FAQ: Can Having Homeowner’s Insurance Stop Foreclosure?

Here is an excerpt from a new blog post at GreggMarcus.com:

With an economic crisis running rampant across the country, those who have failed to make their mortgage payments in a timely manner and have had their home foreclosed on are left wondering where they went wrong. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains how having homeowner’s insurance could have saved their home from foreclosure.

Believe it or not, an expense like homeowner’s insurance can actually help with your mortgage expenses. So how exactly can you utilize your insurance to prevent your home from being foreclosed on? Many different ways:

Job Loss Insurance
Often added on as a rider to a standard homeowner’s insurance policy, job loss insurance is purchased while still employed. Once covered, this will pay for part or your entire mortgage payment should you be unemployed for a number of reasons.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: Do I Need Landlord Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Maybe you’re moving up to a bigger home and holding on to your former residence as a rental property. Or maybe you’ve tried to sell your home without success. Whatever the reason, if you’re thinking about renting out your home, you need to look into landlord insurance. A comprehensive landlord's rental property insurance policy will protect your investment property, so that you can rent it out with confidence. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the importance of a landlord insurance policy for rental property owners.

Your rental property is an important investment and can provide a steady source of income. But all sorts of hazards, from lightning to kitchen fires, could damage your property—and your wallet. Landlord's insurance provides all the coverage you need to protect your property from damage, and you from legal and personal liability.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: How is the Value of a Totaled Car Calculated?

Here is an excerpt from a new blog post at GreggMarcus.com:

You’ve been in a bad car accident. Your car is a mangled mess. Now what? A car is considered totaled when the cost of repairing it exceeds the cost of replacing the vehicle. Understanding what you will get from totaled car insurance is essential to know what will happen in the event that an accident writes off your vehicle. In this post, Long Island Insurance Executive, Gregg S. Marcus, explains how your insurance company calculates the value of a totaled car.

When your car is totaled, your insurance company will give you what’s called “fair market value” for your car. The auto insurance company takes the following four factors into consideration when determining the fair market value:

Vehicle Type
The type of vehicle that has been totaled and will be covered by the insurance plays a large part in the determination of value. Classic and luxury cars will be treated in a different way than an average car as they depreciate in value differently.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: What is Employment Practices Liability Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Any small business that has employees is at risk at litigation. Employment Practices Liability Insurance (EPLI) is a policy that helps protect small business owners from any claim that can arise from employees in relation to how the owners conduct their business. Employees can file a claim for discrimination, wrongful termination, sexual harassment or wrongful discharge. Small business owners need to protect themselves against these types of threats. Gregg S. Marcus, a Long Island Insurance Executive explains the basics on Employment Practices Liability Insurance.

EPLI may be part of a comprehensive directors and officers policy or a stand-alone policy. It can be purchased in amounts from $1 million to $25 million with subsequent deductible levels. Many policies exclude coverage in the event of a merger or major downsize. Deliberate actions such as criminal conduct are also excluded. The policy can provide coverage for employees, independent contractors and even leased employees. Coverage for independent contractors is particularly important, due to the lack of direct supervision associated with performance.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: Does My Roommate Need Renters Insurance Too?

Here is an excerpt from a new blog post at GreggMarcus.com:

There are many common misconceptions about Renter’s Insurance . This is a special policy that can be purchased by tenants to protect their valuables and provide liability coverage as well. Gregg S. Marcus, a Long Island Insurance Executive  highly suggests that all tenants purchase renter’s insurance for a small monthly premium to protect all of their possessions.

Depending on your policy, your roommates’ possessions may or may not be covered. Most policies are designed for single individuals and families, not unrelated individuals. Some insurers cover roommates if they’re included on the policy but it’s by no means the rule. Gregg Marcus recommends that each tenant purchase an individual renters insurance policy.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Is Removal of a Tree That Fell on my Roof during a Storm Covered by Homeowner’s Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

With Hurricane season still in full swing, chances are we will get hit with at least another bad storm this year. It is important to know if your homeowner’s insurance covers issues like these. If a tree falls onto your roof during a storm, your homeowner’s insurance policy WILL cover the repair of your roof as well as some, if not all, of the cost of tree removal. However, had the tree not hit your roof, your insurance may not cover any of the tree removal charges. In this post, Gregg S. Marcus, a Long Island Insurance Executive, explains what steps to take after a tree falls on your home’s roof during a storm. 

ROOF DAMAGE
The first thing you need to do is contact the insurance company to report the damage. You should do this right away! Many insurance providers have 24/7 claims hotlines; so don’t hesitate to call them at any hour to let them know about any storm damage. The insurance company will want to send an adjuster out to your property to conduct an inspection, but you should also keep a record of the damage by taking pictures and/or videotaping the relevant area of your home.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

HOW TO: Write a Demand Letter & Settle Your Car Insurance Claim

Here is an excerpt from a new blog post at GreggMarcus.com:

If you’ve been waiting to settle a car accident claim and are confident about how much you think your claim is worth, you can preempt the adjuster’s settlement offer with your own settlement proposal, also known as a demand letter. This letter would outline fault (if this is an issue in your claim), damages and ask for a specific dollar amount to settle your claim. In this post, Gregg S. Marcus, a Long Island Insurance Executive, explains the most important elements to include in a convincing demand letter:

YOUR SIDE OF THE INCIDENT:
Write a concise account of the accident. Make sure to refer to any notes you have, police reports, witness reports, relevant laws or other records. Keep it short and simple and stick to the facts.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: What is a Business Owner Policy (BOP) and How Does it Work?

Here is an excerpt from a new blog post at GreggMarcus.com:

A Business Owner Policy (BOP) is an insurance package that assembles the basic insurance policies required by a small business owner in one simple bundle. Since it is a single policy, it is always cost-effective; costing less money than if you had purchased each individual policy separately. Gregg S. Marcus, is a Long Island Insurance Executive, answers the most commonly asked questions about a Business Owner Policy below:

Is a Business Owner Policy (BOP) right for my business?
Business owner policies are specifically designed for small to medium sized businesses such as retailers, wholesalers, service businesses and small offices. A BOP is not recommended for larger companies or for manufacturers who can face greater liability risks.

How does a BOP protect my business?
Business owner’s need to protect more than what an individual policy would cover. In order to protect your buildings, equipment and products, a BOP contains property coverage. It also protects your business from lawsuits with liability coverage. Since every business is different and carries different risks, a BOP can be customized to fit your needs.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.