What You Need to Know About the Changes to Home Insurance in 2023
Although not a legal obligation, if you have a mortgage, your lender will insist that you carry home insurance to safeguard its investment. Home insurance is always a good investment, even if you do not have a mortgage. A homeowners policy provides a financial cushion by providing liability and property coverage, which you may later appreciate. Your insurer will inform you of the adjustments to your policy or prices for the upcoming year about a month before your home insurance renewal. Most years, these revisions are nonexistent or so small that homeowners don’t even notice them. But in 2022, homeowners’ insurance costs increased significantly across the nation. An assessment of home policy renewals between May 2021 and May 2022 revealed that the average increase in house insurance rates was 12.1%. There was an average rise of $134 for homeowners whose rates soared. Since house insurance continues to be on the list of products with rising prices in 2023, the increase in policy rates is still here with us. Reasons Why Home Insurance Rates Continue to Increase In 2023, we will project an increase in home insurance rates for the following reasons. 1. A Continued Rise in Inflation Inflation hurts the costs of all consumer goods and services, and the insurance industry is no exception. During inflationary periods, the cost of items that impact claims and premiums increases, raising insurance costs. The amount you pay in premiums depends on the cost of dwelling coverage in your policy. This portion of your homeowners’ insurance covers rebuilding your house in the case of damage or destruction. Homes now require more significant dwelling coverage limits due to escalating prices caused by inflation. In addition, the COVID-19 pandemic caused disruptions in the supply chain. The geopolitical unrest in Russia and Ukraine also caused a 17.7% increase in building material prices over the years. A severe labor shortage is also present in the construction sector. By November 2022, there were more than twice as many construction job opportunities as the U.S. Bureau of Labor Statistics anticipated. In the years ahead, this number is only likely to grow. These factors lead to high home-rebuilding expenses and, as a result, soaring insurance rates for those properties needing replacement. 2. An Increase in Natural Disasters The most recent in a series of rising natural disasters is Hurricane Ian. Wildfires, cold snaps, frequent hail, and windstorms during the previous few years have all resulted in a rise in insurance claims. Most insurance companies are raising their premium rates to cover these costs and prevent going bankrupt. The National Oceanic and Atmospheric Administration provided that in 2022, 18 severe natural disasters caused losses worth over $165 billion, an increase of 6% from 2021. The state of Florida alone suffered $116.7 billion in losses due to Hurricane Ian, which devastated it in September 2022. Construction and labor rates are generally steeper in states affected by natural disasters, and this is due to increased demand and shortened supply. Such states include Texas, Florida, and California, and they are at high risk of tornado, hurricane, and wildfire destruction, respectively. So, if you live in any of these high-risk regions, prepare for an increase in your insurance costs. Price inflation and increased reconstruction charges are likely to affect you. 3. Your Home Is Due for Upgrades At the renewal of your policy, your insurer will carry out an inspection. Should you need new electrical work, roof, or other upgrades, your premiums may increase to reflect the high risk of claims. Roof replacement is usually expensive. The following factors about your roof will impact your insurance coverage and premiums: Age Location Condition 4. Age of The Roof How old your roof is, is one of the critical elements that affect your homeowner’s insurance rate. Roofs are expensive to replace or repair, hence affecting the cost of your homeowners’ insurance. A good roof can last anywhere from 20 to 100 years. Your insurance provider will inspect your roof yearly, regardless of the material or quality of artistry. As your roof ages, your insurance costs will increase, or your coverage will decrease. When a roof reaches the age of 10, you can expect slight changes in your policy, and more significant changes will come after it reaches the age of 20. Replacement and insurance costs for older roofs are typically higher. As your roof ages, it is more likely to sustain damage, increasing the cost to insurance companies when it needs rebuilding. Sometimes, insurers deny coverage, increase prices, or even discontinue your policy if your roof is years past its anticipated lifespan. The average cost of homeowner’s insurance by the age of roof in 2022 Roof’s age Average yearly expense ($) New roof 1,739 Ten years 1,859 15 years 1,898 20 years 1,913 National average rates are based on analyzing the insurance premiums for policyholders with varying roof ages, as given by Quadrant Information Services. 5. Your Home Location Living in high-risk places like Oklahoma with tornadoes and California with wildfires can impact insurance costs. Insurance firms in these states often demand that policyholders acquire extra coverage for disasters like floods, tornadoes, and hail damage. The increased premiums homeowners pay will cover replacing the roof when catastrophes occur. 6. The Condition of Your Roof Wear and tear is inevitable. However, keeping your roof in good shape is essential to preserving its integrity and maintaining reasonable premiums. A standard insurance policy hardly covers damage brought on by negligence and depreciation. You, therefore, need to make an effort to maintain your roof. Actions You Can Take to Reduce Risk Conduct routine maintenance and inspections. Determine the ideal age to replace your roof. To prevent unforeseen costs or coverage limitations, conduct thorough research before selecting a roofing material. So that you understand what to expect, carefully read your insurance coverage. 7. Your Insurance Rating Dropped Your insurance score indicates the probability that you will make a claim based on statistics. Insurers often use a combination of your credit
How to Check for Water Damage in Your Apartment
Are you wondering if there is water damage in your apartment? Water damage is a common problem that can cause major long-term issues. Knowing the signs and how to check and prevent it will help keep your home healthy and potentially save you money. Let’s explore the top causes of water damage, how to identify signs of water damage, and the steps to check water damage in your apartment- including hidden areas. Let’s get started! Common Causes of Water Damage in a Home Water damage in a home can be due to many different factors. For example, leaky pipes, leaky AC Unit, and overflowing sinks are the most common causes of water damage. Natural disasters and heavy rains can cause floods that lead to water damage. Problems such as faulty gutters or downspouts can also allow rainwater to enter your home. Such issues cause significant water damage over time. Finally, poor home maintenance can also cause severe water damage. For instance, failing to clean out gutters regularly or not checking for signs of leaking pipes can also lead to costly repairs due to water damage. It’s best to keep all these causes in mind when trying to prevent any potential long-term issues related to water damage in your home. Signs of Water Damage on Walls Water damage on walls can be hard to spot if you don’t know what you are looking for. One way to tell is by looking for discoloration or staining on the paint and wallpaper. Such signs may indicate that there has been a leak somewhere in your home. Bubbling or peeling paint strongly suggests leakage in the pipes beneath the walls. The leaking water seeps through the paint and wall, causing the bulge. You should also check for signs of mold growth, as this indicates that moisture in your walls could lead to further damage over time. If you notice any bulging or soft spots on the walls, it could also indicate water buildup behind them. For instance, you can press drywall in areas you suspect to see if it softened. If the area caves in, you likely have water damage inside the wall, even if the outside looks normal. Finally, keep an eye out for any cracking or warping due to moisture seeping from outside sources such as rainwater or flooding. These signs are severe and require immediate attention to prevent further damage. Ensure you seek professional assistance immediately from experienced remodeling contractors such as NYTDR. Such experts understand how important it is to identify potential water damage issues early. They’ll address them quickly and effectively with minimal disruption and cost. A team will visit your home for a comprehensive inspection. It includes checking for signs inside walls, floors, ceilings, and outside gutters and downspouts. They’ll check all areas where structural integrity can easily get compromised by hidden leaks over time. Compromised integrity can lead to costly repairs down the line. With expertise in local regulations, you can count on the experts to ensure your home remains safe and compliant with all applicable laws. Signs of Water Damage on Floors and Ceilings When it comes to water damage on floors and ceilings, the most common telltale sign is discoloration or staining. The discoloration could be due to a leaky pipe or a flooding issue that has gone unnoticed for some time. Another indication of water damage is the warping or buckling of the flooring. If you notice warping, it may be a sign of too much moisture in your home for an extended period that causes the wood to swell up. You also want to look for any visible mold growth, which could indicate a moisture problem. Finally, if you see any cracks in your ceiling or walls near the water pipes, this could indicate that something needs attention before further severe damage occurs. Other signs of water damage in your apartment include: § Damp Odor Some symptoms of water damage are not visual. One of the most noticeable non-visual signs is your home’s strong mildew or damp smell. Smelling mold in a room often indicates water damage within the walls. Although most older homes naturally have a slightly damp smell, it should be a subtle odor. If you notice a strong odor in any room, it’s best to have a professional conduct a thorough investigation. § Unusual Sounds Strange as it may sound, it’s possible to hear water leaks in your apartment. One of the simplest ways to check for signs of a leak is by listening. For instance, you can switch off all electronics in your home on a rainy day and stand in the room where you suspect a leak for a few minutes. When listening to the rain, it should sound like the water is sliding off the roof. Dripping water has a different sound than sliding water. Checking Water Damage in Your Home or Apartment If you live in an apartment, it’s crucial to stay aware of potential water damage. You can take several steps to check for signs of water damage and take action before the issue worsens. First, inspect any exposed pipes or fixtures for signs of leaking or dripping. If there is evidence of a leak, contact your landlord immediately so they can arrange repairs from qualified professionals. Also, inspect ceilings and walls near plumbing fixtures. Check for discoloration or staining, which could indicate a hidden leak that may not yet be visible. Finally, if you have carpets in your unit, ensure you periodically check underneath them for signs of dampness. It could indicate moisture seeping up from the floor below. Taking these simple steps will help ensure that you identify any potential problems with water damage in your apartment early on and to address them appropriately. If you’re a homeowner, you likely have a homeowners insurance policy. The home insurance policy should cover the costs of repairing the affected areas and replacing the damaged items in your home. Most renters also have a
Happy New Year 2023!
Welcome to the New Year! As we enter into 2023, we at NYTDR would like to take a moment to thank our beloved clients for entrusting us with your home restoration needs. We are proud of the work that has been done over the years and look forward to continuing our commitment to providing you with quality service throughout this new year. We understand how stressful home damage can be and strive each day to ensure that all of our clients receive efficient and effective solutions. Our team works hard every day towards making sure that your insurance claim is accurately assessed and taken care of as quickly as possible so you can go back to living worry-free in your restored home. We want to take this opportunity to thank you for entrusting us with all of your home repair needs. We understand how important it is for our clients that their homes are restored quickly and efficiently so they can get back into their daily routines as soon as possible. We strive each day to make sure that our services meet and exceed expectations, providing top-notch customer service along with quality workmanship every step of the way. Happy New Year from all of us at New York Total Damage Restoration!
What You Should Know Before A Kitchen Restoration
When it comes to water, fire, and smoke damage, the kitchen is the most vulnerable part of the home. Leaking plumbing, faulty appliances, or even cooking accidents can damage your kitchen. But you can restore a damaged kitchen to its former glory or create an entirely new space. Before you embark on a kitchen restoration, here are some essential things you should know. Top 5 Factors to Consider Before A Kitchen Restoration 1. Budget Damage restoration typically means a significant and unexpected expense for homeowners. But before you get overwhelmed by renovation costs, figure out the following: How much you can spend – what’s in the bank How much you wish you could pay – this is a great way to get creative with your kitchen choices What you absolutely must have in your restored kitchen How much of the restoration work can you do yourself versus hiring a contractor How much you can spare for hidden costs – you may discover mold, pests, or structural issues once the renovation is underway 2. Time Frame The general rule in home renovations is that it takes twice as long as you’d expect. Know how much time you can give to your kitchen restoration, including if it drags on for an extra week or two. Next, find a contractor who can do the project in half the time. This way, you’ll be well within your schedule if the contractor needs more time. 3. Insurance Your homeowner’s insurance can help manage the kitchen restoration costs, including repairing or replacing cabinets and appliances. You can also get reimbursed for extra living costs if you have to move out of your home for the damage restoration process. However, you must prove that the damage was due to something beyond your control, not the homeowner’s negligence, then settle for much less than you deserve. It’s better to have a damage restoration company like NYTDR handle insurance claims on your behalf. 4. Storage A kitchen restoration is a chance to rethink your cabinetry in terms of style and space. Suppose you want the same cabinet material or color as before. In that case, you can elevate the design by adding extra functions like a lazy Susan or updating the pulls and handles. Also, consider maximizing wall space and corners to add extra room for your utensils and gadgets. 5. Layout Think of your kitchen with all cabinets, drawers, and appliances open. If doors bump into each other or block access to any other kitchen feature, you have a layout problem. A kitchen restoration can help you reorganize your floor plan to increase functionality, especially if your family is growing or if it’s your forever home. Speak to your contractor about future-proofing your kitchen for pregnancy and old age. What To Expect From A Kitchen Renovation It’s essential to understand the kitchen renovation process, whether you’re handing it over to a professional contractor or doing some parts yourself. Once you know what it takes, you’ll better manage your expectations and stress levels. The typical damage restoration process follows the steps below: Step 1: Demolition The damaged cabinets, floors, walls, and fixtures must go out before the new elements come into your kitchen. Don’t be tempted to DIY this step, in any case. You may interfere with the wiring and plumbing or damage your home’s structural integrity. Leave the experts to tear out your damaged kitchen and remove the debris safely. Step 2: Plumbing and Framing You’ll need to move the plumbing and frame the walls to accommodate features like a kitchen island, new sinks, or new ventilation. There’s less work involved at this stage if you opt for a replacement rather than a complete kitchen renovation. Step 3: Inspection A professional inspection ensures that everything in the walls meets building codes before adding the drywall or other finishings. A licensed kitchen restoration crew handles the assessment and gets the approvals necessary to proceed with construction. Step 4: Complete the Walls Once you pass the building inspection, the next step is to install the drywall, windows, and doors. Consider the kitchen’s insulation, so seal every crack to minimize heat loss in cold weather. Also, install the trim for the cabinets at this stage for precise fitting. Step 5: Install Cabinets, Fixtures, Countertops, And Appliances At this stage, your kitchen restoration truly comes alive. You’ll start to see your restored kitchen as it once was or watch as all the elements of your brand-new space come together. Of course, there may be some plumbing or electrical challenges here, so trust your professional contractor to solve them as they arise. Also, if you’re upgrading appliances, go for features that add value to your home, such as energy efficiency and smart devices. A Note About Flooring Depending on various factors, you can install the flooring before or after your cabinets and appliances. For example, cabinets come before installing thinner flooring like vinyl or laminate and hardwood or tile flooring. A baseboard or molding covers the gaps between the flooring and the cabinets. In contrast, cabinets come after flooring if you need to correct the floor height because of construction flaws or if you need to reach standard countertops height. Weigh the pros and cons of each flooring option as you plan your kitchen renovation. Stress-Free Professional Kitchen Restoration With NYTDR No homeowner needs the pain of property damage, but these tips can help you think things through. Save yourself the stress by choosing a professional kitchen restoration company like NYTDR to handle damage restoration from start to finish. We sort out your insurance at no extra cost and design and build your new kitchen within your schedule and budget. Our designers and contractors walk you through every step of the damage restoration process. Share your dream kitchen with us, and we’ll make it happen. Call 212.206.1300 to start your free consultation today.
How to Find Out if You Have Been Exposed to Asbestos
Asbestos refers to six naturally occurring minerals that exist as bundles of fiber that can separate into thin threads. Asbestos fibers don’t conduct electricity and are resistant to fire, chemicals, and heat. These properties make asbestos appropriate for multiple industries such as roofing, insulation, and flooring. However, asbestos got banned for use in buildings due to the health risks. When left undisturbed, asbestos is harmless. But, if the material gets damaged, it can produce fibers in the form of fine dust. What Makes Asbestos Dangerous? The danger in asbestos comes from the microscopic-thin fibers. Since they are tiny, they can remain suspended in the air for days after the initial disturbance. When you breathe them in, they attach to your lung tissues, causing scarring, inflammation, and serious illnesses. Asbestos exposure can increase the risk of getting: Mesothelioma; cancer of the lining of the stomach and lung cavity Lung cancer Asbestosis, which is permanent scarring of the lung tissue Cancer of the throat, kidney, and gastrintestinal tract Scarring of the lung lining and accumulation of fluid around the lungs Which Products Have Asbestos? Asbestos became popular during World War II. Some building materials with asbestos are such as: Asbestos roofing, siding, and cement shingles Floors and walls near woodburning stoves may have asbestos millboard, paper, or cement sheets for protection Blown-in attic insulation Furnace, duct, and pipe insulation Basement boilers and pipes Joint and patching compounds Floor tiles and adhesives Artificial embers and ashes in gas-powered fireplaces Fireproof products and fire-resistant materials suc h as gloves, curtains, blankets, table pads, and old stovetops Gardening products and attic insulation with vermiculite Gaskets, brake pads and linings, and clutch facings in vehicles Some adhesives, coatings, textured paints, and plastics Is Asbestos Use in Building Materials Legal? The United States passed regulations that limited asbestos use in the late ’70s. These regulations ensure: There’s no use of asbestos in places where it could mix with air, such as gas fireplaces If there’s the use of asbestos materials, regular inspections should ensure the material remains undamaged and intact There are guidelines to ensure asbestos particles don’t escape into the air during use When Does Asbestos Become Dangerous? All types or forms of asbestos fibers can be dangerous. There’s no quick way to identify asbestos in the air you’re breathing. You can’t tell if it’s harming your lungs as it doesn’t make you sneeze, cough, or irritate your throat and skin. Asbestos fibers often mix with air when you disturb, damage, or unsafely remove asbestos materials. The fibers are tiny, so it’s impossible to taste, see or feel them. There’s a professional way to measure asbestos fibers suspended in the air. The measurements are in fibers per cubic centimeter of air (f/cc) units. According to health professionals, clean air should have an asbestos level of 0.01 f/cc. If exposed to asbestos, the harmful effects will depend on several factors, including: The intensity or how much asbestos is present The duration of exposure The intake method, whether it was through eating, drinking, or breathing the fibers Genetic mutations that make some people more likely to develop diseases Individual risk factors such as pre-existing lung diseases and smoking The material in use, asbestos, is more harmful when released into the air, like during sawing, than when bonded within a product like tiles It can also depend on personal characteristics such as your age, gender, and health status. How Much Asbestos Is Harmful? Any amount of asbestos is unsafe. All materials that have more than 1% of asbestos minerals have asbestos. High concentrations are more likely to cause asbestos-related diseases. It’s possible to get mesothelioma even from the dust that remains on clothes if someone around you works using asbestos. How Long Does It Take to Develop Asbestos-related Diseases? Asbestos diseases usually progress after a latency period. This refers to the duration between when the asbestos enters your lungs to when you start experiencing symptoms. The latency period can be anywhere between ten and forty years. Although not every exposed person develops an asbestos disease, the risk is very high. All asbestos-related illnesses become complicated, if not impossible, to cure. It’s therefore essential to prevent asbestos fibers from entering your lungs. Symptoms of Asbestos-related Diseases Since asbestos-related diseases have a latency period, you may not have any immediate symptoms. Some warning signs and symptoms can be: Shortness of breath Extreme fatigue, especially with other symptoms like unexplained weight loss and coughing Wheezing, persistent dry cough, or changing cough patterns Bloodstains in the sputum Sudden weight loss and loss of appetite Swelling in the face or neck If you notice one or multiple of these symptoms, it’s best to seek medical assistance right away. Since other medical conditions can have similar symptoms, medical tests will help you eliminate other possibilities. When caught in the early stages, asbestos-related illnesses can be treatable. Are All Asbestos Products Dangerous? Asbestos fibers are harmless unless they mix with air. Currently, building materials and products with asbestos bond it within the product. When used appropriately and in good condition, such products have minimal health risks. However, building demolition, damaging, sanding, or tearing the material can release the microscopic fibers. What if the Asbestos Material Has Damages? If you notice any damages to the material, get in touch with a professional company to sample and test the material. If asbestos is present, you’ll need to repair or remove the fabric to prevent releasing the fibers. Avoid handling the material yourself, but hire an asbestos professional to repair or remove it. Mishandling the material is riskier than leaving it as you found it. What Should I Do if I Notice Asbestos Material in My Home? It isn’t easy to ascertain that your home has asbestos. However, home constructions between the 1940s and 1970s are more likely to have materials with asbestos. If you notice asbestos materials in your home, the best move is to leave them as-is. Regardless of the amount and location, allow professionals such
Things to Know About Insurance Adjusters
Filing an insurance claim can be a stressful process, but it’s easier and faster with the help of a good insurance adjuster. They help evaluate the extent of damage after a significant incident such as flooding, windstorm, or fire. Let’s explore who insurance adjusters are and how they handle insurance claims. Who Is an Insurance Adjuster? Insurance adjusters or claims adjusters evaluate insurance claims to formulate a fair settlement amount. They handle all types of claims, such as water damage and personal injury. Once you file an insurance claim, the insurance provider hands it over to an internal insurance adjuster to estimate the repair costs. The insurance adjuster collects and documents the necessary information to help them decide on the insurance company’s financial liability. What Does an Insurance Claims Adjuster Do? The insurance adjuster plans a home visit and takes photos of the damage. They assess the extent of the damage and interview you and any other witnesses. The insurance adjuster also consults with other professionals such as roofing experts, architects, and engineers to determine appropriate estimates. Once the investigation completes, they write a report and recommend the insurance company’s amount to cover the losses and damages. They perform other tasks including: Determining the cause of the loss to see if your insurance covers it Negotiating with both sides to come up with a reasonable settlement Researching, assessing, and verifying damage to the house structure and the contents, plus other additional expenses you incur Evaluating losses caused by business interruptions Types of Insurance Adjusters There are three main types of insurance adjusters: 1.Company or Staff Insurance Adjusters Company adjusters are under the insurance company’s employment. Since they are full-time employees, they are mainly on the insurance company’s side and work for their best interest. Their primary focus is to settle the insurance claim quickly and lower the payout as much as possible. 2. Public Insurance Adjusters Public insurance adjusters have a license from the state’s insurance division to represent policyholders. The adjuster works for you and receives payment in the form of a percentage of the final settlement amount. They represent you during negotiations with the insurance company and make decisions on your behalf. However, it’s essential to note that the insurance company has no obligation to agree or accept the public adjuster’s estimate of the damages. They settle the insurance claim depending on your policy’s terms and conditions. Before hiring a public adjuster, it’s best to ensure they have a valid license and a good reputation with your state’s insurance division. 3. Independent Insurance Adjusters Independent insurance adjusters work for insurance companies rather than individuals. They are either part of an independent adjusting bureau or work as independent contractors. Although they have no obligation to the insurance company, they only have permission to work for the company, not the homeowner. How to Make an Insurance Claim An insurance adjuster is essential, but there are additional steps you should take to get the best deal possible. Step 1: Submit Your Claim After an emergency, disaster, or accident, it’s essential to get in touch with your insurance provider as soon as possible to begin the claim process. First, ensure you document the exact condition of the house and items covered by the insurance policy. Your safety is crucial so avoid entering the house if there’s structural damage that can cause the building to collapse. Record your name, home address, policy number, and the specific date and time of the incident If your home is in an inhabitable state, let the insurance agent know where and how to reach you Write a follow-up letter elaborating on the current state and retain a copy of the letter Step 2: Prepare for the on-site visit Before the insurance provider sends a representative to your home, ensure you have the proper documents at hand. Write a comprehensive list of the lost or damaged items Document the damages on video or photos before you start any repairs Retain all the damaged items until the adjuster assesses and approves disposal Document the value of lost items using sales receipts, insurance evaluations, or charge account records. If you don’t have the exact records, approximate the value and indicate the date and place of purchase List all the repair and cleaning bills, including the cost of renting equipment and specific materials Include any extra living expenses during the repair period, such as accommodation or motel bills rental car bills, and restaurant bills Step 3: The Insurance Adjuster Evaluates the Damage. Once the insurance adjuster arrives, they document the state of your house before and after the damage. Ensure you’re present or have a trusted advisor during the visit. Cooperate fully with the adjustor, as their purpose is to assist you with your claim. They’ll go through your list of lost or damaged items and consult you during the calculations. Once they finish, they will come up with an estimate for the losses and repair costs. You and the adjuster should agree on the extent of the damage. This agreement details what requires repair or replacement without a dollar value. Ensure you’re clear on what requires follow-up and why. If there are unclear instructions, clarify with the adjustor and ask for the same in writing. Step 4: The Insurance Company Offers You Reimbursement The insurance company reviews the evidence and the adjustor’s notes then give you a reimbursement amount. The length of the process varies depending on your insurance provider and specific circumstances. Although you can settle structural and property claims separately, sometimes it’s best to handle them together. However, separating them can give you enough time to examine the full extent of the losses. Avoid rushing to settle your claim, and don’t file until you discover all the damages. If the settlement offer feels unfair, you can discuss it with the adjuster and insurance agent. If you don’t agree to a settlement, you can contact your state’s insurance division and request mediation. A neutral third party will help
Help Get Insurance to Pay for Water Damage
Water damage can be one of the most costly types of damage to repair and replace. Rain, floods, and leaks are unavoidable. When an insurance company receives a water damage claim, they will decide whether or not to pay for the claims based on several factors. If the worst happens, you will have to file for an insurance claim to restore the damage caused by water. Doing regular home maintenance and ensuring that your water system runs smoothly will increase your chances of a payout. The steps of getting the entire insurance claim for water damage in New York City’s apartments include: Step 1 Determine the cause of your water damage and check your homeowner’s insurance policy to see if the insurance company covers the water damage. Insurance Covered Damages You can expect your home insurance to cover sudden or accidental water damage, but not damage caused by neglect or lack of home maintenance. Water damages covered by home insurance include those caused by natural disasters like earthquakes, storms, and hurricanes. You can also claim your homeowner’s policy if there are sudden damages like cracked pipes, a burst in the main water supply, or broken water appliances. Remember, your insurance company might only cover the damage caused by the breaks and not the actual appliances or pipes. Uncovered Damages Individual policies vary on the types of water damages not covered in them. However, the general damages in this category include gradual damage, floods, mold, and damage caused by neglect. In most cases, homeowners need to purchase separate flood insurance because of the extensive damage caused by floods. You can prevent gradual damage and damages caused by neglect. Both damages occur over a long time, giving you time to stop their effect. For example, you can inspect your plumbing system regularly and ensure that it is well-maintained. Sometimes, your water damage might not be a gradual or neglect problem but a mold problem. There are several mold warning signs that you can look out for, including: • You can watch out for mold odor. Most molds produce a persistent musty smell that is not easy to miss • There can also be visible signs of mold growth in your home. Molds come in all colors, so any change you see on your walls or damp places is a warning sign. Ensure you fix all your water leaks to avoid breeding grounds for molds • If you observe water stains or discoloration on your walls, floor, or ceilings, the chances are there is a mold in your home. You should also look out for bubbling, cracking, or peeling paint and wallpapers • Molds may also grow in the aftermath of a flood • Report the claim if the policy covers the damage Step 2 Hire a restoration service to clean up the water and moisture professionally. Determine if you need to leave your home. If the damage is severe, leave your home and allow the restoration to continue. Water damages present the risk of electrocution and unhealthy living conditions inside your home. Step 3 Take photos of the damage and things that you need to replace. Your home restoration team might take these pictures, but it is necessary to have your images. Step 4 Meet with your insurance adjuster, who will evaluate the water damage. The adjuster’s work is to determine the cause of the damage and repair cost. Step 5 Find a contractor to repair the damage once your insurance company processes your claim. In some cases, the company may have its preferred contractors. What can New York Total Damage Restoration (NYTDR) do for you? NYTDR is a restoration company that works directly with your insurance company to repair water damage on your property. It does not matter if the damage is in your kitchen, bathroom, or the whole house. The company will help you get the insurance claim and plan and design your restoration. Licensed repair restoration experts, designers, and construction specialists will remediate and restore your property from start to finish. All you need to do is initiate a free consultation!
Best Remodeling Projects for Long-Term ROI
Owning an investment home is more than just finding and managing renters. You also need to keep your home competitive with similarly priced homes in your area and manage its long-term value. If other properties in your price range feature upgrades that yours doesn’t, you’ll be at a competitive disadvantage, both in the market for prospective buyers and in the real estate market if you decide to list the home. If you’re facing this situation, the best way forward is investing back into your home by completing remodeling projects with a strong return on investment (ROI). These are renovations that will ultimately net you most of your investment back when you sell, while making your home more attractive and competitive in the interim. Bathroom remodels Next to kitchens, master bathroom remodels are one of the best projects from a ROI perspective. By upgrading the shower, floors, vanity, sinks, toilets, and more, you can make your home much more desirable while also re-investing in its long-term value. Any bathroom remodel, regardless of how ambitious it is, will involve some degree of plumbing work. Always hire a licensed plumbing professional to help with this type of work. While there are aspects of a bathroom remodel, such as laying tile or vinyl flooring, that invite a DIY approach, plumbing and pipe installation is best left to an experienced hand. When it comes to remodeling the bathroom of a home, you reap what you sow: today’s decision to cut corners and hire an unqualified plumber to finish up the shower could come back to bite you a year from now when your renter reports a major leak. Kitchen remodels When it comes to home remodeling projects, the kitchen is king. Everyone loves an upgraded, renovated kitchen: renters, homebuyers, and realtors. By remodeling your kitchen and adding new countertops, cabinets, flooring, and appliances, you can add significant long-term value to your home. Your new kitchen will appeal to long-term renters looking for high-quality features and practical, quality-of-life upgrades. Your first step should be talking to a professional remodeling contractor. Any experienced contractor will help with more than just the labor and installation: they’ll also help you plan your project, procure materials, and figure out what you can accomplish with your budget. They’re your guide for the project, and they can make your life a whole lot less stressful. To maximize your ROI on any home remodeling project, the key is adding value without increasing costs. While you don’t want to sink too cheap on materials or contractors—hiring inexperienced plumbers, for instance, is a common regret for many home managers—you do want to find places where you can save money. This may involve limiting the scope of the project—such as remodeling the kitchen, but leaving the layout intact—or working with your connections to get good deals. Here, too, your contractor might be helpful, as they may have access to special contractor-only pricing on countertops and cabinets. Essential projects For obvious reasons, you’d only tackle these on an as-needed basis, but some of the best projects for ROI, statistically, are those that involve repairing and replacing essential aspects of the home. In many cases, if your home’s roof, air conditioner, or garage door needs to be replaced, you may have difficulty renting or selling the home, anyway. That makes these upgrades imperative: Garage Door Replacement HVAC System Replacement Window Replacement Roof Replacement Siding Replacement Wood Deck Replacement Reinvest in your home’s value and reap the rewards If you’ve been saving some of your rental income for upgrades, now’s the perfect time to start planning out your next project. Talk to an experienced contractor in your area and start getting ideas, quotes, and more. On the hunt for even more project inspiration? Be sure to take a look at this infographic. It has a complete ROI breakdown of the rental upgrade projects discussed above, along with several others.
Expert Tips to Prevent Home Foundation Issues
Buying a home is one of the most exciting and most expensive investments you’ll ever make. That’s why it pays to take care of it. Knowing how to identify the early signs of structural issues with your foundation has the potential to extend the life of your home and save you thousands in repairs. Not to mention a whole lot of headache. And while you might think your home’s foundation is in tip-top shape it’s never a bad idea to take a second look. That’s why we reached out to the experts in foundation repair and restoration from Manhattan to Portland in an effort to provide you with a few tips to help identify your home’s foundation problems. So sit back and learn how simple it can be to protect one of your most valuable investments. Key indicators of foundation issues Recognizing possible residential foundation issues is rather simple. Some of the easiest things to look for are cracked drywall, unlevel floors, doors that stick or stay open, or stair-step cracks in the brick. Maintaining proper drainage around your home and having a yearly plumbing test are things every homeowner can do to prevent issues. – Foamworx Keep soil moisture consistent Keeping moisture content relatively consistent around your home is key to avoid significant movement of your foundation when seasonal changes occur. That means watering your yard adequately when the weather is hot and dry and making sure water drains properly when wet weather persists. – Structured Foundation Repairs Houston Don’t underestimate the power of water Seldom am I called to a property with both foundation problems and proper grading/guttering. Water is the culprit of almost all foundation problems: more than just causing a wet basement or crawlspace, constant changes in soil moisture can cause heaving and settling of your foundation, chemical degradation of the foundation itself, mold, cracks, tilting foundation walls, the list goes on! As a homeowner, the best thing you can do to ensure the structural health of your home is to make sure the soil around your home slopes away, ideally dropping one foot in the first ten feet, eliminating all landscape watering near the home, and making sure the gutters and downspouts effectively move water away from the home. – Van Matre Construction We have had a few foundation-related projects come our way and the most recent was the worst we have seen. A beach house, on the ocean, had part of its foundation collapse due to erosion. Water had slowly removed the sand from around and under the foundation, hidden from sight from a wooden retaining wall. The foundation gave way, crumbling, leaving behind a compromised home. Water is a major factor in a lot of foundation issues. You want to keep water away from your home the best you can. Proper rainwater drainage will keep water away from the house and foundation. Water can get into any existing cracks and if in freezing climates, freeze and cause the crack to grow. We always suggest regular inspections of your home and foundation by a local, trusted professional. – Hussey & Sons High water tables and / or poor drainage can lead to water collecting under a home during the winter months, oftentimes without the homeowner even knowing it. This water pooling can cause water vapor damage to the subfloor and other components of the crawl space, and if the water rises and collects high enough, can cause water damage to the pillars that hold up the foundation causing decay and damage to the structural integrity of the foundation. Dry rot and mold can follow with these repeated cycles and long term pooling. Regular inspection of the crawl space during heavy rainy months can help you identify If you have issues with drainage that need to be tended to. This inspection can be as simple as just opening your access and looking into the crawl space. Do you see water on the dirt? Does it smell wet and musty? These are easy to identify markers that can tell if you need to get more investigative and call the professionals to address the problem before it leads to mold and dry rot. – Servpro of Antioch Pinpoint the location of water leaking into the basement Identifying the exact location of water leaking into your poured concrete foundation keeps your repair costs down and allows a pro to determine the perfect solution to your problem. First, inspect the walls in the area you believe water is coming in for white chalky substance (efflorescence) and foundation flaws like wall cracks, exposed tie rods, gaps at the floor-wall seam, or around pipe penetrations. Once you have isolated the suspected area, get a garden hose, and run water on the exterior in that area for 30min on and 10min off – repeat until water comes into the basement. Now you have all the information to call a pro to find out what options you have for repairs with a warranty. – A-1 Foundation Crack Repair Proper drainage is key Special care should be taken to address the drainage issues along the exterior of the home that does not have hardscape (such as the areas with pavers). New concrete slabs should be installed within 5ft of the structure around the entire structure’s perimeter. The new concrete slab to house interface should be properly sealed to prevent water seeping through. New slabs should be sloped away from the structure at 3/8 inch per 12 inches. Linear trench drains and drain lines should be installed at the new slab to soil interface to move collected water off the new slab into the drain. A licensed landscape contractor or licensed landscape architect may be consulted for final design recommendations. Additional roof gutter installation, roof gutter assessment/maintenance, and downspout subterranean drain lines assessment/maintenance, around the perimeter are necessary to avoid large sheet flow water off the roof in proximity to the foundation. Surface topography should be re-graded so as to ensure surface runoff
What’s New in Home Insurance in 2020 and Why You Need It
People who live in New York City have a number of particular factors to consider when buying homeowners insurance. Besides the usual damages potentially caused by weather, you can experience water damage from flooding resulting from a hidden leak, fire or smoke damage from a neighboring apartment or house disaster, or problems because of asbestos or mold in your apartment building. One question that you need to consider specifically is: does homeowners insurance cover mold? We look at what homeowners insurance covers in 2020 and why you need it along with an innovation in the industry here. What Does Homeowners Insurance in New York City Cover in 2020? Dwelling coverage is what most people think of first when they consider homeowners insurance. This category covers damage that pertains to your home or apartment’s structure. Such coverage safeguards your residence from damage to your home and anything that is attached to it like a chimney or garage. It is important when you are looking at this dwelling coverage category to not select the current market value or purchase price of your home. What you need is the policy to provide for reconstruction costs, the price to rebuild your domicile to its pre-damaged condition. Personal Property and Loss of Use Coverage Personal Property and loss of use deal with the disaster damages to your things and lifestyle. The personal property category will cover your possessions outside and inside of your dwelling. A burst pipe ruining your couch would be covered by this. Meanwhile, loss of use would reimburse you for expenses if your dwelling became uninhabitable from covered damage. This would include costs for a place to live temporarily and daily costs of living like laundry and food. Coverage for Other Structures There is also an “other structures” category in your policy. Your dwelling might have a shed, fence, or driveway. If a covered danger damages these structures, your homeowners insurance policy should pay to help fix them. Liability and Medical Protection Coverage A last category that homeowners insurance policies will cover is liability and medical protection. If someone becomes injured while on your property (or a person covered by your policy damages another person’s property) the insurance company will cover this. Similarly, if someone has medical costs from an accident on your property, the medical protection part of the policy pays for their treatment expenses. Do Standard Home Insurance Policies Cover Mold and Water Damage? The general coverage is helpful, but people should be aware of its limitations. It might not address the specifics of water and mold or fire damage to New York City houses and apartment buildings. Neighboring leaks or fires can create damage, and older buildings may contain asbestos or lead. Mold is an especially important consideration as it can be hard to detect. It is also a highly costly problem to treat as the root cause can be hard to determine. The majority of insurance firms will not insure against mold in a standard policy. What you can do is to add an endorsement for limited microbes or fungi coverage to your homeowners policy. A limited fungi or microbes endorsement will give you more coverage, but it is still limited. The average mold endorsement provides as much as $2,500 in financial coverage. Up to this amount, it would protect you against the expense of taking out the fungi and tearing out to replace the impacted sections of your home. It would also help to defray the costs of checking the air quality once the mold has been removed. If you have to stay somewhere else while your house is treated, it helps with these expenses as well. It is important to know that this coverage only applies if the fungus or mold has come from a peril that is covered in your policy. These so-called covered perils can be different based on the policy. With an all perils policy, you are covered for everything that is not directly excluded in your policy. If you have a named peril policy instead, you will only receive coverage for conditions that the policy documents specifically state. The majority of homeowners insurance policies will insure your dwelling structure as open peril while your belongings are handled under a named peril basis. Another thing that you should be careful about is the exception for coverage that comes from your mold happening due to continuous or constant water leakage. If your house or apartment has suffered from a leaking sink over months or years leading to mold forming, your policy will not cover you. Water damage and mold that resulted in your drywall from a burst pipe would be covered by this endorsement for mold. When Might Mold Coverage Be Excluded from Your Homeowners Insurance? There are three cases specifically where mold removal might not be covered by your homeowners insurance. Your policy could directly exclude this coverage while you do not elect to get an endorsement. If the mold resulted from a flood, it will not be covered either. Maintenance issues that create mold are a third excluded case. What can you do about these exclusions? You should seriously contemplate buying extra coverage for such catastrophes as floods (as well as hail and earthquakes). These are not covered by standard policies. Adding an endorsement for mold and fungus in New York City residences is also a good idea. Also consider that if you opt for a higher deductible for your coverage, this will likely reduce your annual premium. The tradeoff is that you will have to come up with more out of pocket money should you have to file New York insurance claims. A New Innovation in Homeowners Insurance One new innovation in homeowners insurance in New York City is the rise of a new concept called Lemonade Insurance Company. In only a few years, this company based in New York has upended traditional insurance company policies and procedures. They enjoy an A-Exception from Financial Stability Ratings provided by financial analysis