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4 W Cross St, PO Box 998
Croton Falls, NY 10519

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New York Insurance Blog

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How Boat Insurance Works

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Boat insurance for your boat is as important as auto insurance for your car. Boat insurance works similarly to auto insurance, protecting you against boating accidents and many other risks your boat may face daily, depending on the types of coverage you choose. The best way to stay protected is to get boat insurance as soon as you buy your boat. To get started with this insurance, call us at Carminucci Agency in Croton Falls, NY to learn more.

Understanding Liability Coverage

When you get a boat insurance policy, it can include bodily injury liability coverage as well as property damage liability, similar to an auto policy. These cover the other party’s expenses when there is a boating accident. This can save you a significant amount after an accident for which you are deemed liable. Boating accidents happen often, so going without this coverage leaves you at risk of substantial expenses.

Additional Coverage Options

There are also other types of coverage that you can include in these policies. Comprehensive coverage is a type that pays for several risks that your boat faces when it’s on land. Collision coverage is a type that pays for your own property damage expenses in the event of an accident. This is important to have, no matter what the value of your boat is. Without this coverage, you may have to repair or replace your own boat out of pocket after an accident.

Securing Boat Insurance in New York

If you own a boat and don’t have boat insurance yet, there’s no time to wait. You need to get a policy as soon as possible to stay protected. Call us at Carminucci Agency in Croton Falls, NY.

The Difference Between Umbrella Insurance and Excess Liability Insurance

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Having the right insurance coverage is essential for protecting yourself from costly lawsuits and unexpected financial burdens. At Carminucci Agency in Croton Falls, NY, we often hear questions about umbrella insurance and excess liability insurance. While they may seem similar, they serve different purposes, and understanding the distinction can help you make the best choice for your needs.

What Is Umbrella Insurance?

Umbrella insurance is an extra protection layer beyond your existing home, auto, or other liability policies. It increases your coverage limits and extends to situations your primary policies may not cover. For example, if you’re sued for defamation or face an expensive legal battle, an umbrella policy can help cover the costs. This makes it a valuable option for those who want comprehensive protection against various risks.

How Excess Liability Insurance Differs

Excess liability insurance, on the other hand, increases the coverage limits of an existing policy without adding new types of protection. It acts as an extension of your current liability policy but does not provide coverage for situations that aren’t already included in your primary insurance. If a claim exceeds the limits of your standard policy, excess liability insurance kicks in to cover additional costs, but it won’t protect you in scenarios that fall outside your base coverage.

Choosing the Right Coverage for Your Needs

Understanding the differences between these two options is key to ensuring you’re fully protected. At Carminucci Agency in Croton Falls, NY, we can help you determine whether umbrella insurance or excess liability insurance is right for you. Contact us today to explore your options and secure the coverage that best fits your lifestyle.

Amended NY Law: What You Need to Know About Section 231-B

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Despite the law passing over a year and a half ago, many remain unaware or confused about the changes. On June 21, 2023, the New York State Real Property Law was amended to include Section 231-B. This section mandates that landlords disclose flood histories to their tenants in lease and sublease agreements.

Understanding the Law with The Carminucci Agency

Landlords are required to share everything they know about the property, as well as information revealed by the FEMA flood map service center. They must acknowledge the following concerns:

  1. Whether the property is entirely or partially in a FEMA-designated floodplain
  2. Whether the property is wholly or partially in a special flood hazard area (100-year floodplain)
  3. Whether the property is wholly or partially in a moderate risk flood hazard area (500-year floodplain)
  4. Past flood damage from heavy rainfall, coastal storm surge, tidal inundation, and river overflows
  5. Current flood risk and the likelihood of future flooding

Additionally, landlords must include a notice about flood insurance through FEMA’s National Flood Insurance Program and explain the limitations of renter’s insurance. Flooding caused by plumbing issues does not need to be included.

The Reason Behind the Law

In recent years, there has been at least one flooding event from a storm in Croton Falls, NY. Each time, the massive floodwater caused power outages, road and school closures, and damage to homes and trees. Add to this the damage caused by hurricanes Sandy, Henri, and Ida to apartments and belongings in Westchester County, and the need for this law becomes clear.

The law empowers tenants to secure flood insurance to protect their belongings from flood damage. It also helps them consider their living arrangements and safety concerns.

The Carminucci Agency encourages renters to get flood insurance to protect their belongings from damage. We invite tenants in Croton Falls, NY, to visit our office or call us for more information.

Never Buy a Condo Without Obtaining Coverage for Assessments

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Even in developments where the condos are detached, Condo owners share costs for the upkeep of common areas. When unexpected events occur, such as a severe storm causing extensive damage or a change in insurance significantly increasing premiums, the condo’s board can issue a special assessment. This is essentially an additional payment, separate from HOA or condo association fees, to cover the unexpected costs, which can disrupt owners’ budgets. At the Carminucci Agency in Croton Falls, NY, we want new condo owners to be aware of these potential costs and how to manage them.

Insurance Coverage for Special Assessments

Condo owners typically pay an HOA or condo fee to cover the general upkeep of common areas. These areas can include parks, walkways, landscaping, and structural repairs, such as re-roofing and storm damage repair in developments with attached condos.

Condo owners may face special assessments, which are essentially large bills for a one-time cost that all owners must share. These assessments can cover unexpected damage or community repairs and easily run into five figures. However, condo owners can purchase insurance that covers these assessments. The first step is knowing that such insurance exists.

The Carminucci Agency in Croton Falls, NY, can discuss coverage options that help condo owners manage these large bills without disrupting their budget or draining their bank account. This coverage can be very affordable, certainly more so than the assessments, and it’s in your best interest as an owner to explore this type of coverage. Your condo is your home, and you should be prepared to handle any bills that come your way. Good insurance coverage is key to achieving this.

Is It Better to Have Full Coverage Auto Insurance or Liability Only Car Insurance?

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Your car insurance can help protect you from financial risk when driving a car. The type of auto insurance you buy makes a big difference. If you’re new to car ownership and car insurance, it’s important to understand the difference between liability only and full coverage auto insurance.

These two types of policies can help protect you but in differing ways. The professionals at Carminucci Agency, servicing Croton Falls, NY, can answer your questions about these two types of auto insurance. Here’s what you need to know.

What Is Full Coverage Auto Insurance?

Full coverage auto insurance combines several types of auto insurance policies. Full coverage provides as much coverage as possible. Here’s what full coverage can do for you:

  • Pay to repair or replace your vehicle in the event of a collision, regardless of fault
  • Pay to repair or replace the other driver’s vehicle in a collision if you are at fault
  • Pay to replace your vehicle if it is stolen or destroyed by fire
  • Provide roadside assistance if your vehicle breaks down on the road

You may be required to get full auto coverage if you get a car loan.

What Is Liability Only Auto Insurance?

Liability-only auto insurance pays only to repair or replace the other driver’s vehicle if you cause a collision. This is the most basic type of auto insurance and is required by law in most states. Even if you do not want insurance to cover your vehicle, you must still get insurance to protect other drivers.

Which Type of Insurance Is Best?

The type of insurance you choose matters. The professionals at Carminucci Agency servicing Croton Falls, NY can help you make the right decision for your needs. Call today to learn more.

Commercial Insurance for Small Businesses: Key Coverage Areas

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Welcome to Carminucci Agency, serving the greater area in and around Croton Falls, NY! Running a small business comes with many challenges, including figuring out what type of insurance coverage you need. The right commercial insurance policy can protect your company against unforeseen losses and liabilities. In this post, we’ll explore some key coverage types that small businesses should consider.

Property Insurance

Property insurance covers your physical business location, equipment, furniture, inventory, and more against damage or theft. Property insurance is crucial for small businesses to help them rebuild after fires, storms, vandalism, and other incidents. Make sure your policy accurately reflects the value of your business property.

Liability Insurance

Liability insurance covers your legal responsibilities if third parties are injured or their property is damaged due to your operations and products. It helps pay for expenses like medical bills, legal defense fees, and lawsuit settlements. For small businesses, general liability insurance is a must to protect against potentially expensive claims.

Business Interruption Insurance

Business interruption insurance replaces income lost due to suspended operations from covered events like natural disasters. It helps pay operating expenses like payroll, rent, and loans while you restore your business. Small businesses’ safety net is important when unforeseen disruptions occur.

Work with a Trusted Insurance Agent For Your Commercial Insurance Needs

Determining the right insurance coverage can be complex for small business owners. At Carminucci Agency, proudly serving the greater Croton Falls, NY region, our experienced agents are here to help you understand your risks and craft a customized commercial insurance solution. Contact us today to discuss protecting your small business!

Understanding Liability Coverage in a Home Insurance Policy

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Understanding Liability Coverage in Home Insurance

At the Carminucci Agency in Croton Falls, NY, we believe it is important for our clients to comprehend the nuances of the home insurance policies they rely on to safeguard their homes and finances.

The Role of Liability Coverage

Liability coverage in an insurance policy is earmarked for the damages inflicted on a third party. Liability coverage provides protection in scenarios where you are found accountable for causing injury or damaging another’s property. This coverage is designed to offer peace of mind, covering costs when you are sued for damages following injuries to a guest on your property or if an incident on your property results in damage to another’s property.

Every occasion of entertaining guests at your house or premises creates the potential for a liability claim. Activities such as children playing on trampolines or swimming pool events elevate this risk. Liability coverage allows you to live without the constant anxiety of a possible incident. Even if an unfortunate accident results in a lawsuit, you can be rest assured knowing that you are covered.

Liability coverage will take care of any legal expenses if the injured party decides to sue you. It also covers medical bills for the injured party, lost wages, and property repair costs (for example, a fire spreading from your property to another causing damage). Finally, liability coverage handles funeral expenses related to any fatalities on your property due to an incident for which you are liable.

Contact Us for Any Queries

Suppose you have any questions regarding liability coverage benefits in a homeowners insurance policy. In that case, our proficient agents at the Carminucci Agency in Croton Falls, NY, are here to assist you. Please don’t hesitate to call us at (914) 617-8989.

How Does Classic Car Insurance Differ from Traditional Auto Insurance?

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Owning a classic car can be very exciting, but part of enjoying your unique automobile is properly caring for it. Caring for a classic car involves more than just maintenance, repairs, and upgrades; ensuring your car is properly insured is also important. You might wonder if specific class car insurance is necessary and how this type of insurance differs from traditional auto insurance. Here is a brief overview. 

Major Differences

The major differences between classic car insurance and traditional auto insurance include but aren’t limited to the following:

  • Cost – classic car insurance is typically less expensive than traditional auto insurance
  • Qualification – Unlike conventional auto insurance, which allows you to choose an insurer and pay for coverage, you must qualify to purchase classic car insurance. 
  • Payout differences – if your traditional vehicle were to be deemed a total loss, the insurance company would pay you the current market value of that particular vehicle. However, with a class car, you would be paid out the agreed-upon worth of the vehicle when insuring it.
  • Special Coverage – Classic car insurance sometimes covers spare parts, includes specific coverage for travel, and special coverage for car shows.

So, if you plan on purchasing a classic car, you should be sure to obtain high-quality specialty insurance for the vehicle. If you’re searching for a new Croton Falls, NY area insurance provider, you should consider us at Carminucci Agency. At Carminucci Agency, we provide coverage for Croton Falls, NY, and many other areas. We also provide many types of insurance, so give us a call today, and one of our friendly and knowledgeable agents will be more than happy to assist you. 

Does Recreational Insurance Cover Repairs?

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At Carminucci Agency in Croton Falls, NY, we help our clients secure protection for various vehicles and valuables. For those who value their RVs, our recreational insurance policies provide peace of mind by covering certain costs in case of at-fault RV accidents or other qualifying situations for coverage. While every RV insurance policy is unique and tailored, you might be wondering if recreational insurance policies generally cover repairs. For a more specific answer, we recommend contacting our office. Nonetheless, we will provide a rough idea of what you can expect from a recreational insurance policy regarding repair coverage below.

Does Recreational Insurance Cover Repairs?

Your RV insurance coverage for repairs generally depends on the type of RV insurance you have. For policyholders with Collision Coverage, their policy may cover repairs in the event of a collision within the policy’s limits and conditions. Before hitting the road, we would advise discussing with one of our qualified insurance professionals to understand what your policy does and does not cover. This way, you’ll be well-prepared and not taken by surprise by your policy’s coverage limits or terms should you face any unexpected situations during your travels.

If you don’t currently have RV insurance, exploring your options would be a good move. It’s unwise to wait until you need coverage to get it. Since prevention is key to financial security, don’t wait to get covered.

For further information, feel free to call our office at Carminucci Agency in Croton Falls, NY!

Which Type of Life Insurance Is Right For Me?

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Life insurance is there to help your loved ones when you pass away. Whether you’re young and have a growing family or you’re a senior who would like to look after your loved ones when you pass, there’s a type of life insurance that can fit your circumstances.

At Carminucci Agency, servicing Croton Falls, NY, we help our clients choose the right type of life insurance. We’re available to explain the different types of life insurance, outline the pros and cons, and help consumers make good choices as they select a policy. 

If you’re considering getting life insurance, here’s what you need to know.

Different Types of Life Insurance

There are a lot of types of life insurance that you can choose from. Below are some of the most common types of life insurance:

  • Term life insurance offers a fixed benefit and is only active for a fixed length of time (usually 10, 20, or 30 years).
  • Whole life insurance offers a fixed benefit and pays out when the policyholder dies, no matter how long the policy has been in place, as long as they keep up with the premium.
  • Universal life insurance offers a variable benefit that changes with market conditions. The premium may increase over time, and the benefit pays out when the policyholder dies, no matter how long the policy has been in place. 

How to Choose the Right Life Insurance Type for You

Choosing the right life insurance can be intimidating. The professionals at Carminucci Agency servicing Croton Falls, NY can help. We provide guidance and can ask questions to help you find the right type of policy. If you’d like a life insurance policy, call today. 

About Carminucci Agency | Croton Falls, NY

Carminucci Agency encompasses all of the desired coverages that the community demands! Michael
Carminucci has been providing insurance, investment products and advice to clients all over the US for more than thirty years, achieving the trust and admiration of the community.

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Carminucci Agency

4 W Cross St, PO Box 998
Croton Falls, NY 10519
 Phone: 914-617-8989
Fax: 914-617-8785
Email: info@carminucciagency.com