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Your home is probably the largest tangible investment that you will ever make. History has proven that real estate appreciates in value, and you can use the equity that you build in your home for many purposes. Wouldn’t you agree then, that taking the time to discuss the details of a homeowners insurance policy with a professional advisor makes good financial sense. Our advisors will review policy types and options with you.

We will review with you:

• The language contained in the policy with respect to value, coverage amounts and loss
• Your responsibilities should a loss occur
• What perils/events are covered and what is not covered under specific policy types.
• How much insurance you should have on your homes contents
• How much insurance should you carry on other structures
• Liability coverage and the proper amounts
• Are riders available to cover other items or situations that a basic policy excludes from coverage
• Plus many more options.

We make sure that you understand your choices and coverage options. We will educate you and provide the necessary tools to choose the proper coverage to protect you from the risk of financial loss due to an unexpected event to your home or property.

In essence we get to know you and your specific needs through conversations and information which you provide for us. We will then develop the best options from a choice of the best insurance carriers. We are customer focused not carrier loyal so we can offer the best policies at the best prices.

Talk to us and get a quote today.

Condominium

Condominium insurance will provide coverage for your unit on losses that are not covered by your condominium association. Your association typically insures the building and other common areas of the condominium development. The association policies will vary from one condominium association to another so its important to know what their policies cover and have a thorough understanding of the association by laws. Having that knowledge will allow you to make the best decisions on how to structure your condominium insurance policy. Typically you are responsible for the interior of your unit. The policy that you acquire should cover personal property, contents and liability exposure in addition to coverage for floors, walls, cabinets and fixtures. These items are usually excluded from your association’s policy.

Chestnut Ridge Financial Services advisors can assist you in reviewing your exposure and risk when owning a condominium. We work with many carriers to obtain the best insurance for you at the best price.

Talk to an advisor to learn more about condominium insurance policies.

Manufactured Home

Mobile home or manufactured home insurance is a little different than a regular homeowner’s insurance policy. As a mobile home owner you may have property and structures that may be detached, such as a garage or carport. Your policy should include coverage for those structures.

Your policy should also contain coverage amounts for personal belongings and other things you need to protect on the interior of the property. Liability coverage in the policy will pay in the event of injuries incurred to others while on your property.. You may also want to add in living expense coverage in case your home is damaged beyond occupancy.

Manufactured homes, mobile homes, or modular homes would all be classified under manufactured home insurance.

Our advisors at Chestnut Ridge Financial Services will evaluate your manufactured housing insurance needs and compare rates with our partner carriers.

Contact us today to obtain a quote.

Vacation Home

Owners of vacation homes or vacation rental properties should be aware of the associated risks and liabilities of owning real estate that is not always occupied and on occasion may be rented to others. Most vacation rental owners carry either homeowners or landlord insurance policies, both of which have significant coverage gaps. Homeowners insurance is designed for properties that are owner-occupied as a primary residence. A landlord policy is designed to be used for a tenant-occupied property. Vacation rentals typically have triple use throughout the year, mostly being used by vacationers who rent the property. However, there are times when the owner will occupy the property and yet other times when the property may be unoccupied. You’re vacation rental insurance policy should cover all three occupancies.

A comprehensive evaluation of your particular situation should be provided by an expert insurance advisor. A well thought out comprehensive policy will insure your building(s), contents, income, and liabilities.

As you can see owning a vacation home or a vacation rental property has unique exposure to risk and liabilities and is different from a regular homeowners insurance policy. The riders available on homeowners policies may not be enough to cover your exposure.

Talk to one of our expert advisors to assist you in developing a vacation home insurance strategy for many stress free years of vacation pleasure…

Call today to learn more.

Renters Insurance

Renters insurance is vital if you are currently renting a home, apartment or other living accommodations that you don’t own. In the event of burglary, a fire, or a personal injury at your home, renters insurance protects you and your family against financial loss. A renters policy will pay for and replace lost items and cover your liability exposure.

Remember insurances policies are written contracts and they will specifically state what is covered or not covered.

Call our renters insurance professionals today to learn more

Request a free quote on a policy to help you and your family.

Flood Insurance

Did you know that your homeowners insurance does not cover flood damage? Insurance against flood must be obtained separately. If you obtained a mortgage to purchase your home your lender will require flood insurance if your home meets the flood risk requirements.

Facts to help you now if you have flood coverage:

• Damage resulting from flooding is not covered in a homeowners insurance policy. However, flood damage to your vehicle is covered under the comprehensive section of a standard automobile insurance policy.
• The National Flood Insurance Program (NFIP) has two distinct homeowners policies — one to cover the dwelling — or building itself — the other to cover its contents or personal property
• Flood insurance policyholder claims are paid even if a disaster is not federally declared.
• Flood insurance means you’ll be reimbursed for all your covered losses (less your deductible). Unlike federal aid, it never has to be repaid.
• Anyone with flood insurance who experienced damage should contact their insurance agent immediately. Those without flood insurance should still contact their agent to see if any of the damage sustained would be covered under their homeowners or renter policies.
• Any uncovered losses should be reported to your local emergency management agency. The Federal Emergency Management Agency (FEMA) has information on low interest loans and qualification.
• If the policyholder does everything within their power to prevent the growth of mold and it still grows, the flood insurance policy will pay to sanitize the affected areas in an effort to control and eliminate mold.

How to secure future coverage:

• Flood insurance is purchased through the National Flood Insurance Program (NFIP). Learn about flood insurance by contacting one of our trained advisors.
• You can insure your home up to $250,000 and contents up to $100,000. Renters can insure their contents for up to $100,000.
• Flood insurance coverage is available to anyone who owns property in a municipality that participates in the National Flood Program. There are only 19 municipalities in the entire state that do not participate.
• Flood insurance is not mandatory, however mortgage lenders may require it for homes that are financed in a floodplain.
• Flood insurance can be purchased for any insurable property, even if it is not located in a flood plain. A flood insurance policy can cover almost any building, including rental property and condominiums. Tenants can buy separate protection for their belongings.

Facts to help you both now and in the future:

• Flood insurance policies insure against damages due to the partial or complete flooding of normally dry land from overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source, or mud slides or mud flows that are caused by flooding.
• Flood insurance pays actual cash value of property damaged by flood, mud slide and flood related erosion. Replacement coverage also is available. Seepage and damage caused by sewer backup are not covered unless they are directly caused by flood.
• Flood insurance can be purchased through Chestnut Ridge Financial Services by contacting us.
• Generally, there is a 30-day waiting period for flood insurance policies to become effective.

Uncovered flood losses:

• Report uncovered flood losses to your local emergency management agency or municipality.
• FEMA has information on low interest loans, grants and qualifications to help citizens recover from the disaster.
• Individuals and businesses can immediately apply for federal aid by visiting www.disasterassistance.gov or calling 1-800-621-FEMA (3362).

SOURCE: The Pennsylvania Department of Insurance Website

Auto

Did you know that there is only one State in the nation where car insurance is NOT mandatory. Yet there is not federal law making auto insurance mandatory, the laws for car insurance are set at the state level, and many different states have very different laws.

When the first automobile hit the road it wasn’t long before it became apparent that cars would crash and that these crashes would create damages and that the person at fault would often be unable to pay for them. Massachusetts and Connecticut became the first two states to write compulsory car insurance laws, in effect creating a pooled solution to help cover the costs of at-fault drivers so they wouldn’t default on their payouts. Since then, nearly every state in the union has enacted mandatory car insurance liability laws.

New Hampshire is the only state that doesn’t mandate car insurance for all drivers. Instead, drivers just need to prove they are able to pay for damages in the case of an at-fault accident. Drivers in New Hampshire who opt out of the insurance system have to post a bond or cash equal to the amount of damage caused in the crash.

An auto policy has two parts, collision coverage and liability coverage. Collision insurance protects the car from fire, theft, vandalism, etc — and is not mandatory if/when the car is paid off. In effect, collision insurance is protection for you. Liability insurance, on the other hand, is almost always mandatory because it helps protect other people and their property.

Over the years automobile insurance has become one of the most aggressively marketed competitive insurance forms in existence. Insurance carriers have developed riders, discounts, claims concierge services and even accident forgiveness to attract your business.

Our advice to you is to allow us to shop for you. We collect all of the pertinent information concerning your car, your driving history and personal history. Our advisors will then go to work for you to find the best possible coverage at the best prices.

Contact us today to obtain a quote.

Teen Driver

If you are the parent of a teen or new driver, the process of obtaining the right car insurance for teenagers can be confusing. At Chestnut Ridge Financial Services we know this from first hand experience when insuring our own teenagers. Insurance rates increase when teen or new drivers are added to policies. This is due to the increased exposure to risk from the lack of driving experience.

Statistically drivers between the ages of 16 and 19 are three times more likely to be involved in an accident then drivers who are 20 and over. By the time they are 25 the insurance rates will tend to level out because of the achieved matured and the less likely a person is going to be involved in risky behavior.

All drivers must be insured however there may be ways to structure your insurance where a new or teen driver is concerned to reduce the high cost of premiums. Depending on the carrier and State you may not have to insure your teen until they pass a drivers test. You may also find that you can place them as a limited driver when they go off to college depending on how far away they are.

Regardless, it’s a good idea to make sure your young driver is well trained in a qualified drivers education course and that they respect the privilege of driving. You should also speak to a professional insurance advisor to educate yourself on the options for your insurance and how to reduce your rates.

Contact one of our advisors today to learn more…we’ve already done this.

Personal Liability Umbrella Policy

A Personal Liability Umbrella policy designed to provide coverage for an individual and families liability protection above and beyond the limits of their homeowners, auto and other insurance policy. As lawsuits are on the rise many insureds find that they are adequately covered against risk exposure. Professionals and advisors are stressing to individuals how important it is to maintain additional coverage for liability to protect their assets. No one can predict how much a judge would award someone If an unfortunate accident should happen that is your fault.

Are your current policies enough to cover the cost and protect you from financial loss should this occur for you? Umbrella insurance is not just for the wealthy anymore, but a needed protection for every policyholder. Having a personal liability umbrella insurance policy in place can give one added liability protection.

Considering the added coverage additional liability insurance provides it is extremely affordable (around $150 per year for $1 million in coverage for a couple with 2 cars and 2 drivers on their policy). Furthermore, liability insurance covers one’s non-business activities anywhere in the world. Having the added protection of a liability umbrella policy is coverage no one should go without.

Contact one of our advisors to learn more.

RV / Boat / Motorcycle

The importance of recreational fun in well known. It adds to the value of our lives and the lives of our family. There are many forms of recreation that involve motor driven vehicles that are not classed as automobiles and trucks.

A few examples of different types of these apparatuses is:

• RV
• Tent Campers
• Travel Trailers
• ATVs and Dirt Bikes
• Boats
• Motorcycles
• More

There’s nothing wrong with having some fun but make sure that you are responsible as well. Most states will require minimum coverage for liability if the recreational vehicle is driven on the highways such as a motorhome or a motorcycle.

There are many options to consider and you should always check on the cost of insurance before you invest in any recreational vehicle or apparatus to understand your options.

Contact one of our professionally trained advisors today to learn more.