NOVEMBER 2012 INDEX


INSURANCE TIPS FOR FIRST TIME HOME BUYERS



BYALAN PLAFKER, PRESIDENT & CEO
MEMBER BROKERAGE SERVICE LLC
A MELROSE CREDIT UNION SERVICE ORGANIZATION



With the housing market currently tilted in buyers’ favor, many people are choosing to make the leap and buy their first home. It’s a big investment and an intimidating process, and after sorting out everything with banks, builders, Realtors and previous owners, insurance policies often don’t get the attention they deserve. However, talking things over with your insurance agent and acquiring a little knowledge can go a long way in calming your nerves and securing your future.

Standard policies usually include:

However, a standard policy is not a one-size-fits-all.
Here are some tips to consider:


If you own, or are considering owning, a dog you should know homeowners and renters insurance policies typically cover dog bite liability as part of the standard policy’s liability coverage which can range from a limit of $100,000 to $500,000. This means that the dog owner is responsible for any additional damages, e.g., legal costs.

Most insurance companies will cover dogs. However, some breeds are more difficult to insure. Moreover, if the animal already has had an incident, your insurance premium may be higher.




Your Homeowners Policy and storm damage coverage

Your homeowners policy covers most losses that may occur to your dwelling and personal property. Commonly, losses resulting from theft, fire, wind, vehicles and vandalism are covered.

If there is damage because of a storm, a standard homeowners policy covers storm damage to the dwelling, its contents and other structures such as garages and fences up to the policy limit. Such damage also acts as a trigger for coverage of other consequential losses and expenses including removal of debris and loss of use.

When storm damages make it necessary to leave your home temporarily, your homeowners policy covers the additional costs necessary to maintain your normal standard of living for such things as meals, lodging, laundry, transportation, entertainment, etc. You will need to present receipts for all of your expenses to be reimbursed.

You can expect to recover clean up expenses following a storm. Your homeowners policy will cover costs for removal of debris when covered property is damaged. This includes the removal of trees that fall on covered structures, however, this coverage for trees usually is limited to $1,000 for a single storm.

You are covered for protecting your property from damage. Your policy obligates you to protect your property from further damage following a loss as a condition to payment of your claim.

You can expect your policy to pay for such expenses to board windows and make emergency repairs. Also, property removed from your home to protect it from an impending storm receives more comprehensive coverage than what is provided at your home. For a limited period of time, it covers flood, earthquake and any direct damage to your dislocated property without exclusions. However, the expenses to remove the property from harm’s way is not a covered expense.

Damages NOT covered a homeowners policy are:


The information provided here includes general guidelines for storm damage coverage. You should contact your agency for definite answers and further advice to find out what is covered in any specific circumstances.

Most of all, remember that your insurance agency is there to help with all of the above. They clarify complex situations, keep you informed and make sure you’re satisfied with your coverage. When you find your dream home let them help you protect it.

Professional, Independent agents pride themselves on superior customer service. Unlike giant national insurers that only provide its policy holders with an automated 800 number and a website, we believe that conducting business person to person is the best way to make sure you’re satisfied and properly covered. Waiting on hold for hours or desperately searching a website for answers is no way to be treated. It’s hard to grasp the ins and outs of a policy when you’re just filling out online forms by yourself.

A Professional, Independent agency makes sure you understand your options, and that you receive the policy you think is the best fit. And afterward, you can always call our agency or drop by our office if you want to add, subtract or change coverage, or if you have any questions on your policy.

 

For more information, talk to your financial professional, or the author of this article.


Your Professional Insurance Agent …
We want you to know about the insurance you’re buying.


Alan Plafker, CPIA is President of Member Brokerage Service LLC, a Melrose Credit Union Service Organization. He is a Certified Professional Insurance Agent and licensed Insurance Broker. He serves as First Vice President on the Board of Directors the PIANY (Professional Insurance Agents Association of NY), serves on the Board of CIBGNY (Council of Insurance Brokers of Greater NY), and serves as Treasurer for the New York Independent Livery Driver Benefit Fund Board of Directors. His Agency insures thousands of polices for TLC Insurance as well as many policies for all types of insurance. You can reach him in his Briarwood, Queens office at (718) 523-1300 Ext. 1082, or visit the website at: www.MemberBrokerage.com

 


© 2013 TLC Magazine Online, Inc.