Insurance

How Much Say Does My Condo Association Have In My Insurance?

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If you live in a condominium, you’re probably going to be subject to the governance of a condo association, which will function much like a typical homeowner’s association. These groups benefit condo owners with general management to ensure that the neighborhood is kept in good condition, and will typically provide insurance for the general building that you live in and for the community.

When it comes to your condo insurance, however, you’ll be expected to buy it yourself. Essentially, your condo association’s insurance covers everything outside your home, and your condo insurance covers everything inside your home.

So, the question is: How much say does your condo association have in your insurance? The answer is that it varies from one association in New Windsor, NY to the next.

  • Some condo associations may have no input whatsoever on your condo insurance. This means that you can go without any protection at all if you like. Of course, that would mean that if something happens to your possessions in a fire, the building repairs will be covered, but your belongings will not be.
  • Some condo associations may require that you buy a minimum amount of protection, but will not have any input on who you buy that coverage from.
  • Some condo associations may insist that you go through a specific insurance company to get covered.

If your New Windsor, NY condo association falls into the first two categories, get in touch with Windgate Insurance Agency, Inc. to see what they can do for you. Your condo association’s insurance will cover anything that happens to the exterior of the building. Still, when it comes to your possessions and the safety of the people inside your home, you’ll need an ally like Windgate Insurance Agency, Inc. on your side.

Purchasing Life Insurance for Children in New York

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Daily, parents have many tasks to take care of, such as working, paying bills, maintaining their household, and, most importantly, taking care of their kids. Having kids is one of the greatest gifts that can happen to you, and it is of the utmost importance to protect them at all times. In addition to the latter, preparing for their future while they are babies is never a bad plan to have in mind. 

At Windgate Insurance Agency, Inc., our agents are highly knowledgeable and can ensure you receive the best insurance options available. We are located in New Windsor, NY, and have served the local community since 1991. Our clients always have a variety of questions to ask us, and we can steer you down the right path to satisfaction. Here are some quick things to keep in mind when you are purchasing life insurance for your child that will be beneficial to you as parents. 

When should you purchase life insurance for a child?

There is no golden age as to where you have/need to purchase life insurance for your child. However, it never hurts to start investing in it when you feel like you’re ready. Preparing a cushion for them now is excellent just in case a parent(s) pass away. 

How does life insurance benefit a child? 

By starting early, you give the child a better chance to qualify for life insurance later on in life. It is also a financial savings net for your child as well. As the money you invest in their life insurance continues to grow, when it is time to start distributing those funds, you will notice that starting early was all worth it.

Are you thinking about any questions or concerns that you are not quite 100% of the right answers? Our agents are available for scheduling in-person consultations. Reach out to our office in New Windsor, NY to speak with our team and get started with a quote.

Types of Commercial Insurance and Their Benefits

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The excitement fills you when you open your first business. A bit of trepidation probably sneaks in, too. You can handle it best by ensuring you have the proper insurance. Windgate Insurance Agency, Inc. wants you to understand the policy types your Highland Falls or New Windsor, NY business might commonly need. 

When it comes to commercial insurance, you will need more than one type of policy. Commercial insurance refers to a range of policy types that include commercial property, liability, and workers’ compensation. 

If you own your building, you need property insurance to cover typical perils like the type you’d find in a homeowner’s policy. You’d choose a renter’s policy to include contents if you lease your office space or storefront space. A liability policy pays damages to third parties. Commercial auto covers your fleet vehicles from damage and your liability to others should you or your employees cause an accident. Finally, if you hire employees, not independent contractors, you will need a workers’ compensation insurance policy to cover workers who sustain on-the-job injuries. 

Aside from those main types of insurance policies for a business, you may also find yourself in need of various specialty policies.

  • Boiler and machinery insurance, which also gets called equipment breakdown or mechanical breakdown coverage, that pays for the repair or replacement of boilers, machinery, and other equipment. A manufacturing plant would need this type.
  • Debris removal insurance reimburses your costs to remove debris from an act of God, such as a fire or tornado.
  • Builder’s risk insurance is the policy you need if you build your own office or construct another building or structure. This includes coverage of condo or apartment complexes.
  • Glass insurance pays for repairs to broken windows and plate-glass on any commercial building. Many storefront businesses need this if in a neighborhood known for vandalism.
  • Inland marine policies insure other people’s property while in transit and on your business’ premises. A dry-cleaning business or shipping service would use this policy type.
  • Malpractice insurance provides coverage every medical practitioner needs. It covers losses that result from injuries to a third-party due to the professional’s conduct missing the profession’s standard of care. It also pays for the insured’s attorney and court costs.
  • Business interruption policies reimburse the insured for lost income and expenses that result from property damage due to a named peril like fire or tornado. It would cover any salaries, taxes, rents, or net profits the business would have earned while forced to close.

The category of commercial insurance includes many other types of policy, and many are much less common. To learn which policies your business needs, you should meet with a knowledgeable insurance professional at Windgate Insurance Agency, Inc. of New Windsor, NY. Let us help you find the right policy set for your business.