Personal Insurance

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Insurance

Homeowners Insurance Made Easy with Tap Insurance

Your home may be the largest investment you will ever make so be sure that it is adequately insured with the proper insurance coverage. Although the likelihood of a total loss is remote there are many perils that can cause significant damages and inconvenience so don’t find out after the loss occurs that you lack the proper insurance coverage. Here are a few thoughts to consider:

Be sure your home is insured for its replacement cost.

Many times this is easier said than done particularly if you have been insured with the same insurance company for many years. Most Homeowner policies have an automatic “inflation” increase each policy year. However in many cases the increase is not adequate to keep pace with rising building material prices and labor. The old school thought of $125 to $150 per square foot rebuilding cost for a typical Long Island home is not longer the rule of thumb, in fact it’s at least $200 per square foot at a minimum; if you’ve remodeled with high end kitchen and baths the replacement cost could be even more.

Initially the insurance company will perform an inspection and replacement cost appraisal however it’s up to you the homeowner to be sure the replacement cost keeps pace with construction inflation which may vary from year to year.

Understand the difference between “Market Value” and “Replacement Cost.”

Currently we are in a period where the “Market Value” may be significantly less than the “Replacement Cost.” Back in the mid 2000’s we were at the other end of the cycle where “Market Value” exceeded “Replacement Cost.”

Replacement cost IS NOT; the Market Value of the home, it is not the purchase price of the home or the outstanding amount of any mortgage loan. Replacement Cost is the cost to rebuild your home with like materials and design.

Co - OP/Renters

There is no coverage for any part of the building since you do not own any part of the building. Co-Op/Renters provide the coverage’s listed below. In addition to insurance coverage on the dwelling there are additional coverage’s included with a Homeowners/Condo/Co Op/Renters Policy: Liability – Provides coverage in the event some one sustains an injury on your property, cover’s you in the event you damage the property of others or cause unintentional injury to some else including personal injury torts such as libel, slander among others. Loss of Use – Provides coverage for living expenses such as a hotel when you can not live in your home during the period of restoration due to a covered loss. Personal Property – Provides coverage for your personal property such as furniture, carpeting, window treatments, electronics, clothing, essentially the property that is not built into the dwelling. Subject to value limitations for Jewelry, Furs, Silverware, Collectibles among other specialized property.

Personal Umbrella Liability

People are suing each other today more than ever. Verdicts amounting to hundreds of thousands, if not millions of dollars are being awarded by juries every day. If you accidentally injure some one or damage their property you could end up being sued with monumental legal defense costs. Coverage amounts are written in increments of $1,000,000 and supplement your Homeowner Policy and Personal Auto Policy. The premiums are modest and why let an accident potentially wipe out a lifetime of savings.

Insurance detail

Auto Insurance

If there was ever an insurance product that could be classified as Commodity; Automobile insurance surely would top the list. If you watch TV, listen to the radio, read email or surf the internet you are no doubt inundated with advertisements from auto insurance companies touting how much you may “save” with a brief phone call. After awhile even the gecko becomes tiring.

The pricing of Auto insurance is very competitive and very cyclical, depending on where you may be in the insurance company’s cycle can affect your premiums. While it’s prudent to shop around every few years it’s even more prudent to be certain you have adequate coverage. After all if you “save” $300 on your premium but now have a lawsuit on your hands with a potential payout of $100,000 over your insurance limit then what did you really save on?

There’s a carrier that touts “name your own price,” sounds great until you learn that naming your own price did not provide enough coverage for your costly rehabilitation expenses due injuries sustained in an accident. No one wants to pay more than necessary for their Auto insurance but understand what you are buying and why it’s important to protect your assets from lawsuits &/or medical expenses arising from an Auto accident whether it’s your fault or not. In the legal community the definition of an Automobile is: “A Lawsuit on Wheels.” If you have drivers with 5 years or less driving experience you’ve just upped the ante significantly.

Insurance detail

Flood Insurance

Whether you live near a body of water, river, stream, or lake; flood insurance can help protect your home and possessions from this source of property damage.

Virtually all Homeowner Insurance Policies exclude coverage for Flood damage which is why you should consider the purchase of a Flood Insurance Policy.

A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. Many conditions can result in a flood, hurricanes, clogged drainage, rapid accumulation of rainfall, and the overflow of rivers, streams, and lakes.

Homes and businesses located in communities that participate in the National Flood Insurance Program (NFIP) are eligible for flood insurance at a modest cost through the federal government. Under this program insurance companies issue flood insurance policies and the federal government administers the program.

Many people think that flood insurance is just for properties on or near the water and if the mortgage company does not require a flood insurance policy then it’s not necessary. However, over the past few years there have been incidents of heavy rainfall that has caused significant damage to homes and personal property that would have been covered under a flood policy.

Whether you are situated in a flood zone or not take some time to review the benefits of a properly designed flood insurance policy.

Flood Insurance

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Whether you live near a body of water, river, stream, or lake; flood insurance can help protect your home and possessions from this source of property damage.

Virtually all Homeowner Insurance Policies exclude coverage for Flood damage which is why you should consider the purchase of a Flood Insurance Policy.

Whether you are situated in a flood zone or not take some time to review the benefits of a properly designed flood insurance policy.

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