Insurance Services
Personal Insurance
Personal insurance coverage for peace-of-mind living
Specialized personal insurance needs demand specialized expertise to meet that need. Reid Agency is extensively experienced in creating solutions that protect and preserve our clients’ financial and physical assets as well as their personal well-being.
Our team includes specialists in virtually every area of personal risk, from homeowners, automotive, watercraft, and private aviation insurance to coverage for travel, collectibles, domestic employees, and more.
We help our clients manage their exposure through strategically customized and cost-efficient products and tools that are designed to meet their short- and long-term goals. As an independent and objective partner in our clients’ wealth preservation and protection, we create the best line of defense for them to work and live with peace of mind.
Our personal insurance offerings include:
- Homeowners
- Flood
- Personal automobile
- Motorcycle
- Watercraft
- Umbrella policies
- Collectibles
- International travel
- Domestic employee
- Kidnap, ransom, and extortion
- Private aviation
Major Types of Personal Insurance
Homeowners Insurance
Home insurance, also commonly called hazard insurance or homeowner’s insurance (and often abbreviated in the US real estate industry as HO1), is a type of property insurance that covers a private residence.
It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
Property Coverages
- Coverage A – Dwelling
Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states that as long as the dwelling is insured to 80% of actual value, losses will be adjusted at replacement cost, up to the policy limits. This is in place to give a buffer against inflation. HO-4 (renter’s insurance) typically has no Coverage A, although it has additional coverages for improvements. - Coverage B – Other Structures
Covers other structure around the property that are not used for business, except as a private garage. Typically limited at 10% to 20% of the Coverage A, with additional amounts available by endorsement. - Coverage C – Personal Property
Covers personal property, with limits for the theft and loss of particular classes of items (e.g., $200 for money, banknotes, bullion, coins, medals, etc.). Typically 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choice. - Coverage D – Loss of Use/Additional Living Expenses
Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented, however only the rental income for the actual rent of the space not services provided such as utilities. - Additional Coverages
Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord’s furnishing, and some building additions. These vary depending upon the form. - Exclusions
In an open perils policy, specific exclusions will be stated in this section. These generally include earth movement, water damage, power failure, neglect, war, nuclear hazard, septic tank back-up expenses, intentional loss, and concurrent causation (for HO3). The concurrent causation exclusion excludes losses where both a covered and an excluded loss occur. In addition, the exclusion for building ordinance can mean that increased expenses due to local ordinances may not be covered. A 2013 survey of Americans found that 41% believed mold was covered, although it is typically not covered if the water damage occurs over a period of time, such as through a leaky pipe. - Floods
Flood damage is typically excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.
Liability Coverages
- Coverage E – Personal Liability
Covers damages which the insured is legally liable for and provides a legal defense at the insurer’s own expense. About a third of the losses for this coverage are from dog bites.
Condo Insurance
Condo Insurance is designed for individuals who live in a unit structure owned and insured by a condo association, townhouse association cooperative, homeowner’s association, planned community or other similar type of organization.
The insurance the association provides only covers the outside dwelling, not the contents of your unit, so it’s important to consider purchasing this type of insurance to protect against personal property losses and liability.
Types of coverage
- Coverage for damage to personal property such as furniture, computer equipment and clothing
- Fill in the gaps of the master insurance policy and cover losses under master policy deductibles
- Personal liability coverage
- Interior walls and floor coverings coverage
- Coverage for improvements or upgrades (most master insurance policies only cover the original condition and value of the unit).
- Usually has small deductible and fairly inexpensive
Flood Insurance
Flood insurance is the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers often refer to topographical maps denoting lowlands, floodplains, and floodways susceptible to flooding.
Nationwide, only 20% of American homes at risk for floods are actually covered by flood insurance. In addition, most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood.
The National Flood Insurance Program defines flooding as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property) from Overflow of inland waters, unusual and rapid accumulation or runoff of surface waters from any source, and mudflows.
This can be brought on by landslides, a hurricane, earthquakes, or other natural disasters that influence flooding. Still, while a homeowner may, for example, have earthquake coverage, that coverage may not cover floods due to earthquakes.
Auto Insurance
Auto insurance provides financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom.
Auto insurance may also offers financial protection against theft of the vehicle and damage to the vehicle, sustained from things other than traffic collisions.
There are basically six different types of coverages. Some may be required by law. Others are optional. They are:
- Bodily injury liability – for injuries the policyholder causes to someone else.
- Medical payments or Personal Injury Protection (PIP) – for treatment of injuries to the driver and passengers of the policyholder’s car.
- Property damage liability – for damage the policyholder causes to someone else’s property.
- Collision – for damage to the policyholder’s car from a collision.
- Comprehensive – for damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft.
- Uninsured motorists coverage – for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance.
Classic Car Insurance
Classic Car insurance is very similar to regular car insurance, but is often less expensive because the vehicles being insured are not used for every day driving.
There are a number of factors that qualify vehicles for Classic Auto Insurance, including the model year, annual miles driven, and customizations.
Typical Vehicles That Qualify for Classic Car Insurance
- Antique & Classic Cars
- Modern Collector Vehicles
- Modified Vehicles
- Classic Trucks & Utility Vehicles
- Motorsports Vehicles
- Vintage Motorcycles & Scooters
- Retired Commercial Vehicles
- Collector Trailers
- Vehicles Under Construction
- Classic Military Vehicles
- Antique Tractors
Boat Insurance
Boat insurance protects a boat, its owner, and passengers in the event of a loss. Boat insurance can include all motorized water vehicles including, but not limited to, fishing boats, pontoon boats, yachts, and jet skis.
Boating Insurance Coverages
- Liability Coverage – pays for injuries and property damage to others as a result of a covered accident in which you are found to be legally liable. This may include pollution liability and wreckage removal depending on your policy.
- Collision Coverage – pays for damages to your boat, motor, trolling motor, trailer along with the permanent and some portable boating equipment as a result of a covered accident with another boat or object.
- Comprehensive Coverage – covers damages to your boat, motor, trolling motor, trailer and some permanent and portable boating equipment that are the result of events other than collision. For example, this can include damage from fire, theft or storms.
- Uninsured or Underinsured Boater Coverage – Covers the insured for damages and bodily injury that you and any passenger of your boat sustain if injured in a covered accident involving an uninsured or underinsured boater and also in some cases a hit-and-run boater.
- Medical Payments – Cover medical expenses for the treatment of injuries that are incurred by you or your boat passengers while operating or occupying your boat.
- On-Water Towing and Labor Coverage – This coverage option pays for towing expenses and other emergency services up to pre-defined limits in the event your boat becomes disabled on the water.
- Fishing Equipment Coverage – Specific coverage to help pay for damage to fishing equipment while on your insured boat or while being carried onto or off of your insured boat.
- Personal Effects Coverage – pays replacement cost for damages or losses of your personal property while onboard or while being carried onto or off of your insured boat.
Umbrella Insurance
Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.
When an insured is liable to someone, the insured’s primary insurance policies pay up to their limits and any additional amount is paid by the umbrella policy up to the limit of the umbrella policy.
Common Situations Protected by Umbrella Insurance:
- Motor vehicle accidents with excessive physical damage, bodily injuries, or death.
- Slip and fall accidents on your property.
- Boating Accidents.
- Swimming Pool Accidents.
- Physical damage or bodily injury caused by your dog.
- Slander, libel, and defamation lawsuits.
- Judgments that exceed the limits of your auto or home policies.
For more information, please fill out the form below or call us at 516-407-9510.
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