Long Island homeowners insurance is a necessity for any homeowner. It protects the investment you’ve made in your home — not only the structure of the home itself, but also the belongings it holds inside. Without Long Island home insurance, your most important investment is in serious risk.
With Long Island being such a unique place to live, before you buy home insurance, there are a few things you need to consider, including those listed below.
Location — Do You Live in a Flood Zone?
If you live in a designated flood zone, the odds are good that your mortgage company will require you to purchase flood insurance. That being said, the National Flood Insurance Program suggests that all homeowners purchase flood insurance, as 20% of flood claims through the program occur outside of designated high-risk areas for flooding.
Many people in the market for coastal home insurance will need coverage that exceeds what is available through the NFIP, which is often available in supplemental or excess flood insurance policies.
*To see if your house is in a flood zone you can check out http://www.freeflood.net/ and all you have to do is register which is free.
Saving Money on Long Island Home Insurance
There are many things you can do to help reduce the cost of your Long Island homeowners insurance. One of the first choices is to bundle policies. This means combining or packaging your home, auto, vacation home, and other policies with the same insurance company. Insurance companies love loyalty, and will often offer deep discounts to customers who provide it.
Other things you can do to save money on your home insurance policy involves updating your home’s wiring, installing a monitored alarm system, making security upgrades to the home, and possibly raising deductibles. However, the latter is a risky move, as it means you’ll bear a greater financial burden in the event of a disaster striking your home.
The Age of Your Home and Your Insurance Rates
Age matters when it comes to insuring your home. The fact is that Long Island requires you to bring your home up to current codes in the aftermath of a partial loss that damages a certain percentage of your home. Your primary policy will not cover the cost of updating the undamaged portions of your home without a law and ordinance rider.
The older your home is, the more this particular policy is likely to cost. Modern upgrades in recent years will help to minimize costs, as will having a home that meets modern code.
The Impact of Crime on Long Island Home Insurance
Not all home insurance claims are the result of wind, rain, floods, or fire. Some are the result of a more human variety of disaster. Vandalism, theft, and nuisance crimes can be a problem for insurance providers. This means the crime rates in your neighborhood can have a huge impact on the cost of your insurance.
Fortunately, most Long Island neighborhoods have low crime rates, but the local crime rates are something you should consider when buying a home and home insurance in Long Island.
If you’re in the market for Long Island homeowners insurance, now is the perfect time to consult with an independent insurance agent in order to make sure you get the right coverage to meet your insurance needs at the right price. Insurance for your Long Island home is something you can’t afford to get wrong.
We’ll work with you to help find available savings/discounts along with the right amount of insurance coverage to meet your needs. Contact us to get your Long Island home insurance quote today!