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Category: Home Insurance

What is included with a home insurance plan?

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When you are in the Bronx, NY area, owning a home can be a good long-term option when it comes to housing and preparing for your future. If you want to purchase a home here, it would be wise to also get the right insurance for it. When you do get a home insurance plan, you will receive various forms of coverage that can prove to be helpful in the future. 

What is included with a home insurance plan?

Coverage for Assets

One of the reasons to get a home insurance plan is to ensure your assets are properly covered. If you own a home and personal belongings, losing them in a fire or other form of loss can be a challenging situation. A great way that you can mitigate this risk is by getting home insurance as it will include various provisions to ensure you are able to replace or repair covered assets. 

Liability Support

Any property owner should also be aware of the liability risks that they take on daily. Any type of accident on your property that leads to injury or property damage could result in a liability claim. If this occurs, you may be held liable and responsible for any damages. If you get the proper coverage, you can offset this risk as you will have the support necessary to cover damages.

Contact Us Today

Having a home insurance plan is always a good idea for property owners in the Bronx, NY area. If you want to purchase a home and need coverage, you can start looking for a new policy by calling the team with L M Insurance & Financial Services LLC. There are a lot of choices to make when looking for coverage and L M Insurance & Financial Services LLC can offer the guidance necessary to build an ideal policy. 

What is a home inventory and why should I have one?

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As a homeowner, you hope that nothing bad ever happens to your home while knowing that the chances are pretty high that eventually something bad will happen and you will have to file a claim. There is no way in the world to make filing a claim fun, but you can make it easier with an inventory. In Bronx, NY, L M Insurance & Financial Services is your local independent insurance agency and we customize our customer’s policies to suit their needs. 

When your house is hit by a covered peril, you will file a claim. As part of that claim, the insurance company will want to know what you lost in the peril. You will have to supply a list. Imagine trying to construct that when your entire home has been destroyed. You will be traumatized but you will not be able to see what you used to have because it is gone. This is a recipe for stress. 

If you had created an inventory and stored it in a safe place, you would be able to just give the insurance company a copy. What could be easier and less stressful?  You create an inventory by going through each room in your home and documenting the items that are in it. You will also attach any invoices or sales slips to give detailed information. Adding pictures to your inventory is a good option as well. You want to provide as much information as possible. 

Do every room in your house, don’t forget to open drawers, closets, and cupboards. Go to the attic and the basement, the garage, and even the shed. Write everything down. When you are done, store your inventory in a safe place, hopefully away from your home. 

If you live in Bronx, NY talk to L M Insurance & Financial Services about your home insurance needs. 

What Does It Mean If Your Homeowners Insurance Is Based on Replacement Cost?

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When it comes to getting homeowners insurance in the Bronx, NY, one of the questions you will want to ask is if the policy is based on the home’s replacement cost value (RCV) or actual cash value (ACV). When you ask our agents at L M Insurance & Financial Services LLC, we will explain the difference between the two and why replacement cost coverage is ideal.

Replacement Cost Value Versus Actual Cash Value

When your homeowners policy is based on replacement cost, that means the coverage will take care of repairing, replacing, or rebuilding the home completely. The materials and items will be new and similar in quality to those replaced. The replacement cost would be based on current price for the necessary materials and labor. There is no deduction for depreciation with replacement cost coverage. But a policy based on actual cash value would deduct for depreciation, which is based on the age of the home and its condition.

The replacement cost coverage is for the home, while your personal property is typically covered for its actual cash value. 

Pros and Cons

Say your home in the Bronx, NY, is a total loss. With replacement cost coverage, you are protected from the financial burden of paying out of pocket because the home has full coverage, versus its depreciated value. 

Because replacement cost coverage is more extensive than actual cash value, you may pay a higher premium. Our agents will explain how the replacement cost is calculated, which typically uses the square footage of the home along with current construction costs. 

Contact Us

Securing your home with the right insurance can seem like a daunting task. With our team of specialists at L M Insurance & Financial Services LLC, we can make it easy.

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"Proudly servicing the New York, Tri-State Area for nearly 20 years. Miami FL office coming soon.."

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