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Do I Have Enough Homeowner’s Coverage?
Homeowner’s policies, depending upon the “form” cover many risks for a homeowner, both property and liability risks. This article is only going to address damage to a home from fire, smoke, or water (not including flooding, which is a separate subject). It’s important to buy enough homeowner’s coverage to cover the full exposure you have to risk, i.e., insuring a $300,000 for $200,000 can have several negative consequences. The first consequence is that in the event of a total loss, the insurance will not cover the rebuilding cost. And the second risk is that the insurer can calculate the percentage that you are underinsured and pay only their proportionate share of the loss (whether this is for full or partial loss). Generally, if your insurance coverage is within 80% of replacement value, the insurance company will not try to affirm any underinsurance clause. If there is any question at the time of a claim, utilizing the skills and expertise of a public adjuster can help.
New Leaf services FAQs
What services does New Leaf offer?
New Leaf offers ‘direct cremation’ services at an affordable price. Forms are filled out online or over the phone. We provide efficient, quality service at a clear, reasonable price.
Arrangements are made online or over the phone.
We provide efficient, quality service at a clear, reasonable price.
How does the process work?
-A call to New Leaf or a visit to our website is all that is needed to start the process
– You choose your package and receive a quote, complete the online forms, and provide payment.
-We then dispatch our licensed funeral directors to transport your loved one from the place of death to our climate controlled holding facility for care and storage.
-We then register the death with the local municipality. Forms, certificates and authorizations are completed according to New York State laws before the cremation can take place.
-Once the forms and authorizations have been signed and filed with the local health department, the decedent is transferred to a third party crematory (as required by New York State law) for cremation. Usually this takes place within 3-7 days.
-The ashes are then shipped to the family or a hand delivery/pickup is arranged.
How long does the process usually take?
The overall cremation process, from notification until the family receives the ashes, will take an average of 7–15 days (you said you would hold body for five days when we spoke; can you hold a body more than that without cremation; should note that if there is a delay, as outlined below, body must be cremated). (We can’t cremate until the forms are filed. If the delay is longer than 5 days we charge a storage fee per day) Funeral homes are at the mercy of the medical examiner and others, though, so delays can and do occur.
The overall cremation process, from initial arrangements until the family receives the ashes, will take an average of 10–15 days.
Delays may occur when local, state or federal agencies, police, county coroner, or medical examiners become involved and investigate the circumstances surrounding a death, or the attending physician delays signing the death certificate.
You can rest assured that New Leaf will keep you informed every step of the way should a delay occur.
**Note: Should a delay in obtaining the death certificate require us to store your loved one in our care beyond the standard 3 day window, a daily ‘custodial care’ of $150/day will apply.
Is the memorial service included?
No, New Leaf handles the cremation allowing you to plan your own memorial service. If you would like to have a memorial service at one of our partner funeral homes we will be happy to arrange.
How are the ashes delivered?
Your loved one’s ashes will be either shipped through USPS Priority Mail, or hand-delivered by one of our representatives. They come in a rigid plastic container unless an urn is purchased through our website.
Does low cost mean low quality?
When it comes to a traditional funeral, yes, you get what you pay for- nicer facilities, nicer livery vehicles, etc. Direct Cremations are different however. New Leaf offers an efficient service and we pride ourselves on quality customer service. We believe that a person’s financial standing should not preclude them from a dignified end, and that every life should be celebrated. We treat our clients like family, just as we have for over 100 years at our partner funeral homes.
In the example cited, that would be for 2/3rds of the value. Don’t panic yet. The ground itself has value and is not part of the insured risk. What is the ground worth? A better calculation would be to determine what the “replacement cost” would be to replace your home on the same ground. Zillow, Trulia, and other real estate sites, as part of the data they share, often state the price per square foot for the homes for sale that they list. Check out similar properties for sale in your neighborhood of similar square footage and use that cost as a replacement cost (this figure should be slightly higher than actual replacement cost because it does include the ground). Keep in mind that “replacement cost” is a moving target and should be rechecked every year. Another method is to use a replacement cost calculator. Many of the insurance company websites offer this and they are available through an online search. These calculators provide a very definitive answer and can be used in any discussion you’re your insurance company later. Lastly, you can pay an estimator to provide a detailed analysis that will define the replacement cost. Figure $300+ for this service (this is not totally necessary; keep in mind you are looking for understanding where that 80% may fall while at the same time buying enough coverage for a total loss).
There are other factors that can affect the price of replacing your home:
- Many of the materials that go into building/reconstructing your home are subject to broad price changes: plywood and lumber from Canada; aluminum from overseas; solar panels from China; and, and other materials. Even a major storm or hurricane can create short to intermediate term shortages and raise the cost of replacement materials. You should be aware of these swings and the likelihood of shortages as they may impact on rebuilding your home.
- Is your home up-to-speed on the latest building codes? If you need to replace your home, or even partially reconstruct it in many cases, the current building codes will apply to your home (which is generally not true of houses being sold, they are “grandfathered in” for the most part, except for FHA and VA financed properties). So, your replacement cost may exceed what you think if various features have to be brought up to code.
- Value of contents. You should also closely look at your furniture, furnishings including rugs, wall hangings, artwork, jewelry, and other items of value because in a deadly fire, these items may also be lost. So, having adequate contents protection is also important. Of course, for high-value items, typically a rider for those items is needed since the basic form will cover only up to a given dollar amount or percentage without the additional rider. Take an inventory of all these items, get an appraisal of the valuable items, and either make a list or a video of all items. Make the assumption that the insurance company will only replace what you can prove you lost.
- Living expenses. If you have to vacate your property for any period of time in order to have your home rebuilt or partially rebuilt, make sure you have adequate living expense coverage. Pinnacle can help get the insurance company to understand what is needed to maintain your lifestyle and to insure you receive this benefit when your home is unlivable.