Is Umbrella Insurance Right for You?

Umbrella insurance is a unique type of insurance because it can actually cover a multitude of things. However, you do not want to get umbrella insurance without knowing if it is the right kind of insurance for you. In the Greenwood Lake, NY area, here at Windermere Insurance, we want to make sure you get all of the coverage you need to make sure you are properly covered no matter what happens. Before you purchase an umbrella insurance policy, use our tips to better determine if it is right for you.

  • If you have a home or vehicle that is worth more than you can insure it for, then you can get an umbrella policy to cover what your home or auto insurance will not cover. This means you will not have any gaps in coverage. 
  • If you are a local celebrity or well known in your community, you can use an umbrella insurance policy to give yourself extra coverage to protect you from what can happen in your community as a result of being in the spotlight. 
  • It can provide you with extra liability if you have people over to big parties and want the added protection.

As you can see, umbrella insurance is something that can cover a variety of things for you as well as meet a lot of different needs. If you are still not sure if you need an umbrella insurance policy, be sure to contact us here at Windermere Insurance, serving Greenwood Lake, NY. We can help you determine if it is the right option for you as well as help you find the perfect policy if you do decide to get an umbrella insurance policy. We can also make sure that it will fit into your budget.

Property Coverage is not Enough For a Small Business; Think Umbrella Coverage

For small businesses in Greenwood Lake, NY and other towns when starting out on a bootstrap budget, everything is about holding down costs to make the first year successful. After all, if a business can’t grow, it won’t be able to keep going with market ups and downs. So it’s not surprising that many new small business owners limit their protection in terms of insurance coverage to just what they can see, their business property. However, there are a lot of different types of financial risks out there for a new business that doesn’t involve physical damage to property, but they can damage a business financially just as much. Sexual harassment claims, customer dissatisfaction with a promised service, product warranty issues, workers compensation claims, and omissions all can be had to the financial headaches of a new business just trying to keep its head above water in Greenwood Lake, NY.

Windermere Insurance has seen multiple cases where well-meaning small businesses have been sunk before their big opportunity simply because of an unexpected claim or cost. This is why umbrella insurance matters so much – simple property insurance coverage doesn’t protect against the intangible claims that are common to businesses of all types. And remember, settlements to avoid a trial can be expensive too. Ask any small owner who has had to make a settlement with a disabled customer to cannot access the business and demands a lawsuit as a result. It’s more common than many new business owners think. To avoid being another failed business statistic, give the staff at Windermere Insurance a call. They can put together an umbrella insurance package that covers what a simple property policy won’t take care of. And you can focus on running your business instead of waiting for the legal shoe to drop.

 

Why Some Properties Must Have Flood Insurance

If your home mortgage for a new home that you are buying is either a federal home loan or a federally-guaranteed home mortgage, you will be legally required to have flood insurance, if the home is located in a designated flood zone.

Flood Zone Records and Maps

Flood zones are determined by analysis of the historical flood records and making predictions about where the next floods might occur and at what frequency. All of this information is managed by the Federal Emergency Management Agency (FEMA). FEMA maintains maps of every flood zone in the United States. They are available on the FEMA website for review.

Rather than go through the trouble of looking up the information yourself, it is easier to consult with an insurance agent at Windermere Insurance in Greenwood Lake NY. The agent can tell you if your home is in a flood zone and give you an insurance quote for flood insurance if it is.

Changing Flood Zone Designation

There is a way to petition FEMA to change the status of a home designated to be in a flood zone. The procedure is complex. Getting approval of the status change is difficult and probably best attempted with aid of competent legal counsel; however, doing this is not such a good idea. In fact, there is a national trend, which shows that flooding is occurring in more places rather than in fewer ones and at more frequent intervals.

Getting Flood Insurance Even if not Required

This means that having flood insurance might be a good idea even if your home is not actually located in a designated flood zone. Just a few inches of water that enters a home can cause major damage and require significant expense to clean up and make repairs.

Contact an agent at Windermere Insurance, serving Greenwood Lake NY and the surrounding area, for a flood insurance quote.

Which is better and why: Term or whole life insurance?

Before investing in life insurance, it is important to consider the amount of cover you need, payment options and the claim process. Despite the flexibility of life insurance, making the decision on whether to purchase whole life or term life insurance can be quite a challenge.  

According to Windermere Insurance in Greenwood Lake, NY, understanding the features, advantages, and setbacks of each policy as explained below; will help you make the right choice based on your financial goals and the financial needs of your beneficiaries.

Term life insurance

Here, you pay premiums for a certain period and in return, your beneficiaries receive a specific amount of money on your demise.

Its advantages include:

·         The great value of returns since it can be purchased in large amounts for small premiums.

·         Matching terms to needs which provides protection and security to beneficiaries in the event of sudden death.

Setbacks

·         The policy is temporary and on expiry, one will be required to renew his/her policy which often involves a significant increase in premiums paid.

·         Your beneficiaries may never be paid the benefit if you outlive the term.

Whole life insurance

With whole life insurance, one gets the death benefit throughout his/her life with an additional cash value benefit that accumulates value over time.

Its advantages include:

·         Lifetime coverage whereby your beneficiaries will receive the benefit as long as the policy is in force.

·         Retention of a portion of your premiums which when sufficient enough, become available to you as a surrender value.

·         Depending on the company’s financial performance, the policyholder may receive dividends.

Drawbacks

·         The initial premiums are always higher as compared to term life policy although, over time, they become more affordable.

From the above comparison, you probably will have a clear picture of the difference between the two policies. At Windermere Insurance in Greenwood Lake, NY, we will be of great help in assisting you to make a wise choice based on both the long term and short term insurance costs of the different life insurance policies, in relation to your age and the face value of each cover.

Why Do I Need Home Insurance?

Buying a home can be a very good long-term decision. When you are buying a home in the Greenwood Lake, NY area, it is very important to make sure that you are being as conservative as possible. One of the ways to do this is to get a quality home insurance policy. Home insurance policies are always going to be required by your mortgage lender and could be required by any association you are a member of. Even if it is not required by insurance or your home association, there are several other reasons why you need to have home insurance in place.

Provides Necessary Protection

One of the main reasons why you need to have home insurance is that it will provide you with very necessary protection.  Your home is a very big asset that needs to be protected by a quality insurance policy.  Your home insurance policy will provide you with insurance coverage in the event it is damaged or destroyed by a storm, fire, or another calamity.

Provides Liability Coverage

When you are looking to provide yourself with the possible coverage, your home insurance policy can also be beneficial due to the liability coverage it provides. Homeowners take on a lot of liability on a daily basis when they own a home. Since they have responsibility for anyone that enters their home, making sure they are covered for unexpected incidents is extremely helpful. A full liability policy will provide anyone with enough protection.

For those that are in the Greenwood Lake, NY area and need a home insurance policy, speaking with Windermere Insurance could be a great option.  Windermere Insurance is a leading insurance provider that can help to ensure you receive the necessary coverage that you need on your next policy.  

When Your Bakery Burns Down, Will Commercial Insurance Help?

There are many bakeries in Greenwood Lake, NY that offer high-quality goods to a large number of people. Unfortunately, severe fires can impact your business and even obliterate it. Thankfully, we at Windermere Insurance have commercial insurance policies that can protect your bakery business.

Severe Fires Can Destroy A Bakery

Bakeries are often prone to fires due to their unique business type. For example, a buildup of debris in an oven can ignite and spread quickly through the bakery. When this happens, there will be a lot of fuel, including the baked goods, that will make the fire spread even more quickly. That’s why it is crucial to get commercial fire insurance to protect your investment.

What Fire Policies Will Cover 

When your bakery is affected by a fire, your policy will typically cover all repair or replacement needs caused by the fire. This coverage includes the building, your sign, furniture inside of the bakery, and your equipment. For example, if your oven caused the fire and was destroyed, commercial insurance can help provide you with a replacement for this essential item. 

Commercial Insurance Helps You Get Back On Your Feet 

Commercial insurance for a bakery will not only help you rebuild your bakery but provide you with loss of income coverage. This money helps you to stay financially solvent while you repair your bakery, rebuild it, or even temporarily relocate it. Most of the time, coverage of this type will usually last for about 12 months, but this will vary depending on your exact policy. 

Don’t Be Afraid To Get A Little Help 

At Windermere Insurance, we can help Greenwood Lake, NY bakeries like yours get the coverage they need to stay open after a fire. Talk to one of our agents now to learn more about the exact policy options, costs, and limitations that will apply to your specific policy. 

How to Apply for a Boat Insurance Claim

Do you worry about how you will handle getting a boat insurance claim if something happens to your watercraft? If so, read on to learn what is required to file a boat insurance claim. 

In order to have a solid understanding of what happened with your boat, you must provide your insurer with as many details as possible. The following are among the most important for you to submit: 

  • How many people were involved 
  • The contact information of everyone involved (names, addresses, and phone numbers especially)
  • Each individual’s insurance information (the names of the companies, their policy numbers, and contact details for the companies)
  • Descriptive information for the watercraft (the year, make, and model) 
  • The registration and license numbers for the watercraft involved
  • Contact details for anyone who will speak as witnesses 
  • Photographs of damage that has occurred

Once you file this boat insurance claim, you will be given a claims representative to assist you. He or she will have an inspection performed of the damage and work towards getting you a settlement. 

Confidence and reliability go a long way with boat Insurance in Greenwood Lake, NY

It can be incredibly nerve-wracking to figure out how to start a boat insurance claim if it is your first time. You may worry that you will do something wrong and not receive funds to cover damage of your watercraft and other related expenses. Do not worry, when you have a dedicated team of professionals such as Windermere Insurance on your side. Serving the greater Greenwood Lake, NY area for several years, Windermere Insurance will ensure that you are given proper assistance and excellent customer service from its experienced representatives. reach out to contact us today, and you will be glad when you see the results. 

5 Ways to Prepare for a 2018 RV Road Trip

RV’ing is a great way to see the country. By planning your travels in advance, you can make your first RV road trip of the year a raving success. Here are a few ways to prepare for your RV travels.

Give Your RV a Thorough Inspection

Use a checklist to inspect your RV thoroughly before hitting the road – both inside and out. Your checklist should include your RV’s batteries, tires, fluids, generator, water system, appliances, lights, turn signals and wipers. Make sure your vehicle is completely road worthy before taking it out.

Map Out Your Travels

Map out your trip and check road conditions around Greenwood Lake, NY or other areas where you plan to travel. There are various websites to include the DOT Federal Highway Administration that provide information on road conditions, construction and closures. Advanced planning can help you avoid trouble spots on the road so you can enjoy safer, more pleasant travels. 

Make Reservations in Advance

Make reservations for campgrounds in advance and confirm them several hours before stopping to avoid last minute problems with places to stay. To be safe, make a list of alternative campgrounds in the area just in case your reservations don’t pan out. If you can’t make it to your reserved campground, call to cancel so they can give your spot to someone else. 

Keep Tabs on Weather Conditions

Check the weather forecast for the time and places you’ll be visiting so you’ll know what to expect. With advanced warning, you can avoid severe storms or dangerous road conditions altogether by choosing alternate routes of travel.

Update RV Insurance

Update your RV insurance with Windermere Insurance, Greenwood Lake, NY, to ensure you’re fully protected against any eventuality on the road. To learn more about RV coverage options, talk to a Windermere Insurance agent today.

Does Boat Insurance Cover Sound Systems?

After buying a boat, you may install a pricey sound system in your boat. This allows you and your guests to enjoy music while you are out cruising the waterways. One of the questions that many of our customers at Windermere Insurance, serving the greater Greenwood Lake, NY area, are asked is whether boat insurance will cover this pricey sound system in the event it is stolen, vandalized or damaged in a boat collision. Here is what you need to know.

Does Boat Insurance Cover Sound Systems?

In most cases, your boat insurance policy will exclude parts that are not original to the boat. This includes items such as new motors, light systems and sound systems. If these items are excluded, that means that they are not covered by your boat insurance policy in the event of weather-related damage, vandalism or theft or collision-related damage. 

Is There Any way to Protect Your Sound System?

If you are looking to protect the aftermarket parts that you add to your boat, you will need to purchase supplemental or add-on insurance policies. Depending on what you need to be covered, you may need a custom parts add-on policy or a sound system policy. If you are simply looking to insure the sound system, a sound system policy may be best for you. If you are looking to ensure a variety of extra parts, a custom parts supplemental policy may be ideal for you. 

If you are in the market for boat insurance in the greater Greenwood Lake, NY area, Windermere Insurance would love the opportunity to assist us. Contact us today and let us find you the right boat insurance policy and add-ons to best suit your needs. 

How Umbrella Insurance Can Keep You From Losing Your Business

Business owners often have risks that they may not even be aware of until something bad happens. It is our goal at the Windermere Agency Insurance serving the areas in and around Greenwood, New York to give business owners the insurance protection they need to avoid serious financial loss from these “hidden” risks.

Here are a few examples of why having umbrella insurance for your business is important.

Lawsuits

As a small business owner, litigation risk is a major concern. Each year in America, CommonGood.org reports that there are over 15 million civil lawsuits filed, many of them directed at businesses. The most annoying ones are frivolous, which are attempts to force a settlement of some kind from a business owner who wants to avoid having to pay expensive legal fees for defense.

If there has been a real problem that the business is liable for, awards can be in the multiple millions and literally wipe out the value of the business overnight. Sometimes these problems are caused by a supplier used by the business, such as for example when a restaurant owner receives tainted meat from a wholesaler and the restaurant owner’s customers get ill from eating it.

Commercial Vehicle Accidents

Operating commercial vehicles is often a necessity in business. Many owners do not understand that anything that is done with those vehicles can create a liability for the business owner. There have been cases where the vehicles were stolen and then involved in an accident causing the company that owned the vehicle to get sued for the damages created by a thief. If the damage is extensive, it may exceed the commercial vehicle insurance limit and that would mean umbrella insurance would be called upon to pay the claim.

Sexual Harassment

Sexual harassment in the workplace has been in the news quite a bit lately. A business owner is ultimately responsible for what any employees do in this regard.

Defamation

Using social media carries a risk of unintentionally creating a defamation claim against a company. Employees, using a company’s account, who cyber bully others online can cause this risk to the business owner.

Summary

These are just a few examples of the types of things that can occur, which put a business owner at risk of losing the business. There are much more. Umbrella insurance can be customized to provide adequate coverage for your specific needs. Discuss the details with your agent at the Windermere Agency Insurance serving the areas in and around Greenwood, New York.