Frequently asked questions.

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It’s no secret that insurance can be pretty confusing and even a little intimidating, but with YMI Insurance on your side, you don’t need to fear navigating this process!

We’re always open to answering new questions. Here are some of the answers to the most common questions that we hear to help you gain a better understanding.

Personal Insurance

Should I Have my Home and Auto Insurance with the Same Company?

Yes! If you can package your home and auto together with the same insurance company you definitely should. This option is sometimes known as bundling, and it’s a pretty common way to save money on your insurance costs, in addition to other benefits.

Want to know more about how bundling can save you money? Check out our video here!

Do Claims and Tickets Affect my Insurance Premiums?

Yes. Claims and violations do make a difference in the rating of your home and auto policies. How much of a difference will depend on the severity of the claim and whether or not you were at fault. Tickets and accidents will impact your premiums for a three-year period, while major tickets such as DUI’s or careless driving can impact your rates for five years.

Is my Credit Considered When Rating my Policies?

Yes. Your credit will be checked when an insurance company is rating a home or automobile policy for you. This is an insurance score, which is a slightly different thing from your credit score. The insurance score will not show up as a “hit” on your credit the way other credit inquiries will (multiple credit inquiries can actually lower your credit score).

Is Condo Insurance Different from Homeowner Insurance?

When you buy a condo or apartment, you are typically not buying the whole building – you’re purchasing a unit inside a condominium or apartment complex. Condo owners are also often part of a local condo corporation that fixes external structural damages so everyone in the building stays safe and can maintain their property toward its best value. On the other hand, homeowners insurance covers the whole building structure as well as the contents inside a home. Additionally, liability coverage differences between these two general types of insurances, and it’s best to go over the specifics of your policies with a professional.

Life Insurance

What is Term Life Insurance?

Term life insurance covers you for a specific term- an agreed-upon period of time that can be as short as one year but is frequently between five and twenty years. If you live past the end of the policy period, the insurance expires without value. Term insurance generally gives the largest insurance protection for your premium dollar and is a cost effective way to get maximum coverage for your family.

What is “Universal” Insurance or “Whole Life” Insurance?

Both universal and whole life insurance are permanent forms of life insurance that provide long-term financial protection. Universal insurance tends to have flexibility that allows policyholders to decide how often and how much their payments are so that the more you pay, the less time you need to pay. Whole life insurance, just like the name says, provides protection for the whole life, provided that premiums are paid. Premiums remain level for the entire policy length.

Should I get Long-term Disability Income Insurance?

Long-term disability insurance safeguards you and your family from lost income in case you are injured and unable to work. Unlike with life insurance, where a beneficiary is paid, long-term disability pays you. Living with a disability is already challenging enough, but encountering financial hardship or challenges while disabled makes things even worse. With a standard long-term disability insurance policy, many people get a large portion of their income up to an age they determine, likely with advice from professional counsel.

Business

Is Business Insurance Tax Deductible?

Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade. Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self-insurance reserve fund or a loss of earning insurance policy.

What is the Difference Between General Liability and Professional Liability?

General liability is about bodily injury and/or property damage to a third party. Professional liability is about protecting your business against bad advice or guidance. Any time you give someone your professional opinion, advice or guidance you are opening yourself up to a potential professional liability claim.

Should my Small Business Have Business Income Insurance?

Business income insurance provides reimbursement for lost revenue after a covered insurance loss. For a company that does not have a physical address that is crucial to its business, such as a contractor, business income insurance is probably not necessary. For store front or main street businesses, like coffee shops, having business income insurance is definitely necessary.

For a Home-based Business, is Insurance Necessary?

While it’s true that a very small business may not need the same degree of insurance coverage that a medium or large one does, it’s important to make sure all your bases are covered. For example, a business run by one or two people out of a home may not need workers compensation insurance, but it often benefits from more property and liability insurance than is provided in a typical homeowners policy. After all, the building isn’t being used as just a home.

Can an Employee Sue if my Business has Workers Comp?

Workers compensation insurance was developed so that employees had guaranteed medical benefits in case they became injured at work. In exchange for that security, employees lost the option to sue their employer. However, it’s still true today that employees can sue their place of work, but it doesn’t necessarily mean that the employer was at fault for negligence or anything else. If an employee does sue and is granted additional benefits beyond the standard workers comp, It’s not always clear whether a workers’ compensation claim or a civil claim against your business will be successful, and better understanding the situation often requires the expertise of a trained legal professional.

General

Why Did Yutz-Merkle Insurance and Lehigh Agency Merge into YMI Insurance?

For over a decade, Yutz-Merkle and the Lehigh Agency have shared ownership and management, but in 2022 they combined forces to become YMI Insurance! While the name and logo changed, the agents, locations, and dedication to service remained the same. Our two agencies: Yutz-Merkle Insurance and the Lehigh Agency came together to better serve our clients and community as YMI Insurance.

Watch our video to learn more here.

What is an Independent Insurance Agent?

As independent insurance agents, our job is to shop your insurance through multiple insurance companies and help you create the best coverage package to meet your needs. Then we go to the market and find the most competitively priced insurance company for those coverages. Think of an independent insurance agent as your insurance advocate!

What Insurance Companies Do You Represent?

At YMI Insurance, we work with you and insurance companies to find the right insurance solutions for you. Some of the companies we work with include Erie Insurance, Nationwide, Progressive, Travelers, and more.

View the complete list of insurance companies here.

What Insurance Products Do You Offer?

We offer any product that our client needs. On the personal side, we have auto, home, life, and renter’s insurance, as well as umbrellas. On the commercial side, we have general liability, workers comp, commercial auto, cyber, and a whole host of other packages for our clients.

Watch our video to learn more here.

Does Changing my Insurance Company Affect my Credit Score?

No! Changing your insurance carrier will not affect your credit score. You can change as often as you need to.

I Had a Claim, Now What?

We know that “stuff happens” and there will be the unfortunate instance where you will have a claim to report. The majority of our companies have 24/7 claim centers and the first thing you should do is to call your insurance company and report your claim to an authorized representative. That being said, you can also call our office to speak to us about your claim. We can advise you on what the effects of filing your claim would be, explain how the claims process works, and hopefully make the process a little less painful. If it is an emergency, you should call your insurance provider directly, to expedite the process.

Do You Only Provide Insurance in Pennsylvania?

While our physical offices are located in Stroudsburg, PA and Bethlehem, PA, our team is also licensed in Delaware, Maryland, New Jersey, New York, and Virgina. If you’re a new client interested in requesting a quote, complete our form here.

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