What is Renter’s Insurance and Should I Purchase It in NYC?
Property damages have the power to seriously affect the property owner’s life. There are some events in life out of an individual’s control that may detrimentally impact their property. Insurance policies exist to assist a property owner in recovering their life after their home and/or possessions are damaged.
Property Insurance
In order to take care of damaged property, it should be insured. Property insurance is in place to cover damage to real or personal property. This may cover a few different things. Some properties that may be covered under insurance are homes, automobiles, and businesses.
Types of Damages
There are several things that may happen to your property that requires filing a damage claim. In New York, it is more common to file a property damage claim for a home. Certain damages that may impact a home include:
- Fires: This is one of the most common damages to property. When a fire damages your home but does not destroy it, this is called a “partial loss.” It is an insurance company’s responsibility to investigate all the damages, including any hidden damages, to the house.
- Storms/Wind: Nature has the power to seriously damage property with little anyone can do to stop it. When filing a claim, it is important to know the location of your home in relation to the storm, what caused the damage (winds, falling objects, etc), and what your insurance policy says about storm damage.
- Water/Flood: Unfortunately, many insurance policies do not cover water damage to a home, or their coverage is very expensive. Depending on the policy, there are some exceptions to this. They may be: The water damage was not caused by a flood or if the damage occurred because of wind-driven rain/rain that caused damage through intrusion. Other exceptions may be if the language of your police regarding flood damage is unclear or if you have a “surplus lines” excess policy that does not exclude flood damage.
- Theft: When possessions are stolen or destroyed by an individual who trespasses on your property, a policy may cover the expenses up to a certain amount.
After Damages Occur
When dealing with insurance companies, an unfortunate reality is that they often deny damage claims. They aim to save money by denying the claim or paying less than what the policy provides. To do this, they may tell an individual that their damage falls outside of their policy coverage. It is important to have an attorney guide you during this time while working with an insurance company. A skilled attorney by your side is necessary to help you rebuild from any losses by the damage.
Contact our Firm
If you or someone you know has experienced property damages and are seeking experienced legal counsel, contact The Law Office of Craig A. Blumberg P.C. today.
The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.
