Homeowners Insurance Replacement Costs

Appliance Replacement Grants Available to Residents

Irene Lee and tropical storms has left many of my constituents with significant damage to their homes and property. Fortunately, New York State will receive $ 8 million in federal stimulus funds to replace equipment destroyed by floods, and I want my constituents to be aware that they may be eligible for the aid of these grants.

Owners and renters may be eligible for grants ranging from $ 100 to purchase a dehumidifier to $ 2,500 for a boiler. Companies will not be eligible for these subsidies and grants will be awarded on a first come, first served. The grants will cover the cost of the appliance up to a capped amount, and thus may only cover part of the item’s total cost.

Applicants will be required to attest that their appliance loss was due to the storms, and that its replacement is not covered by insurance or financial assistance from the Federal Emergency Management Agency. These grants will be retroactive for purchases back to August 29 for damage from Tropical Storm Irene and September 9 for losses from Tropical Storm Lee.

Generally, replacements must meet Energy Star specifications, however, clothes dryers and electric hot water heaters are not Energy Star qualified, and thus, rebates will be provided only for models on the program’s qualifying product list. These product lists are available at www.nysappliancerebates.com. There are gas hot water heaters that are Energy Star qualified and they are eligible for rebates. The following rebate limits will be placed on these appliances: refrigerators, up to $350; clothes washers, up to $250; clothes dryers with moisture sensor (higher efficiency), up to $250; dehumidifiers, up to $100; furnaces, up to $2,000; boilers, up to $2,500; and hot water heaters (electric-higher efficiency or gas), up to $400.

I urge my constituents who may qualify for this program to make their application as soon as possible. Homeowners and renters can apply to NYSERDA at www.nysappliancerebates .com or by calling 1-877-697-6278.

Homeowners Insurance Replacement Cost | Pre-Approved Auto ...

When Purchasing Homeowners Insurance Be Sure to Use This Handy Checklist

By Ronald R. Reitz, CPPA, Quality Claims Management http://www.qualityclaims.com

Will your insurance cover you if you have a fire or if your home is destroyed in a disaster? These are some of the questions you should be asking your insurance agent before you have a disaster.

One of the top Public Insurance Adjusters in Southern California, Quality Claims Management Corporation does not sell insurance or recommend specific insurance companies or agents. Quality Claims Management works with home owners and business owners who need help with valuing, adjusting or negotiating an insurance claim after a disaster, and believe the best solution for insurance problems is to be properly insured BEFORE a disaster.

Here is a checklist to help make sure that you have enough of the right kind of insurance.

Is the policy a Replacement Cost Policy or Actual Cash Value?

Replacement Cost coverage will pay the amount it costs to replace your property. Actual Cash Value (ACV) will pay you the Fair Market Value of the property, this typically means the insurer will pay you a depreciated amount based upon the age of the property.

Replacement Cost coverage is preferable and is the most common.

Is the insurer offering Guaranteed Replacement Cost Coverage or Extended Replacement Cost Coverage?

There are only a few insurance carriers in California that offer Guaranteed Replacement Cost Coverage and it is preferable to any other coverages. It will pay you the total amount it costs to repair or replace your property even if it costs more than the limits stated on your policy.

Extended Replacement Cost Coverage adds a certain percentage over your stated policy limits. The policy may add 50% or 100% of additional coverage over the stated policy limits. This coverage is added by an endorsement and it will contain certain additional conditions that must be met in order to obtain this extended amount. Be careful here as the language of the Endorsement can limit your coverages.

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