6 Mistakes Homeowners Make When Investing in Home Insurance in Brooklyn

1. Pamphile Insurance Brokerage LLC

2. 6 Mistakes Homeowners Make When Investing in Home Insurance in Brooklyn • Investing in home insurance in Brooklyn is not an everyday decision. Many factors will drive your choice of policy. Whether you are a new homeowner or a veteran, you need to insure your home properly without making any assumptions. With proper guidance and insight, you can find the right policy that will protect your home and fit your budget. • As a homeowner, you will encounter many types of policies and insurance providers that can confuse you. Not to mention the coverages you have to consider for your home. With all this information to digest and make conclusive decisions, it is easy to make a mistake on the choice of policy or premium. • To help you with your decisions, here as some of the mistakes to avoid:

3. 1. Undervaluing Your Possessions • A standard homeowner insurance Valley Stream NY will cover your personal properties, but not all of them – probably 50 – 70% of their total value. Most limitations are placed on collectibles, guns, and jewelry. Some policies even have severe restrictions on the amount of money you will receive for the replacement of your possessions. They may exclude or limit some common items from your household. • Insurance experts recommend that you have an inventory of your possessions and other valuables based on their replacement value. Get your expensive items such as computers, cameras, antiques, engagement rings, and more appraised for their worth and adjust the limits provided by the policy. Read your home insurance policy carefully, and if necessary, you can buy an endorsement to ensure that all your personal items are covered adequately. • Underinsuring your home can cost you a lot in the event of a claim for repair and replacement. You can avoid such a mistake by calculating the cost of your total replacement with your provider and insure the amount. A professional can help you with this.

4. 2. Primarily focusing on Price • It is completely normal for everyone to focus on price when they are out shopping for home insurance in Queens, New York. A good deal is great, but does it provide the coverage your home needs? Before purchasing your policy, make sure you understand all the details of the coverage you intend to take. Understand what you are going to receive during your claim. • A cheap policy means less coverage. If you file a claim one day, it will not be enough to cover for the losses, and you will need to dig deeper into your pocket for the expenses. The best option for lowering your costs is taking the right coverage while increasing your deductibles. This will help you get adequate protection at a cost-effective rate.

5. 3. Assuming You Will Get Full Coverage • Standard home insurance in Brooklyn can exclude certain aspects of your coverage, including occurrences such as flooding, mold, earthquakes, sewage backup, and more. In most cases, earthquakes and floods are not included in the coverage because they are not high-risk occurrences, but some natural disasters like hail damage, fires, lightning strikes are. • Do not just assume that your coverage will include all the damages in case of a claim. The best thing you can do for yourself is to do your research. Check if you reside in a flood zone, the type of sewerage system you have, and if you live near a fault line. This will help you add more coverage to your policy. • If you have to, then ask a lot of questions to understand your exclusions, deductibles, discounts, and how to handle claims once you purchase your insurance. Remember that you can be susceptible to flooding, whether you live in a flood zone or not. Sewage leak, earthquakes, or molds can happen any time in your life, and it is better to stay protected.

6. 4. Not Getting the Right Policy for Your Occupancy • Homeowner’s insurance Valley Stream NY will compensate for damages covered within the policy. The coverage should help you rebuild your house. You may be living in your own house or a rented apartment. You may own a home for different reasons like raising a family, supplementing your budget with added rental income, and much more. • Whoever is staying in the home will determine what kind of policy you will purchase. If you own the house that you live in, you will take a different policy compared to the one you will have if you rent your home to someone else. Make sure the policy you purchase is for the right occupancy; otherwise, your claim may not be covered. Every situation has its unique risks and is priced according to the risks involved. If your home occupancy changes, update your policy to avoid any mishaps.

7. 5. Failing to Update Your Policy • During your policy term, you are likely to make improvements to your home. You could renovate the kitchen, bedroom, bathroom, or install a pool. Whatever changes you’ve made to your home, you should include them in the policy updates. Notify your provider to update your policy to match the improvements you just made. • Updating your home insurance in Queens, New York can help you get full coverage in times of disaster. For example, if you upgrade your kitchen, add a swimming pool, or upgrade your bedroom but fail to include this in your policy, you will not have enough coverage for your dwelling. If a disaster occurs, or when someone gets injured in your pool, you will not be covered against the resulting lawsuit. • Do not forget to report any additions you make to your home because you will be putting yourself at risk.

8. 6. Choosing Actual Value and Not Replacement Cost • Homeowners make this common mistake. They will go for a policy that offers the actual cash value of their possessions instead of opting for the replacement cost. Taking the actual cash value option means that your belongings will be costly to replace at the time of claim than they are worth. • During the time of loss, the actual cash value will only reimburse the book value of the items. On the other hand, a replacement cost guarantees that you get a brand new replacement of the items without deducting depreciation costs. To get the best out of your homeowner insurance Valley Stream NY, always choose the replacement cost. • Conclusion • When purchasing home insurance in Brooklyn, you want to make sure that you have the right coverage. Educate yourself well regarding this matter if you have to since it concerns your most valuable asset. If possible, look for an expert for advice and get a licensed agent with outstanding reviews to work with. This will help you avoid these mistakes and ensure adequate coverage for your home.

9. Contact Us - • Address - 70 East Sunrise Highway Suite 500 Valley Stream, New York 11581 • Email - wpamph@gmail.com • Phone - (516) 323-8558 • Website - Pamphile Insurance Brokerage, LLC • Blog - 6 Mistakes Homeowners Make When Investing in Home Insurance in Brooklyn