What’s in your policy?

Recently a nearby condominium community in Woodbury, Long Island suffered a major fire loss causing four or five families to lose nearly everything.  Thankfully everyone got out in time and there were no reported injuries.  As I understand, the cause is still being investigated.  Of those displaced included a young family with a newborn who moved in months earlier.  I live so close to this community that I can see the fire damaged roofs from my own backyard.  Hard to imagine this happening so close to home, but happens every day.

For tips from Travelers Insurance on how to help prevent house fires, click here.

Since the incident, clients, friends and neighbors have reached out to discuss their insurance coverage.  Most people have no idea what they purchased when they bought homeowners insurance.  There’s many ways to purchase insurance.  (1) You can go online and consider Good, Better, Best options and make a purchase.  (2) You can call an 800 # or work with a local captive agent who represents one company with only one product to offer that you should pray is the right one or (3) You can speak with an independent agent who is compensated approximately the same regardless of what insurer you’re placed with, who works for you – not any single insurer.

If you are really interested to know what options exist in the marketplace, what’s different between insurers and policy forms, what endorsements (options) are available or how the disclosures you make can effect how you’ll be covered in the future – speak to an independent broker.  Independent brokers have access to products captive agents cannot access nor are trained in.

For the things we can control, be as prepared as possible.  Have the right coverage and work with the right professional.

For More Information Contact:

Noah Bank, Licensed Insurance Broker

The B&G Group, Inc.

noah@bgins.com | Tel: 516-396-8342  /212.280.2080