Homeowners Insurance In Riverhead, Long Island, Jericho, NY, Bethlehem, Littleton, Lincoln NH, and the Surrounding Areas

Your biggest asset is your home and everything in it. As an investment from years of saving and monthly payments, you and your family would suffer greatly if any catastrophe were to happen. Whatever you call home – a single family house, rental apartment, condo, or even a house under construction, home insurance protects your assets inside and out.

Home Insurance combines various personal insurance protections within the property territory including:

  • Losses occurring to the home or structure
  • Contents such as furniture or appliances due to an event
  • Loss of use (additional living expenses)
  • Loss of other personal possessions of the homeowner such as artwork, clothes, or jewelry
  • Liability insurance for accidents that may happen at the home or at the hands of the homeowner

Homeowners Insurance Coverage Options

Home insurance, also commonly called hazard insurance or homeowner’s insurance (and often abbreviated in the US real estate industry as HO1), is a type of property insurance that covers a private residence. Many options are available, and some may be required by your lender. Others are designed around your assets and risk. Our agents will help find you the right home insurance for your coverage needs.

Coverage A – Dwelling

Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states that if the dwelling is insured to 80% of actual value, losses will be adjusted at replacement cost, up to the policy limits. This is in place to give a buffer against inflation. HO-4 (renter’s insurance) typically has no Coverage A, although it has additional coverages for improvements.

Coverage B – Other Structures

Covers other structure around the property that are not used for business, except as a private garage. Typically limited at 10% to 20% of the Coverage A, with additional amounts available by endorsement.

Coverage C – Personal Property

Covers personal property, with limits for the theft and loss of particular classes of items (e.g., $200 for money, banknotes, bullion, coins, medals, etc.). Typically, 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choice and customization.

Coverage D – Loss of Use/Additional Living Expenses

Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented, however only the rental income for the actual rent of the space not services provided such as utilities.

Coverage E – Personal Liability

Covers damages which the insured is legally liable for and provides a legal defense at the insurer’s own expense. About a third of the losses for this coverage are from dog bites.

Floods

Flood damage is typically excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers. We highly recommend flood insurance, especially if you are coastal or in a flood zone.

Additional Coverages

Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord’s furnishing, and some building additions. These vary depending upon the form.

 

Options include:

  • Homes
  • Renters / Rental property
  • Townhomes
  • Apartments
  • Condos
  • Mobile/Motor Homes
  • Vacant Homes
  • Homes under construction
  • Fire Policies
  • Umbrella
  • Flood
  • Earthquake
  • Personal Items such as Jewelry, artwork, etc
  • Identity Theft
  • Multi Policy Discounts are available

Homeowners Insurance Exclusions

In an open perils policy, specific exclusions will be stated in this section. These generally include earth movement, water damage, power failure, neglect, war, nuclear hazard, septic tank back-up expenses, intentional loss, and concurrent causation (for HO3). The concurrent causation exclusion excludes losses where both a covered and an excluded loss occur. In addition, the exclusion for building ordinance can mean that increased expenses due to local ordinances may not be covered. A 2013 survey of Americans found that 41% believed mold was covered, although it is typically not covered if the water damage occurs over a period of time, such as through a leaky pipe.