,000 for bodily injury per accident
Personal Injury Protection (PIP)
$50,000 per person
Keep in mind for those who finance or lease a vehicle, your contract with the company who has a financial interest may have additional requirements to consider.
The answer is not a simple one, which is why we recommend working with our broker to provide you with the appriapote requirements to cover not only you and your vehicle but others who may need to be consider.
Do not take this example as all the information to factor, connect with our broker to provide you with a quote to address your insurance needs.
Why doesn't the amount of insurance match the purchase price for my property?
The limits of your homeowner’s insurance is based on the replacement cost of your home at the value of the current market and not what your real estate broker values the home at a purchase price.
Note there is a difference between what is known as Market Value and Replacement Cost.
Market Value is also called actual cash value factors n the value of your home if it were sold today. There are many doctors to consider market value to include location, land value, current state of the real estate market, just to name a few.
Replacement Cost, is what it would cost to rebuild your home if your structure were to be completely destroyed irregardless of its location which is one of many of factors. Some of those factors include the cost of labor, materials, etc.
As a home owner it is extremely important to connect with your broker on an annual basis to review your home policy to understand and discuss these important factors. For most families, the home is their most significant investment of their financial portfolio.
Consult with our broker to understand more about your home policy and how you can best protect your investment.
Who should I contact for a claim - my broker or insurance company?
You should contact the insurance company to process your claim, however you may wish to chat with your broker to help determine if the potential claim reaches the level of opening a case with the insurance company. In most cases, there are minimums which must be met before a claim meets the requirements for your to cover a loss.
Our broker is available to provide initial guidance in opening a claim with the insurance company.
