Category: Renters Insurance

Let’s Set The Record Straight About – Customizing Your Insurance

Today’s clever insurance commercials are a necessary evil. They provide more information about bundling and saving, and less about the coverages you, your family, and your business really need.

We can change that by simply asking the right questions.

Customizing Your Insurance

There is no insurance company that owns a monopoly on helping you customize your insurance.

None.

Commercials, Commercials, Commercials

Commercials are designed to increase brand awareness using gimmicks including celebrity spokespersons, animals, car crashes and chases, and well, anything they think you will remember when it is time to buy insurance.

Does Every Company Allow You To Customize Your Insurance?

You can customize your home, life, auto, renters, co-op, condo, disability, long term care, personal umbrella, and yes, even your flood insurance with any company licensed to do business in the State of New York as well as every other state in the Union.

Every company gives you the ability to customize your insurance.

Every single one.

Problem is, most consumers aren’t served by most of the television commercials aired today.

They are simply goaded into a perpetual state of dissatisfaction with their current carrier, even when their current carrier is doing a good job for them.

It’s What Consumers Don’t Know About Their Insurance Which Hurts Them

Each year, I make at least 25 insurance-based presentations for HUD-approved housing agencies and organizations such as Neighborhood Housing Services of New York City, Harlem Churches for Community Improvement, and Impacct. I always ask those in attendance to tell me what their automobile insurance coverages are. Inevitably, 14 out of 15 give the same answer, “Full Coverage.”

Not 25/50/10.

Not 250/500/100.

Full coverage.

And when I ask them how much their policies cover in the event of an accident, they usually reply that they’re not really sure, but they did save money by bundling their home and auto.

Yay,

Buying What You Need Is A Two-Edged Sword

As long as the policy or policies quoted for you meet your state’s required minimum coverages limits, buying the cheapest policy or bundle possible is actually all you need.

What if though, you just struck and killed a pedestrian, or lost control of your vehicle and totaled a house. Will your policy provide you with the actual amount of money you will need when the jury hands down some obscenely massive award against you?

Imagine coming home to find;

  • Your home on fire.
  • Two (2) feet of toxic sewage water sloshing about your finished basement.
  • Burglars paid you an expensive visit while you are at work or the market.
  • Your good dog had a bad day.
  • There are three feet of floodwater in your home and you don’t own a flood insurance policy.

What Questions Should I Ask?

  • What, if any hoops must I jump through in case of a claim?
  • Are policy coverages or exceptions more important to know?
  • Why do I have duties after a loss?
  • In the event of a covered cause of loss, how easily will my claim be settled?
  • Is your claim service fair?


What Should My Insurance Company and/or Independent Agent and Broker teach Me?

  • Why buying home insurance based on your home’s replacement cost is essential.
  • How to determine your condominium and cooperative apartment “walls in” insurance coverage based on what a licensed contractor would charge to completely repair fire or water damaged walls, ceilings, and floors.
  • The importance for renters to complete a personal home inventory, down to the last sweat sock.
  • How owning Life and Disability insurance will prevent financial disaster should death or disability destroy the earning power of a family breadwinner.
  • Reasons why every property policy should include Water and Sewer Backup coverage. And why every cooperative and condominium apartment owner should add the Loss Assessment endorsement to their coverage.
  • Why buying flood insurance, even when their home is not in a high-risk flood zone, is a smart financial move.

And, of course, what coverages do I actually need to protect my family and home from most disasters?

The other day a woman asked me for my honest opinion of who I felt was the best insurance company out there.

My answer?

The one with whom you secured the proper policies, with sufficient coverages, which is in force at the time of your claim.

A company that won’t make you jump through hoops to settle a  claim fairly. An independent insurance agent and broker willing and able to service your policies. With premiums accurately reflecting the coverages your policies provide.

Nothing else matters.

As for the commercials, well, give my regards to Broadway.

At least until we can enjoy live theater again. Until then, stay healthy and safe.

 

Eustace L. Greaves, Jr., LUTCF is an independent insurance agent and broker, licensed to conduct business in New York State. Contact Eustace at 718-783-2722, 718-489-2218, by email at [email protected] or by completing the contact form on this page, or  one of the many contact forms on his website, https://greavesinsurance.com.

 

 

“Daddy, God Is Crying”

We drove home, and the next morning when I went to call the client to tell him I would be late, I discovered I’d failed, in my rush to pack up the office and go home, to put the file in my bag.

9/11

Thirteen years ago today, I had an appointment to write a new client a Renters Insurance policy. His office was located in one of the Towers. The appointment was for 8:30 am.

9/10

I never made it to the appointment, because the night before, Ashley and Debbie (may she forever rest in peace), were involved in a collision at the Empire Boulevard McDonald’s at the drive through. The car in front of them, having left the drive-though window, suddenly reversed and ran into them. Why? Because the unlicensed driver, driving her aunt’s uninsured car without the aunt’s permission, was angry that her order was wrong.

They were both okay, but later that evening as I stood in front of the Met Supermarket taking pictures with a camera, a hot rain began to fall. It was as though a monsoon swept through the area.

“Daddy, God is crying”

Soaked to the skin, and angry about the accident, I got in the car and prepared to drive, when from her car seat, seven-year-old Ashley said, “Daddy, God is crying.”

My immediate response, “Yeah well right now, I’m crying too. I’m going to be late for the appointment, I have to take the car to the shop … wait, what did you say?”

“Daddy, God is crying.”

I looked at her mother, whose eyes were just as wide as mine.

“Why baby?”

“I don’t know why. I just know God is crying. I guess he’s really sad.”

We drove home, and the next morning when I went to call the client to tell him I would be late, I discovered I’d failed, in my rush to pack up the office and go home, to put the file in my bag.

By the time, I dropped them off at work and school, and left the car with Ernie, our mechanic, it was already 8:00 am, so I knew I was probably going to lose the case. I decided to go to the monthly PA President’s meeting at the District 22 office.

When I arrived at the District Office, I understood why God cried.

And the client I was supposed to meet? He woke up late, and came out of the train station, only to join thousands running from the site. As he ran, looking back to the floors where his company and friends were burning, he said to himself, “I hope that insurance guy made it out okay.”

My assignment wasn’t up.

11/11/02

I couldn’t understand why until one year and one month later, when Debbie died, leaving me a single parent to care for our child. Ashley and I cried.

So I still thank God for sending us the accident the night Ashley said, “Daddy, God is crying.”

Take a moment today and tell someone you love them, you cherish them, you value them, and they bring joy to your life.

You may never get another chance for a last kiss and hug.

 

Renters Are Property Owners Too | E. Greaves Jr.

“Suddenly, reality sets in and they realize they could actually need to insure their belongings for at least $40,000 to $50,000. And what would it cost them for this coverage? In most cases, especially should you maintain a great credit score, usually no more than one (1) or (2) dollars a day.”

While The Renter Slept…

A Monday morning about three (3) years ago came with a huge surprise.

A slightly frantic business associate called first thing that morning. During the weekend, while taking a middle-of-the-day nap in her home, she awoke to find herself face-to-face with a burglar. Thankfully he didn’t harm her physically, but he stole her laptop. It took a while before she felt comfortable and safe in her own home again.

The first and most painful question she asked me was, “Eustace, Does my landlord’s insurance cover this loss?” Sadly I had to tell her, “No, your landlord’s insurance literally stops at your door.  If you don’t own a Renters Insurance policy, you have no coverage.”

Then she asked if this was the coverage I tried to convince her to purchase when she first moved into her apartment. Again, sadly, I told her yes. But the upcoming vacation was more important than paying for Renters Insurance.

To her credit, she didn’t say, “That’s not fair.” She simply accepted she lacked coverage. We spoke for a while and then ended the call.

I Don’t Like Those Calls

Losses to the property of renters many times each day and, based on current economic conditions, will continue to increase. The losses are caused by burglaries, robberies, fires, building collapses and lawsuits. All renters must understand this fact: Your landlord’s policy protects them should they lose their property to fire theft and negligence. Why don’t you do the same for your property and way of life? If you don’t own Renters Insurance, you stand to suffer disruptions to your daily life without the benefit of receiving the money you’ll need to rebuild your life.

Usually, when I speak to clients about their Renters Insurance needs, they think they only need about $10,000.00 of coverage. So I play a game of I created called “How much Renters Insurance Will I Really Need To Replace Everything I Own?” with them.

I take out a piece of paper, and ask them, for example:

  • How much did the fur coat cost?
  • What about the new Nikon or Canon camera with all the gadgets?
  • What about your laptop, big screen TV, and home theatre and stereo systems?
  • What kind of clothes do you have in your wardrobe and what is the value of all of your clothing, down to the last sock?
  • Do you sleep on bed sheets? If so, what would you need to replace every sheet, pillowcase, bath towel, face cloth?
  • What about the china, silverware, flatware, and regular dishes.
  • How much did you spend on the furniture in your home?
  • How much did you spend on your laptop? (My friend lost a top-of-the-line MacIntosh.)
  • How much jewelry do you own?

Special Questions For The Ladies And The Men

Ladies must answer questions about the value of their shoes and handbags. And don’t worry, men have their own special questions about the value of all the replica football, basketball and baseball jerseys in the closet, in their dresser drawers, on the chair, and under the bed. And their baseball caps. And the expensive sneakers. And no, I don’t believe sneakers should be addressed with proper names until they can have their lifts replaced like Loubitinis (Yes, I know that isn’t how you spell it!).

Guess what? I didn’t even mention your possible need for off-premises theft. You know, for when someone snatches the valuable electronics out of your hands on the street, or when you “just take a minute” to get another latte at the coffee shop and return to your table to find your laptop, phone and wallet stolen.

The Game Is Really Easy To Master

Suddenly, reality sets in and they realize they could actually need to insure their belongings for at least $40,000 to $50,000. And what would it cost them for this coverage?  In most cases, especially should you maintain a great credit score, usually no more than one (1) or (2) dollars a day.

Just $365.00 to $730.00 each year.  And some people, like college students on a budget, even less. Think the cost is too high? Well, how much do you spend everyday on coffee you could make at home? Could you eat out at least one or two less meals each week?

Some Tips On Securing Your Home and Your Possessions:

  • Do a complete, ‘Down to the last sock,’ inventory of all of your personal belongings. If you don’t have Renters Insurance and try to claim your losses on your income tax return, the IRS will need you to provide proof of ownership.
  • Go to your local police precinct and see what anti-crime products are available to you. The best part is, they tend to be free. You just need to simply ask.
  • Make sure that all of your electronic devices, be they I-Touches, smart phones, or laptops, have strong passwords.
  • Buy “Lojack for Laptops” and install it on your laptop. It only costs about $29.99.
  • Purchase and use a security cabling system for your desk computer at home and laptop computers, whether at home, on campus, or at the local library.
  • In case of loss to your computers, keep up-to-date backups in a secure location.
  • Secure your home against illegal entry using Fire Department approved window gates.
  • If you can, install a fire and burglar alarm system.
  • Keep windows and doors locked when you are away, and secured when you are at home.
  • It’s nice to be neighborly, but don’t feel obligated to invite the neighbors in for a party. Some of them may want to continue the party while you are at work.
  • On occasion, vary the times you leave for work and come home.
  • Don’t put your vacation plans on Facebook or any of the other social media. Thieves love to troll these sites to see just who is dumb enough to tell them when they can come and steal.
  • Finally, buy Renters Insurance. Lots of it.

For guidance in setting up a personal home inventory, feel free send me an email at [email protected],  or send a stamped, self-addressed envelope with 86¢ postage addressed to for a copy of Travelers Personal Inventory brochure. You can even stop by the office and ask for a copy of the brochure.

While it was too late for my friend to benefit from owning this coverage, your luck may have held out until now. Call me at 718-783-2722 and I’ll be glad to give you a Renters Insurance quote designed to fit your needs, and your budget.

Eustace L. Greaves Jr. is a business owner providing his clients with insurance and income tax strategies and solutions. To reach Eustace by telephone, just dial 718-783-2722. Or, you can send an email to him at [email protected].

Covered For Plane Crashes? |E. L. Greaves Jr.

When I realized I was talking to Mr. and Mrs. Worrywarts, I asked them if a plane crashed into their home. They confirmed their lovely home was still in one piece, and I calmed them down. When I asked them why in the world they were worrying now, after living in their home for several years, about plane crashes, they told me about the tragic accident in Indiana.

Is Your Home Covered For Plane Crashes?

A private plane crashed into a residential neighborhood in South Bend, Indiana on Sunday, March 17, 2013. The plane which appeared to suffer mechanical malfunction clipped two (2) houses before crashing into a third home.  At last report no deaths were attributed to this disaster.

I learned of this disaster yesterday evening when a client, whose home lies in one of the flight and landing paths for JFK airport called.

Meet The Worrywarts

“Greaves! Am I covered if a plane crashes into my house? Am I covered, or what?”

My immediate response was, “Huh? What happened? Who calling, please?”

So he, calling to his wife yells out, “Honey, Greaves say we don’t have coverage if a plane crash into the house.”

“What?! Oh Lord, what we going to do then?”

When I realized I was talking to Mr. and Mrs. Worrywarts, I asked them if a plane crashed into their home. They confirmed their lovely home was still in one piece, and I calmed them down. When I asked them why in the world they were worrying now, after living in their home for several years, about plane crashes, they told me about the tragic accident in Indiana.

You should have heard their joint sighs of relief when I told them “Yes, your home is covered,” should an airplane crash into their home. Of course they asked me if I was sure about that. So I asked them to take out their homeowners insurance policy and turn, in this case, to pages five (5) and six (6) for a list of Specific Perils covered by their Homeowners 3 -Special Form policy. And yes, they keep it handy in their waterproof, fireproof, everything proof portable safety box.

Covered Peril number five (5) of fourteen (14) concerns “Aircraft, including self-propelled missiles and spacecraft.” So if little Rupert next door, who fancies himself a future rocket scientist, fires a model rocket through your window, and the subsequent fire burns your home, rental, coop or condo to the ground, you’re covered.

They were happy to hear that. Turns out they do have a little rocket scientist living next door. Kid’s name is Philbert.

Now I’m the one who’s worried.

 

Your Duties After A Loss | Brooklyn Covered

If your policy includes coverage for additional living expenses (and if it doesn’t, go out today and buy a policy with this important coverage), you must again keep accurate records of your expenses for housing, food, and transportation.

Whether you rent or own your home, your insurance policy, in the Conditions section, lists your duties after a loss. Should you fail to comply with the duties which follow, your insurance company could deny you coverage.

  1. You must immediately notify your Broker, Agent, or your insurance company’s claims department of how, when and where the loss happened. Make sure to include the names, addresses and contact information of any witnesses and other injured parties.
  2. Notify the local authorities.
  3. You must protect the property from further loss or damage. This is where many people endanger their full indemnification after a covered loss. For example, if your roof has suffered damage, take as many photos as possible. Then, make reasonable and necessary repairs to prevent further damage. When this is done, take more pictures.
  4. Keep an accurate record of the expenses you incur to protect the property from further damage.
  5. If your home suffered water damage when the roof was compromised, make an inventory of the damaged property before you toss things out on the sidewalk, for example. Your inventory should include describe each item, and it’s cost. Again, take as many pictures as possible to prove your loss. Original receipts, and/or instruction manuals, are a terrific source of proof of ownership. I always tell my clients to prepare a complete Personal Home Inventory using a Travelers Insurance brochure as a guide. Your work at preparing a claim will go a lot faster and easier when you already have a prepared inventory.
  6. If your policy includes coverage for additional living expenses (and if it doesn’t, go out today and buy a policy with this important coverage), you must again keep accurate records of your expenses for housing, food, and transportation.
  7. Remember, you will be required to sign a sworn statement about all the damages and costs you’ve incurred. Don’t listen to anyone who tells you to inflate your loss and expense amounts. These are acts of fraud, and your company could refuse to provide coverage for any insured engaged in these acts.

Suffering a loss is tough, but you can make your recovery easier by following these tips.

Eustace L. Greaves Jr., LUTCF is a New York State licensed independent insurance agent and broker. To get a copy of the Personal Home Inventory Brochure, send Eustace an email to [email protected]. Or, stop by his office at 651 Bergen Street, Brooklyn, NY 11238, for a hard copy. Just give him a call at 718-783-2722 so he can tidy up the office before you stop by

Talk About Your Hot Sex…|BrooklynCovered

What’s wrong with flashlights?

Candles.
It had to be candles.

Last week, here in Brooklyn, NY,  a building with over sixty apartments caught fire, causing the tenants, some of whom lived there for over 30 years,  to lose their homes. In the days which followed, each news article I read about the plight of those who suffered the loss of their homes contained a similar quote;

“We’ve lost everything. I don’t know how we are going to recover from this.”

To his credit, Jumaane Williams , the NYC Coucilmember for the 45th District,  immediately held a clothing drive for those affected at a local church. Other people stepped up to aid individual families. So, having regained the ability to type and write after an injury to my hand while moving my office, I began working diligently to put together a fiery blog post addressing each renter’s need for owning a Renters Insurance policy.

And then, last night, the Fire Marshalls from the New York City Fire Department announced the cause of the fire which destroyed so many lives. Candles placed around a bed during a religious ceremony for luck which allegedly included sex.

No, I am not lying. Candles around a bed. Religious ceremony. Sex.

I guess that’s what they mean by hot sex.

Whatever happened to sex in the dark?

Supposedly, the bed caught fire (from the candles, I imagine), and instead of calling 911, the persons involved attempted to douse the fire using water from the sink.

Here’s a lesson from my own experiences with fires – Fire will not wait for you to kill it with water from the kitchen or bathroom sink.

Then, to top it off, they allegedly opened a window and door, thinking the fire would be dissipated by the extra air. On a night when the wind was gusting up 50 miles per hour.

Fire lesson number two: The more you fan the flames, the larger the conflagration. More air, gusting air, more fire, greater destruction.

Don’t believe me? Rent or buy a copy of director Ron Howard’s 1991 movie, Backdraft. Robert De Niro played a Fire Marshall in that one. His character, and the movie in general made me believe in the concept of thinking and living flame, an entity which hungers and feeds. 

Can’t you just see what housing applications will look like in the future? There will be questions about religious practices,  and the use of candles during same and/or during sexual intercourse.

Don’t laugh. I know I would demand any renter of any apartment or commercial space sign an addendum to the lease which would include an agreement to not use candles under any circumstance. And, they would also agree to keep at least two (2) working fire extinguishers in their apartment.

The next post will deal with Renters Insurance and other tools every renter should own. And don’t worry, I haven’t forgotten about the “Ten Reasons” series.

Just had to wait for my hand to heal.

Cruise Control |Brooklyn Covered

It Happened One Day

I happened to meet one of my clients on the street the other day. When she saw me she had the “Oh no” look so common with people who really don’t want to run into their financial representatives. Why? Because we seem to never forget what most people tend to – the disposition of  their financial affairs.

“Have you and your brother given any thought to talking with your mom about her insurance and planning needs should she require skilled nursing care either at home or in a nursing home?”

Before she could come up with an answer the old Greaves memory kicked in. “And what about the Renters, Life and Disability Insurance program we discussed at your last review? When would you like to get together to put your plans in place?”

She looked at me and said, “Listen, I really can’t worry about that stuff now. I’m getting ready to go on a cruise and I need a complete new wardrobe and I have to finish paying for my ticket…I’ll just take my chances. I’m sure nothing is going to happen and everything will be okay until I get around to it.”

Don’t ask me where my reply came from. “Be careful with the chances you take. You just might run out of luck.”

The Ships’ Company is Prepared

“You mentioned you’re going on a cruise, right? Well, think about this: The captain and each member of the crew of your cruise ship knows exactly how much food, fuel, fresh water and other supplies they need on board before the ship departs. They know to the minute when they’ll reach their first, second and last port of call. They know exactly how many meals will be served, who will sit at the captain’s table and when, how many songs the different bands need in their repertoires, the number of towels for the deck chairs and how many mints for the pillows. They’re ready for any shipboard emergencies because they constantly run simulated drills so they know how and what to do and when. They even know your name, date of birth, food allergies and maybe even your favorite color. All before you set foot on board that ship. And I’ll bet they have a pool on how many shipboard romances will end in broken hearts.”

Confused, she looked at me and asked “So what does that have to do with me? I’m just taking a vacation.”

I looked at her, took a deep breath and said, “They have a plan. You don’t. ”

I didn’t if she was going to laugh, cry or slap me upside the head. After a few seconds that seemed like an eternity, she quietly said, ” Well, if my luck holds out, I’ll see you when I return from the cruise.”

“Give me a date and time,” I said. “And before you can tell me you don’t know when we’ll meet to get your financial house in order, try telling me you don’t know the exact date, pier and time of departure for your cruise.”

I am looking forward to our upcoming appointment.

How Prepared Are You?

Take a moment and just think about your own financial house. A “Little Bit of Luck,” is cute in the New York State Lottery commercials, but how long will your luck hold out? I think you’ll sleep better if you just put yourself on “Cruise Control” so you can really enjoy all your life has to offer.

Just ‘a little’ food for thought.

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