If You Cancel Your Life Insurance Before Term do you Get Premiums Back

Life insurance is something that many people take out then forget about. Aside from paying your premiums every month or year you may not really know much about your policy all together. Life insurance is something that is incredibly helpful and that anyone can benefit from. For those that live in the Greenwood Lake, NY area, the agents with Windermere Insurance can help you find the policy that works for you.

All in all, life insurance is something that can be difficult to traverse. If you do not use your policy by the time it reaches term, you may be entitled to your premiums back. It is important that when you take any policy out that you take the time to read up a bit about what the policy covers and what you can expect should your policy mature or reach term prior to your actually needing it. Some policies state that if you do not use the policy before it reaches term you are entitled to the premiums back.

Other policies state that you can simply allow the insurance company to keep the premiums you have paid in and can keep the policy. It is important to note that whole life policies are likely not going to offer any situation in which you are going to be able to recover any premiums that you have paid in. If you are looking for a policy in which you have the potential to get your premiums back, you may want to look for a short term policy that is going to allow for this eventuality. For those that live in the Greenwood Lake, NY area, the agents with Windermere Insurance can help you find the right policy for you and for your particular life insurance needs.  

How to File a Flood Insurance Claim

Floods happen everywhere and at all times of the year, even if you are in an area in Greenwood Lake, NY that isn’t prone to flooding. Winter snowmelt can fill the basement and the first floor of your home in the spring. If a water main breaks and your neighborhood has a lot of paved roads, the water can’t be absorbed into the ground and it can flood your home. Spring rains create overflowing lakes, rivers, reservoirs, ponds and can enter your home as well. The best-case scenario is to have flood insurance from Windermere Insurance to protect your assets.

In the case of a flood in your home or business in Greenwood Lake, NY, there are three distinct steps to take in order to file an insurance claim.

Step 1: Notify your insurance agency to start the claims process. You should have this information at hand when you call or contact them: the name of your insurance company, a telephone or email address where they can reach you at all times and your policy number. Your first contact will be from an insurance adjuster who will ask you some questions.

Step 2: Documentation of the damage. You then need to separate the damaged and undamaged property from each other. Take pictures of all the damages to your home–both inside and outside and to all of your possessions that are damaged or destroyed. Include photos of items you discard as a total loss, damages to your home or building’s structure and standing water levels or water lines on the walls. Make a list of all the damaged items, their cost, and their receipts if you have them. You may need proof of discarded items, so put damaged items outside of the home so as not to cause more things to become wet or damaged.

Step 3: Complete proof of loss. A proof of loss supports your flood claim. Your claims adjuster will help you to fill it out correctly and it must be filed with your insurance company 60 days after the claim. You will receive your payment for your claim after you and the insurance agency agrees on the number of damages.

Flood insurance can be a daunting task, but here at Windermere Insurance, we understand and are here to help you to protect your assets. Come by the office or give us a call so we can help you with your flood insurance.

 

 

 

 

 

What Is Included In A Commercial Insurance Policy?

Those who visit Windermere Insurance often find themselves wondering about their commercial insurance policy. More specifically, Greenwood Lake, NY residents typically wonder what will actually be included in their commercial insurance policy once it has been purchased. 

These insurance policies are designed to provide continuous coverage for a variety of potential calamities. Property risk and liability are included in these policies. These policies are in the best interests of any business that is looking to take a more proactive approach. 

Breaking Down Commercial Insurance Policies

These policies tend to be purchased by smaller businesses and midsize companies. A business that does not have major liability concerns benefits most from these policies. They are not designed to provide comprehensive coverage or larger risks. Those who operate a larger facility are going to want a different policy.

A commercial insurance policy is one of the best choices that can be made from a customization standpoint as well. Every plan is specific in nature but will include the same basic forms of coverage. Different liability and property exposures can be covered by various commercial insurance policies.

What Will Be Included?

The policyholder must take the time to specifically select the coverage that applies to their concerns. When it comes to a commercial insurance policy, the policyholder cannot expect to get the same results as another policyholder in their chosen niche.

The only items that cannot be included are tied to the employer’s own negligence. Workers’ compensation payments and accidents that are caused by the employer’s own mistakes cannot be included in the commercial insurance policies that are selected, with no exceptions. 

Greenwood Lake, NY residents looking to learn more about the ins and outs of their commercial insurance policy are more than welcome to contact Windermere Insurance as soon as possible. 

Does Home Insurance Cover Flood Damage?

Anything can happen to your home in Greenwood Lake, NY. Your goal is to make sure you have a home insurance policy that can cover virtually anything that might happen. Windermere Insurance agents can work with you to make sure that you have a reliable policy on your home.

A flood can happen when you least expect it. It may be as a result of a lake overflowing, the snow melting, or even as a result of a storm. If water comes racing into your home, it could destroy your home’s foundation, furniture, and various valuables.

Floods are generally not covered on a standard home policy. This means that if you don’t have any additional coverage, you would be financially responsible for the damages as well as the replacements. You don’t want to spend that this kind of money. The better solution is to protect your home in Greenwood Lake NY with a rider.

It’s possible to add flood protection to your home insurance policy. This way, if there is a flood, you will be protected. When you get your home insured for the first time, the insurance agent will also review to see if you’re in a FEMA-identified flood zone. If you are, you will be required to have some kind of flood insurance. Otherwise, it’s up to you as to whether you want to add it to your policy. Although it’s an added expense, it can be a wise investment so that you are protected if flood water comes toward your home.

Since you’re near the water, it’s always a good idea to be prepared for what could happen.

At Windermere Insurance, we’re here to help you. Our independent insurance agents can review your existing home insurance policy, make suggestions on how to improve it, and ensure that you have flood coverage in the event that the unthinkable happens.

 

 

Factors That Affect Boat Insurance Cost

Getting and using a boat can be so exciting and rewarding. Make sure you have the proper boat insurance coverage before setting out for a relaxing day on the water. And when you do get boat insurance, be aware of the variables that can affect its cost. Here are details on that from Windermere Insurance serving the Greenwood Lake, NY area.

A person’s driving record for vehicles like cars can cause boat insurance rates to be higher, and that makes sense. Also, a person’s credit score, gender, and age can affect the cost of boat insurance. And whether a person using a boat has had any previous boat insurance claims can affect boat insurance cost.

How much a boat is used can also affect boat insurance rates, so a boat that is just used every once in a while will typically have lower insurance rates than one that’s being used often.

If someone uses a boat on a body of water that has had a high number of boat insurance claims, the cost of boat insurance can go up. The region of the country where the boat is being used can also affect what boat insurance rates are.

The horsepower of the boat being insured will affect boat insurance rates. That is, the higher the horsepower, typically the higher the insurance rates will be. Other details about the boat like its make, model and year will also affect boat insurance rates.

There are many more details to learn about boat insurance costs and boat insurance in general. Feel free to contact Windermere Insurance serving the Greenwood Lake, NY area and get your questions answered.

Things You Didn’t Know Car Insurance Covered

Many know the basics of car insurance in Greenwood Lake, NY and what it covers in the event of an accident, but there are some surprising things that are could be covered under your policy.

Car seats

Many parents know they need to strap their child into a car seat in Greenwood Lake, NY, but if you get into an accident, the seats can be expensive to replace. Insurance agents at Windermere Insurance view car seats as an extension of your car, so if you have collision coverage, it is covered.

Pothole Damage

Potholes are known to cause a lot of damage to cars, but the collision portion of your insurance policy should cover the damages to the vehicle. You may have to file a claim as an at-fault accident.

Animals

Animals running into your car, or getting into an accident with an animal, can be put in the same category as vandalism. If you are frequenting areas that are rural and have a lot of animals running around, check to make sure you are covered. Your policy may also cover rodent damage if they chew away at wiring and you have comprehensive coverage.

Pet Injuries

Many times, your pets are riding in a vehicle without proper restraints. In the event of an accident, they can be injured. Some companies will provide coverage to help pay for treatment for pets that are hurt. This may be included in your collision or comprehensive coverage, or you may need to ask for this type of policy.

Riots

Riots and protests are becoming more common. If your car is damaged because of these protests, you may be covered under your policy because it’s considered an act of vandalism.

Contact Windermere Insurance for a quote on auto insurance and any questions about what may be covered in your auto policy.

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.