Personal

Personal Insurance

mikeBsmlPrintProcuring coverage to protect your home, condominium, possessions, and automobile can be complicated. Our promise to you is simple: We will help you find the insurance products that offer you the best value to intelligently cover your personal assets.

We know that you face a barrage of ads from different insurance companies each one claiming that they will save you money. But how do you know that you are getting the right coverage? Sometimes the lowest price option is not the best option for you.  What if the lowest price option does not offer protection you need? Or what if a higher priced proposal includes coverages that are not relevant to your situation?

Our team will work with you to assess your individual needs and make coverage recommendations accordingly. We will make sure that you understand what options exist and help you make informed decisions on how best to manage your personal risks.

The Mile Square Insurance Agency partners with financially sound, industry-leading carriers. We will take the time to help you decide what is important for you and then shop around with several carriers–not just one carrier like many agencies–to find the most economical way to meet your insurance needs.

 

Types of Personal Insurance: 

Homeowners Insurance

What is Homeowners insurance? Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets. Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners’ responsibility.

Why do you need homeowners insurance? It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That’s important because chances are your home is likely one of your largest investments.

  • If your home was destroyed by fire or damaged by a natural disaster, you’d need money to repair or replace it.
  • If a guest in your home is injured, liability protection and medical coverage help pay expenses.
  • If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
  • If you are still paying for your home, your lender will require insurance.

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what’s included and what is not.

Mile Square Insurance represents the finest insurers. Call us today for a no-obligation quotation for your home.

 

8 Things to Know About Buying a Condominium Unit        

  1. The master policy for the association usually only covers the exterior of the building and any community-owned property, not your stuff. You need to get your own “HO6” Condo homeowners policy.
  2. You need “Dwelling Coverage A” as contained in the HO-6 policy to cover the built-in features of your unit such as the cabinets, flooring, sheetrock, appliances, plumbing fixtures, and interior doors.
  3. Lenders usually require that you purchase Coverage A limits of at least 20% of the appraised amount of your unit. Often times this is enough coverage, but it might not be.
  4. “Personal Property Coverage C” is the coverage for your furniture, clothes, housewares, and other gear.
  5. Coverage for jewelry, and artwork, and collectible items is usually limited by your policy. Please let us know what valuable items you own so we can structure your policy to safely cover your possessions.
  6. The HO6 policy also covers you for additional living costs you might incur if your unit becomes unlivable as a result of a covered loss. This could include hotel bills, rent for a temporary apartment, meals, laundry and other things that cost you more because you can’t use your own space.
  7. Liability coverage is also part of the HO6 package. This protects you against the potential lawsuits that could arise if someone gets hurt on your property, or if you could otherwise be found responsible for causing harm to others anywhere else.
  8. Not all HO6 policies are the same. There is a great deal of variation in coverages and pricing between carriers. Allow us to learn about your needs and to check the best markets to find you the best coverage at the best price.

 

What is Renter’s Insurance?

Renters insurance provides coverage for your possessions against fire, theft and other things that can go wrong. Your landlord’s policy usually will not offer you any protection for your personal property.

A renter’s policy also protects you against lawsuits that arise when people get hurt or property is accidently damaged. A good renter’s policy also provides sufficient coverage if you have to live somewhere else while your apartment or home is being repaired from covered damage. There are several excellent products available for renters that offer broad coverage and are very reasonably priced.  Some carriers will even offer you a discount on your auto insurance if you bundle it with a renter’s policy. Contact us for a no-obligation quote to see what your options are.

 

Automobile Insurance 

What is auto insurance? Auto insurance protects you against financial loss if you have any kind of accident involving a car, or your car is damaged or stolen. Auto insurance consists of a contract between you and an insurance company. You agree to pay the premium and the insurance company agrees to pay claims as defined in your policy. Auto insurance provides property, liability and medical coverage:

  • Property coverage pays for damage to or theft of your car.
  • Liability coverage pays for your legal responsibility to others for bodily injury or property damage that you cause.
  • No fault medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses for you and/or your passengers.

An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have specific requirements for how you must insure your car. Most personal auto policies are written for a term of six months or for one year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium. Why do you need auto insurance? Besides the fact that it’s required by states in order to operate a vehicle, auto insurance offers you financial protection from the risks that owning and operations a car present. Call us today and we can help find an auto policy that best meets your needs at a competitive price.

Of course we can also obtain coverage for your boats, snowmobiles, ATV’s, motorcycles and recreational vehicles.

 

Umbrella Insurance

We believe that Personal Umbrella insurance is the most important policy your can buy for protection of your assets. It also is one of the greatest values offered by insurance companies. Millions of dollars of coverage can be purchased for only a few hundred dollars. Umbrella policies bring our customers the protection and piece of mind that you buy insurance for in the first place.

Specifically, Personal Umbrella insurance is coverage that protects all of your assets, both physical and financial, from legal judgments when the liability protection contained in your Homeowners or Auto policy is not enough to satisfy a claim from an accident. Unfortunately, lawsuits resulting from serious injuries have become almost commonplace. It is no longer unusual for verdicts and settlements in accident cases to exceed $1,000,000 or more. And you only have to be found partially responsible for an accident for a claimant to seek financial damages. An umbrella policy will provide substantial limits of coverage above and beyond what your homeowners and automobile policy limits provide to keep your real estate and bank accounts safe if you are involved in any kind of accident. We highly recommend umbrella policies to our customers. If you don’t already have an umbrella policy and would like a proposal for one, click below and fill out our form, we will obtain a quote for you right away.

Contact us now for a no-obligation quote.

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Contact

256 Newark Street
Hoboken, NJ 07030
Phone: (201) 687-9950
Fax: (855) 427-9620
info@milesquareinsurance.com

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