Category Archives: Ask Sherri

Ask Sherri: Renters Insurance and Liability

Moving into an apartment is a big first step for many of today’s young working class and students, and is an unfamiliar experience for anyone who has never lived on their own. It will bring on new responsibilities which can be overwhelming for some, and may lead them to forget about resources that are available to protect renters.
 
In this episode of Ask Sherri, we show you how Renters Insurance can protect policyholders if an accident were to happen outside of their apartment. This kind of coverage is better known as Liability, and is one of the many benefits of a renters policy.

Give us a call or contact us by e-mail if you have any questions!

Phone: 516-419-5050
Fax: 516-871-0691

Ask Sherri: Insuring Your Valentine’s Day Gifts

With the spirit of love in the air as Valentine’s Day approaches, it is only appropriate for us to bring back our classic Valentines’ Day episode of Ask Sherri. If you plan on proposing this Valentine’s Day or just getting your loved one an expensive gift, we highly recommend that you check out this episode. Sherri will show you why you may want to consider a Floater Policy or adding extra coverage to your Homeowners or Renters Policy for these special gifts.  And…. why you may want to stay away from putting your ring in the cake…

Keep Premiums Low When Adding Newly Licensed Driver to Auto Policy

Dear Sherri,9731141279_e3b3d88283_h

I’m adding my newly licensed son as a driver to my auto policy; I know this change is going to be expensive.  What can I do to offset the increased premium?           

Mom in Panic


Dear Mom in Panic,

First, take some deep breaths, meditate, and if that doesn’t work out, hit the liquor cabinet!  But honestly, there are plenty of things you can do to offset the premium increase, such as:

  • Have all drivers on your policy complete a Defensive Driving Class
  • Apply for Good Student Credits
  • Having a College Degree
  • Garage your Vehicles at night
  • Pleasure use versus driving to/from work (use public transportation for your commute)
  • Higher deductibles on physical damage coverage
  • Mature Driver/Retiree Discount
  • Multi-Car Discount
  • Multi Policy Discount
  • Driver’s Education Courses

By the way, now is a great time to make sure you have high bodily injury limits and purchase an umbrella policy.  Call your agent today for more detailed information on these items.

Protect Your Holiday Gifts With Off Premises Theft Coverage

Dear Sherri,

Boxing_Day_at_the_Toronto_Eaton_Centre

I’m planning on doing all my holiday shopping the day after Thanksgiving, which is commonly known as “Black Friday.”  I will be leaving many gifts in my car while I shop the entire day.  If someone breaks into my vehicle or worse, steals the vehicle with all the gifts in it, will I have coverage for the gifts?

Sincerely,

Worrying at the Mall

_______________________________________________________________________________

Dear Worrying at the Mall,

As the famous Reggae singer, Bobby McFerrin sang, “Don’t worry, be happy.” As long as you have “Off Premises Theft Coverage” on your Homeowner’s or Renter’s policy, you are covered.  In some states the coverage is automatic while in others you must purchase this coverage separately.  Of course, don’t forget that your deductible will apply in this type of situation.  Now, what I’ve said applies to most of us, but if your last name is Gates or Rockefeller, keep in mind that most policies have a limitation for jewelry, furs and fine arts.  If this is you, I want to be your new BFF and my ring size is a 7 and my birthstone is a DIAMOND!  If you are purchasing these types of items be sure to check with your agent to confirm how much coverage on valuable items you have for each classification.

Happy Shopping!

Sherri Cosentino

Should I Report A Claim Or Pay Out Of Pocket?

tree-branch-pierced-roof-after-killer-storm-ripped-through-evansville-boonville-areaDear Sherri, A tree on my property fell and damaged my roof. The estimate to repair the roof is approximately $2,900. Since I have a $2,500 deductible, should I report this claim to the company? – Timberrrr in Park Slope

Dear Timberrrr,
Well, now we have confirmation that “A Tree Grows in Brooklyn”. Or at least it did! That being the case, I wouldn’t submit a claim. Now, before you say, “that’s why I have insurance!”, let me explain. You have insurance for MAJOR property and liability claims. This small claim of only $400 after the deductible would be on your record for the next 5 years. If, God forbid, you have another claim in that same year due to a severe storm, your insurance company may non-renew your policy. Now you have to buy a more expensive policy and that will quickly eat in to those $400 you saved on your roof due to the claim. The point is, call your insurance agent to discuss it before you take any action and determine what is in your best long-range interest.

Directors and Officers Liability Insurance

blog-directorsDear Sherri: I sit on the Board of a large non-profit organization that already has Directors and Officers Liability. As a result of my work on this Board, I was recently asked to join another Board of Directors also of a non-profit organization. Will the policy I am currently insured under provide coverage for me on this second board?
Sincerely,
NY Boarder

Dear NY Boarder,
Oh God, now I’m bored! Anyway, in answer to your question, yes, the original D&O policy will provide coverage, provided that it includes coverage for “Outside Directorship”. This is an automatic extension that provides coverage for directors serving on other non-profit boards as part of their duties. I know this sounds like a “Who’s On First” skit, but it is something important to consider before accepting an invitation to sit on another Board. So check the policy to make sure that “Outside Directorship” coverage is included and that the second Board is also a NON-PROFIT ENTITY.

Be sure to call your insurance agent for more details.