Insurance is an indispensable part of life in America, and a relatively inexpensive way to protect yourself from unpleasant surprises and additional expenses. There are three main types of insurance that we highly recommend you consider:
1. Health Insurance
Unlike most European countries, the United States does not have a socialized health care system. If you do not purchase a health insurance policy, than you are responsible for paying your own medical bills – a potentially very expensive prospect. Therefore, we especially urge those with children or known medical conditions to purchase insurance.
There are two ways to purchase health insurance. It is likely that your company will provide you with a group policy, which means that you are covered under the company's insurance plan. These plans offer the most inexpensive premiums. If you work for a small company or would prefer a different plan from that offered by your company, you will have to purchase an individual plan. Depending on what your needs are, these plans usually run from $400-$700 a month.
If you will need to purchase your own policy, there are three main types of health insurance you can choose. For more information on these, please visit this website. If you have any additional questions, our team at Evans will also be more than happy to help.
2. Renter's Insurance
When you rent an apartment or own a condominium, you should understand that only the building is covered by insurance against disasters: renters or condo owners receive no compensation for their possessions unless this is specifically written into the lease. Fortunately, this can be remedied by purchasing relatively inexpensive renter’s insurance.
Renter’s insurance protects you from environmental factors and circumstances, such as lightning, rioting, explosions, vandalism, smoke, theft, windstorm or hail, falling objects, snow, sleet, and the weight of ice, but not earthquakes or flooding. Renter’s insurance will also protect you in the case of a liability lawsuit. This could occur if someone is injured on your property, or if you cause damage to another person’s property (through water leaking through your floor, for instance).
Renter’s insurance may also be used to protect high-value objects in your apartment. You can add a special clause, called a rider, to your policy to provide the level of protection necessary for expensive jewelry or other items. We at Evans will be able to help you analyze your lease agreement and your particular situation in order to determine if purchasing renter’s insurance is recommended in your individual case.
3. Title Insurance
When buying a property, it is almost essential to purchase title insurance. As a buyer, you will purchase a form of title insurance referred to as the owner's policy. This guarantees that the owner is in fact the owner of the property, and that the property does not have any defects, liens, and encumbrances except those listed as exceptions. Without this protection, you could be subjected to endless court battles and the possible loss of your property if it is found that the deed was incorrectly recorded. The owner's policy also covers potential losses and damages if the title is unmarketable.
Most likely, your lender will take out a lender's policy to protect their interests in the loan; however, you are not responsible for the costs of the lender's title insurance.
Choosing an Insurance Company
Evans is very familiar with major health care insurance companies and property insurance companies in New York City. We will be happy to recommend a company and assist you in finding a policy that best suits your needs.