Coastal Homes in New York, NY

Obtaining insurance in coastal and waterfront locations like the Hamptons, Long Island, and the Jersey Shore can be challenging for homeowners, whether it is for a new purchase or your existing home. When buying a new home, the process can be overwhelming. Finding the right house, negotiating a fair price, scheduling the inspection and completing the mortgage process can be daunting.

Finally, the deal is complete, mortgage is approved, and the closing has been scheduled. Then, the mortgage broker asks, “Please send us your certificate of insurance so we can close.” At this point, most people jump to the internet or call one of the big-name insurance carriers to get the quickest and least expensive home insurance quote. This will get you a policy to satisfy the mortgage requirements, but it may not be the best way to protect your new asset.

When you buy homeowners insurance, here is what you should consider beyond your mortgage requirements:

• Valuable Articles: Typical home insurance provides minimal coverage for high value possessions, such as watches, silverware, antiques, jewelry, or artwork.
• Most homeowners policies have a limit for lost or stolen jewelry. We can review your current coverage and determine if a valuable articles policy would give you better protection than your homeowners policy.
• Personal Liability: Only minimal liability limits are required by the mortgage. Lawsuits are common and not having enough liability protection leaves you exposed to financial responsibility if you are sued. Your liability limits should not just meet the requirement of the mortgage but be determined by the value of the home and any other assets that you may have.
• Personal Property: Also known as contents coverage, this provides protection for all possessions. If you have expensive furniture, clothing and electronics, then we can provide coverage based on the value of all of your items.
• Flood Zones: If you live in a flood-prone area, flood insurance will be required by your lender in addition to your home insurance policy. We can tell you investing in more comprehensive coverage is less expensive over time.
• Security Systems:  Security measures such as alarm systems lower the risk for you and your insurer, and can lower your premiums.
• Auto Insurance Review: Your biggest exposure to a lawsuit comes from owning a car. When purchasing a new home, you should review your auto insurance to ensure you have proper auto liability limits. Unfortunately, a lawsuit from an auto accident can result in a lien on your home, so you want to make sure you have appropriate auto insurance.