For Nassau County residents, it does not matter if you have finally achieved your dream of home ownership or have held a mortgage for several years or more. Probably the last time you gave your homeowners’ insurance policy a thought was at your bank when you applied for a mortgage and having a Nassau County homeowner’s insurance policy was required. When it comes to understanding what you need to know about having Nassau County homeowners’ insurance, however, most will put the task off as long as possible. Did you know? It is important to review your policy at various times to make certain your coverage limits have not been reached. That’s why we recommend that you give the team at Grillo & Associates a call. We are experts in our field and have a complete understanding of what adequate Nassau County home insurance entails for our clients. Chiefly, there are 5 aspects of every homeowner’s policy that you need to understand. Here they are and why they are important.

Fact #1: Coverage Exclusions:

There are two types of  Nassau County home insurance coverage- Named Peril and Open Peril. Named Peril coverage only pays if damage/losses are caused by a listed peril such as wind, fire, or environmental flood. Open Peril policies pay out when damage is NOT caused by a specifically excluded event. Be aware that many policies exclude damage caused by floods or earthquakes. If your property is on the coastline or near a waterway, your bank may require you to purchase additional flood insurance.

Fact #2: Coverage Limits:

Even if your Nassau County homeowner’s insurance policy is comprehensive, it will likely have a coverage limit. It is important to perform an inventory on you and your family’s household possessions and see if your coverage limit will suffice should the worst occur.

Fact #3: Replacement Cost:

If this is the type of Nassau County home insurance coverage you have opted for, it means that depreciation is not a factor in your pay out. However, you will never be paid more than the amount of coverage you have opted for, so this is a figure worth revisiting if you should renovate, add a deck, expand your premises, inherit valuables such as jewelry, or vintage cars, etc.

Fact #4: Actual Cash Value:

This term applies to depreciation based on your carrier’s loss payment calculations. It is also important to know that you will only receive actual cash value on your structure if it is destroyed, and you choose NOT to have it rebuilt. This can be hard to understand. Grillo & Associates will be glad to fully explain this type of policy to you and make recommendations based on your current individual Nassau County homeowner’s insurance needs.

Fact #5: Personal Liability:

It is likely that your coverage includes liability for others who are injured while on your property. This coverage is for their medical care, court costs, and court awards, if any. Be aware, however, that there is generally a limit to the amount of coverage provided by your Nassau County home insurance. Again, Grillo & Associates invites you to contact our professionals for advice and guidance to make certain you understand your needs as well as what your coverage currently provides.

At Grillo & Associates, our clients are our first priority. Allow us to help you to determineyour insurance coverage needs,as well as to provide guidance on locating just the right policy for your requirements and budget. Give us a call to learn more.