Liberty Mutual and buried oil tanks, water, & hurricanes (homeowners insurance, broker)
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Just an FYI for others who are house-hunting on LI and plan to have Liberty Mutual insure the house they eventually buy: Our agent just told us that for new homeowners policy applications, if the house to be insured has a buried heating-oil tank, Liberty Mutual won't do it unless the tank is first abandoned and replaced by an above ground or in-basement one. They require copies of the paperwork as proof that this was done before issuing a homeowners policy. Existing policies are 'grandfathered in', but for all new policies this new rule applies. Something to keep in mind when house hunting. She didn't know which other companies are doing the same thing but has heard that several are (I know that Amica has refused to insure houses with buried tanks for several years now).
Also FYI, Liberty Mutual's current underwriting guidelines for distance-from-water is that the house must be at least 1 mile from the water if the insured value is $599,999 or less. If the insured value is $600,000 or more, the house must be at least 2 miles from the water. This applies to either shore (North or South) and also to rivers and lakes as well.
And lastly, all Liberty Mutual homeowners policies on Long Island are now subject to a Hurricane Deductible of either 2% or 5% depending on where the house is, in relation to the shorelines.
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I'm not sure that all of that is true. My small townhouse is a lot less than a mile from the Great South Bay and is almost next to a canal and I do have Liberty Mutual.
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If you already have insurance it's different Nancy. It's for new insurers. People are having a really hard time getting insurance. Also, insurance companies are starting to drop their customers for no real reason.
Insurance companies are definately scaling back on Long Island. I, too, am hearing about people having trouble getting homeowners insurance. Allstate is no longer writing policies at all. By law, an insurance company can only drop 5% of customers state wide each year and most are doing just that. In todays, enviorment, I recommend working with a good insurance broker rather than an individual company.
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