Not every insurance company is made equal, and this fact will never be more readily apparent than after you call Ferris Agency. Our highly skilled and knowledgeable representatives will analyze your business or individual needs and quickly provide you with realistic solutions to address your insurance concerns. Your (business service) experience shouldn’t make your life more complicated; it should be providing you with peace of mind and worry-free solutions.
Bodily Injury liability- Pays the other person in an accident if you legally obligated to pay due to (accidental) negligence, determined in a law suit. NYS requires $25,000 per person and $50,000 total.
Property Damage liability- Pays the other party in an accident for damage you or a covered person causes after fault has been determined, no law suit is needed. NYS requires $10,000.
These coverages with appear on your declarations page (first pages of your policy) as: 25/50/10.
The Ferris Agency recommends that your “per person” liability limit is at least as much as you assets or your net worth. Also that your “property damage” liability limit covers the cost of an average car.
Uninsured or Underinsured Motorist – This coverage pays in the event that a person liable to you does not have any insurance or is under insured to pay the entire amount they a legally obligated to pay. NYS requires $25,000/50,000, there is no “uninsured property damage” in NYS. Ferris Agency recommends you carry the same limits as your own “bodily injury” coverage.
Personal Injury Protection (PIP)- AKA “No-Fault insurance”. PIP covers incidental expenses, primarily medical expenses, in an auto accident before any negligence (“fault”) is determined. So it will surprise you to know that when someone is injured in an auto aciddent it’s their own PIP insurance paying the medical bills, negating the need to sue anyone for a minor injuries. The “No-Fault” Law states the conditions and reasons a person can sue someone else in the event of an auto accident in NYS. It also covers work loss and offers “basic economic loss” as an endorsement to the policy. This coverage contains the cost of insurance and regulates personal injury attorneys, reducing the court systems backlog. In states where there they do not have a “No-Fault” law the cost of insurance is usually higher. Ferris Agency recommends the statutory $50,000 with the “optional basic economic loss” endorsement.
Collision: Covers physical damage to your vehicle, and in some cases vehicle you do not own, caused a collision with another vehicle or fixed object. It will pay the “actual cash value” of the vehicle, minus the agreed upon deductible.
Comprehensive, AKA other than collision: Covers physical damage other than collision and should include no deductible on window glass. It includes, but is not limited to: missiles, falling objects and animal strike.
Rental Reimbursement: Covers the cost of a rental car in the event of a covered collision or comprehensive loss.
Towing and Labor: Covers or reimburses the cost of towing or disablement.
Effective Insurance Options for the 21st Century
Recent changes to rules and regulations have made insurance significantly more complicated. You need a partner who understands the changing insurance landscape, and one who will strive to provide you with comprehensive solutions your business can rely on.
There are a few different aspects to homeowners insurance: “What’s covered by your homeowners?”, “What perils/risks is it covered for?” i.e. “Is my roof covered in a windstorm?” (Yes) “Is my couch covered when I spill something on it?” (No).
There are three basic components:
Dwelling is the structure itself, exclusive of the contents.
Contents is your personal property. The best way to distinguish between the two is to imagine turning the house up-side down and whatever falls out is contents, what stays in (wall to wall carpet, cupboards, etc.) is Dwelling.
Liability (comprehensive personal liability) is attached to a dwelling policy to make it a “Homeowners” policy. It covers you when you are personally negligent and are legally obligated to pay a third party. It is not “professional” liability for any business exposure.
Most Homeowners policies today are “all peril” on dwelling meaning they cover everything unless specifically excluded (i.e. flood, animals, war like acts) and contents are “named peril” meaning they are only covered for what is stated in the policy. (i.e. windstorm, fire, smoke, theft)
Ferris Agency recommends that you cover your home and personal property for what it will cost to “replace it” and not just what it is worth.
Your liability should be equal to your assets.
Also, compare deductibles to get the best value. Keep in mind Homeowners is used even less than auto insurance.
Our agents are trained and happy to help in all aspects of your policy and what is right for you.