Can I pay my building insurance bill online?
Evergreen Insurance is an independent insurance agency. We write business with more than one hundred insurance companies. With some insurance companies you can pay your premiums directly to them on their… Read More…
Answered by Fay Hochberg – Accounting
What information about my property should I relay to my agent?
It is important to paint a clear picture of the occupancy, e.g. short/long term tenants, residential/commercial, or student tenants as well as any plans for the property such as renovations or vacancies so the agent… Read More…
Answered by Chany Schechter – Account Executive
Why do I need to be an additional insured on my commercial tenant's policy?
If your tenant was to be sued due to his negligence, you might be sued as well. You wouldn’t want your policy to be affected, by an increase in premiums, for example, due to negligence on the part of your tenant. If you are listed as an additional insured in your commercial tenant’s policy, then his carrier will have to pay it out of his policy and not yours. However, if anything occurs… Read More…
Answered by Rikki Stark – Account Executive
How do claims affect my policy/premium?
When a claim is submitted, it can affect which carriers will want to write your policy over the next couple of years. Claims can also result in you having to pay… Read More…
Answered by Chany Schechter – Account Executive
Why does the insurance company inspect my property?
They inspect your property or building to ensure that your property is safe and there are neither fire nor liability hazards. They want to keep you, and of course themselves safe, by minimizing the chances of them having to pay out a claim. After inspecting your… Read More…
Answered by: Rikki Stark – Account Executive
How does a lapse in coverage affect me?
When your policy lapses, you take the risk of a partial or full loss. In addition, carriers hesitate to write a policy for…. Read More…
Answered by Chany Schechter – Account Executive
If the insurance company inspected my building last year would they re-inspect this year as well?
Some insurance carriers might reinspect your properties for various reasons and they are entitled to
do so as it is within their rights. One reason would be: to recheck and certify that all the mandatory
recommendations are… Read More…
Answered by: Rikki Stark – Account executive
What’s the difference between Replacement Cost Value (RCV) and Actual Cash Value (ACV)?
There are 3 different ways to value your building 1) Market Value 2) Replacement Cost Value and 3) Actual Cash Value.
Market value is the price that the building would or could be sold at in today’s real estate market. For example, $1,000,000. Replacement cost value is the actual price that it would cost you to rebuild your building in today’s construction market. For example…. Read More…
Answered by: Miriam Spira – Sales rep
Do I need to insure my building for its market value?
No. The building ideally needs to be insured for the cost to replace and rebuild the building from the ground up. However some banks may require the building to be insured for the loan amount, which in some cases… Read More…
Answered by: Joel Kivelevitz – Account executive of large business
If I become a landlord and rent out my home to a tenant, can I use a regular homeowner's insurance policy?
It depends, this is something you should ask your insurance agent about. A lot of homeowner’s policies, do not provide coverage if you rent your house to tenants. They expect you – the homeowner – to live in the house. It’s important to talk to your agent and make sure… Read More…
Answered by: Joel Kivelevitz – Account executive of large business
What is Umbrella coverage and when is it important to purchase it?
An Umbrella policy gives you additional liability coverage. You might want to get Umbrella coverage if your property is in an area where… Read More…
Answered by Chany Schechter – Account Executive
Rent loss insurance: What is loss in rents? Why do I need loss of rents coverage? Does rent loss insurance cover me if I cannot rent out an apartment or if a tenant doesn't pay their rent?
Loss of rents coverage, is only for the event that a space that was rented is now unable to be rented out, due to being damaged by a covered insurance loss/claim. For example, fire… Read More…
Answered by: Joel Kivelevitz – Account executive of large business
Does equipment breakdown insurance cover me if my boiler or other equipment breaks down and needs to be repaired/replaced?
Equipment breakdown coverage is insurance for damage that happens to the building caused by equipment that maintains the building, e.g. boiler, HVAC, hot water heater, or damages to the equipment itself. Equipment breakdown… Read More…
Answered by: Joel Kivelevitz – Account executive of large business
Why did my premium increase if my building value hasn’t increased?
Carriers constantly refine their rates, based on their overall loss history and other market shifts. Typically rate changes are increases. Sometimes, not very often, it would be a decrease. The same question can be asked about a rental increase, why did my landlord increase my rent?… Read More…
Answered by: Rikki Stark – – Account Executive
I cannot afford to pay my premium upfront. Are payment options or financing available?
Yes, many insurance companies offer monthly installment options. If your particular insurance company does not offer payment options, then we can set you up with third party financing. After you make the initial down payment, the financing company will then pay… Read More…
Answered by: Michele Rogers – Account executive
Do you have a building?