Tag: home

18
May

Review Your Home Insurance at Renewal

When the situation entails your homeowners insurance policy, ensure that you make no assumptions to avoid misunderstandings. 

Home insurance has very specific and unique vocabulary that can make understanding it fairly difficult. Policies can vary to fit the needs and budget of every policy holder, so coverage can vary widely between policies. If you have never read your policy from cover to cover, it’s recommended you set aside some time and do so. Here are a few tips on what to look for when you review your home insurance at renewal.

  1. Structure – Some people only cover their homes to satisfy the mortgage debt. But what should happen if your entire home is destroyed to a crisp? You should have enough coverage to completely rebuild your home from scratch. You have to remember the cost of clean-up, raw materials, and construction.
  2. Liability – If someone is injured on your property, the medical bills alone can surpass your liability coverage. Your home comes with a certain risk, but it can go up if you have “attractive nuisances.” Things like pools, trampolines, dogs, and other fun things, you may need extra liability to cover your increased risk.
  3. Contents – Your things need to be protected, and a homeowners insurance policy does just that. Contents coverage usually goes for about 50 to 70 percent of the amount of coverage you have. So, for example, if you have $200,000 in coverage you will receive $100,000 to $140,000 for your things.
    You have to review your contents coverage if you made any recent upgrades, home improvements, or recent costly purchases like new kitchen, HVAC systems, et cetera.

When it comes to your homeowners insurance, make sure that you’re protected for everything you need. Make sure that your home is protected with the right home insurance policy. Contact Abatelli Group, Inc. for a proper policy on your insurance needs.

20
Feb

Personal Liability Insurance: Do You Really Need It?

Personal liability insurance may protect you from financial disaster, but what are the odds you will ever have to use it? Do you really need personal liability insurance? 

Personal liability insurance protects all of your assets by paying claims and damages made against you in case you injure other people or other property.

The good news is that if you have auto, renters, or homeowners insurance, you already have some coverage.

If you hit someone with your car your auto liability insurance kicks in to pay for the damages to the car and the other person’s bodily injuries. If someone falls down your stairs and breaks their leg, or injures themselves in some other manner, your homeowners liability insurance will cover the medical bills. These are all, of course, up to a limit.

But what about everything else that is not covered by your home or auto insurance? Or the amount for which you are liable surpasses your covered amounts? This is where umbrella insurance can step in to cover the gaps that are not covered by your home and auto insurance.

If your limit on your homeowners insurance policy is only up to $500,000 and the accident which you caused leads to being a $1 million dollar lawsuit, you are going to be in trouble. About half-a-million dollars in trouble. An umbrella policy can cover that amount, but only after your home/auto insurance policy is tapped out.

This is one reason that umbrella insurance policies are inexpensive. And their price is one of the reasons you want to take advantage of an umbrella insurance policy and be covered for any possible accident.

Make sure that you are protected with the right umbrella insurance policy. Contact Abatelli Group, Inc. for a proper quote on your insurance needs.

COVID-19 Update

We are no longer working remotely. You can reach us at (718) 352-6000 Letter to Policyholders