Sadowski Insurance Agency

While insurance rates are increasing everywhere, there are several ways you can reduce homeowners insurance costs and/or avoid policy denial.

1. More options. Better insurance.
Shop and compare to see if you can get a better deal for the same level of coverage. I'll compare insurance rates from leading insurance providers and present you with the best offer.

2. Seek discounts.
Get savings on your insurance premiums by bundling multiple products like your auto and home insurance policies. Discounts can also curtail your premiums. Contact me to see if you qualify for lesser-known discount opportunities.

3. Increase your deductible.
Increasing your deductible by $500 to $1,000 could save you as much as 25% on your insurance bill, according to the Insurance Information Institute. Be aware that deductibles can be subtracted from your total coverage amount.

4. Routinely maintain your home.
Claims may significantly increase your premiums and even be grounds for denial. Doing your due diligence by ensuring your systems are working correctly and identifying early signs of foundation problems will decrease the likelihood of significant damage.

Your level of education, credit score and job can be used to determine how much you pay for auto insurance. Some New Jersey lawmakers say that discriminates against lower-income drivers, and the state Senate last week passed a bill banning it.

If you have questions, concerns or would like to check rates with multiple insurance providers, don't hesitate to call me, I'll be happy to help. (973) 580-3992 Aneta

Your auto insurance bill can be higher based on your job, education, credit score. N.J. Senate says it’s discrimination. “Low-income customers are being charged significantly more regardless of their driving history and that is unacceptable.”

Business Interruption Insurance vs. COVID-19

One coverage most businesses need is business interruption insurance. It helps replace the income your business loses if you can’t open for a time after a covered loss. But now that the owners need this coverage, insurance companies are telling them they’re not covered for COVID-19.

Claims filed by the business owners get denied based on an exclusion in the policy called the “Exclusion for Loss Due to Virus or Bacteria.” This clause is tucked into just about every commercial business insurance policy since 2006. The article states: “We will not pay for loss or damage caused by or resulting from any virus, bacterium or other microorganisms that induce or is capable of inducing physical distress, illness, or disease.”

It is a growing issue in New Jersey, where State Assembly is considering a bill to compel insurers to cover small companies for business interruptions caused by COVID-19. The bill A-3844 was recently pulled from a vote (after reading on March 16th), over concerns about the legality. Bill A-3844, which would force insurance companies to cover claims by New Jersey small business owners, remains a work in progress.

Bill: https://www.njleg.state.nj.us/2020/Bills/A4000/3844_I1.HTM

Please take this short survey; it will help me learn about trends and better assist clients. THANK YOU!

ARE YOU OK WITH INSURANCE PRICE HIKES? ARE THEY JUSTIFIED? Insurance premiums have a nasty habit of rising each year. In light of that, I want to ask you a few important questions about your views on that matter: