How Do Loan Companies Decide Who Must Buy Flood Insurance For Their Home?

Posted on September 30, 2024September 30, 2024 by admin

Are you planning to purchase a new home and wondering if you need flood insurance? This decision involves more than just personal preference. At Worthington Carroll Agency in Port Jervis, NY, we understand the complexities of these requirements, so let’s break down the factors that loan companies consider when determining the need for flood insurance.

Demystifying Flood Zones

The location of your home plays a pivotal role in determining the necessity for flood insurance. The Federal Emergency Management Agency (FEMA) classifies areas based on flood risk levels in its flood zone maps. In high-risk flood areas known as Special Flood Hazard Areas (SFHAs), lenders usually require you to purchase flood insurance as a condition of the loan.

Recognizing the Influence of Loan Types

The type of loan you apply for may also impact the requirement for flood insurance. Government-backed loans, such as those from the Federal Housing Administration or Veterans Affairs, often have strict requirements for flood insurance. Even if your property is in a moderate-to-low-risk area, you may still be required to have coverage to protect your investment.

Assessing Property History

Lenders might also consider the property’s history, specifically related to previous incidents of flooding. If a property has experienced flooding in the past, lenders may still require flood insurance, even if the current flood zone designation does not expressly mandate it. This precaution ensures protection for both the homeowner and the lender against potential future losses.

Safekeeping Your Investment

Understanding these factors can help you navigate the requirements for flood insurance more effectively. Knowing that your investment is safeguarded against unpredictable natural events offers peace of mind. For further guidance on flood insurance or to discuss your coverage needs, contact Worthington Carroll Agency, serving the greater region of Port Jervis, NY. We help you make informed decisions.

Common Types of Commercial Insurance

Posted on August 30, 2024August 28, 2024 by admin

When you entrust your Port Jervis, NY business to the Worthington Carroll Agency for insurance, you receive a custom commercial policy tailored to your business needs. Wondering how we can create this custom policy for you? Our insurance agents take the time to get to know you and your business through conversational interviews to recommend the best coverage for your enterprise.

Liability Concerns

We start by asking about your business’s location, particularly the building where it is based. Each policy starts with liability coverage that handles the medical bills of a visitor injured at your premises. It covers mishaps such as slip-and-fall incidents, minor accidents in your parking lot, and more. Some businesses, like law and medical practices, need to carry malpractice insurance. Moreover, any business owner with employees must secure workers’ compensation insurance to comply with state and federal laws.

Structural Protections and Inventory

We add other coverage to this foundational policy depending on your business type. For instance, if you own the building, we recommend getting property insurance to safeguard the structure, as well as coverage for your inventory and business equipment. If your commercial building features plate glass or mirrors—common in dance studios—we suggest glass insurance. Buildings with boilers or other mechanical furnaces need coverage from a boiler policy.

Commercial Auto for All

We want to inquire about your weekly schedules and deliveries as well. If your clients primarily visit your business location and you don’t make deliveries, commercial auto insurance may not be necessary. However, if your job involves driving your vehicle for meetings at various regional business locations or delivering goods, you need commercial auto coverage. Short- and long-haul trucking businesses require a specialized set of commercial auto coverage known as trucking insurance.

Contact Us Today

Call or email Worthington Carroll Agency today and let us craft the commercial insurance policy that best protects your Port Jervis, NY business. Let us help safeguard your business’s bottom line.

The Benefits of Pay-Per-Mile Car Insurance

Posted on July 30, 2024July 30, 2024 by admin

Do you ever feel like you’re paying too much for car insurance? We get it. At Worthington Carroll Agency in Port Jervis, NY, we offer an innovative concept called pay-per-mile car insurance. This approach gives drivers more control over their insurance costs and could be your perfect solution.

What is Pay-Per-Mile Car Insurance?

As the name suggests, pay-per-mile car insurance is a policy where your premium is based on the number of miles you drive. Your monthly bill includes a low base rate plus a cost per mile driven, ensuring you only pay for what you use. This makes it an excellent choice for those who don’t commute daily or only drive short distances.

Why Consider Pay-Per-Mile Insurance?

One of the main advantages of pay-per-mile insurance is the potential for savings. Traditional car insurance often assumes a certain level of regular driving, and if you don’t drive daily or take public transport frequently, you might be overpaying. Low-mileage drivers can enjoy lower premiums with pay-per-mile insurance since costs align more closely with actual usage.

Additional Benefits

Pay-per-mile insurance promotes safer driving habits as drivers become more conscious of how every mile affects their premiums. This can lead to fewer road accidents and less wear and tear on your vehicle. Additionally, this type of insurance typically employs user-friendly tracking technology, providing insights into your driving patterns and enabling you to make informed decisions about your travel.

Ready to see how much you could save with pay-per-mile car insurance? Reach out to Worthington Carroll Agency in Port Jervis, NY, today for more information and a personalized quote. Let’s find the perfect insurance solution to match your driving habits.

The Benefit of Additional Living Expense Coverage in Home Insurance

Posted on June 29, 2024July 2, 2024 by admin

At Worthington Carroll Agency in Port Jervis, NY, we understand the benefits of additional living expense coverage on your homeowner’s insurance policy and believe you should know them, too.

Additional living expense (ALE) coverage, a unique feature of our homeowner’s insurance policy, is designed to cover the cost of being displaced after a covered loss. This benefit is particularly valuable in situations such as a fire or natural disaster, where you may incur excess living costs. ALE may also provide additional coverage if your home is uninhabitable due to loss of utilities, such as heat during the winter. Typical coverage includes hotel expenses for a month while displaced but not regular monthly expenses like utility bills or mortgage payments.

Our ALE coverage is designed to be flexible, paying out up to 30% of your dwelling coverage. However, if you feel this amount wouldn’t be adequate in the event of a covered loss, you have the option to purchase additional ALE coverage. This flexibility ensures you can tailor your coverage to your needs and circumstances.

Things covered by ALE include:

Laundry costs
Food costs exceeding what you usually pay.
Hotel stays.
Temporary rental housing
Storage Fees
Pet Boarding
Excess travel expenses / additional fuel costs
Moving cost

Things not covered by ALE coverage:

Childcare
Mortgage
Insurance premiums
Utilities
Anything you routinely pay for.

It’s important to note that additional living expense coverages vary depending on your insurance carrier. ALE policies have a set payout limit and a set amount of time for which they will pay for your added cost. So, it is essential to read your homeowners policy or check with your insurance agent to know what is covered and for how long when suffering loss.

Bring us your questions or concerns.

We at Worthington Carroll Agency in Port Jervis, NY, value your questions and concerns. Call us today at (845) 856-5125 to discuss the benefits of additional living expense coverage and give you peace of mind that you and your family can be protected as you recover from an unfortunate loss.

3 Times When Umbrella Insurance Makes Sense

Posted on May 31, 2024June 6, 2024 by admin

Umbrella insurance is an extra layer of liability protection that goes beyond the limits of standard insurance policies, such as auto, home, or renters insurance. It provides an additional safety net against expensive liability lawsuits. While not every Port Jervis, NY resident needs this coverage, we at Worthington Carroll Agency recommend it in many situations. Here are a few times when it could make sense to get it.

1. You Are a Homeowner

Homeowners in Port Jervis, NY can benefit significantly from umbrella insurance. This coverage kicks in if a claim exceeds the limits of your homeowners’ insurance, such as in cases of major accidents or injuries occurring on your property.

2. You Have Significant Savings or Assets

For those with substantial personal assets or savings, umbrella insurance can provide additional protection for your assets. Being wealthy could make you the target of liability lawsuits. Umbrella insurance may help you pay for those lawsuits if they exceed a standard policy’s limit, so you’re less likely to need to use your own assets or savings.

3. You Are at Risk for Liability in Your Personal Activities

Whether it’s coaching little league, volunteering, or other activities, umbrella insurance is crucial if your actions could increase your liability risk. In all of these activities, you might be personally liable if something happens and you’re involved.

In these situations, umbrella insurance might offer protection even if your homeowner’s liability coverage doesn’t apply.

Evaluate Your Need for Umbrella Insurance

There are many factors to consider when evaluating whether you should carry umbrella insurance. Contact Worthington Carroll Agency for help weighing the different factors and finding a policy should you need one.

Flood Insurance for Other Properties, Not Just Homes

Posted on April 30, 2024May 3, 2024 by admin

FEMA reveals that $25,000 of damage can occur from only one inch of floodwater. Most policies don’t cover it, though. What options do you have?

Research your options carefully when seeking flood insurance in Port Jarvis, NY. Worthington Carroll Agency understands the needs of people living in this region. We also help people secure financial protection if they experience commercial or rental property damage.

The Types of Properties Flood Insurance Covers

The types of properties that flood insurance covers depend on your chosen policy. For instance, you can purchase home, business, or recreational vehicle coverage.

Consider this, too: If you want to protect yourself from financial ruin if an automobile becomes flooded, consider that, too. Every property you insure usually requires a separate policy.

If Renting, Not Owning

Flood insurance is also available for people renting. However, don’t confuse flood insurance with renter’s insurance. They are not the same. Your renter’s insurance only covers your personal property, not the structure of the place you live.

(Covering flood damage to property you don’t own is usually not your responsibility anyway.)

What Flood Insurance Pays For

One way to seek coverage is to request National Flood Insurance Program (NFIP) assistance. This will help you find information based on various factors, including flood frequency, storm surges, coastal erosion, and heavy rains.

Typically, policies either cover the contents, the structure, or both. For instance, they may pay for cracked foundations, fried electrical wiring, or mold removal. However, there’s no guarantee unless you receive a proper assessment based on your policy needs.

The NFIP coverage may provide you with enough peace of mind. If so, you can stop there. However, if you need more financial protection than this FEMA service can provide, please talk to Worthington Carroll Agency.

Commercial Insurance’s Support for Youth Development Programs

Posted on March 29, 2024March 28, 2024 by admin

In the Port Jervis, NY area, commercial insurance plays a key role in supporting and reinforcing youth development initiatives by providing crucial coverage and risk management solutions tailored to youth-serving organizations. From ensuring liability protection during program activities to safeguarding vital assets like facilities and equipment, commercial insurance enables these programs to operate safely and sustainably, engendering positive growth among participants.

Broad Liability Protection

Youth programs encompass a variety of activities, each with inherent risks. Commercial insurance offers expansive liability coverage, including legal expenses and damages incurred through accidents or injuries during program activities. This ensures financial security for organizers, volunteers, and participants, thus encouraging continued engagement.

Asset Safeguarding

The protection of program facilities and equipment is crucial for smooth operations. Commercial insurance protects property against damage, theft, or loss, ensuring continuity and a safe environment for young participants.

Facilitating Access and Inclusivity

Commercial insurance aids in mitigating financial barriers, enabling youth from diverse backgrounds to participate. Through liability coverage and risk management, insurance companies can facilitate affordable fees, scholarships, and specialized programs for underserved communities, thus promoting inclusivity and equal opportunities.

Supporting Program Sustainability

Sustainability is vital for any program’s long-term success. Commercial insurance provides stability and protection against unforeseen risks, such as accidents or legal disputes, ensuring that programs can navigate challenges without experiencing financial strain.

At Worthington Carroll Agency, we are ready to answer any questions you may have about commercial insurance in the Port Jervis, NY area. Give us a call today.

Update Your Insurance Policy Before a Road Trip

Posted on February 28, 2024February 26, 2024 by admin

Is Your Auto Insurance Ready for Your Road Trip?

A road trip anticipates new experiences and exciting adventures. However, it also poses unique challenges that may necessitate reconsidering the terms of your existing automotive insurance policy. Review the situations listed below and get in touch with an insurance agent serving Port Jervis, NY, to make the necessary alterations to your policy before you hit the road.

Navigating Unfamiliar Territories

Driving to a new destination can prove to be quite challenging. Additional coverage can provide you with the reassurance you need. If you experience a breakdown or an accident, increased coverage ensures that your vehicle won’t be stranded, and you’ll not be left in the lurch during such unpredictable situations.

Clocking More Miles

Spending more hours on the road heightens your risk levels. As the likelihood of an accident is proportional to the distance you travel, having adequate insurance coverage during your trip can protect you from financial setbacks.

Shouldering Passenger Liability

If you plan on having passengers in your vehicle during your road trip, consider boosting your liability coverage. This coverage accounts for medical expenses and repairs that may be incurred due to an accident during your trip.

Parking Safety Concerns

Parking in unfamiliar places might expose your vehicle to potential theft or vandalism. By upgrading your insurance coverage, you can safeguard against such risks and ensure financial compensation for monetary losses from these eventualities. Although it’s best to park in a well-lighted area with security measures, increased automotive insurance can provide the protection you need if your vehicle is harmed.

Contact Worthington Carroll Agency Today

Arrange an appointment with a representative from Worthington Carroll Agency. Our expert agent will help you tailor your automotive insurance policy to meet the specific needs of your forthcoming road trip. Reach out to us to learn more.

Top 5 Benefits of Comprehensive Home Insurance

Posted on January 22, 2024January 29, 2024 by admin

Owning a home in the beautiful city of Port Jervis, NY comes with its share of joys and responsibilities. Responsible local homeowners get home insurance to protect their most important investments and secure their family’s futures.

Licensed insurance agents at the Worthington Carroll Agency can help you decide on the best home insurance options based on your and your family’s needs.

Top 5 Benefits of Home Insurance

Benefit #1. – Protection from Unexpected Damages

Home insurance can protect against unexpected financial damages resulting from weather-related perils, natural disasters, fires, flooding, theft, and vandalism. Residents rest easier when they know their home’s interior and exterior are covered.

Benefit #2. – Liability Coverage Shields Homeowners from Legal Claims

Home and property-related accidents happen when visitors injure themselves on your property. Protect your future finances from medical expenses and legal liability claims and other accidents that can happen on your land.

Benefit #3. – Protect Your Favorite Belongings

Home is where we go to shield ourselves from outside worries and enjoy our favorite things. Get home insurance to protect your favorite outfits, electronics, appliances, and collections from theft and damage.

Benefit #4. – Emergency Living Expense Coverage

Unexpected perils can lead to temporary bouts of homelessness when your home becomes uninhabitable while undergoing clearing or repairs. Talk to a trusted insurance agent to learn how you can get living expense coverage in the event of a housing-related emergency.

Benefit #5. – Most Mortgage Lenders Require It

New homeowners will often find that mortgage lenders require them to have comprehensive home insurance before closing the deal.

Reach Out To Us

Contact licensed agents at the Worthington Carroll Agency in Port Jervis, NY, find out about your options for coverage, and get a free quote!

Do I Need Umbrella Insurance Personally If I Have It Professionally?

Posted on December 20, 2023December 31, 2023 by admin

As a business owner in the Port Jervis, NY area, you may already have umbrella insurance attached to your commercial insurance policy, giving your professional assets the best protection. However, getting a personal umbrella insurance policy through Worthington Carroll Agency for maximum protection is a good idea.

Commercial Will Not Cover Personal Assets

Just like a tenant renting a home, the home insurance policy will not cover the property that belongs to the person renting the home. The underwriters for your corporate umbrella insurance policy will also not cover anything that is not directly related to your business. However, you can still be targeted as the owner.

Protect Personal Assets

Umbrella insurance secures the assets that are associated with the primary policy, which can be personal or professional. If you are sued and named personally in the suit, your personal assets could also be seized, should you be found liable.

Your personal assets include any homes, property, and recreational vehicles you may own, which can be sold and liquidated to cover expenses. When you add this policy to your home insurance, you want to ensure you cover the total cost of the physical property and any personal accounts that can be reviewed.

Family and Dependents Are Affected

Since you can be targeted as the business owner, this is important because your family and dependents rely on your assets and income. If you are suddenly seized in court when your commercial umbrella insurance would not cover, then you could find your spouse and dependents directly affected by this, especially if they are utilizing property that is in your name.

Call Today To Discuss Your Options

If you are interested in adding umbrella insurance to your home policy, contact our agents at Worthington Carroll Agency today for assistance in the Port Jervis, NY area.

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