Residential Flood Insurance Claims Process Steps

Posted on February 15, 2024February 14, 2024 by admin

Steps to Take in Filing a Flood Claim

Dealing with the aftermath of rising waters damaging your property can be a harrowing experience. Understanding the necessary steps to process your insurance claim following a flood can help manage this stressful situation. The following details explain the steps you should undertake in case of a flood.

Prioritizing Safety

Your first step after a flood should always be to prioritize safety. While it’s necessary to file your claim promptly, it’s crucial to ascertain whether it’s safe to do so. If your property is severely flooded, avoid taking risks, vacate the property, and get in touch with the agent managing your insurance policy.

If the flooding isn’t severe, you can remain on the property while filing your claim. However, ensure electrical disconnection to avoid potential shocks from wet wiring within your home.

Presenting Supporting Evidence

Supporting evidence serves as the basis to validate your insurance claim. The condition of your house and the belongings within your home will be appraised before your insurance claim is approved. Avoid moving any items within your home; an insurance adjuster will inspect the premises.

Taking photos of the current state of your home and the damaged contents with your phone’s camera is advisable. The insurance adjuster will also take pictures of the damage for further assessment.

Filling Out the Claim Form

The claim form is instrumental in recording information about the flood. The form will require your address along with comprehensive details about the damage. It must be duly filled, signed, and dated. Upon insurance claim approval, the restoration of your home can commence.

Immediately get in touch with ASZ International Inc. in Westchester, NY, if you experience flooding. An appointment with our agents, who serve Westchester, NY, will provide essential assistance with your insurance claim.

What are the differences between an Insurance Policy and a Bond?

Posted on February 14, 2024February 14, 2024 by Marc Zettl

Navigating between an insurance policy and a bond can be confusing, often resulting in individuals seeking the wrong type of coverage. Many mistakenly perceive minimal differences between the two and encounter frustration when attempting to secure the appropriate product. Bonds and insurance policies indeed offer protection, yet their nuances regarding beneficiaries, methods of protection, and financial responsibilities set them apart significantly.

A prevalent misunderstanding arises when individuals or agents encounter the term “fidelity” in contracts or client requirements. This often leads to requests for a Fidelity Bond when what’s needed is a Crime Policy. While both address fidelity exposures, they do so in distinct manners.

So, what exactly distinguishes an Insurance Policy from a Bond?

Contract Structure:

A Bond functions as a tripartite agreement involving an Obligee (requiring the bond), a Principal (seeking the bond to meet Obligee requirements), and a Guarantor (usually a surety company issuing the bond). Essentially, a bond serves as a form of credit and is typically only issued when demanded by a third party (Obligee).

On the other hand, an Insurance Policy is a simpler bilateral contract between an insured party and an insurer. No external party’s requirement is necessary for policy issuance.

Protection Mechanism:

Bonds act as a credit mechanism safeguarding the Obligee by guaranteeing payment from the Principal. In case the Surety Company pays a claim, reimbursement is expected from the Principal.

Conversely, an Insurance Policy shields the insured against specified losses.

Underwriting Process:

Bond issuance depends on the Principal’s capability to compensate the Obligee in the event of a claim. Depending on the bond type and magnitude, Principals might need to furnish audited financial statements and bank records to demonstrate their capacity to cover potential losses.

In contrast, Insurance Policies are underwritten based on predetermined risk criteria and the insured’s exposure profile. Risk is diversified across a pool of similar insured parties with comparable exposures.

Premium Structure:

Bond premiums are paid to secure the Principal’s fulfillment of obligations.

Insurance Policy premiums are structured to cover anticipated losses.

Expectation of Losses:

Bonds do not anticipate losses; thus, they are only issued to qualified individuals or businesses capable of providing the necessary guarantee. Qualification typically hinges on proving the financial capacity to cover potential bond losses.

Conversely, Insurance Policies are issued with the understanding that some losses will occur, and rates are adjusted accordingly.

Claims Handling:

For bonds, the Principal is responsible for reimbursing any claims, as the Surety Company acts solely as a payment guarantor to the Obligee.

In contrast, Insurance Policy claims are typically paid by the insurer without expectation of repayment from the insured.

What types of coverage does condo insurance provide?

Posted on January 29, 2024January 29, 2024 by admin

Condo ownership can be an affordable way to get onto the property ladder, and it also offers maintenance-free exteriors, which are appealing to many people. At ASZ International Inc. in Westchester, NY, we provide the information you need about condo insurance so that you can make an educated choice.

Property insurance

Condo property insurance covers the interior of the unit. The condo master policy covers the exterior. It covers things like plumbing, fixtures, electricity, and built-ins.

Liability insurance

Your liability coverage with a condo policy is for the interior of your unit and your family members when they are away from your condo. It can cover your pets as well if they are not excluded.

Personal property insurance

Personal property covers things that you own in your condo unit. It covers them for things like theft and damage. They are covered when they travel with you as well. You can choose to cover your personal property for its current value or the cost to replace it. Some things have limits on the amount covered, and this includes art, antiques, and jewelry. A rider can extend this coverage.

Loss of use coverage

If a covered peril damages your condo, you may not be able to stay in it for a period of time. If you have loss of use coverage, it will help to pay for a place to stay in the interim. This can be a hotel or a rental, depending on how long you will be unable to live in the condo. Some meals may also be covered if you don’t have a way to cook them yourself.

Contact our office at ASZ International Inc. in Westchester, NY, when you have questions about condo insurance coverage. We can be reached on the telephone or stop in at our office.

Health Insurance and Organ Transplants

Posted on December 29, 2023December 29, 2023 by admin

Of all surgeries, an organ transplant is probably one of the scariest. This means first either being put on a waiting list or begging a family member for a spare kidney. Then there’s the whole process of removing a faulty organ to be replaced with a new one. Hopefully, your body won’t reject this new healthy organ. And then there’s the ugly business of paying for the whole thing plus the medication that needs to be taken afterward. This doesn’t even take into consideration the non-medical expenses. Private insurance may help, but chances are the cost of your care may exceed its cap.

This Is Why You Need Secondary Insurance

Due to emergencies such as an organ transplant, it may be a brilliant idea to have secondary insurance in addition to primary insurance. This can be obtained through a private company, your employer, or the government. If the primary insurance is tapped out, you can fall back on the secondary insurance to recoup your losses.

Medicare and Medicaid

Medicare and Medicaid are both government-funded insurance that can pay for organ transplants. If you are disabled, over age 65, or diagnosed with end-stage renal disease, you may qualify for Medicare. The spouse of someone with Medicare may also be covered. Medicaid is based on family size and income level.

Contact ASZ International Inc. Serving Westchester, NY

Getting secondary insurance and having it on standby before you need it is a good idea. If you need health insurance and are in the Westchester, NY area, please contact ASZ International Inc. Our knowledgeable and compassionate agents will help you get what you need.

What Your Teen Needs to Know About Auto Insurance

Posted on November 29, 2023November 29, 2023 by admin

We at ASZ International Inc. know that buying car insurance for your Westchester, NY teen can seem challenging or even impossible. However, we can help you streamline this process by letting you and your teen know what is important about your policy and how to pick them effectively.

Costs Will Vary

Teens will have very high insurance bills, though the exact cost can vary depending on many factors. Most insurers will ask for more simply because a teen is at a higher risk. Thankfully, you can bundle this policy with yours to cut back a little on their expenses.

Proper Coverage is Important

You might be tempted to buy the least amount of insurance policy for your teen’s car. That’s a mistake because, as a more at-risk driver, they’re more likely to crash. It’s a better idea to get the best policy possible to ensure they’re as safe as possible from danger.

Discounts are Available

If your teen shows they can safely drive for a specific amount of time (varies by provider), they can get Safe Driver discounts. Taking driver’s safety classes can also reduce expenses and improve policy coverage. Even better, student discounts are available for many teens.

Yearly Payments Save Cash

While setting up a monthly payment might seem more economically wise, yearly payments will save your teen more and make your insurance firm happy. Take it from us: we love it when you pay for everything for the year at once.

Let Us Help You

Our team at ASZ International Inc. can help Westchester, NY, teens like yours get the help they need to manage various issues. Our group of experts is more than ready to provide the support you deserve, so please get in touch with us today to learn more about how we can help.

Slipped, Tripped Broke His Hip (Or Did He?)

Posted on October 30, 2023October 30, 2023 by admin

You have commercial insurance for this very scenario. Someone takes a spill on your property and wants to sue. Commercial insurance could keep you from going bankrupt in such a predicament. However, you’re pretty sure you cleared that walk and salted it to keep ice from forming. You don’t recall spilling any water in that area and would’ve promptly put up a "wet floor" sign if you did. And that "victim" seemed to be hamming it up a little. Is this a fraudulent claim?

Red Flags

Fraudulent personal injury claims, on average, can cost $80 billion every year. Here are some red flags that may indicate a fraudster in the works. If the person is making a scene and threatening to sue before getting their "injury" treated, this is a big red flag. This is particularly true if they decline medical attention. A history of multiple lawsuits looks fishy. It’s the same if the "accident" happened away from surveillance cameras. Even if they have a witness, they may be in on it. Don’t be fooled, and don’t be afraid to lawyer up.

What to do

If you suspect an injury claim to be fraudulent, act quickly. Gather the evidence. Take photos at the scene of an accident. Tell your attorney and insurance agent about your concerns. This will trigger an investigation. If there’s no proof of a serious injury, you will be in the clear. The person who tried to scam you could be facing some stiff penalties, though. Insurance fraud is a Class D felony in New York punishable by up to seven years in prison plus restitution.

Commercial Insurance from ASZ International Inc. in Westchester, NY

If you need commercial insurance and live or own a business in the Westchester, NY area, call ASZ International Inc. today. We are here to help you.

Creating Your Ideal Home: A Complete Guide to Renovations, DIY Projects, Home Styles, and Property Locations.

Posted on October 12, 2023October 12, 2023 by admin

Certainly, let’s infuse the content with an undertone of insurance, emphasizing how insurance plays a role in various aspects of home ownership:

Your home is more than just a structure; it’s a reflection of your lifestyle, your personality, and your dreams. Whether you’re considering a major renovation, tackling a DIY project, exploring different architectural styles, or searching for the perfect location, this guide is your comprehensive resource for turning your house into a home, all while ensuring it’s adequately protected by insurance.

Home renovations are about creating the perfect environment for your family, and part of that involves safeguarding your investment. As you upgrade your kitchen or transform your bathroom into a spa-like oasis, remember that your homeowner’s insurance policy should be adjusted to reflect these improvements. These changes not only enhance your quality of life but also increase the value of your home, and insurance should evolve to match that value.

When embarking on do-it-yourself projects, consider the potential risks involved, especially when you’re dealing with repairs and modifications. Home insurance covers certain accidents and incidents, but it’s crucial to understand your policy and its limitations. Take appropriate precautions and ensure that your insurance policy adequately protects you from unexpected mishaps.

The architectural style of your home is not only an expression of your taste but also a factor that can impact your insurance rates. Different architectural styles can have varying levels of vulnerability to certain risks, such as damage from natural disasters or theft. Discuss these factors with your insurance provider to ensure you have the right coverage in place.

Location matters, and so does the insurance that comes with it. Urban living may mean higher premiums due to increased risks like theft or accidents, whereas rural or coastal areas may have different insurance considerations. Understanding how your location influences insurance costs and coverage is essential as you choose the perfect spot for your home.

In conclusion, as you embark on the journey of turning your house into a home, remember that insurance is an integral part of the process. It’s there to protect your investment, ensuring that the improvements you make, the DIY projects you undertake, and the unique style you choose are safeguarded. Making informed decisions about your insurance needs is just as crucial as the design and location choices you make for your home.

LEGAL DISCLAIMER: The information provided in this communication is not intended to constitute legal advice and should not be construed as such. All information, content, and materials available in this communication are for general informational purposes only. Listeners, viewers, readers, users, browsers, or recipients of this communication are advised to consult with their attorney to obtain advice regarding any specific legal matter.

No listener, viewer, reader, user, browser, or recipient of this communication should make decisions or take actions solely based on the information contained herein without first seeking legal advice from qualified legal counsel in the relevant jurisdiction. It is important to note that individual circumstances can vary, and only your personal attorney can provide guidance on whether the information provided here is applicable or appropriate to your particular situation.

The views expressed in this communication are solely those of the individual creators in their individual capacities and do not represent the opinions of ASZ International, Inc. doing business as ASZ Associates. Any actions taken or refrained from, based on the contents of this communication, are undertaken at your own risk, and all liability with respect to such actions or inactions is hereby expressly disclaimed.

The content in this communication is provided “as is,” and no representations are made regarding its accuracy, completeness, or reliability. It is important to independently verify any information presented here and to consult legal professionals for advice tailored to your specific circumstances.

Accidents and Safety: A Comprehensive Overview

Posted on October 5, 2023October 12, 2023 by admin

Accidents and safety are subjects of paramount importance in our daily lives, impacting individuals, communities, and societies at large. Accidents can occur in various forms, from minor mishaps to catastrophic events, and they often result in physical, emotional, and financial consequences. This essay delves into the intricate relationship between accidents and safety, highlighting the significance of prevention and preparedness in safeguarding lives and well-being.

The Causes of Accidents

Accidents can arise from a multitude of causes, but they typically fall into several categories:

Human Factors: Human errors, negligence, distraction, and fatigue are common contributors to accidents. Poor decision-making, substance abuse, and recklessness can also lead to accidents.

Environmental Factors: Adverse weather conditions, natural disasters, and inadequate infrastructure can create hazardous situations that increase the likelihood of accidents.

Mechanical Failures: Equipment malfunctions, vehicle breakdowns, and structural defects can result in accidents, especially when proper maintenance is neglected.

Unsafe Practices: Failure to follow safety protocols, such as not wearing seatbelts, helmets, or personal protective equipment, can escalate the risks associated with various activities.

The Consequences of Accidents

Accidents can have far-reaching consequences on individuals, families, and society as a whole:

Physical Injury: Accidents can cause injuries ranging from minor cuts and bruises to severe disabilities and fatalities, affecting an individual’s quality of life.

Emotional Toll: Victims of accidents often experience trauma, anxiety, and depression, while witnesses may suffer from emotional distress.

Financial Burden: Medical bills, property damage, and lost wages due to accidents can lead to significant financial strain.

Societal Costs: Accidents place a burden on healthcare systems, emergency services, and insurance companies, impacting society’s overall well-being and economic stability.

Safety Measures and Prevention

Preventing accidents and promoting safety require a multi-faceted approach:

Education and Awareness: Public awareness campaigns and educational programs can inform individuals about the risks associated with various activities and encourage safe practices.

Regulation and Enforcement: Governments and regulatory bodies play a vital role in implementing safety standards and enforcing laws to deter unsafe behaviors.

Technology and Innovation: Advances in technology, such as safety features in vehicles and workplace automation, can reduce the likelihood of accidents.

Personal Responsibility: Each individual must take responsibility for their safety by making informed choices and adhering to safety guidelines.

Accidents are unfortunate events that can disrupt lives and communities, but they are not entirely unavoidable. Through proactive measures and a collective commitment to safety, we can significantly reduce the frequency and severity of accidents. Whether on the road, at work, or in our daily activities, prioritizing safety is a responsibility we all share. By doing so, we can create a safer world for ourselves and future generations.

Source:

Hemenway, Chad. “Commercial Auto up against Persistent Headwinds to Underwriting Profit.” Insurance Journal, 4 Oct. 2023, www.insurancejournal.com/news/national/2023/10/04/742791.htm.

What Exactly Does Homeowners Insurance Cover?

Posted on September 29, 2023September 29, 2023 by admin

If you’re currently paying a home mortgage, then you are aware of the importance of homeowners insurance. Even though your mortgage company requires homeowner’s insurance, you may not know what this type of insurance covers. Here is an overview of what homeowners insurance covers.

Damage to Your Home

There are different levels of homeowners insurance, but even the most basic plan covers damage to your home. This damage could be a result of fire, vandalism, or any number of other possibilities. Flooding is typically not covered under basic homeowners insurance plans, but adding it to your base plan is possible. Homeowners’ insurance typically doesn’t cover damage caused by lack of maintenance, and the thorough investigation that will be provided after a claim is filed will reveal whether this is an issue.

Liability Coverage for Injuries on Your Property

Most homeowners insurance plans will also provide liability coverage if someone outside your home is injured on your property. Perhaps a neighbor is bitten by your dog while on your property, or your newspaper delivery person slips on ice and breaks an arm because your snow and ice weren’t properly cleared away. In either of these scenarios, as well as others, your insurance policy will cover their medical costs and more.

When Additional Insurance is Necessary

Here are some things that may require you to purchase insurance in addition to a standard plan because, like flooding, these aren’t usually covered:

Expensive jewelry
Valuable artwork
Identity theft
Damage caused by an earthquake

Now that you know what homeowners insurance covers, you might be interested in switching to a new insurance company. If your home is in the Westchester, NY area, ASZ International Inc. can provide a quote, as we offer homeowners insurance and other types of insurance. Hopefully, the price we quote you will be affordable, and you will decide to try us.

Protecting Your Home and Assets: The Importance of Insurance During Natural Disasters

Posted on September 28, 2023September 28, 2023 by admin

Natural disasters can strike at any moment, leaving a trail of destruction in their wake. From hurricanes and floods to wildfires and earthquakes, these events can result in significant damage to your home and belongings. While we often can’t control when or where these disasters occur, we can take proactive steps to protect ourselves financially. In this blog post, we’ll discuss the critical importance of insuring your home and assets against natural disasters, the challenges of obtaining coverage during and after an event, and how to navigate the claims process.

The first step in safeguarding your home and assets against natural disasters is to assess the risks associated with your geographic location. Different areas are susceptible to various types of disasters, and understanding your risk profile is crucial. Consider factors like your location, the frequency of disasters, and the history of past events to determine your risk.

Procuring the Right Coverage

Once you’ve assessed the risks, the next step is to procure the right insurance coverage. Keep in mind that you can’t get insurance during a disaster, so it’s essential to have coverage in place well before disaster strikes. Be aware of waiting periods and exclusions in your policy, especially in cases like flood insurance, where events beginning before the waiting period may not be covered. Avoid the temptation to cut corners on coverage to save money.

Emergency Preparedness

In addition to insurance, emergency preparedness is crucial. Prepare emergency kits with essential supplies, including food, water, first-aid supplies, and flashlights. Having these on hand can be a lifesaver during a disaster. Additionally, maintain detailed records of your belongings, including receipts, photographs, and appraisals, as this documentation will be invaluable when filing an insurance claim.

Claims Process

If a natural disaster damages your home or assets, navigating the claims process can be challenging. Here’s what you should know:

1. **Contact Your Insurance Broker/Company:** Notify your insurance broker/company as soon as possible after the disaster. They will guide you through the claims process.

2. **Document the Damage:** Take photographs and videos of the damage and keep records of any temporary repairs you make to prevent further damage.

3. **Meet with Adjusters:** Your insurance company will send an adjuster to assess the damage. Be prepared to provide documentation and answer questions about your claim.

4. **Keep All Communication:** Save all communication with your insurance company, including emails and written correspondence.

Natural disasters are unpredictable and can have devastating consequences. Protecting your home and assets with the right insurance coverage is essential to ensure financial stability during and after such events. Don’t wait until it’s too late; assess your risks, procure the right insurance, and be prepared for the unexpected. By taking these steps, you can avoid being penny-wise and pound foolish, and you’ll be better equipped to recover and rebuild in the face of a disaster.

ASZ International, Inc.

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