For sunny days and rainy days.
Prepared for whatever comes your way. That’s why we’re here – and have been for more than 80 years – providing our knowledge, expertise and guidance for your peace of mind at all times. Along with meeting your needs, we’re committed to securing your trust every day.
At Generations Agency, your safety on the road and protection of what’s most important to you are among our top priorities. Based on state requirements and your specific driving needs, we can provide you with customized coverage that will go the distance.
TYPES OF COVERAGE
Bodily Injury Liability
You must have the state-required minimum in place, but may want to consider additional coverage to cover a possible lawsuit that might occur as a result of injuring another party during an accident.
Medical Payments & PIP (Personal Injury Protection)
Coverage for treatment of injury of the driver and passengers of the policyholder’s car. This may also cover medical payments, lost wages and/or the cost of replacing services provided by someone injured in an accident, and additional expenses.
Property Damage Liability
Coverage pays for damage you (or someone driving the car with your permission) may cause to someone else’s property. This usually means damage to someone else’s car, but it also includes damage to other structures your automobile may have hit.
This coverage provides reimbursement for damage caused to your automobile by events other than collision. Damages covered include, but are not limited to, fire, theft, flood and vandalism. Contact with a deer or other animal is a comprehensive loss. This coverage also pays for damage to glass. Window glass is often written with no deductible.
Coverage pays for damage to your automobile resulting from a collision. This is generally sold with a $100-$1,000 deductible. Even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, less the deductible. If you are not at fault, your insurance company may try to recover the amount they paid you from the other driver’s insurance company. If they are successful, you will also be reimbursed for the deductible.
Uninsured/Underinsured Motorist Coverage
This protective coverage will provide you with added insurance should a driver that is involved in an accident with you not have insurance or adequate coverage for damages. This coverage also provides for protection in the instance of a hit-and-run driver who collides with your vehicle or if you are hit as a pedestrian.
To us, Home Sweet Home also means that your property is safe and secure.
BASIC COVERAGE GUIDELINES
This pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disaster listed in your policy. Damage caused by a flood, earthquake, or routine wear and tear is not covered. When purchasing coverage for the structure of your home, it is important to buy enough to rebuild your home.
Most standard policies also cover structures that are detached from your home, such as a garage, shed or gazebo. These structures are usually covered for about 10% of the amount of insurance you have on the structure of your home. If you need more coverage, talk to your insurance agent about purchasing additional insurance.
Furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by any insured disaster. Most insurance companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. The best way to determine if you have enough coverage is to conduct a home inventory and determine the value to replace each item.
This part of your policy includes off-premises coverage; meaning that your belongings are covered anywhere in the world, unless you choose not to have off-premises coverage. Some companies limit the amount to 10% of the amount of insurance you have for your possessions. You have up to $500 of coverage for unauthorized use of your credit cards.
Trees, plants and shrubs are also covered under standard homeowner’s insurance. Generally you are covered for 5% of the insurance on the house—up to about $500 per item. Perils covered are theft, fire, lightning, explosion, vandalism, riot and even falling aircraft. They are not covered for damage by wind or disease.
Expensive items like jewelry, furs and silverware are covered items, but coverage includes limits if they are stolen. Generally speaking, you are covered for $1,000 to $2,000 for all of your jewelry and furs. To insure these items to their full value, you will need to purchase a special personal property endorsement or floater and insure the item for their appraised values. Coverage includes “accidental disappearance,” meaning coverage if you simply lose that item; there is no deductible for these losses.
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets.
The liability portion of your policy pays for both the cost of your defense in court and any court awards—up to the limit of your policy. You are also covered not just in your home, but anywhere in the world.
Liability limits generally start at about $100,000. However, experts recommend that you purchase at least $300,000 worth of protection. Some people feel more comfortable with even more coverage. You can purchase an umbrella or excess liability policy, which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits.
Your policy also provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. Expenses are paid without a liability claim being filed against you. You can generally get $1,000 to $5,000 worth of this coverage. It does not, however, pay the medical bills for your family or pet.
Additional Living Expenses
This pays the additional costs of living away from home if you can’t live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house. You can increase this coverage, however, for an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited amount of time. Renting a home or apartment? Ask an agent for information on renter’s insurance.
You’ve worked hard to establish your business and we want to help you protect all that’s gone into it. After all, we’re a local business too, so we understand your concerns.
Do I need a commercial auto insurance policy?
As a business owner, you need the same insurance coverage for the car you use in your business as you do for a car used for personal travel. This coverage usually includes liability, collision and comprehensive, medical payments (personal injury protection in some states) and coverage for uninsured motorists. Many business owners use the same vehicle for business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
The decision to purchase a business auto insurance policy will depend on the kind of driving you do. An agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.
While the major coverage elements are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options. If you have a personal umbrella liability policy, there’s generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage
Should I insure the life of a key employee?
The loss of the key person can make the running of the business less efficient and result in a loss of capital. Losing a key person can be a major blow to a small business if that person is the key contact for customers and suppliers and the management of the business.
Losses caused by the death of a key employee are insurable. Such policies will compensate the business against significant losses that result from that person’s death or disability. The amount and cost of insurance needed for a particular business depends on the situation and the age, health and role of the key employee in the day-to-day operations of the business.
Key employee life insurance pays a death benefit to the company when the key employee dies. The policy is normally owned by the company, which pays the premiums and is the beneficiary.
Do I need professional liability insurance?
Professionals that operate their own business need professional liability insurance in addition to an in-home-business or business-owner policy. This coverage protects them against financial losses from lawsuits filed against them by their clients.
Professionals are expected to have extensive technical knowledge or training in their particular areas of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. When liability is limited to acts of negligence, professional liability insurance may be called “errors and omissions” liability.
Professional liability insurance is a specialty coverage. Professional liability coverage is not provided under any homeowner endorsements, in-home-business policies or business-owner policies.
In our field, expecting the unexpected is the norm. Helping people confidently prepare for it is what we do best. Our qualified agents are here to review and clarify various life insurance options, so you can size your ideal safety net for whatever the future may bring.
George M. Awad, CLU, ChFC, RHU, REBC, CLTC
Investment Advisor Representative, Registered Principal
Generations Investment Services
19 Cayuga St
Seneca Falls, NY 13148
IMPORTANT LIFE FAQS
How much life insurance should I have?
In most cases, if you have no dependents and have enough money to pay your final expenses, you don’t need life insurance. If you want to create an inheritance or make a charitable contribution, you may choose to buy enough life insurance to achieve those goals.
You may also choose to buy enough life insurance that, when combined with other sources of income, it will replace the income you now generate for your dependents, plus enough to offset any additional expenses your dependents will incur to replace services you provide.
You may also plan to replace “hidden income” that would be lost at death. This is income that you receive through your employer that isn’t part of your gross wages. It includes things like your employer’s subsidy of your health insurance premium, the matching contribution to your 401(k) plan and many other benefits.
Of course, you should also plan for expenses that arise at death. These include the funeral costs, taxes and administrative costs associated with finalizing an estate.
What other sources of income are considered?
Most families have some sources of post-death income besides life insurance. The most common source is Social Security survivors’ benefits. Many people also have life insurance through an employer. If you have a vested pension benefit, it might have a death component. Although these sources might provide a lot of income, they rarely provide enough.
Should I purchase life insurance as a multiple of my annual salary?
Many sources recommend buying life insurance equal to a multiple of your salary. For example, one financial advice columnist recommends buying insurance equal to 20 times your salary before taxes. The “multiple of salary” approach also ignores other sources of income, such as those mentioned previously.