Info Covid-19 Premium Payments

Dear Valued Insurance Customer,

We hope that this message finds you and your family safe and healthy.

These are difficult times. The New York Legislature and Department of Financial Services have been implementing emergency measures in an effort to protect insurance policyholders who have been hit with financial hardship because of the COVID-19 pandemic. Regulations they enacted include: the waiver of late fees; the prohibition on reporting negative data to credit reporting agencies; and the repayment of late premiums over a 12-month period.

If you have been impacted by this pandemic, this means help may be available.

• If you can demonstrate that you’re unable to make a timely premium payment due to financial hardship because of the COVID-19 pandemic, you may pay such premium over a 12-month period.

• If your policy is financed through a premium finance agency, they must provide a grace period before canceling your policy for late payment of an installment if you can demonstrate financial hardship because of the COVID-19 pandemic. This grace period will be 60 days for a property/casualty policy; 90 days for a life insurance policy. You will be given a 12-month period to pay the missed installment, and the premium finance agency may not impose late fees or report you to any credit reporting agency or debt collector because of that installment.

You may prove hardship by submitting a written attestation to the insurance company or premium finance agency regarding your financial hardship resulting from the COVID-19 pandemic. The full text of the relevant regulations can be read here:

If you have any questions about this or your policy, don’t hesitate to contact our team. We’re proud to continue helping you protect what matters most.

Stay safe,

Your team at Amaden Gay Agencies

Renting Your Home This Season

With the rental season upon us now, many people are renting their homes. If you are considering this, be aware that your homeowner policy may have coverage limitations or exclusions. The duration, frequency, and way in which you rent are all factors that may affect your insurance protection. Each insurance carrier takes a different position on the rental of a primary or secondary home. Many homeowner policies provide continuous coverage for monthly or even seasonal rentals (Memorial Day through Labor Day) when it’s rented to the same tenant. On the other hand, frequent rentals to multiple tenants can be considered a business exposure that may exclude coverage by your policy.

Here are a few tips and things to be aware of:
  1. Clearly communicate with your insurance broker about your rental plans.
  2. Be aware that renting to multiple tenants through websites like Airbnb and HomeAway may trigger coverage exclusions or limitations.
  3. Failure to notify your insurance carrier before renting may result in the denial of a claim and potential cancellation of your policy.
  4. If you decide to rent, be sure to require your tenant to provide proof that they have their own liability coverage while in your home.
  5. With renting comes increased liability exposure. Please review your personal liability limits and increase this important coverage.