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I am a licensed insurance agent. I will tell you this is a very bad time for the insurance market especially for home insurance.
I am seeing increases all over. 2 major things insurance companies are looking for: Age and condition of roof, age and condition of hot water Heater. If hot water heater is over 15 years old one of 2 things can happen if you switch. The insurance company will make you replace it or they will cancel your insurance. Same goes for the roof over 20 years old and in poor condition the roof must be replaced or the company will cancel the insurance. Some companies have even stopped writing new business. Shore One stopped 8/1/23, Otsego Mutual no longer writes in Suffolk county, Kingstone insurance Co has gotten stricter with their guidelines and CAT scoring. Some companies will exclude coverage if your oil tank is underground, and if you have a slide or diving board some companies will exclude coverage or make you remove it before they will write the insurance same with trampolines. Also if you switch to another company more than likely they will want to do an exterior inspection or interior and exterior inspection. They are starting to scrutinize every little detail in homes. If they find issues even minor ones you will have to fix the issue or risk being cancelled. My advice is to stay put and try next year.
I am a licensed insurance agent. I will tell you this is a very bad time for the insurance market especially for home insurance.
I am seeing increases all over. 2 major things insurance companies are looking for: Age and condition of roof, age and condition of hot water Heater. If hot water heater is over 15 years old one of 2 things can happen if you switch. The insurance company will make you replace it or they will cancel your insurance. Same goes for the roof over 20 years old and in poor condition the roof must be replaced or the company will cancel the insurance. Some companies have even stopped writing new business. Shore One stopped 8/1/23, Otsego Mutual no longer writes in Suffolk county, Kingstone insurance Co has gotten stricter with their guidelines and CAT scoring. Some companies will exclude coverage if your oil tank is underground, and if you have a slide or diving board some companies will exclude coverage or make you remove it before they will write the insurance same with trampolines. Also if you switch to another company more than likely they will want to do an exterior inspection or interior and exterior inspection. They are starting to scrutinize every little detail in homes. If they find issues even minor ones you will have to fix the issue or risk being cancelled. My advice is to stay put and try next year.
A lot of people had to get new ones anyway after Sandy
Interesting
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
You think homeowners, and auto insurance are bad here? Check out Florida. If you can even get homeowners where you live in Florida, the rates are to the moon. In some places you can't even get homeowners thru insurance companies, as they have all pulled out of areas, especially coastal areas. Then they have to turn to the state of Florida as the insurance company of last resort.
This is true, insurance is crisis level there. It's getting so bad it's almost getting to the point that the crazy insurance premium cost there just about cancels out any property tax savings.
This is true, insurance is crisis level there. It's getting so bad it's almost getting to the point that the crazy insurance premium cost there just about cancels out any property tax savings.
And if you have a mortgage you are required to have homeowners insurance.
This is true, insurance is crisis level there. It's getting so bad it's almost getting to the point that the crazy insurance premium cost there just about cancels out any property tax savings.
Getting close, my rentals out there have insane rates. It doesn’t matter to me as I just pass it on to the tenant. It’s a core reason FL rents are going up, plus they are raising taxes due to property value increases. It’s still a good value bs NY if you have investment $$ sue to no state cap gains.
And if you have a mortgage you are required to have homeowners insurance.
That's obvious. You would be a fool not to have home insurance with or without a mortgage. But there are people out there who take a gamble and don't purchase insurance and pray nothing happens to their home because they can't afford the coverage. That too me is being stupid.
Just claim your migrant and the city will put you in a five start Manhattan hotel all expenses paid. No worries about getting things fixed, brought up to code or new roofs.
Who needs to worry about insurance and cost when you can join the thousands of free loaders getting dropped off every day in Manhattan!
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