Don’t think there is anything interesting about insurance? Think again. While researching types of insurance, you are certain to uncover an interesting factoid or two. We’ve provided a few below.
Interesting Fact #1: The "Father of the Skyscraper" was home to an insurance company. Home Insurance in Chicago, IL was erected in 1885, and stood a commanding (at the time) 10 stories.
Interesting Fact #2: Gordon Heights, NY residents who are also golfers, take note: If you buy a golf cart, it is covered under your home owners policy. However, the coverage does not include collison insurance, so be careful out there!
Interesting Fact #3: Paying your insurance 6 months to a year in advance can greatly reduce your insurance costs.
Interesting Fact #4: Residents of Lake Ronkonoma Island might be reassured to know that aviation insurance covers both physical damage and liability in the event of an aviation accident or collision.
Interesting Fact #5: Comprehensive coverage is not complete coverage. Comprehensive coverage means your car is covered if someone spray paints it or steals it. For coverage for accidents or collisions with other vehicles, you will need complete coverage.
Interesting Fact #6: Your car’s Vehicle Identification Number (VIN) is used to tell an insurer the make, model, year, body type and engine size of your car. Insurers use the VIN to send information about your car to the BMV.
See? Not everything about insurance is boring.
There are about 12 states that do require no fault insurance. When auto owners operate under a no fault state this means that if they are in an accident and are at fault, no one is really at fault and the other driver is very limited in their ability to recover any losses from the driver at fault. The limits of the driver not at fault can generally seek some sort of compensation for damages that were not covered by their insurance benefits. Compensations would include possible wages lost and any medical claims. No fault insurance limits the other person’s ability to sue the driver at fault.
Cities such as Farmingville, and Holtsville, New York is one state that has enacted the no fault policy. Each state may have their own damage amounts in cases of auto accidents. In New York no fault insurance is required to pay a limited amount in medical expenses, lost wages and others, up to $50,000 for a no fault accident. All drivers in New York are required to have at least $25,000 no fault coverage.
If a person is involved in an auto accident in New York it will be up to the insurance company to cover losses, no matter who is at fault. If you feel that you are entitled to more money beyond what no fault insurance allows then one will have to obtain a lawyer to work on your behalf to claim benefits over and beyond the $50,000 allowed. The seriousness of one’s injuries will determine whether or not extended benefits should be sought.
A blanket liability insurance policy is a way of covering several things at one time. It is comprehensive insurance that covers different kinds of properties at one or more locations. Property owners who own several different kinds of insurable items can combine coverage to one policy that covers all things for one premium. Gordon Heights residents can insure cars, homes and other types of property with a single policy that offers blanket coverage for all property owned by the individual no matter whether it is at the home, office or in storage.
In Farmingville, insurance agents realize the importance of convenience. By creating a comprehensive blanket liability insurance policy, the insured has one premium and one policy to deal with. Auto and home insurance can be combined, as well as the contents of the home and any valuables that may be in the home. There are no inventory lists to create, although they can be quite valuable when replacing property that has been lost or damaged. The blanket liability coverage extends to all property located at the home, office or other locale.
Blanket liability insurance policies offer comprehensive coverage based on the value of the property and what it would cover to replace it. If you own several properties, it is possible that a blanket liability insurance policy could be an exceptional value. Insuring all properties under one policy would be cost effective as well as convenient.