WP Insurance Agency
WP Insurance Agency, LLC, offers our customers personal insurance coverage in New Jersey and New York at competitive rates and at the level of service you have come to expect. :
HOMEOWNERS INSURANCE
PERSONAL UMBRELLA LIABILITY
Over and above your standard homeowners and automobile coverage to provide maximum
asset protection.
HOMEOWNER'S INSURANCE
The biggest investment most people will ever make is in their home. That's why
it makes sense to protect the sizable financial investment you've made in your
own home with a comprehensive homeowners plan. Request a Quote
Homeowners Insurance Policy FAQ
Your home is far more than an investment to you and your family, so it makes sense
to be sure that your home and property are adequately insured. Following are some
Frequently Asked Questions regarding Homeowners Policies. Contact us for any other
questions you may have or continue on to our Homeowners Quote Form.
What does a homeowners policy generally cover?
Why are contents replacement cost coverage and building replacement
cost coverage so important?
What isn't covered?
How should I prepare to file a claim if my home is burglarized
or damaged by a storm?
What should the inventory include?
What if I rent a house or apartment or own a condominium unit?
What does a homeowners policy generally cover?
Your homeowners policy is meant to protect you, your home and
your belongings. A homeowners policy covers most losses that may occur to your
dwelling and personal property. Commonly, losses resulting from theft, fire, wind,
hail or freezing are covered as well as damages caused by explosions, falling
objects, certain types of water damage and electrical current and heating system
accidents. Damage to your personal property is covered anywhere in the world.
In addition, a homeowners policy offers you personal liability
protection (for non-business pursuits) in case someone is hurt on your property,
or in case you cause injury to someone away from your home and are sued.
Because each consumer's needs differ, your homeowners policy
may be different than your neighbor's. Call us to review your coverage.
Why are contents replacement cost coverage and building
replacement cost coverage so important?
Replacing your home and your furnishings, clothing and other
possessions could be very expensive. Contents replacement
cost is a critical part of your homeowners coverage. Why? If your television
is stolen, your standard homeowners policy would cover the purchase price less
depreciation applied to the stolen set. Under a policy with replacement cost coverage
you are covered for the cost to replace the set. You do not have to worry about
depreciation or inflation.
Most of your personal property may be covered. However, antiques
and rare items are subject to the actual cash value provisions of the policy.
Building replacement cost coverage
works the same way. With this coverage, your home will be fully repaired or rebuilt
without depreciation up to the coverage limit. (Increased costs to re- build as
a result of ordinances or laws must be insured separately.) Policies also cover
loss of use of your residence premises. If you are unable to occupy your home
because of a covered loss, this coverage pays for any reasonable increase in your
living expenses necessary to maintain your normal standard of living-including
a place to stay, food and transportation.
Contact us for more information on this coverage. Note that
most homeowners coverage is subject to a policy deductible and that your homeowners
policy limits and sub limits will apply.
What isn't covered?
Homeowners policies generally limit the amount of coverage on
guns, fine jewelry, furs, silver and other possessions that are highly susceptible
to loss and not owned by most policyholders. These possessions can be covered
fully by adding an endorsement to your homeowners policy. Flood and earthquake
damage generally are not covered under your homeowners policy, but separate coverage
may be purchased. Contact us to find out what is covered and what insurance you
may need.
How should I prepare to file a claim
if my home is burglarized or damaged by a storm?
We are always available to any of our clients who need our assistance.
You should contact us right away if your home is damaged or burglarized, and,
as your professional insurance agent, we will help you file your claim.
And be sure to inventory your belongings - a household inventory could be invaluable
if some or all of your household belongings are lost through damage or theft.
With the inventory, you can quickly recall and report to us what you have lost.
What should the inventory include?
The inventory should include a record of your household furnishings
and belongings, when you purchased them and their original cost. With an investment
of just a few hours, you can survey your belongings and be prepared in the event
of a loss.
A good way to take inventory is to first list all of your major
belongings and furnishings, room by room. Record a brief description, any serial
numbers, purchase prices and dates and current value. Attach receipts and appraisals.
Second, back up your inventory with photos. Videotaping your home and possessions
while speaking into the camera's microphone describing what you are taping is
a good idea. Be sure to date the videotape. Store the inventory with the receipts,
photos and videotape in a secure area off-premises, such as a safe-deposit box.
CONDOMINIUM / RENTERS INSURANCE
Some of the same protections available under a homeowners policy also are available to renters and condominium owners.
Your condominium is your home and you need to protect your possessions
against theft, fire, wind damage, etc. Most condo associations insure the condo
structure and grounds, but it may be up to you to insure the property in your
unit - fixtures, appliances, flooring - depending on the requirements of your
association bylaws.
In addition, a condominium policy's personal liability coverage
can pay an assessment levied against you for a portion of the loss when a person
is hurt on the premises if the condo association does not have adequate insurance
coverage. Like a homeowners policy, a condominium policy also can protect you
or a house- hold member for liability as a result of accidents.
Have your association bylaws available, and we'll help you determine
your insurance needs.
Renters insurance offers much of the same coverage - personal
liability, contents replacement cost coverage and additional living expenses.
Request a Quote
PERSONAL UMBRELLA LIABILITY
A Personal Umbrella or Excess Liability policy provides additional protection for you in case a judgement against you exceeds the liability limits of your existing auto or homeowners policy. The most that can be purchased for homeowners policies is $500,000 or $250,000 per person while auto insurance is limited to $500,000 per accident.
Umbrella insurance increases your personal liability limits by adding amounts ranging from one to five million dollars above your current auto, boat or home coverage.
Excess Liability also covers some things not covered in your homeowners policy, such as libel, as long as it is not specifically excluded from your umbrella policy.
Excess liability coverage provides:
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Protection for covered claims by others for personal injury or property damage caused by you, members of your family/household, or hazards on your property for which you are legally liable
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Personal liability coverage for occurrences on or off your premises
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An additional layer of protection above your primary auto policy against auto-related liabilities
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Protection against non-business related personal injury liabilities such as slander, libel, wrongful eviction or false arrest
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Legal defense costs for a covered loss. Lawyer fees and associated court costs are covered
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Worldwide coverage- no matter where you go, with the only exception being situations involving foreign ownership of dwellings or cars
FLOOD INSURANCE
Who needs flood insurance?
Everyone. And, by law, anyone in a participating community of the National Flood
Insurance Program (NFIP) can buy flood insurance.
Backed by the U.S Government, flood insurance is available in more than 19,000
communities across America. The NFIP provides coverage for damage to structures
and contents from flooding, flood-related erosion, and flood-caused mudslides
not covered under most property policies.
A National Flood Insurance Flood policy can protect your home or business.
Contact us for a flood insurance quote.
Check Your Risk for Flooding and whether Flood Insurance is required by Law on
the FEMA website
- Everyone lives in a flood zone.
- You don't need to live near water to be flooded.
- Floods are caused by storms, melting snow, hurricanes, and water backup
due to inadequate or overloaded drainage systems, dam or levee failure, etc.
- Flood damage is not covered by homeowners policies.
- You can protect your home, business, and belongings with flood insurance
from the National Flood Insurance Program.
- You can insure your business with flood insurance for up to $500,000
for the building and $500,000 for your contents.
- You can buy flood insurance no matter what your flood risk is.
- It doesn't matter whether your flood risk is high, medium, or low, you
can buy flood insurance as long as your community participates in the National
Flood Insurance Program.
- And, it's a good idea to buy even in low or moderate risk areas: almost
25 percent of all flood insurance claims come from low- to moderate-risk areas.
- There is a low-cost policy for homes in low- to moderate-risk areas.
- The Preferred Risk Policy is available for just over $100 a year.
- You can buy up to $250,000 of coverage for your home and $60,000 of coverage
for your contents.
- Flood insurance is affordable.
- The average flood insurance policy costs approximately $400 a year for
about $100,000 of coverage.
- In comparison, a disaster home loan can cost you more than $300 a month
for $50,000 over 20 years.
- Flood insurance is easy to get.
- You can buy NFIP flood insurance from private insurance companies and
agents; call Van Dyk today!
- Contents coverage is separate, so renters can insure their belongings too.
- Up to $500,000 contents coverage is available for business owners and
renters and up to $250,000 for homeowners.
- Whether you rent or own your home or business, make sure to ask your
insurance agent about contents coverage. It is not automatically included with
the building coverage.
- Up to a total of $1 million of flood insurance coverage is available for non-residential
buildings and contents.
- Up to $500,000 of coverage is available for non-residential buildings.
- Up to $500,000 of coverage is available for the contents of non-residential
buildings.
- There is usually a 30-day waiting period before the coverage goes into effect.
- Plan ahead so you're not caught without flood insurance when a flood
threatens your home or business.
- Federal disaster assistance is not the answer.
- Federal disaster assistance is only available if the President declares
a disaster.
- More than 90 percent of all disasters in the United States are not Presidentially
declared.
- Flood insurance pays even if a disaster is not declared.
*Information Provided by FEMA
^About National Flood Insurance
In 1968, Congress created the National Flood Insurance Program (NFIP) in response
to the rising cost of taxpayer funded disaster relief for flood victims and the
increasing amount of damage caused by floods.
The Mitigation Division a component of the Federal Emergency
Management Agency (FEMA) manages the NFIP and oversees the floodplain management
and mapping components of the Program.
Nearly 20,000 communities across the United States and its territories
participate in the NFIP by adopting and enforcing floodplain management ordinances
to reduce future flood damage. In exchange, the NFIP makes Federally backed flood
insurance available to homeowners, renters, and business owners in these communities.
Flood damage is reduced by nearly $1 billion a year through
partnerships with communities, the insurance industry, and the lending industry.
Further, buildings constructed in compliance with NFIP building standards suffer
approximately 80 percent less damage annually than those not built in compliance.
And, every $3 paid in flood insurance claims saves $1 in disaster assistance payments.
The NFIP is self-supporting for the average historical loss
year, which means that operating expenses and flood insurance claims are not paid
for by the taxpayer, but through premiums collected for flood insurance policies.
The Program has borrowing authority from the U.S. Treasury for times when losses
are heavy, however, these loans are paid back with interest.
Flood Insurance is required by law
To get secured financing to buy, build, or improve structures
in Special Flood Hazard Areas (SFHA's) you will be required to purchase flood
insurance. Lending institutions that are federally regulated or federally insured
must determine if the structure is located in a SFHA and must provide written
notice requiring flood insurance.
Flood insurance is available to any property owner located in
a community participating in the NFIP. All areas are susceptible to flooding,
although to varying degrees, in fact, 25% of all flood claims occur in the low-to-moderate
risk areas. Flooding can be caused by heavy rains, melting snow, by inadequate
drainage systems, failed protective devices such as levees and dams, as well as
by tropical storms and hurricanes.
There's a big difference between having to buy flood insurance
because the law says you must and choosing to buy flood coverage because it's
in your best interests to do so. We recommend that all property owners purchase
and keep flood insurance because it is the best means of recovery from flood damage.
Keep your peace of mind knowing that your property will be
protected from damages from the next storm and you're not left to cover the losses
yourself!
