Here, find answers to common questions. If you would like more information, do not hesitate to call us at 914-598-3004.

Home Owner’s Insurance

• Why Do I Need Homeowner’s Insurance?

Auto Insurance

• How much auto insurance do I need?
• What affects the cost of my insurance?
• What should I do in case of an auto accident?

Business Insurance

• How can Asset Security help my small business be more competitive?
• What do you mean by risk management?
• Does Asset Security specialize in one type of business insurance?

General Questions

• When is it time to update my coverage?
• Why is it important to pay on time?

Claims

• How does the payment process work?
• How is the settlement amount determined?
• What can I do if I am having trouble settling my claim?
• If I file a claim, will my premium go up?
• How are the value of my car and the cost of repair determined?
• What are my rights when filing a claim?
• Can my insurance company require me to use certain types of auto repair parts?


Home Owner’s Insurance

• Why Do I Need Homeowner’s Insurance?
Ans.
1. Mortgage lenders require it.
If you take out a loan to buy your home or refinance, lenders require insurance to protect the dwelling. If you build a home, you may need to have special coverage during construction.
2. It can be a financial safety net in a disaster.
Do you have the financial resources to repair or replace your home and its contents in the event of a fire or major damage? Even mini disasters like lightning strikes; heating, plumbing or other home system failures; theft or vandalism can create significant financial hardships. If you cannot financially afford to cover a loss on your own, then you cannot afford not to be insured.
3. If you rent, your landlord’s policy will not cover your personal property.
The insurance policy that covers the building where you live does not cover your possessions inside the dwelling. A renter’s or tenant’s policy protects your personal possessions including furniture or electronic equipment, in case of fire, theft and other perils.
4. If you own a condo, the condo association’s policy does not cover your personal property and generally the interior of your condo. The condo association’s master policy generally covers the exterior walls and not any personal property. A condo policy protects your personal possessions in the case of a covered loss such as fire, theft, etc.
5. Bad things do happen.
Accidents can be as financially devastating as a fire. If you’re found responsible for unintentionally damaging property or injuries caused to someone that occur on your property or elsewhere, you need liability protection to pay for medical and other related costs. If you rent, this is an extremely important standard part of a tenant policy. There are special items you want to protect.
If you own special jewelry, silverware, fine art, antiques, electronics or other valuables, you can protect these items by adding special extended coverage endorsements to your home insurance policy.

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AUTO INSURANCE

• How much auto insurance do I need?
Ans.How much insurance you need depends on your individual situation. At Asset Security, we can help you determine the best coverage options for you, based on your needs and budget.
When deciding how much insurance you need, we will help you determine what liability coverage limits will be enough to protect you, what collision and comprehensive deductibles you can afford and whether you should I carry collision and comprehensive coverage at all.

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What affects the cost of my insurance?
Ans.
• Your choice of car
impacts your insurance cost. Some insurers increase premiums for cars more susceptible to damage or occupant injury, and lower rates for those that fare better than the norm. Generally, the more expensive the car, the more you pay. Before finalizing a car purchase decision, talk to us to consider your insurance costs.

• How much coverage you buy
There are 12 different parts to your auto coverage. The amount of coverage you choose in each category impacts the overall cost. We always recommend not risking a lot for a little, and it isn’t always significantly more to have the higher protection limits.

• The deductibles you choose
Choosing a higher deductible to reduce your overall premium is a smart way to manage costs. You need to consider how much you are able and willing to pay out-of-pocket in the event of a covered loss claim.

• Where you live
Also known as “garaging” can impact insurance costs because cities and towns are given different “territory” classifications based on a variety of rating factors. You must have the accurate garaging information listed on your policy. If you move or your car will be in another location for an extended period of time, you should notify us immediately because having incorrect information on your policy could effect coverage if you have a claim.

*_Years of experience and driving record_
Drivers with 6 or more years of experience pay lower premiums. However, drivers who commit traffic violations or are found 50% or more at fault for accidents generally must pay more than those who are accident-free for five years.

• How much you drive
If you drive your vehicle less than 5,000, 7,500 or 10,000 miles per year, you may qualify for a low mileage discount on your premium.

• Other discounts you may qualify for
Insurance companies often offer discounts that can reduce the price of your auto insurance. These include discounts for:
· Having a home policy or multiple cars insured with the same company
· Having an anti-theft device
· A vehicle with passive restraint device(s)
· Use of public transit
· Completion of a qualified basic and/or advanced driver training program
· Number of years you’ve been with same insurance company
· Number of miles driven annually
· Years of driving experience
· Being age 65 or older
· Being a high school or college student maintaining a grade average of “B” or 3.0 or higher.
· Having a student residing in your home who is currently living away at college.
· Being a member of a group/organization approved by the state for a special group discount
· Being a member of a motor club, i.e AAA, Cross-Country, GM Motor Club, Onstar, etc.

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• What should I do in case of an auto accident?
Ans.
1. Stay calm. We understand that it is a stressful event, but we hope that you will rest assured knowing that Asset Security will do all we can to make the process easy.
2. Don’t move an injured person — unless they’re in immediate danger.
3. Don’t move your vehicle unless it impedes traffic. This alters the scene and could have negative impacts on a claim.
4. Don’t leave the scene of an accident even if you are capable of doing so. Wait for the police to arrive as they provide an objective witness to the event, and wait for them to say its okay to go. If you leave because the other driver says its okay that won’t protect you if they later file for injuries. If you leave, they may not and you could be accused of a hit and run. Keep in mind that some injuries don’t show up immediately.
5. Don’t blame the accident on anyone — including yourself. Give your full description of the accident only to the investigating police officer.
6. Exchange information with the other driver. Immediately note the license plate number of other involved vehicles, color and model just in case someone refused to give you insurance information.
7. Contact our office immediately at 914-598-3004 to let us know what happened.

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Business Inusrance

• How can Asset Security help my small business be more competitive?
Ans.We’ll certainly do more than just sell you an insurance plan. We’ll advise you on how to use insurance wisely to meet your financial and business goals. We begin by sitting together and looking at how your business approaches and manages risk, then we’ll develop a risk management plan just for your business.

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• What do you mean by risk management?
Ans.It means identifying the factors that are a financial or property risk for your business, then figuring out the best way to navigate those risks. Succeeding in business is all about managing risk. Insurance is one component of a risk management strategy — but it is not the only solution.

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• Does Asset Security specialize in one type of business insurance?
Ans.We serve a large and diverse business community. Therefore, we offer hundreds of insurance products to serve the needs of all our clients. We can choose from a number of insurance companies to help our clients find just the right coverage.

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General Insurance Questions

• When is it time to update my coverage?
Ans.Insurance is about protecting the things important to your life, both personal and business, against the unexpected. So, anytime you have significant events or changes in your life, it’s time to think about your reviewing and updating your coverage. Here are some examples:

Personal
· A change in marital status
· A new baby
· New drivers in your household
· Kids going away to college
· A new job or starting a home business
· Changes in your income
· Paying off a car loan
· Buying a home
· Moving to a new apartment
· Home improvements
· Approaching retirement
· Purchasing jewelry, antiques, computer equipment or other expensive items

Business
· Starting a new business
· Increase your workforce especially if you exceed 10 full-time employees (or the equivalent of).
· Seasonal increases in inventory
· Loss of employees to other companies.
· Expansion plans – equipment, vehicles or physical plant
· Business owner approaching retirement

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• Why is it important to pay on time?
Ans.Having a good payment history benefits you. In addition to keeping your insurance protection in force at all times, paying on time can keep your insurance costs down. Not only do insurance companies consider the payment history on your insurance policies, but in many cases, they may also consider your overall credit score as a factor when reviewing your application. While credit scores are not used for every type of insurance policy, the trend is that they will continue to be used. So, having a good payment history can save you money.
You may not realize the extra hassle and stress that having your policy cancelled for not paying your insurance premium, which include:
· You have no coverage.
· You can’t legally drive your car without coverage.
· If you are on a payment plan, you may have to pay your bill in full to be reinstated.
· The insurance company may decline reinstating your policy, which means we will have to help you find another insurance option that may have higher costs.
· You may not qualify or have to pay a higher premium. This is especially true of life, disability and long-term care coverage because of age or health issues.
If you’re having financial difficulty, call us to discuss your options. Don’t wait until your policy is cancelled.