Travel Insurance Tips

SMART INSURANCE TIPS

The summer season is a popular time to take a vacation. Travel insurance is a good way to protect yourself and your family from a host of things that can go wrong before and during trip. 

Travel policies can be tailored to your specific needs and are surprisingly affordable. Here are some benefits that you can include in your policy to make sure you are well protected:


1. Trip cancellation and trip interruption coverage that will reimburse you if a covered event like illness, injury or inclement weather occurs.

2. Trip delay coverage for meals and temporary lodging if a covered event delays your trip.

3. Medical evacuation to get you or a family member home or to a hospital quickly in case of emergency.

4. Political evacuation to help you exit your destination country in the event of a crisis.

5. Coverage for personal effects if your baggage is damaged, delayed, lost or stolen.

6. 24-hour concierge assistance that can help you with a variety of issues during your trip.


For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com

FEMA Flood Insurance “Risk Rating 2.0”

IMPORTANT INSURANCE TIPS

The FEMA National Flood Insurance Program has recently implemented a new flood insurance rating system. This will enable FEMA to charge rates that are equitable, easier to understand and better reflect a specific property’s flood risk.


Flood insurance rates will not be based on the following set of factors for each individual home:

1. The home’s replacement or re-construction cost in today’s market.

2. The susceptibility of flooding from a water source such as oceans, rivers, bays and heavy rainfall.

3. Proximity to a potential flood source.

4. The flood zone and elevation of the home.

5. How the home is used by the owner (primary or secondary residence).


Each of these factors differ from one home to the next, so it’s difficult to predict how the rate will change for any one residence. While we expect some flood policies to increase, others will see a decrease in premium. FEMA has capped the annual rate increase on renewal policies to 18%.

The new flood rating went into effective on October 1st for all new flood policies and will go into effect on April 1st, 2022 for renewal policies.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com