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Things You Need to Know When Buying Home Insurance.

Whether you’ve just begun searching for a new place or you’re waiting to close on your dream home, one important aspect of moving you can’t ignore is insuring your investment.

Enter the homeowner’s best friend: the homeowners insurance policy.

Just like any other kind of insurance, there’s no such thing as a one-size-fits-all policy. Home insurance policy costs typically depend on the home’s location and age, the size of the deductible, and the coverage level. You’ll have to look at these and other variables to figure out what kind of home insurance is right for you—and how much you’ll shell out for it.

To make sure you purchase the perfect policy that fits your budget and coverage needs— and to avoid potential pitfalls—we’ve pulled together a list of the most important things you should consider. Let’s take a look.

1. It’s all about location, location, location

Along with size, construction type, and overall condition of the house, location plays a big role in the cost of insurance and types of policies available. But unlike home buyers, insurance companies aren’t checking out school districts, awesome nearby restaurants, or your commute time. And of course, proximity to the coastline is also weighed heavily. You’re likely going to pay a pretty penny for that idyllic spot near the coast. On top of a higher policy cost, coastal home insurance policies could include a separate hurricane or windstorm deductible based on the fees to rebuild a home.

2. You might want flood insurance—even if you think you don’t need it

Damage from flooding isn’t covered by typical home insurance policies. Any home located in an area prone to flooding requires separate flood insurance to cover these kinds of claims.  Don’t live in a flood zone? Don’t assume you’re off the hook. Flood insurance may be a smart option for any homeowner, regardless of zoning—and if you’re not in a high-risk zone, you can probably snag some lower premiums.

3. That goes for earthquake insurance, too

Californians aren’t the only ones who have to worry about earthquakes—in fact as many as 39 states have experienced tremors, according to data from the Insurance Information Institute. And the resulting damage usually isn’t covered by traditional home insurance policies. Homeowners need to purchase an addition to their home insurance policy to cover any earthquake-related claims. The cost varies by location, insurer, and the type of structure being covered as well as age of the building.

4. Have a pool? Dive into extra protection

Ahh, your new home has a fabulous swimming pool and hot tub. Yay for you! We’d love to come over—but before we do, you should look into bumping up your liability insurance. Liability coverage is the part of a home insurance policy that may pay court costs or other expenses if you’re found responsible for an accident, such as someone drowning or suffering a serious injury after doing a cannonball into the shallow end of your pool.

Another option: You can purchase an umbrella liability policy to provide a level of protection not typically available with standard home insurance policies.

5. Your home’s claim history matters—even from when you didn’t live there

Whether you’ve just begun your home search or lived in your home for years, it’s never too late to get familiar with your home’s claim history—and how it might be affecting your homeowners insurance rates. It’s all summed up in a nifty database called the Comprehensive Loss Underwriting Exchange, or CLUE. Essentially the equivalent of a credit report for your home, the CLUE contains all kinds of records of insurance claims on the house. That’s important to know because a claim filed for the property in the past five years could cause your rates to inch upward, even if you didn’t own the home at the time of the claim. But take heart, dear home buyer—not all prior claims have a negative effect. Some recent claims can have a positive impact, because replacing a roof damaged by a windstorm could make the house more desirable to an insurance company.

6. A high deductible can really pay off

It should come as no surprise that you’ll want to shop around before committing to a policy. Compare the rates, deductibles, and coverage options of at least two to three companies to make sure you have adequate coverage for your situation.

Pro tip: Pay close attention to the size of your deductible.


Source: http://www.realtor.com/advice/buy/buying-home-insurance/?is_wp_site=1

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NYC Department of Buildings (DOB) Permit Requirements.

What licenses do I need to pull a DOB permit?


Licensing Insurance DOB Guidelines:

  • Your license/registration/tracking number(s) must appear on all forms.
  • Your business name and address must match Department records.
  • Any corrected forms must be submitted by your insurance producer or insurance broker.

The Certificate Holder box must read:

New York City Department of Buildings
 Attn: Licensing & Exams Unit
 280 Broadway, 6th Floor
 New York, NY 10007
  • If you update a cancelled policy, you must submit a letter of reinstatement along with the updated insurance certificate.
  • All information must be typed. Handwritten corrections will not be accepted.
  • Updated insurance certificates must be submitted to the email address that corresponds with the license type.
  • Insurance certificates are required to be in PDF
  • Pictures of insurance certificates will not be accepted.
  • Insurance email subject line must include a license number(s) and license type(s).
    NOTE:Insurance Certificates will no longer be accepted via fax

General Liability Insurance

  • Each occurrence must be a minimum of one million dollars.
  • Your insurance producer/broker must provide an original signed and notarized Certification by Broker

Accepted Forms:

  • Acord 25 (2013/04) – Certificate of Liability Insurance
  • Acord 25 (2014/01) – Certificate of Liability Insurance
  • Acord 25 (2016/03)– Certificate of Liability Insurance

Workers Compensation Insurance

  • The business telephone number is required on C105.2 (9/15) and GSI 105.2 (2/02).

Accepted Forms:

  • Certificate of Workers’ Compensation Ins (NYS Insurance Fund only)
  • 2 (9/15) – Certificate of Workers’ Compensation Insurance
  • GSI 105.2 (2/02)– Certificate of Participation in Workers’ Compensation

Disability Insurance

  • A business telephone number must be included.
  • Your insurance policy number and Federal Employer Identification Number (EIN) must appear on your Disability certificate.

Accepted Forms

  • DB 120.1 (12-13)– Certificate of Compliance with Disability Benefits Law
  • DB 120.1 (09-15)– Certificate of Compliance with Disability Benefits Law
  • DB 120.2 (02-13)– Certificate of Compliance with Disability Benefits Law

Exemption from Workers’ Compensation & Disability Insurance

You may submit an Affidavit of Exemption from worker’s compensation and disability insurance if there are no employees in your company.

NOTE: General Contractors (Registered/Non-Registered) and Safety Registration applicants cannot submit an affidavit of exemption.

  • You must submit the original Affidavit (not a copy).
  • Your Affidavit must have an original signature and date.

Accepted Forms:

Submitting Certificates

Email your scanned PDF Insurance Certificates to one of the email addresses below:

  • Elevator Agency Directors – ElevatorAgencyinsurance@buildings.nyc.gov
  • Oil Burner Equipment Installers – Oilburnerinsurance@buildings.nyc.gov
  • Plumbing and Fire Suppression Contractors – PlumbingandFireSupinsurance@buildings.nyc.gov
  • Master and Special Electricians – Electricianinsurance@buildings.nyc.gov
  • Riggers and Sign Hangers – RiggerandSignHangerinsurance@buildings.nyc.gov
  • Registered General Contractors, Safety Registrations, and Insurance Tracking Numbers – GCinsurance@buildings.nyc.gov