Frequently Asked Questions
HOW MUCH COVERAGE IS PROVIDED IN A PERSONAL LIABILITY UMBRELLA POLICY?Personal liability umbrella policies typically provide $1 million or more worth of coverage in addition to auto or homeowners policies.
IS PERSONAL LIABILITY UMBRELLA COVERAGE IN LIEU OF MY AUTO AND HOMEOWNERS INSURANCE?Personal liability umbrella coverage provides additional protection above and beyond auto and homeowners policy limits.
IF I HAVE AUTO AND HOMEOWNERS POLICIES, WHY DO I NEED A PERSONAL UMBRELLA POLICY?Today, lawsuits are commonplace. If you accidentally injure someone, the lawsuit brought against you can exceed your auto or homeowners policy limits.
WHY SHOULD I HAVE HOME INSURANCE?If you have a mortgage then your bank will insist on you insuring the buildings as a condition of the loan. This is to ensure that if an event occurs that results in the home being destroyed the rebuilding costs will be met, thus safeguarding their investment.
Home insurance provides you with the security and peace of mind to replace buildings or contents in the event of a loss.
WHAT ARE CONTENTS?Contents comprise everything that you could take with you if you were to move home. Go through every room including the garage and shed making an inventory of contents. Any satellite dishes or aerials are considered to be an extension of the television and are therefore covered under your contents policy.
HOW DO I CALCULATE HOW MUCH INSURANCE COVERAGE I NEED?Insurance coverage is based on the cost to repair or replace your home and therefore bears no relation to the market value which is dependent on many factors, including locality, local amenities, size of plot, etc.
DO I NEED ADDITIONAL INSURANCE FOR MY DETACHED GARAGE AND STORAGE SHED?While policy language varies from company to company, many homeowner insurance policies automatically cover structures on your property for up to ten percent of the amount of coverage on your dwelling. Additional coverage may be available.
IF I PLAN TO ADD ON TO MY HOME, DO I NEED TO MAKE SURE IT IS PROTECTED?Any modifications that increase the value of your home should be reported to your insurance company. The amount of coverage provided by your policy will be adjusted to reflect the change in value.
WHY DO I NEED RENTERS INSURANCE?Renters insurance provides coverage to protect your personal possessions. Renters insurance also provides needed and affordable personal liability protection.
WHY DO I NEED CONDOMINIUM OR TOWNHOUSE INSURANCE?Condominium and townhouse insurance provides coverage for your personal possessions, additions and alterations made to the property and loss assessed by the association. Most insurers also include personal liability protection in condominium or townhouse policies.
IF MY DOG BITES SOMEONE, AM I COVERED?Generally, an injury to someone other than a household member, resulting from an animal bite, is covered by many homeowners policies. Check your policy to make sure you are protected against this type of loss.
DOES MY CAR INSURANCE PROVIDE COVERAGE FOR A VACATION RENTAL CAR?Yes. Most car insurance policies provide the same coverage for rental vehicles as provided for your own vehicles, for up to 30 days. An additional coverage that may be needed is "loss-of-rents." This coverage allows the car rental company to recoup funds lost as a result of not being able to rent a car due to loss on your behalf.
DOES MY AUTO INSURANCE COVER OTHER DRIVERS?While policy language varies from company to company, auto insurance policies generally cover anyone you give permission to drive your vehicle. Normally all coverage’s remain in effect, regardless of the driver. Permission is automatically granted to all members of your household unless a driver is specifically excluded from your policy.
WHAT IS THE DIFFERENCE BETWEEN COLLISION AND COMPREHENSIVE COVERAGE?Collision covers accidental loss or damage to your vehicle because of a collision with an object or another vehicle or if the vehicle rolls over. Comprehensive covers losses named in the policy that are not collision losses. Examples of comprehensive losses include: vandalism, theft, fire and hail.
HOW DOES ANCHOR AGENCY GET PAID?As a best practice for exceptional customer service, Anchor Agency employs salaried sales staff, (not commission based.) As an Independent Agency, we are not limited to any specific company and may contract with other carriers as needed. Our entire income is derived from standard commission agreements which are provided by the insurance companies, regulated by their filing with the New York State Department of Insurance. Anchor Agency operates on a philosophy of transparency for commission. We share all commission schedules as requested. We believe that the selection of Employee Benefits Insurance should be based on a client’s needs and so we review each client’s situation and place business with insurance companies based on our understanding of the client’s needs and the insurance company’s ability to meet those needs. Anchor Agency was among the first brokers to write High Deductible Health Plans (which drastically reduced premium dollars and commission) for our clients.
WE KEEP YOU UPDATED WITH SIGNIFICANT CHANGES, SUCH AS PPACA, COBRA AND HIPPA CHANGESAnchor Agency endeavors to stay on top of the ever evolving changes in government regulations and healthcare reform. The first step is to make sure our staff understands the implications of any new and changing regulations. To accomplish that, we are connected to various industry organizations such as Professional Insurance Association, National Association of Health Insurance Underwriters, and the Independent Insurance Agents and Brokers of New York, Inc. We also avail ourselves of the seminars, webinars and other educational services offered through the regulatory agencies that govern our business.
WHAT ARE ANCHOR AGENCY’S SERVICE STANDARDS? E-MAIL, PHONE AND ONSITE VISIT?Anchor Agency will respond to telephone and e-mail requests no later than the same business day. Our intent is to return all calls and e-mail inquiries as soon as possible. Our office is equipped with an integrated voicemail and e-mail service that enhances our ability to be responsive to our clients. For on-site visits, our proximity to your office will enable us to be on-site easily at your request within 24 hours.
A main point of contact will be established for your business, but our team approach will ensure a prompt response from our Agency.