What Is Umbrella Insurance? Five Facts You Need to Know

Posted on April 30, 2023April 30, 2023 by admin

If you’ve never heard of umbrella insurance, you’re not alone. While you might be familiar with car or life insurance, umbrella insurance covers a broader concept of asset protection. If you live in Croton Falls, NY, and think you might need umbrella insurance, contact us at the Carminucci Agency. In the meantime, read on to learn five things you should know about umbrella insurance before seeking out a policy.

Umbrella Insurance Is Designed For Extra Coverage

Umbrella insurance is a policy that provides extra liability coverage beyond the limits of your existing policies. In other words, it provides coverage for liability claims exceeding your current policies’ limitations, such as homeowners, auto, and boat insurance. This means that umbrella insurance can apply to various assets and insurance-related services.

Umbrella Insurance Covers a Lot of Different Claims

Umbrella insurance can cover various liability claims, such as bodily injury, property damage, and personal injury. It can also cover claims related to defamation, libel, slander, and invasion of privacy. This makes umbrella insurance some of the most comprehensive and far-reaching protection you can buy.

Umbrella Insurance Is Not Very Expensive

Umbrella insurance often has affordable premiums in New York, especially when compared to the potential costs of a lawsuit. The cost of umbrella insurance depends on factors such as your assets, the amount of coverage you need, and your risk profile.

Umbrella Insurance Comes With Higher Coverage Limits

Umbrella insurance can provide high coverage limits, ranging anywhere from $1 million to $10 million (or more). Knowing that you’re protected against high-value claims that could potentially wipe out your savings and assets can provide peace of mind.

Umbrella Insurance Requires an Underlying Policy

Unfortunately, you can’t just go out and buy an umbrella policy on its own. To purchase umbrella insurance, you must have underlying insurance policies such as auto, home, or boat insurance. Umbrella insurance is designed to supplement these policies and provide coverage beyond their limits.

Again, if you live in or near Croton Falls, NY, and are currently in the market for umbrella insurance, feel free to contact us at the Carminucci Agency today!

Why is Flood Insurance Separate from Homeowners?

Posted on March 27, 2023April 4, 2023 by admin

In decades past, homeowners insurance used to cover flood events. However, after a series of catastrophic disasters, this proved to be too expensive. Because of the nature of flooding, a river that overflows its banks can inundate large portions of land. Definitions of flooding can include water that touches the ground before entering an edifice, and according to FEMA, it can also incorporate instances where two acres have been saturated by water.

Heavy rains can also cause flash floods when city streets cannot evacuate water fast enough off of the asphalt. Groundswells may occur during hurricanes, and these often take place more gradually.

Flood insurance is a separate insurance product, and you are not required to purchase this by law if you live in the Croton Falls, NY region. It is good to assess whether you live in an area that is prone to flooding, and your Carminucci Agency representative can help you make this decision.

Why Flood Insurance?

It is important to distinguish that water damage from burst pipes or broken appliances can fall under the type of peril that a homeowners policy will cover. Certain other types of hazards, such as flooded basements due to backups caused by sump pump malfunctions are not automatically included in your homeowner’s coverage.

It’s always important to keep your home in good repair, as a claim can be denied on grounds of neglect should you experience a covered peril that was otherwise caused by disrepair. Gradually occurring conditions like rot or mold also fall outside the scope of home insurance.

Carminucci Agency Is Here To Help!

Our knowledgeable representatives can craft an insurance package to suit your needs, and we encourage you to speak to us today. We serve those in Croton Falls, NY and can be reached by phone or online to schedule an in-person visit.

Condo Insurance FAQs

Posted on February 21, 2023February 28, 2023 by admin

Many people have different questions about various topics, including insurance. Below are some of the most commonly asked questions regarding condo insurance. Carminucci Agency is happy to assist Croton Falls, NY area condo owners with this vital coverage.

Condo Insurance FAQs

What does a condo insurance policy cover?

There are different types of coverage you can get with your condo insurance policy. These coverage types include liability coverage, personal property coverage, building property protection, and loss assessment coverage. Liability coverage protects you from medical and legal costs if someone gets injured inside your condo. Personal property coverage covers your belongings if something happens to them, such as a fire or theft. Building property protection covers damage to the inner walls of the condo. Loss assessment coverage covers damage to the common areas of the condo community.

What is the right amount of coverage for my condo?

The right amount of coverage depends on what the HOA’s main policy covers. You need to have enough condo insurance to cover all your personal belongings and enough liability coverage in case something happens.

Is condo insurance tax deductible?

Most of the time, condo insurance is not tax-deductible, but there are some cases where it might be. If you work from home or rent out the property, you might qualify for a tax deduction.

How is condo insurance different from homeowner’s insurance?

Condo insurance has a few differences from home insurance. While home insurance covers inside and outside the property, condo insurance only covers what is inside the walls of the condo. This is because you only own the inside of the condo. Another difference is loss assessment coverage. Loss assessment coverage covers shared community areas of the complex. Home insurance doesn’t have that coverage because it is a single property instead of a shared complex.

Reach Out To Us

Stop by or contact us at Carminucci Agency in Croton Falls, NY. We are happy to assist with all your condo insurance needs.

The Early History of Auto Insurance

Posted on January 19, 2023January 24, 2023 by admin

Did you know that the first automobile insurance policy was issued in 1897? That’s right, auto insurance predates even Henry Ford’s famed assembly lines, which didn’t start cranking out Model Ts until 1908.

Without auto insurance, the world would probably look a lot different for drivers. Insurance provides peace of mind, protecting property and people alike. Contact Carminucci Agency, serving the greater Croton Falls, NY community, to discuss about your auto insurance options.

Here we take a look at the history of car insurance and why it came about:

The Founding Years of Car Insurance

Ben Franklin is famous for his many contributions to society and science. This Founding Father also introduced the idea of insurance to the New World by offering fire insurance, starting in 1751. While these days insurance is commonplace, it was quite novel at the time. Insurance would evolve over time, with early innovations eventually leading to car insurance.

In the late 19th century, cars were starting to become commonplace. Given how expensive cars were and the risk of people getting hurt, the value of auto insurance became pretty obvious to early drivers. In 1897, Gilbert J. Loomis took out the first car insurance policy in Dayton, Ohio. Others quickly followed in his steps.

By 1902, auto policyholders could enjoy expanded options, including adding coverage for fires and theft. As policies evolved and more cars hit the road, the insurance industry grew. Still, during the early years, auto insurance was not a requirement, and many drivers hit the road uninsured.

When It Became Mandatory

Things started to change in 1927 when Massachusetts made automobile insurance a mandatory requirement for most drivers. New York became the second state to make such insurance compulsorily, doing so in 1956.

More states began to make insurance a requirement, but it wasn’t until about 1970 that almost all states had laws making auto insurance a requirement. Today, every state other than New Hampshire and Virginia has mandatory minimum auto liability coverage laws in effect.

Now, car owners must typically prove that they have insurance before getting a license plate for their vehicle.

Get Auto Insurance Today

Want to learn more about specific car insurance plans? Contact us at Carminucci Agency – we serve Croton Falls, NY and surrounding areas.

Three problems that you can avoid with commercial insurance

Posted on December 16, 2022December 12, 2022 by admin

Purchasing commercial insurance is one of the most important things you can do to protect the future of your company. At Carminucci Agency, we can protect you from the problems that can result from not insuring your business in Croton Falls, NY.

The following are three problems that you can avoid with commercial insurance:

Complete loss of your income

Many business owners are entirely reliant on their companies for their income. If this is the case for you, you’re putting your income on the line if you don’t have commercial insurance coverage protecting you.

Commercial insurance protects your livelihood and ensures that you can keep bringing in an income by making your company more financially secure.

Costly financial losses due to a lawsuit against your company

If your company is sued as the result of a liability issue, your company could face significant financial loss. Not only will you have to pay for legal representation, but you also may have to pay a settlement to put the issue behind you.

You can minimize the financial loss that results from a lawsuit against your company if you rely on a commercial insurance policy.

Difficulties getting business loans for your company

Acquiring business capital is a necessity. If you don’t have commercial insurance, many lenders might be reluctant to offer you a business loan. With commercial insurance, you might find it easier to get qualified for a loan that will provide you with business funds.

Get Commercial Coverage Today

Are you ready to buy commercial insurance for your company? If you are a business owner in Croton Falls, NY, we’re here to help you at Carminucci Agency. Get in touch with us today for a policy quote for commercial insurance.

5 Common Areas Not Covered by Standard Home Insurance

Posted on November 30, 2022November 30, 2022 by admin

Your home insurance is such a lifesaver. It covers you and your home structure when perils strike. It also protects your loved ones and pets when they cause property damage or bodily injury to others. Unfortunately, your home insurance isn’t perfect — it has exclusions, like most insurance policies. Carminucci Agency in Croton Falls, NY, shares common risks not covered by standard home insurance.

Home Insurance Exclusions

Flood damage

While floods can strike anywhere and anytime in America, the sad bit is that typical home insurance doesn’t cover flooding. The good news is that you can protect your home against flood damage by investing in flood insurance from the NFIP.

Earthquakes

Has your home been damaged by sinkholes, landslides, or earth movements? Your typical home insurance won’t cover the damage. However, you can purchase earthquake insurance to protect your home from damage arising from earthquakes.

Pest or mold infestation

Home insurance isn’t likely to cover any maintenance-related issues, including damage caused by pests or mold infestation. The good news is that you can prevent such damage by properly maintaining your home.

Home-based business

Home insurance covers your home structure and the contents inside it. Unfortunately, home insurance won’t cover liability claims arising from your business. Besides, you enjoy limited protection for your business property. The good thing is that you can optimally cover your home-based business with commercial insurance.

Sewer back-ups

While sewer backs are common, the unfortunate thing is that typical insurance doesn’t cover the resulting damage. Sewer backups occur when the sewer lines malfunction or become clogged. Whatever the cause of the sewer backup, it can cause serious damage to your house. Luckily, you can cushion yourself from sewer backup damage by purchasing special insurance.

Contact Us Today

Would you like to learn more about home insurance? If you are in Croton Falls, NY, please get in touch with Carminucci Agency.

Don’t Let Your Hobby Go Unprotected – Purchase Classic Car Insurance

Posted on October 28, 2022November 3, 2022 by admin

Are you a classic car enthusiast? Do you live in or near the Croton Falls, NY area? If so, make sure your hobby is protected with classic car insurance provided by the Carminucci Agency.

Classic Car Coverage: What You Need To Know

Classic car insurance is a specialized policy that protects classic or antique cars. A car is considered a classic if it is at least 25 to 30 years old. Insurance for a classic car is usually much cheaper than standard car insurance coverage. Unless you own an expensive classic, your rates could be around $200 to $600 annually. Standard car insurance typically costs around $1000 yearly.

Classic car insurance is meant for secondary vehicles only. It is not intended to cover a car that is for daily use. If your collector or classic car is your primary ride, it needs to be covered with a regular car insurance policy.

Insurers realize that older vehicles have lower speeds and more basic mechanics than newer vehicles. Therefore, they are classified as lower risk and offer less expensive premiums.

A collectible car insurance policy provides liability, collision, comprehensive, and other specialized coverage. Antique cars typically maintain or increase in value, so your insurance will provide coverage up to an agreed amount. Regular car insurance will not provide as much coverage.

A standard car insurance policy may provide some coverage for your classic. But a classic car that has been customized or restored will be valued more than its depreciated value. Standard policies take into account a car’s mileage, age, and depreciation when determining its worth.

In addition to classic and collector cars, classic car insurance is for vintage motorcycles, milk trucks, military vehicles, kit cars, sports vehicles, street rods, exotic cars, and other antique vehicles including tractors.

Get The Right Coverage Today

If you have a classic or collector vehicle and live in the Croton, Falls NY area, contact our insurance professionals at Carminucci Agency today for a quote. We will be glad to assist.

Recreational Vehicle Insurance: What Activities Are Covered?

Posted on September 9, 2022September 9, 2022 by admin

You have just bought a new recreational vehicle (RV), and you’re ready to hit the open road. But before you do, you need to make sure you have the right insurance policy in place. That way, if something happens to your RV while you’re on your trip, you’ll be protected. But what exactly does a recreational vehicle insurance policy cover? Carminucci Agency in Croton Falls, NY is here to help you understand recreational vehicle insurance and what it covers.

What Is Covered?

Most RV insurance policies will cover the RV itself, any contents inside the RV, and any personal liability in the event that someone is injured while on your property or if you cause damage to someone else’s property. Some policies will also cover towing and roadside assistance in the event that your RV breaks down while you’re on your trip.

There are a few activities that are generally not covered by an RV insurance policy, such as racing or using your RV for commercial purposes. Additionally, some insurers may exclude coverage for certain types of RVs, such as antique or custom-built RVs. It’s important to read your policy carefully so that you understand what is and isn’t covered.

How Does It Help You?

If you love outdoor adventure, then you know that anything can happen when you’re out on the open road. That’s why having recreational vehicle insurance is so important. It can help protect you financially if your RV is damaged or stolen, or if you cause damage to someone else’s property.

Recreational vehicle insurance can also give you peace of mind while you’re on your trip. Knowing that you’re protected in the event of an accident can help you relax and enjoy your time away from home.

Get Recreational Vehicle Insurance Today

If you have any questions about recreational vehicle insurance or if you’re ready to get a policy of your own, contact Carminucci Agency in Croton Falls, NY today. We’ll be happy to help you find the coverage you need to protect your RV on your next adventure.

How Whole Life Insurance Works

Posted on August 26, 2022August 26, 2022 by admin

When you have loved ones who depend on you, it’s important to give them the help they need after you are gone. You can do this by having a life insurance policy. There are a couple of main types of life insurance, and whole life is one of these. It is a type that comes with its own advantages and disadvantages, and it remains a popular type of policy.

To get your whole life insurance policy, call us at Carminucci Agency in Croton Falls, NY.

Insurance for Your Whole Life

Whole life insurance gets its name for the amount of time that the policy is in effect- your whole life. Unlike term life insurance which expires after a certain number of years, whole life insurance doesn’t have an expiration date. It’s good for as long as you want to keep it and up to any age you attain. Because it stays good no matter what your age, it does cost more than term life policies. This is the only real drawback, however, and many people choose this type of policy because it doesn’t expire. As long as you keep paying for the policy’s premiums, the policy can’t be canceled.

The Cash Value

Another benefit to this type of life insurance is that over time it will build a cash value. As you pay your premiums, that money is invested by the insurance company. A small part of the profits from those investments can become the cash value of your policy after a few years. This value is something that you can borrow against if you should have a financial crisis and need access to it.

Cover Yourself With Whole Life

If you need life insurance, whole life is often a good choice. Call us at Carminucci Agency in Croton Falls, NY to find out more.

What Does Motorcycle Insurance Cover?

Posted on July 18, 2022July 18, 2022 by admin

During an accident, motorcycle insurance covers physical damage and liability. Liability coverage typically amounts to around $300,000, which is the maximum amount that the insurer will have to pay if the insured is at fault in an accident. Physical damage coverage typically amounts to around $10,000 and will cover the cost of repairing your motorcycle in the event of an accident.

Consult Carminucci Agency if you need expert insurance advice in the greater Croton Falls, NY area.

Motorcycle Insurance: What You Need To Know

Motorcycle insurance covers all types of personal injury, medical bills, and property damage that you might incur in an accident. It also covers the cost of your motorcycle in the event of theft or other property damage. Collision coverage covers the cost of repairing your motorcycle in the event of a crash, regardless of whose fault it was.

Standard motorcycle insurance plans cover personal injury and property damage liability, both of which are mandatory for riders in the majority of states. You can buy from a long list including collision and comprehensive. Most policies offer an option to increase your liability coverage, which is typically quite inexpensive. Depending on the insurer, other policies can cater to roadside assistance, towing and rental payments.

There is a cap on the total amount of money that a motorbike insurance coverage will pay out to others for physical injury and damage to property, respectively, in the event of an accident. Each individual accident has a claim limit for the amount of personal property responsibility that can be paid out. For instance, if a motorcycle were to smash into the side of a car and cause damage to it, this would pay the expenses of repairing the vehicle up to the maximum that the rider had selected.

Contact Us Today

Motorcycle insurance, just like auto insurance, serves to protect you financially in case of an accident or your bike sustains damage while operating it. If you own more than one motorbike, you should consider purchasing multi-bike insurance from your insurer so that you may qualify for a multi-bike discount. Carminucci Agency is here to serve you in the greater Croton Falls, NY community.

HOW CAN WE HELP YOU?

Carminucci Agency

Umbrella Insurance Is Designed For Extra Coverage

Umbrella Insurance Covers a Lot of Different Claims

Umbrella Insurance Is Not Very Expensive

Umbrella Insurance Comes With Higher Coverage Limits

Umbrella Insurance Requires an Underlying Policy

Why Flood Insurance?

Carminucci Agency Is Here To Help!

Condo Insurance FAQs

What does a condo insurance policy cover?

What is the right amount of coverage for my condo?

Is condo insurance tax deductible?

How is condo insurance different from homeowner’s insurance?

Reach Out To Us

Here we take a look at the history of car insurance and why it came about:

The Founding Years of Car Insurance

When It Became Mandatory

Get Auto Insurance Today

The following are three problems that you can avoid with commercial insurance:

Complete loss of your income

Costly financial losses due to a lawsuit against your company

Difficulties getting business loans for your company

Get Commercial Coverage Today

Home Insurance Exclusions

Flood damage

Earthquakes

Pest or mold infestation

Home-based business

Sewer back-ups

Contact Us Today

Classic Car Coverage: What You Need To Know

Get The Right Coverage Today

What Is Covered?

How Does It Help You?

Get Recreational Vehicle Insurance Today

Insurance for Your Whole Life

The Cash Value

Cover Yourself With Whole Life

Motorcycle Insurance: What You Need To Know

Contact Us Today

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