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Homeowners Insurance

Lighting striking a house in Central New York. One of the covered perils of hazard insurance.Homeowners InsurancePersonal Insurance

What is Hazard Insurance?

If you’ve been through the Central New York homebuying market, you’ve probably heard the term “hazard insurance” used to describe a necessary policy component. Some mistake hazard insurance as a separate and distinct policy from homeowners insurance, but it’s not. The Horan agency has worked with many homebuyers who had this coverage portion built into their homeowners policy. In this article, we’ll clear up the confusion and leave you with a better understanding of what hazard insurance is and why lenders require borrowers to purchase it. The Mortgage Loan Hazard Insurance Requirement If you walk into a bank and attempt…
February 1, 2023
Blog Post - Replacement Cost VS Actual Cash ValueHomeowners InsurancePersonal Insurance

Replacement Cost vs. Actual Cash Value

Regardless of the type of property you have insured, you either have replacement cost or actual cash value protection. Does that sound like some insurance jargon to you? Well, it is. However, it’s critical jargon that you need to fully understand if you ever have to make a claim on your insurance policy. Home insurance, personal property insurance, and auto insurance are based on replacement or actual cash value coverage. Let’s dig into the definitions and differences between both. Replacement Cost – What it does The best way to describe replacement cost is through a couple of everyday examples. What…
April 21, 2022
Blog - Person in a Black Hoodie with Sunglasses, Black Gloves, and with a Black Mask Stealing an Open Laptop in a Car with the Window OpenHomeowners InsurancePersonal Insurance

Insuring your things when your things are gone.

When your possessions leave your home, how are they insured for loss? If your stuff became damaged due to a car accident, fire, or vandalism, where would you turn to have it replaced? What if your earrings came up missing from your hotel room? How about if the Mac Book Pro was no longer in your car? What happens when your things are away from the insured premises? Insurance policies are rife with exclusions, definitions, and tons of insurance jargon. Reading the policy on the first try might not provide you with a clear answer, and it might not on…
March 2, 2022
Blog - Pit Bull Mix Raven Smiling at the CameraHomeowners InsurancePersonal Insurance

The Dog Days are Over (but I know some shady cats)

When the clock strikes midnight on January 28th, 2022, New York State’s Pit Bulls, Rottweilers, Dobermans, and more will be throwing a big party…a house party to be exact. This is when New York governor Kathy Hochul’s legislation against dog-breed restrictions by insurance carriers takes effect. Up until now, home insurance carriers that were approved to offer insurance policies in New York were permitted to turn-away prospective customers based solely on the breed of dog the customer owned. Each homeowners’ insurance carrier had its own list of forbidden breeds. If you were looking for a new home insurance policy, you…
January 14, 2022
Blog-Homeowners-PolicyHomeowners InsurancePersonal Insurance

My Homeowner’s Policy Covers Fire, Right?

As a personal lines insurance agent for many years, I cannot say I have seen it all. However, I have seen a lot. I think the more important thing is what I have not seen, but very easily could have. I apologize if this seems cryptic, so I’ll explain. For most homeowners, their initial response is, “Yes, my house is insured if it catches fire!” and usually they would be correct. This is not about the usually. This is about the unusual that I’m beginning to see more and more frequently. “The House is for Sale! We’re out of here!”…
January 22, 2021
Homeowners InsurancePersonal Insurance

The Absurd Value of Homeowner’s Insurance

The Absurd Value of Homeowner's Insurance Homeowner's insurance is one of the most common forms of insurance because similar to cars, many lenders won’t allow you to buy a home without first having insurance in place to protect it. Those lenders understand how important homeowners insurance is. When you break down everything it covers, the premiums you pay every month can seem like a steal. The average homeowners insurance premium is somewhere around $1,000 a year. This can be higher or lower depending on where you live. For the math though, $1,000 is a nice round number that will make…
November 1, 2019
Homeowners InsurancePersonal Insurance

Is your landscaper or that deck builder insured? Does it Matter?

When others do work at your house, should they be insured? As the summer months come upon us, contracting season goes into full bloom.  New patios and decks or weekly grass cutting bring contractors to your doorstep. They provide estimates, plans, ideas, and more. What about insurance? What is said about that? Is it on your list of things to ask about? It needs to be. What's the risk? Home Ownership 101. What happens on your property is your responsibility. That's right...yours and yours alone. Just because someone has fancy graphics on a truck or a business card, does not…
May 14, 2018
don't let frozen pipes in syracuse new york happen to youHomeowners InsurancePersonal Insurance

Have you heard that one about the exploding pipe?

We choose to live this way. Maybe that's the problem. We could all band together and begin the mass exodus out of Syracuse. Perhaps the northeast altogether? When the average high temperature resembles a pro-golfer's score through 3 holes, things get tempting. Alas, we will forge on and swear to never complain about the heat in August. In the meantime, let's be sure to keep the heat on and run the water. Bursting pipes and water damage are some of the most frequent claims in the wintertime. While a standard home insurance policy will provide coverage for such a claim,…
January 18, 2018
War InsuranceHomeowners InsurancePersonal Insurance

Are Acts of Terror or War covered on home and auto policies?

Question 99 in 100 Insurance Questions in 100 Days Video Series! https://youtu.be/k7YnL4RGiZo March 10, 2022, ***Update*** Based upon current events, articles like these have become very popular. We strongly encourage you to contact your insurance agent with additional questions that are not answered here.    War Insurance? An act of terror. An act of war. They are not the same. One will be insured while the other will not. If you have a homeowners or auto insurance policy or any other sort of insurance policy that protects your property, if an act of war were to occur within the United…
November 13, 2017
Homeowners InsurancePersonal Insurance

Does insurance cover your stuff while in another country?

Question 82 in 100 Insurance Questions in 100 Days Video Series! https://youtu.be/KBDE8vaZevg When traveling, you might find yourself a bit vulnerable as it applies to the security of your possessions. Sometimes locking up a the $3,000 MacBook Pro doesn't happen. Sometimes you return to your hotel room and it's missing. Then what? Watch this video to see what happens to your stuff when your stuff is away from home.
October 27, 2017
Homeowners InsurancePersonal Insurance

Would a home policy cover me if a hot-air balloon crashed into my house?

Question #58 in 100 Insurance Questions in 100 Days Video Series! https://youtu.be/nY8mX5Vkopk Now it isn't often that things like this happen. No insurance company has ever advertised on the platform of random objects falling onto houses. However, that does not mean that it can't happen. If it should, then going to your New York State home owners insurance policy will show you that you are in-fact insured for falling objects. So, meteors, hot-air balloons, and other random things that should fall from the sky should not make you worry.
October 3, 2017
Homeowners InsurancePersonal Insurance

Are stolen items from a car insured?

Question 43 in 100 Insurance Questions in 100 Days Video Series https://youtu.be/QQGL33FqT1Q It is never fun to realize the car was left unlocked with many expensive items in plain sight. The iPad, iPhone, Android, golf clubs, daughter's tuba, or all of those hard to replace CDs are in the arms of another. You look over your New York auto policy only to find that you are out of luck. There still might be hope...watch this short video to see what I mean!
September 18, 2017
Homeowners InsurancePersonal Insurance

Is having a Trampoline a liability risk?

Could your Trampoline Bounce you into a Lawsuit? https://youtu.be/Srd6-F6jlqg Trampoline injuries and your homeowner's insurance are joined at the hip. As a homeowner, you might find it tempting to purchase things like a trampoline for your kids to play on. They are a lot of fun and when used correctly are usually pretty harmless. Unfortunately, correct use tends to be forgotten when friends come to play. Should one of those friends get hurt, (regardless of how or why) you, the homeowner, will be left with the financial liability. Consider the short term and long term medical needs, legal fees, pain,…
September 10, 2017
Homeowners InsurancePersonal Insurance

How does insurance coverage cover detached structures?

Question 13 in 100 Insurance Questions in 100 Days! https://youtu.be/56fNMkT5kL4 Have you ever wondered what would happen if a hail storm came through and damaged your detached 2-car garage, or if a tree fell onto your pool? You have enough coverage for your house probably, but what about the things outside your home? You know, the vulnerable items that sit out in the weather, exposed to all that nature brings. In order to make sure you are covered adequately. Make sure to look under other structures coverage on your home policy. Here you will find exactly how much you have.…
August 19, 2017
Homeowners InsurancePersonal Insurance

Loss of Use, is it Worth it?

Question 9 in 100 Insurance Questions in 100 Days! https://youtu.be/JX3wtXdju3I There is a portion of a New York Homeowners Insurance Policy that is often forgotten about. It is called Loss of Use or Additional Living Expense coverage. It's the amount of money your insurance company will provide to you for expenses incurred due to living elsewhere after a claim. If you were to have a fire loss, and the home were to be uninhabitable, you would still be responsible for property taxes, insurance, and of course, any loan payments on the property. Yes, the bank will expect to be paid…
August 16, 2017
Homeowners InsurancePersonal Insurance

Neighbor’s Tree Fell on your Property? Who Pays?

When the Neighbor's tree falls on your property...who pays? https://youtu.be/_GvsSu0afSA Have you ever wondered what would happen if that giant ash tree of your neighbor's decided to take a fall...onto your house? Trees are wonderful, grand specimens that mother nature has so generously provided to us. Unfortunately, every tree will eventually make its way to the ground. Unless, it gets stopped along the way. Then what? For those who have never had this happen, your first call might be to your neighbor to say "Good morning, your decrepit tree came down and caved in my roof last night. Let's get…
August 7, 2017