9 Mistakes to Avoid When Buying Homeowners Insurance
Choosing the right homeowners insurance is so important and can often be confusing and complicated, with so many coverage choices and options and even selecting the right insurance company. After all, properly protecting your home and personal property is absolutely essential for peace of mind and financial security. Many of us don't carefully look at or even think about our homeowner's insurance coverage until there's a need to place a claim.
We encourage you to read these 9 mistakes before you purchase your homeowners insurance policy. We think you'll find them most revealing and helpful.
If you would like a no obligation policy evaluation and quote, call 1-800-645-8555 or click here.
1. Does Your Homeowners Policy Give You Unlimited/Guaranteed Extended/Full Replacement Cost on Dwelling?
Most carriers in the marketplace will cap the additional coverage available in the event of a total loss to 25% of the dwelling limit provided by the policy at the time of the claim. This can mean considerable out of pocket expenses to you if your home is not properly insured. Our Insurance Companies write policies that agree to fully repair or rebuild your home, even if the cost to do so far exceeds the coverage provided by the policy. In the event of a total loss, our carriers do not place a cap on the total amount paid to rebuild your home.
2. Are You Covered For Unlimited Temporary Housing & Additional Living Expenses?
Repairing or rebuilding a home may take considerable time and may require that you secure temporary housing and related expenses. Many homeowner policies limit this coverage, often leaving you without enough insurance while you are relocated and cause you to incur very sizable and costly out-of-pocket expenses. Our companies give you comparable, unlimited temporary housing and living expenses so you can maintain your accustomed standard of living while your home is being repaired.
3. Does Your Homeowners Policy Provide a Cash Out Option?
Many Insurers restrict and require you to rebuild at the same location within a specific timeframe and be subject to penalties and limitations. Our Insurance companies offer you the choice to receive full cash value or the option to build at a different location at any time with no limitations, after a covered loss. The full cash value option also applies to content that is lost, stolen or damaged.
4. Do You Receive Expedited Claims Processing & Payment?
After reporting a claim nothing can be more frustrating than the uncertainty of your insurance provider's claims processing. Many insurance companies can take days, weeks and sometimes even months to process claims, arrange for adjusters, inspections and paperwork submissions in order to receive payment. You want to have an insurance company who fully understands and appreciates the importance and obligation of rapid processing and paying claims and who expedites most payments within 48 hours of claims settlement.
5. Does Your Insurance Cover Payment for Upgrades to Your Home?
Rebuilding your home may involve costly and mandatory upgrades. Many insurers limit this coverage to as little as 10% for these required upgrades. Our Insurance Companies pay all of the costs associated with rebuilding your home to cover all costly and mandatory upgrades (including all structural, electrical & plumbing) as deemed necessary by local/state/federal building codes.
6. Do You Have Flood Insurance Coverage?
Floods can happen almost anywhere. They are not limited to coastal areas or to devastating tropical storms. They often occur in low and moderate risk areas and are caused by more factors than one might realize. Flood insurance is not typically included in the vast majority of homeowner's policies. As an authorized agent for the National Flood Insurance program, we can assure that you get the maximum available flood insurance to protect your home.
7. Does Your Homeowners Policy Offer Important Optional Insurance Coverage?
In addition to insuring basic property and contents, there are numerous other areas of coverage often not included in many homeowners insurance policies. These must be identified and considered for coverage so you're fully protected. Coverages to consider are; mold, equipment breakdown, scheduled personal property (jewelry, art, antiques, collectibles, watercraft), identity fraud, personal umbrella policies.
8. Have You Carefully Evaluated & Selected a Quality/Highly Rated Insurance Carrier?
All insurance companies do not offer the options, quality of service levels and financial stability to assure optimum protection, incomparable claims service and total peace of mind. Alliance only represents the highest rated and most respected insurance carriers in the US that deliver both the coverage and service that demanding customers expect and receive. These insurance providers maintain a stellar track record of unparalleled service and performance and highest level of customer satisfaction.
9. Have You Chosen a Full-Service, Unbiased Insurance Advocate Who Fully Represents You and Protects Your Interest?
With over 100 years of industry leading insurance experience, Alliance Brokerage Corp. has provided its clients with the expertise and perspective necessary to address today's increasingly diverse, complex and ever changing insurance environment. We are committed to serving the interests of our clients by offering an expansive range of insurance programs and services from the nation's finest and most respected providers along with sound advice and comprehensive administrative and claims services. Our role is to understand our clients' exposures, customize effective insurance solutions and deliver the best possible coverage and service levels.
We are recognized as one of the largest and most respected independent insurance agencies in the NY Metro area. We are owned and operated by insurance professionals. We fully recognize that insurance is a service business requiring the specialized attention of highly trained and dedicated insurance advocates. The company's status and recognition in the insurance industry is testimony to our professionalism, unparalleled service levels and unwavering dedication to both our clients and carriers. We continue to hone our skills, products and protocols so that our clients will be the beneficiaries of the finest insurance brokerage service available.
Insurance is Nothing More Than a Promise To Pay… Our Job Is to Represent Our Customers to Assure That This Obligation Is Fulfilled.
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Alliance Brokerage Corp.
990 Westbury Road
PO Box 1011
Westbury, NY 11590-0170
Phone: 800-645-8555
Email: ltraganos@abc990.com
