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The quick and easy answer to this is yes. You should have more insurance coverage than the state mandated minimum auto coverages.

But it all depends on your interpretation of what insurance is for. If you believe that insurance is in place to protect you for your “Worst Day” than the state minimum auto coverage is never going to protect you against that “Worst Day.”

I can’t tell you what level of insurance coverage you should have but I can tell you that the state minimum insurance coverage will not properly protect you in the event something horrible happens.

You can cancel a personal insurance policy (i.e. Auto, Home, Boat, etc) at any time without penalty in New York State.

That means you could change your insurance company every month if you felt so inclined.

All policies are cancelled pro-rata which mean you only pay for what you use…

Watch this video “Can I Cancel My Auto Insurance Policy at Anytime?” for more details:

Water back up and sump pump failure coverage is an endorsement to the homeowner insurance policy that provides coverage to property damaged by water that backs up into the home through pipes, drains, sewer, water-service, sump pump and any other type of fluid transfer system from the house.

Water backup is very common in areas where the public water systems are old such as the Albany, Schenectady, Troy Metro areas.

It is important to understand the water back up and sump pump failure coverage is an endorsement to the homeowners insurance policy.  This coverage Does Not come standard.  You have to add the coverage and in most cases pay an additional premium otherwise you do not have coverage for this type of loss.

Condo insurance has some very significant differences from traditional homeowners insurance. The notable is how the Dwelling or Building is insured.

When you purchase a condo you are purchasing the air in side the building. The majority of the structure is not yours. Therefore the insurance you purchase does not need to cover the entire building.

Additionally when you own a condo you will most likely be part of a condo association. If there are problems with the building or public space you can be Assessed as part of association to fix damages.

There is coverage on your condo policy for loss assessment.

Personal liability insurance is most often found on the homeowner insurance, renter insurance or rental property insurance policy.

Personal liability insurance protects you and your family in the event there is a lawsuit resulting from 3rd party bodily injury or property damage.

An example of personal liability is a neighborhood child who gets hurt on the swing set in your backyard.

The easy answer to the question, “Do I need NY flood insurance?” is yes!

You do need NY flood insurance if you own property. It is your choice as to whether purchasing NY flood insurance makes financial sense or if you believe in the NY flood insurance product. But the truth of the matter is that a flood can happen anywhere, not just in traditional flood zones, as was the case with the Northeast US and Hurricane Irene this fall.

Many areas that had never seen significant water before were completely destroyed.  A standard NY home insurance policy is not going to cover a loss resulting from a flood.

It’s important that you do not confuse NY flood insurance with water-backup and sump pump failure coverage, which is the result of water backing up into the house through pipes and drains. This coverage can be easily endorsed onto a NY home insurance policy.