You should give careful consideration before even filing a Suffolk County NY homeowners insurance claim. Filing just one claim — even a small one — can send your premiums soaring through the roof (no pun intended!)
Factors Affecting Suffolk County NY Homeowners Insurance Rates
According to a new study from InsuranceQuotes.com, the average premium increase is 9 percent for the first claim. Even a denied claim can cause your premium to go up. Make sure to know your policy's specific guidelines and only file a claim when absolutely necessary. Winning a small claim could actually cost you money in the long run.
The type of Suffolk County NY homeowners insurance claim also matters. Liability claims, such as from personal injuries, are the most expensive type of claim, with insurers raising premiums by an average of 14%.
Other claims that lead to big premium increases are theft and vandalism, which often indicate that the home is in a neighborhood that is unstable or possibly falling prey to various forms of contamination or corruption. In bad neighborhoods, these crimes can recur, and the high premiums reflect that.
Once your Suffolk County NY homeowners insurance premiums are raised, it can be difficult to get them reduced.
Insurers keep a database called the Comprehensive Loss Underwriting Exchange, or CLUE, which tracks seven years' worth of your auto and property insurance claims, as well as any inquiries you may have made about a claim. The database then compiles a report based on your claims history that is then used to determine whether to cover you and how much to charge.
The information is available to all insurers so even if you switch providers, your rate with the new carrier may be just as high.
Ways to Try and Keep Suffolk County NY Homeowners Insurance Costs Down
Raise your deductible. But not so high that you can't afford to pay out-of-pocket costs if damage occurs.
Don't make small claims. Getting a few hundred dollars back if a tree limb falls on your shed may feel good but you could be paying that back to your insurer over the next few years — and then some.
Don't use Suffolk County NY homeowners insurance as a maintenance tool. Don't file a claim to pay for small repairs, such as when wind blows some old shingles off your roof. Use it for catastrophic repairs only.
Shop around often. Look for quotes once a year. There's lots of competition in the industry and you may be able to buy equal coverage and service for a lower price.
Get more Suffolk County NY homeowners insurance information in our section on Suffolk County NY Insurance to the right under Suffolk County NY Real Estate Categories.
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Previously owned Suffolk County NY home sales climbed in September to the highest level in a year, pointing to growing confidence in the U.S. economy as employment firms.
Nationwide, purchases advanced 2.4 percent to a 5.17 million annual rate. Demand was up 1.9 percent compared with the same month last year before adjusting for seasonal patterns.
Of all Suffolk County NY home sales, cash transactions accounted for about 24 percent, down from 33 percent 12 months earlier, the report showed. Investors, 63 percent of whom paid cash, represented 14 percent of the market last month, down from 19 percent in September 2013.
Distressed sales, comprised of foreclosures and short sales, in which the lender agrees to take less than the balance of the mortgage, made up 10 percent of the total.
"The traditional Suffolk County NY home buyer — the person who takes out a mortgage loan to buy a Suffolk County NY home — seems to be growing in strength over the past year and we expect that to continue,” according to Robert Stein, deputy chief economist at First Trust Portfolios LP in Wheaton, Illinois, who is among the best forecasters of existing home sales over the past two years, according to data compiled by Bloomberg.
To get more news on Suffolk County NY home sales, including more articles and news about Suffolk County NY real estate in general, check out our other articles by clicking on the Suffolk County NY Real Estate News link to your right under Suffolk County NY Real Estate Categories.
The RealtyTrac U.S. Home Equity and Underwater Report for the third quarter of 2014 released recently shows there were fewer Suffolk County NY underwater properties. 8.1 million U.S. residential properties were still seriously underwater—where the combined loan amount secured by the property is at least 25 percent higher than the property's estimated market value—representing 15 percent of all properties with a mortgage and an estimated $1.4 trillion in negative equity.
The third quarter negative equity numbers showing Suffolk County NY underwater properties were down to the lowest level since RealtyTrac began reporting negative equity in the first quarter of 2012.
In the previous quarter nationwide, 9.1 million residential properties representing 17 percent of all properties with a mortgage were seriously underwater, and in the third quarter of 2013, 10.7 million residential properties representing 23 percent of all properties with a mortgage were seriously underwater.
The recent peak in negative equity was in the second quarter of 2012, when 12.8 million U.S. residential properties representing 29 percent of all properties with a mortgage were seriously underwater.
The decrease in Suffolk County NY underwater properties is promising but the estimated $1.4 trillion in negative equity nationwide means that the flood waters are not receding as quickly across the country as they were before, even though Suffolk County NY underwater properties are down slightly, corresponding to slowing home price appreciation. Daren Blomquist, vice president at RealtyTrac said, "slower price appreciation means the 8 million homeowners seriously underwater could still have a long road back to positive equity."
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Many Suffolk County NY homeowners think they know their homes better than anyone, and it's probably true. But that doesn't mean they're the best person for the job when it comes to selling Suffolk County NY real estate, especially their own property.
Some sellers are tempted to try a For Sale by Owner (FSBO) transaction because the Suffolk County NY community is in the midst of a sellers' market and they think they can sell easily without help. Others try the FSBO route because they want to maximize their profits and avoid paying a commission to a real estate broker.
Statistics show that selling Suffolk County NY real estate with the assistance of a professional real estate broker or agent will usually garner a higher profit, enough to cover the commission as well as put more money in your pocket while minimizing your legal risks.
Selling Suffolk County NY Real Estate FSBO is Risky
Most Suffolk County NY real estate buyers today work with a buyer agent to represent their best interests. If you choose to sell your Suffolk County NY real estate on your own, you'll be negotiating with a professional and relying on your own skill to finalize a contract. Not only could you end up selling your Suffolk County NY real estate for less money, you could leave yourself open to potential legal problems unless you have the contract checked by an experienced real estate attorney.
Buyers also typically prefer to look at a home without the seller present so they can feel more comfortable exploring the rooms and visualizing themselves in the property. At an FSBO sale, you, as the seller, must be present.
Selling your Suffolk County NY real estate as a FSBO can be successful, but 90 percent of homeowners prefer to work with a professional rather than risk an unsatisfactory home selling experience.
For more helpful tips and articles on selling Suffolk County NY real estate, check out our other articles on Suffolk County NY Home Selling Tips under Suffolk County NY Real Estate Categories to your right.