No. Rates are not like car insurance where they get surcharged for an accident. Insurance companies can either renew the homeowner policy or non-renew due to claims activity.
Tom’s Thursday Thoughts: Insurance can often be confusing & misunderstood. When a national insurance company says they have a 128% loss ratio, that means they are losing $28 for every $1 they take in. The bottom line result – raise…
No, vermin is generally an exclusion on most homeowner/landlord policies. I think the reason is it could be prevented with some basic homeowner effort. I just had (2 weeks ago) 2 mice get in my house and trapped too. Got…
Important Information if You Own a Luxury Home
Watch our quick “shorts” video to see how any judgement in New York State can affect your homeowner status.
This would be coverage for your basement, when water gets in from a sump pump failure, pipe break or sewer backing up (like a clogged sewer line). Many insurance companies give you $2,500 for this or some $0 coverage –…
A – Certain insurance companies will put your properties on a commercial property form if you have 5 or more apartments. Can be 3 duplex’s, 5 single family homes, a triple & a duplex, any combination of 5 doors or…
If you are a landlord in New York State and own a 1-4 family rental property, you can also add on this very important insurance coverage. For $20 – $40 a year, you get $10,000 of underground for all your…
Liability protection is most important for landlords. One thing that I think landlord’s overlook, is how important liability insurance protection is when they are buying property insurance. Because we are in a very litigious society, I think this is…
“High Net Worth Homeowners Insurance Buyer Beware!” You have a small water leak behind your bathroom wall for 1 month and now mold is starting to form in your bathroom. A tree just fell onto your sunroom and now the…