Is Flood Insurance Mandatory in New York?

When it comes to floods, there are many unknowns. This natural disaster could or could not destroy your property. But instead of rolling the dice and hope you will be safe, it’s better to secure yourself with flood insurance from Genesee Valley Agency of Arkport, NY.

But is flood insurance mandatory? Why do I need flood insurance? If you are having such questions about flood insurance, keep reading for insights.

Is flood insurance mandatory?

If you live in a high-rise house in New York, you can safely do without flood insurance. However, for most New Yorkers, flood insurance is necessary, if not required. 

For starters, if you live in a flood-risk area and a federal-regulated lender finances your home, you must buy flood insurance. But even if this is not the case, you still need flood insurance to protect your home and loved ones. 

Why do I need flood insurance?

The sad bit about flood insurance is that it’s not covered by home insurance. Most homeowners are usually disappointed when they learn that they will incur out-of-pocket repairs when floods strike, even though they have a home insurance policy.

Given this reality, it’s imperative to purchase flood insurance from private insurers or National Flood Insurance Program (NFIP). This coverage protects your building and its contents when floods strike. 

Additionally, flood damage can be expensive. According to FEMA, a one-inch rise in water levels can cost above $25,000 in repairs! Fortunately, you can avoid these costs by purchasing flood insurance.

Buy flood insurance today!

Given that anyone is at risk of floods, it’s a good idea to purchase coverage from Genesee Valley Agency. This way, you don’t have to shudder every time the weatherman mentions a looming windstorm. You will sit nicely in your cozy Arkport, NY home, knowing that your insurer will cover flood damage.

Do I Need Life Insurance?

Those with anyone with a family or dependent can benefit from purchasing a life insurance policy. Most people buy life insurance policies to help ensure their family is taken care of in the event of their passing. Many policies pay out money to help pay for funeral and burial costs, mortgage payments, college tuition, and daily expenses. Purchasing life insurance in Arkport, NY helps ensure loved ones can continue living the life they are used to living. 

If you have questions about if you need life insurance, call the agents at Genesee Valley Agency. 

Determine Your Family’s Need for Life Insurance

Life insurance ensures your family can continue to live the life they are accustomed to in the event of your death. Are you still wondering if you need life insurance? Ask yourself the following questions, and if you answer yes to any question, you need life insurance. 

  • Do others depend on you financially? 
  • Does your spouse depend on your income? 
  • Are you a caregiver for an elderly relative who relies on your income? 
  • Do you own a business? Or have a business partner? 
  • Do you want to expand your savings or estate options? 

Types of Life Insurance Policies

There are two basic life insurance policies — term life insurance and whole life insurance. Each policy provides a death benefit payout in the event of the policyholder’s passing; however, they do differ in many ways. 

Term life insurance only pays out benefits if the policyholder passes during the term of the policy. So, for example, if you purchase a ten-year policy, the policy would expire at the end of the term, and no death benefits are paid out if the policyholder is still alive. 

Whole life insurance pays out a death benefit no matter when the policyholder passes. Essentially, this policy lasts the policyholder’s entire life. Additionally, you can borrow money against your whole life insurance policy because it does carry a cash value, where a term life insurance policy does not. 

Those in Arkport, NY, still wondering if they need life insurance should call the experts at Genesee Valley Agency to discuss policy options and benefits. 

Preparing for Hurricane Season

 

With Hurricane Ida terrorizing houses from New Orleans to New York, many are regretting skimping on their flooding insurance this last month. Even areas that have no bodies of water around them can experience damage resulting from the tropical storms that hurricanes bring! Keeping yourself protected for the worst circumstances is what insurance is here for. Flood insurance can keep your mind at ease, even during a drastic flooding incident. 

 

Prevention is the key. Let’s go over how to keep yourself safe before, during and after hurricane season, for the remainder of Ida and for any inevitable future hurricanes 

 

 

Assessing Your Risk

 

New York State has many bodies of water both within and surrounding it. While it allows for fun trips to the beach and relaxing boat trips on the lake, it also increases the risk of flooding during hurricane season. Assessing how much flood risk your property may have is a good way to keep yourself and your family safe. By using your own past experience, experience from your neighbors, or helpful websites like www.myfloodrisk.org, you can decide how likely you are to be affected by a flood. 

 

Buy Flood Insurance 

 

Now that you have a good idea of the likelihood of being affected by a flood, the first thing you can do is to insure your property. Review your current homeowners policy, as many base insurance policies do not cover damage from flooding or storms. If your current insurance doesn’t cover it, talk to your insurance representative about how you can add flooding and storm damage insurance. Don’t wait until hurricane season is already here! Policies tend to go for less during the months before, so it will be beneficial to plan beforehand. 

 

Inspect Your Home 

 

Once hurricane season is upon you, making sure your house is as secure as possible will help 

reduce and perhaps even prevent water from coming in. Ensure you don’t have any visible cracks or holes around the sides of your house. Put up sandbags as a way to divert water away from any openings or risk areas you may have. If possible, relocate important furniture or items that you can’t risk losing to a higher area of the house. 

 

Prepare a Safety Kit

 

A last precaution is to prepare a safety kit in case of emergencies. Packing a bag full of all the essentials that you might need in a situation where the flooding requires evacuation will help alleviate some of the stress during hurricane season. Pack things like water, extra food, a radio, batteries, a portable phone charger, and flashlights. Keep yourself and your family safe by staying prepared! 

 

 

Stay Inside

 

Assuming you are in an area that is high risk, follow all of the local guidelines provided by the authorities. Stay inside when you are advised to. Keeping inside during the storm will prevent getting trapped due to water affecting the roads and keep you in a place where you are secure.  

 

Stay Out of the Water

 

If you are affected by flooding, either inside or outside of your house, do not go into the water. Flooding water can have pollution, debris, sewage and other hazardous materials inside of it. To keep yourself safe from sickness or injury, avoid the water if at all possible. 

 

Contact Your Insurance Agent

 

If you have flood damage from the storm, contact your Insurance agent as soon as possible. Your agent can help you with the claim process and what to do first to prevent further damage to your home. 

 

What does auto insurance cover?

Auto insurance offers a variety of different types of coverage. It is designed to protect others from you and at the same time give you the opportunity to protect your vehicle from a variety of risks. You have choices and making the correct one will make sure you have the protection that is right for you personally and your vehicle. At Genesee Valley Agency in Arkport, NY we believe the way our customers are treated represents our business. We believe our employees are our greatest asset. 

Some of the coverage auto insurance offers is mandated. Every state has their requirements. In New York the requirements are PIP (Personal injury protection), liability and uninsured motorists. If your vehicle is leased or has a car loan, you will need to have collision and comprehensive. 

PIP

No-fault- Personal injury protection is insurance that covers medical injuries, lost wages and other reasonable expenses from an accident caused by your vehicle. 

Liability

Protects other people and their property from injury you may inflict with your own vehicle or while driving someone else’s vehicle with their permission. 

Uninsured motorist

This protects you, your family and anyone else who might be in your vehicle when you are in a hit-and-run accident or in an accident with someone who does not have insurance. 

Collision

This coverage protects your vehicle in the event you are the driver who causes an accident. It will pay for repairs and replacement in the event your vehicle is totaled minus a deductible. 

Comprehensive

Comprehensive coverage also covers your vehicle. It protects you from events beyond your control like theft, vandalism, hail, wind, and large animals like deer that run into the road in front of your vehicle. Glass coverage is usually included. 

Contact Genesee Valley Agency in Arkport, NY for all your auto insurance needs. 

Commercial Insurance in New York: Why You Must Have It

When you have a business in New York, you have a lot of worries on your mind. Every day that you open your doors, you worry about any potential risk to your business, and you should. This is your income and service to others that you are responsible for.

At Genesee Valley Agency, we want every Arkport, NY business owner and operator to be protected financially from every liability and financial risk. You need New York commercial insurance to protect you from all the things you worry about when you open the doors every morning.

General Liability

Slip and falls in a place of business are a multi-billion dollar insurance problem in the United States. Every day there are Americans in emergency rooms having injuries treated that happened when they went out to run errands for the day.

If you own commercial vehicles, liability insurance is required. However, you are not required to have it by law in New York. Even so, it is critical insurance to have to protect you from slip and falls, or people that want to claim them.

Property Insurance

Property insurance for a commercial business is insurance that covers the building of the business, and the contents of the business. Property insurance will protect you from events such as weather, theft, or fire. There are policies for that name perils specifically, or all perils commercial insurance.

New York flood insurance is typically a separate insurance policy when you want your commercial property protected against the common act of floods.

Business Interruption Insurance

The uncertainty of the business world in America has never felt this high. Business interruption insurance can cover you when events interrupt your course of business and lead to loss of revenue. That could include events such as terrorist attacks, crime, pandemics, hacking, or any event that was not caused by you or God that resulted in business interruption.

Get a Quote

At Genesee Valley Agency, we want all Arkport, NY business owners to be covered for every commercial risk. In addition to these kinds of coverages, we can help you find professional liability insurance, commercial auto insurance, cybersecurity insurance, umbrella insurance in New York, and more. Call us for a quote today.

Cybersecurity, and why it’s important.

 

Keep Your Data Safe. Get Cybersecurity Insurance.

 

Whether it’s personal or business, everything important is stored or processed online these days. This is the case even more so since the pandemic pushed everyone into their homes and all lines of communication became digital. While the convenience and accessibility is incredibly important, putting our lives and businesses online has created an Achilles’ heel that many hackers are using for their own benefit.

Hackers are getting smarter as technology advances. Just in 2021, there have been large attacks that have dramatically affected the United States. Startling examples include the cyber attack on the Colonial Pipeline this May that cost the company a $5 million ransom, and the cyber attack on JBS, the world’s largest meat processing company, that caused factory shutdowns world wide.

While it is more unlikely that small businesses or the everyday man would be targeted for these kinds of attacks, it still happens. Leaving yourself open for an attack is dangerous, and buying cybersecurity insurance can protect you in the worst-case scenario.

 

What is Cybersecurity Insurance?

 

Cybersecurity insurance covers businesses and individuals against threats to online risks and liability. This can include things like coverage for data breaches, identity theft, and personal data theft. The core tenet of this insurance is helping people and companies recover from disastrous financial data hacks or personal data breaching.

 

 

If you’re a business, consider what your company needs protected the most. Protecting clientele information might be the first step you want to take with cybersecurity insurance. This would ensure that you would be covered in an incident in which client information, such as credit card numbers or Social Security numbers, is leaked. From there, protecting your own company’s information, as well as your employees’, might be on the top priority list. Figuring out what kind of coverage you need will help determine the best plan for you.

 

 

If you’re thinking about getting coverage for yourself, consider what is most important. Identity theft has become even easier with all our data being online. Keep yourself and your financial information safe through a plan that covers online data breaches. Just like a business, finding a plan that works best for what you need is incredibly important. Talk with an agent to decide what type of coverage might be best for your household.

Cyberattacks are scary, but there are ways to protect yourself and your personal information. Keep in mind, buying cybersecurity insurance is only part of the job! Make sure you’re doing everything you can to protect your data on your side as well. From complicated passwords to careful management of data, there are plenty of ways you can protect your information from being easily stolen.

Tips for preparing your home for an emergency

Emergencies happen no matter where you live. Even a great place like Arkport, NY is not free from the threat of emergencies.  Being prepared helps make even the worst emergency more palatable. As a homeowner, there are some simple tips and strategies you can employ to make sure that no matter what the emergency, you and your family will be okay. At Genesee Valley Agency in Arkport, NY we believe the way our customers are treated is a reflection of our entire agency, and we make sure to treat them all as valued friends. 

Secure important papers

There are many types of emergencies. Making sure your important papers are all secured means no matter what happens when the emergency is over you will have the things you need like your insurance policies, passports, birth certificates, driver’s licenses, etc.  

Water

Many types of emergencies result in loss of services. That means you may not have running water. Fill your bathtub with water and as many jugs as you can. Having three or four days’ worth of drinking water is imperative. 

Batteries

Having a large supply of batteries to keep things running helps keep you from sitting in the dark. You need battery-operated lighting and a battery-operated radio. 

Portable charger

Having a portable charger can keep your electronics operational. Things like a Halo can provide power for phones, tablets etc. 

A generator and fuel

If you can afford it, a generator that is attached to your home and will automatically turn on when the power turns off is a good option. If not, a portable generator and fuel mean you can run heat, A/C, and your refrigerator or freezer. 

Emergencies are never fun but being able to get through them is important. If you have home insurance needs, call Genesee Valley Agency in Arkport, NY. 

What Vehicles in New York Can be Covered by Recreational Insurance

Life is more fun when you have a recreational vehicle, but if you are using one, you want to do it right. The safest way to enjoy recreational vehicles is with recreational insurance. There are a number of types of vehicles this insurance will cover. 

At Genesee Valley Agency serving Arkport, NY, we want you to enjoy your recreational vehicles and feel safe as you do so. Learn more about the types of vehicles that we can help you to insure.

What is a Recreational Vehicle?

There are a number of different vehicles identified as recreational vehicles by insurance companies. Boats, RVs such as motorhomes and campers, watercrafts such as a jet-ski or seadoo, and ATVs are the most commonly insured vehicles. Jet-skis and seadoos are commonly covered under home insurance, but if you use them a lot or use them commercially, you will need a different kind of insurance.

ATVs that are used as off-road vehicles on your own property and nowhere else are not required to be insured or even plated. If you plan on using them as a vehicle for transportation, you will need to have insurance. For these vehicles it is always best to have liability insurance on them anyway. They are known to present safety risks and you want to be covered for any unintentional property loss or bodily injury.

Motorhome Insurance

Motorhome insurance is the most common kind of recreational vehicle insurance. Motorhomes come in a unique set of classes, depending on their size, and whether they have an engine. 

When you have a motorhome, you will start with the same protection that you would have for car insurance, such as liabilities. 

Get a Quote for Recreational Insurance

When you have a recreational vehicle, you want to enjoy it, and not worry about it. At Genesee Valley Agency, we want Arkport, NY to feel protected when they are using their recreational vehicle. Call us today for a quote.

Do I need renters insurance?

You will want to make sure that they receive appropriate coverage before moving into a new home. This need includes both property owners and renters. If you are going to rent a home here, there are a few reasons that you will need to have insurance.

Renters Coverage is Best Way to Protect Yourself

A reason that you should get renters insurance is that it is the best way that you can protect yourself. Those who move into a new rental home will bring personal items with them and take on some different liability risks. To ensure you are able to repair or replace your items and are protected against this risk, you need to get a full renters insurance policy.

Coverage is a Lease Requirement Set By Landlord

You will also want to get a renters insurance policy to stay in good standing with your landlord. A property owner knows that a renters insurance policy will give important protection and coverage to their tenants. As this can indirectly benefit a landlord, they often require that you have a full policy in place when your lease term starts. If you do not have this coverage and it is required, it could nullify your lease.

Getting renters insurance in Arkport, NY will always be a good investment. If you are going to get this insurance coverage here, you will want to speak with the team at Genesee Valley Agency – we also serve all of the Genesee Valley, Upstate & Western NY. Choosing a renters policy takes a lot of experience and analysis. The team with Genesee Valley Agency will explain your options and ensure you choose a policy that will provide you with the best type and level of coverage.

Why many New York motorcycle owners prefer comprehensive insurance

Obtaining motorcycle insurance can be a confusing prospect. Motorcycle owners must now carry liability insurance and have proof of insurance while operating their vehicles. The team at Genesee Valley Agency is here to advise bike owners in the Arkport, NY area on the mandatory requirements and comprehensive policies. While many owners choose a basic policy that meets minimum standards, others are opting for comprehensive policies.

Enjoy the peace of mind that comes with knowing that you are protected

Holding a basic policy may protect you from damages from a minor mishap, but it may not be sufficient if you are involved in something more serious. Liability and damage are often the two most significant areas of coverage when it comes to motorcycle insurance.

Motorcycle owners should sit down with their local insurance agent to determine the right policy for their needs. A knowledgeable agent can help by providing information on the different types of policies available and help you to determine which level of protection is appropriate.

Comprehensive coverage can provide insurance at a sufficient level to avoid personal liability and take care of expenses that can arise following a covered event. There’s no reason to be underinsured with the variety of coverage levels available to New York motorcyclists. 

We’ve got you covered!

Genesee Valley Agency is here to answer any questions you may have about motorcycle policy options in the Arkport, NY area. Our region is filled with beautiful places to ride, and it makes sense to have the proper protection in place for heading out to explore. Call or stop by today to meet with one of our knowledgeable agents!