While no one can ever fully prepare for their home to be damaged by fire, paying more upfront for insurance to cover expenses in case of a fire is worth it.
Gotham Brokerage President Jeff Schneider recently spoke with The New York Times about steps homeowners and renters can take to avoid mounting debt while recovering from a fire. Many people take out only basic coverage to comply with their co-op or condo board’s requirements, Jeff said. They also underestimate the costs incurred in a house fire or don’t read their policies carefully. For instance, most policies have separate buckets of coverage for living expenses, structural repairs and personal property, with different corresponding amounts.
Expenses related to replacing personal items, moving into temporary housing and other unexpected bills can add up quickly. In hindsight, many homeowners and tenants regret not paying more up front for their insurance coverage to buffer such expenses.
“It may be worth it to spend a little more on insurance, so if something nasty happens it doesn’t mess you up financially,” Jeff says. “Especially if your apartment is an investment. It’s always more expensive and more time-consuming than you think it’s going to be.”
To read the article in its entirety and get additional tips on making rebuilding a smoother process plus ways to save time and money, visit The New York Times online.
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Get in touch with Gotham today for a free quote.
