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Old 09-07-2008, 09:34 PM
 
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Replacement cost of $400k seems a bit steep for Floral Park unless you have a very large home. Remember, replacement cost is how much it would take to rebuild the structure and should not factor in land value or assessed value of the property which, this being Nassau County, will be far higher than the national average for a comparable property. The replacement cost for my home is far less than the value of the property, so much so that my mortgage company sent my insurance company a letter wondering why they placed such a low replacement cost on such apparently valuable property.

You don't need flood insurance in Floral Park. The recently redrawn flood maps show that virtually everything north of Merrick Road in Nassau is safe. Even the most dire global warming predictions (with approximately a 10m rise in sea levels over 50 years) won't flood that far north.
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Old 09-07-2008, 09:37 PM
 
270 posts, read 913,229 times
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Quote:
Originally Posted by alexei27 View Post
As of Jan 08...State Farm was not writing new policies in Suffolk. They still renew their current customers, but unless they have changed their minds, they will not write anyone new.
I was able to get Stafe Farm in July - so they must have changed their minds. Allstate, on the other hand, refused to budge on it, even though I've been a policyholder in good standing for over 20 years with various policies for Auto, Life, Umbrella, Renters, and Homeowners (not on Long Island though).
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Old 09-08-2008, 12:10 AM
 
Location: in an office
1 posts, read 2,253 times
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Post Flood insurance?

Quote:
Originally Posted by purelygeneric View Post

Also, this does NOT include flood insurance which is an additional $400 a year. Is that something worth adding?

Thanks!
I clean up floods for a living and deal with insurance issues on most jobs.

Consider flood insurance carefully. Many types of floods are covered by a standard homeowners policy while others are not. It's important to know the difference.

Floods that are the result of a plumbing leak such as a broken pipe or a faulty washing machine hose are generally covered by a standard homeowners policy. The cost of the plumbing repair and the deductible are usually the only costs to the homeowner.

Floods that come from rainwater generally require the flood insurance you refer to. If you have reason to believe rainwater will accumulate and find it's way into your basement (such as an outdoor stairwell with a drain that frequently clogs), then it may make sense to add it to your policy. If you've an unfinished basement which is fitted with a sump pump and where very few water damageable items stored, then you probably don't need it. The approximate charge to pump out a small to medium basement is $1000 to $1500, so unless your flood policy has a low deductible, covers water damage to your stored items, your basement is finished, and/or you expect frequent rain floods, you might just as easily put that $400/year away and only use it should you need to have your basement pumped.

Floods that are a consequence of a sewer line backup are the worst and most costly - there's nothing more unnerving than finding a basement full of sewage, particularly while being unable to use water in your house. Most homeowners policies will not cover a sewage backup unless it occurs before your final trap. You should definitely look into the rider that includes this coverage, as a typical bill to pump out and sanitize a sewage filled basement is $3000 and up, while the rider may only cost $100/year to add on. This is the only coverage I recommend everyone get, and the customers who have had it have told me it only added around $60 to $80 to their annual bill.

Remember that insurance companies have a reputation for dropping homeowners who put in frequent claims, no matter the overall value. It seems that having one claim worth $40,000 is more acceptable to them than having 4 claims that when added together total $10,000.

Last edited by TJonLI; 09-08-2008 at 12:20 AM..
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Old 09-08-2008, 01:47 AM
 
Location: Sound Beach
2,160 posts, read 7,100,025 times
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Quote:
Originally Posted by jpg71 View Post
I was able to get Stafe Farm in July - so they must have changed their minds. Allstate, on the other hand, refused to budge on it, even though I've been a policyholder in good standing for over 20 years with various policies for Auto, Life, Umbrella, Renters, and Homeowners (not on Long Island though).
That is good to know. Geico also said they "might" resume writing new policies for Suffolk in 2009. Maybe the lack of damage from Hanna will help alleviate the availability of insurance...at least away from the coasts.
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Old 09-12-2008, 09:47 PM
 
Location: Sector 001
204 posts, read 573,784 times
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Your quote seems about right. I'm in New Hyde park and pay $1400 for similar coverage. But may I suggest a few things:

1. These days insurance companies are quick to drop you or raise your premium substantially if you have just 2 claims in a five year period. I view my home insurance as something that's only needed in case of a catastrophe. If a pipe bursts and the repair lets say is $3,000, I'll pay it out of pocket before I go the insurance company. It's for this reason I elected a deductible of $5,000.

2. $500k liability not enough these days. Lower the Home and Car liability to $300k and get a $2million umbrella policy.

3. Flood policies are issued by FEMA (only sold thru insurance companies). And Guess what..they DON'T cover damage to the Basement!
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Old 09-13-2008, 09:18 AM
 
Location: NY
1,416 posts, read 5,316,977 times
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Quote:
Originally Posted by ncc1701 View Post
I view my home insurance as something that's only needed in case of a catastrophe.
That's our view exactly, also. If we could have gotten an even higher deductible than 5K, we would have, but that's the highest any of the companies seem to offer nowadays. Also be aware that since Katrina, many insurers now apply a Hurricane Deductible even if you are nowhere near the shoreline. Liberty Mutual applies a 2% or 3% Hurricane Deductible to ALL policies they are writing on Long Island, even if your house is a half-mile from the L.I.E. .... and if you're within a few miles of the shoreline, like we were, that deductible is 5%. The deductible is based on your dwelling coverage, so if your house is insured for 500K, the Hurricane Deductible would be $10,000 (if it's 2%), $15,000 (if it's 3%) or $25,000 (if it's 5%). What most people don't realize is these Hurricane Deductibles apply to any wind damage sustained if a Category 1 hurricane hits ANY portion of New York State .... not only just the portion of NY State that your house happens to be in. So if you live in Dutchess County and your house is damaged by the remnants of Hurricane Whosis that crossed part of Montauk, your insurance company can apply your Hurricane Deductible to the claim you put in.
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