New York Insurance Tips for Successful Insurance Coverage

New York Insurance

Here are 5 New York Insurance mistakes that could prove costly to you.  Avoid these and you are on the way to successful insurance coverage for you and your family:

1. Having gaps in your New York home insurance coverage. Any homeowner needs to review coverage regularly to keep up with rising replacement costs. But insuring different kinds of homes in different locales poses extra challenges. If you buy insurance from more than one carrier, you may face contrasting rules, limitations, and policy renewal dates. For example, the liability limit on the policy for a second home might fall below the minimum on an excess liability policy designed to complement the insurance on your primary home. You could wind up responsible for the difference.  Make sure that you get several home owners insurance quotes for each of you properties and see which make the best sense for you.

2.  Ignoring properties unique characteristics. One perk of having some affluence is the ability to own exceptional homes; one drawback is that they may be difficult to insure adequately. Standard NY homeowner insurance coverage will not pay for the materials and craftsmanship needed to rebuild that 19th century showplace you’ve painstakingly restored. Waterfront homes may face hurricane damage.  Meanwhile, city co-ops or condos may need New York home insurance policies tailored to their buildings or associations coverage.

3.  Neglecting to appropriately insure art and collectibles. Standard homeowners policies limit coverage for the losses of antiques, furs, and other valuables. While you could obtain additional coverage under your New York home owner insurance policy, insuring the real value of a collection of contemporary art or vintage muscle cars will require a specialized policy addressing several critical issues. First, how is the value of the collection determined? Get a professional appraisal when the policy is designed, with frequent updates as items appreciate. If something happens, do damaged or destroyed items get paid for with cash, or will you be required to have it replaced or restored? What happens when additions are added to your collection, will they automatically be covered?

4.  Forgetting to insure household employees. When someone works for you or your family, as a nanny, landscaper, personal assistant, or in another role, you could be liable for medical expenses and lost wages if the worker is hurt on the job. If an employee drives your car, also make sure he or she is included on your policy.

5.  What about your liability as a member of the board? Excess liability coverage could help protect you if you are sued as a director of a nonprofit’s board. Or for more comprehensive protection, you may want to consider special directors and officers liability insurance.

Setting out to get the correct policies to insure you and your family and belongings isn’t a set it and forget it process.   You need to find the right New York insurance company and policies to effectively cover you under a variety of circumstances.  You also want to make sure and check and review coverage on a regular basis.  Every two years is the minimum time period that you want to go by before examining or insurance plans again.  Your financial life isn’t static, and neither are your insurance needs. The value of a collection may increase; extensive home renovations could mean a sharp rise in the value of your property.  Even lacking major events, you probably need a comprehensive review of all your insurance coverage at least every two years.  Life in New York is an ever changing experience, make sure that your New York insurance policies continues to cover you as well!