Insights from our Recent Personal Insurance 101 Webinar
On September 17, 2025, David Weaver and Kimberly Hendrick hosted a comprehensive insurance 101 webinar that unpacked the essentials of personal insurance—from homeowners and auto policies to umbrella and renters coverage. With over 48 years of combined experience, their insights were both practical and timely.
Homeowners Insurance: Trends and Tips
The insurance market has faced turbulence in recent years, with carriers exiting and rates climbing. But there’s good news—things are stabilizing. Rates are flattening, and underwriting guidelines are loosening, especially for auto policies.
Key takeaways:
- Replacement Cost vs. Actual Cash Value (ACV): Always opt for replacement cost. ACV policy deduct depreciation leaving you underinsured in partial losses like a kitchen fire.
- Deductibles Matter: A higher deductible can lower your premium, but make sure it’s manageable in case of a claim.
- Water Damage Prevention: Install water sensors and smart plumbing monitors. They’re inexpensive, effective, and may qualify for discounts.
Auto insurance: Coverage That Counts
New York’s state minimums are often inadequate. OneGroup recommends higher limits to truly protect your assets.
Recommended Minimums:
- $100K per person / $300K per accident for bodily injury
- $100K for property damage
- Uninsured/Underinsured Motorist coverage equal to your liability limits
Other Considerations:
- Comprehensive vs. Collision: Comprehensive covers theft, vandalism, and animal damage. Collision covers accidents.
- Rental & Towing: Essential if you rely on one vehicle. Claims for towing are now scrutinized more closely.
Umbrella Policies: Extra Protection for What Matters
Umbrella insurance provides additional liability coverage beyond your home and auto policies. It’s especially valuable for high-net-worth individuals or families with young drivers.
Cost: $200–$400 annually for $1M in coverage
Renters Insurance: Not Just for Homeowners
Renters insurance covers personal property, liability, and loss of use. It’s affordable and essential—even if you don’t own a home.
Example: $20K in contents coverage costs $100–$250 per year in Upstate NY
Optional Endorsements Worth Considering
- Water Backup: Protects against sump pump failures and sewer backups.
- Equipment Breakdown: Covers sudden mechanical failures of appliances.
- Underground Utility: Covers buried plumbing and electrical lines.
- Identity Fraud: Increasingly relevant in today’s digital world.
Conclusion and Resources
Insurance isn’t just a necessary evil—it’s peace of mind. Whether you’re protecting your home, your income, or your future, having the right coverage makes all the difference. And as Kimberly Hendrick reminded us, “You don’t have to be at fault to get sued.”
If you’ve renovated your home, added a new driver, or made any lifestyle changes, contact our Personal Insurance Team. Insurance only works when it’s up to date.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.
Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.