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Allstate Insurance: Nicole Guzzone
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Allstate Insurance: Nicole Guzzone
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Home Owners Insurance in Brooklyn, NY

Why does homeowners insurance go up gradually or sometimes suddenly?

This can depend on many factors, but in essence a few key factors are at play –
  1. The size of the pool of people buying insurance in that region/state (areas surrounding Brooklyn, NY).
  2. Recent catastrophes – forest fire damage, widespread earthquake damage, or widespread flooding.
  3. An indicative trend in certain conditions – such as data showing that there are more earthquakes in the region as a result of heavy fracking in the area.
  4. Competition among insurers.
  5. Insurance losses.

What is homeowners insurance?

An insurance policy for your home normally has at the very minimum fire and casualty coverages – that’s dwelling (property) and valuables coverage for the value (and valuables) of your home/property. It covers the cost of replacing part or all of the property that was damaged through fire or some casualty (through no negligence of you or anyone living there at the time). With a coverage limit based on what is stated in the policy. Higher coverage limits normally cost more money. There are additional coverages such as flood, earthquake and other local specific coverages that can be obtained. Our agents are well versed in the nuances of home owners insurance in the Brooklyn, NY area.

What are the common exclusions on a homeowner’s insurance policy?

In general, negligence is not covered by any type of insurance policy – but here are some common exclusions for the home owner to be aware of -
  1. Earthquake Insurance (including ground movements, sinkholes, etc)- in earthquake states you are explicitly asked to sign an earthquake insurance waiver. Alternatively you can get earthquake insurance (normally from a different insurer)
  2. Flood damage – the typical home insurance policy does not cover flood damage – you will need a separate flood insurance policy for that.
  3. Mold damage is normally covered only if you had a recent plumbing leak and you take action quickly.
  4. Infestations – insect and vermin infestation (pests) are not covered.
  5. Dangerous Dogs – you are asked about your pets when applying for a home insurance policy specifically because many carriers do not cover a situation where your dog bites a neighbor. In fact, you may not get coverage if you have a dangerous dog; or you may pay a higher premium. Dog bite insurance claims are well over a quarter of all home insurance claims, so insurers are increasingly careful about insuring dangerous pet owners.
  6. To learn more from our experts in the Brooklyn, NY and surrounding areas, get in touch with us.

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Allstate Insurance: Nicole Guzzone has other insurance programs like Auto Insurance in Brooklyn, NY.