Important Insurance Facts Homeowners and Renters Should Know

graphic of a one-family house that speaks to the need for a home mortgage
Home is where the heart is.

My Let’s Talk About – Insurance series will examine important insurance facts homeowners and renters should know.

I firmly believe in producing insurance plans based on client needs, not the rantings of insurance commercials featuring well-known celebrities. (See: https://brooklyncovered.com/lets-set-the-record-straight-about-customizing-your-insurance/)

No insurance policy will cover every possibility of loss. A well-designed insurance program, however, provides you with a solid protective foundation against many insured causes of loss.

I design insurance programs that address their property insurance coverage needs based on whether they are essential, supplemental, or optional.

Essential coverages are coverages you must purchase today.

Supplemental coverages, while of high importance, can wait a while.

Optional coverages address losses you may never face based on your lifestyle, possessions, etc. Something to brag about at the neighborhood barbecue.

Just for today, we’ll unearth some important insurance facts about essential coverages.

a photograph of nyc condos. co-ops and rental buildings
Co-ops, condos, and rentals, oh my!

Important Insurance Facts Homeowners and Renters Should Know:

Replacement Cost Coverage for your home or apartment

Make an appointment with your current insurance agent or broker for a comprehensive insurance review. The primary focus of this review will be your property’s replacement cost calculation. Simply put, this is the amount of money needed today to fully repair your home or apartment in case of a covered cause of loss.

Flood Insurance

Losses caused by flood waters from an outside water source are not covered by your typical one-to-four family, renters, cooperative, or condominium policy. (See https://brooklyncovered.com/dont-add-your-tears-to-water-losses-at-home/)
The only way to guarantee flood coverage is a stand-alone flood insurance policy.

Water Backup and Sump Discharge Or Overflow policy endorsement

If this endorsement is not added to your policy, you’ll lack coverage for damage caused by sewer backups or sump pump failures.

Loss Assessment endorsement

This endorsement protects against uninsured losses to common areas assessed to apartment owners and homeowners in some homeowners associations.

Personal Umbrella Liability Policy

While many companies offer up to $1,000,000 in liability coverage, in today’s litigious society, that may not be enough to protect you from lawsuits. This policy also provides additional protection while operating the family car, boat, Jet Ski, etc.

Valuable Items

Your base policy limits coverage for jewelry, cameras, fine china, artwork, furs, and other unique valuables, which is limited in a basic policy.
Appraise and insure these items separately to guarantee full protection.

Your Home Inventory

Stop taking pictures of your meals. Instead, take pictures of your possessions, down to the last sweat sock.

Next steps:

Finally, call your insurance representative to schedule an annual review. This will ensure that your insurance program always includes at least the Essential Coverages.

You can always send your personal coverage questions by email to [email protected].

Meet the author:
About the author

Eustace L. Greaves, Jr., LUTCF, is an NYS-licensed Independent Insurance Agent and Broker with 42 years of experience, 29 of which as the owner of Bridge Insurance Agency and Greaves Financial Services.

 

Like to speak with Eustace?

Eustace wants to assist you with your home, life, flood, disability, renters, auto, cooperative, condominium, and wedding insurance needs. You can reach him at his mobile number,  718-489-2218, his office number, 718-783-2722, or by email at [email protected]. You can also visit his website, https://www.greavesinsurance.com, and complete any available “Contact Us” forms.

 

How to subscribe to the “Never Knew News” newsletter

If you’d like to receive a free subscription to Eustace’s monthly newsletter, “Never Knew News,” go to his website, https://www.greavesinsurance.com, and click on any of the Subscribe buttons.

 

Prevent Summer Brain-Dead Syndrome

Beware of the dreaded summer brain-dead syndrome!

Thank goodness for New York State Senator James Sanders Jr. of NYS District 10. He consistently shows how elected officials should serve the people who entrust them with public office. Especially when it comes to helping save his youngest constituents from the toxic effects of “Summer Brain-Dead Syndrome.”

Even though the summer vacation is almost over, you still have a chance to help your children avoid the dreaded “Summer Brain Dead Syndrome.”

What we did every summer

Every summer after her mom died, Ashley and I would go to either the Park Slope or Court Street Barnes and Noble to buy Summer Bridge Course books for her summer learning. Her principal, Dr. Beverly Ffolkes-Bryant, would provide insight into which subjects she should focus on to build the skills she’d need to prepare for the next grade. And every one of her suggestions was on point. McGraw-Hill’s Spectrum Series was my favorite.

A beautiful little Black girl doing what comes naturally – reading.

One plus one is . . . two?

So, every fall, while teachers were bemoaning how “…even some of the top students forgot two plus two is four over summer break,” Ashley was ready for Advanced Calculus.  Well, maybe regular calculus. Okay, okay, every required exam she would take during the school year.

She and every other child who read during the summer.

Studies consistently prove children who participate in summer learning programs always perform better the following school year. Why, because they don’t have to relearn study discipline, and the summer programs prepare them for academic challenges they’ll face during the coming school year.

No reason for summer brain-dead syndrome in our family.

Or yours.

Back to Senator Sanders

I receive one email every other week about some program or another NYS residents should be aware of. Last summer his office sent information about the New York State Senate’s Summer Reading Program. All you have to do is register your child at www.nyread.com, and when they read just three books,  your child will receive a Certificate of Achievement from Senator Sanders. This year’s submission deadline is September 1, 2023.

A young Black scholar reading a book.

Here’s how you can participate

You’ll find the Summer Reading Form at https://nysenate.gov/nyread.

You still have time to enter this program.

If money is tight, and your child doesn’t already have a library card, now is the time to get what is likely the best access card you can possess. Your child will be able to check out and read three, ten, or even 25 books over the summer.

You can get more information about summer reading from New York’s libraries at http://www.summerreadingnys.org/ and Scholastic’s Kids and Families Reading Report at www.scholastic.com.

What he’s not fixing to do

Why didn’t he send a certificate to every child in the State of New York or the country for that matter? Because, at least in New York State, everyone votes for, and is represented by their own State Senator. So, if you haven’t heard about this great summer program from your own State Senator, get on the horn and ask why not. Senator Sanders and his staff put their all into serving the people of New York State’s 10th District, and so should your State Senator.

After all, isn’t that what being a true public servant is all about?

So, a huge thank you to Senator Sanders and his super-dedicated team for keeping us aware and informed.

And I’ll tell you what. If you live in New York State and have to call your State Senator to ask about this program, drop me an email at [email protected]. I’ll choose three (3) families who will receive three books for their home libraries.

We still have time to fight the dreaded summer brain-dead syndrome.

About the author

Eustace L. Greaves, Jr., LUTCF, is an NYS-licensed Independent Insurance Agent and Broker. He has 41 years of experience, 28 of those years as the owner of Bridge Insurance Agency and Greaves Financial Services.

Like to speak with Eustace?

Eustace wants to assist you with your home, life, flood, disability, renters, auto, cooperative, condominium, and wedding insurance needs. You can reach him at his mobile number,  718-489-2218, his office number, 718-783-2722, or by email at [email protected]. You can also go to his website, https://www.greavesinsurance.com, and complete any of the available “Contact Us” forms.

How to subscribe to the “Never Knew News” newsletter

If you’d like to receive a free subscription to Eustace’s monthly newsletter, “Never Knew News,” go to his website, https://www.greavesinsurance.com, and click on any of the Subscribe buttons.

Why regular home inspections are vital

An earlier BrooklynCovered.com blog post discussed the need for home buyers to get home inspections (https://brooklyncovered.com/why-home-buyers-need-home-inspections/). We are learning, however, that regular home inspections play an important role in successful home maintenance and enjoyment after the home is purchased.


Homeowners should get regular home inspections for several reasons:

 

while the houses look alike, each one is different and a home inspection is the only way to learn the differences
Checking each home with a home inspection

Identify maintenance issues:

Regular home inspections help identify maintenance issues early on before they become larger, more expensive problems. By addressing issues early, homeowners can save money on repairs and extend the lifespan of their home’s components.

Ensure safety:

Home inspections can also help identify potential safety hazards in the home such as mold, radon, or carbon monoxide. These hazards can be harmful to the occupants of the home and should be addressed as soon as possible.

Improve energy efficiency:

An inspection can uncover areas that are not energy efficient, such as air leaks or insufficient insulation. Addressing these issues can help homeowners save money on their energy bills.

Plan for future repairs:

A regular home inspection can also help homeowners plan for future repairs and replacements. By knowing what components of the home are nearing the end of their lifespan, homeowners can budget accordingly and avoid unexpected expenses.

Increase the resale value:

Regular home inspections can also help homeowners maintain or increase the resale value of their home. By staying on top of maintenance issues and making necessary repairs, the home will be in better condition when it comes time to sell.

Overall, regular home inspections will help homeowners save money, maintain a safe living environment, increase the enjoyment of their home, and protect their investment in their home.

About the author

Eustace L. Greaves, Jr., LUTCF, is an NYS-licensed Independent Insurance Agent and Broker. He has 41 years of experience, 26 of those years as the owner of Bridge Insurance Agency.


Like to speak with Eustace?

Eustace wants to assist you with your home, life, flood, disability, renters, auto, cooperative, condominium, and wedding insurance needs. You can reach him at his mobile number,  718-489-2218, his office number, 718-783-2722, or by email at [email protected]. Or, go to his website, https://greavesinsurance.com, and complete any of the available “Contact Us” forms.


How to subscribe to the “Never Knew News” newsletter

If you’d like to receive a free subscription to Eustace’s monthly newsletter, “Never Knew News,” go to his website, https://greavesinsurance.com, and click on any of the Subscribe buttons.

Lack of maintenance versus legitimate claims

Toolbox with home maintenance tools
Some of the tools you’ll need to maintain your home

Home maintenance is an essential part of being a homeowner. Neglecting regular maintenance will lead to a decline in your home’s condition, and cause expensive and serious damage and repairs. It’s important to understand the difference between legitimate claims and damage caused by the lack of home maintenance when it comes to filing an insurance claim.

The aftermath of a legitimate claim

A legitimate home insurance claim requests compensation for damage occurring due to unforeseeable events, usually caused by either natural disasters or accidental damage. For example, when a tree that falls on your home during a storm causes damage to the roof and walls, you file a claim with your insurance company to cover the cost of repairs. If your home is burglarized and valuable items are stolen, you can file a claim for the stolen items.

The aftermath of a claim resulting from the lack of regular maintenance

However, damage resulting from the lack of home maintenance is not covered by insurance. When your failure to maintain your home properly results in damage, your insurance company may deny your claim. Damage caused by your failure to clean your gutters, causing your roof to leak, will not be covered by your insurance. And there will be no coverage for damage caused when you fail to replace a damaged or worn-out pipe.

Policy  non-renewed is a possibility

When if your home is damaged because of neglect, your insurance company may choose to cancel or non-renew your policy. Home insurance policies are based on the assumption that homeowners take reasonable steps to maintain their property. Failure to do so can result in your insurance company considering you a higher risk, and choosing not to renew your policy.

What results from submitting numerous claims?

Every home insurance company allows only so many claims during a certain period of years. Some companies will only allow two water damage claims during a three-year period before announcing the non-renewal or cancellation of your home policy. Some companies may only allow for one such claim and one other claim during a period of two years

What can homeowners do to stay ahead of future maintenance issues?

One previous BrooklyCovered.com blog post covers the need for home inspections before you purchase your home. “Why home buyers need home inspections,” (https://brooklyncovered.com/why-home-buyers-…home-inspections/) shows why a home inspection prior to purchase is key to successful home ownership.

How proactive home maintenance saves you money.

Many homeowners forget each claim means they must pay their policy deductible. This is the amount you must pay when a claim occurs.

By avoiding claims, you’re able to earn money you’d otherwise need to meet your deductible.

Another benefit is the Claim-Free discount many companies apply when clients don’t submit claims.  Several companies I work with apply as much as a ten (10) percent discount to clients’ annual premiums when they remain claim-free for a minimum of three (3) years.

 

In conclusion, homeowners must understand the importance of regular home maintenance. Neglecting regularly scheduled home maintenance can lead to damage, and result in denied insurance claims. It’s crucial to take proactive steps to maintain your home properly. Regularly cleaning gutters, checking pipes, cleaning water heaters, and inspecting the roof decreases the chance of claims. And, you’ll protect your home from damage, ensuring you’re covered in case of a legitimate insurance claim.

 

About the author-

Eustace L. Greaves, Jr., LUTCF, is an NYS-licensed Independent Insurance Agent and Broker. He has 41 years of experience, 26 of those years as the owner of Bridge Insurance Agency.

Like to speak with Eustace?

Eustace wants to assist you with your home, life, flood, disability, renters, auto, cooperative, condominium, and wedding insurance needs. You can reach him at his mobile number,  718-489-2218, his office number, 718-783-2722, or by email at [email protected]. Or, go to his website, https://greavesinsurance.com, and complete any of the available “Contact Us” forms.

How to subscribe to the “Never Knew News” newsletter

If you’d like to receive a free subscription to Eustace’s monthly newsletter, “Never Knew News,” go to his website, https://greavesinsurance.com, and click on any of the Subscribe buttons.

Why home buyers need home inspections

 

 

A Home Inspector at work
A senior black male home inspector and professional engineer visually inspects a building project

Why should every home buyer get a home inspection of their future home?

There are several reasons why every home buyer needs a home inspection for each and every home they want to buy.

Identify potential problems:

A home inspection can reveal any potential problems with the home that may not be immediately apparent to the buyer. This includes issues with the foundation, roofing, electrical systems, plumbing, and more.

Negotiate repairs or price:

If the inspection reveals any issues, the buyer can negotiate with the seller to have repairs made or to lower the price of the home to account for the cost of repairs.

You should attend the inspection:

It is imperative for you to attend the inspection with your inspector as this is a great time to learn about key elements of your future home. Knowing where and how to shut off the gas, boiler or furnace, and electrical systems can mitigate the effects of many home emergencies. Also, it gives you and your inspector an opportunity to ‘compare notes,’ about the house after the inspection.

Avoid unexpected expenses:

By getting a home inspection, the buyer can avoid unexpected expenses that may arise after the purchase of the home. This can include costly repairs or maintenance issues that were not disclosed during the sale.

Ensure safety:

A home inspection can also identify any safety hazards in the home, such as mold, radon, or carbon monoxide. These hazards can be harmful to the occupants of the home and can be addressed before the buyer moves in.

What you should look for in a home inspector:

After 41 years as an insurance broker and agent, my suggestion is to hire an inspector and professional engineer who is certified by the American Society of Home Inspectors (ASHI). These inspectors undergo rigorous training and education both before and after they become ASHI-Certified. Should ASHI learn they are not maintaining the high standards demanded by ASHI, they can lose their certification.

Why you should hire an ASHI-Certified Home Inspector and Professional Engineer


There is nothing wrong with hiring an ASHI-certified home inspector who is not a professional engineer. However, hiring an ASHI-certified inspector means you don’t have to pay another professional engineer to perform examinations of certain cracks, electrical panels, etc. And hiring an inspector who is a professional engineer can mean lower costs for future inspections.

How long should it take to receive your inspection report?

I caution you to hire only ASHI-Certified inspectors because they are held to higher standards. 

Some inspectors provide you with a report right on the spot. My personal preference is an inspector like Colin Albert, owner of ACES Home Inspection. Colin will take some time to provide you with a preliminary assessment of your planned home purchase after the inspection. Then he’ll take anywhere from a few days or longer to prepare a well-thought-out inspection report.

Why I think every home should undergo a home inspection:

I’ve noticed a disturbing trend with many of the homes referred to me for home insurance. In several cases, I’ve given thanks for home buyers who took the time to do a home inspection. I’ve seen everything from termite-infested main support beams, windows that shake in their frames, and roofs that haven’t been completely redone in 20 years.

Insurance companies are inspecting more of homes at application, and now also prior to renewal. They won’t insure a pig in a poke, and you shouldn’t buy one.

So, overall, a home inspection is a critical step in the home-buying process that can help ensure the buyer is making an informed decision and can avoid potential problems and expenses down the line.

You can reach Colin Albert, ASHI-Certified Home Inspector, and Professional Engineer, at 718-622-4664. You can also contact him by email at [email protected]

About the author-

Eustace L. Greaves, Jr., LUTCF, is an NYS-licensed Independent Insurance Agent and Broker. He has 41 years of experience, 26 of those years as the owner of Bridge Insurance Agency.

Like to speak with Eustace?

Eustace wants to assist you with your home, life, flood, disability, renters, auto, cooperative, condominium, and wedding insurance needs. You can reach him at his mobile number,  718-489-2218, his office number, 718-783-2722, or by email at [email protected]. Or, go to his website, https://greavesinsurance.com, and complete any of the available “Contact Us” forms.

How to subscribe to the “Never Knew News” newsletter

If you’d like to receive a free subscription to Eustace’s monthly newsletter, “Never Knew News,” go to his website, https://greavesinsurance.com, and click on any of the Subscribe buttons.

Power Strip Safety

Power strip safety is an area of major concern for the insurance industry during the holiday season. As homeowners install decorative lights on their homes and Christmas trees, they suddenly discover they lack sufficient outlets to handle the additional power demands.

The easy solution? The good-old, reliable power strip.

What is a power strip?

A power strip in its simplest form is nothing more than an extension cord with more than one outlet. Many power strips now provide surge protection and battery backup. Electrical surges caused by brownouts and the like could cause severe damage to computers, televisions, modems, and cable boxes. With an advanced power strip, these power surges are blocked, and your expensive electrical equipment is protected.

Even worse is the electrical damage caused by a complete loss of power, followed by a sudden restoration of power. Computer motherboards, hard drives, and other delicate electronic devices can suffer extensive damage, if not complete destruction, rendering you unable to retrieve valuable information or watch your favorite show. With power strips, you can turn a two-plug outlet into as many as ten or twelve outlets. Thus, you can add more light strings inside and outside the house.

What’s the danger?

The fact is your normal two-plug outlet was only designed to handle the load from two electrical devices, not four, six, or ten. Adding additional electrical devices using power strips places additional strain on home wiring systems not designed to handle additional loads. Also, many homes and apartments still carry two-prong wired outlets, requiring device owners to use three-prong adapters so they can enjoy their modern equipment. 

What happens to overloaded power strips?

Take a look at this graphic of an actual overloaded power strip.

power strip overuse leads to extreme damage and danger from fires
Power Strip overload danger

This overloaded power strip actually began to melt. With just a bit more damage, this overloaded power strip would catch fire, leading to the destruction of a home or business.

Don’t plug these appliances into power strips

Powerful appliances should never be plugged into a power strip and you might be surprised which appliances count.

1. Space heater.
Portable heaters cycle on and off, with each on-cycle drawing a surge of current. If plugged into a power strip, this surge usually causes an overload, which can cause a fire.

2. Microwave.
Requires a dedicated high-voltage wall outlet.

3. Slow cooker.
These common appliances may not draw surges of power, but they use power continuously over long periods. Plug them into wall outlets instead.

4. Toaster and toaster oven.
Those red-hot coils inside don’t heat up without a lot of current, which can quickly overload a power strip.

5. Hairdryer, curling iron.
These draw significant amperage to get hot — too much for a power strip.

6. Coffee maker.
All it does is heat up water. But it does it with a lot of amps. It is misleadingly simple. Always plug it into the wall.

What is the alternative?

Renters have little say concerning the quality of the wiring in their homes or apartment.

Homeowners should hire only licensed electricians to completely rewire their homes, compliant with current building codes. One of my clients chose for their electrician to completely rewire their home when they purchased fit in 2012, and that work, as well as plumbing, heating, and roofing upgrades, proved beneficial in qualifying for a lower home insurance premium. Also, the homeowner enjoyed the peace of mind of knowing their home would be free of many problems for years to come.

So, in closing, the safe use of power strips can be beneficial. Just don’t go overboard with the number of devices plugged into them.


Eustace L. Greaves, Jr., is an NYS-licensed independent insurance agent and broker.

Call him at 718-489-2218 or email him at [email protected] to solve your home, auto, flood, life, disability, and auto insurance needs.

You can also follow his website at https://greavesinsurance.com for more information regarding personal insurance.

Nailing Down a Good Contractor

Nailing down a good contractor is key to great home improvements

I recently sat down with Curtis L. Godoy, a licensed NYC contractor, EPA-certified Painter, and Master Carpenter. This time, the conversation wasn’t about certificates of Insurance he needed for his latest home renovation. This conversation dealt with everything home and property owners need to know to nail down a good contractor.

Your search for a good contractor begins

You are finally in your dream home.  You designed the perfect floor plan. Everything you need is in just the right place.

You even have a sign on your wall saying ‘Welcome Home.’

However, a few months after moving in, you may notice that something isn’t quite right or you want to change something.  Wisely, you realize what you want to accomplish is far beyond your DIY skillset.

If you don’t know exactly how to do this, why not find a good contractor?

Good contractors, like good men, can be hard to find

A good contractor possesses several qualities necessary for them to help you with home improvement.

First, they will listen to and work to understand what you need during an initial joint walkthrough of your home. Now, some contractors actually charge for the walkthrough, with a credit given should they get the contract. Some, like myself, don’t charge. We consider the walkthrough a great opportunity to learn two (2) things.

A good contractor wants to see and understand your vision for your space.

When you meet with the contractor, share your thoughts concerning new designs, improvements, or changes to your home. Is the good contractor the right contractor for you?

This walkthrough also provides the good contractor with an idea of whether they can work with you to make your vision a reality. This ‘meeting of the minds’ is most important as your contractor must be as comfortable working with and for you as you are with them.

When you are in agreement

Should you and the contractor reach an agreement about your vision and the work necessary to make it a reality, it’s time to construct a contract.  The contract will fully detail the work the contractor will complete, the attendant costs for materials, labor, and any additional insurance costs, the starting and completion dates, and the payment schedule.

No client should be expected to suffer frustrating delays caused by the contractor’s failure to perform for any reason except supply chain issues or local natural or medical disasters.

The recent pandemic lockdown is a perfect example. In New York City,  prevented contractors and their workers from starting, continuing, or completing work. Getting caught trying to enter buildings, ‘on the sneak’ could result in license suspension or loss.

And the contractor shouldn’t be delayed in meeting payments to workers and subcontractors and purchasing additional materials because you fail to make scheduled payments on time.

For this reason, my contracts always include client and contractor penalties for failure to make scheduled payments on time and meet construction deadlines, respectively.

depicts the full range of tools a master carpenter and painter uses
Some of Curtis Godoy’s tools of the trade

Check the contractors licensing and insurance

Make sure your contractor candidate is properly licensed in your municipality. In New York City, your contractor must be licensed for home improvements and carry Worker Compensation, State Disability, General Liability, and Umbrella Insurance. Also, they must possess a Department of Buildings Contractor ID. (You can check to make sure a contractor has a valid ID at  https://www.nyc.gov/site/buildings/industry/check-license-registration-status.page.) This will enable them to secure the necessary permits for the work they plan to do.

Contractors should be licensed in their particular specialty. Their subcontractors should also provide proof of their meeting the same insurance requirements as the contractor. Each will provide Certificates of Insurance naming you as an additional insured.

What about using the local handyman to do the work?

I don’t suggest the use of handy people. Always use fully insured and licensed professionals.  This protects you and your property. Also, should you suffer what would normally be a fully insured loss, the company could refuse to pay the claim. Why? Because without the ability to pull the necessary permits, any major work will be considered illegal modifications by most insurance companies.

And companies either don’t pay or don’t like to pay for losses caused by illegal modifications.

How does one meet a good contractor?

Like many good contractors, most of my projects come from clients recommending my firm to their friends and neighbors. This isn’t a guarantee your home project will be perfect, but it is a good way to add a layer of comfort when choosing a good contractor.

So, if you’re vetting several contractors for a particular job, require each provides references and pictures of similar projects.  Ask each for references from the last five (5) years. This speaks to their years in business and the satisfaction of their customers. Pay close attention to any complaints of workers refusing to work because the contractor failed to pay them for the work they perform.

Competent home improvement and maintenance are important for those who invest in their property.  Before you jump into knocking down the walls, make sure that you have the right contractor to make your dream and vision for your home a reality.

This will help when you are working towards turning a house into your home.


Meet our expert, Curtis L. Godoy

Curtis L. Godoy is an NYC-licensed contractor and EPA-certified painter and Master Carpenter. Mr. Godoy brings over 20 years of experience in interior renovations and restorations.

You can reach Mr. Godoy by telephone at 347-581-5562, or by email at [email protected].


You can reach Eustace Greaves, Jr. at 718-489-2218 or by email at [email protected]

Advantages of the late fall Real Estate market

Ask The Expert – Real Estate – Marcia Clarke, NYS Licensed Real Estate Broker

Marcia Clarke, NYS licensed Real Estate Broker. Member, Brooklyn Board of Realtors, ABR, AHWD CIPS, CRS, SRES
Marcia Clarke, ABR, AHWD, CIPS, CRS, SRES

I am honored to welcome Marcia Clarke, NYS Licensed Real Estate Broker, as a guest contributor to Brooklyn Covered. Marcia brings a wealth of experience and insights to buying and selling real estate.

In this post, Marcia Clarke shares timely information for buyers and sellers who are keen on taking advantage of the late fall real estate market during the holiday season.

Take advantage of the late Fall real estate market while everyone is shopping for the holidays.

        At this time of year, a brave few souls venture into the real estate market. This is a smart move as it slows as the real estate market usually cools down at the end of October. According to the National Association of Realtors, sales of existing homes drop about 30% between December and January and traditionally picks up in early Spring.

give yourself the gift of a new home this holiday season
Gift yourself a new home this holiday season!

Give yourself a new home in time for the holidays!       

Holiday home buyers are serious about buying, and doing it quickly, visiting available open houses while others are off at the mall. For sellers, the holidays can be profitable. There is no better time to show a house than when a tasteful Christmas tree, wreath, and sparkling lights make a house feel like a potential buyer’s future home.

If you’re selling during the  holidays, take this advice from staging experts:

        * Keep it simple. Take down personal pictures. Put up Christmas decorations that include a tree, a wreath, and a few strands of lights outside. Place a few nicely wrapped presents under the tree.

        * Play holiday music softly. Display potted evergreens in place of potted flowers.

         * Some sellers even place photos or a scrapbook of the home during the summer.

The late fall holiday season is a great time to look for your new home

For buyers there is less competition from others, so they have a good negotiating position with sellers who want to move quickly. If a buyer finds a house during the holidays, it is possible that he or she will be able to come to an agreement with the seller to accommodate cherished holiday plans.

Marcia Clarke is an NYS licensed Real Estate Broker. She is the Owner and Broker of M C Realty Consulting & Management, Inc., located at 1431 Nostrand Avenue, Brooklyn, NY 11226.

You can reach her by telephone at 718-484-8582, or by email at [email protected].


You can reach Eustace L. Greaves, Jr., a.k.a. BrooklynCovered at 718-489-2218 or by email at [email protected]. He stands ready to assist you with your personal insurance needs. 

You can also sign up for Eustace’s mailing list at https://greavesinsurance.com.

Don’t Add Your Tears to Water Losses At Home

Back in August, I read two articles in The City newsletter titled “NYC Denies Every Financial Claim for Hurricane Ida Flooding,” and “Ida Flood Homeowners Denied City Payouts Get Legal Options and Political Promises.”

You can find these articles at:

https://www.thecity.nyc/housing/2022/8/16/23308728/nyc-denies-every-financial-claim-for-hurricane-ida-flooding?utm_campaign=mailchimp&utm_source=daily&utm_medium=newsletter

and

https://www.thecity.nyc/housing/2022/8/18/23312387/ida-flooded-homeowners-denied-city-payouts-get-legal-options-and-political-promises

Why New York City doesn’t owe affected residents anything

Over 4,703 NYC homeowners who suffered losses caused by Rainstorm Ida in September 2021 recently received denial of claim letters from the New York City Comptroller’s office.

The letter to the affected homeowners cited a 1907 New York City precedent established in Holzhausen v. City of New York where the City of New York was found to be not liable for damages suffered by the plaintiff, because

“In deciding adversely to the claim of the plaintiffs for damages, it was held that `the duty of draining the streets and avenues of a city, or village, is one requiring the exercise of deliberation, judgment, and discretion. It cannot, in the nature of things, be so executed that in every single moment every square foot of the surface shall be perfectly protected against the consequences of water falling from the clouds upon it. The duty is * * * of a judicial nature, for it requires the qualities of deliberation and judgment. It admits of a choice of means and of the determination of the order of time in which improvements shall be made.'”

Holzhausen v. City of New York, 116 App. Div. 812, 814 (N.Y. App. Div. 1907)

This basically means, that the City of New York, or any municipality for that matter, can’t be responsible for protecting its citizenry against the vagaries of Mother Nature.

This isn’t the first time this happened

While I grieve with those affected by Rainstorm Ida, every NYC homeowner has two resources to mitigate losses caused by external floods and internal water and sewer line backups, and sump pump failures.

They are called Flood Insurance, a separate policy purchase, and Water and Sewer Backup, which is an endorsement to many homeowner policies.

What else can we do to prepare for flood and water damage?

When storing personal items in basements or ground-level first floors, use water plastic containers, placed at least one and one-half to two feet above floor level.

Do not rent illegal basement apartments. Number one, it’s against the law. Number two, when basements suddenly flood, as happened during rainstorm Ida, people drown in these basements because they lack proper sufficient and legal means of egress.

It never fails to amaze me how quickly we tend to revert to the “Save Me” syndrome when something out of the ordinary happens. And how quickly we fight and rail against government sanctions.

We don’t want to wear masks to fight the possibility of contracting Covid-19.

Many demand the right to not be vaccinated or get booster shots but want the doctors and hospitals to save our lives when we do.

Drivers and their passengers don’t wear their seatbelts and die or suffer severe injuries in car accidents, further burdening the hospitals and our families.

Otherwise sensible people decide to operate motor vehicles after drinking or medicinal smoking. And then bitch about the police stopping them, and administering a breathalyzer test which leads to their spending time in jail and losing their drivers license.

We walk our dogs off the leash and get upset when we’re sued when they bite someone.

We blast our music at ridiculous levels at all hours of the night. Then we get ticked off when the police come to your door in response to noise complaints.

We don’t attend Community Education Council meetings,  attend PTA meetings, join our child’s school School Leadership Team, or even attend “Meet the teacher night.” And then we wonder why Little Johnny or Jane can’t read at grade level by second grade.

Our local politicians and/or the Department of Environmental Protection aren’t taken to task to demand regular cleanouts of every sewer trap in our communities.

Leaves we don’t rake up and dispose of clog those same sewer traps.

Since most people never consider their own mortality or morbidity, they don’t purchase life and disability insurance to replace income lost when death or disability strikes. But we want everyone to contribute to a Go Fund Me campaign to help bury us and help our family keep the house.

So, the next time you want to vote for a politician who says there is no such thing as climate change, or who says “Big Government wants to burden you with unnecessary laws and ruin your life with increased wasteful taxes, take a minute to ask what will happen if the government doesn’t act on your behalf.

At the very least

And, at the very least, take ownership of the need to protect your home and belongings. Purchase a Flood Insurance policy and endorse your homeowner’s insurance policy with Water and Sewer, and Sump Pump failure coverage.

Municipal responsibilities for your losses may never change, but how you react and prepare for the effects of climate change will determine just how well you ride out the coming storms.

And they’re not just coming.

They are already here.

Insurance Credit Score Improvement Tips

Many of my clients are what I consider true insurance credit score improvement warriors.

How To Earn  A Great  Insurance Credit Score

While completing the homeowners insurance application for N.R.65, a new member of the Bridge Insurance Family, I asked her how she managed to obtain and maintain her sterling credit score.

N.R.65 said she pays her credit cards twice monthly.

“Twice each month?”

“Yes. Twice each month.”

“Please explain.”

Instead of paying the minimum payment each month, she doubles the payment. Then, she makes another payment of $60.00 or $70.00 whether she uses the card or not.

Her mantra? “My credit is so good,  it looks better than me!”

So here’s to N. R. 65, a true credit warrior!

Another Great Tip for Rapidly Lowering Credit Balances and Improving Your Insurance Credit Score.

My client, A. B. 22 does not make her credit card payments on the due date. She instead makes her monthly payment no later than two days before monthly interest is applied to her outstanding balance. So monthly interest is applied to a lower balance, hastening how quickly she pays off each credit card.

Her system really works. She’s quickly cut down her outstanding balances  using this method. And the balances fall even faster when you don’t use the cards for anything other than an emergency.

“Where do you find this interest due date” I asked.

“It’s on your monthly statement. The same monthly statement too many people tend to ignore until the last minute.”

“I looked around my apartment,” she said, “and saw books I purchased and never read. Blouses I thought I couldn’t live without still in the original wrapping with the sales tag still attached. In several cases, two or three years after I brought them home.  Money wasted. Money which should have been applied to paying off credit card balances. Better still, not creating new balances or adding to existing balances.”

The Beat The Interest Payment Due Date Worksheet

I asked how she keeps up with every credit cards’ monthly interest date. She said she devised a  “Beat The Interest Payment Due Date Worksheet.” She created a simple grid on a page in an inexpensive marble composition book she bought at an office supply store.

Along the X-axis, she enters the names of each card in date order and the date the payment must reach each bank. She also enters the Annual Percentage Rate (APR) for each card in each box. This keeps her aware of just how much she is paying to for the use of the credit card companies’ money.

Along the Y-axis at the top of the page, she creates a column for each month where she enters every monthly payment she makes for each card. Following each payment is the date she actually made the payment. She does this to remain honest to her system.

Did The System Work?

“Two years ago, I owed about $25,000 in credit card debt. Now I’m down to just over $10,000. And I raised my insurance credit score from poor to good.”

A good insurance credit will save you money in many ways
What will your credit score do for you?

 

 

 

 

 

This future homeowner is well on her way to owning her own home because she lowered her credit utilization and improved her savings.

Why Does A Good Insurance Credit Score Matter?

Your credit score is a reflection of how well or how poorly you handle your finances. You don’t have to adopt miserly ways to attain a good credit score. It’s simple really. A bad credit score will cost you more money for mortgages, automobiles, and many forms of insurance.

When you are purchasing home, renters, co-op, condo, or auto insurance, your premium depends on many factors. In my experience, one of the most important is your insurance credit score.

An excellent or good score will yield the lowest premiums. A fair or poor score will saddle you with higher premiums. For example, with a fair or poor score, you can wind up paying at least 50% more in premium than someone with an excellent or good score.

There are no quick fixes to improving your insurance credit score. Insurance companies go back five years into your credit history. Important factors are your payment history, length of credit, delinquencies and credit utilization.

What’s Credit Utilization?

Just imagine your total lines of credit come to say $25,000. If you use $15,000 of your credit lines, you have a 60% credit utilization.

To get a great credit score, you shouldn’t have a credit utilization percentage of more than 19%. Anything higher and your insurance credit score will begin to drop.

Any Other Good News?

Try to avoid any of the insurance credit no-no’s on your credit record during the past five years.

There are five of them and they are:

  1. Judgements
  2. Foreclosures
  3. Liens
  4. Repossessions
  5. Bankruptcies, whether in, coming out, or beginning one.One or any combination of these will result in a much lower insurance credit score, with higher premiums.

When I Start To Work On Improving My Credit?

There’s no time like the present. Do a little each day and watch your credit score soar to new heights.


About the author

Eustace L. Greaves, Jr., LUTCF is an NYS-licensed Independent Insurance Agent and Broker with 40 years of experience. He is celebrating 25 years as an Independent Insurance Agency Owner.

Like to speak with Eustace?

Eustace is ready to assist you with your life, disability, home, flood, renters, auto, cooperative and condominium, and wedding insurance needs. He can be reached at 718-489-2218, or by email at infogreavesinsurance.com. You can also contact him by going to his website, https://greavesinsurance.com, and completing any of the available “Contact Us” forms.

How to subscribe to “Never Knew News” newsletter

If you’d like to subscribe to his monthly newsletter, “Never Knew News,” go to his website, https://greavesinsurance.com, and click on any of the “Subscribe” buttons.

Have insurance, income tax, real estate, mortgage, or home inspection questions for Eustace? He’ll be happy to provide the insurance and income tax answers and will continue to call on his expert contacts for help in the other areas. Just email him at [email protected] with the subject line, “Ask Eustace.”

 

error: Content is protected !!