Monthly Archives: December 2011

The replacement value of a home for the purposes of a New York homeowners insurance policy is the amount it would cost to rebuild the house to its current specifications after a fire or other disaster. The cost of homeowners insurance premiums is heavily influenced by your home’s replacement value, so when you review homeowners insurance coverage it’s important to make an accurate estimate.

Don’t confuse the insurance replacement value of your home with its market value. Your home’s market value includes the plot of land where home is built, but if the home has to be rebuilt it’s only the structure that is replaced. 

The cost of building a house includes building materials and other cost factors such as labor. These prices tend to rise steadily over time, so to ensure that you are fully covered for the cost of reconstruction you should take some time each year to recalculate the building replacement of your home and adjust the building replacement coverage of your homeowners’ insurance policy accordingly.

Being forced to evacuate your home while it is being rebuilt after a disaster may involve heavy additional living expenses for you and your family, such as the cost of temporary rental accommodation. As part of your review of coverage, consider the extra living expenses you might face during rebuilding of your home after a disaster. Talk to your agent or insurer if you are unsure whether your New York homeowners insurance coverage for building replacement and additional living expenses is adequate for your needs.

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Homeowners can install protective devices to keep their possessions safe from theft, and purchasing New York homeowners insurance also provides financial protection from theft losses. There are also quite a few low cost but effective ways of deterring would-be thieves.

• To prevent a burglar from being able to see into your garage, fit opaque or frosted glass panes in garage windows. An obviously empty garage indicates that you may be away from home.
• Always lock ladders away after use. A burglar can use a ladder to access upper floor windows which may be less secure than ground floor access points.
• Keep hedges and shrubs trimmed so that they don’t create a shelter or screen for a thief. While you’re in the garden, consider planting thorny bushes below windows: an inexpensive but effective deterrent!
• Don’t unwittingly advertise the fact that you’ve just acquired a valuable new possession; when you buy a new computer or television, keep the packaging out of sight and cut it up before putting it out with the trash.
• Consider having a house sitter live in if you’re going to be out of town for a while, or arrange for someone to visit your home regularly to check that all is well, collect mail, and make the place look “lived in”.

Don’t rely on New York homeowners insurance to provide protection from theft. Prevention is always better than cure when it comes to home security, and common sense is your best defense against burglars and criminals.

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Have you read through the terms and conditions of your New York homeowners insurance policy several times but still don’t understand it? Anyone who has tried to make sense of insurance coverage but is still uncertain what is included and excluded should consider talking to a local insurance agent.

A local insurance agent will take a personal interest in your insurance affairs and help you to get the right protection at a value for money price. 

• An insurance agent can help to address any gaps in your insurance coverage; for example, inheriting a valuable art collection is likely to warrant a review of your coverage home insurance coverage.
• An insurance agent can help you to assess the replacement value of your home and review coverage so that if disaster strikes the home can be rebuilt to current standards.
• An insurance agent is likely to encourage you and help you to prepare a home inventory, an important document that helps to prove ownership and value of your possessions in the event of a claim.
• An insurance agent can help you to claim any incentives and discounts that may reduce the annual cost of your insurance.

Insurance is complex and specialized. Why try to reinvent the wheel and make sense of it all yourself? Have a friendly, knowledgeable and experienced insurance agent explain and clarify the technicalities of New York homeowners insurance that have you puzzled.

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 NYC Blizzard 2010 via nycmagazine.com

People carry insurance as protection from the financial consequences of the worst scenario they can imagine. A disaster like a house fire, auto accident, business lawsuit, or death can be devastating but insurance protection can ease some of the financial pain. For people who have a hazy notion of the sort of insurance protection they want but are not sure which policies best meet their needs it’s a good idea to engage a local insurance agency in New York. Agents can offer a range of assistance that could save you both money and time.

An insurance agent can help you with your choice of a home insurance policy and other insurance products such as life insurance, business insurance, and auto insurance for your personal or business vehicles.

An insurance agency can request quotes from a range of insurance providers. Also, an agency can help you with the complex task of comparing competing quotes, selecting a policy that suits your situation and deciding on the level of coverage you need.

Your insurance agent can help you to apply for insurance coverage, but their services don’t stop when you have purchased an insurance policy. They should remind you when your policy is due for renewal, and help you to work out whether coverage should be reviewed. You can call on your insurance agency for assistance if you need to file an insurance claim; after helping you to file the claim the agency can track its progress and keep you informed of developments.

It’s a good idea to schedule an annual appointment to consult your insurance agency in New York. Life can be hectic, but it’s important to devote some time each year to a review of your insurance coverage. Don’t let the next natural disaster ruin you!

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