By law, New York State may not require homeowners to carry insurance for their real estate properties. However, it is typical for banks and other lenders to set this as a condition of mortgages. Nonetheless, it is always a good idea to buy homeowners’ insurance. The truth of the matter is that no homeowner can predict what the future holds. So even if they treat their property with an abundance of care, elements beyond their control may cause damage to it. Continue reading to learn more about homeowners’ insurance coverage and how an experienced New York City real estate attorney can step in when you need to file a claim.
What should I know about homeowners’ insurance coverage?
To reiterate, homeowners’ insurance may cover the great financial losses you incur from your real estate property’s damages. In New York State, a typical homeowners’ insurance policy may offer the following coverages:
- Dwelling coverage (i.e., a home’s roof, walls, attached structures, etc).
- Other structure coverage (i.e., a home’s fencing, shed, detached garage, etc).
- Personal property coverage (i.e., furniture, clothing, electronics, certain art and collectibles, etc).
- Medical coverage (if you incur bodily injuries and require medical treatments after a covered incident).
- Loss of use coverage (if you cannot stay in your home while it is being rebuilt or repaired after a covered incident).
It is worth mentioning that you may add optional insurance coverage to your basic homeowners’ insurance policy to ensure you are sufficiently protected in the event of an accident. Examples of this may include flood, earthquake, water backup, home computer, workers’ compensation, home daycare, and self-storage facility coverages.
What mistakes should I avoid making when filing an insurance claim?
It is, unfortunately, true that insurance companies are notorious for giving homeowners a hard time when it comes time to receive the financial coverage they are entitled to. This is to say that you must not give your insurance provider any reason to minimize your payout or deny your claim altogether. Therefore, you should avoid this mistake in the following ways:
- You should handle small repairs on your own to avoid making too many claims.
- You should not wait too long before filing a claim to avoid minimizing its urgency.
- You should read your policy thoroughly to ensure you have the right coverage for your claim.
- You should properly document your property damage before you start cleaning it up or repairing it.
- You should always have an inventory of your property’s contents saved to compare it to what you lost after the incident.
- You should always have photos saved of what your property is supposed to look like to compare it to what it looks like after the incident.
In a way, the best thing you can do to help yourself is to let a skilled New York City real estate attorney help you. So please, as soon as you are ready, get in touch with us at Zimmet Law Group, P.C.
