Should I combine auto & home insurance in New York?

You hear all the commercials on TV and radio – “Hurt in a car, call…..” Or “Your personal injury attorney’s, call…….

The ads do not stop and it seems as if new attorney’s are popping up every day on TV, nighttime, daytime, cable TV doesn’t matter. There is even 1 local attorney who produces his own infomercial program. What they are all going after is your insurance policy – mostly your auto or vehicle insurance policy, as traffic accidents are very common occurrence.

So the “discovery period” they are looking for, is with whom and how much liability insurance you have in place to protect your family. What is your policy number and effective’s dates of insurance coverage and who the insurance carrier is, is how they start the process of a lawsuit against you.

Here is where you could be in danger if you are a homeowner in New York State. These lawsuits brought against you, could end up as a judgment against you, which is then a legal lien against real property in New York State. So any real estate you own in your own name (like your HOME?), gets lien-ed against until the judgment is paid in full. So if there is not enough auto liability insurance to pay this in full, you need to find a way to pay it yourself.

You can never sell or re-finance your own home until this unpaid judgment is paid off. That is why they do a title search before a real estate transaction – to see if you owe any money to any creditors.

Should I combine auto & home insurance in New York?

That is why it makes sense for you to make sure your home and auto insurance are linked together, with maybe a personal umbrella insurance policy too. Not knowing what your risks are, when you call an 1-800 number to get an auto quote, they only really care about selling you an auto insurance policy – not in how to cover you properly. If both policies aren’t connected – you could have “holes” that you or your homeowner insurance company won’t know about.

Especially in New York where I am based (and sell), it is very dangerous to leave yourself open to these holes.

Should I combine auto & home insurance in New York?

The courts are filled with case after case of personal Injury lawsuits. We see those a few times every quarter in my own insurance office. These cases don’t go for $25,000 or $50,000…they are asking for $300,000 or $500,000 or $1,000,000 and see what the judge might determine.

Lot of factors need to be considered when looking at YOUR risks – not you neighbors, your cousins, your co-worker or your brother! You don’t drive the same cars, live in the same zip code, have the same credit rating or have the same driving record! You may do volunteer work, sit on board-of-directors or coach little league- driving the players to the field.

Risk factors vary from person-to-person and from neighbor to neighbor. Further understanding the kind of work you do and the salary you make, can also help an insurance agent understand your risks.

It should never be a black-n-white fit or a one-size-fits-all solution, as some insurance companies would have you believe. They treat insurance like a commodity, like the purchase of a TV or refrigerator- it should never be bought like that.  

Should I combine auto & home insurance in New York?

Be a smart insurance consumer. Learn from online places like Forbes or Huffington Post or our own blog here. With all this information online today, nobody should be basing their insurance off a cartoon character, mis-leading ad or a one-size-fits-all solution.

I’ve seen too many claims and too many losses for the average consumer not to carry the right insurance coverage