Home Buyer
Posted: February 9, 2019
Today we approach a common occurrence for a home buyer: Your offer (or “bid” for you Wall Streeters) was just accepted on your home purchase. Your lender has requested a binder for homeowner insurance prior to scheduling the closing. Now what? What makes up proper Replacement Cost coverage for the dwelling or structure? We believe appropriate coverage would begin by first determining the cost to...
Water Damage to the Home…How Can it be Prevented?
Posted: August 15, 2018
Water damage accounts for about 25% of all homeowners’ property insurance claims. Some of these problems are the result of events beyond our control such as torrential rain and hurricanes. Significant water damage is often caused when ordinary household appliances or plumbing fail. We can do quite a bit to avoid the costs and inconvenience of water damage. Step one: Locate the “main water...
In-Home Business? Here are some exposure concerns...
Posted: June 21, 2018
IN-HOME BUSINESS: The U.S. has experienced rapid growth in home-based businesses in the last decade; there are over 11 million home-based business in the country. The question is, do they have proper insurance? Most home-based business owners assume that their “homeowner policy” provides coverage for their business. That policy specifically excludes business liability exposures and offers only limited coverage for business personal property (BPP). If...
Why an Umbrella Policy?
Posted: April 18, 2018
What is an Umbrella Policy? It’s a separate product protecting you from liability over (and above) that provided by your other personal insurance policies. Holding this extra layer of protection requires that your underlying (base) policies (auto and home insurance) carry (at least) minimum liability limits. Umbrella policy protection is not limited to auto and home, and that is really the core of our concern:...
You have just hired a full-time domestic employee...
Posted: March 28, 2018
You have just hired a full-time nanny to care for your children. That makes you, the homeowner, an employer and due to NY State Statute, requires purchasing Workers Compensation and NY Disability to protect your employee. Your homeowner policy would exclude coverage for this exposure. So, where do we obtain this coverage? NY State offers a competitive market for obtaining both types of insurance....