Compass Greater NY, LLC
Ann Marie Damashek, GRI, CBR, SRES, Compass Greater NY, LLCPhone: (917) 623-0624
Email: [email protected]

Common Insurance Mistakes to Avoid

by Ann Marie Damashek, GRI, CBR, SRES 04/21/2019

Mistakes are inevitable in life with their consequences varying in severity. However, some mistakes are best not made because when they happen, they could cause you thousands to fix and set you back lots of time and effort. Here are some of the top homeowners’ insurance mistakes that you should avoid at all cost.

  1. Selecting A Good Insurance Company. When choosing an insurer, you need to go for a company with competitive prices, excellent rating and quality customer's feedback. A common mistake that homeowners make is selecting a company by price alone. Choosing by price is a risk you must not take. Before you settle down with any insurance company, check the financial health and ask friends and families about their various experiences with the insurer. You need a company that is known for competence and handles claims fairly and efficiently.
  2. Dropping Flood Insurance. Should your home be situated in a flood-prone area, it is best to make sure that you have flood insurance. Standard homeowners and renters' insurance policies don't cover for damages resulting from floods. Such insurance coverage is available from the National Flood Insurance Program [NFIP] or any of the private insurance companies.
  3. Overlooking Renters Insurance. This insurance policy covers your possessions and some additional living expenses if you must move out due to an insured disaster like a hurricane or fire outbreak. In cases whereby a member of the family suffers an injury in such a catastrophic event, the insurance provides protection and care too which ensures that you can give them the best of care.
  4. Not Knowing Exclusions. Not understanding the exclusions is a common mistake that homeowners make, and It comes with not reading the fine print thoroughly. Many home insurance policies come with tons of exclusions, and it is your job to make sure that significant claims are insured. For instance, if you stay in a flood-prone area, making sure that the insurance policy covers such a disaster is very paramount. Don't make this mistake!
  5. Getting Less Coverage to Cut Cost. Many have made this mistake, and they ended up spending more than they would have. Don't ever under-insure your home in other to cut cost. That will be a grave mistake you will end up regretting. Sit with your insurance specialist and discuss the various insurance packages and the one best for your home. Having the best coverage is for your safety and also for your wallet.

Take your insurance agent as a friend and don't hesitate to communicate whenever there is a significant change in your home like fencing your home or turning your garage into a store. Keeping your agent up to date is very important. If you haven't reviewed your insurance policy to know what protection it offers you, do that now to be safe.

About the Author
Author

Ann Marie Damashek, GRI, CBR, SRES

Ann Marie Damashek has always been a natural at helping people prepare their homes for sale. She started out with a successful business selling goods for people on eBay. "Nine times out of ten they were hiring me because they were down-sizing,” Ann Marie says. "So I decided to get my license. I said, ‘Might as well sell their house too.’” The transition was a smooth one and for nine years she’s had a thriving full-time real estate business that allows her to marry her entrepreneurial spirit with her passion for helping others. With an office in Larchmont, New York, she serves all of Lower Westchester County, with her primary market in the Sound Shore region. The majority of her business is "sphere of influence” with former clients referring her to friends and family. A gifted communicator, Ann Marie quickly builds trust and rapport with her clients by being both thoughtful and responsive; she understands that during the purchase or sale of a home, a quick response time is crucial. "I am very accessible,” Ann Marie says. "I always make time for my clients. They can call me, text me, email me up until 10 o’clock at night and I will respond. I’m available on weekends. I get back to people very promptly. I’m very customer service-oriented.” Her clients appreciate her professionalism, passion and enthusiasm and as a result her repeat and referral rate continues to grow each year. While selling real estate is serious business, Ann Marie knows that at times humor and a moment of levity can be a relief to clients. While she has a laidback and easygoing personality, she can be assertive when needed on her clients’ behalf. She loves being of service to them, and the continually changing nature of the work keeps her engaged and fulfilled. "It’s never boring,” Ann Marie enthuses. "Every day is different. That’s probably what I like most about it. But I also enjoy helping people sell or buy and educating them about the process. I love helping them achieve their goals.” This ethic of service has resulted in well-deserved recognition. Ann Marie has received the Westchester Magazine Five Star Real Estate Agent Rating four years running, in 2015 and 2016 she was the #1 agent in her office, and she’s a Zillow 5-Star Premier Agent. To keep in touch with former clients, Ann Marie sends cards to mark special occasions or reaches out via email. To market her listings, Ann Marie uses Multiple Listing Services (MLS), as well as Listingbook.com, a service that allows both agents and their clients access to MLS data. She also uses a Facebook business page and ads to boost new listings or promote upcoming open houses. "That drives a tremendous amount of traffic,” Ann Marie says. She also uses the most popular real estate websites such as Zillow and Trulia. A strong believer in giving back, Ann Marie sits on the Board of Trustees of her church and is involved in a variety of social justice projects. She’s affiliated with Furniture Sharehouse, a furniture bank for Westchester County, which collects and distributes gently used furniture free of charge to those in need. "I love it on so many levels because as a realtor, it’s helps my sellers downsize through charitable donations. I like the environmental aspect of it as well. And it helps people who truly need things.” She’s also involved in Impact 100, a women’s philanthropic giving organization. In her free time, Ann Marie enjoys gardening, traveling, and spending time with family and friends. For the future, Ann Marie wants to continue expanding her business and developing her brand, and she someday hopes to grow a strong team. But her main goal is to stay in the real estate business, helping her clients to achieve their dreams.