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Valhalla, NY 10595

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What is inflation and how does it affect the insurance industry and your premiums?

Inflation is a term that is thrown around a lot in the news, but what does it actually mean? In short, inflation is when prices for goods and services increase. In the world of insurance, this can have a big impact on premiums. In this blog post, we will discuss how inflation affects premiums and why it’s important to keep track of changes in the rate of inflation.

There are a few different ways to measure inflation, but the most common is the Consumer Price Index (CPI). The CPI measures changes in the prices of a basket of goods and services that are commonly consumed by households. In the United States, the CPI is released on a monthly basis by the Bureau of Labor Statistics.

When the CPI goes up, it means that prices are rising and the purchasing power of your dollar is decreasing. In other words, it takes more money to buy the same amount of goods or services. Inflation can have a major impact on your insurance premiums because insurance companies use something called the “cost of living adjustment” (COLA) to account for changes in the CPI.

The COLA is a percentage increase or decrease that is applied to your insurance premiums to keep them in line with the rising cost of living. For example, if the CPI goes up by two percent, your insurance company may raise your premiums by two percent as well. Inflation can also affect the insurance industry in other ways. Another example would be, that if the cost of medical care goes up, it would be likely that you would see an increase in your health insurance premiums. In addition, inflation can erode the value of investments that insurance companies hold, which can impact their financial stability and ability to pay claims.

While there are a number of factors that can affect your insurance premiums, inflation is one of the most important to keep in mind. While this may seem like a disadvantage for consumers, it’s important to remember that insurance is designed to protect you from financial loss in the event of an unforeseen circumstance. In other words, while your premiums may go up in response to inflation, so will the payouts you receive if you need to make a claim. In the end, this ensures that insurance remains an effective way to protect yourself and your family from financial hardship.

If you have any questions about how inflation affects your insurance premiums, or if you would like to learn more about how insurance works, we encourage you to speak with one of our experienced agents. We would be happy to help! In the meantime, please check out our blog for more informative articles like this one.

Thank you for reading!!!

Debunking Common Myths About Recreational Insurance

Insurance is one of those topics that everyone knows they need, but few people understand. As a result, there are a lot of myths and misunderstandings about what recreational insurance covers. This blog post will set the record straight and debunk some of the most common myths about recreational insurance.

1. Myth: Recreation Vehicle Insurance is Expensive

The cost of recreational vehicle insurance is often one of the biggest concerns for people considering coverage. However, the reality is that recreation vehicle insurance can be very affordable, especially when you compare it to the cost of repairs or replacements if something goes wrong.

2. Myth: I Don’t Need Insurance if I’m Not Going to Use My RV Very Much

Many people believe they don’t need insurance for their recreational vehicle if they’re not going to use it very often. However, this isn’t the case. Even if you only take your RV out a few times a year, it’s still essential to have insurance in case of an accident or other unforeseen event.

3. Myth: All Recreational Vehicle Insurance Is the Same

Not all recreational vehicle insurance is the same. There are several different types of recreational vehicle insurance, each of which offers various coverage options. The type of insurance you need will depend on your recreational vehicle and how you use it. For example, if you own a motorhome, you’ll need a different kind of insurance than if you own a travel trailer.

4. Myth: I Don’t Need Insurance if I Have Homeowners Insurance

You might think your homeowner’s insurance would cover any damage to your recreational vehicle, but that’s not always the case. Many homeowners insurance policies exclude coverage for recreational vehicles or provide only limited coverage. To be sure you’re adequately covered, you’ll need a separate policy for your recreational vehicle.

Get Recreational Insurance in Westchester, NY

If you’re considering buying a recreational vehicle, it’s essential to understand the ins and outs of recreational insurance. Don’t let common myths about cost, coverage, and exclusions deter you from getting the protection you need. At ASZ International Inc., we can help you find the right recreational insurance policy for your needs. Contact us today for a free quote.

Catastrophic Events

We are officially in hurricane season, and along with hurricanes also come disasters like flooding, severe storms, and even wildfires. Informing our clients on how to be prepared for events like this, through purchasing the right coverage, is something we strive to do. Though it may not seem like something that could happen to you and your home, you never know when a storm may blow through. According to Asta (2022), in 2021 there were 18 weather and climate disasters in which damages were around $1 billion or more.


Something important that all homeowners should know is that your homeowner’s policy might cover many natural disasters such as hail, windstorms, and lightning, but what it likely does not cover is floods, earthquakes, and/or tsunamis (Asta, 2022). Flood insurance is coverage we always suggest to our customers, as we feel it is very beneficial. We’re also able to provide standalone wind coverage. For our clients who live in coastal areas, this policy provides coverage for damage from hail and wind, regardless of whether the damage is from a named storm or an everyday storm (Orchid).


Now, although flood and wind coverage is something all homeowners should look into purchasing, it’s also an important thing for business owners to consider as well. Catastrophic events don’t just affect homes, they destroy anything in their path. As a business owner, you want to make sure you plan in advance by making educated choices on what insurance coverage you really need (Asta, 2022).


One final way you can help protect your home, business, family, and employees from catastrophic events is to have a plan of action. If a disaster does strike, your family members and employees should know the procedure. For example, where to take shelter in the event of a tornado, where the fire extinguisher and emergency exits are located, or where to meet if everyone must evacuate the premises (Asta, 2022).


If you don’t already have flood or wind coverage, give us a call today so we can get you a fast and easy quote!

References:
Asta, Donna (March 1, 2022) Planning for the Future with Catastrophic Insurance. Big I Independent Agent. https://www.iamagazine.com/magazine/issues/2022/march/planning-for-the-future-with-catastrophic-insurance
Orchid. www.orchidinsurance.com. Accessed July 5, 2022.

Getting a Personal Insurance Quote

So, now that you have a little background knowledge on insurance, such as why it’s important to have, and which type of agent you should work with, it’s time to start thinking about getting insurance quotes. Before you start calling around to different agencies, you should first know what types of insurance you’re looking for. If you own a house, apartment, or condo, you will need homeowners’ insurance. If you rent a house, apartment, or condo you’ll need renters’/tenants’ insurance. If you own a vehicle or motorcycle, you’ll need car or motorcycle insurance. The list goes on…so take a minute to stop and think about the major things you own, rent or lease. If you’re still unsure of what coverage you need, plan to have a conversation with the agent you speak with, they can help guide you.

Next, do some research about agencies near you. Google and social media can be a good place to start. Once you find an agency, you may want to review their website and look over reviews. Once you’re ready to call, you may want to start by asking which specific carriers the agency works with. The more carriers, the more opportunity the agent will have to find you the best quote for your needs.

Many agencies will ask you questions like your first and last name, your date of birth, driver’s license number (if you’re looking for auto insurance), your marital status, and who your current carrier is. Here at ASZ International, we ask that you provide us with your declaration pages. This simply outlines the coverage you have in place right now, so we can make sure that when we look into a new policy for you, we are not giving you anything less. If you don’t want us to know how much your current premium is, we totally understand that, feel free to cross it out on your paperwork.


Now the tedious part is over. Your agent will begin to look into quotes for you. Again, if you work through an independent agent, they will plug your information into a comparative rater which will populate many different options. This is beneficial to you as it will allow you to compare coverage apples to apples with more than one carrier.

If you’re ready to start looking into quotes, download our app by clicking here and then following the on-screen instructions. We would be more than happy to assist you in finding the right coverage for you and your family!

Independent Agents vs Captive Agents

When looking for insurance, it can be incredibly stressful trying to decide which provider is right for you and your family. The entire process can be overwhelming, from narrowing down a provider, to getting the right coverage you need, and of course trying to stay within an affordable budget. Many people do not even know where to begin, and if that’s how you feel, don’t worry, you’re not alone.

This is where insurance agents come into play. First, let’s go over the difference between a captive insurance agent versus an independent insurance agent. A captive insurance agent is contracted to work for one insurance company and can only sell that one specific company’s policy (West Bend, n.d.). For example, if you reach out to a Nationwide insurance agent, they would only be able to get you quotes with Nationwide. Whereas an independent insurance agent is contracted to work with a variety of insurance companies and can sell policies from multiple providers (West Bend, n.d.). For example, if you reach out to us here at ASZ International, Inc., we can get you quotes from many different carriers like Nationwide, Lemonade, Erie, Travelers, and more, and then we compare them, apples to apples for you. This way you know exactly what each company has to offer, and it allows you to make a more educated decision on which policy is absolutely right for you.

Working with an independent insurance agent, in our opinion, is much more beneficial. Not only does your agent have the ability to go to different carriers who sometimes vary in the coverage they provide, but they can also shop around for you to see where they can get you the right coverage at the most affordable price. Another benefit is that when it comes time for your renewal, your agent will keep an eye out to see if they can get you a cheaper rate with another carrier. If they can, they’ll switch your coverage over and continue to be your assigned rep. Which leads me to another benefit of working with an independent insurance agency, not having to wait on hold or talk to a 1-800 representative. Instead, you get to call a real person, who is there to support, educate, and guide you throughout the whole process.

Here at ASZ International, that is exactly the kind of people we strive to be. We are here to work with you and for you. We don’t work for any specific insurance company, that’s not our job. Our job is to help you, the policy holder.



Reference:
West Bend. (n.d.) Does Your Insurance Agent Have Your Best Interests At Heart? The Silver Lining. https://www.thesilverlining.com/common-topics/independent-agents-versus-captive-agents

The Basics and Benefits of Insurance

Let’s talk about insurance, and why it’s so important. Do you own a home, apartment, vehicle, or any type of personal belongings? If you do, then you want to make sure those things are protected in case of a loss. When you buy insurance, you’re transferring the cost of a potential loss or accident to the insurance company in exchange for a fee. You’re buying yourself protection at a fraction of the price of what it would cost to get back those belongings. If you suffer a loss that is covered by your policy and you file a claim, insurance is there to help you pay for that loss based on the terms of your policy (Grange Insurance, n.d.).

Insurance not only provides protection against theft and damage from perils like fire and water, but it also protects you from the financial responsibility that could result from a visitor or guest being accidentally injured on your property. In a nutshell, insurance is very important. Though it is something you hope you never have to use, because nobody wants something bad to happen to them, it is something that you don’t want to be without if you end up suffering a loss.

So how does insurance work? When you purchase insurance, you are known as the policyholder. When multiple policyholders purchase insurance with the same insurance company/carrier, the insurance company uses the money collected from the policyholders and other investments, to pay for its operations and claims made by its policyholders (Grange Insurance, n.d.). So when you buy insurance, the payments you make are in exchange for being covered from certain risks (Araujo, 2021).

Next, we’ll dive into how to choose the right insurance provider for you and your family.


References:
Araujo, Mila. (2021, July 12). Get the Basics to Learn How Insurance Works. The Balance. https://www.thebalance.com/basics-to-help-you-understand-how-insurance-works-4783595


Grange Insurance. (n.d.). What is insurance and why is it important? The Grange Guide to Insurance. https://www.grangeinsurance.com/tips/what-is-insurance-why-is-it-important

What Does Recreational Insurance Cover?

Do you own a boat, RV, or another recreational vehicle? What would you do if it were to be damaged or destroyed in a natural disaster or by an accident of some kind? Is vandalism a risk for you? If you answered "yes" to any of these questions, it’s time to think about adding some recreational insurance. 

RV Coverage Areas

RV coverage can include the following areas:

  • Boats and trailers
  • Motor homes
  • Water vehicles such as jet skis and waterboards

If you have any of the above types of vehicles, you will want to protect them in the event of damage or loss. Otherwise, it will all be an out-of-pocket expense to replace them.

Categories of Insurance RV Insurance Covers

You can get the following types of coverage for RVs:

  • Collision
  • Comprehensive coverage
  • Liability coverage
  • Protection for personal belongings on board, equipment, and other peripheral equipment

Additional Insurance

Some insurance companies offer additional types of coverage options including:

  • Emergency towing and equipment
  • Total loss replacement
  • Roadside coverage and towing costs
  • Underinsured/uninsured motorist coverage

Tips to Find the Best recreational insurance

  • Buy local when possible. Dealing with an insurance company in Westchester, NY such as ASZ International Inc. that you can speak to in your coverage area makes things a lot simpler when you need to file a claim or make changes to your policy. 
  • List the coverage areas you need and discuss it with a licensed agent.
  • Ask about discounts when you carry multiple insurance from the same company and other types of savings.
  • Weigh the amount of risk with the cost of premiums. If you are in a high-crime area where theft or vandalism is more likely or a flood plain, for example, you are more likely to suffer loss. 

Visit with your insurance agents that cover the Westchester, NY area for more information on recreational insurance. Don’t risk the loss of your beloved off-road vehicles and other items. ASZ International Inc. can discuss your options with you and show you a plan that fits your needs and your budget. 

Contact us today for more information.

What is Covered by Recreational Insurance?

People own recreational vehicles that travel on both land and water. If you live in the Westchester, NY area, there are certain types of recreational vehicles that require separate insurance and some that do not. The professional, friendly agents at ASZ International, Inc. can help recreational vehicle owners pick the right policy to cover their valuable investments.  

Class A, B, and C recreational vehicles are required to have insurance. Class A RVs are the largest type and are a home away from home on wheels, which can include everything from separate bedrooms with king-size beds, to space under the RV to store a sports car. They are, however, limited as to where they travel due to their size and hook up needs once parked. Class B RVs are more commonly known as camper vans are basic with a bed and some storage space, but can have bathrooms, dining areas, and sleep as many as six people. Class C RVs usually have the sleeping quarters over the cab and range from 20-30 feet. These RVs are generally not big enough to tow anything behind them but can have pull-outs and separate bathrooms. New York requires a recreational vehicle policy on these types of mobile homes. Recreational vehicles like fifth-wheel campers, pop-up campers, and travel trailers also qualify for an extra insurance policy, but it is not always required.  

Marine recreational vehicles include boats up to fifty feet, personal watercraft like jet skis, SeaDoos™ and WaveRunners™ can also be included with recreational vehicle insurance. Off-road vehicles like snowmobiles, dirt bikes, dune buggies, golf carts, and ATVs are also recreational vehicles which may need insurance policies. ASZ International, Inc. agents in the Westchester, NY area can discuss your options with you and help you decide on the best policy for your individual needs.  


  • AIG
  • AM Trust
  • Chubb
  • CNA
  • CV Star
  • Employers
  • Erie
  • Great American
  • Guard
  • Hagerty
  • Hanover
  • Hiscox
  • Lemonade
  • Liberty Mutual
  • Metlife
  • Nationwide
  • NYSIF
  • Prime Insurance Company
  • Progressive
  • Pure Insurance
  • RLI
  • Safeco
  • Selective Insurance
  • The Hartford
  • Travelers
  • USLI
  • V3ins.com
  • Zurich

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