Homeowners/renters insurance is good idea

Homeowners/renters insurance helps protect against financial loss. Standard homeowners’ policies are used throughout the insurance industry, which means the same policy essentially can be bought from any insurance company, but variations among policies do exist.

Four standard policies are available for people who live in private homes. There is a policy for owners of condominiums, and another for owners of co-operatives and renters.

Homeowners policies range from basic, which insures the home against perils, to comprehensive, which provides coverage for structures and belongings. Condominium insurance covers additions or alterations the owner has made to the unit, as well as the owner’s belongings. Renters insurance protects the renter’s belongings, and co-op owners can purchase additional coverage for their additions and alterations.

Bargaining unit members should compare their policies with the NYSUT Benefit Trust-endorsed personal property insurance program through MetLife Auto & Home.

In addition to the group plan discount afforded to all NYSUT members, other discounts are offered, such as:

• New home – Up to a 25 percent discount for homes built within the last nine years.
• Security system – Up to a 20 percent discount off certain coverages if the home is equipped with a burglar alarm, firm alarm or sprinkler system.
• Mature homeowners – Discount off certain home coverages for policyholders who are 55 and older and retired (10 percent in New York state.)
• Multipolicy – A 5 percent discount on home/condo insurance premiums when both auto and home are insured with MetLife.
• Payroll/pension deduction – Bargaining unit members eligible for these payment options may be eligible for a further discount, depending on state of residence.

To expedite the call, have current policies available.