Homeowners insurance is complicated, especially for people trying to find the best possible price for their home insurance Troy NY. So, let's go over some common questions and get you more informed.
Is it mandatory to have homeowners insurance?
No, it's not mandatory to purchase homeowners insurance, you can have a home without insurance but your mortgage provider may ask for homeowners insurance to protect their investment in you and in general, it's a good idea to stay safe. After all, your home is where you spend pretty much all your time.
Is flooding covered by homeowners insurance?
It's not fair, but no flooding is not usually included in homeowners' insurance policies. For example, when Hurricane Sandy came around, a lot of people in New York learned the hard way that floods were an insurance add-on, not an automatic addition. So if you want flood protection, remember to add it to your policy.
Is there a difference between rental and home insurance?
There is a big difference. This is because all different types of insurance related to homes have different purposes. If you own the home it falls under homeowners insurance, if you're renting from a landlord it's rental insurance and if you're a landlord there's specific landlord's insurance. A great insurance agent can help you make sure you get the right type of insurance.
What is a home inventory?
A home inventory is a list of the contents in your home and it's often kept by the homeowner and sometimes the insurance agent and is kept in the event of a total loss so you can replace certain things in your home. Most of the time high-value items such as furniture, appliances and TVs are on the list. Depending on your insurance you may need added conditions for fine art and extremely valuable things, but they all go in the inventory too. If you need to claim down the line, you will want the most information you can add to the inventory such as photos and serial numbers.
If a claim needs to be made, what happens?
When damage occurs to your home, the first thing you should do is contact your insurance agent to see if the damage you're facing is covered. If it is, you just have to provide a statement to the insurance company and they will send someone to assess the damage. Once you get the signal, it's time to look into the relevant people such as contractors and restoration experts to help get you back on your feet. Keep in mind before you can claim you're likely to need to pay a deductible fee if you have one. This process is long and complicated, so remain patient and you'll be back to life as normal in no time.
Now that you've understood the basics, reach out to NY Insurance Hub to get a range of competitive quotes on your home insurance!
NY Insurance Hub Agency
125 Wolf Rd STE 404 Albany,
NY 12205 518-783-0105
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