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Will owning a Dog affect your Home Insurance Policy?

Tue, 13 Jan 2009 14:34:29 GMT

Owning a dog could affect your ability to obtain home insurance or renters insurance. You may have the sweetest, calmest dog in the world, however your insurance company MAY look at Rover differently. Some home insurance companies are not very enthusiastic about insuring certain breeds of dogs and as a result, you may pay more for your policy or they may cancel or not renew your policy.

If you're thinking of getting a dog, you might want to check with your home insurance provider before you make your final decision. Additionally, if you are looking for home insurance and already have a dog, you should disclose this to your agent or broker in order to make sure that you will have the proper coverage in the event of a dog bite.

Some states have existing and/or pending legislation to prohibit insurance companies from refusing to insure or discriminating against people that own certain breeds of dogs. As of December, 2008, the State of New York has 5 bills pending to restrict insurance companies from non renewing or cancelling policies as result of dog ownership. The American Kennel Club has a page on their site that lists states with pending legislation along with a brief description of the bills:

If you have a dog and are looking to find home or renters insurance here are a few tips:

Contact the insurance department of your state. They will provide you with a listing of all insurance companies licensed to provide home insurance in your state. Once you have the list, you can contact some of the companies to find out their guidelines on dog ownership. If you find the insurance company's guidelines are too restrictive on the topic of dogs, you may contact the insurance department to confirm and/or report the insurance company.

If it is not against the law and you find it unfair, contact your state representative.

Insurers are re-evaluating coverage's for homeowners who share their living spaces with certain breeds. In New York State, there are a number of companies that will provide home insurance and renters insurance regardless of the type of dog you own. Your starting point on this should be State Farm Insurance and http://www.insurancelongisland.net/ which do not restrict or surcharge based on dog ownership. Above all, you should be aware of this issue if you are thinking about purchasing insurance and make sure you fully disclose this to your agent so that he/she makes sure you are properly insured.

A Guide to Home Insurance Restrictions in Coastal Areas of Long Island

Tue, 13 Jan 2009 14:28:22 GMT

In New York, particularly on Long Island in Nassau County, Suffolk County, Queens County, Brooklyn County, and Richmond County, homeowners may be faced with the prospect of trying to obtain home insurance (or having existing insurance) for a home that they own which is on or close to the water. In recent years this has become a complicated challenge.

: A Flooded House on Long Island

Most insurance companies have restrictions based on the homes' proximity to the ocean and other tidal waters, therefore, it becomes important know the obstacles you are up against BEFORE you purchase that dream house. The cut-off for most companies is 2500 feet of the ocean or tidal bay, although this may vary.

In recent years, the increased hurricane activity and the over-development along waterfront property has put more homes in harms way of wind and water damage. To limit exposure to these catastrophic storms and hurricanes, many insurance carriers have introduced wind or hurricane deductibles into their policies. This deductible typically can be 2%, 5% or 7% of your dwelling coverage, which can be a hefty amount. For example, if your dwelling coverage is $250,000, your 5% deductible will be $12,500. You should therefore review your home insurance policy and understand this important deductible language. You must understand:

1. What % deductible your policy carries (2%, 5%, 7%)

2. What triggers the deductible to apply (a windstorm, a category one or category two hurricane).

Another important consideration when insuring your home near any body of water should be flood insurance, as your home policy will not normally cover damages arising out of a flood. In New York, companies selling the National Flood Insurance policy can help you with this coverage. The Federal Emergency Management Agency (FEMA) has established flood zones for your home's location and the insurance premium will be based upon that flood zone. For example, premiums for $250,000 of dwelling coverage will range from $338 annually in the most desirable "X" zone and could be as much as $1,000-2,000 in the more vulnerable "A" zone.

As insurance companies re-evaluate their risk management in the New York coastal areas it is more important than ever to continually review your home insurance policy and set up a meeting with your agent to make sure you are properly covered. The cost for this "insurance check-up" should be free, and could give you some much needed peace of mind knowing that you are properly covered before disaster strikes.

: A Flooded Street in NYC

If you are one of the unfortunate policyholders that have received a non-renewal notice due to your home's location you should not panic, as you will have a couple of months to secure new coverage. First, try and get a referral from the company that is cancelling you, as they may have a relationship with a local broker that is able to write your insurance. And secondly, make sure you try and stay with a financially secure and reputable company.

Find out the Rating of your Insurance Company

Fri, 19 Dec 2008 03:04:32 GMT

When you are in the market for home insurance or renters insurance in New York City or anywhere in New York for that matter, it’s important to not only check the price of coverage, but also to check the insurance company ratings. Ratings give you information about a company’s financial strength, customer service record, claims records, and more valuable information that you can use when you shop for insurance.
By taking the time to check these ratings, you can select the best company with the best rates and the most affordable coverage.

How to Check Ratings

It’s very easy to check the ratings of insu rance companies, especially if you go online.

Find out how many complaints have been lodged against insurance companies. The New York State Department of Insurance will tell you how many complaints have been lodged against insurance companies. You will also be able to determine whether the company is actually “admitted ” in New York to do business. To see how the companies stack up, click here.

Find out what consumers think of their insurance company. J.D. Power conducts consumer surveys and then rates companies on their policy offerings, cost, billing and payment policies, and ease of contacting an agent.

To see how they rate Home Insurance companies, click here.
To see how they rate Auto Insurance companies, click here.
To see how the companies rate on the customer’s buying experience, click here.
To see how the companies rate when it comes to claims processing, click here.

Find out how financially stable your insurance company is. A.M. Best Company, which evaluates the strength of insurance companies on a scale from AAA (extremely strong) to CC (extremely weak). They also include a rating of R for Under Regulatory Supervision. To view their ratings, click here.

Standard & Poor’s, which looks at an insurance company’s ability to pay claims and meet financial obligations on a scale from AAA (very strong financial security characteristics) to BBB (good financial security characteristics). To see their ratings, click here.

Using Ratings When You Shop for Insurance

Checking home insurance and renters insurance company ratings will help you narrow down your choices when you shop for insurance, especially if you shop on the phone or online to gather information.

Why use a reputable company that is financially stable?

Although the answer is obvious, many people are attracted to the lowest rate that they have been quoted. This, of course, may not be the wisest decision as the company may have poor service, high complaint ratio’s and may be financially unstable. Therefore we recommend you do your research, speak to an actual agent that is accessible and knowledgeable, get a few quotes and then make a decision on which company to choose. State Farm Insurance has served policyholders for over 50 years and their service exceptional-this should be your starting point.

We know that ratings and customers’ opinions are valuable. Please check out the reviews posted about our office:
Reviews written about Long Island Insurance

Friday, December 19, 2008

Fri, 19 Dec 2008 03:02:53 GMT

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