Homeowners
Homeowners insurance is a type of property insurance policy designed to protect homeowners against various risks and financial losses associated with owning and residing in a house or other residential property. It typically provides coverage for the following:
Dwelling Coverage: This component of homeowners insurance protects the physical structure of your home, including the walls, roof, floors, and built-in appliances, in the event of damage or destruction caused by covered perils, such as fire, vandalism, or severe weather.
Personal Property Coverage: This coverage helps replace or repair your personal belongings, such as furniture, clothing, and electronics, if they are damaged, stolen, or destroyed by covered events.
Liability Protection: Homeowners insurance includes liability coverage, which helps pay for legal expenses and medical bills if someone is injured on your property, and you are found responsible for the injury. It also covers damage or injuries caused by your pets.
Additional Living Expenses: If your home becomes uninhabitable due to a covered loss, homeowners’ insurance can cover the cost of temporary living arrangements, such as hotel stays, meals, and transportation, until your home is repaired or rebuilt.
Medical Payments: This component covers medical expenses for guests who are injured on your property, regardless of fault. It’s intended to cover minor injuries and avoid potential lawsuits.
Additional Coverage Options: Depending on your policy and location, homeowners’ insurance may or may not offer additional coverage for specific risks, such as flood insurance, earthquake insurance, or coverage for valuable items like jewelry or art.
It’s important to note that homeowners’ insurance policies can vary significantly based on the insurance company, policy type, and the specific coverage options chosen. Homeowners should carefully review and customize their policies to suit their individual needs and circumstances. This insurance is usually a requirement for homeowners with a mortgage and is a crucial tool for protecting one’s investment in their home and personal property.
For all Homeowners Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.
Renters
Renters insurance, also known as tenant insurance or rental insurance, is a type of insurance policy designed to protect individuals who are renting or leasing a residential property (apartment, house, condo, etc.) from various financial risks and liabilities. This insurance typically provides coverage for the following:
Personal Property Coverage: Renters insurance helps protect your personal belongings, such as furniture, clothing, electronics, and appliances, in case they are damaged, stolen, or destroyed by covered perils like fire, theft, vandalism, or certain natural disasters.
Liability Protection: It includes liability coverage, which can help cover legal expenses and potential damage if you are found responsible for causing injury to someone else or damaging their property while in your rented space.
Additional Living Expenses: If your rental unit becomes temporarily uninhabitable due to a covered loss, renters’ insurance can assist with the cost of alternative accommodations, such as hotel stays, meals, and transportation, until your residence is habitable again.
Medical Payments: This component covers medical expenses for guests or visitors who are injured in your rented space, regardless of fault. It’s intended to cover minor injuries and avoid potential lawsuits.
Loss of Use: Also known as “additional living expenses,” this coverage helps pay for the extra costs you might incur when temporarily living elsewhere due to a covered loss.
Coverage for Specific Items: Renters can often choose to add coverage for specific high-value items, such as jewelry, art, or musical instruments, that may not be fully covered by the standard policy.
Renters insurance is typically affordable and provides valuable protection for tenants, as it safeguards their personal belongings, shields them from potential legal liabilities, and helps ensure they have a place to stay if their rental unit becomes uninhabitable. It’s important to understand the specific terms, coverage limits, and deductibles of your renter’s insurance policy and to tailor it to your individual needs and circumstances.
For all Renters Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.
Condo
Condo insurance, also known as HO-6 insurance, is a type of insurance policy specifically designed to provide coverage for individuals who own and reside in a condominium unit within a condominium building or complex. This insurance serves to protect condo owners from various financial risks and liabilities associated with their unique living situation. Condo insurance typically includes the following components:
Dwelling Coverage: Condo insurance covers the interior structure of your individual condo unit, including improvements and additions you have made, such as upgraded fixtures and built-in appliances. It provides protection against damage or destruction resulting from covered perils, such as fire, vandalism, or certain natural disasters. This coverage is necessary because the condominium association’s master insurance policy typically covers the building’s exterior and common areas, but not the interior of individual units.
Personal Property Coverage: This component of condo insurance protects your personal belongings, such as furniture, electronics, clothing, and appliances, from damage, theft, or loss due to covered events.
Liability Protection: Condo insurance includes liability coverage, which helps pay for legal expenses and potential damages if you are found responsible for causing injury to someone else or damaging their property while in your condo unit.
Loss of Use: Also known as “additional living expenses,” this coverage assists with the cost of alternative accommodations, such as hotel stays and meals, if your condo becomes uninhabitable due to a covered loss, and you need to temporarily live elsewhere.
Loss Assessment Coverage: This optional coverage helps protect condo owners from assessments levied by the condominium association to cover losses that exceed the master policy’s limits. For example, if there is a major fire in the condominium complex, and the association’s insurance is insufficient to cover the repairs, condo owners may be assessed for the remaining costs.
Condo insurance is essential for condominium unit owners because it bridges the gap between the master insurance policy held by the condominium association and the personal coverage needed to protect your condo and personal belongings. It’s important to review and customize your condo insurance policy based on your specific needs and the requirements of your condominium association, as policies can vary.
For all Condo Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.
Flood
Flood insurance is a specialized type of insurance coverage that provides financial protection against property damage and loss caused by flooding. Flooding is defined as the inundation of normally dry land by the overflow of inland or tidal waters, such as rivers, lakes, oceans, or heavy rainfall. Flood insurance is typically not included in standard homeowners or renters’ insurance policies, and it must be purchased separately.
Key features of flood insurance include:
Dwelling Coverage: This component of flood insurance covers the physical structure of your home, including the foundation, walls, roof, flooring, built-in appliances, and electrical systems, in the event of damage or destruction due to a flood.
Personal Property Coverage: Flood insurance also provides coverage for the contents of your home, such as furniture, electronics, clothing, and personal belongings, if they are damaged or destroyed by a flood.
Elevation Certificate: To determine the appropriate flood insurance rates, an elevation certificate may be required. This document assesses the elevation of your property in relation to the base flood elevation and flood zone in your area.
Flood insurance is essential for homeowners, renters, and business owners, particularly those located in flood-prone areas or near bodies of water. In many cases, it may be required by mortgage lenders or government regulations for properties in high-risk flood zones.
Flood insurance policies are typically offered through the National Flood Insurance Program (NFIP), a federal program administered by the Federal Emergency Management Agency (FEMA), or through private insurers that offer flood coverage. The cost of flood insurance can vary depending on factors such as the property’s location, the level of flood risk, the amount of coverage, and the deductible chosen.
Given the potential for devastating financial losses resulting from flooding, especially in areas prone to hurricanes, heavy rainfall, or river overflow, obtaining flood insurance is a wise measure to protect your property and assets from this specific natural disaster.
For all Flood Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.
Auto
Auto insurance, also known as motor vehicle insurance, is an agreement between an individual (the policyholder) and an insurance company. This agreement provides financial protection and coverage in the event of various risks and losses associated with owning and operating a motor vehicle, such as a car, truck, motorcycle, or other types of vehicles. Auto insurance serves to mitigate the financial impact of accidents, damage, theft, or other unforeseen events involving your vehicle.
Key components of auto insurance typically include:
Liability Coverage: This coverage is designed to protect the policyholder from financial responsibility for injuries or property damage caused to others in an accident for which they are at fault. It includes two main components.
Bodily Injury Liability: Covers medical expenses, lost wages, and legal costs for injuries sustained by others.
Property Damage Liability: Covers damage to other people’s property, such as their vehicles or structures.
Collision Coverage: This component covers the cost of repairing or replacing your vehicle if it is damaged or destroyed in a collision with another vehicle or object, regardless of fault.
Comprehensive Coverage: Also known as “comp coverage,” this coverage protects against non-collision-related damage to your vehicle. It typically covers theft, vandalism, natural disasters, and encounters with animals like deer.
Personal Injury Protection (PIP) or Medical Payments: These optional coverages help pay for medical expenses, rehabilitation, and sometimes lost wages for you and your passengers, regardless of who is at fault in an accident.
Uninsured/Underinsured Motorist Coverage: This coverage provides protection if you are involved in an accident with a driver who has little or no insurance, or in a hit-and-run situation, helping cover your medical bills and vehicle repair costs.
Additional Coverage Options: Depending on the insurance company and policy, you may have the option to add coverage for rental car reimbursement, roadside assistance, and more.
Auto insurance policies are typically customizable, allowing individuals to tailor their coverage to meet their specific needs and budget. Auto insurance is a legal requirement in most states and is crucial for protecting both the policyholder and others on the road in case of accidents or other unexpected incidents. The cost of auto insurance premiums depends on various factors, including the driver’s age, driving history, the type of vehicle insured, coverage limits, and deductibles.
For all Auto Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.
Umbrella
Personal umbrella insurance is a type of liability insurance that provides an additional layer of coverage above and beyond the limits of your existing insurance policies, such as auto insurance, homeowners insurance, or renters insurance. It is designed to protect you and your assets from significant financial losses in the event of a lawsuit or liability claim that exceeds the coverage limits of your primary insurance policies.
Key features of personal umbrella insurance include:
Expanded Liability Protection: Personal umbrella insurance increases the amount of liability coverage available to you. If you are found responsible for causing injuries to others or damaging their property and the costs exceed the limits of your primary insurance policies, your umbrella policy kicks in to cover the excess expenses, up to the policy’s limit.
Broader Coverage: In addition to extending the coverage limits of your primary policies, a personal umbrella policy may provide coverage for certain liability claims that are not covered by your underlying policies. This can include claims related to libel, slander, or false arrest.
Legal Defense Costs: Personal umbrella insurance typically covers legal defense costs, including attorney fees, court costs, and other legal expenses associated with defending against a covered liability claim or lawsuit.
Coverage for Worldwide Incidents: Personal umbrella insurance often provides coverage for liability incidents that occur anywhere in the world, not just within the United States.
Personal umbrella insurance is an important tool for individuals and families with significant assets to protect, as it helps shield your savings, investments, and property from being used to satisfy judgments in a lawsuit. It also provides peace of mind by offering an extra layer of protection in today’s litigious society.
To obtain personal umbrella insurance, you usually need to have specific minimum liability limits on your primary insurance policies, such as auto and homeowners’ insurance. The cost of a personal umbrella policy is generally quite affordable relative to the additional coverage it provides. The amount of coverage available through a personal umbrella policy varies, but it often starts at $1 million and can go much higher depending on your needs and the insurer’s offerings.
For all Umbrella Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.
Boat & Yacht
Most companies provide coverage for property damage for small boats such as canoes and small sail boats or small power boats with less than 25 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home’s insured value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included but it can be added as an endorsement to a homeowner’s policy.
Larger and faster boats such as yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.
For physical loss or damage, coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment as part of either an actual cash value policy or on an agreed amount value basis. These policies also provide broader liability protection than a homeowner’s policy.
We can help you insure your boat or watercraft on water and on land. Get the proper coverage for your boat, motor and trailer. Coverage for liability lawsuits and medical payments can be included. Relax and enjoy the water with a peace of mind.
For all Boat and Yacht Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.
Valuable Items
Valuable items insurance, also known as scheduled personal property insurance or valuable articles insurance, is a specialized type of insurance coverage designed to protect high-value items that may not be adequately covered by a standard homeowners or renters insurance policy. This insurance is tailored to safeguard specific valuable possessions, such as jewelry, fine art, antiques, collectibles, rare coins, valuable instruments, and other items of significant worth.
Key features of valuable items insurance include:
Item-Specific Coverage: Valuable items insurance allows you to list and insure individual high-value possessions at their appraised or agreed-upon value. This means that each item is covered for a specific amount, and in the event of loss, theft, or damage, you are entitled to receive compensation based on the agreed value, rather than a standard policy’s general coverage limit.
Broader Coverage: This insurance typically provides coverage for a broader range of perils compared to standard policies, including accidental loss, damage, or theft. It may also cover items while you travel or temporarily remove them from your home.
Appraisal and Documentation: To obtain coverage for valuable items, you may need to provide documentation such as appraisals, receipts, photographs, or descriptions of the items to be insured. This helps establish their value and condition.
Customizable Coverage: You can tailor valuable items insurance to your specific needs, adding or removing items as your collection changes over time. The policy allows for flexibility in coverage limits and types of items insured.
Deductibles: Policies may include a deductible, which is the amount you must pay out of pocket before the insurance coverage applies. Deductibles can vary based on the insurer and the policy terms.
Valuable items insurance is crucial for individuals who own high-value possessions that exceed the limits of standard homeowners or renters’ insurance policies. It provides a level of protection that is commensurate with the value of your collectibles, jewelry, art, or other valuable assets. Without this specialized coverage, you may be at risk of inadequate compensation in the event of a loss, theft, or damage to your valuable items.
For all Valuable Items Insurance questions and to get a fast and free quotes call directly to our personal lines account executive Kimberly Occasio at 718.241.8500 ext 110. Admiral team is always here to help you.