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Common Homeowners Insurance Discounts
New Homes may enjoy discounts up to 14%.
Security Systems such as deadbolt locks, simple alarm systems, and smoke detectors may reap discounts from 1-5%. Sophisticated monitoring services and integrated sprinkler systems may reduce your premiums as much as 20%.
Combined Policies: If you combine your automobile and homeowner policy with the same carrier you may obtain discounts from 5% to 15%.
Carrier Longevity: If you maintain your coverage with the same carrier for a number of years they will usually reward you with a discount.
Retired Homeowner: On average stays home longer and may be rewarded with a 5% discount.
Non-smoker: Some carriers reward non-smokers a 5% discount.
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Mill Basin NY Home Insurance
Coastal Insurance Solutions is your go-to company when it comes to homeowners insurance in Mill Basin New York. Our company represents multiple companies. Our knowledge and experience lets us check the entire market easily as well as help you get he most competitive rate possible. We send out up to ten free proposals for individuals to peruse and can give you the best company for your situation. We base this recommendation on ratings, the best price, and our personal claims experience. We want to help ease the burden of the process for your financial investment and help you rest easy knowing that you and your family’s assets are our top priority.
Interested parties can fill out an information form that is secure and get the best price on the market. Or just give us a call in order to speak with our fantastic and knowledgeable staff.
Homeowners Insurance Basic Coverages
Coverage A: Dwelling
Dwelling coverage covers the cost of rebuilding the house itself using like materials. This coverage also includes any permanent attachments, including central air conditioning equipment, heating and plumbing equipment, and similar attached items.
Coverage B: Other Structures
Fences, pools, gazebos, sheds, and other structures that are not attached to your home are covered by Coverage B, other structures coverage. The value of this coverage is usually set to 10% of the dwelling coverage amount but can be changed to a higher coverage amount if needed.
Coverage C: Personal Property
Personal belongings are described as personal property on your home insurance policy. This coverage would include common household items like televisions, furniture, clothing, and other common belongings. Personal property coverage is usually assigned a value of at least 50% of the dwelling coverage on a homeowners insurance policy, but this coverage amount can often be adjusted.
Many homeowners insurance policies cover personal property on an actual cash value basis. What this means is that if your personal property is lost, damaged, or destroyed in a covered claim, your insurer will pay a depreciated value based on wear and tear due to age. Some insurers provide an option for personal property coverage at replacement cost value, which covers your personal property for the full cost of replacement, typically for a slightly higher premium.
Certain types of items, such as jewelry, firearms, furs, and similar items have limited coverage on a homeowners insurance policy. These items can be added to your policy as an endorsement to insure them to their full value.
Coverage D: Additional Living Expenses
If a covered claim forces you out of your home temporarily while your home is being repaired, additional living expenses are covered by Coverage D. This can include the cost of hotels or of eating out and this coverage is designed to cover the difference between your normal living expenses and the higher temporary expenses you experience due to a claim. Typically, Coverage D is equal to 20% of the coverage amount for Coverage A, dwelling coverage.
Coverage E: Personal Liability
Coverage E, commonly known as personal liability coverage, protects you against lawsuits for bodily injury to others or damage to the property of others due to negligence. Coverage amounts typically start at $100,000, although most policies provide $300,000 of coverage or higher. Personal liability coverage on your home insurance also pays for your legal defense, which can be a sizable expense in itself.
Common risks include dog bites and slip and fall accidents, but accidental damage to the property of others is also covered.
Households with pools or children who have friends who visit your home may wish to consider a higher coverage amount. This coverage is available for all family members in the household.
Coverage F: Medical Payments
Your home insurance policy also provides coverage for small injuries to others that don’t involve a lawsuit. Accidents can happen, but many accidents are minor, only requiring basic medical attention.
All Risk vs. Named Peril
A homeowners insurance policy can be either an all-risk policy or a named peril policy, with the difference between the two being which risks to your home are covered by the policy. As its name suggests, an all-risk policy is more inclusive, providing coverage for almost all risks to your home except for specifically excluded risks.
A named peril homeowners insurance policy only provides coverage for the home that is specifically named as coverage items on your policy. Named peril policies also have specific exclusions to coverage while also excluding any risks that are not specifically named as covered perils.
Covered personal property perils may differ from those covered for the dwelling, depending on the type of policy. The five types of policies for single-family homes are HO-1, HO-2, HO-3, HO-3 with HO-15, and HO-8.
HO-1 Basic Homeowner
A basic homeowners insurance policy, sometimes called an HO-1 policy, provides coverage for fire and lightning, as well as wind and hail damage — but being a basic insurance policy, omits coverage for several other risks to homes. Due to consumer demand for broader coverage, this type of policy is not commonly available from insurers.
HO-2 Broad Basic Homeowner
An HO-2 homeowners insurance policy expands upon the coverage provided by an HO-1 policy by adding some additional perils to the coverage for the dwelling: falling objects, roof collapse due to the weight of ice or snow, building collapse, water damage due to bursting pipes or sudden leaks, frozen pipes, and damage from electrical surges.
HO-3 Special Extended Homeowner
Currently the most popular type of homeowners insurance policy, an HO-3 policy provides all-risk coverage for your dwelling while providing coverage for 18 named perils for your personal property. All of the coverages provided by an HO-2 policy apply to personal property on an HO-3 policy. Covered perils for the dwelling itself are limited only by named exclusions.
HO-3 with HO-15 Comprehensive
This type of policy does not limit coverage for personal property to named perils, instead of covering both your home and personal belongings for all perils except for those specifically excluded from your policy. Depending on the insurer, a similar type of comprehensive coverage may also be available through an HO-5 policy.
HO-8 Modified Homeowner
Coverage for historic homes is often provided through an HO-8 homeowners insurance policy, which provides limited coverage similar to an HO-1 policy but is designed to cover homes that may cost significantly more to rebuild than their market value.
Homeowner Insurance Tips Video
About Mill Basin NY
Mill Basin is a middle class residential neighborhood in New York City in the southern portion of the borough of Brooklyn lying along Jamaica Bay and bounded to the north by Avenue U, and to the east, south, and west by the Mill Basin/Mill Island Inlet. The area is part of Brooklyn Community Board 18.
Until the early twentieth century, the chief resources were the abundant crabs, oysters, and clams in Jamaica Bay. In 1906, the Flatbush Improvement Company brought marshland and engaged the firm of Atlantic, Gulf and Pacific to dredge creeks and fill in meadows. Eventually, the parcel had an area of 332 acres (1.34 km2) and was fit for industrial development, and within a decade National Lead, Gulf Refining, and other leading firms engaged in heavy industry opened plants there. Atlantic, Gulf and Pacific bought the land in 1909 and built three large drydocks employing a thousand workers; it also began promoting Jamaica Bay as a major harbor but failed to attract a large volume of shipping. A project begun in 1913 and completed in 1923 to extend Flatbush Avenue to theRockaway Inlet provided an additional 2,700 feet (820 m) of dock facilities and a strip of land for a road across the marshes. In 1915, a channel was dredged to the main channel of Jamaica Bay, and a bulkhead and wharfage platform were built on the mainland side of Mill Creek. By 1919, Mill Island was the site of at least six manufacturing and commercial concerns. During the late 1920s and 1930s, the docks were rented to a number of small industrial firms. The neighborhood remained a grimy industrial area for thirty years, but its further development was hindered when plans for rail service to the rest of Brooklyn went unrealized.
Residential development began after World War II, when Atlantic, Gulf and Pacific sold to the firm of Flatbush Park Homes the land bounded to the north by Avenue U, to the east by East 68th Street and East Mill Basin / Mill Island, to the south by Basset Avenue, and to the west by Strickland Avenue and Mill Avenue. Brick bungalows were built in the late 1940s and early 1950s, many of which were later replaced by large, custom-built, detached one-family houses on lots measuring fifty by one hundred feet.