It is reality that income property owners want to pay the least amount possible on insurance. This is a very obvious statement since insurance premiums directly effect the bottom line an income property produces. However, there are many pitfalls associated with the pursuit of lower premiums, specifically when it comes to income properties. A person buys a two-family in the City of Albany and says to their agent, "I want to make sure I'm covered if there is a fire or the place gets broken into." What these property owners do not realize is that many insurance agents will write Basic form policies in order to meet their low premium desires. This Basic form would seem to be a policy written only in heaven, fire and theft covered and low premiums.
What this super-agent does not tell you is that three of the most dastardly perils known all too well to snow-climate property owners are NOT covered by a Basic form policy: Falling objects, Weight of ice and snow, and Freezing of pipes.
If you own property in Upstate NY there is probably a 75% chance that building was built between 1880 and 1940. There is very good chance that building is surrounded by half-century old Oaks and Maples, the roof has not been replaced in 30 years and half the plumbing the house is older than that.
Basically what I'm saying is that for an extra $20-$100 dollars a year you could upgrade your policy to a Broad form or even a Special form and be covered for the three most likely losses on a property in a snow climate.
For most of us in the Northeast there is still about 2/3 of Winter still to come. So if you currently have a property with Basic form coverage or don't know what level of coverage you have, now would be a good time to look into properly protecting your property.
For more information on my background check out my LinkedIn profile:
Http://www.linkedin.com/in/ryanhanley
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