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Well the home buying process continues and now it's on to insurance. Being a renter to this point, I have had no reason to concern myself with homeowners insurance. Being so ignorant to the topic, I am not sure what kind of coverage is needed and want to make sure I am not leaving myself in a bad situation.
So, what questions do I need to ask?
What do I need to provide in order to get a quote?
What are reasonable deductibles?
What kind of coverage do I need/don't need?
How do I get the best bang for the buck?
Basically, I am looking for a brief starters guide to this. I am in the dark on this topic and want to make sure I am getting good coverage but not being handed a barrel at the same time, if you know what I mean. I would also be open to any recommendations you may have or companies to absolutely stay away from.
We moving to the north shore of LI and out of any flood areas (to my knowledge). The home we are purchasing is around $400k and sits on a quarter acre. Not sure if that helps but I am looking forward to the responses and thank you in advance for your help.
State Farm & Allstate are not writing on Long Island. Try an independent insurance agent as they have access to more than 1 company. If you also let them write your auto you can get a discount.
HO-3 provides protection on the structure for all perils except those specifically excluded, such as flood, earthquake, neglect, war, or nuclear accident.
HO-5 is offered by some companies. It covers everything included in HO-3 policies, as well as providing additional coverage. Review the policy to find out specifically what is included.
Is it the % deductable for hurricane wind damage?? (3% vs. 5%)??
5% is pretty standard by now. You really have to look hard to find a carrier with a lower deductible - they're all catching on now
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