Category Archives: Homeowners

Hurricane Irene left many homeowners with flooded basements and water damage. I’m sure many  are now scratching their heads in disbelief after looking over their homeowners insurance policies and realizing that standard homeowners policies DO NOT cover flooding. Now may be a good time to purchase flood coverage directly through your insurance agent.

When purchasing flood insurance, keep in mind:

Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond, or water running down a steep hill. Keep in mind, there is a 30-day waiting period before the coverage takes effect.

The Federal Flood Insurance Program provides limited coverage. If you need more coverage than the federal program provides, additional coverage known as “excess” flood insurance is available. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.

When applying for Flood Insurance, be prepared. Questions you will be asked regarding flood insurance include: Do you have an Elevation Certificate? Do you know the Flood Zone? How many Families/Units and Floors in the Building? What is the Mortgage amount? Do you want building and/or contents coverage? What is the replacement cost of the building? Is your building elevated? Does the building have a basement? What items are in the basement? Is there a  garage?

Excess flood insurance is available in all parts of the country. Whether you live in a high risk flood zone along the coast and close to major rivers or in areas of lower risk – the Federal Flood Insurance Program is available to you and can be purchased from specialized companies such as Lexington Insurance Company, part of American International Insurance Company, and Lloyd’s through independent insurance agents, or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide coverage to their policyholders.

At Muller Insurance, customer service is very important. Flood coverage can be purchased through our quality companies, Selective and Fidelity National Flood. Like our agents, they are very experienced and offer great service. All flood rates are regulated by the Federal government.

Don’t wait for another hurricane to flood your basement or damage your property; visit Muller Insurance at www.MullerInsurance.com and get coverage today.

About Roger J. Muller, Jr.

Overseeing Muller Insurance’s day-to-day operations and always improving how the company can better serve its clients, Roger J. Muller, Jr. is a Certified Professional Insurance Agent (CPIA) with 32 years experience in the insurance industry. He’s a travel agent, Certified Real Estate Appraiser (CREA), Certified Environmental Inspector (CEI), licensed Real Estate Broker and licensed Insurance Agent in the following states: New Jersey, New York, Pennsylvania, Connecticut, North Carolina, South Carolina, Florida, Maryland, Washington D.C., New Mexico, Arizona, Vermont, Ohio, Delaware, Maine, Georgia, Virginia and New Hampshire. Roger J. Muller, Jr. is a member of Sigma Xi, a lifetime member of the Hudson River Fishing Association, and Shriners-Salam Temple. A graduate of Ramapo College of New Jersey, Muller is a past board member of the Ramapo College Alumni. He has been a member of the Board of the Hoboken Chamber of Commerce since 2000 and served as Vice President in 2010.  He is a New Jersey Notary Public and a member of the Young Insurance Agents, NJ. He is a certified member of  the Hoboken Community Emergency Response Team (CERT) that responds to emergencies like building collapses, flooding and acts of terrorism.

Homeowners insurance is a package policy that insures  your home and possessions. It covers both damage to your property and your legal responsibility for any injuries and property damage incurred  by family members and visitors. It even covers damage caused by  household pets.

If you own the home you live in, you have several policies to choose from and the most popular policy is the HO-3, which provides the broadest coverage. Owners of 1-2 family homes that are owner occupied – which is key – generally purchase the HO-3 with an endorsement (floater) to cover items of unusual value such as jewelry, furs, instruments, cameras, etc. Consider the following when purchasing an HO-3:

Know your deductibles. A lot of companies – especially those that advertise on TV with cute little lizard-like  creatures driving sports cars – will offer discounted policies, but will have higher deductions and you will get less money back in case of a claim.

Replacement costs. This pays the cost of rebuilding/repairing your home or replacing your possessions without a deduction for depreciation.  If replacement cost is available, it should be purchased for both dwelling and contents. If your contents are not insured for replacement cost, your contents will be depreciated because of age and use.

Guaranteed or extended replacement cost. This coverage offers the highest level of protection. A guaranteed replacement cost policy pays whatever it costs to rebuild your home as it was before the disaster–even if it exceeds the policy limit. Some insurance companies offer an extended replacement cost policy that pays a certain percentage over the limit to rebuild your home. Generally, it’s 20 to 25 percent more than the limit of the policy.

Endorsement, Ordinance, Law. You can, however, get an endorsement (or an addition to) your policy called Ordinance or Law to help pay additional costs you incur to construct, rebuild or repair the property caused by enforcement of building or zone code or law enforced at the time of the loss.

Adding a floater to your policy. The most common mistake people make when purchasing an HO-3 is that they think the policy covers items like jewelry and special collections like baseball cards, but it doesn’t.  Talk to your insurance agent about attaching a “floater” to your policy that covers jewelry or special collections’ theft, damage, and loss.  Let’s say you have a ring that has been appraised at $10,000 and it has been stolen from your jewelry box. If you have an HO-3 with a floater and an appraisal of the ring (which must be updated every 3 years), the insurance company will pay you the full amount or replace the ring, without a deductible.

When choosing an HO-3 policy, make sure it fits your lifestyle as well as your budget. But beware of companies that promise no-frills policies with low premiums, because there may be certain provisions that aren’t protecting you at all.

At Muller Insurance, our agents work directly for the insurance companies we represent. We can help you with your HO-3 and the floaters you will need to protect your greatest asset and your prized possessions.

About Roger J.
Muller, Jr.

Overseeing Muller Insurance’s day-to-day operations and always improving how the company can better serve its clients, Roger J. Muller,  Jr. is a Certified Professional Insurance Agent (CPIA) with 32 years experience in the insurance industry. He’s a travel agent, Certified Real Estate Appraiser (CREA), Certified Environmental Inspector (CEI), licensed Real Estate Broker and licensed Insurance Agent in the following states: New Jersey, New York, Pennsylvania, Connecticut, North Carolina, South Carolina, Florida, Maryland, Washington D.C., New Mexico,  Arizona, Vermont, Ohio, Delaware, Maine, Georgia, Virginia and New Hampshire. Roger J. Muller, Jr. is a member of Sigma Xi, a lifetime member of the Hudson River Fishing Association, and Shriners-Salam Temple. A graduate of Ramapo College of New Jersey, Muller is a past board member of the Ramapo College Alumni. He has been a member of the Board of the Hoboken Chamber of Commerce since 2000 and served as Vice President in 2010.  He is a New Jersey Notary Public and a member of the Young Insurance Agents, NJ. He is a certified member of  the Hoboken Community Emergency Response Team (CERT) that responds to emergencies like building collapses, flooding and acts of terrorism.