The purpose of homeowner’s insurance in Suffolk County NY is to protect you against financial losses. You pay a fee to your insurer, which is a small, measurable loss, to protect yourself from the potential of a large, unexpected loss later. If you own your home and continue to pay property taxes, you can do as you choose with your home -; but you’re also responsible for repairs. This responsibility is the primary reason why home insurance is such an important investment.
What’s not Covered
According to surveys, homeowners aren’t really sure of what’s covered by their policies. One-third of all homeowners believe that a standard policy covers flood damage, and almost half think that they’re covered if a water main breaks. 35% believe that home insurance covers earthquake damage, and slightly less than that number think that mold damage is covered. However, perils not covered typically include:
1. Floods
2. Earthquakes
3. Mold intrusion
4. Damaged parts of the property such as plumbing, wiring, roofing and heating/AC units
5. Wartime acts
What is Covered
Homeowner’s Insurance policies are written so that damage must be accidental and sudden in order to be covered -; meaning that a slow leak, causing damage over months or years, isn’t covered. If your roof collapses due to age, and not from wind damage, it’s likely not to be covered. Perils covered by a home insurance policy usually include:
1. Fire
2. Tornadoes and hurricanes
3. Theft
4. Hail damage
Liability Insurance
Many insurance policies include liability coverage. Some people think that they’re careful enough to not need it, but this coverage is necessary. If a neighboring house burns down because of an unattended grill, you’re responsible for the damage. You pay a premium each month so that you’re covered in the event of a large claim, such as if someone’s hurt while in your house.
Home Based Businesses
In most cases, home businesses aren’t covered under standard homeowner’s insurance in Suffolk County NY area. For that, you’ll need a business or commercial policy to properly cover business areas and their accompanying liabilities.
Some insurers offer policies at what seems like an impossibly low rate. If the company is unfamiliar and its rates sound too good to be true, they probably are! Get the highest quality coverage you can afford, because in the end, cheap coverage can be more expensive than you think.
