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Category: Blog

WILL MY HOMEOWNERS POLICY COVER MY HOME FOR SALE OR VACANT HOME?

Many consumers are under the impression that their Homeowners policy covers them for pretty much everything. While the HO-3 or standard homeowners policy does provide a lot of coverage, it also is intended to cover an "Owner Occupied Dwelling" and not a vacant dwelling. The policy has some clear definitions of vacancy,  essentially any unoccupied dwelling for 30 days or more. Unfortunately, ,many consumers leave...

How much life insurance do I need?

How much life insurance you need will vary based on personal and financial circumstances, but essentially you need enough to replace your income and cover your dependents' expenses, including future ones. Most people should aim for 10-15 times their income. WHAT! you may say? I can tell you the sad stories of people not having any life insurance or not enough either. What I can't...

CAN ADDITIONAL INSURED ENDORSEMENTS MAKE INSURANCE MORE EXPENSIVE? THE ANSWER IS DEFINITLEY YES!

The true cost of paying claims like those discussed above can cause costs to skyrocket in several ways. Because all insurance pays only up to a set limit, these amendments can serve to effectively reduce policy limits. If an insured’s policy limit is $1 million, and a $1.2 million claim is submitted , for which the insured is only 50% responsible, but the additional insured...

Workers Compensation Payroll Billing

Rather than paying for insurance up to a year in advance and tying up vital cash, premiums are paid as you go one payroll period at a time! With a normal workers compensation policy you have to pay 25% down each year and then make monthly or quarterly payments. Pay as you go eliminates having to make down payments as well as end of year large billing...

Understanding NY Workers Compensation Premium Audit

    Your premium is determined by your payroll. The rate is different for each class of employees. Higher hazard classifications such as roofers will have a higher rate per $100 of payroll than a lower hazard clerical employee. But this is not the only concern. What about any 1099 employees or subcontractors you hire? Subcontractors must be covered by Workers’ Compensation insurance. If your...