What Flood Insurance Does and Doesn’t Cover in Brooklyn NY

You don’t need to have a Hurricane Sandy-sized problem to need flood insurance in Brooklyn, NY. Even so, these problems do happen to New Yorkers every year. You will need additional flood insurance with your home insurance or renters’ insurance policy if you live in New York and anticipate flooding claims in the future.

At NEC Agency INC., we want you to be protected against flood damage and losses. We can help you to understand what you do and don’t need with flood insurance.

Flood Insurance

Flood insurance is an additional insurance policy that you have to purchase on top of your home insurance or renter insurance. This will be purchased through your existing provided. Your coverage and premiums will depend on what zone you live in, and the value of your contents. Flood insurance is not required in New York unless your lender requires it.

Flood Insurance Coverage

What flood insurance will cover is your building and the foundation. It will also cover your central utility systems, such as electrical and plumbing, and heating. Flood insurance will cover your major appliances, carpeting, bookshelves, cabinets, and wall paneling or covering.

You can buy additional property or contents insurance with flood insurance to cover contents such ad technology, devices, clothing, and general contents of value.

Flood Insurance Gaps

What flood insurance will not cover is damage caused by mold, or valuables such as gold, silver, and paperwork. Anything that is outside the home or building is not covered by flood insurance, such as your car or RV.

You also will not get temporary housing benefits with flood insurance. You can however purchase that as an add-on to your existing home insurance policy.

Get a Quote

When you are looking for flood insurance in Brooklyn, NY, the NEC Agency Inc. understands your unique needs. Call us for a quote today.

How life insurance figures into financial planning

Life insurance is a decision you make to give financial support in the event of your death. It is your last gift to your family and loved ones. No one talks much about it, so you may have many questions about when to buy and what to buy. At NEC Agency Inc in Brooklyn, NY, we are dedicated to providing our customers with high service and quality products. We will work hard to give you a positive insurance experience.

Financial planning begins early in life. As soon as you have a job that allows you to save some money, it is time to start thinking about the future. This is the perfect time to buy life insurance as part of that plan as a young person. A financial plan for the future can start small, and at this point in your life, investment in whole life insurance is both affordable and practical. Rates will probably never be lower, and your age and health are in your favor. 

Whole life insurance stays with you for your entire life. As long as you keep up the payments, the protection is there. If you can’t keep up the payments at some point, your accumulated dividends can keep your policy going. These accumulated dividends can also be borrowed if the time comes when you need them. 

Part of financial planning is making sure your loved ones are cared for if taken from them. Term life insurance is an affordable way to be able to provide a larger amount of protection. You are only paying for protection. When the term of your policy ends, your coverage ends, and there is no accumulated cash value. 

Contact NEC Agency Inc in Brooklyn, NY, when you are ready to discuss your life insurance needs.

Why it’s Important to Annually Update your Business Insurance

When you start a business, you must obtain adequate insurance. However, it’s also important to consult with your insurance agent about updating your plan every year. Our agents at NEC Agency Inc., serving the Brooklyn, NY area, are here for you when making important changes to your business plan. However, here are a few reasons why you must update this plan every year.

You’re Opening a New Location

Many thriving businesses go through changes. One of those changes involves expanding their business in opening a new location. As your business expands, so should your insurance plan. It would be best to let your agent know when you open a new location for it to be included in your policy. Otherwise, you will run the risk of not covering the location and equipment or business assets you store there.

When You Have to Update Your Staff

Another instance where you have to update your business insurance annually is when you hire or let go of some employees. When this occurs in your business, you must increase your employer’s liability protection to include all of your employees who work for you. This involves adding certain obligations such as worker’s compensation insurance to protect them from on-the-job injuries. In the New York area, this can be obtained through the NYS Insurance Fund.

When Introducing New Products

When you have to update your insurance annually, the last indication is when you start to develop new products within your company portfolio. As your business continues to expand, so will its product line. So, it’s vital to inform your agent of any added new products to cover them in your plan.

Contact us for your Business Insurance Needs.

If you need your business plan updated, our agents at NEC Agency Inc. could assist you with this. Contact our office in the New York area today for an appointment.  

Should I get insurance for my Brooklyn home?

The Brooklyn, NY area is a popular area of New York City and the home to over 2 million people. If you are going to move here, buying a home can be a great option. Those that do purchase a property when they are in Brooklyn should get proper insurance for it. There continue to be many reasons that someone here would need to get a proper home insurance plan.

Insurance Protects the Asset

A key reason that anyone will want to have home insurance is that it will protect their asset. If you would like to buy a property when you are in this area of New York, you will make a huge investment. It continues to be important that you properly protect this investment. With a home insurance plan, you will get the coverage needed to repair your property if damaged by a fire, storm, or other situation that results in damage.

Insurance is Required

A property owner will also need to have a home insurance plan as it is a requirement for most owners. If you have taken out a mortgage, you will need to have a full home insurance plan until you have completely repaid the loan. Those that do not have full home insurance will be out of good standing with their lender and could be penalized. 

As you are looking for a home insurance plan when you are in and around Brooklyn, NY, you should call the NEC Agency Inc. The insurance professionals with NEC Agency Inc. understand this coverage’s value and will want you to be properly protected. They can help you assess your personal needs and build a plan that will offer you the right type and level of coverage.