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Tag Archives: homeowners policy exclusions
Why did they think their flood losses were covered? I’m sure their insurance agent didn’t tell them they were covered. Heck, I inform each and every one of my clients about the need for flood insurance, even if they live in the middle of Bedford-Stuyvesant, Crown Heights, or Prospect Heights. The usual response? I usually get a “Oh, I don’t need that. I’m not near the water.”, or “Why are you trying to take more money out of my pocket? I can’t deduct you on my income taxes!” Continue reading
The most important part of purchasing homeowners insurance is not the price of the policy, it’s the replacement / reconstruction cost estimate. This becomes your policys Coverage A or Dwelling Coverage amount. Without the proper Dwelling Coverage, you put yourself in the position of having to self-fund part of the reconstruction cost of a damaged home at 140% on the dollar. Why 140%?… Continue reading
You are literally better off having the 80-foot tree in your front yard fall into and cause part of the front wall of your home to collapse. Then, as the rainwater pours into and further destroys your home, you can rest easy in the knowledge it is a covered loss. Why? Because the covered cause of loss (the falling tree), preceded the additional loss from an outside source of water. If, however, a flood surged through your neighborhood and ripped the front wall away from your home first, you wouldn’t be covered, unless you owned a flood insurance policy with adequate coverage.