Home insurance coverage and considerations
If you have a home loan it will be a condition of your mortgage that you carry adequate home insurance. Even if you don’t have a mortgage you still need homeowners insurance to cover your most valuable asset. So the question is not whether you need property insurance, but rather which policy is best for you? If you own property or intend to buy a home in Nassau County, Oceanside, Suffolk County or Westbury, the Denis Miller Insurance can answer that question for you.
Of course your homeowner’s policy must cover you for major risks such as fire and natural disasters. But you have to be sure which disasters you are at risk for and which of those are covered and which are not. For example flood damage is one of the biggest risks property owners face. But flood insurance is not covered by standard home insurance policies. You will need a separate policy for that. You have to consider your real risks and ensure you are covered for those, either through your homeowner’s policy or by way of a separate policy.
Should your property be severely damaged you may have to make alternative living arrangements whist repairs and renovations take place. Perhaps you don’t have the option to move in with relatives or friends and even if you did, it might not be something you would want to do. So does your homeowner’s insurance cover you for alternative accommodation?
Apart from disasters and calamities there are many other smaller events than result in damage and loss. Accidents at your home can result in liability claims. Water damage can result from a breached roof, a leaking pipe or a burst geyser. The kids might hit a baseball through a window and take out an expensive collector’s item at the same time.
Property insurance will cover your land and buildings but should also cover your possessions and liabilities.