Including Apartment, Coops and Condo Insurance
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Buying your dream home is one of the single, largest investments that you would have to ever make. You would need to protect that investment, therefore, your main strategy of defense is homeowners insurance.
Many standard homeowners insurance policies will provide coverage for damage to your home and items in your home caused by:
2. Fire and lightening
4. Ice and snow
5. Frozen pipes
Homeowners insurance includes coverage for liability claims, medical payments to third parties and legal costs if a lawsuit is brought against you. The most common amount of liability coverage included in a homeowners policy is $100,000, but depending on your circumstances, you may need much more.
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You may be qualified for lower insurance premiums under certain conditions inform your insurance company if:
1. Your house is new
2. It is near a fire department or hydrant
3. Your house is built out of fire-resistant materials
4. Or if you get your auto insurance from the same company
What's Not Covered
It's important that you read your homeowners insurance policies to find out what is not covered. Damages caused by nuclear accident, act of war, flood, earthquake and terrorism are not included in most insurers. You would be able to buy special policies or endorsements that will cover these events. For high-priced items such as, diamond rings, watches, antiques and other valuables, additional endorsements are needed. It's best that you find out the cost to
rebuild your home and consider insuring your home for that amount.
Value Your Property
1. The actual cash value pays you an amount which is equivalent to the replacement value of the property. This does not include depreciation for the years you owned the house.
2. Replacement cost, which is more expensive, but it pays you the full value of the house at today's value
Insurance services provided by Stanley K. Raj
Main Street / New York Inc. Insurance Services
108-05 Liberty Avenue Richmond Hill, NY 11419
Email : firstname.lastname@example.org
Licensed by the State of New York
License No.: BR860-300