Confusing Insurance Terms Explained

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

Many people upon receiving an insurance policy renewal of any sort often find that many insurance terms are confusing and indefinable.  Of course those in the business itself have little to any trouble conceiving the long and tedious contracts. If you don’t ask for explanations of specific terms and concepts there is an assumption that you understand them, many of these terms are quite befuddling to the layperson.  In this post, Long Island Insurance Executive, Gregg S. Marcuswill define and elaborately clarify many confusing insurance terms and conditions.

Two very common phrases often uttered throughout an insurance policy are replacement cost and market value; this is of course when referring to a homeowner’s insurance policy. Replacement cost and market value are affected by the fluctuations in the economy, including the costs of labor and other materials or housing demands. Often the market value of a home will be a bit higher than the replacement costs or vice versa.

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

Business Insurance at its Simplest

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

Proper business insurance does not have to be complicated. Many feel that putting business insurance in place can be an overall haunting and grueling task. Though, many business owners start out by putting off attaining business insurance and throw it on the back burner. This should not be the case as it is not as terrible a task as it seems. Most owners do this because they feel the purchasing of insurance is either overwhelming or unnecessary. In this post, Long Island Insurance Executive, Gregg S. Marcus will explain how simple and also how important business insurance is to your company, your employees, and yourself as an owner.

When considering insuring your business you should never feel the policy will be either too expensive or too unnecessary. It is important to first understand the basics of business insurance. Each and every business should have general liability insurance, a form of property insurance, and depending upon the amount of employees—workers compensation. There is also a multitude of additional coverage options out there as well as specific types of business insurance.

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

Tips to Obtaining Cheap Auto Insurance

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

There are some very specific things you can go about doing if you wish to save money on your auto insurance policy.  Most people do in fact pay too much for their car insurance, never realizing that there is usually a whole array of different discounts that you are able to take advantage of.  The average individual does not go about doing the little bit of extra research that could easily save them hundreds of dollars every year.  Besides the simple comparing and contrasting of auto insurance companies there are many other things that one can go about doing to save some money.  In this post, Long Island Insurance Executive, Gregg S. Marcus discusses how to go about obtaining a cheaper auto insurance policy with the following helpful tips.
Here are some helpful tips to take into consideration when looking to lower your policy:

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

Is Minimum Homeowner’s Insurance Enough?

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

When shopping for homeowner’s insurance, individuals usually search for the lowest possible rates, especially with the economy being in the shape it is. However, policy holders should not settle for a lower rate with the risk of having inadequate coverage. A homeowner’s insurance agent will typically recommend what they believe to be best for your budget and home itself. Though, the homeowner usually opts for less in order to thwart paying high premiums.  In this post, Long Island Insurance Executive, Gregg S. Marcus explains why minimum homeowners coverage may not be the best option, and how paying a little more could protect you in the time of a future incident.
When getting down to business you should anticipate a number of different factors regarding you and your home personally. How much homeowner’s insurance do you truly need to safely protect the investment of your home? The answer to this question will obviously vary from one situation to the next, though there are a few things you much consider:

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

Saving Money on Your Homeowner’s Insurance Policy

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

Residents throughout the country are always looking for ways to cut back on their expenses and tighten their household budgets. A great way to start is by reviewing your homeowner’s insurance policy. Homeowner’s policies can vary greatly from one home to another. It is always recommended that you shop around in order to find the best possible insurance rate. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the most efficient ways to select and save on your homeowner’s insurance policy.

Inquire About Discounts
Ask your insurance provider if they offer any discounts for bundling policies, say a homeowners and auto policy. At often times if you hold multiple policies with the same insurance company they will offer you some form of discount or special deal. Some companies can offer a savings of up to 15%.

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

Different Types of Auto Insurance

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

If you are a current car owner you know how annoying and incomprehensible car insurance can be, especially when you have high rates to pay.  Most people are unhappy with the extremely high costs of their auto insurance, though many don’t know that several different types of auto insurance available in the market. Many of these different policies may be far cheaper than what you are currently paying.  In this post,Long Island Insurance Executive, Gregg S. Marcus discusses the different types of auto insurance and why some may be more beneficial to you than others. Before switching policies it is recommended that you educate yourself on all possible insurance types:
Fully Comprehensive
Fully comprehensive policies are by far the most expensive and the most widespread of all policies across the country.  A large part of the auto industry includes cars that are either leased or financed through loans; this allows dealers and lending companies to require additional standards regarding auto insurance. Most lending companies require fully comprehensive insurance for financed vehicles, so if you took out a loan to purchase your car expect to pay a substantial amount for auto insurance. Fully comprehensive insurance covers almost every possible insurance situation.  The benefit of a fully comprehensive policy is that the insurer will cover the accident regardless of the situation; therefore paying a little more may be worth it.

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

The Truth About Car Insurance

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

Purchasing auto insurance is a complicated and expensive process, which no one enjoys. Insurance companies’ premiums seem to always be overpriced as well as incomprehensible. This is why so frequently there is misinformation regarding insurance coverage and payments. In this blog post, Gregg S. Marcus, a Long Island Insurance Executive lists the most common myths relating to auto insurance, which have all been proven to be false.

My auto insurance company can cancel my policy at any time.  As long as you make your monthly scheduled payments, state regulations prohibit insurance companies from dropping you in the middle of your policy term. As long as you pay your premiums and have a valid driver’s license, insurance companies cannot cancel your policy. There are some reasons in which a company could cancel insurance policies, however, they do not have the right to do so at anytime.

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

Insurance Tips for First-Time Home Buyers

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

Home ownership is the American dream. However buying a home of your own requires a major financial commitment. This means saving for a down payment, finding the right mortgage lender and the most important responsibility, finding affordable home protection. In this blog post, Gregg S. Marcus, a Long Island Insurance Executive lists some tips for first-time home-buyers to save money on their first homeowner’s insurance policy.

Raise Your Deductible
A deductible is the amount of money you have to pay toward a loss before your insurance company will start to pay the claim, according to the terms of your policy. The higher the deductible, the less money your insurance premiums will be! Currently, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25% off your premium. Depending on where you live, there may be separate deductibles for certain kinds of damage. For example, if you live in an earthquake-prone area, your earthquake policy has its own deductible.

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

Save Money on Your Car Insurance With These 5 Questions

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

In these tough economic times, it is important to try and save money wherever you can. Since every driver needs car insurance, this is a great place to start saving money. In this post, Long Island Insurance Executive, Gregg S. Marcus lists the top five questions to ask your insurance representative before deciding on a policy or renewing your current one to save more money.

1. Do I have too much coverage?
Depending on your current financial situation and the age and condition of your vehicle, it may make sense to drop some of your coverage. Thorough insurance coverage compensates for your car, medical expenses, a rental car, loss of wages and even psychological/emotional distress. However, if you have comprehensive medical coverage and enough money to replace your car in the event of an accident, there is no need for collision or comprehensive coverage.

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

8 Ways to Cut Your Auto Insurance Costs

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

Car insurance is not a fun bill to pay every month. Every driver must be insured and according to the Insurance Institute, over 96% of Americans overpay for the auto insurance. Gregg S. Marcus, a Long Island Insurance Executive shares 8 ways to save each month on your auto insurance bill, which allows you to have some extra money in your pocket.

1. Increase your deductible
A higher deductible on both your collision and comprehensive coverage can lower your car insurance rates. Keep in mind that when you do this, you will have to pay more out of pocket at the time of an accident or other claim.

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

Losses Not Covered By Automotive Collision Insurance

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

Collision is an optional component of an automobile insurance policy. It is purchased to cover damage to or destruction of an automobile. This coverage applies when there is damage to a vehicle caused by a crash with another vehicle, or object, or even with the road or roadbed. Collision is basically set aside to deal with the cost of repairing your own car, so the scope of exactly what it covers is limited. Gregg S. Marcus, a Long Island Insurance Executive  explains what losses would not be covered by collision.

The scope of what collision coverage takes care of is limited. Here are some circumstances where collision would NOT apply:

Damage to other party’s vehicle
The loss to another party’s car is covered by your liability coverage and not under collision. If it is alleged that you are responsible, your insurance carrier investigates the facts of the crash through statements from all drivers, passengers and witnesses, an on-scene investigation of the accident location, inspection of the damages to all vehicles and any other unique elements of the event. When all the facts are in, your adjuster contacts the other party’s adjuster, and each of them presents the case, on behalf of their “insured”, to the other.

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

When to Drop Collision Coverage From Your Auto Insurance

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

This is a question that Gregg S. Marcus, a Long Island Insurance Executive  hears a lot when quoting automotive insurance. Relative to the cost of other liability or comprehensive auto insurance coverage, collision coverage can be expensive.

According to the American Insurance Institute, collision coverage pays for damage to your car resulting from a collision with another vehicle, object or as a result of flipping over. Damages from potholes are also covered by collision. It is basically “physical damage” coverage for your own vehicle. Collision does not include any bodily injury or damage done to a human being. It also does not cover damage done to someone else’s car by your vehicle. The most important factor when deciding whether to drop collision coverage is the replacement value of your car. Depending on the value, it may not make sense to pay to fix it.

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

5 Steps To Keep Your Home From Being Underinsured

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

A large amount of homes in the US are underinsured. Keeping your home insured properly can save you a lot of anguish later when you are making a claim and it is not covered. Gregg S. Marcus, a Long Island Insurance Executive shares five steps you can take to assure that your home isn’t underinsured.

1. Know Your Policy and Coverage:
Your policy type should reflect your home’s needs. For example, if your home has special features such as hardwood floors and carved moldings, you will want to have special coverage for these features. It is always important to understand the basics of your policy. Make sure your policy covers a wide variety of perils. Also discuss what other types of policies are available with your agent to compare coverage.

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

Tricks To Keep Your Renter’s Insurance Premiums Down

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

It is common for renter’s insurance premiums to be inexpensive, with the average standard policy costing around $30 a month. This figure can differ though, according to many different factors. With the state of the current economy, every dollar counts! In this post, Gregg S. Marcus, a Long Island Insurance Executive lists some easy tricks to keep your renters insurance coverage costs even lower.

Decide on Valuations for Household Possessions
There are different ways to value your furniture, appliances and other possessions depending on the renter’s insurance policy you choose. You can purchase a policy based on a lump-sum value of all items, compensation based on a per pound value or even based on the actual value of specific items. When you purchase actual cash value (ACV) or replacement-value policy, you may be required to keep documents on hand that prove the current market value of the items you own. Making the right decisions about the valuations of your possessions can help save money on your renters insurance and your overall household budget.

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

FAQ: Do I Really Need Renter’s Insurance?

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

A fire can destroy an apartment in only minutes. A tornado can destroy one in just seconds. These scenarios or even a robbery in your apartment can end up costing you thousands of dollars in order to replace all of your personal belongings. Think you don’t have enough property to justify the expense of your own insurance? The value of your belongings may shock you. “Your sporting goods, electronics, computers, clothes and furnishings may be worth more than you realize,” says Gregg S. Marcus, a Long Island Insurance Executive . “It is wise to check into renter’s insurance before an unexpected event like this happens.”

Your landlord's insurance policy covers damage to the building structure and the landlord's property from a fire, storm or theft, but this policy will not cover your property or liability. Renters insurance (also known as a HO4 policy) covers you against specific types of losses – such as damage from lightning, fire, storms, vandalism or theft – so that you can replace or repair your property in the event of an incident. If you had to pay out of pocket to replace items such as laptops, televisions, clothing and other expensive possessions, this could cost upwards of $20,000.

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

HOW TO: Cut Your Car Insurance Costs

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

According to the Insurance Information Institute, the average American driver spends over $900 per year on car insurance. There are many factors that impact the amount a driver pays for their automobile insurance.  In this post, Gregg S. Marcus, a Long Island Insurance Executive, discusses what steps to take to cut those high premiums down!

Drive Less
If high gas prices have led you to cut down on your driving, make sure your insurance company knows it. Ask your agent what the low mileage discount is on your policy. Generally if you drive less than 7,500 miles a year, you'll qualify for a 5 percent discount. Driving less than 5,000 miles a year will usually give you 10 percent off your insurance.

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

5 Ways to Lower Your Homeowner's Insurance

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

According to the Federal Emergency Management Agency (FEMA), flooding is the most common natural disaster in the United States and causes more than $2 billion in property damage annually. With new storm Katia forming in the Atlantic, we may have another Hurricane hitting Long Island and causing major flooding soon. It is important to have your home prepared ahead of time to minimize losses and ensure your family’s safety. According to Gregg S. Marcus, a Long Island Insurance Executive, follow these steps to keep your home and family safe in a flood disaster:
Make a Family Emergency Plan Before a disaster hits, plan and practice a flood evacuation route with your family. Make sure you know safe routes from your home, workplace and children’s school to shelter on higher ground. Also create a safety kit, or “go bag” with enough drinking water and non-perishable (canned) food to last your family a few days. It should also include a first-aid kit, a battery operated radio, blankets and a flashlight. Keep it near the front door of your home so you can grab it quickly if you are evacuated. And lastly, don’t forget your pets! Have a plan in place for them. Most shelters don’t allow pets, so make sure you know what you will do with them if you are evacuated.

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