Personal Insurance
We offer a wide spectrum of personal insurance products to provide you and your family with peace of mind.
Homeowners
Homeowner’s insurance is a type of property insurance that covers a private residence. It is an insurance policy that combines several personal insurance protections, which can include losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
Homeowner’s policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage and both are within one premium.
The cost of homeowner’s insurance often depends on what it would cost to replace the house and with additional endorsements attached to the policy. The insurance policy is a legal contract between the insurance carrier (insurance company) and the named insured. It is a contract of indemnity and will put the insured back to the state they were in prior to the loss. Typically, claims due to floods or war are excluded from coverage, amongst other standard exclusions (like termites). Special insurance can be purchased for these possibilities, including flood insurance. Insurance is adjusted to reflect the cost of replacement.
Anyone with an insurable interest in the property should be listed on the policy. Most homebuyers borrow money in the form of a mortgage loan, and the mortgage lender often requires that the buyer purchases homeowner’s insurance as a condition of the loan, in order to protect the bank if the home is destroyed.
Tip: Flood Insurance is NOT covered under the Homeowners policy.
Forms: Basic Form – HO1, Broad Form – HO 2; Special Form – HO3; Comprehensive Form – HO5; Modified Coverage Form – HO8, Dwelling Fire Form – HO.
American Risk Advisors is always here to help – (516) 388-5600.
Renters
Renters’ insurance is an insurance policy that provides most of the benefits of homeowners’ insurance. Renters’ insurance does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure. This provides liability insurance. The tenant’s personal property is covered against named perils such as fire, theft, and vandalism. The owner of the building is responsible for insuring it but bears no responsibility for the tenant’s belongings.
Many large and medium-sized rental properties include a requirement in their lease that tenants hold renters’ insurance. If the tenant damages the premises, the landlord and other tenants can recover against the perpetrator’s insurance. Renters’ insurance also informs the tenant that the landlord is not responsible for their belongings and that the tenant has coverage for them. It is important to know what type of damage your insurance covers. There are three types of coverage available: loss of use, personal property, and personal liability.
Forms: Contents Broad Form – HO4
American Risk Advisors is always here to help – (516) 388-5600.
Condo
A Condominium policy works like a regular homeowner’s policy, but for a condominium unit. Condo insurance policies cover the interior of the unit and personal property inside, commonly known as “walls in” coverage. Condo insurance is designed specifically for condo or co-op owners.
You own a condo and the association has insurance. The condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association. In most cases that insurance policy won’t cover you or your things, such as, break in, water damage to your living areas, or someone injuring themselves slipping on your wet floor. Under the new Fannie Mae (FNMA) condominium lending guidelines, lenders are now requiring HO-6 policies for new condo unit purchases.
Forms: Unit-Owners Form – HO6
American Risk Advisors is always here to help – (516) 388-5600.
Flood
Flood insurance is designed specifically for coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that indicate lowlands, floodplains and floodways that are prone to flooding.
Very few insurers in the US provide flood insurance coverage due to the hazard of flood typically being confined to a few areas. As a result, it is an unacceptable risk due to the inability to spread the risk to a wide enough population in order to absorb the potential catastrophic nature of the hazard. The federal government created the National Flood Insurance Program in 1968.
In certain flood-prone areas, the federal government requires flood insurance to secure mortgage loans backed by federal agencies such as the FHA and VA.
Tip: Flooding can be brought on by landslides, hurricanes, earthquakes, or other natural disasters, but while a homeowner policy may, for example, have earthquake coverage, that coverage may not cover floods as a result of earthquakes. If your home is not in a flood zone, the premium will be low and it is always good to have that extra peace of mind.
American Risk Advisors is always here to help – (516) 388-5600.
Auto
Auto insurance, is designed to cover risk of financial liability or the loss of a vehicle the owner may face if their vehicle is involved in a collision resulting in property or physical damages.
Vehicle owner may be protected by different levels of coverage depending on which insurance policy they purchase. Auto insurance provides property, liability and medical coverage. Property coverage pays for damage to or theft of your car. Liability coverage pays for your legal responsibility to others for bodily injury or property damage. Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
The insurance premium a vehicle owner pays is usually determined by a variety of factors including the type of covered vehicle, the age and gender of any covered drivers, their driving history, and the location where the vehicle is primarily driven and stored. Most states mandate that all vehicle owners purchase a minimum amount of auto insurance, but many people purchase additional insurance to further protect themselves.
American Risk Advisors is always here to help – (516) 388-5600.
Umbrella
An umbrella liability policy is an insurance policy designed to increase your liability protection over your home, auto or watercraft. The umbrella coverage provides an additional amount of insurance over what your current policies have for limits of liability.
Umbrella insurance pays after an underlying primary policy is exhausted. When an insured is liable to someone, the insured’s primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the limit of the umbrella policy).
Personal umbrella policies are typically made excess of a person’s homeowner’s and automobile insurance. A personal umbrella policy adds an essential layer of liability coverage that your home and auto insurance policies simply do not have. With this additional coverage of $1 million to $10 million, you’ll protect your life’s most important and valuable assets.
Tip: The added coverage provided by the umbrella liability insurance is most useful to individuals who own a lot of assets or very expensive assets and are at significant risk for being sued.
American Risk Advisors is always here to help – (516) 388-5600.
Boat & Yacht
Most companies provide coverage for property damage for small boats such as canoes and small sail boats or small power boats with less than 25 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home’s insured value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included but it can be added as an endorsement to a homeowner’s policy.
Larger and faster boats such as yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.
For physical loss or damage, coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment as part of either an actual cash value policy or on an agreed amount value basis. These policies also provide broader liability protection than a homeowner’s policy.
We can help you insure your boat or watercraft on water and on land. Get the proper coverage for your boat, motor and trailer. Coverage for liability lawsuits and medical payments can be included. Relax and enjoy the water with a peace of mind.
American Risk Advisors is always here to help – (516) 388-5600.
Valuable Items
Valuable Items coverage increases coverage for possessions of higher monetary value, such as a diamond engagement ring, your father’s pocket watch, artwork, or a valuable collection. While most homeowner’s policies have limits on the dollar amount and type of loss that can be recovered, Valuable Item coverage will provide the protection you need for your most valuable possessions in the event of loss through theft, accident or natural disaster.
The protection provided for personal property under the typical homeowner’s policy is very broad, and includes coverage for your furniture, clothing, and appliances. In addition, it provides limited coverage for such items as jewelry, silverware, furs, and firearms. However, it may not cover some types of loss that may be important to you, such as the stone falling out of your diamond ring, your antique statue that is accidentally broken, or a flooded basement that damages your personal computer.
American Risk Advisors is always here to help – (516) 388-5600.