Do I Need Homeowners’ Insurance in NY?

Homeowners’ insurance is capable of helping you secure the financial investment you have made in your home or condo. By paying monthly (or yearly) premiums, you are guaranteed to be reimbursed for any damages to your property that fall within the limits of your policy. Homeowners’ insurance will also cover any liability payouts that may be filed. Liability coverage will include claims filed for dog bites, slip and fall accidents, or any other type of injury a visitor may receive. It’s important to know how your homeowners’ insurance policy works.

What Does My Homeowners’ Policy Cover?

Most homeowners’ insurance policies will cover damages caused by unexpected events and general types of liability. Every person who owns a home can experience these risks. That is why it is so important to have homeowners’ insurance if you live in NY. Most homeowners’ insurance policies will cover storms, vandalism, fire, and other natural disasters.

Will My Valuables Be Covered under Home Insurance?

While your valuables may be covered by your homeowners’ policy, they may not be covered for their full value. If you want to insure your valuables for their appraised value, you will have to purchase a supplemental policy to ensure they are fully covered if they are lost, damaged, or stolen. Antiques and collectibles are just two types of valuables that may need additional coverage. If you are unsure about insuring an item, have it appraised. Having an appraisal will help your insurance agent come up with an appropriate value for your item.

Does Homeowners’ Insurance Cover My Pet?

Your homeowners’ policy does not always cover your pets. However, the liability they cause if they bite a visitor is covered. If you want to make sure your pet is covered by your homeowners’ insurance, you will more than likely have to buy a supplemental policy in addition to your basic policy. If you have a thoroughbred animal that is registered or can be used for breeding, you may need a specific type of policy.

Do I Need Insurance for My Condo or Co-op?

Even though the owner of the condo or co-op has insurance on their building, their coverage won’t do much to protect your investment. In order to protect your investment in your condo and your own personal possessions, you will need to have your own policy in place. It will ensure that your financial investment is secure, and you will have the resources you need to relocate. Just because you don’t own the building your condo is located in doesn’t mean you shouldn’t protect your home with a quality condo/homeowners insurance policy.

What Is Not Covered By Homeowners’ Insurance?

There are several things that are excluded from most homeowners’ insurance policies. Hurricanes, earthquakes, and floods are natural disasters that require a supplemental policy for your home to be fully covered. Before you purchase a homeowners policy, you need to understand what exclusions it may contain. Specific types of water damage may also be excluded.

Your home is your castle. No matter where you live, it is essential that you always carry homeowners insurance to protect yourself and others. Our agents at Premier Risk, LLC has your best interest at heart. We have years of experience to help you find the exact policy that will provide you with the most benefits. Call us today and find out everything you need to know to purchase a quality homeowners policy.

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