Owner's Insurance
Any recommendations on owner’s insurance? Seems the Brownstone Agency Program is the best in terms of coverage and premium. Am I missing something?
Any recommendations on owner’s insurance? Seems the Brownstone Agency Program is the best in terms of coverage and premium. Am I missing something?
I just want to add that we have had homeowners insurance through The Brownstone Agency for 15 years but I am eager to drop them and find a new insurer. We had a burglary a few years back and Brownstone Agency was just TERRIBLE to deal with. They stalled, they wouldn’t take calls, they refused to provide the name of any higher ups. Only after months and months of delays and our threat to involve a lawyer did they finally pay the claim. They are no problem to deal with at all when they take your money and you don’t have any claims, but the stress of the burglary was increased greatly by the delay tactics of the insurance company. After weeks and weeks of research I finally found that they were a division of a division of AIG.
unfun411, first let me say that I am sorry to hear about the damage to your home and your experience with the insurer. Have you settled yet? Did you have a public adjuster involved? As an insurance broker, we always get adjusters involved in large claims. If you went through Brownstone directly, they may not have suggested this option but if you used a broker, the broker most definitely should have. Public adjusters, along with brokers, are advocates for the insured and usually wind up getting you a better payment. I’m not sure if it is too late for an adjuster at this point but it may be worth a shot.
In reference to the high value home insurers, they are traditionally better when it comes to claims. However many people are not willing to pay for/ can’t afford the premiums. Most of the companies you mentioned will not write a home with dwelling coverage under $1,000,000. Also, many types of property do not qualify for these programs.
If you need a name of a public adjuster, I’d be happy to refer one to you.
Feel free to give me a call:
William Smoltino
Narrows Insurance Agency, Inc.
718-745-1500
If you are considering Brownstone Agency, please take some prudent advice. Do not base your coverage off of their salespersons suggestions as we did. Calculate the cost of replacement (run the math on what you’d need to completely rebuild with like and kind materials from the ground up and double that number), A.L.E/ Additional Living Expenses ( 24 months rent for a similar house/ apartment in your neighborhood + 15%/year rental for a broker fee + moving costs and storage facility costs + purchase of temporary furniture, new mattresses etc…+ activation of new utilities) and P.P /Personal Property (the real cost of replacing everything in your home x2 (they will depreciate your receipts and proof of purchases by 50%).
Our historic townhouse was destroyed and the Brownstone Agency has employed every delay & destroy tactic imaginable, including blatant acts of intimidation, deception, lying and unprofessional conduct. We’ve been transparent, honest, and correct in every facet of defending our claim. The laws in NY do not protect the policyholder and if anything goes wrong, you have very little recourse in the legal system. Brownstone will agree to cover your claim, but force you to accept their absurdly low-ball settlement offer or will demand mandatory arbitration, costing you even more money and it’s a no- win, insurance-rigged system. IF your calculations after this exercise sound high, imagine going out of pocket for all of those expenses on top of paying your existing mortgage and taxes for the two years you may be unable to live in your home. It happened to us.
Please do not focus on buying the lowest premium policy available, but look closely at ethical, “good faith” insurance companies who will put your life back together after a catastrophic accident, not re-victimize your family emotionally and financially. A list of historic townhouse expert insurance companies is readily available online. Chubb, Fireman’s fund, etc… may have higher premiums, but they play fair and work for your best interest. Good luck!