How to Keep Your Long Island Home From Being Underinsured
Keeping your Long Island home insurance properly insured can save you a lot of grief and disappointment later if you have to file a claim. Below are 6 steps you can take to keep your home from being underinsured.
1. Understand your policy basics. Be certain that your policy covers a wide variety of perils and ask your independent insurance agent what other types of policies is available in order to compare coverages.
2. Keep current on the prices in your area: Most good policies have an annual built-in inflation protection increase in the insured amount; make sure the annual increase is enough to cover your home. To get an idea for rebuilding costs in your area is to research the average per square footage cost. Besides liability protection, your home insurance policy amount insures the building structure and various possessions, not the land.
3. Review your personal property on a regular basis: It is important to review your personal property insurance needs (i.e., computers, boats, jewelry) and consider buying additional coverage above and beyond your policy.
4. Remodeling projects: These projects add value to your home and in turn increase the cost to re-build. Make sure you contact your independent insurance agent on a regular basis about any past remodeling projects or future ones planned. This way your agent will advise you as to how it will affect your insurance costs.
5. Additional coverages available: Regarding natural disasters you will want to make sure your policy covers any gaps in your current insurance. You should consider an umbrella insurance policy which will give you the added protection above and beyond you current policy. Additionally, you might want to consider special insurance for home business use if you conduct any type of business from your home.
6. Evaluate the outcome with your independent insurance agent: It is important to review your findings and concerns with your insurance agent. Your agent may also be able to offer you additional coverages that would best fit your Long Island home insurance needs.
