Hurricane insurance is a safety net for people who reside in an area with a high hurricane risk. Hurricane deductibles (an amount that you need to pay out of pocket before your policy kicks in) are based on a percentage of your home’s value.
Therefore, if in case a hurricane destroys your home, hurricane insurance will ensure that you have adequate protection to alleviate the financial burden of repairing your home.
Hurricane deductibles are calculated based on damage classified by the National Hurricane Center or National Weather Service. Without the appropriate classification, a windstorm deductible is applied to the damages. In addition, your insurance company has a trigger for utilizing the hurricane’s deductible. Generally, the trigger is invoked if the National Weather Service declares a hurricane watch.
After analyzing Hurricane Andrew, insurance companies saw that total losses from hurricanes could be higher than originally anticipated. The aftermath of Hurricane Katrina cost insurance companies almost $50 billion. The substantial losses caused reinsurance companies to declare that they would be unable to assume so much risk moving forward.
During the Atlantic hurricane season, every coastal state is at risk. To reduce exposure to huge losses as a result of natural disasters, insurance companies are including hurricane deductibles in home insurance policies. The percentage deductibles are influenced by the level of hurricane or windstorm. Every year, more homes are at risk of severe weather windstorm damage. Once insurance companies develop deductible plans, they are reviewed by the state insurance department to ensure that it adheres to local laws and regulations.
Hurricane deductibles are applicable for damages resulting solely from hurricanes. There are also windstorm deductibles that apply based on any type of wind damage. Percentage deductibles are anywhere from 2-5 percent of a home’s insured value. You will be responsible for the amount of deductible before your insurer handles the rest of the claim. In some coastal areas that are prone to severe wind damage, the deductible may be higher. Your deductible will be based on your home’s insured value and your insurer’s trigger that determines when the deductible applies.
The New York State Insurance Department outlines that the common deductibles are between 1-5 percent of the insured amount. Some insurers use category 1 hurricanes as the trigger, while others use category 2. The State Insurance Department also requires insurance companies to offer discounts to homeowners who installed hurricane-resistant storm shutters, windows, or doors on their property. The New York Property Insurance Underwriting Association offers windstorm coverage if you are unable to find it elsewhere. The Coastal Market Assistance Plan will help you find coverage if you stay in Queens, Brooklyn, Staten Island, and parts of Long Island.
Be prepared for the hurricane season with the right insurance coverage. Want another great way to protect your home? Secure reliable homeowners insurance that protects you through disasters. Call one of our trusted advisors at Abatelli Group, Inc. We are ready to get you the protection and peace of mind you need.
Finding the right auto insurance policy can be a lengthy process. There are various factors that help decide your premium, including your driving history. In addition, there are other variables at play that you may not be fully aware of.
While you may think it’s a good idea to reduce or eliminate coverage to help reduce your auto insurance premium, you must look at all of the factors involved that impact the cost of your premium. Here is a thorough overview of the factors involved in calculating your auto insurance so that you can make an informed decision.
Certain vehicles cost more to insure. A common example is luxury vehicles that often come with custom accessories that are expensive to replace if damaged. Therefore, driving a luxury vehicle will raise your auto insurance premium. High-risk vehicles are also difficult to ensure. These are vehicles where the likelihood of you being in an accident or your vehicle being vandalized is relatively high. In this current age of technology, many of the recent vehicles are made with innovative security features such as anti-theft devices or anti-lock brakes. If you have these features installed in your vehicle, you may qualify for a lower premium. Research shows that vehicles created with high-quality security features are less likely to suffer serious damage.
Your driving record is considered when figuring out your auto insurance rates. If you have a good driving record, it should be easy for you to find a great auto insurance policy. If you have been in a few accidents, you are going to pay a higher premium. If you have one parking or speeding ticket on your driving record, your rates will stay relatively unchanged. However, try to avoid receiving multiple tickets. If you are an inexperienced driver, you’ll have to pay more for insurance until you can develop a reputation as a good driver.
Insurance companies will look at how much you use your car. If you drive your vehicle regularly, that will impact your auto insurance rates. If you have a lot of miles on your vehicle, insurers may believe that you are a high-risk driver. On the other hand, if you only use your vehicle a few times a week, you should be able to find relatively lower rates.
Your neighborhood does impact your auto insurance premium. If you are staying in a neighborhood with a high rate of accidents and potential theft, you’ll have to pay more for auto insurance. Generally, staying in an urban neighborhood means you will pay slightly higher premiums than staying in a rural area. Where you park your car also impacts your premium. Parking your car in a garage is considered safer, and as a result, your premium will be lower.
All auto insurance policies include liability coverage. You have the option to choose whether you want collision coverage, which protects your vehicle if it’s damaged in an accident, or comprehensive coverage, which covers your vehicle in multiple scenarios. If you opt for comprehensive coverage, your premiums will be a little higher. Your deductible also impacts the amount of your premium. It is the amount you will have to pay out of pocket before your insurer handles a claim.
As you can see, there are multiple variables that help determine your auto insurance rates. If you are looking for a reliable insurer for your car in Whitestone, Flushing, Bayside, Little Neck, and surrounding cities of New York, you can check us out at Abatelli . We will help you find a suitable insurance policy for your car in no time. Contact us today!
As a new homeowner, particularly of a new house, you might believe your house doesn’t need any improvements or repairs. While a newer house may not have experienced the same trials as an older one, there may still be imperfections and other problems that have to be addressed.
During the pandemic-induced lockdown, most homeowners realized the importance of investing in home improvements and repairs. This is especially true of remote workers who, having to spend more time indoors than outdoors, invested significantly in the improvement of their interior decorations and furniture. Some even spent more money on the purchase and maintenance of both office and home equipment.
The following are a few tips that you can follow for improving or repairing your home
1.Inspect your home down to the structural aspects and create a list of maintenance and repair costs. By doing this, you will learn more about the condition of your home. You can even hire professionals or licensed inspectors to do the inspection for you so as not to miss out on anything.
2.Make adequate plans and schedule your home improvements and repairs based on priority. Once the full inspection is done, start working on the prioritized recommendations and schedule your home repairs/improvements accordingly.
3.Perform maintenance at specified intervals or hire a professional to take care of inspection tasks. This will prevent repairs from piling up and will keep you on your toes about what needs to be improved or repaired in your home. The goal is to do this regularly rather than to wait for major disasters to worsen the damages.
4.Schedule replacements of things that need to be improved or repaired. You can do this by setting aside savings for home appliances and replacing them after they reach a certain age. Doing so can prevent collateral damage caused by any failures of their systems.
Being proactive towards home improvements and repairs has its own benefits, including a longer home lifespan and a more enjoyable home to live in. Some other benefits include:
1.Protection during emergencies: Making sure you’re on top of the improvements and repairs required in your home can save you from having to pay expensive fees for emergency repairs. You should also keep your warranties handy in case of an emergency.
2.Prevention of avoidable disasters: Regular maintenance of your home can also help avoid disasters like flooding caused by burst pipes and other related repairs.
As a homeowner, the best thing to do is to be proactive towards home improvements and repairs. This will help you live more comfortably and without the worries of emergency breakdowns. If you are looking for reliable home insurance in Whitestone, Flushing, Bayside, Little Neck, and surrounding cities of New York, you can check us out at Abatelli. We will help you find a suitable insurance policy for your home in no time. Contact us today!
All car owners know that having car insurance is required by the law. Without an active policy, you can be fined or have your driver’s license revoked. A car owner might even be imprisoned if they cause an accident and are found without insurance at the time of the accident. However, even with legitimate car insurance, certain actions carried out by a car owner can render their policy invalid.
1.Wrong Home Address: Insurance premiums can be higher depending on how dangerous or safe the area you live in is. While you might want to reduce insurance costs by giving another address where the crime rate is low, the insurance company can invalidate your policy if they discover this. Also, if your car is ever stolen, you will have to explain why you have a different home address on your claim form before payment can be made, which might then lead to no insurance at all.
2.Unclarified Car Modifications: Whatever modifications you might have done to your car should be clarified and made known to your insurer so that they can make the necessary changes to your insurance policy. A modified car can be more prone to theft and might become even more dangerous depending on the part which was modified. You might have to pay a higher insurance premium to cover the modification, which is why any changes should be clarified before buying insurance.
3.Failing to Inform Your Insurers of Accidents: Any accident you are involved in, no matter how minor it is, should be made known to your insurer even if you decide not to make a claim or you decide to sort out the expenses yourself. This is because the other driver involved in the accident might decide to make their own claim. Also, if you end up making a claim for another accident later on and the damage of the first one is still present and doesn’t match the current report, you might end up not getting paid.
4.Allowing Others to Borrow Your Car: You may be fully insured, and the person who wishes to borrow your car may have their own policy as well. However, if you or the driver in question does not have a policy that covers borrowed cars, you might not be able to place a claim if they get involved in an accident while driving your car.
5.Change of Occupation: Lastly, your car insurance can become invalid if you fail to inform your insurers about your change of occupation. This is because such a change may affect the level of risks you are exposed to, ultimately affecting your premiums. For instance, if you have to drive a longer distance to reach your new workplace, you are exposed to higher risks of accidents and would therefore be required to pay higher premiums.
These are a few circumstances that might invalidate your car insurance. If you are looking for a reliable insurer for your car in Whitestone, Flushing, Bayside, Little Neck, and surrounding cities of New York, you can check us out at Abatelli. We will help you find a suitable insurance policy for your car in no time. Contact us today!
Workers’ compensation is beneficial in two ways, and this is in the process of protecting the employees and protecting the employers. It makes sure to provide adequate coverage for either the employees or employers in case of an unexpected occurrence.
Benefits of Workers’ Compensation for Employees
Some of the things a successful worker’s compensation claim can yield funds for include:
The knowledge that your employer has an adequate workers’ compensation policy will give you peace of mind and an assurance that your financial security won’t be threatened should you get hurt on the job. This is, if neither your employer nor their carrier challenges your compensation claim. It is therefore important to seek legal counsel where a seasoned attorney will advocate on your behalf before commencing your claim and finally help you achieve the compensation you deserve, as there are many common hurdles when making a worker’s compensation claim.
Benefits of Workers’ Compensation to Employers
However, by purchasing workers’ compensation insurance, business owners or employers no longer have to worry about covering their employee’s injuries from their own pockets. The insurance policy offers coverage for this.
This shouldn’t cause employers or organizations to implement negligent protocols, as there will be repercussions. Organizations are still required to maintain a safe working environment for the employees, as anything otherwise can expose them to litigation, regardless of their current coverage.
Perhaps you were seriously injured at your workplace and wish to take legal action; a personal injury attorney can be of great help. Talk to the team members at Abatelli Group, Inc. to find out how we can protect your business from unforeseen circumstances. With reliable commercial insurance, we can help your business if it is located in Whitestone, Flushing, Bayside, Little Neck, or surrounding cities of New York. Contact us today to get started.
Technology that prevents rear-end collisions can reduce the occurrence of accidents or at least mitigate their severity. This often translates to lesser damages and reduced insurance claims. A recent study showed that rear-end collisions constitute about 29% of all road accidents. While this type of collision does not often result in serious physical injuries, damages to the vehicles can be costly to repair. For example, a damaged bumper will cost about $350 to repair for a minor accident and go up to as high as $10,000, if the vehicle was involved in a severe crash.
The good news is car manufacturers are pushing out new innovative technology to help prevent rear-end collisions. By preventing these collisions or simply reducing the severity when they occur, these technology solutions help reduce insurance claims.
Rear-end collisions at low speeds have been reported to be the most common type of accidents. City Safety was designed to tackle this problem. First introduced in 2008, City Safety is an automatic emergency braking (AEB) technology made by Volvo. It is a groundbreaking technology as the first auto brake system designed specifically to avoid low-speed collisions when driving in stop-and-go traffic. The system becomes active when the car is moving at a speed that ranges between 2-18 mph. It uses a laser that is mounted on the front bumper of the car, which measures the distance between the front of the car and any object in front of it. If the car approaches an object within a certain range, City Safety automatically applies the brake. This stops the car, thus preventing a possible collision. It works perfectly both during the day and at night; however, its performance can be affected by some weather conditions such as fog or snow. These days, many other vehicle manufacturers are installing similar emergency braking systems.
While this technology may be unable to completely eradicate rear-end collisions, it reduces the severity of the accident if it happens. This, in turn, reduces the damage to the vehicles and saves both the car owners and insurance companies some money.
Another emergency braking system detects an imminent back-end collision and automatically applies the brakes to either avoid it completely or lessen the impact. It uses cameras or sensors mounted on the rear bumper of the car. The software constantly retrieves data from either the sensors or cameras and uses it to calculate the probability of a crash occurring. If the results fall within some pre-determined parameters, the automatic braking system is activated.
Between 2010 and 2017, insurance claims for rear collisions for amounts under $2,000 represented about 17% of overall claims, resulting in a total of $8 billion paid for damages. Rear automatic braking systems can reduce these claims by at least 28%.
Buying a car with built-in technology to prevent the occurrence of rear and front-end collisions will save you both time and money. You won’t have to file insurance claims very often, and when you do, it will be for smaller amounts. This will prevent insurance companies from increasing your premium. If you are looking for a reliable insurer for your car in Whitestone, Flushing, Bayside, Little Neck, and surrounding cities of New York, you can check us out at Abatelli. We will help you find a suitable insurer for your car in no time. Contact us today!